CS HIGH YIELD BOND FUND

N-Q 1 d681468dnq.htm CS HIGH YIELD BOND FUND CS HIGH YIELD BOND FUND

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-08777

CREDIT SUISSE HIGH YIELD BOND FUND

(Exact name of registrant as specified in charter)

c/o Credit Suisse Asset Management, LLC

One Madison Avenue

New York, New York 10010

(Address of principal executive offices) (Zip code)

John G. Popp

One 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 31st
Date of reporting period:		November 1, 2013 to January 31, 2014

Item 1:

Schedule of Investments

Credit Suisse High Yield Bond Fund

Schedule of Investments

January 31, 2014 (unaudited)


Par (000)			Ratings† (S&P/Moody’s)	Maturity	Rate%		Value

	CORPORATE BONDS (125.0%)
	Aerospace & Defense (2.5%)
$	1,350	AAR Corp., Rule 144A, Company Guaranteed Notes (Callable 01/15/17 @ 103.63)‡	(BB, Ba3)	01/15/22		7.250	$	1,444,501
	3,247	Ducommun, Inc., Global Company Guaranteed Notes (Callable 07/15/15 @ 104.88)	(B-, B3)	07/15/18		9.750		3,652,874
	2,350	The Milestone Aviation Group Ltd., Rule 144A, Senior Unsecured Notes (Callable 12/15/15 @ 104.31)‡	(NR, NR)	12/15/17		8.625		2,526,250

								7,623,625


	Airlines (0.4%)
	750	Continental Airlines 2012-3, Class C Pass Thru Certificates	(B+, B1)	04/29/18		6.125		783,750
	300	United Continental Holdings, Inc., Company Guaranteed Notes§	(B, B2)	06/01/18		6.375		316,125

								1,099,875


	Auto Parts & Equipment (5.6%)
	1,000	Gestamp Funding Luxembourg S.A., Rule 144A, Senior Secured Notes (Callable 05/31/16 @ 102.81)‡	(BB, B1)	05/31/20		5.625		1,030,000
	600	Lear Corp., Company Guaranteed Notes (Callable 03/15/15 @ 104.06)	(BB, Ba2)	03/15/20		8.125		660,000
	2,250	Lear Corp., Rule 144A, Company Guaranteed Notes (Callable 01/15/18 @ 102.38)‡	(BB, Ba2)	01/15/23		4.750		2,137,500
	2,525	Meritor, Inc., Company Guaranteed Notes (Callable 03/15/14 @ 105.31)	(B-, B3)	03/15/18		10.625		2,692,281
	1,000	Schaeffler Finance B.V., Rule 144A, Senior Secured Notes‡	(BB-, Ba2)	02/15/17		7.750		1,145,000
	2,000	Schaeffler Finance B.V., Rule 144A, Senior Secured Notes (Callable 02/15/15 @ 106.38)‡	(BB-, Ba2)	02/15/19		8.500		2,245,000
	500	Schaeffler Holding Finance B.V., PIK, Rule 144A, Senior Secured Notes (Callable 08/15/14 @ 105.16)‡	(B, B1)	08/15/18		6.875		532,500
	2,382	Tomkins, Inc., Global Secured Notes (Callable 10/01/14 @ 104.50)	(BB-, B1)	10/01/18		9.000		2,593,403
	4,000	UCI International, Inc., Global Company Guaranteed Notes (Callable 02/15/15 @ 104.31)	(CCC, Caa1)	02/15/19		8.625		3,960,000

								16,995,684


	Beverages (0.5%)
	1,400	Beverages & More, Inc., Rule 144A, Senior Secured Notes (Callable 11/15/15 @ 105.00)‡	(CCC+, Caa2)	11/15/18		10.000		1,419,250


	Brokerage (2.1%)
	3,090	CCRE Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 02/15/15 @ 105.81)‡	(B, B1)	02/15/18		7.750		3,298,575
	2,950	Jefferies Finance LLC, Rule 144A, Senior Unsecured Notes (Callable 04/01/16 @ 105.53)‡	(B+, B1)	04/01/20		7.375		3,104,875

