-----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, I99UeCDxHLFwiONLF6pgiL7q4Wtkz39+OiWYsN41/0IjZlcKHrK62cIovkQye4ut OfkOBEQX+SteB1XzlBYGYw== 0001104659-07-052378.txt : 20070705 0001104659-07-052378.hdr.sgml : 20070704 20070705111928 ACCESSION NUMBER: 0001104659-07-052378 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20070430 FILED AS OF DATE: 20070705 DATE AS OF CHANGE: 20070705 EFFECTIVENESS DATE: 20070705 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: 07963594 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 a07-13640_25ncsrs.htm N-CSRS

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

811-08777

 

CREDIT SUISSE HIGH YIELD BOND FUND

(Exact name of registrant as specified in charter)

 

Eleven Madison Avenue, New York, New York

 

10010

(Address of principal executive offices)

 

(Zip code)

 

J. Kevin Gao, Esq.

Credit Suisse High Yield Bond Fund

Eleven Madison Avenue

New York, New York 10010

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(212) 325-2000

 

 

Date of fiscal year end:

October 31

 

 

Date of reporting period:

November 1, 2006 to April 30, 2007

 

 




Item 1. Reports to Stockholders.




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

Trustees

Enrique R. Arzac

Chairman of the Board

Terry Fires Bovarnick

James Cattano

Lawrence J. Fox

Lawrence Haber

Steven Rappaport

Officers

Keith M. Schappert

Chief Executive Officer and President

Martha B. Metcalf

Chief Investment Officer

Emidio Morizio

Chief Compliance Officer

J. Kevin Gao

Chief Legal Officer, Senior Vice President and Secretary

Michael A. Pignataro

Chief Financial Officer

Robert Rizza

Treasurer

Investment Adviser

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

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

Computershare Trust Company, 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
100 East Pratt St.
Baltimore, Maryland 21202

Credit Suisse
High Yield Bond Fund

SEMIANNUAL REPORT
April 30, 2007
(unaudited)




Credit Suisse High Yield Bond Fund

Semiannual Investment Adviser's Report

April 30, 2007 (unaudited)

May 15, 2007

Dear Shareholder:

Performance Summary

11/01/06 – 04/30/07

Fund & Benchmarks   Performance  
Total Return (based on NAV)1     10.72 %  
Total Return (based on market value)1     5.18 %  
Merrill Lynch US High Yield Master II Constrained Index2     6.94 %  

 

Market Review: A Strong Market and Strong Performance

As of April 30, 2007, the U.S. high yield market experienced six consecutive months of positive returns, totaling 6.94% (as measured by the Fund's benchmark).

Lower-rated issuers continued to outperform the broader market, with CCC-rated securities returning 10.61% for the period. B-rated securities, performed in-line with the market at 6.98%, while BB-rated securities underperformed at 5.47%. High yield spreads continued to tighten relative to the 10-year Treasury, narrowing 51 basis points to end the period at 287 basis points versus treasuries.

Credit fundamentals continued to be firm as default rates reported by Moody's showed a slight drop, from 1.67% in October 2006 to 1.45% in April 2007. Additionally, the distress ratio, a leading indicator for future default rates, has remained at 15-year lows of 1.2% for the past three months.

Against this fundamental backdrop, the technical environment has also been positive, with the new issue calendar remaining manageable and well-received. During the period, almost $110 billion in new issues came into the high yield market. Over the past few months, there have been consistent inflows into high yield mutual funds in addition to demand from coupon and bond redemptions.

Over the period, nearly all sectors posted positive returns with little variance among them. Sectors enjoying out-performance included health services, theaters and non-food & drug retailers — all posting above 9% returns.

Strategic Review and Outlook: Market Conditions Support Valuations

For the semiannual period ended April 30, 2007, the Fund's total return based on NAV was 10.72% as compared to 6.94% for the benchmark. Contributing to performance was an overweight to lower rated securities. An underweight to BB-rated securities also aided performance. Further, superior sector and/or security selection in building materials, media-cable, support-services, consumer products and auto parts also contributed to performance. An underweight to media-services hurt relative returns.

At the sector level, we remain constructive on corporate spending and the commercial cycle broadly. Additionally, we are maintaining an overweight in the cable sector as we expect product bundling will continue to support subscriber and margin growth.

Recent equity volatility has proven that the high yield market is vulnerable to external shocks and may display some volatility in the future. Given the sound fundamental backdrop, we have used these circumstances to selectively add to credits, as we believe these market conditions support current valuations and forecast that the market will remain range-bound going forward.



Credit Suisse High Yield Bond Fund

Semiannual Investment Adviser's Report (continued)

April 30, 2007 (unaudited)

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, requests for the latest financial information or other reports should be directed to the Fund's Shareholder Servicing Agent at (800) 730-6001.

   
Martha Metcalf
Chief Investment Officer*
  Keith M. Schappert
Chief Executive Officer and President**
 

 

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

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

We wish to remind shareholders about the Fund's dividend reinvestment program known as the InvestlinkSM Program (the "Program"). The Program is sponsored and administered by Computershare Trust Company N.A. ("Computershare"), not by the Fund. Computershare will act as program administrator (the "Program Administrator") of the Program. The purpose of the Program is to provide existing shareholders with a simple and convenient way to invest additional funds and reinvest dividends in shares of the Fund's common stock. The enrollment form and information relating to the Program (including the terms and conditions) may be obtained by calling the Program Administrator at one of the following telephone numbers: (800) 730-6001 (U.S and Canada) or (781) 575-3100 (outside U.S. and Canada). All correspondence regarding the Program should be directed to: Computershare Trust Company, N.A., InvestLinkSM Program, P.O. Box 43010, Provi dence, RI 02940-3010

  *  Martha B. Metcalf is a Managing Director of Credit Suisse Asset Management, LLC ("Credit Suisse") and head of the U.S. High Yield Management Team. She has served in these capacities since 2005. As of November 2005, she is primarily responsible for the management of the Fund's assets. From 2000 until 2005, she was a Managing Director and Portfolio Manager of Global High Yield Bonds, and head of a global high yield business with responsibility for total return, as well as structured portfolios at Invesco. Prior to her tenure at Invesco, Ms. Metcalf served for over ten years at JPMorgan Investment Management, where she was Vice President and Portfolio Manager for High Yield Corporate Bonds.

  **  Keith M. Schappert is Executive Vice Chairman and Head of Asset Management for Americas of Credit Suisse and CEO/President of the Fund. Mr. Schappert joined Credit Suisse in 2006 from Federated Investment Advisory Companies, where he was CEO and President from 2002. Prior to Federated, Mr. Schappert was CEO and President of JPMorgan Investment Management from 1994 to 2001.

1  Assuming reinvestment of dividends of $0.20 per share.

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




Credit Suisse High Yield Bond Fund
Notice to Shareholders

At the time Credit Suisse High Yield Bond Fund (the "Fund") commenced operations in 1998, the Prospectus did not contemplate the use of credit default swaps as such strategies were not commonly used by investment companies. Since then the use of credit default swaps has proliferated. Credit Suisse now believes that the use of the credit default swaps discussed below may permit it to better manage the risk and returns of the Fund and effective May 1, 2007, the Fund may, in the discretion of the portfolio managers, use credit default swaps. The Fund may buy a credit default swap to attempt to mitigate the risk of default or credit quality deterioration in one or more individual holdings or in a segment of the fixed income securities market. The Fund may sell a credit default swap in an attempt to gain exposure to an underlying issuer's credit quality characteristics without investing directly in that issuer.

The "buyer" in a credit default swap is obligated to pay the "seller" an upfront payment or a periodic stream of payments over the term of the agreement, provided that no credit event on an underlying reference obligation has occurred. If a credit event occurs, the seller must pay the buyer the full notional value, or "par value," of the reference obligation in exchange for the reference obligation. As a result of counterparty risk, credit default swap agreements involve greater risks than if the Fund had invested in the reference obligation directly.

If the Fund is a buyer and no credit event occurs, the cost to the Fund is the premium paid with respect to the agreement. If a credit event occurs, however, the Fund may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity that may have little or no value. On the other hand, the value of any deliverable obligations paid by the Fund to the seller, coupled with the up front or periodic payments previously received by the seller, may be less than the full notional value the seller pays to the Fund, resulting in a loss of value to the Fund.

If the Fund is a seller and no credit event occurs, the Fund would generally receive an up front payment or a fixed rate of income throughout the term of the swap, which typically is between six months and three years. If a credit event occurs, however, generally the Fund would have to pay the buyer the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity that may have little or no value. When the Fund acts as a seller of a credit default swap agreement it is exposed to speculative exposure risk since, if a credit event occurs, the Fund may be required to pay the buyer the full notional value of the contract net of any amounts owed by the buyer related to its delivery of deliverable obligations of the reference entity. As a result, the Fund bears the entire risk of loss due to a decline in value of a referenced security on a credit default swap it has sold if there is a credi t event with respect to the security. The Fund bears the same risk as a buyer of fixed income securities directly. The Fund will sell a credit derivative only with respect to securities in which it would be authorized to invest.

The Fund bears the risk of loss of the amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. The Fund will enter into swap agreements only with counterparties that meet certain standards of creditworthiness (generally, such counterparties would have to be eligible counterparties under the terms of the Fund's repurchase agreement guidelines). Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement.

As the seller of a credit default swap the Fund would be subject to investment exposure on the notional amount of the swap. Accordingly, the Fund will segregate liquid investments in an amount equal to the aggregate market value of the of the credit default swaps of which it is the seller, marked to market on a daily basis. Segregated assets cannot be sold or transferred unless equivalent assets are substituted in their place or it is no longer necessary to segregate them. As a result, there is the possibility that segregation of a large percentage of the Fund's assets could




Credit Suisse High Yield Bond Fund
Notice to Shareholders (continued)

impede portfolio management or the Fund's ability to meet current obligations. The notional amount of the aggregate credit exposure to which the Fund is subject, plus the market value of the Fund's investments in credit derivatives and/or premiums paid therefor as a buyer of credit derivatives, may not exceed the Fund's total assets.

When the Fund buys or sells a credit derivative, the underlying issuer (s) or obligor(s) as well as the counterparty to the transaction will be treated as an issuer for purposes of complying with the Fund's issuer diversification and industry concentration policies, absent regulatory guidance to the contrary. The Fund may, but is not required to, use credit swaps or any other credit derivative. There is no assurance that credit derivatives will be available at any time or, if used, that the derivatives will be used successfully.

Tax Considerations. Periodic net payments will constitute ordinary income or deductions, while termination of a swap will result in capital gain or loss (which will be long-term capital gain or loss if the Fund has been a party to the swap for more than one year). The tax treatment of many types of credit default swaps is uncertain.



Credit Suisse High Yield Bond Fund

Semiannual Investment Adviser's Report

April 30, 2007 (unaudited)

Top Ten Holdings

(% of net assets as of 4/30/07)

Security Description

1.
  HCA, Inc.
6.500% 02/15/16
  1.66%
 
2.
  SunGard Data Systems, Inc.
10.250% 08/15/15
  1.25%
 
3.
  CCH I LLC
11.000% 10/01/15
  1.16%
 
4.
  General Motors Corp.
7.125% 07/15/13
  1.16%
 
5.
  Freescale Semiconductor, Inc.
7.000% 10/01/13
  1.15%
 
6.
  General Motors Corp.
8.375% 07/15/33
  1.12%
 
7.
  Tenet Healthcare Corp.
9.875% 07/01/14
  1.12%
 
8.
  Ford Motor Credit Co.
7.000% 10/01/13
  1.12%
 
9.
  Smurfit-Stone Container
8.375% 07/01/12
  1.09%
 
10.
  CCO Holdings LLC
8.750% 11/15/13
  1.08%
 

 

Credit Quality Breakdown

(% of total investments as of 04/30/07)

S&P Ratings  
BBB     0.6 %  
BB     10.6    
B     49.9    
CCC     36.9    
CC     0.7    
D     0.1    
NR     0.1    
Subtotal     98.9    
Equities and Other     1.1    
Total     100.0 %  

 


