-----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, HcdyjRrU1e/9JHbvi7z8KBTF1khEWmIKszxBE1DrEjqTvOw2wD8t7gjdGSd4WjMN b38FdIjYQtYgb5TflVvFvA== 0001104659-09-041880.txt : 20090706 0001104659-09-041880.hdr.sgml : 20090703 20090706093145 ACCESSION NUMBER: 0001104659-09-041880 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20090430 FILED AS OF DATE: 20090706 DATE AS OF CHANGE: 20090706 EFFECTIVENESS DATE: 20090706 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: 1031 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-08777 FILM NUMBER: 09929513 BUSINESS ADDRESS: STREET 1: ELEVEN MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 2123252000 MAIL ADDRESS: STREET 1: ELEVEN MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10010 FORMER COMPANY: FORMER CONFORMED NAME: DLJ HIGH YIELD BOND FUND DATE OF NAME CHANGE: 19980508 N-CSRS 1 a09-14360_3ncsrs.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, 2008 to April 30, 2009

 

 



 

Item 1. Reports to Stockholders.

 



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

Trustees

Enrique R. Arzac

Chairman of the Board

Terry Fires Bovarnick

James Cattano

Lawrence J. Fox

Steven Rappaport

Officers

George Hornig

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

Cecilia Chau

Treasurer

Investment Adviser

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

Administrator and Custodian

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

Shareholder Servicing Agent

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

Legal Counsel

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

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP
100 East Pratt St.
Baltimore, MD 21202

Credit Suisse
High Yield Bond Fund

SEMIANNUAL REPORT
April 30, 2009
(unaudited)




Credit Suisse High Yield Bond Fund

Semiannual Investment Adviser's Report

April 30, 2009 (unaudited)

June 9, 2009

Dear Shareholder:

Performance Summary

11/1/08 – 04/30/09

Fund & Benchmark   Performance  
Total Return (based on NAV)1     6.90 %  
Total Return (based on market value)1     2.32 %  
Merrill Lynch US High Yield Master II Constrained Index2     15.71 %  

 

Market Review: A volatile, yet ultimately positive period

For the six-month period ending April 30, 2009, volatile conditions persisted in the credit markets. The high yield market experienced significant sell-offs from September through mid-December 2008, as financial market weakness deepened and losses were experienced across the board — from equities to bonds.

By mid-December, spreads on the Merrill Lynch US High Yield Master II Constrained Index, the Fund's benchmark, reached all-time wide levels of +2131 basis points versus the Treasury market. In the second half of the month, however, a series of government actions to support the financial markets and stimulate the broader economy resulted in a reversal in credit market momentum. This more positive sentiment was reinforced in March as (i) high yield mutual funds experienced inflows, (ii) additional information was provided regarding the U.S. government's stimulus plans, and (iii) several U.S. banks announced improvement in their first quarter earnings trends. This turnaround resulted in a gain of 25.8% for the Merrill Lynch US High Yield Master II Constrained Index from December 2008 to April 2009, and returns of 15.71% for the full semiannual period. Overall, spreads tightened 234 basis points versus Treasury bonds, ending the period at +1333 basis points.

BB-rated securities outperformed during the period, while CCC-rated securities performed in line with the Index and B-rated securities underperformed.

Default rates, as reported by Moody's Investor Services, rose from 3.0% in October 2008 to 8.3% in April 2009. The Merrill Lynch distress ratio (defined as the proportion of bonds trading over 1,000 bps — and a leading indicator of future defaults) ended the period at 57.2%, down from its recent high of 83.6% in November 2008.

Strategic Review and Outlook: Expecting continued volatility as fundamentals remain under pressure

For the six-month period ended April 30, 2009, the Fund underperformed the benchmark. While superior security selection in auto loans and media-cable contributed to performance, an underweight to finance and holdings in chemicals, gaming, electronics and media-broadcast hurt relative returns. In addition, an overweight to B-rated securities detracted from relative performance. Lastly, in the fourth quarter of 2008, the Fund was forced to decrease its' leverage as the decline in high yield bond market values caused the value of the Fund's assets to decline below a threshold contained in the Fund's financing facility, which also detracted from returns.

Given the deteriorating fundamental backdrop, portfolio management strategy has remained selective and we continue to opportunistically pare back exposures in riskier names. We have maintained core holdings in the more defensive industries and emphasized the high yield quality issues. In addition, we remain relatively constructive on several issuers in the cable and telecommunications space. In contrast, we remain cautious with respect to consumer-driven and more cyclical industries and have sought to limit exposures to these sectors.



Credit Suisse High Yield Bond Fund

Semiannual Investment Adviser's Report (continued)

April 30, 2009 (unaudited)

Market conditions continue to be characterized by unprecedented volatility. In addition, recent performance numbers have highlighted the fact that high yield market valuations had reached extreme levels in the fourth quarter of 2008 — indicating default expectations of more than 20%. However, credit conditions remain tight and recent economic indicators have continued to weaken, which points to a severe global recession. While we believe recent policy initiatives should ultimately stabilize the financial markets as well as the broader global economy, we expect conditions to stay volatile as liquidity remains limited and balance sheet repair continues.

   
Martha Metcalf
Chief Investment Officer*
  George Hornig
Chief Exective Officer and President**
 

 

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

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

1  Assuming reinvestment of dividends of $0.18 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.

*  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. 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.

**  George Hornig is a Managing Director of Credit Suisse. He is the Co-Chief Operating Officer of Asset Management and Head of Asset Management Americas. Mr. Hornig has been associated with Credit Suisse since 1999.



Credit Suisse High Yield Bond Fund

Semiannual Investment Adviser's Report (continued)

April 30, 2009 (unaudited)

Top Ten Holdings

(% of net assets as of 4/30/09)

Security Description

1.
  Ford Motor Credit Co.
7% 10/1/13
  1.92%
 
2.
  Texas Competitive Electric Holdings Co.
10.25% 11/1/15
  1.89%
 
3.
  GMAC LLC
7.25% 3/2/11
  1.87%
 
4.
  Intelsat, Ltd
9.25% 8/15/14
  1.79%
 
5.
  Nextel Communications
5.95% 3/15/14
  1.67%
 
6.
  CCH II LLC
10.25% 9/15/10
  1.45%
 
7.
  AMC Entertainment, Inc.
8% 3/1/14
  1.37%
 
8.
  Chesapeake Energy Corp.
6.88% 1/15/16
  1.21%
 
9.
  HCA, Inc.
9.25% 11/15/16
  1.14%
 
10.
  Sprint Nextel Corp.
6% 12/1/16
  1.13%
 

 

Credit Quality Breakdown*

(% of total investments as of 4/30/09)

S&P Ratings  
BBB     1.2 %  
BB     22.2    
B     45.0    
CCC     24.2    
CC     2.3    
C     0.7    
D     3.1    
NR     0.7    
Subtotal     99.4    
Equity and Other     0.6    
Total     100.0 %  

 

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


1



Credit Suisse High Yield Bond Fund

Average Annual Returns

April 30, 2009 (unaudited)

    1 Year   3 Years   5 Years   10 Years  
Net Asset Value (NAV)     (34.58 )%     (11.40 )%     (3.45 )%     (1.38 )%  
Market Value     (39.32 )%     (13.78 )%     (6.38 )%     (3.32 )%  

 

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


2




Credit Suisse High Yield Bond Fund

Schedule of Investments

April 30, 2009 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS (111.1%)      
Aerospace & Defense (1.0%)      
$ 575     BE Aerospace, Inc., Senior Unsecured Notes (Callable 07/01/13 @ $104.25)   (BB+, Ba3)   07/01/18     8.500     $ 521,813    
  750     Hawker Beechcraft Acquisition Co., Global Company Guaranteed Notes (Callable 04/01/11 @ $104.25)   (CCC, Caa3)   04/01/15     8.500       256,875    
  625     Hawker Beechcraft Acquisition Co., Global Company Guaranteed Notes (Callable 04/01/11 @ $104.44)   (CCC, Caa3)   04/01/15     8.875       121,875    
  950     Hawker Beechcraft Acquisition Co., Global Company Guaranteed Notes (Callable 04/01/12 @ $104.88)   (CCC, Ca)   04/01/17     9.750       237,500    
                  1,138,063    
Agriculture (0.4%)      
  550     Southern States Cooperative, Inc., Rule 144A, Senior Notes (Callable 11/01/09 @ $100.00) ‡   (B-, B3)   11/01/10     11.000       503,250    
Auto Loans (3.6%)      
  725     Ford Motor Credit Co. LLC, Global Senior Unsecured Notes   (CCC+, Caa1)   06/15/10     7.875       667,204    
  2,900     Ford Motor Credit Co. LLC, Global Senior Unsecured Notes   (CCC+, Caa1)   10/01/13     7.000       2,163,020    
  325     Ford Motor Credit Co. LLC, Senior Unsecured Notes   (CCC+, Caa1)   08/10/11     9.875       284,526    
  1,225     Ford Motor Credit Co. LLC, Senior Unsecured Notes   (CCC+, Caa1)   12/15/16     8.000       935,681    
                  4,050,431    
Auto Parts & Equipment (3.1%)      
  975     Altra Industrial Motion, Inc., Global Senior Secured Notes (Callable 12/01/09 @ $102.25)   (B+, B1)   12/01/11     9.000       899,437    
  775     American Axle & Manufacturing, Inc., Company Guaranteed Notes (Callable 03/01/12 @ $103.94)   (CCC-, Caa2)   03/01/17     7.875       127,875    
  1,200     American Tire Distributors Holdings, Inc., Global Senior Notes (Callable 04/01/10 @ $102.68)   (CCC+, Caa1)   04/01/13     10.750       738,000    
  750     Lear Corp., Series B, Global Company Guaranteed Notes (Callable 12/01/10 @ $104.25)   (CCC, Caa2)   12/01/13     8.500       112,500    
  800     Stanadyne Corp., Series 1, Global Senior Subordinated Notes (Callable 08/15/09 @ $105.00)   (B-, B3)   08/15/14     10.000       644,000    
  525     Tenneco, Inc., Global Company Guaranteed Notes (Callable 11/15/09 @ $104.31)   (CCC, Caa2)   11/15/14     8.625       160,125    
  848     The Goodyear Tire & Rubber Co., Global Company Guaranteed Notes (Callable 07/01/10 @ $104.50)   (B+, B1)   07/01/15     9.000       775,920    
  193     Visteon Corp., Global Senior Unsecured Notes   (CCC-, C)   08/01/10     8.250       12,063    
  498     Visteon Corp., Rule 144A, Senior Unsecured Notes (Callable 12/31/13 @ $105.00) ‡   (CCC-, Ca)   12/31/16     12.250       27,390    
                  3,497,310    
Automotive (0.3%)      
  925     General Motors Corp., Global Senior Unsecured Notes   (C, C)   01/15/11     7.200       106,375    
  2,750     General Motors Corp., Senior Unsecured Notes   (C, C)   07/15/13     7.125       275,000    
                  381,375    
Banks (3.2%)      
  2,390     GMAC LLC, Rule 144A, Company Guaranteed Notes ‡   (CCC, NR)   03/02/11     7.250       2,104,051    
  744     GMAC LLC, Rule 144A, Company Guaranteed Notes ‡   (CCC, NR)   04/01/11     6.000       617,780    
  47     GMAC LLC, Rule 144A, Company Guaranteed Notes ‡   (CCC, NR)   12/15/11     6.000       38,562    
  99     GMAC LLC, Rule 144A, Company Guaranteed Notes ‡   (CCC, NR)   12/31/13     7.500       62,424    
  1,007     GMAC LLC, Rule 144A, Company Guaranteed Notes ‡   (CCC, NR)   12/01/14     6.750       745,978    
  119     GMAC LLC, Rule 144A, Subordinated Notes ‡   (CC, NR)   12/31/18     8.000       47,654    
                  3,616,449    
Beverages (0.6%)      
  675     Constellation Brands, Inc., Company Guaranteed Notes   (BB-, Ba3)   09/01/16     7.250       654,750    
Brokerage (0.2%)      
  475     E*TRADE Financial Corp., Global Senior Notes (Callable 06/15/09 @ $102.00)   (B, B2)   06/15/11     8.000       266,000    
Building & Construction (1.7%)      
  741     Ashton Woods Finance Co., Rule 144A, Senior Subordinated Notes (Callable 02/24/14 @ $105.50) +‡   (NR, NR)   06/30/15     0.000       203,775    
  150     D.R. Horton, Inc., Company Guaranteed Notes   (BB-, Ba3)   05/01/13     6.875       137,250    
  625     K Hovnanian Enterprises, Inc., Global Company Guaranteed Notes   (CC, Caa2)   01/15/16     6.250       240,625    
  825     Meritage Homes Corp. Global Company Guaranteed Notes (Callable 03/15/10 @ $103.13)   (B+, B1)   03/15/15     6.250       606,375    
  900     Standard Pacific Corp., Global Company Guaranteed Notes   (CCC-, Caa1)   08/15/15     7.000       513,000    
  1,000     William Lyon Homes, Inc., Company Guaranteed Notes (Callable 04/01/10 @ $101.79)   (C, C)   04/01/13     10.750       200,000    
                  1,901,025    