								6,403,450


	Building & Construction (0.1%)
	600	K Hovnanian Enterprises, Inc., Global Senior Secured Notes	(CCC+, Ba3)	11/01/21		2.000		420,000


Par (000)			Ratings† (S&P/Moody’s)	Maturity	Rate%		Value

	CORPORATE BONDS
	Building Materials (3.7%)
$	2,550	Euramax International, Inc., Global Senior Secured Notes (Callable 03/03/14 @ 107.13)	(B-, Caa2)	04/01/16		9.500	$	2,581,875
	3,750	Headwaters, Inc., Global Secured Notes (Callable 04/01/15 @ 103.81)	(B+, B2)	04/01/19		7.625		4,068,750
	2,500	Headwaters, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/15/16 @ 103.63)‡	(CCC+, Caa2)	01/15/19		7.250		2,575,000
	1,950	International Wire Group Holdings, Inc., Rule 144A, Senior Secured Notes (Callable 10/15/15 @ 104.25)‡	(B, B3)	10/15/17		8.500		2,120,625

								11,346,250


	Chemicals (3.6%)
	300	Axalta Coating Systems Dutch Holding B B.V., Rule 144A, Company Guaranteed Notes (Callable 02/04/16 @ 105.53)‡§	(B-, Caa1)	05/01/21		7.375		324,750
	3,025	Chemtura Corp., Company Guaranteed Notes (Callable 07/15/16 @ 104.31)	(BB-, B1)	07/15/21		5.750		3,100,625
	250	Ineos Finance PLC, Rule 144A, Senior Secured Notes (Callable 02/15/15 @ 102.00)‡€#	(BB-, B1)	02/15/19		7.250		358,209
	700	Ineos Finance PLC, Rule 144A, Senior Secured Notes (Callable 02/15/15 @ 106.28)‡	(BB-, B1)	02/15/19		8.375		774,375
	1,500	Ineos Finance PLC, Rule 144A, Senior Secured Notes (Callable 05/01/15 @ 105.63)‡	(BB-, B1)	05/01/20		7.500		1,646,250
	650	INEOS Group Holdings S.A., Rule 144A, Company Guaranteed Notes (Callable 05/15/15 @ 103.25)‡§	(B-, Caa1)	08/15/18		6.125		663,000
	2,248	Reichhold Industries, Inc., PIK, Rule 144A, Senior Secured Notes‡	(CCC+, NR)	05/08/17		11.000		1,382,529
	2,500	Taminco Global Chemical Corp., Rule 144A, Secured Notes (Callable 03/31/15 @ 107.31)‡	(B-, Caa1)	03/31/20		9.750		2,837,500

								11,087,238


	Computer Hardware (0.3%)
	1,000	NCR Corp., Rule 144A, Senior Unsecured Notes (Callable 12/15/18 @ 103.19)‡	(BB, Ba3)	12/15/23		6.375		1,045,000


	Consumer Products (2.9%)
	2,400	Alphabet Holding Co., Inc., PIK, Global Senior Unsecured Notes (Callable 11/01/14 @ 102.00)	(B-, Caa1)	11/01/17		7.750		2,476,500
	700	Alphabet Holding Co., Inc., PIK, Rule 144A, Senior Unsecured Notes (Callable 11/01/14 @ 102.00)‡	(B-, Caa1)	11/01/17		7.750		722,313
	3,690	NBTY, Inc., Global Company Guaranteed Notes (Callable 10/01/14 @ 104.50)	(B, B3)	10/01/18		9.000		4,003,650
	1,250	Ontex IV S.A., Rule 144A, Senior Secured Notes (Callable 04/15/14 @ 103.75)‡€	(B, B1)	04/15/18		7.500		1,754,801

								8,957,264


Par (000)			Ratings† (S&P/Moody’s)	Maturity	Rate%		Value

	CORPORATE BONDS
	Consumer/Commercial/Lease Financing (0.7%)
	$ 2,000	JLC Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 06/01/16 @ 105.16)‡	(B, B2)	06/01/20		6.875	$	2,010,000