1




Credit Suisse High Yield Bond Fund

Schedule of Investments

April 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS (126.6%)      
Aerospace & Defense (2.3%)      
$ 425     DRS Technologies, Inc., Company Guaranteed Notes (Callable 02/01/11 @ $103.81) §   (B , B3)   02/01/18     7.625     $ 447,312    
  725     DRS Technologies, Inc., Global Senior Subordinated Notes (Callable 11/01/08 @ $103.44)   (B , B3)   11/01/13     6.875       735,875    
  2,050     Hawker Beechcraft Acquisition Co., Rule 144A, Senior Subordinated Notes
(Callable 04/01/12 @ $104.88) ‡
  (B- , Caa1)   04/01/17     9.750       2,203,750    
  350     K&F Acquisition, Inc., Global Company Guaranteed Notes (Callable 11/15/09 @ $103.88)   (B- , Caa1)   11/15/14     7.750       376,250    
  1,125     L-3 Communications Corp., Global Senior Subordinated Notes (Callable 01/15/10 @ $102.94)   (BB+ , Ba3)   01/15/15     5.875       1,101,094    
  225     TransDigm, Inc., Global Company Guaranteed Notes (Callable 07/15/09 @ $105.81)   (B- , B3)   07/15/14     7.750       234,563    
  475     TransDigm, Inc., Rule 144A, Senior Subordinated Notes (Callable 07/15/09 @ $105.81) ‡   (B- , B3)   07/15/14     7.750       495,187    
                      5,594,031    
Agriculture (0.6%)      
  1,325     Southern States Cooperative, Inc., Rule 144A, Senior Notes (Callable 11/01/07 @ $108.00) ‡   (B , Caa1)   11/01/10     10.500       1,411,125    
Auto Loans (5.8%)      
  1,175     Ford Motor Credit Co. LLC, Global Notes   (B , B1)   06/15/10     7.875       1,182,045    
  2,125     Ford Motor Credit Co. LLC, Senior Unsecured Notes   (B , B1)   12/15/16     8.000       2,081,618    
  2,900     Ford Motor Credit Co., Global Notes §   (B , B1)   10/01/13     7.000       2,745,677    
  1,375     Ford Motor Credit Co., Notes   (B , B1)   06/16/08     6.625       1,374,579    
  325     Ford Motor Credit Co., Senior Notes §   (B , B1)   08/10/11     9.875       346,380    
  2,625     General Motors Acceptance Corp., Global Notes   (BB+ , Ba1)   05/15/09     5.625       2,589,334    
  2,475     General Motors Acceptance Corp., Global Notes §   (BB+ , Ba1)   12/01/14     6.750       2,444,295    
  1,475     GMAC LLC, Senior Unsubordinated Notes   (BB+ , Ba1)   12/15/11     6.000       1,437,624    
                      14,201,552    
Automobile Parts & Equipment (4.3%)      
  575     Accuride Corp., Global Company Guaranteed Notes (Callable 02/01/10 @ $104.25) §   (B- , B3)   02/01/15     8.500       596,563    
  1,025     Altra Industrial Motion, Inc., Global Secured Notes (Callable 12/01/08 @ $104.50) #§   (CCC+ , B2)   12/01/11     9.000       1,067,281    
  450     Altra Industrial Motion, Inc., Rule 144A, Secured Notes ‡   (CCC+ , B2)   12/01/11     9.000       468,563    
  1,200     American Tire Distributors Holdings, Inc., Global Senior Notes (Callable 04/01/09 @ $105.38)   (CCC+ , Caa1)   04/01/13     10.750       1,236,000    
  2,000     Goodyear Tire & Rubber Co., Global Senior Notes (Callable 07/01/10 @ $104.50)   (B- , B2)   07/01/15     9.000       2,215,000    
  75     Goodyear Tire & Rubber Co., Rule 144A, Senior Notes ‡   (B- , Ba3)   12/01/09     9.140       76,125    
  125     Goodyear Tire & Rubber Co., Rule 144A, Senior Notes (Callable 12/01/09 @ $104.31) ‡§   (B- , Ba3)   12/01/11     8.625       135,625    
  500     Keystone Automotive Operations, Inc., Global Senior Subordinated Notes
(Callable 11/01/08 @ $104.88)
  (CCC+ , Caa1)   11/01/13     9.750       477,500    
  1,200     Stanadyne Corp., Global Senior Subordinated Notes (Callable 08/15/09 @ $105.00)   (CCC+ , Caa1)   08/15/14     10.000       1,290,000    
  800     Tenneco Automotive, Inc., Global Company Guaranteed Notes (Callable 11/15/09 @ $104.31) §   (B , B3)   11/15/14     8.625       854,000    
  625     TRW Automotive, Inc., Rule 144A, Company Guaranteed Notes ‡   (BB- , Ba3)   03/15/14     7.000       621,875    
  625     TRW Automotive, Inc., Rule 144A, Company Guaranteed Notes ‡   (BB- , Ba3)   03/15/17     7.250       623,437    
  950     Visteon Corp., Global Senior Notes   (CCC+ , Caa2)   08/01/10     8.250       973,750    
                      10,635,719    
Automotive (2.8%)      
  1,645     Ford Motor Co., Global Notes   (CCC+ , Caa1)   07/16/31     7.450       1,309,831    
  3,040     General Motors Corp., Global Debentures   (B- , Caa1)   07/15/33     8.375       2,762,600    
  3,075     General Motors Corp., Global Senior Notes §   (B- , Caa1)   07/15/13     7.125       2,848,219    
                      6,920,650    
Beverages (0.4%)      
  850     Constellation Brands, Inc., Company Guaranteed Notes §   (BB- , Ba3)   09/01/16     7.250       869,125    
Brokerage (0.3%)      
  775     E*TRADE Financial Corp., Global Senior Notes (Callable 06/15/08 @ $104.00)   (BB- , Ba2)   06/15/11     8.000       818,594    
Building & Construction (2.5%)      
  1,425     Ashton Woods USA/Finance, Global Senior Subordinated Notes (Callable 10/01/10 @ $104.75)   (B- , B3)   10/01/15     9.500       1,376,906    
  625     K Hovnanian Enterprises, Inc., Global Company Guaranteed Notes §   (BB , Ba2)   01/15/16     6.250       564,063    

 

See Accompanying Notes to Financial Statements.
2



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Building & Construction      
$ 725     KB Home, Senior Subordinated Notes   (BB- , Ba2)   12/15/08     8.625     $ 744,031    
  900     Standard Pacific Corp., Global Senior Notes §   (BB , Ba3)   08/15/15     7.000       843,750    
  1,200     Technical Olympic USA, Inc., Global Senior Subordinated Notes §   (CCC+ , Caa2)   01/15/15     7.500       873,000    
  700     WCI Communities, Inc., Global Company Guaranteed Notes (Callable 03/15/10 @ $103.31)   (B- , Caa1)   03/15/15     6.625       661,500    
  1,000     William Lyon Homes, Inc., Company Guaranteed Notes (Callable 04/01/08 @ $105.38) #§   (B , B3)   04/01/13     10.750       990,000    
                      6,053,250    
Building Materials (5.2%)      
  1,000     Associated Materials, Inc., Global Senior Discount Notes (Callable 03/01/09 @ $105.63) +§   (CCC , Caa2)   03/01/14     0.000       755,000    
  1,300     Building Materials Corp., Global Secured Notes (Callable 08/01/09 @ $103.88)   (BB- , B2)   08/01/14     7.750       1,293,500    
  1,550     Coleman Cable, Inc., Global Company Guaranteed Notes (Callable 10/01/08 @ $104.94)   (B , B2)   10/01/12     9.875       1,631,375    
  500     Dayton Superior Corp., Company Guaranteed Notes (Callable 06/15/07 @ $102.17)   (CCC , Caa2)   06/15/09     13.000       515,000    
  750     Dayton Superior Corp., Global Secured Notes (Callable 06/15/07 @ $102.81)   (CCC+ , B2)   09/15/08     10.750       776,250    
  625     General Cable Corp., Rule 144A, Senior Notes (Callable 04/01/09 @ $102.00) ‡#   (B+ , B1)   04/01/15     7.725       634,375    
  225     General Cable Corp., Rule 144A, Senior Notes (Callable 04/01/12 @ $103.56) ‡   (B+ , B1)   04/01/17     7.125       229,500    
  1,375     Goodman Global Holding Company, Inc., Global Senior Subordinated Notes
(Callable 12/15/08 @ $103.94) §
  (B- , B3)   12/15/12     7.875       1,392,187    
  1,100     Interface, Inc., Global Senior Subordinated Notes (Callable 02/01/09 @ $104.75) §   (CCC+ , B3)   02/01/14     9.500       1,204,500    
  325     Norcraft Companies, Global Senior Subordinated Notes (Callable 11/01/07 @ $104.50)   (B- , B1)   11/01/11     9.000       340,438    
  750     Norcraft Holdings, Global Senior Discount Notes (Callable 09/01/08 @ $104.88) +   (B- , B3)   09/01/12     0.000       686,250    
  1,100     Nortek, Inc., Global Senior Subordinated Notes (Callable 09/01/09 @ $104.25)   (CCC+ , B3)   09/01/14     8.500       1,091,750    
  1,000     NTK Holdings, Inc., Global Senior Discount Notes (Callable 09/01/09 @ $105.38) +§   (CCC+ , Caa1)   03/01/14     0.000       755,000    
  1,550     Ply Gem Industries, Inc., Global Senior Subordinated Notes (Callable 02/15/08 @ $104.50) §   (CCC+ , Caa1)   02/15/12     9.000       1,406,625    
                      12,711,750    
Chemicals (4.5%)      
  750     CPG International I, Inc., Global Senior Notes (Callable 07/01/09 @ $105.25)   (B- , B3)   07/01/13     10.500       791,250    
  736     Huntsman LLC, Global Company Guaranteed Notes (Callable 07/15/08 @ $105.75) #   (B+ , Ba3)   07/15/12     11.500       824,320    
  1,200     KI Holdings, Inc., Global Senior Discount Notes (Callable 11/15/09 @ $104.94) +   (B- , B3)   11/15/14     0.000       1,026,000    
  375     Lyondell Chemical Co., Global Company Guaranteed Notes (Callable 09/15/10 @ $104.00)   (B+ , B1)   09/15/14     8.000       394,687    
  1,800     Lyondell Chemical Co., Global Company Guaranteed Notes (Callable 09/15/11 @ $104.13) §   (B+ , B1)   09/15/16     8.250       1,935,000    
  900     Millennium America, Inc., Global Company Guaranteed Notes §   (B+ , B1)   06/15/08     9.250       936,000    
  600     Momentive Performance Materials, Inc., Rule 144A, Senior Subordinated Notes
(Callable 12/01/11 @ $105.75) ‡
  (CCC+ , Caa2)   12/01/16     11.500       642,750    
  2,025     Nalco Finance Holdings, Inc., Global Senior Notes (Callable 02/01/09 @ $104.50) +   (B- , B3)   02/01/14     0.000       1,792,125    
  925     PolyOne Corp., Global Company Guaranteed Notes (Callable 05/15/08 @ $102.66)   (B+ , B2)   05/15/10     10.625       979,344    
  550     PolyOne Corp., Senior Notes   (B+ , B2)   05/01/12     8.875       561,000    
  1,150     Terra Capital, Inc., Rule 144A, Senior Notes (Callable 02/01/12 @ $103.50) ‡§   (BB- , B1)   02/01/17     7.000       1,132,750    
                      11,015,226    
Computer Hardware (0.3%)      
  825     Activant Solutions, Inc., Global Company Guaranteed Notes (Callable 05/01/11 @ $104.75)   (CCC+ , Caa1)   05/01/16     9.500       820,875    
Consumer Products (3.8%)      
  1,850     AAC Group Holding Corp., Global Senior Discount Notes (Callable 10/01/08 @ $105.13) +   (CCC+ , B3)   10/01/12     0.000       1,692,750    
  1,000     ALH Finance LLC/ALH Finance Corp., Global Senior Subordinated Notes (Callable 01/15/09 @ 104.25) §   (CCC+ , B3)   01/15/13     8.500       1,010,000    
  1,575     Amscan Holdings, Inc., Global Senior Subordinated Notes (Callable 05/01/09 @ $104.38)   (CCC+ , Caa1)   05/01/14     8.750       1,594,687    
  1,325     Del Laboratories, Inc., Global Company Guaranteed Notes (Callable 02/01/08 @ $104.00)   (CCC , Caa2)   02/01/12     8.000       1,248,812    
  875     Jarden Corp., Company Guaranteed Notes (Callable 05/01/12 @ $103.75) §   (B- , B3)   05/01/17     7.500       900,156    
  825     Playtex Products, Inc., Global Company Guaranteed Notes (Callable 06/01/07 @ $103.13)   (B- , Caa1)   06/01/11     9.375       855,938    
  1,265     Prestige Brands, Inc., Global Senior Subordinated Notes (Callable 04/15/08 @ $104.63)   (B- , B3)   04/15/12     9.250       1,315,600    
  750     Revlon Consumer Products Corp., Global Senior Notes (Callable 04/01/08 @ $104.75)   (CCC- , Caa2)   04/01/11     9.500       732,188    
                      9,350,131    

 