 

See Accompanying Notes to Financial Statements.
3



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2009 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Building Materials (2.6%)      
$ 1,000     AMH Holdings Inc., Global Senior Discount Notes (Callable 03/01/10 @ $103.75)   (CCC-, Caa2)   03/01/14     11.250     $ 365,000    
  700     Building Materials Corp. of America, Global Secured Notes (Callable 08/01/09 @ $103.88)   (B+, B3)   08/01/14     7.750       589,750    
  750     CPG International I, Inc., Global Company Guaranteed Notes (Callable 07/01/09 @ $105.25)   (B-, B3)   07/01/13     10.500       341,250    
  500     Dayton Superior Corp., Company Guaranteed Notes ø   (D, NR)   06/15/09     13.000       276,250    
  325     Norcraft Finance Corp., Global Company Guaranteed Notes (Callable 11/01/09 @ $100.00)   (B+, B1)   11/01/11     9.000       297,375    
  250     Norcraft Holdings, Global Senior Discount Notes (Callable 09/01/09 @ $102.44)   (CCC+, Caa1)   09/01/12     9.750       203,750    
  825     Nortek, Inc., Global Senior Subordinated Notes (Callable 09/01/09 @ $104.25)   (CC, Caa3)   09/01/14     8.500       185,625    
  1,000     NTK Holdings, Inc., Global Senior Discount Notes (Callable 09/01/09 @ $105.38) +   (C, Ca)   03/01/14     0.000       110,000    
  525     Ply Gem Industries, Inc., Global Company Guaranteed Notes (Callable 02/15/10 @ $100.00)   (CC, Ca)   02/15/12     9.000       131,250    
  750     Ply Gem Industries, Inc., Global Senior Secured Notes (Callable 04/01/11 @ $105.88)   (CCC, Caa1)   06/15/13     11.750       438,750    
                  2,939,000    
Chemicals (2.7%)      
  300     Chemtura Corp., Company Guaranteed Notes ø   (D, NR)   06/01/16     6.875       154,500    
  550     Koppers Holdings, Inc., Global Senior Discount Notes (Callable 11/15/09 @ $104.94) +   (B-, B2)   11/15/14     0.000       470,250    
  1,125     Momentive Performance Materials, Inc., Global Company Guaranteed Notes
(Callable 12/01/10 @ $104.88)
  (CCC, Caa2)   12/01/14     9.750       390,938    
  1,050     Momentive Performance Materials, Inc., Global Company Guaranteed Notes
(Callable 12/01/11 @ $105.75)
  (CC, Caa3)   12/01/16     11.500       241,500    
  275     Nalco Co., Global Company Guaranteed Notes (Callable 11/15/09 @ $103.00)   (B, B2)   11/15/13     9.000       338,894    
  575     Nalco Finance Holdings, Inc., Global Senior Discounted Notes (Callable 02/01/10 @ $103.00)   (B, B2)   02/01/14     9.000       572,125    
  725     PolyOne Corp., Senior Unsecured Notes   (B-, B1)   05/01/12     8.875       416,875    
  1,175     Reichhold Industries, Inc., Rule 144A, Senior Notes (Callable 08/15/10 @ $104.50) ‡   (CCC+, B3)   08/15/14     9.000       217,375    
  225     Terra Capital, Inc., Series B, Global Company Guaranteed Notes (Callable 02/01/12 @ $103.50)   (BB, B1)   02/01/17     7.000       212,625    
                  3,015,082    
Computer Hardware (0.8%)      
  825     Activant Solutions, Inc., Global Company Guaranteed Notes (Callable 05/01/11 @ $104.75)   (CCC+, Caa1)   05/01/16     9.500       542,438    
  325     Seagate Technology International, Rule 144A, Company Guaranteed Notes
(Callable 05/01/13 @ $105.00) ‡
  (BB+, Ba1)   05/01/14     10.000       321,750    
                  864,188    
Consumer Products (1.8%)      
  950     AAC Group Holding Corp., Rule 144A, Senior Unsecured Notes (Callable 10/01/09 @ $102.56) ‡   (CCC-, Caa3)   10/01/12     10.250       560,500    
  825     Amscan Holdings, Inc., Global Senior Subordinated Notes (Callable 05/01/09 @ $104.38)   (CCC+, Caa1)   05/01/14     8.750       664,125    
  250     Jarden Corp., Company Guaranteed Notes (Callable 05/01/12 @ $103.75)   (B, B3)   05/01/17     7.500       222,500    
  640     Prestige Brands, Inc., Global Senior Subordinated Notes (Callable 04/15/10 @ $100.00)   (B-, B3)   04/15/12     9.250       630,400    
                  2,077,525    
Diversified Capital Goods (3.5%)      
  450     Anixter, Inc., Company Guaranteed Notes   (BB+, Ba2)   03/15/14     10.000       432,000    
  650     Coleman Cable, Inc., Global Company Guaranteed Notes (Callable 10/01/09 @ $102.47)   (B+, B3)   10/01/12     9.875       393,250    
  925     Esco Corp., Rule 144A, Company Guaranteed Notes (Callable 12/15/09 @ $101.00) #‡   (B, B2)   12/15/13     5.195       624,375    
  100     Esco Corp., Rule 144A, Company Guaranteed Notes (Callable 12/15/10 @ $104.31) ‡   (B, B2)   12/15/13     8.625       81,500    
  625     General Cable Corp., Global Company Guaranteed Notes (Callable 05/18/09 @ $102.00) #   (B+, B1)   04/01/15     3.583       478,125    
  850     RBS Global & Rexnord Corp., Global Company Guaranteed Notes (Callable 08/01/10 @ $104.75)   (B-, Caa2)   08/01/14     9.500       699,125    
  425     Sensus Metering Systems, Inc., Global Senior Subordinated Notes (Callable 12/15/09 @ $102.87)   (B-, B3)   12/15/13     8.625       363,375    
  600     Titan International, Inc., Global Company Guaranteed Notes   (B-, Caa1)   01/15/12     8.000       483,000    
  738     TriMas Corp., Global Company Guaranteed Notes (Callable 06/15/09 @ $101.65)   (B-, Caa1)   06/15/12     9.875       435,420    
                  3,990,170    
Electric - Generation (8.6%)      
  1,500     Dynegy Holdings, Inc., Global Senior Unsecured Notes   (B, B3)   05/01/16     8.375       1,207,500    
  1,175     Edison Mission Energy, Global Senior Unsecured Notes   (BB-, B1)   05/15/17     7.000       893,000    
  675     Edison Mission Energy, Global Senior Unsecured Notes   (BB-, B1)   05/15/19     7.200       494,438    
  1,025     Mirant Americas Generation LLC, Senior Unsecured Notes   (B-, B3)   10/01/21     8.500       861,000    

 