	Diversified Capital Goods (2.9%)
	3,460	Anixter, Inc., Global Company Guaranteed Notes	(BB, Ba3)	05/01/19		5.625		3,633,000
	3,584	Belden, Inc., Rule 144A, Company Guaranteed Notes (Callable 09/01/17 @ 102.75)‡	(B+, Ba2)	09/01/22		5.500		3,512,320
	6	FCC Holdings, Inc., Rule 144A, Senior Unsecured Notes (Callable 12/15/14 @ 100.00)‡^	(CCC+, Ca)	12/15/15		13.000		5,783
	1,561	Mueller Water Products, Inc., Global Company Guaranteed Notes (Callable 09/01/15 @ 104.38)	(NR, B1)	09/01/20		8.750		1,756,125

								8,907,228


	Electronics (0.9%)
	1,200	CPI International, Inc., Global Company Guaranteed Notes (Callable 02/15/15 @ 104.00)	(CCC+, B3)	02/15/18		8.000		1,266,000
	1,000	Techem Energy Metering Service GmbH & Co. KG, Rule 144A, Company Guaranteed Notes (Callable 10/01/16 @ 103.94)‡€	(B-, B3)	10/01/20		7.875		1,520,491

								2,786,491


	Energy - Exploration & Production (8.3%)
	1,750	Bonanza Creek Energy, Inc., Global Company Guaranteed Notes (Callable 04/15/17 @ 103.38)	(B-, B3)	04/15/21		6.750		1,837,500
	500	Comstock Resources, Inc., Company Guaranteed Notes (Callable 04/01/15 @ 103.88)	(B-, B3)	04/01/19		7.750		535,000
	4,350	EPL Oil & Gas, Inc., Global Company Guaranteed Notes (Callable 02/15/15 @ 104.13)	(B-, Caa1)	02/15/18		8.250		4,698,000
	650	Everest Acquisition Finance, Inc., Global Senior Secured Notes (Callable 05/01/15 @ 103.44)	(B+, Ba3)	05/01/19		6.875		702,812
	1,400	Memorial Production Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 05/01/17 @ 103.81)‡	(B-, Caa1)	05/01/21		7.625		1,456,000
	1,250	Oasis Petroleum, Inc., Global Company Guaranteed Notes (Callable 02/01/15 @ 103.63)	(B, B3)	02/01/19		7.250		1,343,750
	2,000	Oasis Petroleum, Inc., Rule 144A, Company Guaranteed Notes (Callable 09/15/17 @ 103.44)‡	(B, B3)	03/15/22		6.875		2,130,000
	3,000	PDC Energy, Inc., Global Company Guaranteed Notes (Callable 10/15/17 @ 103.88)	(B-, B3)	10/15/22		7.750		3,247,500
	2,500	Stone Energy Corp., Global Company Guaranteed Notes (Callable 11/15/17 @ 103.75)	(B-, B3)	11/15/22		7.500		2,650,000
	475	Swift Energy Co., Company Guaranteed Notes (Callable 06/01/14 @ 101.19)	(B+, B3)	06/01/17		7.125		486,875


Par (000)			Ratings† (S&P/Moody’s)	Maturity	Rate%		Value

	CORPORATE BONDS
	Energy - Exploration & Production
	$ 1,500	Swift Energy Co., Global Company Guaranteed Notes (Callable 03/01/17 @ 103.94)	(B+, B3)	03/01/22		7.875	$	1,537,500
	3,000	W&T Offshore, Inc., Global Company Guaranteed Notes (Callable 06/15/15 @ 104.25)	(B, B3)	06/15/19		8.500		3,225,000
	1,350	Whiting Petroleum Corp., Company Guaranteed Notes (Callable 12/15/20 @ 100.00)	(BB+, Ba2)	03/15/21		5.750		1,420,875

								25,270,812


	Environmental (1.5%)
	4,400	EnergySolutions LLC, Global Company Guaranteed Notes (Callable 08/15/14 @ 105.38)	(B+, Caa2)	08/15/18		10.750		4,697,000