See Accompanying Notes to Financial Statements.
3



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Diversified Capital Goods (2.9%)      
$ 925     ESCO Corp., Rule 144A, Senior Notes (Callable 12/15/08 @ $102.00) ‡#   (B , B2)   12/15/13     9.230     $ 962,000    
  625     ESCO Corp., Rule 144A, Senior Notes (Callable 12/15/10 @ $104.31) ‡   (B , B2)   12/15/13     8.625       662,500    
  700     RBS Global & Rexnord Corp., Global Company Guaranteed Notes (Callable 08/01/10 @ $104.75)   (CCC+ , B3)   08/01/14     9.500       752,500    
  750     RBS Global & Rexnord Corp., Global Company Guaranteed Notes (Callable 08/01/11 @ $105.88) §   (CCC+ , Caa1)   08/01/16     11.750       836,250    
  950     Sensus Metering Systems, Global Senior Subordinated Notes (Callable 12/15/08 @ $104.31)   (B- , B3)   12/15/13     8.625       973,750    
  1,275     Titan International, Inc., Rule 144A, Senior Notes ‡   (B , B3)   01/15/12     8.000       1,326,000    
  1,475     TriMas Corp., Global Company Guaranteed Notes (Callable 06/15/07 @ $104.94)   (CCC+ , B3)   06/15/12     9.875       1,537,687    
                      7,050,687    
Electric - Generation (2.7%)      
  1,000     AES Corp., Rule 144A, Secured Notes (Callable 05/15/08 @ $104.50) ‡   (BB- , Ba3)   05/15/15     9.000       1,075,000    
  288     Calpine Generating Company LLC, Global Secured Notes (Callable 04/01/08 @ $103.50) #Ø   (D , NR)   04/01/10     11.070       73,452    
  1,575     Dynegy Holdings, Inc., Global Senior Unsecured Notes §   (B- , B2)   05/01/16     8.375       1,667,531    
  650     Edison Mission Energy, Senior Notes   (BB- , B1)   06/15/09     7.730       685,750    
  675     Midwest Generation LLC, Global Secured Notes (Callable 05/01/09 @ $104.38)   (B+ , Ba2)   05/01/34     8.750       749,250    
  438     Midwest Generation LLC, Series B, Global Pass Thru Certificates   (BB- , Ba2)   01/02/16     8.560       483,467    
  25     NRG Energy, Inc., Company Guaranteed Notes (Callable 01/15/12 @ $103.69)   (B , B1)   01/15/17     7.375       25,969    
  675     NRG Energy, Inc., Company Guaranteed Notes (Callable 02/01/11 @ $103.69)   (B- , B1)   02/01/16     7.375       702,844    
  1,025     Reliant Energy, Inc., Global Secured Notes (Callable 07/15/08 @ $104.75)   (B , B2)   07/15/13     9.500       1,112,125    
                      6,575,388    
Electric - Integrated (0.6%)      
  800     CMS Energy Corp., Global Senior Notes   (B+ , Ba3)   08/01/10     7.750       852,000    
  500     Sierra Pacific Resources, Global Senior Notes (Callable 03/15/09 @ $104.31)   (B , B1)   03/15/14     8.625       540,790    
                      1,392,790    
Electronics (3.0%)      
  1,400     Amkor Technology, Inc., Global Senior Notes (Callable 05/15/08 @ $103.88)   (B , B1)   05/15/13     7.750       1,391,250    
  203     Ampex Corp., Secured Notes ^   (NR , NR)   08/15/08     12.000       202,626    
  2,775     Freescale Semiconductor, Inc., Rule 144A, Senior Subordinated Notes
(Callable 12/15/11 @ $105.06) ‡§
  (B , B2)   12/15/16     10.125       2,816,625    
  723     GrafTech Finance, Inc., Global Company Guaranteed Notes (Callable 02/15/08 @ $103.42) §   (B- , B2)   02/15/12     10.250       764,572    
  1,225     Spansion, Inc., Rule 144A, Senior Notes (Callable 01/15/11 @ $105.62) ‡   (B , Caa1)   01/15/16     11.250       1,274,000    
  1,000     Viasystems, Inc., Global Senior Subordinated Notes (Callable 01/15/08 @ $105.25)   (CCC+ , Caa1)   01/15/11     10.500       1,022,500    
                      7,471,573    
Energy - Exploration & Production (3.4%)      
  1,225     Chaparral Energy, Inc., Rule 144A, Senior Notes (Callable 02/01/12 @ $104.44) ‡   (CCC+ , Caa1)   02/01/17     8.875       1,261,750    
  1,983     Chesapeake Energy Corp., Senior Notes (Callable 01/15/09 @ $103.44) §   (BB , Ba2)   01/15/16     6.875       2,027,617    
  1,050     Encore Acquisition Co., Company Guaranteed Notes (Callable 12/01/10 @ $103.63)   (B , B1)   12/01/17     7.250       1,021,125    
  200     Forest Oil Corp., Global Company Guaranteed Notes (Callable 05/01/08 @ $102.58)   (B+ , B1)   05/01/14     7.750       206,000    
  975     Hilcorp Energy I, Rule 144A, Senior Notes (Callable 06/01/11 @ $104.50) ‡   (B , B3)   06/01/16     9.000       1,048,125    
  423     Magnum Hunter Resources, Inc., Global Company Guaranteed Notes (Callable 03/15/08 @ $103.20)   (BB- , B1)   03/15/12     9.600       444,362    
  1,275     Petrohawk Energy Corp., Global Company Guaranteed Notes (Callable 07/15/10 @ $104.56)   (B- , B3)   07/15/13     9.125       1,372,219    
  350     Range Resources Corp., Global Company Guaranteed Notes (Callable 03/15/10 @ $103.19)   (B , B1)   03/15/15     6.375       349,125    
  625     Whiting Petroleum Corp., Global Senior Subordinated Notes (Callable 05/01/08 @ $103.63)   (B , B1)   05/01/12     7.250       617,187    
                      8,347,510    
Environmental (1.6%)      
  2,325     Allied Waste North America, Inc., Series B, Global Senior Notes (Callable 04/15/09 @ $103.69) §   (B+ , B2)   04/15/14     7.375       2,371,500    
  1,375     Waste Services, Inc., Global Senior Subordinated Notes (Callable 04/15/09 @ $104.75)   (CCC+ , Caa1)   04/15/14     9.500       1,457,500    
                      3,829,000    
Food & Drug Retailers (1.4%)      
  1,925     Duane Reade, Inc., Global Senior Subordinated Notes (Callable 08/01/08 @ $104.88) §   (CC , Caa3)   08/01/11     9.750       1,925,000    
  250     Ingles Markets, Inc., Global Company Guaranteed Notes (Callable 12/01/07 @ $102.90) §   (B , B3)   12/01/11     8.875       261,875    

 

See Accompanying Notes to Financial Statements.
4



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Food & Drug Retailers      
$ 75     Stater Brothers Holdings Inc., Rule 144A, Senior Notes (Callable 04/15/11 @ $103.88) ‡   (B+ , B2)   04/15/15     7.750     $ 77,438    
  1,175     Stater Brothers Holdings, Inc., Global Senior Notes (Callable 06/15/08 @ $104.06) §   (B+ , B2)   06/15/12     8.125       1,216,125    
                      3,480,438    
Food - Wholesale (1.1%)      
  825     Dole Food Co., Debentures #§   (B- , Caa1)   07/15/13     8.750       825,000    
  950     National Beef Packing Company LLC, Global Senior Notes (Callable 08/01/07 @ $105.25)   (B- , Caa1)   08/01/11     10.500       1,004,625    
  850     Swift & Co., Global Senior Subordinated Notes (Callable 10/01/07 @ $103.13)   (CCC+ , Caa1)   01/01/10     12.500       888,250    
                      2,717,875    
Forestry & Paper (4.6%)      
  800     Boise Cascade LLC, Global Company Guaranteed Notes (Callable 10/15/09 @ $103.56)   (B+ , B2)   10/15/14     7.125       800,000    
  1,150     Cellu Tissue Holdings, Inc., Global Secured Notes (Callable 03/15/08 @ $103.67)   (B , B2)   03/15/10     9.750       1,158,625    
  250     Georgia-Pacific Corp., Debentures   (B , B2)   06/15/15     7.700       257,500    
  750     Georgia-Pacific Corp., Global Senior Notes §   (B , B2)   01/15/24     8.000       761,250    
  300     Georgia-Pacific Corp., Rule 144A, Company Guaranteed Notes (Callable 01/15/12 @ $103.56) ‡§   (B , Ba3)   01/15/17     7.125       303,000    
  1,225     Graphic Packaging International Corp., Global Senior Subordinated Notes
(Callable 08/15/08 @ $104.75) §
  (B- , B3)   08/15/13     9.500       1,316,875    
  625     Newark Group, Inc., Global Senior Subordinated Notes (Callable 03/15/09 @ $104.88)   (B- , B3)   03/15/14     9.750       650,781    
  750     NewPage Corp., Global Secured Notes (Callable 05/01/09 @ $106.00)   (B- , B2)   05/01/12     10.000       832,500    
  1,025     NewPage Corp., Global Senior Subordinated Notes (Callable 05/01/09 @ $106.00) §   (CCC+ , B3)   05/01/13     12.000       1,144,156    
  2,625     Smurfit-Stone Container, Global Senior Notes (Callable 07/01/07 @ $104.19) §   (CCC+ , B3)   07/01/12     8.375       2,680,781    
  175     Verso Paper Holdings LLC, Rule 144A, Secured Notes (Callable 08/01/10 @ $104.56) ‡§   (B , B2)   08/01/14     9.125       185,063    
  1,125     Verso Paper Holdings LLC, Rule 144A, Senior Subordinated Notes (Callable 08/01/11 @ 105.69) ‡§   (CCC+ , B3)   08/01/16     11.375       1,209,375    
                      11,299,906    
Gaming (6.3%)      
  1,125     Buffalo Thunder Development Authority, Rule 144A, Secured Notes (Callable 12/15/10 @ $104.69) ‡   (B , B2)   12/15/14     9.375       1,161,562    
  1,550     CCM Merger, Inc., Rule 144A, Notes (Callable 08/01/09 @ $104.00) ‡   (CCC+ , B3)   08/01/13     8.000       1,577,125    
  300     Choctaw Resort Development Enterprise, Rule 144A, Senior Notes (Callable 11/15/11 @ $103.63) ‡   (BB , Ba2)   11/15/19     7.250       305,625    
  900     Herbst Gaming, Inc., Global Senior Subordinated Notes (Callable 06/01/08 @ $104.06)   (B- , B3)   06/01/12     8.125       913,500    
  750     Inn of the Mountain Gods, Global Senior Notes (Callable 11/15/07 @ $106.00) §   (B- , B3)   11/15/10     12.000       820,312    
  1,825     Jacobs Entertainment, Inc., Global Company Guaranteed Notes (Callable 06/15/10 @ $104.88)   (B- , B3)   06/15/14     9.750       1,934,500    
  775     Majestic Star Casino LLC, Company Guaranteed Notes (Callable 10/15/07 @ $104.75)   (B+ , B1)   10/15/10     9.500       819,562    
  900     Majestic Star LLC, Global Senior Unsecured Notes (Callable 10/15/08 @ $104.88) §   (CCC+ , Caa1)   01/15/11     9.750       868,500    
  450     MGM Mirage, Inc., Company Guaranteed Notes §   (B+ , B1)   02/01/11     8.375       479,813    
  1,425     MGM Mirage, Inc., Company Guaranteed Notes §   (BB , Ba2)   01/15/17     7.625       1,460,625    
  175     MGM Mirage, Inc., Global Company Guaranteed Notes   (BB , Ba2)   04/01/13     6.750       174,344    
  1,000     Trump Entertainment Resorts, Inc., Secured Notes (Callable 06/01/10 @ $104.25) §   (B- , Caa1)   06/01/15     8.500       1,011,250    
  800     Turning Stone Resort Casino Enterprise, Rule 144A, Senior Notes (Callable 09/15/10 @ $104.56) ‡   (B+ , B1)   09/15/14     9.125       820,000    
  281     Waterford Gaming LLC, Rule 144A, Senior Notes (Callable 09/15/08 @ $103.55) ‡   (BB- , B1)   09/15/12     8.625       298,563    
  2,100     Wimar Opco LLC, Rule 144A, Senior Subordinated Notes (Callable 12/15/10 @ $104.81) ‡   (CCC+ , B3)   12/15/14     9.625       2,142,000    
  775     Wynn Las Vegas LLC, Global First Mortgage Notes (Callable 12/01/09 @ $103.31) §   (BB- , B1)   12/01/14     6.625       780,813    
                      15,568,094    
Gas Distribution (1.6%)      
  1,625     El Paso Performance-Link, Rule 144A, Notes ‡   (BB , Ba3)   07/15/11     7.750       1,738,750    
  825     Inergy LP/Inergy Finance Corp., Global Company Guaranteed Notes (Callable 03/01/11 @ $104.13)   (B , B1)   03/01/16     8.250       878,625    
  575     Williams Companies, Inc., Global Senior Unsecured Notes   (BB , Ba2)   03/15/12     8.125       629,625    
  650     Williams Partners LP, Rule 144A, Bonds ‡   (BB+ , Ba3)   02/01/17     7.250       690,625    
                      3,937,625    
Health Services (9.0%)      
  775     CDRV Investors, Inc., Global Senior Discount Notes (Callable 01/01/10 @ $104.81) +   (CCC+ , Caa1)   01/01/15     0.000       682,000    
  850     CDRV Investors, Inc., Rule 144A, Senior Notes (Callable 12/01/07 @ $102.00) ‡#   (CCC+ , Caa1)   12/01/11     9.860       858,500    
  1,300     HCA, Inc., Global Senior Unsecured Notes   (B- , Caa1)   01/15/15     6.375       1,135,875    

 