See Accompanying Notes to Financial Statements.
4



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2009 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Electric - Generation      
$ 25     Mirant Americas Generation, LLC, Senior Unsecured Notes   (B-, B3)   05/01/11     8.300     $ 25,125    
  447     Mirant Mid Atlantic LLC, Series B, Global Pass Thru Certificates   (BB, Ba1)   06/30/17     9.125       415,955    
  350     NRG Energy, Inc., Company Guaranteed Notes (Callable 01/15/12 @ $103.69)   (B, B1)   01/15/17     7.375       335,125    
  550     NRG Energy, Inc., Company Guaranteed Notes (Callable 02/01/11 @ $103.69)   (B, B1)   02/01/16     7.375       530,750    
  100     Reliant Energy, Inc., Senior Unsecured Notes   (B+, B1)   06/15/14     7.625       90,750    
  175     Reliant Energy, Inc., Senior Unsecured Notes   (B+, B1)   06/15/17     7.875       157,063    
  3,725     Texas Competitive Electric Holdings Co., LLC, Series A, Global Company Guaranteed Notes
(Callable 11/01/11 @ $105.13)
  (CCC, Caa1)   11/01/15     10.250       2,132,562    
  1,175     Texas Competitive Electric Holdings Co., LLC, Series B, Global Company Guaranteed Notes
(Callable 11/01/11 @ $105.13)
  (CCC, Caa1)   11/01/15     10.250       672,687    
  1,225     The AES Corp., Global Senior Unsecured Notes   (BB-, B1)   10/15/17     8.000       1,127,000    
  550     The AES Corp., Rule 144A, Senior Unsecured Notes ‡   (BB-, B1)   04/15/16     9.750       547,250    
  175     The AES Corp., Senior Unsecured Notes   (BB-, B1)   03/01/14     7.750       165,375    
                  9,655,580    
Electronics (2.7%)      
  950     Amkor Technology, Inc., Global Senior Notes (Callable 05/15/09 @ $102.58)   (B+, B2)   05/15/13     7.750       931,000    
  73     Ampex Corp., Secured Notes ^   (NR, NR)   09/30/09     12.000       58,774    
  1,325     Freescale Semiconductor, Inc., Company Guaranteed Notes (Callable 12/15/11 @ $105.06)   (CCC, Caa3)   12/15/16     10.125       324,625    
  275     Jabil Circuit, Inc., Global Senior Unsecured Notes   (BB+, Ba1)   03/15/18     8.250       228,250    
  1,000     Sanmina-SCI Corp., Global Company Guaranteed Notes (Callable 03/01/10 @ $101.69)   (CCC, B3)   03/01/13     6.750       570,000    
  250     Sanmina-SCI Corp., Senior Subordinated Notes (Callable 03/01/11 @ $104.06)   (CCC, B3)   03/01/16     8.125       127,500    
  1,200     Viasystems, Inc., Global Senior Unsecured Notes (Callable 01/15/10 @ $100.00)   (B+, Caa1)   01/15/11     10.500       846,000    
                  3,086,149    
Energy - Exploration & Production (6.9%)      
  725     Berry Petroleum Co., Senior Subordinated Notes (Callable 11/01/11 @ $104.13)   (B, B3)   11/01/16     8.250       503,875    
  150     Chesapeake Energy Corp., Company Guaranteed Notes   (BB, Ba3)   07/15/13     7.625       144,000    
  300     Chesapeake Energy Corp., Company Guaranteed Notes   (BB, Ba3)   12/15/18     7.250       264,000    
  1,525     Chesapeake Energy Corp., Global Company Guaranteed Notes (Callable 01/15/10 @ $102.29)   (BB, Ba3)   01/15/16     6.875       1,362,969    
  450     Denbury Resources, Inc., Company Guaranteed Notes (Callable 03/01/13 @ $104.88)   (BB, B1)   03/01/16     9.750       459,000    
  1,000     Encore Acquisition Co., Company Guaranteed Notes (Callable 12/01/10 @ $103.63)   (B, B1)   12/01/17     7.250       835,000    
  50     Encore Acquisition Co., Senior Unsecured Notes (Callable 05/01/13 @ $104.75)   (B, B1)   05/01/16     9.500       48,375    
  450     Forest Oil Corp., Rule 144A, Company Guaranteed Notes (Callable 06/15/12 @ $103.63) ‡   (BB-, B1)   06/15/19     7.250       376,875    
  525     Hilcorp Energy I, Rule 144A, Senior Unsecured Notes (Callable 06/01/11 @ $104.50) ‡   (BB-, B3)   06/01/16     9.000       451,500    
  800     Mariner Energy, Inc., Company Guaranteed Notes (Callable 05/15/12 @ $104.00)   (B+, B3)   05/15/17     8.000       584,000    
  950     PetroHawk Energy Corp., Rule 144A, Company Guaranteed Notes (Callable 06/01/12 @ $103.94) ‡   (B, B3)   06/01/15     7.875       895,375    
  300     Pioneer Natural Resources Co., Senior Unsecured Notes   (BB+, Ba1)   03/15/17     6.650       258,194    
  625     Plains Exploration & Production Co., Company Guaranteed Notes (Callable 06/15/11 @ $103.88)   (BB, B1)   06/15/15     7.750       575,000    
  500     Range Resources Corp., Company Guaranteed Notes (Callable 10/01/12 @ $103.75)   (BB, Ba3)   10/01/17     7.500       487,500    
  550     Stone Energy Corp., Global Senior Unsecured Notes (Callable 12/15/09 @ $103.38)   (B, Caa1)   12/15/14     6.750       231,000    
  475     Swift Energy Co, Company Guaranteed Notes (Callable 06/01/12 @ $103.56)   (B+, B3)   06/01/17     7.125       279,062    
                  7,755,725    
Environmental (0.6%)      
  800     Waste Services, Inc., Global Senior Subordinated Notes (Callable 04/15/10 @ $103.17)   (B-, Caa1)   04/15/14     9.500       700,000    
Food & Drug Retailers (0.7%)      
  925     Duane Reade, Inc., Global Company Guaranteed Notes (Callable 08/01/09 @ $102.44)   (CCC-, Caa3)   08/01/11     9.750       633,625    
  75     Stater Brothers Holdings, Inc., Global Company Guaranteed Notes (Callable 04/15/11 @ $103.88)   (B+, B2)   04/15/15     7.750       72,750    
  25     Stater Brothers Holdings, Inc., Global Company Guaranteed Notes (Callable 06/15/09 @ $102.03)   (B+, B2)   06/15/12     8.125       24,813    
                  731,188    
Food - Wholesale (0.8%)      
  250     Chiquita Brands International, Inc., Global Senior Unsecured Notes (Callable 11/01/09 @ $103.75)   (B-, Caa2)   11/01/14     7.500       208,750    
  175     Dole Food Co., Inc., Global Company Guaranteed Notes   (B-, Caa2)   03/15/11     8.875       164,500    
  800     Smithfield Foods, Inc., Senior Unsecured Notes   (B, B3)   07/01/17     7.750       520,000    
                  893,250    

 

See Accompanying Notes to Financial Statements.
5



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2009 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Forestry & Paper (2.9%)      
$ 478     Boise Cascade LLC, Global Company Guaranteed Notes (Callable 10/15/09 @ $103.56)   (B+, Caa1)   10/15/14     7.125     $ 213,905    
  700     Cellu Tissue Holdings, Inc., Global Secured Notes   (B, B2)   03/15/10     9.750       635,250    
  750     Georgia-Pacific LLC, Global Senior Notes   (B+, B2)   01/15/24     8.000       641,250    
  300     Georgia-Pacific LLC, Rule 144A, Company Guaranteed Notes (Callable 01/15/12 @ $103.56) ‡   (BB-, Ba3)   01/15/17     7.125       285,000    
  300     Georgia-Pacific LLC Rule 144A Company Guaranteed Notes (Callable 05/01/13 @ $104.13) ‡   (BB-, Ba3)   05/01/16     8.250       301,500    
  475     Graphic Packaging International Corp., Global Senior Subordinated Notes (Callable 08/15/09 @ $103.17)   (B-, B3)   08/15/13     9.500       431,062    
  625     Newark Group, Inc., Global Senior Unsecured Notes (Callable 03/15/10 @ $103.25)   (D, C)   03/15/14     9.750       9,375    
  675     NewPage Corp., Global Company Guaranteed Notes (Callable 05/01/09 @ $106.00)   (CCC+, B3)   05/01/13     12.000       185,625    
  950     Smurfit-Stone Container Enterprises, Inc., Global Senior Unsecured Notes (Callable 07/01/09 @ $101.40) ø   (D, NR)   07/01/12     8.375       204,250    
  75     Verso Paper Holdings LLC, Series B, Global Senior Secured Notes (Callable 08/01/10 @ $104.56)   (B+, B2)   08/01/14     9.125       34,875    
  1,125     Verso Paper, Inc., Series B, Global Company Guaranteed Notes (Callable 08/01/11 @ $105.69)   (CCC+, B3)   08/01/16     11.375       270,000    
                  3,212,092    
Gaming (5.3%)      
  775     Buffalo Thunder Development Authority, Rule 144A, Senior Secured Notes
(Callable 12/15/10 @ $104.69) ‡
  (NR, NR)   12/15/14     9.375       85,250    
  200     Caesars Entertainment, Inc., Global Company Guaranteed Notes   (CC, Ca)   03/15/10     7.875       119,000    
  1,975     Caesars Entertainment, Inc., Global Company Guaranteed Notes   (CC, Ca)   05/15/11     8.125       938,125    
  1,225     CCM Merger, Inc., Rule 144A, Notes (Callable 08/01/09 @ $104.00) ‡   (CCC, Caa3)   08/01/13     8.000       551,250    
  280     Choctaw Resort Development Enterprise, Rule 144A, Senior Notes (Callable 11/15/11 @ $103.63) ‡   (B, B1)   11/15/19     7.250       117,600    
  575     FireKeepers Development Authority, Rule 144A, Senior Secured Notes (Callable 05/01/12 @ $110.50) ‡   (B, B3)   05/01/15     13.875       416,875    
  625     Fontainebleau Las Vegas Capital Corp., Rule 144A, Second Mortgage Notes
(Callable 06/15/11 @ $105.13) ‡
  (CC, Ca)   06/15/15     10.250       25,000    
  225     Herbst Gaming, Inc., Global Company Guaranteed Notes (Callable 06/01/09 @ $102.03) ø   (D, NR)   06/01/12     8.125       326    
  750     Inn of the Mountain Gods Resort & Casino, Global Company Guaranteed Notes
(Callable 11/15/09 @ $100.00)
  (CCC, Ca)   11/15/10     12.000       161,250    
  1,250     Jacobs Entertainment, Inc., Global Company Guaranteed Notes (Callable 06/15/10 @ $104.88)   (B-, B3)   06/15/14     9.750       909,375    
  950     Majestic Star Casino Capital Corp., Senior Secured Notes (Callable 10/15/09 @ $100.00) ø   (D, Caa3)   10/15/10     9.500       346,750    
  1,275     Mashantucket Western Pequot Tribe, Rule 144A, Bonds (Callable 11/15/11 @ $104.25) ‡   (B+, B3)   11/15/15     8.500       280,500    
  1,150     MGM Mirage, Inc., Company Guaranteed Notes   (CCC, Caa2)   04/01/16     6.875       586,500    
  700     MGM Mirage, Inc., Company Guaranteed Notes   (CCC, Caa2)   01/15/17     7.625       404,250    
  600     Peermont Global Proprietary Ltd., Rule 144A, Senior Secured Notes (Callable 04/30/10 @ $105.81) ‡   (B, B3)   04/30/14     7.750       512,814    
  670     Tropicana Finance Corp., Global Senior Subordinated Notes (Callable 12/15/10 @ $104.81) ø   (NR, NR)   12/15/14     9.625       4,221    
  775     Turning Stone Resort Casino Enterprise, Rule 144A, Senior Notes (Callable 09/15/10 @ $104.56) ‡   (B+, B1)   09/15/14     9.125       569,625    
                  6,028,711    
Gas Distribution (4.0%)      
  525     Amerigas Partners LP, Global Senior Unsecured Notes (Callable 05/20/10 @ $103.63)   (NR, Ba3)   05/20/15     7.250       515,812    
  375     El Paso Corp., Senior Unsecured Notes   (BB-, Ba3)   02/15/16     8.250       367,500    
  600     El Paso Corp., Senior Unsecured Notes   (BB-, Ba3)   06/01/18     7.250       550,500    
  925     El Paso Performance-Linked Trust, Rule 144A, Senior Unsecured Notes ‡   (BB, Ba3)   07/15/11     7.750       922,610    
  425     Inergy Finance Corp., Global Company Guaranteed Notes (Callable 03/01/11 @ $104.13)   (B+, B1)   03/01/16     8.250       423,938    
  275     Inergy Finance Corp., Global Senior Unsecured Notes (Callable 12/15/09 @ $103.44)   (B+, B1)   12/15/14     6.875       259,875    
  550     MarkWest Energy Finance Corp., Series B, Global Senior Notes (Callable 04/15/13 @ $104.38)   (B+, B2)   04/15/18     8.750       459,250    
  625     Targa Resources Partners LP, Rule 144A, Senior Notes (Callable 07/01/12 @ $104.13) ‡   (B, B2)   07/01/16     8.250       496,875    
  675     The Williams Cos., Inc., Series A, Global Senior Unsecured Notes   (BB+, Baa3)   01/15/31     7.500       559,904    
                  4,556,264    
Health Services (7.6%)      
  815     Bausch & Lomb, Inc., Global Senior Unsecured Notes (Callable 11/01/11 @ $104.94)   (B, Caa1)   11/01/15     9.875       743,687    
  50     Biomet, Inc., Global Company Guaranteed Notes (Callable 10/15/12 @ $105.00)   (B-, B3)   10/15/17     10.000       52,250    
  25     Biomet, Inc., Global Company Guaranteed Notes (Callable 10/15/12 @ $105.81)   (B-, Caa1)   10/15/17     11.625       24,375    
  650     Community Health Systems, Inc., Global Company Guaranteed Notes (Callable 07/15/11 @ $104.44)   (B, B3)   07/15/15     8.875       650,000    
  1,300     HCA, Inc., Global Secured Notes (Callable 11/15/11 @ $104.63)   (BB-, B2)   11/15/16     9.250       1,290,250    
  675     HCA, Inc., Global Senior Unsecured Notes   (B-, Caa1)   01/15/15     6.375       536,625    
  775     HCA, Inc., Senior Unsecured Notes   (B-, Caa1)   02/15/13     6.250       670,375    