	Food - Wholesale (1.7%)
	1,575	Del Monte Corp., Global Company Guaranteed Notes (Callable 02/15/14 @ 103.81)	(CCC+, Caa1)	02/15/19		7.625		1,638,000
	1,250	Dole Food Co., Inc., Rule 144A, Senior Secured Notes (Callable 11/01/15 @ 103.63)‡§	(CCC+, Caa1)	05/01/19		7.250		1,250,000
	1,400	Smithfield Foods, Inc., Rule 144A, Senior Unsecured Notes (Callable 08/01/16 @ 104.41)‡	(BB-, B2)	08/01/21		5.875		1,424,500
	855	Wells Enterprises, Inc., Rule 144A, Senior Secured Notes (Callable 02/01/16 @ 105.06)‡	(B+, B3)	02/01/20		6.750		876,375

								5,188,875


	Forestry & Paper (0.1%)
	300	Lecta S.A., Rule 144A, Senior Secured Notes (Callable 05/15/15 @ 106.66)‡€	(B, B2)	05/15/19		8.875		389,418
	950	Stone & Webster, Inc.*	(NR, NR)	07/02/14		0.000		1,425

								390,843


	Gaming (2.1%)
	1,700	Affinity Gaming Finance Corp., Global Company Guaranteed Notes (Callable 05/15/15 @ 104.50)	(B, NR)	05/15/18		9.000		1,819,000
	1,043	Choctaw Resort Development Enterprise, Rule 144A, Senior Notes (Callable 11/15/14 @ 100.00)‡	(B, Caa1)	11/15/19		7.250		1,027,355
	1,400	Churchill Downs, Inc., Rule 144A, Company Guaranteed Notes (Callable 12/15/16 @ 104.03)‡	(BB, B1)	12/15/21		5.375		1,417,500
	1,500	Cirsa Funding Luxembourg S.A., Rule 144A, Company Guaranteed Notes (Callable 05/15/14 @ 104.38)‡€	(B+, B3)	05/15/18		8.750		2,053,168

								6,317,023


	Gas Distribution (3.7%)
	3,469	Energy Transfer Equity LP, Senior Secured Notes	(BB, Ba2)	10/15/20		7.500		3,924,306
	1,450	Genesis Energy LP, Global Company Guaranteed Notes (Callable 02/15/17 @ 102.88)	(B, B1)	02/15/21		5.750		1,479,000
	2,092	Genesis Energy LP, Global Company Guaranteed Notes (Callable 12/15/14 @ 103.94)	(B, B1)	12/15/18		7.875		2,269,820
	3,350	Holly Energy Finance Corp., Global Company Guaranteed Notes (Callable 03/01/16 @ 103.25)	(BB-, B1)	03/01/20		6.500		3,500,750

								11,173,876


Par (000)			Ratings† (S&P/Moody’s)	Maturity	Rate%		Value

	CORPORATE BONDS
	Health Facilities (3.6%)
	$ 1,850	MPT Finance Corp., Company Guaranteed Notes (Callable 02/15/17 @ 103.19)	(BB, Ba1)	02/15/22		6.375	$	1,919,375
	1,250	MPT Finance Corp., Global Company Guaranteed Notes (Callable 05/01/16 @ 103.44)	(BB, Ba1)	05/01/21		6.875		1,337,500
	425	Service Corp. International, Senior Unsecured Notes	(BB-, B1)	11/15/21		8.000		489,813
	2,225	Symbion, Inc., Global Company Guaranteed Notes	(CCC+, Caa2)	08/23/15		11.000		2,238,906
	1,950	Symbion, Inc., Global Senior Secured Notes (Callable 06/15/14 @ 104.00)	(B, B2)	06/15/16		8.000		2,059,687
	2,100	Tenet Healthcare Corp., Global Senior Unsecured Notes	(CCC+, B3)	04/01/22		8.125		2,296,875
	500	Universal Hospital Services, Inc., Global Secured Notes (Callable 08/15/15 @ 105.72)	(B+, B3)	08/15/20		7.625		531,250