See Accompanying Notes to Financial Statements.
5



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Health Services      
$ 4,650     HCA, Inc., Global Senior Unsecured Notes   (B- , Caa1)   02/15/16     6.500     $ 4,074,562    
  1,850     HCA, Inc., Rule 144A, Secured Notes (Callable 11/15/11 @ $104.63) ‡   (BB- , B2)   11/15/16     9.250       2,021,125    
  1,150     HCA, Inc., Senior Unsecured Notes §   (B- , Caa1)   10/01/12     6.300       1,091,063    
  1,275     Healthsouth Corp., Rule 144A, Senior Notes (Callable 06/15/11 @ $105.38) ‡   (CCC+ , Caa1)   06/15/16     10.750       1,396,125    
  1,025     Iasis Healthcare/Capital Corp., Global Senior Subordinated Notes (Callable 06/15/09 @ $104.38) §   (CCC+ , B3)   06/15/14     8.750       1,067,281    
  800     Senior Housing Properties Trust, Senior Notes   (BB+ , Ba2)   01/15/12     8.625       878,000    
  200     Service Corporation International, Rule 144A, Senior Notes ‡   (BB- , B1)   04/01/15     6.750       203,000    
  750     Stewart Enterprises, Inc., Global Senior Notes (Callable 02/15/09 @ $103.13)   (B+ , B1)   02/15/13     6.250       740,625    
  2,675     Tenet Healthcare Corp., Global Senior Notes §   (CCC+ , Caa1)   07/01/14     9.875       2,755,250    
  500     Tenet Healthcare Corp., Global Senior Notes #§   (CCC+ , Caa1)   02/01/15     9.250       502,500    
  600     Triad Hospitals, Inc., Senior Notes (Callable 05/15/08 @ $103.50)   (BB- , B1)   05/15/12     7.000       627,000    
  875     Triad Hospitals, Inc., Senior Subordinated Notes (Callable 11/15/08 @ $103.50)   (B+ , B2)   11/15/13     7.000       918,750    
  1,275     Universal Hospital Services, Inc., Global Senior Notes (Callable 11/01/07 @ $105.06)   (B- , B3)   11/01/11     10.125       1,372,341    
  1,600     Vanguard Health Holding Co., Global Senior Subordinated Notes (Callable 10/01/09 @ $104.50)   (CCC+ , Caa1)   10/01/14     9.000       1,666,000    
                      21,989,997    
Hotels (0.7%)      
  500     Bluegreen Corp., Series B, Company Guaranteed Notes   (B- , B3)   04/01/08     10.500       502,500    
  350     Host Hotels & Resorts LP, Global Secured Notes (Callable 11/01/10 @ $103.44)   (BB , Ba1)   11/01/14     6.875       360,063    
  950     Host Marriott LP, Series Q, Global Company Guaranteed Notes (Callable 06/01/11 @ $103.33) §   (BB , Ba1)   06/01/16     6.750       970,187    
                      1,832,750    
Household & Leisure Products (1.3%)      
  500     Ames True Temper, Inc., Global Company Guaranteed Notes (Callable 01/15/08 @ $101.50) #   (CCC+ , Caa1)   01/15/12     9.356       512,500    
  1,400     Ames True Temper, Inc., Global Senior Subordinated Notes (Callable 07/15/08 @ $105.00) §   (CCC- , Caa3)   07/15/12     10.000       1,389,500    
  525     Sealy Mattress Co., Global Senior Subordinated Notes (Callable 06/15/09 @ $104.13)   (B , B2)   06/15/14     8.250       555,188    
  825     Simmons Bedding Co., Global Senior Subordinated Notes (Callable 01/15/09 @ $103.94) §   (CCC+ , B2)   01/15/14     7.875       851,812    
                      3,309,000    
Leisure (1.0%)      
  250     Bally Total Fitness Holding Corp., Global Senior Notes (Callable 07/15/07 @ $105.25)   (D , Ca)   07/15/11     10.500       238,750    
  950     Six Flags, Inc., Global Senior Notes (Callable 02/01/08 @ $101.48)   (CCC , Caa1)   02/01/10     8.875       970,188    
  175     Six Flags, Inc., Global Senior Notes (Callable 04/15/08 @ $104.88)   (CCC , Caa1)   04/15/13     9.750       172,375    
  1,050     Six Flags, Inc., Global Senior Notes (Callable 06/01/09 @ $104.81)   (CCC , Caa1)   06/01/14     9.625       1,021,125    
                      2,402,438    
Machinery (0.7%)      
  875     Baldor Electric Co., Company Guaranteed Notes (Callable 02/15/12 @ $104.31)   (B , B3)   02/15/17     8.625       938,438    
  825     Case New Holland, Inc., Global Company Guaranteed Notes (Callable 08/01/07 @ $104.62)   (BB , Ba3)   08/01/11     9.250       871,406    
                      1,809,844    
Media - Broadcast (4.2%)      
  1,000     Allbritton Communications Co., Global Senior Subordinated Notes (Callable 12/15/07 @ $103.88)   (B- , B1)   12/15/12     7.750       1,032,500    
  850     Barrington Broadcasting, Rule 144A, Senior Subordinated Notes (Callable 08/15/10 @ $105.25) ‡   (CCC+ , B3)   08/15/14     10.500       905,250    
  925     CMP Susquehanna Corp., Rule 144A, Senior Subordinated Notes (Callable 05/15/10 @ 104.94) ‡   (CCC , B3)   05/15/14     9.875       948,125    
  450     Fisher Communications, Inc., Global Senior Notes (Callable 09/15/09 @ $104.31)   (B- , B2)   09/15/14     8.625       485,438    
  1,275     ION Media Networks, Inc., Rule 144A, Secured Notes (Callable 01/15/08 @ $102.00) ‡#   (CCC- , Caa2)   01/15/13     11.606       1,332,375    
  1,075     Nexstar Finance, Inc., Global Senior Subordinated Notes (Callable 01/15/09 @ $103.50) §   (CCC+ , B3)   01/15/14     7.000       1,050,812    
  750     Sirius Satellite Radio, Inc., Global Senior Unsecured Notes (Callable 09/01/09 @ $104.81)   (CCC , Caa1)   08/01/13     9.625       753,750    
  1,200     Univision Communications, Inc., Rule 144A, Senior Notes (Callable 03/15/11@ $104.88) ‡   (CCC+ , B3)   03/15/15     9.750       1,210,500    
  600     XM Satellite Radio, Inc., Global Company Guaranteed Notes (Callable 05/01/08 @ $102.00) #   (CCC , Caa1)   05/01/13     9.860       594,000    
  1,925     Young Broadcasting, Inc., Global Senior Subordinated Notes (Callable 01/15/09 @ $104.38) §   (CCC- , Caa1)   01/15/14     8.750       1,886,500    
                      10,199,250    

 

See Accompanying Notes to Financial Statements.
6



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Media - Cable (8.0%)      
$ 1,700     Atlantic Broadband Finance LLC, Global Company Guaranteed Notes (Callable 01/15/09 @ $104.69)   (CCC+ , Caa1)   01/15/14     9.375     $ 1,761,625    
  2,575     CCH I Holdings LLC, Global Company Guaranteed Notes (Callable 09/30/07 @ $100.00)   (CCC , Caa3)   04/01/14     9.920       2,407,625    
  2,675     CCH I LLC, Global Secured Notes (Callable 10/01/10 @ $105.50)   (CCC , Caa2)   10/01/15     11.000       2,855,562    
  2,525     CCO Holdings LLC, Global Senior Notes (Callable 11/15/08 @ $104.38)   (CCC , Caa1)   11/15/13     8.750       2,660,719    
  792     Charter Communications Holdings LLC, Senior Discount Notes #   (CCC , Caa3)   04/01/11     9.920       793,980    
  1,850     CSC Holdings, Inc., Global Senior Unsecured Notes   (B+ , B2)   04/15/12     6.750       1,856,938    
  1,625     CSC Holdings, Inc., Series B, Senior Notes §   (B+ , B2)   04/01/11     7.625       1,683,906    
  325     DirecTV Holdings/Finance, Global Senior Notes (Callable 03/15/08 @ $104.19) §   (BB- , Ba3)   03/15/13     8.375       344,500    
  1,150     EchoStar DBS Corp., Global Company Guaranteed Notes   (BB- , Ba3)   10/01/14     6.625       1,170,125    
  500     GCI, Inc., Global Senior Notes (Callable 02/15/09 @ $103.63) §   (B+ , B1)   02/15/14     7.250       502,500    
  750     Insight Communications Company, Inc., Senior Discount Notes (Callable 02/15/08 @ $102.04) +   (CCC+ , B3)   02/15/11     12.250       785,625    
  104     Insight Midwest/Insight Capital Corp., Senior Notes (Callable 10/01/07 @ $100.00)   (B , B3)   10/01/09     9.750       105,950    
  1,925     Mediacom Broadband LLC, Global Senior Notes (Callable 10/15/10 @ $104.25)   (B , B3)   10/15/15     8.500       2,011,625    
  825     Mediacom LLC/Capital Corp., Senior Notes (Callable 02/15/08 @ $100.00)   (B , B3)   02/15/11     7.875       833,250    
                      19,773,930    
Media - Services (0.2%)      
  750     WMG Holdings Corp., Global Senior Discount Notes (Callable 12/15/09 @ $104.75) +   (B , B2)   12/15/14     0.000       573,750    
Metal & Mining - Excluding Steel (2.1%)      
  225     Aleris International, Inc., Rule 144A, Senior Notes (Callable 12/15/10 @ $104.50) ‡   (B- , B3)   12/15/14     9.000       239,906    
  1,000     Aleris International, Inc., Rule 144A, Senior Subordinated Notes (Callable 12/15/11 @ $105.00) ‡   (B- , Caa1)   12/15/16     10.000       1,048,750    
  1,600     Alpha Natural Resources LLC, Global Company Guaranteed Notes (Callable 06/01/08 @ $105.00) #   (B- , B3)   06/01/12     10.000       1,736,000    
  800     Freeport - McMoRan Copper & Gold, Inc., Senior Unsecured Notes (Callable 04/01/11 @ $104.13)   (BB , Ba3)   04/01/15     8.250       867,000    
  425     Freeport - McMoRan Copper & Gold, Inc., Senior Unsecured Notes (Callable 04/01/12 @ $104.19)   (BB , Ba3)   04/01/17     8.375       465,906    
  725     Southern Copper Corp., Global Senior Notes   (BBB- , Baa2)   07/27/35     7.500       807,167    
                      5,164,729    
Non-Food & Drug Retailers (5.3%)      
  1,589     Affinity Group, Inc., Global Senior Subordinated Notes (Callable 02/15/08 @ $105.44)   (CCC+ , B3)   02/15/12     10.875       1,684,027    
  900     Asbury Automotive Group, Inc., Rule 144A, Senior Subordinated Notes (Callable 03/15/12 @ $103.81) ‡   (B , B3)   03/15/17     7.625       909,000    
  1,350     Brookstone Company, Inc., Global Secured Notes (Callable 10/15/09 @ $106.00)   (B , Caa1)   10/15/12     12.000       1,458,000    
  1,250     Finlay Fine Jewelry Corp., Global Senior Notes (Callable 06/01/08 @ $104.19) §   (B- , Caa1)   06/01/12     8.375       1,134,375    
  850     GameStop Corp., Global Company Guaranteed Notes (Callable 10/01/09 @ $104.00) §   (B+ , Ba3)   10/01/12     8.000       910,563    
  505     Michaels Stores, Inc., Rule 144A, Senior Notes (Callable 11/01/10 @ $105.00) ‡   (CCC , B2)   11/01/14     10.000       553,606    
  1,120     Michaels Stores, Inc., Rule 144A, Senior Subordinated Notes (Callable 11/01/11 @ $105.69) ‡§   (CCC , Caa1)   11/01/16     11.375       1,237,600    
  500     Nebraska Book Company, Inc., Global Senior Subordinated Notes (Callable 03/15/08 @ $104.31)   (CCC , B3)   03/15/12     8.625       506,250    
  1,585     Neiman Marcus Group, Inc., Global Company Guaranteed Notes (Callable 10/15/10 @ $105.19) §   (B- , B3)   10/15/15     10.375       1,789,069    
  1,000     PCA LLC/PCA Finance Corp. Global Company Guaranteed Notes Ø   (NR , NR)   08/01/09     11.875       25,000    
  600     SGS International, Inc., Rule 144A, Global Senior Subordinated Notes (Callable 12/15/09 @ $106.00) ‡   (B- , B3)   12/15/13     12.000       651,000    
  863     Susser Holdings LLC, Global Company Guaranteed Notes (Callable 12/15/09 @ $105.31)   (B+ , B2)   12/15/13     10.625       951,457    
  1,225     Yankee Acquisition Corp., Rule 144A, Senior Subordinated Notes (Callable 02/15/12 @ $104.88) ‡§   (CCC+ , Caa1)   02/15/17     9.750       1,267,875    
                      13,077,822    
Office Equipment (0.3%)      
  775     Xerox Corp., Senior Notes (Callable 06/15/08 @ $103.81)   (BBB- , Baa3)   06/15/13     7.625       817,625    
Oil Refining & Marketing (0.5%)      
  450     Giant Industries, Inc., Company Guaranteed Notes (Callable 05/15/09 @ $104.00)   (B- , B2)   05/15/14     8.000       472,500    
  743     Giant Industries, Inc., Global Company Guaranteed Notes (Callable 05/15/08 @ $103.67)   (B- , B2)   05/15/12     11.000       788,509    
                      1,261,009    
Packaging (4.0%)      
  1,355     Berry Plastics Holding Corp., Global Secured Notes (Callable 09/15/10 @ $104.44)   (B- , B3)   09/15/14     8.875       1,402,425    
  1,625     Constar International, Inc., Senior Subordinated Notes (Callable 12/01/07 @ $105.50)   (CCC , Caa2)   12/01/12     11.000       1,665,625    

 