 

See Accompanying Notes to Financial Statements.
6



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2009 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Health Services      
$ 625     HCA, Inc., Senior Unsecured Notes   (B-, Caa1)   07/15/13     6.750     $ 540,625    
  175     Healthsouth Corp., Global Company Guaranteed Notes (Callable 06/15/11 @ $105.38)   (CCC+, Caa1)   06/15/16     10.750       179,375    
  525     OMEGA Healthcare Investors, Inc., Global Company Guaranteed Notes (Callable 01/15/11 @ $103.50)   (BB+, Ba3)   01/15/16     7.000       488,250    
  400     Service Corporation International, Global Senior Unsecured Notes   (BB-, B1)   10/01/18     7.625       367,000    
  550     Stewart Enterprises, Inc., Global Company Guaranteed Notes (Callable 02/15/10 @ $101.56)   (BB-, Ba3)   02/15/13     6.250       499,125    
  1,350     Tenet Healthcare Corp., Global Senior Unsecured Notes   (B, Caa1)   07/01/14     9.875       1,262,250    
  175     Universal Hospital Services, Inc., Global Senior Secured Notes (Callable 06/01/09 @ $102.00) #   (B+, B3)   06/01/15     5.943       135,188    
  275     Universal Hospital Services, Inc., Global Senior Secured Notes (Callable 06/01/11 @ $104.25)   (B+, B3)   06/01/15     8.500       257,125    
  450     Vanguard Health Holding Co., Global Senior Subordinated Notes (Callable 10/01/09 @ $104.50)   (CCC+, Caa1)   10/01/14     9.000       430,875    
  600     VWR Funding, Inc., Series B, Global Company Guaranteed Notes (Callable 07/15/11 @ $105.13)   (B-, Caa1)   07/15/15     10.250       439,500    
                  8,566,875    
Hotels (1.1%)      
  450     Felcor Lodging LP, Global Senior Secured Notes #   (B, B2)   12/01/11     4.443       258,750    
  925     Host Hotels & Resorts LP, Series Q, Global Company Guaranteed Notes (Callable 06/01/11 @ $103.33)   (BB+, Ba1)   06/01/16     6.750       811,688    
  225     Starwood Hotels & Resorts Worldwide, Inc., Senior Unsecured Notes   (BB, Ba1)   10/15/14     7.875       216,641    
                  1,287,079    
Household & Leisure Products (0.4%)      
  450     ALH Finance Corp., Global Company Guaranteed Notes (Callable 01/15/10 @ 102.13)   (CCC+, Caa1)   01/15/13     8.500       392,625    
lnvestments & Misc. Financial Services (0.3%)      
  700     Nuveen Investments, Inc., Rule 144A, Senior Notes (Callable 11/15/11 @ $105.25) ‡   (CCC, Caa3)   11/15/15     10.500       357,000    
Leisure (0.2%)      
  122     Six Flags Operations, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/15/13 @ $106.12) ‡   (CCC-, Ca)   07/15/16     12.250       86,010    
  900     Six Flags, Inc., Global Senior Unsecured Notes (Callable 06/01/09 @ $104.81)   (CC, C)   06/01/14     9.625       135,000    
                  221,010    
Machinery (0.7%)      
  650     Baldor Electric Co., Company Guaranteed Notes (Callable 02/15/12 @ $104.31)   (B, B3)   02/15/17     8.625       578,500    
  250     Terex Corp., Senior Subordinated Notes (Callable 11/15/12 @ $104.00)   (B+, B1)   11/15/17     8.000       206,250    
                  784,750    
Media - Broadcast (1.2%)      
  725     Allbritton Communications Co., Global Senior Subordinated Notes (Callable 12/15/09 @ $101.29)   (B-, Caa1)   12/15/12     7.750       333,500    
  795     Barrington Broadcasting Capital Corp., Global Company Guaranteed Notes (Callable 08/15/10 @ $105.25)   (CCC-, Caa3)   08/15/14     10.500       155,025    
  1,175     Clear Channel Communications, Inc., Senior Unsecured Notes   (CCC, Ca)   09/15/14     5.500       188,000    
  925     CMP Susquehanna Corp., Global Company Guaranteed Notes (Callable 05/15/10 @ $104.94)   (CCC-, Ca)   05/15/14     9.875       27,750    
  550     Fisher Communications, Inc., Global Company Guaranteed Notes (Callable 09/15/09 @ $104.31)   (B, B2)   09/15/14     8.625       486,750    
  600     Local TV Finance LLC, Rule 144A, Senior Unsecured Notes (Callable 06/15/11 @ $104.63) ‡   (CCC, Caa3)   06/15/15     9.250       72,000    
  370     Univision Communications, Inc., Rule 144A, Company Guaranteed Notes (Callable 03/15/11 @ $104.88) ‡   (CCC, Caa2)   03/15/15     9.750       59,200    
  1,525     Young Broadcasting, Inc., Global Company Guaranteed Notes (Callable 01/15/10 @ $102.92) ø   (D, NR)   01/15/14     8.750       7,625    
                  1,329,850    
Media - Cable (5.6%)      
  1,375     Atlantic Broadband Finance LLC, Global Company Guaranteed Notes (Callable 01/15/10 @ $103.13)   (B-, Caa1)   01/15/14     9.375       1,106,875    
  1,800     CCH II Capital Corp., Series B, Global Senior Unsecured Notes (Callable 09/15/09 @ $100.00) ø   (D, NR)   09/15/10     10.250       1,638,000    
  792     Charter Communications Holdings Capital, Senior Unsecured Notes ø   (D, NR)   04/01/11     9.920       11,880    
  325     Charter Communications Operating Capital, Rule 144A, Secured Notes ø‡   (D, NR)   04/30/12     8.000       307,125    
  825     CSC Holdings Inc., Rule 144A, Senior Unsecured Notes ‡   (BB, B1)   04/15/14     8.500       845,625    
  675     CSC Holdings Inc., Rule 144A, Senior Unsecured Notes ‡   (BB, B1)   02/15/19     8.625       683,437    
  275     CSC Holdings, Inc., Rule 144A, Senior Unsecured Notes (Callable 06/15/12 @ $104.25) ‡   (BB, B1)   06/15/15     8.500       279,812    
  200     EchoStar DBS Corp., Global Company Guaranteed Notes   (BB-, Ba3)   10/01/13     7.000       192,000    
  225     EchoStar DBS Corp., Global Company Guaranteed Notes   (BB-, Ba3)   10/01/14     6.625       209,813    
  175     Mediacom Broadband Corp., Global Senior Unsecured Notes (Callable 10/15/10 @ $104.25)   (B-, B3)   10/15/15     8.500       165,375    
  825     Mediacom Capital Corp., Global Senior Unsecured Notes   (B-, B3)   02/15/11     7.875       820,875    
                  6,260,817    

 

See Accompanying Notes to Financial Statements.
7



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2009 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Media - Services (0.8%)      
$ 450     Nielsen Finance Co., Rule 144A, Senior Notes (Callable 05/01/13 @ $105.75) ‡   (B-, Caa1)   05/01/16     11.500     $ 427,500    
  650     WMG Acquisition Corp., Global Senior Subordinated Notes (Callable 04/15/10 @ $102.46)   (B, B3)   04/15/14     7.375       487,500    
                  915,000    
Metals & Mining - Excluding Steel (1.3%)      
  225     Aleris International, Inc., Global Company Guaranteed Notes (Callable 12/15/10 @ $104.50) ø   (D, NR)   12/15/14     9.000       3,375    
  1,100     Aleris International, Inc., Global Company Guaranteed Notes (Callable 12/15/11 @ $105.00) ø   (D, NR)   12/15/16     10.000       27,500    
  800     Freeport-McMoRan Copper & Gold, Inc., Senior Unsecured Notes (Callable 04/01/11 @ $104.13)   (BBB-, Ba2)   04/01/15     8.250       788,904    
  1,700     Noranda Aluminium Acquisition Corp., Global Company Guaranteed Notes (Callable 05/15/09 @ $101.00) #   (D, Caa2)   05/15/15     6.595       603,500    
                  1,423,279    
Non-Food & Drug Retailers (3.5%)      
  600     Asbury Automotive Group, Inc., Global Company Guaranteed Notes (Callable 03/15/12 @ $103.81)   (B-, Caa1)   03/15/17     7.625       363,000    
  1,350     Brookstone Company, Inc., Global Secured Notes (Callable 10/15/09 @ $106.00)   (CCC-, Caa3)   10/15/12     12.000       641,250    
  505     Michaels Stores, Inc., Global Company Guaranteed Notes (Callable 11/01/10 @ $105.00)   (CCC, Caa2)   11/01/14     10.000       308,050    
  645     Michaels Stores, Inc., Global Company Guaranteed Notes (Callable 11/01/11 @ $105.69)   (CCC, Caa3)   11/01/16     11.375       322,500    
  600     SGS International, Inc., Rule 144A, Global Senior Subordinated Notes (Callable 12/15/09 @ $106.00) ‡   (B-, B3)   12/15/13     12.000       321,750    
  520     Susser Holdings LLC, Global Company Guaranteed Notes (Callable 12/15/09 @ $105.31)   (B+, B3)   12/15/13     10.625       527,800    
  1,285     The Neiman Marcus Group, Inc., Global Company Guaranteed Notes (Callable 10/15/10 @ $105.19)   (CCC+, Caa3)   10/15/15     10.375       713,175    
  1,110     Yankee Acquisition Corp., Series B, Global Company Guaranteed Notes (Callable 02/15/11 @ $104.25)   (B-, B3)   02/15/15     8.500       788,100    
                  3,985,625    
Oil Field Equipment & Services (1.2%)      
  550     Bristow Group, Inc., Global Company Guaranteed Notes (Callable 09/15/12 @ $103.75)   (BB, Ba2)   09/15/17     7.500       448,250    
  350     Helix Energy Solutions Group, Inc., Rule 144A, Company Guaranteed Notes
(Callable 01/15/12 @ $104.75) ‡
  (B+, B3)   01/15/16     9.500       250,250    
  350     Hornbeck Offshore Services, Inc. Series B, Global Company Guaranteed Notes
(Callable 12/01/09 @ $103.06)
  (BB-, Ba3)   12/01/14     6.125       290,500    
  450     Key Energy Services, Inc., Global Company Guaranteed Notes (Callable 12/01/11 @ $104.19)   (BB, B1)   12/01/14     8.375       371,250    
                  1,360,250    
Packaging (2.5%)      
  850     Berry Plastics Holding Corp., Global Company Guaranteed Notes (Callable 03/01/11 @ $105.13)   (CCC, Caa2)   03/01/16     10.250       488,750    
  705     Berry Plastics Holding Corp., Global Senior Secured Notes (Callable 09/15/10 @ $104.44)   (CCC+, Caa1)   09/15/14     8.875       511,125    
  725     Constar International, Inc., Company Guaranteed Notes (Callable 12/01/09 @ $101.83) ø   (D, NR)   12/01/12     11.000       29,000    
  325     Crown Cork & Seal Co., Inc., Debentures (Callable 04/15/10 @ $101.14)   (B+, B2)   04/15/23     8.000       300,625    
  725     Graham Packaging Co, Inc., Global Subordinated Notes (Callable 10/15/09 @ $104.94)   (CCC+, Caa1)   10/15/14     9.875       589,969    
  50     Graham Packaging Company, Inc., Global Company Guaranteed Notes (Callable 10/15/09 @ $102.13)   (CCC+, Caa1)   10/15/12     8.500       43,250    
  814     Pliant Corp., Global Senior Secured Notes (Callable 06/15/09 @ $100.00) ø   (D, NR)   06/15/09     11.850       328,728    
  600     Solo Cup Co., Global Company Guaranteed Notes (Callable 02/15/10 @ $102.83)   (CCC, Caa2)   02/15/14     8.500       507,000    
                  2,798,447    
Printing & Publishing (2.1%)      
  1,400     Cengage Learning Acquisitions, Inc., Rule 144A, Senior Notes (Callable 07/15/11 @ $105.25) ‡   (CCC+, Caa2)   01/15/15     10.500       959,000    
  1,000     Cenveo Corp., Global Senior Subordinated Notes (Callable 12/01/09 @ $102.63)   (B-, B3)   12/01/13     7.875       625,000    
  1,675     Idearc, Inc., Global Company Guaranteed Notes (Callable 11/15/11 @ $104.00) ø   (D, NR)   11/15/16     8.000       35,594    
  1,025     R.H. Donnelley, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/15/12 @ $105.88) ‡   (C, B3)   05/15/15     11.750       205,000    
  1,800     The Reader's Digest Association, Inc., Global Company Guaranteed Notes (Callable 02/15/12 @ $104.50)   (CC, Ca)   02/15/17     9.000       110,250    
  785     Valassis Communications, Inc., Global Company Guaranteed Notes (Callable 03/01/11 @ $104.13)   (CCC+, B3)   03/01/15     8.250       437,637    
                  2,372,481    
Railroads (0.5%)      
  600     Kansas City Southern Railway, Company Guaranteed Notes (Callable 06/01/12 @ $104.00)   (B+, B2)   06/01/15     8.000       522,000    
Restaurants (0.4%)      
  525     Denny's Holdings, Inc., Global Company Guaranteed Notes (Callable 10/01/09 @ $102.50)   (B-, Caa1)   10/01/12     10.000       492,188    