								10,873,406


	Health Services (2.6%)
	1,500	Catalent Pharma Solutions, Inc., Global Company Guaranteed Notes (Callable 10/15/14 @ 103.94)	(B, Caa1)	10/15/18		7.875		1,528,125
	2,400	MedAssets, Inc., Global Company Guaranteed Notes (Callable 11/15/14 @ 104.00)	(B, B3)	11/15/18		8.000		2,598,000
	3,704	STHI Holding Corp., Rule 144A, Secured Notes (Callable 03/15/14 @ 106.00)‡	(B, B2)	03/15/18		8.000		3,958,650

								8,084,775


	Household & Leisure Products (1.0%)
	1,600	Activision Blizzard, Inc., Rule 144A, Company Guaranteed Notes (Callable 09/15/16 @ 104.22)‡	(BB+, Ba2)	09/15/21		5.625		1,660,000
	1,250	Activision Blizzard, Inc., Rule 144A, Company Guaranteed Notes (Callable 09/15/18 @ 103.06)‡	(BB+, Ba2)	09/15/23		6.125		1,306,250

								2,966,250


	Insurance Brokerage (1.6%)
	2,300	A-S Merger Sub LLC, Rule 144A, Senior Unsecured Notes (Callable 12/15/15 @ 103.94)‡	(CCC+, Caa2)	12/15/20		7.875		2,443,750
	1,150	Hockey Merger Sub 2, Inc., Rule 144A, Senior Unsecured Notes (Callable 10/01/16 @ 105.91)‡	(CCC+, Caa2)	10/01/21		7.875		1,201,750
	700	Towergate Finance PLC, Rule 144A, Senior Secured Notes (Callable 05/15/14 @ 101.00)‡#£	(NR, B1)	02/15/18		6.014		1,164,220

								4,809,720


	lnvestments & Misc. Financial Services (1.8%)
	1,500	Arrow Global Finance PLC, Rule 144A, Senior Secured Notes (Callable 03/01/16 @ 103.94)‡£	(BB-, B2)	03/01/20		7.875		2,643,901
	1,500	Cabot Financial Luxembourg S.A., Rule 144A, Senior Secured Notes (Callable 10/01/15 @ 107.78)‡£	(BB, B1)	10/01/19		10.375		2,859,603

								5,503,504


	Leisure (0.9%)
	2,825	Six Flags Entertainment Corp., Rule 144A, Company Guaranteed Notes (Callable 01/15/16 @ 103.94)‡	(BB-, B3)	01/15/21		5.250		2,803,813


	Machinery (0.2%)
	500	BlueLine Rental Finance Corp., Rule 144A, Secured Notes (Callable 02/01/16 @ 103.50)‡	(B, B3)	02/01/19		7.000		518,125


Par (000)			Ratings† (S&P/Moody’s)	Maturity	Rate%		Value

	CORPORATE BONDS
	Media - Broadcast (1.0%)
	$ 500	CBS Outdoor Americas Capital Corp., Rule 144A, Company Guaranteed Notes (Callable 02/15/19 @ 102.81)‡	(BB-, B1)	02/15/24		5.625	$	505,000
	2,450	Sinclair Television Group, Inc., Global Unsecured Notes (Callable 10/01/17 @ 103.06)	(B, B1)	10/01/22		6.125		2,486,750

								2,991,750


	Media - Cable (3.9%)
	2,000	Altice Financing S.A., Rule 144A, Company Guaranteed Notes (Callable 12/15/16 @ 104.88)‡	(BB-, B1)	01/15/22		6.500		2,030,000
	75	Cablevision Systems Corp., Senior Unsecured Notes	(B+, B1)	04/15/18		7.750		84,469
	1,150	Cablevision Systems Corp., Senior Unsecured Notes	(B+, B1)	04/15/20		8.000		1,296,625
	525	CSC Holdings LLC, Global Senior Unsecured Notes	(BB+, Ba3)	02/15/19		8.625		616,875
	1,500	DISH DBS Corp., Global Company Guaranteed Notes	(BB-, Ba3)	09/01/19		7.875		1,715,625
	500	DISH DBS Corp., Global Company Guaranteed Notes	(BB-, Ba3)	06/01/21		6.750		535,000
	1,000	Harron Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 04/01/16 @ 104.56)‡	(B-, Caa1)	04/01/20		9.125		1,125,000
	1,250	Midcontinent Communications & Midcontinent Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 08/01/16 @ 104.69)‡	(B-, B3)	08/01/21		6.250		1,290,625
	600	Unitymedia NRW GmbH, Rule 144A, Senior Secured Notes (Callable 03/15/15 @ 103.75)‡	(BB-, Ba3)	03/15/19		7.500		657,750
	850	Virgin Media Finance PLC, Rule 144A, Company Guaranteed Notes (Callable 04/15/18 @ 103.19)‡§	(B, B2)	04/15/23		6.375		871,250
	1,000	Virgin Media Finance PLC, Rule 144A, Company Guaranteed Notes (Callable 04/15/18 @ 103.50)‡£	(B, B2)	04/15/23		7.000		1,700,971