See Accompanying Notes to Financial Statements.
7



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Packaging      
$ 1,225     Covalence Specialty Materials Corp., Rule 144A, Senior Subordinated Notes
(Callable 03/01/11 @ $105.13) ‡
  (CCC+ , Caa1)   03/01/16     10.250     $ 1,258,688    
  650     Crown Americas LLC, Global Senior Notes (Callable 11/15/10 @ $103.88) §   (B , B1)   11/15/15     7.750       690,625    
  50     Graham Packaging Company, Inc., Global Company Guaranteed Notes (Callable 10/15/08 @ $104.25)   (CCC+ , Caa1)   10/15/12     8.500       51,250    
  1,225     Graham Packaging Company, Inc., Global Subordinated Notes (Callable 10/15/09 @ $104.94) §   (CCC+ , Caa1)   10/15/14     9.875       1,274,000    
  154     Owens-Brockway Glass Containers, Global Company Guaranteed Notes (Callable 02/15/08 @ $100.00)   (BB- , Ba2)   02/15/09     8.875       157,850    
  850     Owens-Brockway Glass Containers, Inc., Rule 144A, Senior Notes (Callable 05/15/08 @ $104.13) ‡   (B , B3)   05/15/13     8.250       901,000    
  800     Pliant Corp., Global Secured Notes (Callable 06/01/07 @ $105.56) §   (CCC , Caa1)   09/01/09     11.125       818,000    
  1     Pliant Corp., Global Secured Notes (Callable 06/15/07 @ $111.62)   (B- , NR)   06/15/09     11.625       664    
  1,825     Solo Cup Co., Global Senior Subordinated Notes (Callable 02/15/09 @ $104.25)   (CCC- , Caa2)   02/15/14     8.500       1,601,437    
                      9,821,564    
Printing & Publishing (4.4%)      
  1,225     American Media Operations, Inc., Series B, Global Company Guaranteed Notes
(Callable 05/01/07 @ $100.00)
  (CCC- , Caa2)   05/01/09     10.250       1,157,625    
  1,350     CBD Media Holdings/Finance, Global Senior Notes (Callable 07/15/08 @ $104.63)   (CCC+ , Caa1)   07/15/12     9.250       1,424,250    
  700     Dex Media, Inc., Global Discount Notes (Callable 11/15/08 @ $104.50) +   (B , B3)   11/15/13     0.000       663,250    
  1,150     Haights Cross Operating Co., Global Company Guaranteed Notes (Callable 08/15/08 @ $105.88)   (CCC- , Caa2)   08/15/11     11.750       1,227,625    
  1,350     R.H. Donnelley Corp., Series A-2, Global Senior Discount Notes (Callable 01/15/09 @ $103.44) §   (B , B3)   01/15/13     6.875       1,344,937    
  250     R.H. Donnelley Corp., Series A-3, Global Senior Notes (Callable 01/15/11 @ $104.44)   (B , B3)   01/15/16     8.875       272,500    
  1,400     Reader's Digest Association, Inc., Rule 144A, Senior Subordinated Notes
(Callable 02/15/12 @ $104.50) ‡
  (CCC+ , Caa1)   02/15/17     9.000       1,379,000    
  1,225     Valassis Communications, Inc., Rule 144A, Senior Notes (Callable 03/01/11 @ $104.13) ‡§   (B- , B3)   03/01/15     8.250       1,209,687    
  1,150     Vertis, Inc., Series B, Global Company Guaranteed Notes (Callable 06/15/07 @ $102.72)   (CCC , Caa1)   06/15/09     10.875       1,145,688    
  925     WDAC Subsidiary Corp., Rule 144A, Senior Notes (Callable 12/01/09 @ $104.19) ‡§   (CCC+ , Caa1)   12/01/14     8.375       982,813    
                      10,807,375    
Restaurants (1.7%)      
  1,325     Buffets, Inc., Global Company Guaranteed Notes (Callable 11/01/10 @ $106.25)   (CCC , Caa1)   11/01/14     12.500       1,397,875    
  1,375     Denny's Corp., Global Company Guaranteed Notes (Callable 10/01/08 @ $105.00) §   (CCC+ , B3)   10/01/12     10.000       1,474,687    
  1,000     Friendly Ice Cream Corp., Global Senior Notes (Callable 06/15/08 @ $104.19) §   (CCC+ , Caa1)   06/15/12     8.375       995,000    
  250     OSI Restaurant Partners, Inc., Rule 144A, Senior Notes (Callable 05/15/11 @ $104.81) ‡   (B- , Caa1)   05/15/15     9.625       258,438    
                      4,126,000    
Software/Services (1.3%)      
  2,775     SunGard Data Systems, Inc., Global Company Guaranteed Notes (Callable 08/15/10 @ $105.13)   (B- , Caa1)   08/15/15     10.250       3,066,375    
Steel Producers/Products (2.3%)      
  1,325     AK Steel Corp., Global Company Guaranteed Notes (Callable 06/15/07 @ $103.88) §   (B+ , B2)   06/15/12     7.750       1,374,687    
  1,225     Edgen Acquisition Corp., Global Secured Notes (Callable 02/01/08 @ $104.94)   (B- , NR)   02/01/11     9.875       1,316,875    
  1,150     PNA Group, Inc., Rule 144A, Senior Notes (Callable 09/01/11 @ $105.38) ‡   (B- , B3)   09/01/16     10.750       1,270,750    
  400     PNA Intermediate Holding Corp., Rule 144A, Senior Notes (Callable 02/15/08 @ $102.00) ‡#   (B- , Caa1)   02/15/13     12.360       414,000    
  1,275     RathGibson, Inc., Global Company Guaranteed Notes (Callable 02/15/10 @ $105.62)   (B- , B3)   02/15/14     11.250       1,357,875    
  750     WCI Steel Escrow   (NR , NR)   12/01/04     10.000       19,068    
                      5,753,255    
Support-Services (7.6%)      
  1,250     Allied Security Escrow Corp., Global Senior Subordinated Notes (Callable 07/15/08 @ $105.69)   (CCC+ , Caa1)   07/15/11     11.375       1,275,000    
  300     ARAMARK Corp., Rule 144A, Senior Notes (Callable 02/01/09 @ $102.00) ‡   (B- , B3)   02/01/15     8.856       309,750    
  450     ARAMARK Corp., Rule 144A, Senior Notes (Callable 02/01/11 @ $104.25) ‡§   (B- , B3)   02/01/15     8.500       473,063    
  400     Ashtead Capital, Inc., Rule 144A, Notes (Callable 08/15/11 @ $104.50) ‡   (B , B3)   08/15/16     9.000       432,000    
  914     DI Finance/Dyncorp International, Global Senior Subordinated Notes (Callable 02/15/09 @ $104.75)   (B , B3)   02/15/13     9.500       987,120    
  150     Education Management LLC, Global Company Guaranteed Notes (Callable 06/01/10 @ $104.38)   (CCC+ , B2)   06/01/14     8.750       159,375    
  1,075     Education Management LLC, Global Company Guaranteed Notes (Callable 06/01/11 @ $105.13)   (CCC+ , Caa1)   06/01/16     10.250       1,179,813    
  500     Hertz Corp., Global Company Guaranteed Notes (Callable 01/01/10 @ $104.44)   (B , B1)   01/01/14     8.875       541,250    
  600     Hertz Corp., Global Company Guaranteed Notes (Callable 01/01/11 @ $105.25) §   (B , B2)   01/01/16     10.500       687,000    

 

See Accompanying Notes to Financial Statements.
8



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Support-Services      
$ 1,000     HydroChem Industrial Services, Inc., Rule 144A, Senior Subordinated Notes
(Callable 02/15/09 @ $104.63) ‡
  (CCC+ , B3)   02/15/13     9.250     $ 1,035,000    
  750     Iron Mountain, Inc., Company Guaranteed Notes (Callable 04/01/08 @ $101.44)   (B , B3)   04/01/13     8.625       776,250    
  175     Iron Mountain, Inc., Company Guaranteed Notes (Callable 07/01/08 @ $103.31) §   (B , B3)   01/01/16     6.625       170,625    
  1,500     Johnsondiversey Holdings, Inc., Global Discount Notes (Callable 05/15/08 @ $103.56) +   (CCC+ , Caa1)   05/15/13     0.000       1,563,750    
  775     KAR Holdings, Inc., Rule 144A, Senior Notes (Callable 05/01/10 @ $104.38) ‡   (CCC , B3)   05/01/14     8.750       800,188    
  425     KAR Holdings, Inc., Rule 144A, Senior Subordinated Notes (Callable 04/01/11 @ $105.00) ‡   (CCC , Caa1)   05/01/15     10.000       442,531    
  750     Language Line, Inc., Global Senior Subordinated Notes (Callable 06/15/08 @ 105.56) §   (CCC+ , B3)   06/15/12     11.125       810,000    
  1,050     Mobile Services Group, Inc., Rule 144A, Senior Notes (Callable 08/01/10 @ $104.88) ‡   (B- , B3)   08/01/14     9.750       1,144,500    
  1,125     Rental Service Corp., Rule 144A, Bonds (Callable 12/01/10 @ $104.75) ‡   (B- , Caa1)   12/01/14     9.500       1,200,937    
  1,825     TDS Investor Corp., Rule 144A, Senior Subordinated Notes (Callable 09/01/11 @ 105.94) ‡§   (CCC+ , Caa1)   09/01/16     11.875       2,048,562    
  1,675     United Rentals North America, Inc., Global Senior Subordinated Notes (Callable 02/15/09 @ $103.50) §   (B , B3)   02/15/14     7.000       1,716,875    
  900     Williams Scotsman, Inc., Global Company Guaranteed Notes (Callable 10/01/10 @ $104.25) §   (B+ , B2)   10/01/15     8.500       958,500    
                      18,712,089    
Telecom - Fixed Line (1.4%)      
  2,225     Level 3 Financing, Inc., Rule 144A, Senior Notes (Callable 02/15/09 @ $102.00) ‡#   (CCC+ , B3)   02/15/15     9.150       2,263,937    
  400     Level 3 Financing, Inc., Rule 144A, Senior Notes (Callable 11/01/10 @ $104.63) ‡   (CCC+ , B3)   11/01/14     9.250       417,500    
  775     Time Warner Telecom Holdings, Inc., Global Company Guaranteed Notes
(Callable 02/15/09 @ $104.62)
  (CCC+ , B3)   02/15/14     9.250       837,000    
                      3,518,437    
Telecom - Integrated/Services (2.7%)      
  1,525     Cincinnati Bell, Inc., Global Senior Subordinated Notes (Callable 01/15/09 @ $104.19) §   (B- , B2)   01/15/14     8.375       1,568,844    
  700     Hawaiian Telcom Communications, Inc., Series B, Global Company Guaranteed Notes
(Callable 05/01/10 @ $106.25) §
  (CCC , B3)   05/01/15     12.500       791,000    
  850     Hughes Network Systems LLC, Global Company Guaranteed Notes (Callable 04/15/10 @ $104.75)   (B- , B1)   04/15/14     9.500       898,875    
  125     LCI International, Inc., Senior Notes   (NR , NR)   06/15/07     7.250       125,000    
  375     Qwest Communications International, Inc., Global Company Guaranteed Notes
(Callable 02/15/08 @ $103.63)
  (B+ , Ba3)   02/15/11     7.250       386,250    
  2,050     Qwest Communications International, Inc., Series B, Global Company Guaranteed Notes
(Callable 02/15/09 @ $103.75)
  (B , Ba3)   02/15/14     7.500       2,126,875    
  350     Windstream Corp., Global Company Guaranteed Notes   (BB- , Ba3)   08/01/13     8.125       381,500    
  375     Windstream Corp., Global Company Guaranteed Notes (Callable 08/01/11 @ $104.31)   (BB- , Ba3)   08/01/16     8.625       413,437    
                      6,691,781    
Telecom - Wireless (3.4%)      
  675     Centennial Cellular Communications Corp., Global Company Guaranteed Notes
(Callable 06/15/08 @ $105.06)
  (CCC , B2)   06/15/13     10.125       732,375    
  575     Centennial Communications Corp., Global Senior Notes (Callable 01/01/09 @ $107.50) §   (CCC , Caa1)   01/01/13     10.000       625,313    
  1,275     Cricket Communications, Inc., Rule 144A, Senior Notes (Callable 11/01/10 @ $104.69) ‡   (CCC , Caa2)   11/01/14     9.375       1,367,437    
  1,925     Dobson Communications Corp., Global Senior Notes (Callable 10/01/08 @ $104.44) §   (CCC , Caa1)   10/01/13     8.875       1,994,781    
  1,175     Metro PCS Wireless, Inc., Rule 144A, Senior Notes (Callable 11/01/10 @ $104.63) ‡   (CCC , Caa2)   11/01/14     9.250       1,260,187    
  1,125     Rural Cellular Corp., Global Senior Subordinated Notes (Callable 01/15/08 @ $101.63)   (CCC , Caa2)   01/15/10     9.750       1,167,188    
  225     Rural Cellular Corp., Global Senior Unsecured Notes (Callable 08/01/07 @ $104.94)   (CCC , B3)   02/01/10     9.875       239,063    
  975     Triton PCS, Inc., Global Company Guaranteed Notes (Callable 06/01/08 @ $104.25)   (CCC- , Caa2)   06/01/13     8.500       1,022,531    
                      8,408,875    
Textiles & Apparel (1.0%)      
  1,025     Levi Strauss & Co., Global Senior Notes (Callable 01/15/10 @ $104.88) §   (B , B2)   01/15/15     9.750       1,130,062    
  475     Levi Strauss & Co., Global Senior Notes (Callable 12/15/07 @ $106.13)   (B , B2)   12/15/12     12.250       521,313    
  950     Propex Fabrics, Inc., Global Company Guaranteed Notes (Callable 12/01/08 @ $105.00)   (CCC , Caa1)   12/01/12     10.000       881,125    
                      2,532,500    

 