 

See Accompanying Notes to Financial Statements.
8



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2009 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Software/Services (2.7%)      
$ 150     Affiliated Computer Services, Inc., Senior Unsecured Notes   (BB, Ba2)   06/01/15     5.200     $ 130,875    
  750     First Data Corp., Global Company Guaranteed Notes (Callable 09/30/11 @ $104.94)   (B-, B3)   09/24/15     9.875       522,188    
  1,275     SunGard Data Systems, Inc., Global Company Guaranteed Notes (Callable 08/15/10 @ $105.13)   (B-, Caa1)   08/15/15     10.250       1,115,625    
  1,150     Unisys Corp., Senior Unsecured Notes (Callable 01/15/12 @ $106.25)   (CC, Caa1)   01/15/16     12.500       606,625    
  875     Vangent, Inc., Global Company Guaranteed Notes (Callable 02/15/11 @ $104.81)   (B-, Caa1)   02/15/15     9.625       621,250    
                  2,996,563    
Steel Producers/Products (1.6%)      
  500     AK Steel Corp., Global Company Guaranteed Notes (Callable 06/15/09 @ $101.29)   (BB-, Ba3)   06/15/12     7.750       450,000    
  1,275     Rathgibson, Inc., Global Company Guaranteed Notes (Callable 02/15/10 @ $105.62)   (CCC+, Caa2)   02/15/14     11.250       318,750    
  700     Ryerson, Inc., Global Senior Secured Notes (Callable 11/01/11 @ $106.00)   (B, Caa1)   11/01/15     12.000       427,000    
  745     Steel Dynamics, Inc., Rule 144A, Senior Unsecured Notes (Callable 04/15/12 @ $103.88) ‡   (BB+, Ba2)   04/15/16     7.750       592,275    
                  1,788,025    
Support-Services (5.3%)      
  300     ARAMARK Corp., Global Company Guaranteed Notes (Callable 02/01/10 @ $101.00) #   (B, B3)   02/01/15     4.528       241,500    
  150     ARAMARK Corp., Global Senior Unsecured Notes (Callable 02/01/11 @ $104.25)   (B, B3)   02/01/15     8.500       144,000    
  800     Ashtead Capital, Inc., Rule 144A, Secured Notes (Callable 08/15/11 @ $104.50) ‡   (B, B1)   08/15/16     9.000       520,000    
  525     Dyncorp International, Series B, Global Senior Subordinated Notes (Callable 02/15/10 @ $102.38)   (B, B2)   02/15/13     9.500       511,875    
  600     Hertz Corp., Global Company Guaranteed Notes (Callable 01/01/11 @ $105.25)   (CCC+, B2)   01/01/16     10.500       429,000    
  200     Iron Mountain, Inc., Company Guaranteed Notes   (B+, B2)   04/01/13     8.625       201,750    
  850     JohnsonDiversey Holdings, Inc., Series B, Global Discount Notes (Callable 05/15/09 @ $101.78)   (CCC+, Caa1)   05/15/13     10.670       680,000    
  1,050     Mobile Services Group, Inc., Global Company Guaranteed Notes (Callable 08/01/10 @ $104.88)   (B+, B2)   08/01/14     9.750       924,000    
  725     Rental Service Corp., Global Company Guaranteed Notes (Callable 12/01/10 @ $104.75)   (B-, Caa1)   12/01/14     9.500       469,438    
  475     Sotheby's, Rule 144A, Senior Notes ‡   (BBB-, Ba3)   06/15/15     7.750       344,375    
  925     Ticketmaster Entertainment, Inc., Rule 144A, Company Guaranteed Notes (Callable 08/01/12 @ $105.38) ‡   (BB-, Ba3)   07/28/16     10.750       635,937    
  1,150     Travelport LLC, Global Company Guaranteed Notes (Callable 09/01/11 @ $105.94)   (CCC+, Caa1)   09/01/16     11.875       523,250    
  100     United Rentals North America, Inc., Global Company Guaranteed Notes (Callable 02/15/10 @ $100.00)   (BB-, B2)   02/15/12     6.500       90,000    
  425     United Rentals North America, Inc., Global Company Guaranteed Notes (Callable 02/15/10 @ $102.33)   (B, Caa1)   02/15/14     7.000       265,625    
                  5,980,750    
Telecom - Integrated/Services (8.3%)      
  250     Cincinnati Bell, Inc. Global Company Guaranteed Notes (Callable 02/15/10 @ $103.50)   (B+, Ba3)   02/15/15     7.000       238,750    
  400     Cincinnati Bell, Inc., Global Senior Subordinated Notes (Callable 01/15/10 @ $102.79)   (B-, B2)   01/15/14     8.375       397,000    
  200     DigitalGlobe, Inc. Rule 144A, Company Guaranteed Notes (Callable 05/01/12 @ $105.25) ‡   (BB, Ba3)   05/01/14     10.500       202,000    
  200     Frontier Communications Corp. Senior Unsecured Notes   (BB, Ba2)   05/01/14     8.250       197,500    
  1,175     Frontier Communications Corp., Global Senior Unsecured Notes   (BB, Ba2)   03/15/15     6.625       1,081,000    
  700     Hughes Network Systems LLC, Global Company Guaranteed Notes (Callable 04/15/10 @ $104.75)   (B, B1)   04/15/14     9.500       658,000    
  2,075     Intelsat Corp., Rule 144A, Senior Unsecured Notes (Callable 08/15/09 @ $104.63) ‡   (BB-, B3)   08/15/14     9.250       2,023,125    
  25     Intelsat Subsidiary Holding Co., Ltd., Rule 144A, Senior Unsecured Notes (Callable 01/15/10 @ $104.44) ‡   (BB-, B3)   01/15/15     8.875       24,875    
  1,800     Level 3 Financing, Inc., Global Company Guaranteed Notes (Callable 02/15/10 @ $101.00) #   (CCC, Caa1)   02/15/15     5.474       1,107,000    
  1,050     Paetec Holding Corp., Series WI, Global Company Guaranteed Notes (Callable 07/15/11 @ $104.75)   (CCC+, Caa1)   07/15/15     9.500       792,750    
  1,250     Qwest Communications International, Inc., Series B, Global Company Guaranteed Notes
(Callable 02/15/10 @ $102.50)
  (B+, Ba3)   02/15/14     7.500       1,165,625    
  225     Qwest Corp. Rule 144A ‡   (BBB-, Ba1)   05/01/16     8.375       225,000    
  275     Qwest Corp., Global Senior Unsecured Notes   (BBB-, Ba1)   06/15/15     7.625       261,937    
  350     Windstream Corp., Global Company Guaranteed Notes   (BB, Ba3)   08/01/13     8.125       350,000    
  125     Windstream Corp., Global Company Guaranteed Notes (Callable 03/15/12 @ $103.50)   (BB, Ba3)   03/15/19     7.000       118,125    
  550     Windstream Corp., Global Company Guaranteed Notes (Callable 08/01/11 @ $104.31)   (BB, Ba3)   08/01/16     8.625       550,000    
                  9,392,687    
Telecom - Wireless (3.9%)      
  75     Cricket Communications, Inc., Global Company Guaranteed Notes (Callable 11/01/10 @ $104.69)   (B-, B3)   11/01/14     9.375       74,625    
  225     Crown Castle International Corp., Senior Unsecured Notes (Callable 01/15/13 @ $105.62)   (B+, B2)   01/15/15     9.000       230,625    
  975     MetroPCS Wireless, Inc., Global Company Guaranteed Notes (Callable 11/01/10 @ $104.63)   (B, B3)   11/01/14     9.250       981,094    
  2,648     Nextel Communications, Inc., Series F, Company Guaranteed Notes (Callable 03/15/10 @ $101.49)   (BB, Ba2)   03/15/14     5.950       1,880,080    

 