								11,924,190


	Media - Diversified (1.4%)
	4,000	Block Communications, Inc., Rule 144A, Senior Unsecured Notes (Callable 02/01/16 @ 103.63)‡	(BB-, Ba3)	02/01/20		7.250		4,270,000


	Media - Services (2.0%)
	700	Clear Channel Worldwide Holdings, Inc., Global Company Guaranteed Notes (Callable 11/15/17 @ 103.25)	(B, B1)	11/15/22		6.500		719,250
	1,000	Clear Channel Worldwide Holdings, Inc., Series B, Global Company Guaranteed Notes (Callable 03/15/15 @ 105.72)	(B, B3)	03/15/20		7.625		1,060,000
	2,450	Clear Channel Worldwide Holdings, Inc., Series B, Global Company Guaranteed Notes (Callable 11/15/17 @ 103.25)	(B, B1)	11/15/22		6.500		2,529,625
	1,893	WMG Acquisition Corp., Rule 144A, Senior Secured Notes (Callable 01/15/16 @ 104.50)‡	(BB-, Ba3)	01/15/21		6.000		1,968,720

								6,277,595


Par (000)			Ratings† (S&P/Moody’s)	Maturity	Rate%		Value

	CORPORATE BONDS
	Medical Products (1.1%)
	$ 3,060	Polymer Group, Inc., Global Senior Secured Notes (Callable 02/01/15 @ 103.88)	(B, B1)	02/01/19		7.750	$	3,258,900


	Metals & Mining - Excluding Steel (11.2%)
	500	Arch Coal, Inc., Rule 144A, Secured Notes (Callable 01/15/16 @ 104.00)‡§	(CCC+, B3)	01/15/19		8.000		500,000
	3,100	Boart Longyear Management Pty. Ltd., Rule 144A, Company Guaranteed Notes (Callable 04/01/16 @ 103.50)‡	(B, B3)	04/01/21		7.000		2,363,750
	1,300	Boart Longyear Management Pty. Ltd., Rule 144A, Senior Secured Notes‡	(BB-, B1)	10/01/18		10.000		1,371,500
	3,750	Calcipar S.A., Rule 144A, Senior Secured Notes (Callable 05/01/15 @ 103.44)‡	(BB, Ba3)	05/01/18		6.875		3,993,750
	2,550	Eldorado Gold Corp., Rule 144A, Senior Unsecured Notes (Callable 12/15/16 @ 103.06)‡	(BB, Ba3)	12/15/20		6.125		2,448,000
	1,625	FMG Resources August 2006 Pty Ltd., Rule 144A, Company Guaranteed Notes (Callable 02/01/14 @ 103.19)‡§	(BB-, Ba2)	02/01/16		6.375		1,685,937
	515	FMG Resources August 2006 Pty Ltd., Rule 144A, Company Guaranteed Notes (Callable 11/01/14 @ 100.00)‡§	(BB-, Ba2)	11/01/15		7.000		536,269
	600	FMG Resources August 2006 Pty. Ltd., Rule 144A, Company Guaranteed Notes (Callable 11/01/15 @ 104.13)‡§	(BB-, Ba2)	11/01/19		8.250		663,000
	2,250	Global Brass & Copper, Inc., Global Senior Secured Notes (Callable 06/01/16 @ 104.75)	(B, B3)	06/01/19		9.500		2,593,125
	3,100	Kaiser Aluminum Corp., Global Company Guaranteed Notes (Callable 06/01/16 @ 104.13)	(BB-, Ba3)	06/01/20		8.250		3,503,000
	4,200	KGHM International Ltd., Rule 144A, Company Guaranteed Notes (Callable 06/15/15 @ 103.88)‡	(BB-, B1)	06/15/19		7.750		4,473,000
	1,050	Molycorp, Inc., Global Senior Secured Notes (Callable 06/01/16 @ 105.00)§	(CCC+, B3)	06/01/20		10.000		1,063,125
	3,250	Noranda Aluminum Acquisition Corp., Rule 144A, Company Guaranteed Notes (Callable 03/01/16 @ 105.50)‡	(CCC+, Caa1)	06/01/19		11.000		2,876,250
	1,100	Old AII, Inc., Global Company Guaranteed Notes (Callable 12/15/14 @ 100.00)^ø	(NR, NR)	12/15/16		10.000		110
	225	Old AII, Inc., PIK, Global Company Guaranteed Notes^ø	(NR, NR)	12/15/14		9.000		23
	3,750	Taseko Mines Ltd., Company Guaranteed Notes (Callable 04/15/15 @ 103.88)§	(B, B3)	04/15/19		7.750		3,815,625
	3,100	Xinergy Corp., Rule 144A, Senior Secured Notes (Callable 05/15/15 @ 104.63)‡	(NR, NR)	05/15/19		9.250		2,201,000