See Accompanying Notes to Financial Statements.
9



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Theaters & Entertainment (1.2%)      
$ 1,775     AMC Entertainment, Inc., Global Senior Subordinated Notes (Callable 03/01/09 @ $104.00) §   (CCC+ , B3)   03/01/14     8.000     $ 1,823,813    
  1,200     Cinemark, Inc., Global Senior Discount Notes (Callable 03/15/09 @ $104.88) +   (CCC+ , B3)   03/15/14     0.000       1,110,000    
                      2,933,813    
Transportation - Excluding Air/Rail (0.3%)      
  651     H-Lines Finance Holding Corp., Global Senior Discount Notes (Callable 04/01/08 @ $105.50) +   (CCC+ , Caa1)   04/01/13     0.000       616,823    
    TOTAL U.S. CORPORATE BONDS (Cost $299,501,036)                     311,273,945    
FOREIGN CORPORATE BONDS (12.4%)      
Building Materials (0.3%)      
  1,000     Maax Corp., Global Senior Subordinated Notes (Callable 06/15/08 @ $104.88) (Canada)   (CC , Caa3)   06/15/12     9.750       657,500    
Chemicals (1.2%)      
  1,300     Basell AF SCA, Rule 144A, Company Guaranteed Notes (Callable 08/15/10 @ $104.19) (Luxembourg) ‡   (B , B2)   08/15/15     8.375       1,358,500    
  1,350     Ineos Group Holdings PLC, Rule 144A, Notes (Callable 02/15/11 @ $104.25) (United Kingdom) ‡   (B- , B2)   02/15/16     8.500       1,312,875    
  150     Rhodia SA, Global Senior Subordinated Notes (Callable 06/01/07 @ 104.44) (France) §   (B , B3)   06/01/11     8.875       157,500    
                      2,828,875    
Electronics (2.0%)      
  450     Avago Technologies Finance, Global Company Guaranteed Notes
(Callable 12/01/09 @ $105.06) (Singapore) #
  (B , B2)   12/01/13     10.375       493,875    
  600     Avago Technologies Finance, Global Company Guaranteed Notes
(Callable 12/01/10 @ $105.94) (Singapore)
  (CCC+ , Caa1)   12/01/15     11.875       688,500    
  550     Celestica, Inc., Senior Subordinated Notes (Callable 07/01/08 @ $103.94) (Canada)   (B- , B2)   07/01/11     7.875       544,500    
  425     Magnachip Semiconductor, Global Senior Subordinated Notes
(Callable 12/15/09 @ $104.00) (Luxembourg) §
  (CCC+ , Caa1)   12/15/14     8.000       274,125    
  1,000     New Asat, Ltd., Global Company Guaranteed Notes (Callable 02/01/08 @ $104.63) (Cayman Islands)   (CCC , Caa1)   02/01/11     9.250       865,000    
  300     NXP BV/NXP Funding LLC, Rule 144A, Secured Notes (Callable 10/15/10 @ $103.94) (Netherlands) ‡   (BB+ , Ba2)   10/15/14     7.875       313,500    
  1,575     NXP BV/NXP Funding LLC, Rule 144A, Senior Notes (Callable 10/15/11 @ $104.75) (Netherlands) ‡§   (B+ , B2)   10/15/15     9.500       1,661,625    
                      4,841,125    
Energy - Exploration & Production (0.2%)      
  550     OPTI Canada, Inc., Rule 144A, Company Guaranteed Notes (Callable 12/15/10 @ $104.13) (Canada) ‡   (BB , B1)   12/15/14     8.250       584,375    
Food & Drug Retailers (0.4%)      
  925     Jean Coutu Group PJC, Inc., Global Senior Subordinated Notes (Callable 08/01/09 @ $104.25) (Canada)   (B- , Caa2)   08/01/14     8.500       1,005,937    
Forestry & Paper (1.5%)      
  600     Abitibi-Consolidated, Inc., Global Notes (Canada)   (B+ , B3)   06/15/11     7.750       574,500    
  1,050     Abitibi-Consolidated, Inc., Yankee Senior Notes (Canada) §   (B+ , B3)   04/01/15     8.375       987,000    
  850     Bowater Canada Finance Corp., Global Company Guaranteed Notes (Canada) §   (B+ , B3)   11/15/11     7.950       835,125    
  70     Smurfit Kappa Funding, Global Senior Notes (Callable 10/01/07 @ $104.81) (Ireland)   (B , B2)   10/01/12     9.625       74,025    
  1,000     Smurfit Kappa Funding, Global Senior Subordinated Notes (Callable 01/31/10 @ $103.88) (Ireland)   (B , B2)   04/01/15     7.750       1,030,000    
  380     Tembec Industries, Inc., Yankee Company Guaranteed Notes (Callable 06/30/07 @ $100.00) (Canada) §   (CCC- , Ca)   06/30/09     8.625       243,200    
                      3,743,850    
Leisure (0.5%)      
  1,175     NCL Corp., Global Senior Notes (Callable 07/15/09 @ $105.31) (Bermuda) #   (B , B3)   07/15/14     10.625       1,175,000    
Media - Cable (0.8%)      
  150     NTL Cable PLC, Global Senior Notes (Callable 08/15/11 @ $104.56) (United Kingdom)   (B- , B2)   08/15/16     9.125       160,875    
  883     Telenet Group Holding NV, Rule 144A, Discount Notes (Callable 12/15/08 @ $105.75) (Belgium) ‡+   (CCC+ , B3)   06/15/14     0.000       832,227    
  675     Unity Media GmbH, Rule 144A, Senior Notes (Callable 02/15/10 @ $105.06) (Germany) ‡   (CCC+ , Caa1)   02/15/15     10.125       1,020,236    
                      2,013,338    

 

See Accompanying Notes to Financial Statements.
10



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
FOREIGN CORPORATE BONDS      
Metal & Mining - Excluding Steel (0.0%)      
$ 1,021     International Utility Structures, Inc., Yankee Senior Subordinated Notes (Canada) Ø^   (NR , NR)   02/01/08     10.750     $ 0    
Pharmaceuticals (0.3%)      
  775     Elan Finance PLC, Rule 144A, Senior Unsecured Notes (Callable 12/01/10 @ $104.44) (Ireland) ‡   (B , B3)   12/01/13     8.875       802,125    
Printing & Publishing (0.4%)      
  800     Quebecor World, Inc., Rule 144A, Senior Notes (Callable 01/15/11 @ $104.88) (Canada) ‡   (B+ , B2)   01/15/15     9.750       848,000    
Support-Services (0.7%)      
  1,000     Ashtead Holdings PLC, Rule 144A, Secured Notes (Callable 08/01/10 @ $104.31) (United Kingdom) ‡   (B , B3)   08/01/15     8.625       1,050,000    
  525     Carlson Wagonlit BV, Rule 144A Senior Notes (Callable 11/01/07 @ $104.00) (Netherlands) ‡#   (B- , B2)   05/01/15     9.531       765,753    
                      1,815,753    
Telecom - Integrated/Services (2.9%)      
  1,300     Global Crossing UK Finance, Global Company Guaranteed Notes
(Callable 12/15/09 @ $105.38) (United Kingdom)
  (B- , B3)   12/15/14     10.750       1,426,750    
  550     Hellas II, Rule 144A, Subordinated Notes (Callable 01/15/08 @ $102.00) (Luxembourg) ‡#   (CCC+ , Caa1)   01/15/15     11.106       573,375    
  1,550     Intelsat, Ltd., Global Company Guaranteed (Callable 1/15/08 @ $102.00) (Bermuda) #   (B , Caa1)   01/15/15     8.872       1,592,625    
  400     Intelsat, Ltd., Global Senior Unsecured Notes (Bermuda)   (B , Caa1)   11/01/13     6.500       346,000    
  2,200     Intelsat, Ltd., Global Senior Unsecured Notes (Callable 06/15/11 @ $105.62) (Bermuda)   (B , Caa1)   06/15/16     11.250       2,521,750    
  650     Nordic Telephone Co. Holdings, Rule 144A, Senior Notes
(Callable 05/01/11 @ $104.44) (Denmark) ‡§
  (B , B2)   05/01/16     8.875       702,000    
                      7,162,500    
Telecom - Wireless (0.2%)      
  500     Rogers Wireless Communications, Inc., Global Secured Notes (Canada)   (BBB- , Baa3)   03/15/15     7.500       550,000    
Telecommunication Equipment (0.2%)      
  425     Nortel Networks, Ltd., Rule 144A, Company Guaranteed Notes (Canada) ‡#   (B- , B3)   07/15/11     9.606       456,875    
Textiles & Apparel (0.1%)      
  75     IT Holding Finance SA, Rule 144A, Company Guaranteed Notes (Luxembourg) ‡   (CCC+ , Caa1)   11/15/12     9.875       105,939    
Transportation - Excluding Air/Rail (0.7%)      
  1,725     Ship Finance International, Ltd., Global Company Guaranteed Notes
(Callable 12/15/08 @ $104.25) (Bermuda)
  (B+ , B1)   12/15/13     8.500       1,785,375    
    TOTAL FOREIGN CORPORATE BONDS (Cost $29,982,831)                     30,376,567    
Number
of Shares
   
COMMON STOCKS (1.5%)      
Automobile Parts & Equipment (0.0%)      
  774,557     Cambridge Industries Liquidating Trust *^               0    
Chemicals (0.0%)      
  4,893     Huntsman Corp.               95,903    
Electric - Integrated (0.4%)      
  23,775     Mirant Corp. *               1,066,784    
Food - Wholesale (0.6%)      
  845     Crunch Equity Holding LLC Class A *               1,351,949    

 

See Accompanying Notes to Financial Statements.
11



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2007 (unaudited)

Number of
Shares
          Value  
COMMON STOCKS      
Steel Producers/Products (0.1%)      
  8,208     WCI Steel Acquisition, Inc. *§         $ 229,824    
Telecom - Wireless (0.4%)      
  99,764     Dobson Communications Corp. Class A *           908,850    
    TOTAL COMMON STOCKS (Cost $2,835,019)           3,653,310    
WARRANTS (0.0%)      
Media - Diversified (0.0%)      
  204,293     Viasystems, Inc., strike price $25.31, expires 01/31/10 *^           2,043    
Telecom - Fixed Line (0.0%)      
  6,750     GT Group Telecom, Inc., Rule 144A, strike price $0.00, expires 02/01/10 ‡*^           0    
  3,000     Versatel Telecom International NV, strike price $2.81, expires 05/15/08 *           531    
            531    
    TOTAL WARRANTS (Cost $3,772,613)           2,574    
SHORT-TERM INVESTMENTS (12.2%)      
  15,000,000     American Beacon Money Market Fund §§           15,000,000    
  15,000,000     Reserve Funds Primary Fund Class 8 §§           15,000,000    
    TOTAL SHORT-TERM INVESTMENTS (Cost $30,000,000)           30,000,000    
Par
(000)
   
REPURCHASE AGREEMENTS (19.9%)      
$ 4,168     Bear Stearns & Co., 3.98%, Dated 04/30/07, due 05/01/07, proceeds at maturity $4,168,193
(fully collateralized by U.S. Treasury Bonds, due 01/15/25, Market Value of collateral is $4,263,297) §§
          4,167,732    
  6,241     Bear Stearns & Co., 5.11%, Dated 04/30/07, due 05/01/07, proceeds at maturity $6,241,389
(fully collateralized by U.S. Treasury Bonds, due 01/15/25, Market Value of collateral is $6,383,233) §§
          6,240,503    
  38,584     Bear Stearns & Co., 5.31%, Dated 04/30/07, due 05/01/07, proceeds at maturity $38,589,267
(fully collateralized by U.S. Treasury Bonds, due 01/15/25, Market Value of collateral is $39,453,063) §§
          38,583,573    
TOTAL REPURCHASE AGREEMENTS (Cost $48,991,808)     48,991,808    
TOTAL INVESTMENTS AT VALUE (172.6%) (Cost $415,083,307)     424,298,204    
LIABILITIES IN EXCESS OF OTHER ASSETS (-72.6%)     (178,505,400 )  
NET ASSETS (100.0%)   $ 245,792,804    

 

INVESTMENT ABBREVIATION

NR = Not Rated

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

‡  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2007, these securities amounted to a value of $77,650,298 or 31.6% of net assets.

+  Step Bond - The interest rate stated is as of April 30, 2007 and will reset at a future date.

Ø  Bond is currently in default.

*  Non-income producing security.

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

#  Variable rate obligations - The interest rate shown is the rate as of April 30, 2007.

§  Security or portion thereof is out on loan.