See Accompanying Notes to Financial Statements.
9



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2009 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Telecom - Wireless      
$ 1,525     Sprint Nextel Corp., Senior Unsecured Notes   (BB, Ba2)   12/01/16     6.000     $ 1,273,375    
                  4,439,799    
Textiles & Apparel (0.5%)      
  575     Levi Strauss & Co., Global Senior Notes (Callable 01/15/10 @ $104.88)   (B+, B2)   01/15/15     9.750       546,250    
Theaters & Entertainment (1.4%)      
  1,675     AMC Entertainment, Inc., Global Senior Subordinated Notes (Callable 03/01/10 @ $102.67)   (CCC+, B2)   03/01/14     8.000       1,541,000    
TOTAL U.S. CORPORATE BONDS (Cost $184,917,044)                 125,267,927    
FOREIGN CORPORATE BONDS (9.4%)      
Aerospace & Defense (0.3%)      
  400     Bombardier, Inc., Rule 144A, Senior Unsecured Notes (Canada) ‡   (BB+, Ba2)   05/01/14     6.300       338,000    
Chemicals (1.0%)      
  1,150     Cognis GMBH, Rule 144A, Senior Secured Notes (Germany) #‡   (B, B1)   09/15/13     3.320       805,000    
  2,075     Ineos Group Holdings PLC, Rule 144A, Secured Notes (Callable 02/15/11 @ $104.25) (United Kingdom) ‡   (CC, Ca)   02/15/16     8.500       321,625    
                  1,126,625    
Electronics (1.0%)      
  750     Avago Technologies Finance, Global Company Guaranteed Notes
(Callable 12/01/10 @ $105.94) (Singapore)
  (B, B3)   12/01/15     11.875       658,125    
  325     Celestica, Inc., Senior Subordinated Notes (Callable 07/01/09 @ $103.81) (Canada)   (B, B3)   07/01/13     7.625       310,375    
  1,000     New Asat, Ltd., Global Company Guaranteed Notes (Callable 02/01/10 @ $100.00) (Cayman Islands) ø   (D, Ca)   02/01/11     9.250       10,000    
  50     NXP Funding LLC, Global Senior Secured Notes (Callable 10/15/10 @ $103.94) (Netherlands)   (CCC+, C)   10/15/14     7.875       17,750    
  153     NXP Funding LLC, Rule 144A, Senior Secured Notes (Netherlands) ‡   (CCC, C)   07/15/13     10.000       121,644    
                  1,117,894    
Energy - Exploration & Production (0.4%)      
  875     OPTI Canada, Inc., Global Senior Secured Notes (Callable 12/15/10 @ $104.13) (Canada)   (B, B3)   12/15/14     8.250       485,625    
Forestry & Paper (0.7%)      
  2,325     Abitibi-Consolidated Co. of Canada, Global Company Guaranteed Notes (Canada) ø   (D, NR)   06/15/11     7.750       162,750    
  1,000     Smurfit Kappa Funding PLC, Global Senior Subordinated Notes (Callable 01/31/10 @ $103.88) (Ireland)   (B+, B2)   04/01/15     7.750       600,000    
                  762,750    
Gaming (0.3%)      
  600     Codere Finance Luxembourg SA, Rule 144A, Senior Secured Notes
(Callable 06/15/10 @ $104.13) (Luxembourg) ‡
  (B+, B2)   06/15/15     8.250       341,876    
Media - Cable (1.1%)      
  150     NTL Cable PLC, Global Senior Notes (Callable 08/15/11 @ $104.56) (United Kingdom)   (B-, B2)   08/15/16     9.125       148,500    
  325     Unitymedia GmbH, Rule 144A, Senior Secured Notes (Callable 02/15/10 @ $105.06) (Germany) ‡   (B, B2)   02/15/15     10.125       434,964    
  500     Virgin Media Finance PLC, Global Company Guaranteed Notes
(Callable 04/15/10 @ $103.25) (United Kingdom)
  (B-, B2)   04/15/14     9.750       692,742    
                  1,276,206    
Media - Diversified (0.5%)      
  600     Quebecor Media, Inc., Global Senior Unsecured Notes (Callable 03/15/11 @ $103.88) (Canada)   (B, B2)   03/15/16     7.750       504,000    
Packaging (0.3%)      
  275     Impress Holdings BV, Rule 144A, Company Guaranteed Notes
(Callable 09/15/09 @ $109.25) (Netherlands) ‡
  (B-, B3)   09/15/14     9.250       309,742    

 

See Accompanying Notes to Financial Statements.
10



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2009 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
FOREIGN CORPORATE BONDS      
Pharmaceuticals (0.7%)      
$ 150     Elan Finance Corp., Global Company Guaranteed Notes (Callable 11/15/09 @ $101.94) (Ireland)   (B, B3)   11/15/11     7.750     $ 134,250    
  775     Elan Finance Corp., Global Company Guaranteed Notes (Callable 12/01/10 @ $104.44) (Ireland)   (B, B3)   12/01/13     8.875       658,750    
                  793,000    
Support-Services (0.1%)      
  525     Carlson Wagonlit BV, Rule 144A, Company Guaranteed Notes
(Callable 11/01/09 @ $101.00) (Netherlands) #‡
  (CCC+, Caa1)   05/01/15     7.115       163,484    
Telecom - Integrated/Services (1.6%)      
  1,550     Global Crossing UK Finance, Global Company Guaranteed Notes
(Callable 12/15/09 @ $105.38) (United Kingdom)
  (B-, B3)   12/15/14     10.750       1,046,250    
  550     Hellas Telecommunications II SCA, Rule 144A, Subordinated Notes
(Callable 01/15/10 @ $100.00) (Luxembourg) #‡
  (CCC, Caa3)   01/15/15     6.881       123,750    
  650     Nordic Telephone Co. Holdings, Rule 144A, Senior Secured Notes
(Callable 05/01/11 @ $104.44) (Denmark) ‡
  (B+, B1)   05/01/16     8.875       630,500    
                  1,800,500    
Telecommunications Equipment (0.1%)      
  425     Nortel Networks, Ltd., Rule 144A, Company Guaranteed Notes (Callable 07/15/11 @ $105.38) (Canada) ø‡   (D, NR)   07/15/16     10.750       114,750    
Textiles & Apparel (0.0%)      
  75     IT Holding Finance SA, Rule 144A, Company Guaranteed Notes (Luxembourg) ø‡   (NR, NR)   11/15/12     9.875       21,367    
Transportation - Excluding Air/Rail (1.3%)      
  1,375     Navios Maritime Holdings, Inc., Global Company Guaranteed Notes
(Callable 12/15/10 @ $104.75) (Marshall Islands)
  (B+, B3)   12/15/14     9.500       852,500    
  825     Ship Finance International, Ltd., Global Company Guaranteed Notes
(Callable 12/15/09 @ $102.83) (Bermuda)
  (B+, B1)   12/15/13     8.500       602,250    
                  1,454,750    
TOTAL FOREIGN CORPORATE BONDS (Cost $18,705,667)                 10,610,569    
BANK LOANS (0.3%)      
Gaming (0.3%)      
  500     CCM Merger, Inc. (Cost $280,000)   (B+, B3)   07/21/12     8.500       330,000    
Number
of Shares
           
COMMON STOCKS (0.0%)      
Chemicals (0.0%)      
  4,893     Huntsman Corp. (Cost $34,459)               26,226    
PREFERRED STOCK (0.1%)      
Banks (0.1%)      
  473     Preferred Blocker, Inc., Rule 144A (Callable 12/31/11 @ $1,000) (Cost $99,450) ‡               141,930    
WARRANTS (0.0%)      
Electrical Equipment (0.0%)      
  204,293     Viasystems, Inc., strike price $25.31, expires 01/31/10 (Cost $3,772,613) *^               2,043    

 

See Accompanying Notes to Financial Statements.
11



Credit Suisse High Yield Bond Fund

Schedule of Investments (continued)

April 30, 2009 (unaudited)

Par
(000)
 
    Maturity   Rate%   Value  
SHORT-TERM INVESTMENT (0.8%)  
$ 905     State Street Bank and Trust Co. Euro Time Deposit (Cost $905,000)       05/01/09     0.010     $ 905,000    
TOTAL INVESTMENTS AT VALUE (121.7%) (Cost $208,714,233)     137,283,695    
LIABILITIES IN EXCESS OF OTHER ASSETS (-21.7%)     (24,516,487 )  
NET ASSETS (100.0%)   $ 112,767,208    

 

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, 2009, these securities amounted to a value of $26,282,191 or 23.3% of net assets.

+  Step Bond - The interest rate is as of April 30, 2009 and will reset at a future date.

#  Variable rate obligations - The interest rate is the rate as of April 30, 2009.

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.

See Accompanying Notes to Financial Statements.
12




Credit Suisse High Yield Bond Fund

Statement of Assets and Liabilities

April 30, 2009 (unaudited)

Assets  
Investments at value (Cost $208,714,233) (Note 2)   $ 137,283,695    
Cash     213    
Foreign currency at value (cost $182,616)     182,928    
Dividend and interest receivable     5,151,783    
Unrealized appreciation on forward currency contracts (Note 2)     19,338    
Receivable for investments sold     9,604    
Prepaid expenses and other assets     227,268    
Total Assets     142,874,829    
Liabilities  
Advisory fee payable (Note 3)     92,263    
Administrative services fee payable (Note 3)     21,385    
Loan payable (Note 4)     28,500,000    
Payable for investments purchased     1,369,094    
Trustees' fee payable     21,205    
Interest payable     26,525    
Other accrued expenses payable     77,149    
Total Liabilities     30,107,621    
Net Assets  
Applicable to 55,799,213 shares outstanding   $ 112,767,208    
Net Assets  
Capital stock, $.001 par value (Note 6)   $ 55,799    
Paid-in capital (Note 6)     410,427,442    
Accumulated net investment loss     (616,077 )  
Accumulated net realized loss on investments and foreign currency transactions     (225,689,826 )  
Net unrealized depreciation from investments and foreign currency translations     (71,410,130 )  
Net Assets   $ 112,767,208    
Net Asset Value Per Share ($112,767,208/55,799,213)   $ 2.02    
Market Price Per Share   $ 1.79    

 

See Accompanying Notes to Financial Statements.
13



Credit Suisse High Yield Bond Fund

Statement of Operations

For the Six Months Ended April 30, 2009 (unaudited)

Investment Income (Note 2)  
Interest   $ 10,247,189    
Dividends     19,146    
Securities lending     844    
Total investment income     10,267,179    
Expenses  
Investment advisory fees (Note 3)     658,262    
Administrative services fees (Note 3)     51,424    
Interest expense (Note 4)     519,150    
Legal fees     89,123    
Commitment fees (Note 4)     74,616    
Directors' fees     53,456    
Stock exchange listing fees     37,419    
Printing fees (Note 3)     35,212    
Audit and tax fees     20,019    
Transfer agent fees     11,236    
Custodian fees     9,497    
Insurance expense     3,357    
Miscellaneous expense     3,731    
Total expenses     1,566,502    
Less: fees waived (Note 3)     (98,739 )  
Net expenses     1,467,763    
Net investment income     8,799,416    
Net Realized and Unrealized Gain (Loss) from Investments and
Foreign Currency Related Items
 
Net realized loss from investments     (24,040,696 )  
Net realized gain from foreign currency transactions     199,776    
Net change in unrealized appreciation (depreciation) from investments     21,440,973    
Net change in unrealized appreciation (depreciation) from foreign currency translations     (253,524 )  
Net realized and unrealized loss from investments and foreign currency related items     (2,653,471 )  
Net increase in net assets resulting from operations   $ 6,145,945    

 

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, 2009
(unaudited)
  For the Year
Ended
October 31, 2008
 