								34,087,464


	Oil Field Equipment & Services (6.2%)
	1,400	Calfrac Holdings LP, Rule 144A, Company Guaranteed Notes (Callable 12/01/15 @ 103.75)‡	(BB-, B1)	12/01/20		7.500		1,459,500


Par (000)			Ratings† (S&P/Moody’s)	Maturity	Rate%		Value

	CORPORATE BONDS
	Oil Field Equipment & Services
	$ 1,700	Pacific Drilling S.A., Reg S, Senior Unsecured Notes	(NR, NR)	02/23/15		8.250	$	1,789,250
	2,050	Parker Drilling Co., Rule 144A, Company Guaranteed Notes (Callable 01/15/18 @ 103.38)‡	(B+, B1)	07/15/22		6.750		2,098,687
	200	Parker Drilling Co., Rule 144A, Company Guaranteed Notes (Callable 08/01/16 @ 103.75)‡	(B+, B1)	08/01/20		7.500		210,750
	1,218	Permian Holdings, Inc., Rule 144A, Senior Secured Notes (Callable 07/15/15 @ 107.88)‡	(B-, B3)	01/15/18		10.500		1,211,910
	3,925	Pioneer Energy Services Corp., Global Company Guaranteed Notes (Callable 03/15/14 @ 104.94)	(B+, B2)	03/15/18		9.875		4,160,500
	2,250	Shelf Drilling Holdings Ltd., Rule 144A, Senior Secured Notes (Callable 05/01/15 @ 104.31)‡§	(B+, B1)	11/01/18		8.625		2,435,625
	3,000	Sidewinder Drilling, Inc., Rule 144A, Senior Unsecured Notes (Callable 11/15/16 @ 104.88)‡	(B-, B3)	11/15/19		9.750		2,820,000
	2,500	Trinidad Drilling Ltd., Rule 144A, Company Guaranteed Notes (Callable 01/15/15 @ 103.94)‡	(BB, B1)	01/15/19		7.875		2,687,500

								18,873,722


	Oil Refining & Marketing (3.3%)
	4,400	Coffeyville Finance, Inc., Global Secured Notes (Callable 11/01/17 @ 103.25)	(B+, B2)	11/01/22		6.500		4,477,000
	1,250	Northern Tier Finance Corp., Global Senior Secured Notes (Callable 11/15/2015 @ 105.34)	(BB-, B1)	11/15/20		7.125		1,331,250
	3,875	PBF Finance Corp., Global Senior Secured Notes (Callable 02/15/16 @ 104.13)	(BB+, Ba3)	02/15/20		8.250		4,252,812