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

See Accompanying Notes to Financial Statements.
12




Credit Suisse High Yield Bond Fund

Statement of Assets and Liabilities

April 30, 2007 (unaudited)

Assets  
Investments in securities at value, including collateral for securities on loan of $78,991,808
(Cost $415,083,307) (Note 2)
  $ 424,298,204 1   
Cash     6,061,463    
Foreign currency at value (cost $1,078,177)     1,097,242    
Interest receivable     7,837,298    
Receivable for investments sold     1,789,943    
Unrealized appreciation on forward currency contracts (Note 2)     58,316    
Prepaid expenses and other assets     36,446    
Total Assets     441,178,912    
Liabilities  
Investment advisory fees (Note 3)     226,333    
Administrative fees (Note 3)     10,473    
Loan payable (Note 4)     111,000,000    
Payable upon return of securities loaned (Note 2)     78,991,808    
Payable for investments purchased     4,411,597    
Interest payable (Note 4)     531,724    
Trustees' fees (Note 3)     41,818    
Other accrued expenses payable     172,355    
Total Liabilities     195,386,108    
Net Assets  
Applicable to 55,662,477 shares outstanding   $ 245,792,804    
Net Assets Consist of  
Capital stock, $0.001 par value (Note 6)   $ 55,662    
Paid-in capital (Note 6)     473,951,839    
Distributions in excess of net investment income     (573,508 )  
Accumulated net realized loss on investments and foreign currrency transactions     (236,935,095 )  
Net unrealized appreciation from investments and foreign currency translations     9,293,906    
Net Assets   $ 245,792,804    
Net Asset Value Per Share ($245,792,804 ÷ 55,662,477)   $ 4.42    
Market Price Per Share   $ 4.52    

 

1  Including $70,029,910 of securities on loan.

See Accompanying Notes to Financial Statements.
13



Credit Suisse High Yield Bond Fund

Statement of Operations

For the Six Months Ended April 30, 2007 (unaudited)

Investment Income (Note 2)  
Interest   $ 15,930,978    
Dividends     489    
Securities lending     168,130    
Total investment income     16,099,597    
Expenses  
Investment advisory fees (Note 3)     1,439,683    
Administrative fees (Note 3)     56,066    
Interest expense (Note 4)     3,199,938    
Printing fees (Note 3)     71,474    
Trustees' fees (Note 3)     47,229    
Legal fees     23,458    
Audit and tax fees     22,215    
Custodian fees     17,733    
Transfer agent fees     12,502    
Insurance expense     10,760    
Stock exchange listing fees     7,698    
Miscellaneous expense     3,544    
Total expenses     4,912,300    
Net investment income     11,187,297    
Net Realized and Unrealized Gain (Loss) from Investments and Foreign Currency Related Items  
Net realized gain from investments     2,781,329    
Net realized loss on foreign currency transactions     (69,986 )  
Net change in unrealized appreciation (depreciation) from investments     10,049,009    
Net change in unrealized appreciation (depreciation) from foreign currency translations     91,280    
Net realized and unrealized gain from investments and foreign currency related items     12,851,632    
Net increase in net assets resulting from operations   $ 24,038,929    

 

See Accompanying Notes to Financial Statements.
14




Credit Suisse High Yield Bond Fund

Statements of Changes in Net Assets

    For the
Six Months Ended
April 30, 2007
(unaudited)
  For the Year
Ended
October 31, 2006
 
From Operations  
Net investment income   $ 11,187,297     $ 21,993,076    
Net realized gain (loss) on investments and foreign currency transactions     2,711,343       (4,392,349 )  
Net change in unrealized appreciation (depreciation) on investments and foreign
currency translations
    10,140,289       10,856,680    
Net increase in net assets resulting from operations     24,038,929       28,457,407    
From Dividends  
Dividends from net investment income     (11,104,072 )     (22,577,859 )  
Return of capital           (2,225,450 )  
Net decrease in net assets resulting from dividends     (11,104,072 )     (24,803,309 )  
From Capital Share Transactions (Note 6)  
Reinvestment of dividends     1,093,007       2,350,913    
Net increase in net assets from capital share transactions     1,093,007       2,350,913    
Net increase in net assets     14,027,864       6,005,011    
Net Assets  
Beginning of period     231,764,940       225,759,929    
End of period   $ 245,792,804     $ 231,764,940    
Distributions in excess of net investment income   $ (573,508 )   $ (656,733 )  

 

See Accompanying Notes to Financial Statements.
15



Credit Suisse High Yield Bond Fund

Statement of Cash Flows

For the Six Months Ended April 30, 2007 (unaudited)

Cash flows from operating activities  
Interest and securities lending income received $14,930,624              
Operating expenses paid     (4,944,177 )        
Purchases of long-term securities     (111,893,561 )        
Proceeds from sales of long-term securities     111,757,455          
Net cash provided by operating activities           $ 9,850,341    
Cash flows from financing activities  
Proceeds from borrowings     111,000,000          
Repayment of borrowings     (104,800,062 )        
Cash dividends paid     (10,011,065 )        
Net cash used in financing activities             (3,811,127 )  
Net increase in cash             6,039,214    
Cash — beginning of period             1,119,491    
Cash — end of period           $ 7,158,705    
RECONCILIATION OF NET INCREASE IN NET ASSETS
FROM OPERATIONS TO NET CASH PROVIDED BY
OPERATING ACTIVITIES
 
Net increase in net assets resulting from operations           $ 24,038,929    
Adjustments to reconcile net increase in net assets from
operations to net cash provided by operating activities
 
Decrease in interest receivable   $ (163,268 )        
Increase in accrued expenses     22,868          
Decrease in interest payable     (5,851 )        
Increase in prepaid expenses and other assets     (7,608 )        
Decrease in advisory fees payable     (41,286 )        
Net amortization of discount on investments     (1,005,705 )        
Purchases of long-term securities     (111,893,561 )        
Proceeds from sales of long-term securities     111,757,455          
Net change in unrealized appreciation on investments and foreign currencies     (10,140,289 )        
Net realized gain on investments and foreign currencies     (2,711,343 )        
Total adjustments           (14,188,588 )  
Net cash provided by operating activities           $ 9,850,341    
Non-cash activity:  
Dividend reinvestments           $ 1,093,007    

 

See Accompanying Notes to Financial Statements.
16



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17




Credit Suisse High Yield Bond Fund

Financial Highlights

    For the
Six Months
Ended
 

Year Ended
 
    4/30/07      
Per share operating performance   (unaudited)   10/31/06   10/31/05   10/31/04   10/31/03   10/31/02   10/31/01   10/31/00   10/31/99  
Net asset value, beginning of period   $ 4.18     $ 4.12     $ 4.53     $ 4.34     $ 3.53     $ 4.49     $ 6.16     $ 7.98     $ 8.36    
INVESTMENT ACTIVITIES  
Net investment income     0.20       0.40       0.47       0.53       0.55       0.652       0.84       0.962       0.98    
Net realized and unrealized gain (loss) on investments
and foreign currency transactions
    0.24       0.11       (0.35 )     0.24       0.87       (0.80 )     (1.63 )     (1.80 )     (0.38 )  
Total from investment activities     0.44       0.51       0.12       0.77       1.42       (0.15 )     (0.79 )     (0.84 )     0.60    
LESS DIVIDENDS  
Net investment income     (0.20 )     (0.42 )     (0.51 )     (0.58 )     (0.61 )     (0.71 )     (0.86 )     (0.98 )     (0.98 )  
Return of capital           (0.03 )     (0.02 )                 (0.10 )     (0.02 )              
Total dividends     (0.20 )     (0.45 )     (0.53 )     (0.58 )     (0.61 )     (0.81 )     (0.88 )     (0.98 )     (0.98 )  
Offering costs charged to paid-in-capital                                                     0.003    
Net asset value, end of period   $ 4.42     $ 4.18     $ 4.12     $ 4.53     $ 4.34     $ 3.53     $ 4.49     $ 6.16     $ 7.98    
Per share market value, end of period   $ 4.52     $ 4.50     $ 4.77     $ 5.24     $ 4.76     $ 4.10     $ 5.07     $ 6.19     $ 8.06    
Total return (market value)4     5.18 %     5.23 %     2.71 %     25.49 %     35.07 %     (2.15 )%     (3.21 )%     (12.15 )%     (5.71 )%  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of period (000s omitted)   $ 245,793     $ 231,765     $ 255,760     $ 244,523     $ 229,255     $ 180,889     $ 219,440     $ 286,838     $ 358,679    
Average debt per share   $ 1.99     $ 1.96     $ 2.05     $ 2.05     $ 1.81     $ 1.99     $ 2.49     $ 3.47     $ 3.18    
Ratio of expenses to average net assets     4.13 %5     4.20 %     3.27 %     2.51 %     2.57 %     2.91 %     4.29 %     4.81 %     3.62 %  
Ratio of expenses to average net assets excluding interest expenses     1.44 %5     1.65 %     1.68 %     1.70 %     1.73 %     1.78 %     1.73 %     1.61 %     1.53 %  
Ratio of net investment income to average net assets     9.40 %5     9.67 %     10.72 %     11.99 %     13.85 %     15.17 %     15.22 %     12.90 %     11.24 %  
Portfolio turnover rate     27.04 %     61.91 %     31.05 %     12.10 %     15.96 %     33.22 %     46.11 %     31.29 %     60.23 %  

 

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 Accompanying Notes to Financial Statements.
18



   

Period Ended
 
       
Per share operating performance   10/31/981  
Net asset value, beginning of period   $ 10.00    
INVESTMENT ACTIVITIES  
Net investment income     0.24    
Net realized and unrealized gain (loss) on investments
and foreign currency transactions
    (1.62 )  
Total from investment activities     (1.38 )  
LESS DIVIDENDS  
Net investment income     (0.24 )  
Return of capital        
Total dividends     (0.24 )  
Offering costs charged to paid-in-capital     (0.02 )  
Net asset value, end of period   $ 8.36    
Per share market value, end of period   $ 9.56    
Total return (market value)4     (1.74 )%  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of period (000s omitted)   $ 359,956    
Average debt per share   $ 1.02    
Ratio of expenses to average net assets     1.81 %5  
Ratio of expenses to average net assets excluding interest expenses     1.16 %5  
Ratio of net investment income to average net assets     10.48 %5  
Portfolio turnover rate     15.26 %  

 

See Accompanying Notes to Financial Statements.
19




Credit Suisse High Yield Bond Fund

Notes to Financial Statements

April 30, 2007 (unaudited)

Note 1. Organization

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

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.

Note 2. Significant Accounting Policies

A) SECURITY VALUATION — The net asset value of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the "Exchange") on each day the Exchange is open for business. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that using this method would not represent fair value. Equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation ("Valuation Time"). If no sales are reported, equity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest asked quotation in the case of a short sale of securities. Investments in mutual funds are valued at the mutual fund's closing net asset value per share on the day of valuation. Securities and other assets for which market quotations are not readily available, or whose values have been materially affected by events occurring before the Fund's Valuation Time but after the close of the securities' primary markets, are valued at fair value as determined in good faith by, or under direction of, the Board of Trustees under procedures established by the Board of Trustees. At April 30, 2007, the Fund held 0.08% of its net assets in securities valued at fair value as determined in good faith under procedures established by the Board of Trustees with an aggregate cost of $4,364,635 and fair value of $204,669. The Fund's estimate of fair value assumes a willing buyer and a willing seller neither acting under the compulsion to buy or sell. Although these securities may be resold in privately negotiated transactions, the prices realized on such sales could differ from the prices originally paid by the Fund or the current carrying values, and the difference could be material.

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

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


20



Credit Suisse High Yield Bond Fund

Notes to Financial Statements (continued)

April 30, 2007 (unaudited)

D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — The Fund declares and pays dividends on a monthly basis. Distributions of net realized capital gains, if any, are declared and paid at least annually. However to the extent that a net realized capital gain can be reduced by a capital loss carryforward, such gain will not be distributed. Income 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 beneficial interest of the Fund, the Fund may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the dividends paid by the Fund for any particular month may be more or less than the amount of net investment income earned by the Fund during such month.

E) 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.

F) 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.

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

H) SECURITIES LENDING — Loans of securities are required at all times to be secured by collateral at least equal to 100% of the market value of domestic securities on loan (including any accrued interest thereon). Cash collateral received by the Fund in connection with securities lending activity is reinvested into either fully collateralized repurchase agreements with Bear, Stearns & Co., Inc. (an affiliate of the custodian, Custodial Trust Company, and the borrower, Bear, Stearns Securities Corp. (the "Borrower")), registered money market mutual funds (subject to regulatory limitations) or some combination thereof. In the event of default or bankruptcy by the Borrower or its affiliates to the agreement, realization and/or retention of the Fund's collateral may be subject to legal proceedings.

The Fund's securities lending arrangement provides that the Fund and the Borrower will share the net income earned from the securities lending activities. During the six months ended April 30, 2007, total earnings from the Fund's investment in cash collateral received in connection with the securities lending arrangement was $1,673,447 of which $1,505,317 was rebated to the Borrower. The Fund retained $168,130 in income from the cash collateral


21



Credit Suisse High Yield Bond Fund

Notes to Financial Statements (continued)

April 30, 2007 (unaudited)

investment. The Fund is entitled to a certain minimum amount of income from its securities lending activities. Securities lending income is accrued as earned.

I) FORWARD FOREIGN CURRENCY CONTRACTS — The Fund may enter into forward foreign currency contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency. The Fund will enter into forward foreign currency contracts primarily for hedging purposes. Forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the contract settlement date or an offsetting position is entered into. At April 30, 2007, the Fund had the following open forward foreign currency contracts:

Forward Foreign
Currency Contract
  Expiration
Date
  Foreign
Currency
To Be Bought
  Contract
Amount
  Contract
Value
  Unrealized
Gain
 
British Pound   6/28/2007   £ 530,000     $ 1,041,779     $ 1,059,639     $ 17,860    
European Economic Unit   6/28/2007   1,406,000       1,884,532       1,924,988       40,456    
            $ 2,926,311     $ 2,984,627     $ 58,316    

 

Note 3. Transactions with Affiliates and Related Parties

The Fund has entered into an Investment Advisory Agreement (the "Advisory Agreement") with Credit Suisse Asset Management, LLC ("Credit Suisse"). The Advisory Agreement provides for a fee at the annual rate of 1.00% of the first $250 million of the average weekly value of the Fund's total assets minus the sum of liabilities (other than aggregate indebtedness constituting leverage) and 0.75% of the average weekly value of the Fund's total assets minus the sum of liabilities (other than aggregate indebtedness constituting leverage) greater than $250 million. Effective January 1, 2007, Credit Suisse agreed to waive 0.15% of the fees payable under the Advisory Agreement. For the six months ended April 30, 2007, investment advisory fees earned were $1,439,683.

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, 2007, administrative services fees earned by SSB (including out-of-pocket expenses) were $56,066.

The Independent Trustees receive fifty percent (50%) of their annual retainer in the form of shares purchased by the Fund's transfer agent in the open market.

Merrill Corporation ("Merrill"), an affiliate of Credit Suisse, has been engaged by the Fund to provide certain financial printing and fulfillment services. For the six months ended April 30, 2007, Merrill was paid $27,087 for its services to the Fund.