From Operations  
Net investment income   $ 8,799,416     $ 22,420,173    
Net realized loss from investments and foreign currency transactions     (23,840,920 )     (29,296,139 )  
Net change in unrealized appreciation (depreciation) from investments and
foreign currency translations
    21,187,449       (82,749,809 )  
Net increase (decrease) in net assets resulting from operations     6,145,945       (89,625,775 )  
From Dividends  
Dividends from net investment income     (9,982,513 )     (22,627,498 )  
Net decrease in net assets resulting from dividends     (9,982,513 )     (22,627,498 )  
From Capital Share Transactions (Note 6)  
Issuance of 12,541 shares and 6,420 shares through the directors
compensation plan (Note 3)
    21,445       21,443    
Reinvestment of dividends     90,276          
Net increase in net assets from capital share transactions     111,721       21,443    
Net decrease in net assets     (3,724,847 )     (112,231,830 )  
Net Assets  
Beginning of period     116,492,055       228,723,885    
End of period   $ 112,767,208     $ 116,492,055    
Undistributed net investment income (loss)   $ (616,077 )   $ 567,020    

 

See Accompanying Notes to Financial Statements.
15



Credit Suisse High Yield Bond Fund

Statement of Cash Flows

For the Six Months Ended April 30, 2009 (unaudited)

Cash flows from operating activities  
Investment income received   $ 10,648,140          
Operating expenses paid     (2,282,891 )        
Purchases of short-term securities     (905,000 )        
Purchases of long-term securities     (34,594,457 )        
Sales/maturities of short-term securities, net     250,163          
Proceeds from sales of long-term securities     68,256,934          
Net cash provided by operating activities          $ 41,372,889    
Cash flows from financing activities  
Decrease in loan payable     (30,110,000 )        
Proceeds from issuance of shares     111,721          
Cash dividends paid     (9,982,513 )        
Net cash used in financing activities           (39,980,792 )  
Net increase in cash           1,392,097    
Cash — beginning of period           (1,208,956 )  
Cash — end of period         $ 183,141    
RECONCILIATION OF NET INCREASE IN NET ASSETS
FROM OPERATIONS TO NET CASH PROVIDED BY
OPERATING ACTIVITIES
 
Net increase in net assets resulting from operations           $ 6,145,945    
Adjustments to reconcile net increase in net assets from
operations to net cash provided by operating activities
 
Decrease in interest receivable   $ 1,396,519          
Decrease in accrued expenses     (22,659 )        
Decrease in interest payable     (352,661 )        
Increase in prepaid expenses and other assets     (205,872 )        
Decrease in advisory fees payable     (233,936 )        
Net amortization of discount on investments     (1,015,558 )        
Purchases of short-term securities     (905,000 )        
Purchases of long-term securities     (34,594,457 )        
Proceeds from sales of long-term securities     68,256,934          
Sales/maturities of short-term securities, net     250,163          
Net change in unrealized appreciation from investments and foreign currencies     (21,187,449 )        
Net realized loss from investments and foreign currencies     23,840,920          
Total adjustments           35,226,944    
Net cash provided by operating activities           $ 41,372,889    
Non-cash activity:  
Issuance of shares through the directors compensation plan and
dividend reinvestments
          $ 111,721    

 

See Accompanying Notes to Financial Statements.
16



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Credit Suisse High Yield Bond Fund

Financial Highlights

    For the
Six Months
Ended
4/30/09
 
Per share operating performance   (unaudited)  
Net asset value, beginning of period   $ 2.09    
INVESTMENT OPERATIONS  
Net investment income     0.16    
Net gain (loss) on investments, swap contracts
and foreign currency related items (both realized and unrealized)
    (0.05 )  
Total from investment operations     0.11    
LESS DIVIDENDS  
Dividends from net investment income     (0.18 )  
Return of capital        
Total dividends     (0.18 )  
Offering costs charged to paid-in-capital        
Net asset value, end of period   $ 2.02    
Per share market value, end of period   $ 1.79    
Total return (market value)3     2.32 %  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of period (000s omitted)   $ 112,767    
Average debt per share   $ 0.58    
Ratio of expenses to average net assets     2.95 %4  
Ratio of expenses to average net assets excluding interest expense     1.90 %4  
Ratio of net investment income to average net assets     17.66 %4  
Decrease reflected in above operating expense ratios
due to waivers/reimbursements
    0.15 %4  
Portfolio turnover rate     16.82 %  

 

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

2  This amount represents less than $0.01 per share.

3  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 higher or lower than the net asset value, may result in substantially different returns. Total returns for
periods less than one year are not annualized.

4  Annualized.

See Accompanying Notes to Financial Statements.
18



    For the Year Ended  
Per share operating performance   10/31/08   10/31/07   10/31/06   10/31/05   10/31/04   10/31/03   10/31/02   10/31/01   10/31/00   10/31/99  
Net asset value, beginning of period   $ 4.10     $ 4.18     $ 4.12     $ 4.53     $ 4.34     $ 3.53     $ 4.49     $ 6.16     $ 7.98     $ 8.36    
INVESTMENT OPERATIONS  
Net investment income     0.401       0.401       0.40       0.47       0.53       0.55       0.651       0.84       0.961       0.98    
Net gain (loss) on investments, swap contracts
and foreign currency related items (both realized and unrealized)
    (2.00 )     (0.08 )     0.11       (0.35 )     0.24       0.87       (0.80 )     (1.63 )     (1.80 )     (0.38 )  
Total from investment operations     (1.60 )     0.32       0.51       0.12       0.77       1.42       (0.15 )     (0.79 )     (0.84 )     0.60    
LESS DIVIDENDS  
Dividends from net investment income     (0.41 )     (0.40 )     (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     (0.41 )     (0.40 )     (0.45 )     (0.53 )     (0.58 )     (0.61 )     (0.81 )     (0.88 )     (0.98 )     (0.98 )  
Offering costs charged to paid-in-capital                                                           0.002    
Net asset value, end of period   $ 2.09     $ 4.10     $ 4.18     $ 4.12     $ 4.53     $ 4.34     $ 3.53     $ 4.49     $ 6.16     $ 7.98    
Per share market value, end of period   $ 1.97     $ 3.65     $ 4.50     $ 4.77     $ 5.24     $ 4.76     $ 4.10     $ 5.07     $ 6.19     $ 8.06    
Total return (market value)3     (38.20 )%     (10.72 )%     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)   $ 116,492     $ 228,724     $ 231,765     $ 255,760     $ 244,523     $ 229,255     $ 180,889     $ 219,440     $ 286,838     $ 358,679    
Average debt per share   $ 1.69     $ 1.98     $ 1.96     $ 2.05     $ 2.05     $ 1.81     $ 1.99     $ 2.49     $ 3.47     $ 3.18    
Ratio of expenses to average net assets     3.76 %     4.11 %     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 expense     1.50 %     1.37 %     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     11.68 %     9.48 %     9.67 %     10.72 %     11.99 %     13.85 %     15.17 %     15.22 %     12.90 %     11.24 %  
Decrease reflected in above operating expense ratios
due to waivers/reimbursements
    0.15 %     0.15 %                                                  
Portfolio turnover rate     32.01 %     49.18 %     61.91 %     31.05 %     12.10 %     15.96 %     33.22 %     46.11 %     31.29 %     60.23 %  

 

See Accompanying Notes to Financial Statements.
19




Credit Suisse High Yield Bond Fund

Notes to Financial Statements

April 30, 2009 (unaudited)

Note 1. Organization

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

Note 2. Significant Accounting Policies

A) SECURITY VALUATION — The net asset value of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the "Exchange") on each day the Exchange is open for business. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that using this method would not represent fair value. Equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation (the "Valuation Time"). If no sales are reported, equ ity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest asked quotation in the case of a short sale of securities. Investments in mutual funds are valued at the mutual fund's closing net asset value per share on the day of valuation. Securities and other assets for which market quotations are not readily available, or whose values have been materially affected by events occurring before the Fund's Valuation Time but after the close of the securities' primary markets, are valued at fair value as determined in good faith by, or under the direction of, the Board of Trustees under procedures established by the Board of Trustees. At April 30, 2009, the Fund held 0.05% 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 $3,840,600 and fair value of $60,817. The Fund's estimate of fair value assumes a willing buyer and a willing seller neither acting un der 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.

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"), effective November 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants


20



Credit Suisse High Yield Bond Fund

Notes to Financial Statements (continued)

April 30, 2009 (unaudited)

would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

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

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

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

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

The following is a summary of the inputs used as of April 30, 2009 in valuing the Fund's investments carried at value:

Valuation Inputs   Investments in
Securities
  Other Financial
Instruments*
 
Level 1 — Quoted Prices   $ 168,156     $ 19,338    
Level 2 — Other Significant Observable Inputs     137,054,722          
Level 3 — Significant Unobservable Inputs     60,817          
Total   $ 137,283,695     $ 19,338    

 

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

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. The Fund amortizes premiums and accretes discounts using the effective interest method. Dividends are recorded on the ex-dividend date. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes.

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 and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP").

The Fund's dividend policy is to distribute substantially all of its net investment income to its shareholders on a monthly basis. However, in order to provide shareholders with a more consistent yield to the current trading


21



Credit Suisse High Yield Bond Fund

Notes to Financial Statements (continued)

April 30, 2009 (unaudited)

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.

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. The Fund has reviewed its current tax positions and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

G) 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.

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

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

SSB has been engaged by the Fund to act as the Fund's securities lending agent. The Fund's securities lending arrangement provides that the Fund and SSB will share the net income earned from securities lending activities. During the six months ended April 30, 2009, total earnings from the Fund's investment in cash collateral received


22



Credit Suisse High Yield Bond Fund

Notes to Financial Statements (continued)

April 30, 2009 (unaudited)

in connection with securities lending arrangements was $1,584, of which $529 was rebated to borrowers (brokers). The Fund retained $844 in income from the cash collateral investment, and SSB, as lending agent, was paid $211. The Fund may also be entitled to certain minimum amounts of income from its securities lending activities. Securities lending income is accrued as earned.

J) FORWARD FOREIGN CURRENCY CONTRACTS — The Fund may enter into forward foreign currency contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency. The Fund will enter into forward foreign currency contracts primarily for hedging purposes. Forward foreign currency contracts are adjusted by the daily forward exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the contract settlement date or an offsetting position is entered into. At April 30, 2009, the Fund had the following open forward foreign currency contracts:

Forward Foreign
Currency to be
Purchased (Local)
  Forward Foreign
Currency to be
Sold (Local)
  Expiration
Date
  Value on
Settlement Date
  Current
Value
  Unrealized
Appreciation
 
USD 2,250,789     EUR 1,685,000     07/16/09   $ (2,250,789 )   $ (2,232,131 )   $ 18,658    
USD 667,490     GBP 450,000     07/16/09     (667,490 )     (666,810 )     680    
Total   $ 19,338    

 

Currency Abbreviations:

EUR — Euro Currency

GBP — British Pound

USD — United States Dollar

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

The Fund bears the risk of loss of the amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. The Fund will enter into swap agreements only with counterparties that meet certain standards of creditworthiness (generally, such counterparties would have to be eligible counterparties under the terms of the Fund's repurchase agreement guidelines). Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. At April 30, 2009, the Fund had no outstanding credit default swap contracts.

Note 3. Transactions with Affiliates and Related Parties

The Fund has entered into an Investment Advisory Agreement (the "Advisory Agreement") with Credit Suisse. The Advisory Agreement provides for a fee at the annual rate of 1.00% of the first $250 million of the average weekly value of the Fund's total assets minus the sum of liabilities (other than aggregate indebtedness constituting leverage) and 0.75% of the average weekly value of the Fund's total assets minus the sum of liabilities (other than aggregate indebtedness constituting leverage) greater than $250 million. Effective January 1, 2007, Credit Suisse agreed to waive 0.15% of the fees payable under the Advisory Agreement. For the six months ended April 30, 2009, investment advisory fees earned and voluntarily waived were $658,262 and $98,739, respectively.