Note 4. Line of Credit

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 331/3% 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 m illion). The Agreement


22



Credit Suisse High Yield Bond Fund

Notes to Financial Statements (continued)

April 30, 2007 (unaudited)

requires, among other provisions, that the percentage obtained by dividing total indebtedness for money borrowed by total assets of the Fund shall not exceed 331/3%. At April 30, 2007 the Fund had loans outstanding under the Agreement of $111,000,000. During the six months ended April 30, 2007, the Fund had borrowings under the Agreement as follows:

Average Daily
Loan Balance
  Weighted Average
Interest Rate
  Maximum Daily
Loan Outstanding
 
$ 110,668,508       5.328 %   $ 111,000,000    

 

The use of leverage by the Fund creates an opportunity for increased net income and capital appreciation for the Fund, but, at the same time, creates special risks, and there can be no assurance that a leveraging strategy will be successful during any period in which it is employed. The Fund intends to utilize leverage to provide the Shareholders with a potentially higher return. Leverage creates risks for Shareholders including the likelihood of greater volatility of net asset value and market price of the Fund's shares and the risk that fluctuations in interest rates on borrowings and short-term debt may affect the return to Shareholders. To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the Fund's return will be greater than if leverage had not been used. Conversely, if the income or capital appreciation from the securities purchased with such funds is not sufficient to cover the cost of leverage, the return to the Fund will be less than if leverage had not been used, and therefore the amount available for distribution to Shareholders as dividends and other distributions will be reduced. In the latter case, Credit Suisse in its best judgment nevertheless may determine to maintain the Fund's leveraged position if it deems such action to be appropriate under the circumstances. During periods in which the Fund is utilizing leverage, the Management Fee will be higher than if the Fund did not utilize a leveraged capital structure because the fee is calculated as a percentage of the Managed Assets including those purchased with leverage. Certain types of borrowings by the Fund may result in the Fund's being subject to covenants in credit agreements, including those relating to asset coverage and portfolio composition requirements. The Fund's lenders may establish guidelines for borrowing which may impose asset coverage or portfolio composition requirem ents that are more stringent than those imposed by the Investment Company Act. It is not anticipated that these covenants or guidelines will impede Credit Suisse in managing the Fund's portfolio in accordance with the Fund's investment objectives and policies.

Note 5. Purchases and Sales of Securities

For the six months ended April 30, 2007, purchases and sales of investment securities (excluding short-term investments) were $92,162,639 and $91,746,490, respectively.

At April 30, 2007, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized appreciation from investments were $415,083,307, $16,270,854, $(7,055,957) and $9,214,897, respectively.

Note 6. 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
April 30, 2007 (unaudited)
  For the Year Ended
October 31, 2006
 
Shares issued through reinvestment of dividends     252,475       570,527    

 


23



Credit Suisse High Yield Bond Fund

Notes to Financial Statements (continued)

April 30, 2007 (unaudited)

Note 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.

Note 8. Contingencies

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

Note 9. Recent Accounting Pronouncements

During June 2006, the Financial Accounting Standards Board ("FASB") issued FASB Interpretation 48 ("FIN 48" or the "Interpretation"), Accounting for Uncertainty in Income Taxes — an interpretation of FASB statement 109. FIN 48 supplements FASB Statement 109, Accounting for Income Taxes, by defining the confidence level that a tax position must meet in order to be recognized in the financial statements. FIN 48 prescribes a comprehensive model for how a fund should recognize, measure, present, and disclose in its financial statements uncertain tax positions that the fund has taken or expects to take on a tax return. FIN 48 requires that the t ax effects of a position be recognized only if it is "more likely than not" to be sustained based solely on its technical merits. Management must be able to conclude that the tax law, regulations, case law, and other objective information regarding the technical merits sufficiently support the position's sustainability with a likelihood of more than 50 percent. FIN 48 is effective for fiscal periods beginning after December 15, 2006. At adoption, the financial statements must be adjusted to reflect only those tax positions that are more likely than not to be sustained as of the adoption date.

On September 20, 2006, the FASB released Statement of Financial Accounting Standards No. 157 "Fair Value Measurements" ("FAS 157"). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair-value measurements. The application of FAS 157 is required for fiscal years, beginning after November 15, 2007 and interim periods within those fiscal years.

At this time, management is evaluating the implications of FIN 48 and FAS 157 and their impact on the financial statements has not yet been determined.


24




Credit Suisse High Yield Bond Fund

Results of Annual Meeting of Shareholders (unaudited)

On February 15, 2007, the Annual Meeting of Shareholders of the Credit Suisse High Yield Bond Fund (the "Fund") was held and the following matter was voted upon:

(1) To elect three trustees to the Board of Trustees of the Fund:

Name of Trustee   For   Withheld  
Lawrence J. Fox     50,983,533       781,343    
Lawrence D. Haber     51,007,323       757,553    
Terry Bovarnick     50,986,367       778,509    

 

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


25




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"), are required to annually review and re-approve the terms of the Fund's existing investment advisory agreement and approve any newly proposed terms therein. 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 ("Credit Suisse") for the Fund.

More specifically, at a meeting held on November 16, 2006, 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 Credit Suisse 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 Credit Suisse under the Advisory Agreement. The most recent investment adviser registration form ("Form ADV") for Credit Suisse was provided to the Board, as were responses of Credit Suisse 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 investment personnel of Credit Suisse. In this regard, the Board specifically reviewed the qualifications, background and responsibilities of the individuals primarily responsible for day-to-day portfolio management services for the Fund. The Board also considered the organizational realignment of Credit Suisse's asset management business and the potential impact of such changes on the Fund.

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

The Board evaluated the ability of Credit Suisse, based on its resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel. In this connection, the Board considered information regarding Credit Suisse's compensation arrangements for its personnel involved in the management of the Fund including incentive and retirement plans.

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

Fund Performance and Expenses

The Board considered performance results of the Fund over a number of years, as well as for recent periods. It also considered these results in comparison to the group of funds consisting of all closed-end leveraged high current yield funds (the "Performance Universe"), as well as for the Fund's benchmark index, the Merrill Lynch U.S. High Yield Master II Constrained Index. Lipper Inc. ("Lipper"), an independent provider of investment company data, determined the Performance 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 funds in the Fund's Performance Universe. The Board noted that the Fund had underperformed the median performance of the funds in its Performance Universe in some periods, including the most recent period. However, the Board noted that the Fund outperformed the median performance of its Performance Universe in other periods.


26




Credit Suisse High Yield Bond Fund

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

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 group of funds that was determined to be the most similar to the Fund (the "Peer Group") and to the median expenses of a broader universe of relevant funds (the "Expense Universe"), which comparative data was provided by Lipper. The Board was provided with a description of the methodology used by Lipper to select the closed-end funds in the Fund's Peer Group and Expense Universe.

The Board noted that the total expense ratio of the Fund is not appreciably higher than the median total expense ratio of the Fund's Peer Group including investment- related expenses and taxes. However, the Board noted that the Fund's actual non-management expenses were below the median of its Peer Group and Expense Universe.

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 Credit Suisse 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 and Expense Universe. The Board noted that the Fund's administrator is not affiliated with Credit Suisse and that the Fund's administration agreement and corresponding fees were negotiated at arm's length. In this regard, the Board observed that the Advisory Agreement Rate was appreciably higher than the median rate of funds in its Peer Group. The Board asked that Credit Suisse review the Advisory Agreement Rate and consider lowering the rate in the future and Credit Suisse agreed to do so. As described in Note 3, above, in response to this request, Credit Suisse agreed effective January 1, 2007, to waive 0.15% of the fee payable under the Advisory Agreement. The Board also took note of the limited number of peer closed-end leveraged high current yield funds and the consequent small size of the Fund's Peer Group and Performance and Expense Universes.

Profitability

The Board received and considered an estimated profitability analysis of Credit Suisse based on the Advisory Agreement Rate, as well as on other relationships between the Fund and Credit Suisse 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 Credit Suisse 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 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 past 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 Fund shareholders sharing in potential economies of scale.


27




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 received and considered information about the nature and extent of services and fee rates offered by Credit Suisse to other clients, including other registered investment companies, separate accounts and institutional investors and investment companies to which Credit Suisse serves as an unaffiliated sub-adviser. The Board concluded that the Advisory Agreement Rate was reasonable given the nature and extent of services provided and comparison with fee rates offered to other clients. In this regard, where rates offered to other clients are appreciably lower, the Board concluded, based on information provided by Credit Suisse, that the costs associated with managing and operating a registered, closed-end, leveraged high yield bond fund, compared with other clients and other funds, provided a justification for the higher fee rates charged to the Fund.

Other Benefits to Credit Suisse

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Credit Suisse and its affiliates as a result of their relationship with the Fund. Such benefits could include, among others, benefits directly attributable to the relationship of Credit Suisse with the Fund and benefits potentially derived from an increase in the business of Credit Suisse as a result of their relationship with the Fund (such as the ability to market to shareholders other financial products offered by Credit Suisse and its affiliates).

Other Factors and Broader Review

As discussed above, the Board reviews detailed materials received from Credit Suisse annually as part of the re-approval process under Section 15(c) of the 1940 Act. The Board also reviews and assesses the quality of the services that the Fund receives throughout the year. In this regard, the Board reviews reports of Credit Suisse 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 various times throughout the year.

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 shareholders. Accordingly, the Board unanimously re-approved the Advisory Agreement.


28




Credit Suisse High Yield Bond Fund

Privacy Policy Notice (unaudited)

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:

• Information we receive on applications, forms, questionnaires, web sites, agreements or in the course of establishing or maintaining a customer relationship; and

• 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.

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, ("Credit Suisse), and Credit Suisse Asset Management Securities, Inc., and shareholders and prospective shareholders in Credit-Suisse-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 17, 2007.


29




Credit Suisse High Yield Bond Fund

Proxy Voting and Portfolio Holdings Information (unaudited)

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

• By calling 1-800-293-1232

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

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

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


30




Credit Suisse High Yield Bond Fund

Other Funds Managed by Credit Suisse Asset Management, LLC

CLOSED-END FUNDS

Single Country
The Chile Fund, Inc. (AMEX: CH)
The First Israel Fund, Inc. (AMEX: ISL)
The Indonesia Fund, Inc. (AMEX: IF)

Multiple Country
The Emerging Markets Telecommunications Fund, Inc. (AMEX: ETF)
The Latin America Equity Fund, Inc. (AMEX: LAQ)

Fixed Income
Credit Suisse Asset Management Income Fund, Inc. (AMEX: CIK)
Credit Suisse High Yield Bond Fund (AMEX: DHY)

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

OPEN-END FUNDS

Credit Suisse Absolute Return Fund

Credit Suisse Cash Reserve Fund

Credit Suisse Commodity Return Strategy Fund

Credit Suisse Emerging Markets Fund

Credit Suisse Global Fixed Income Fund

Credit Suisse Global Small Cap Fund

Credit Suisse High Income Fund

Credit Suisse International Focus Fund

Credit Suisse Japan Equity Fund

Credit Suisse Large Cap Blend Fund

Credit Suisse Large Cap Growth Fund

Credit Suisse Large Cap Value Fund

Credit Suisse Mid-Cap Core Fund

Credit Suisse Short Duration Bond Fund

Credit Suisse Small Cap Core Fund

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

More complete information about a fund, including charges and expenses, is provided in the Prospectus, which should be read carefully before investing. You may obtain copies by calling Credit Suisse Funds at 800-927-2874. Performance information current to the most recent month-end is available at www.credit-suisse.com/us.

Credit Suisse Asset Management Securities, Inc., Distributor.


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

DHY-SAR-0407




Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

Item 5. Audit Committee of Listed Registrants.

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

Item 6. Schedule of Investments.

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

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

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

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

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

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

None.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors since the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(g) of Schedule 14A in its definitive proxy statement dated December 29, 2006.

Item 11. Controls and Procedures.

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

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




Item 12. Exhibits.

(a)(1)       Not applicable.

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

(a)(3)       Not applicable.

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




SIGNATURES

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

CREDIT SUISSE HIGH YIELD BOND FUND

 

 

 

 

/s/ Keith M. Schappert

 

 

Name:

Keith M. Schappert

 

Title:

Chief Executive Officer

 

Date:

July 5, 2007

 

 

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/ Keith M. Schappert

 

 

Name:

Keith M. Schappert

 

Title:

Chief Executive Officer

 

Date:

July 5, 2007

 

 

 

 

/s/ Michael A. Pignataro

 

 

Name:

Michael A. Pignataro

 

Title:

Chief Financial Officer

 

Date:

July 5, 2007

 



EX-99.CERT 2 a07-13640_25ex99dcert.htm EX-99.CERT

EXHIBIT 99.CERT

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) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(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 accounting 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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, 2007

/s/Michael A. Pignataro

 

Michael A. Pignataro

Chief Financial Officer

 




I, Keith M. Schappert, 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) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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, 2007

/s/Keith M. Schappert

 

Keith M. Schappert

Chief Executive Officer

 



EX-99.906CERT 3 a07-13640_25ex99d906cert.htm EX-99.906CERT

EXHIBIT 99.906CERT

EXHIBIT 12(b)

SECTION 906 CERTIFICATIONS

SECTION 906 CERTIFICATION

Keith M. Schappert, 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, 2007 (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/Keith M. Schappert

 

/s/ Michael A. Pignataro

 

 

Keith M. Schappert

Michael A. Pignataro

 

 

Chief Executive Officer

Chief Financial Officer

 

 

July 5, 2007

July 5, 2007

 

 

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.



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-----END PRIVACY-ENHANCED MESSAGE-----