23



Credit Suisse High Yield Bond Fund

Notes to Financial Statements (continued)

April 30, 2009 (unaudited)

SSB serves as Accounting and Administrative Agent for the Fund. For its administrative services, SSB receives a fee, exclusive of out-of-pocket expenses, calculated in total for all the Credit Suisse funds/portfolios co-administered by SSB and allocated based upon the relative average net assets of each fund/portfolio, subject to an annual minimum fee. For the six months ended April 30, 2009, administrative services fees earned by SSB (including out-of-pocket expenses) were $51,424.

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. Beginning in 2008, the Independent Trustees can elect to receive up to 100% of their annual retainer in shares of the Fund. During the six months ended April 30, 2009, 12,541 shares were issued through the directors compensation plan. Trustees as a group own less than 1% of the Fund's outstanding shares.

Merrill Corporation ("Merrill"), an affiliate of Credit Suisse, has been engaged by the Fund to provide certain financial printing and fulfillment services. For the six months ended April 30, 2009, Merrill was paid $13,213 for its services by the Fund.

Note 4. Line of Credit

The Fund had 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. In December 2008, the Citibank Agreement was terminated and replaced by a line of credit with SSB (the "SSB Agreement"), dated December 12, 2008, primarily to leverage its investment portfolio. Under the SSB Agreement, the Fund may borrow the least of: a) $75,000,000; b) an amount that is no greater than 25% of the Fund's total assets minus the sum of liabilities (other than aggregate indebtedness constituting leverage); and c) the Borrowing Base as defined in the SSB Agreement. The SSB Agreement is subject to annual renewal in December 2009. At April 30, 2009, the Fund had loans outstanding under the SSB Agreement of $28,500,000. During the six months ended April 30, 2009, the Fund had borrowin gs under the agreements as follows:

Average Daily
Loan Balance
  Weighted Average
Interest Rate %
  Maximum Daily
Loan Outstanding
 
$ 32,289,724       1.986 %   $ 58,610,000    

 

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.


24



Credit Suisse High Yield Bond Fund

Notes to Financial Statements (continued)

April 30, 2009 (unaudited)

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

Note 5. Purchases and Sales of Securities

For the six months ended April 30, 2009, purchases and sales of investment securities (excluding short-term investments) were $24,303,612 and $55,015,074, respectively.

At April 30, 2009, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized depreciation from investments were $208,714,233, $1,435,508, $(72,866,046) and $(71,430,538), respectively.

Note 6. Fund Shares

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

    For the Six Months Ended
April 30, 2009 (unaudited)
  For the Year Ended
October 31, 2008
 
Shares issued through the directors compensation plan     12,541       6,420    
Shares issued through reinvestment of dividends     49,063          
Net increase     61,604       6,420    

 

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.


25



Credit Suisse High Yield Bond Fund

Notes to Financial Statements (continued)

April 30, 2009 (unaudited)

Note 9. Recent Accounting Pronouncements

In March 2008, FASB issued Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities ("FAS 161"), an amendment of FASB Statement No. 133. FAS 161 requires enhanced disclosures about (a) how and why an entity uses derivative instruments, (b) how derivative instruments and hedging activities are accounted for, and (c) how derivative instruments and related hedging activities affect a fund's financial position, financial performance, and cash flows. Management of the Fund does not believe the adoption of FAS 161 will materially impact the financial statement amounts, but will require additional disclosures. This will include qualitative and quantitative disclosures on derivative positions existing at period end and the effect of using der ivatives during the reporting period. FAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008.


26



Credit Suisse High Yield Bond Fund

Results of Annual Meeting of Shareholders (unaudited)

On April 14, 2009, the Annual Meeting of Shareholders of the Credit Suisse High Yield Bond Fund (the "Fund") was held and the following matter was voted upon:

(1) To re-elect two trustees to the Board of Trustees of the Fund:

Name of Trustee   For   Withheld  
James Cattano     41,102,175       1,618,945    
Steven Rappaport     41,161,045       1,560,075    

 

In addition to the trustees elected at the meeting, Enrique R. Arzac, Lawrence J. Fox and Terry Fires Bovarnick continue to serve as Trustees of the Fund.


27



Credit Suisse High Yield Bond Fund

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

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 Investment Company Act of 1940 (the "Independent Trustees"), is required annually to review and re-approve the terms of the Fund's investment advisory agreement. During the most recent six months covered by this report, the Board reviewed and re-approved an investment advisory agreement (the "Advisory Agreement") with Credit Suisse Asset Management, LLC ("Credit Suisse").

More specifically, at a meeting held on November 19-20, 2008, 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 for Credit Suisse was provided to the Board, as were responses of Credit Suisse to a detailed series of requests submitted by the Independent Trustees' independent legal counsel on their behalf. The Board reviewed and analyzed these materials, which included, among other things, information about the background and experience of senior management and investment personnel of Credit Suisse. In this regard, the Board specifically reviewed the qualifications, background and responsibilities of the individual primarily responsible for day-to-day portfolio management services for the Fund.

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

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

Finally, the Board considered preliminary information from Credit Suisse's corporate parent about its search for a strategic partner for part of its asset management business. In reaching its determination to continue the Advisory Agreement, the Board relied upon Credit Suisse's undertaking and assurances to continue providing quality management, personnel and other resources necessary to continue providing advisory services of a nature, extent and quality at least comparable to those currently provided to the Fund.

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

Fund Performance and Expenses

The Board considered the performance results of the Fund in comparison to the performance of a universe of leveraged, closed-end high current yield funds (the "Performance Universe"). Lipper Inc. ("Lipper"), an independent provider of investment company data, determined the Performance Universe for the Fund and provided the comparative data. The Board noted that the Fund had underperformed the median performance of the funds in its Performance Universe in some periods and outperformed the median performance of its Performance Universe in other periods.

The Board also considered information regarding the Fund's total expense ratio and its various components in comparison to expense information for a group of funds that was determined to be most similar to the Fund (the "Peer Group") and to the median expenses of a broader universe of relevant funds (the "Expense Universe"),


28



Credit Suisse High Yield Bond Fund

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

which comparative data was provided by Lipper. The Board noted that the overall expense ratio of the Fund is higher than the median overall expense ratios of the Fund's Peer Group and Expense Universe, including and excluding investment- related expenses and taxes. The Board also noted that the Fund's actual non-management expense ratio was below the median non-management expense ratios of its Peer Group and Expense Universe.

Based on the above-referenced considerations and other factors, the Board concluded that the overall performance results and expense comparisons supported the re-approval of the Advisory Agreement.

Investment Advisory Fee Rate

The Board reviewed the contractual investment advisory fee rate (the "Advisory Agreement Rate") payable by the Fund to Credit Suisse for investment advisory services.

Additionally, the Board considered information comparing the Advisory Agreement Rate (both on a stand-alone basis and on a combined basis with the Fund's administration fee rate) with that of the other funds in its Peer Group and Expense Universe. The Board observed that the Advisory Agreement Rate and combined investment advisory and administration fee rates were higher than the median rates of funds in the Fund's Peer Group. The Board also noted, however, that Credit Suisse was voluntarily waiving a portion of its advisory fee. The Board further noted that the Fund's administrator is not affiliated with Credit Suisse and that the Fund's administration agreement and corresponding fees were negotiated at arm's length. The Board concluded that these and other factors supported the Advisory Agreement Rate.

Profitability

The Board received and considered an estimated profitability analysis of Credit Suisse based on the Advisory Agreement Rate and on revenues earned from 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 derived from providing these services to the Fund were not excessive.

Economies of Scale

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

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.

Information about Services to Other Clients

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


29



Credit Suisse High Yield Bond Fund

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

Other Benefits to Credit Suisse

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

Other Factors and Broader Review

As discussed above, the Board reviews detailed materials received from Credit Suisse as part of the annual re-approval process. The Board also reviews and assesses the quality of the services that the Fund receives throughout the year. In this regard, the Board reviews reports of Credit Suisse at least quarterly, which include, among other things, detailed portfolio and market reviews and detailed fund performance reports.

After 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 members unanimously re-approved the Advisory Agreement.


30



Credit Suisse High Yield Bond Fund

Notice of Privacy and Information Practices (unaudited)

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

Categories of information we may collect:

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

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

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

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

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

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

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


31



Credit Suisse High Yield Bond Fund

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

Confidentiality and security

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

Other Disclosures

This notice is not intended to be incorporated in any offering materials, but is a statement of our current Notice of Privacy and Information Practices and may be amended from time to time. This notice is current as of May 13, 2009.


32



Credit Suisse High Yield Bond Fund

Proxy Voting and Portfolio Holdings Information (unaudited)

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

• By calling 1-800-293-1232

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

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

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

Other Funds Managed by Credit Suisse Asset Management, LLC

OPEN-END FUNDS

Credit Suisse Commodity Return Strategy Fund

Credit Suisse High Income Fund

Credit Suisse Large Cap Blend Fund

Credit Suisse Large Cap Growth Fund

Credit Suisse Large Cap Value Fund

Credit Suisse Mid-Cap Core Fund

Credit Suisse Small Cap Core Fund

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

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

Credit Suisse Asset Management Securities, Inc., Distributor.


33



Credit Suisse High Yield Bond Fund

Dividend Reinvestment and Cash Purchase Plan (unaudited)

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

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

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

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

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

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

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


34



Credit Suisse High Yield Bond Fund

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

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

By Internet:  www.computershare.com

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

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

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

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

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


35




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

DHY-SAR-0409




 

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 March 16, 2009.

 

Item 11. Controls and Procedures.

 

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

 

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

 



 

Item 12. Exhibits.

 

(a)(1)                    Not applicable.

 

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

 

(a)(3)                    Not applicable.

 

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

 



 

SIGNATURES

 

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

 

CREDIT SUISSE HIGH YIELD BOND FUND

 

 

/s/ George R. Hornig

 

Name:

 George R. Hornig

 

Title:

 Chief Executive Officer

 

Date:

 July 6, 2009

 

 

 

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/ George R. Hornig

 

Name:

 George R. Hornig

 

Title:

 Chief Executive Officer

 

Date:

 July 6, 2009

 

 

 

/s/ Michael A. Pignataro

 

Name:

 Michael A. Pignataro

 

Title:

 Chief Financial Officer

 

Date:

 July 6, 2009

 

 


EX-99.CERT 2 a09-14360_3ex99dcert.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 6, 2009

 

 

/s/Michael A. Pignataro

 

Michael A. Pignataro

 

Chief Financial Officer

 

 



 

I, George R. Hornig, 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 6, 2009

 

/s/George R. Hornig

 

George R. Hornig

 

Chief Executive Officer

 

 


EX-99.906CERT 3 a09-14360_3ex99d906cert.htm EX-99.906CERT

EXHIBIT 99.906CERT

 

EXHIBIT 12(b)

 

SECTION 906 CERTIFICATIONS

 

SECTION 906 CERTIFICATION

 

George R. Hornig, 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, 2009 (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/George R. Hornig

 

/s/Michael A. Pignataro

George R. Hornig

 

Michael A. Pignataro

Chief Executive Officer

 

Chief Financial Officer

July 6, 2009

 

July 6, 2009

 

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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