								10,061,062


	Packaging (2.8%)
	850	Ardagh Glass Finance PLC, Rule 144A, Company Guaranteed Notes (Callable 06/15/14 @ 101.19)‡€	(CCC+, Caa1)	06/15/17		7.125		1,177,790
	200	Ardagh Holdings U.S.A., Inc., Rule 144A, Company Guaranteed Notes (Callable 01/31/17 @ 103.38)‡	(CCC+, Caa1)	01/31/21		6.750		202,000
	700	Ardagh Packaging Finance PLC, Rule 144A, Company Guaranteed Notes (Callable 10/15/15 @ 104.63)‡€	(CCC+, Caa1)	10/15/20		9.250		1,032,909
	450	Ardagh Packaging Finance PLC, Rule 144A, Senior Secured Notes (Callable 10/15/14 @ 103.69)‡€	(B+, Ba3)	10/15/17		7.375		649,327
	1,500	BWAY Holding Co., Global Company Guaranteed Notes (Callable 06/15/14 @ 105.00)	(CCC+, Caa1)	06/15/18		10.000		1,621,875
	2,475	Reynolds Group Issuer LLC, Global Company Guaranteed Notes (Callable 10/15/14 @ 104.50)	(CCC+, Caa2)	04/15/19		9.000		2,651,344
	500	Reynolds Group Issuer LLC, Global Senior Secured Notes (Callable 10/15/14 @ 103.56)	(B+, B1)	04/15/19		7.125		531,250
	500	Sealed Air Corp., Rule 144A, Company Guaranteed Notes (Callable 09/15/16 @ 104.19)‡	(BB, B1)	09/15/21		8.375		573,750

								8,440,245


Par (000)			Ratings† (S&P/Moody’s)	Maturity	Rate%		Value

	CORPORATE BONDS
	Pharmaceuticals (2.1%)
	$ 650	Capsugel Finance Co. S.C.A., Rule 144A, Company Guaranteed Notes (Callable 08/01/14 @ 107.41)‡€	(B-, B3)	08/01/19		9.875	$	972,795
	1,000	Capsugel S.A., PIK, Rule 144A, Senior Unsecured Notes (Callable 11/15/14 @ 102.00)‡	(B-, Caa1)	05/15/19		7.000		1,023,125
	1,000	Forest Laboratories, Inc., Rule 144A, Senior Unsecured Notes‡	(BB+, Ba1)	02/01/19		4.375		1,005,000
	1,750	Forest Laboratories, Inc., Rule 144A, Senior Unsecured Notes‡	(BB+, Ba1)	02/15/21		4.875		1,745,625
	675	inVentiv Health, Inc., Rule 144A, Company Guaranteed Notes (Callable 08/15/14 @ 105.00)‡	(CCC, Caa2)	08/15/18		11.000		614,250
	1,000	Valeant Pharmaceuticals International, Rule 144A, Company Guaranteed Notes (Callable 02/15/16 @ 103.38)‡	(B, B1)	08/15/21		6.750		1,072,500

								6,433,295


	Real Estate Development & Management (1.6%)
	2,650	Icahn Enterprises Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 08/01/17 @ 104.41)‡	(BBB-, Ba3)	02/01/22		5.875		2,633,438
	2,200	Rialto Corp., Rule 144A, Company Guaranteed Notes (Callable 12/01/15 @ 103.50)‡	(B, B2)	12/01/18		7.000		2,226,125

								4,859,563


	Real Estate Investment Trusts (1.3%)
	3,750	CNL Lifestyle Properties, Inc., Global Company Guaranteed Notes (Callable 04/15/15 @ 103.63)	(B, Ba3)	04/15/19		7.250		3,909,375


	Restaurants (1.1%)
	3,300	Seminole Hard Rock International LLC, Rule 144A, Company Guaranteed Notes (Callable 05/15/16 @ 104.41)‡	(BB-, B2)	05/15/21		5.875		3,267,000


	Software/Services (7.3%)
	4,000	Epicor Software Corp., Global Company Guaranteed Notes (Callable 05/01/15 @ 104.31)	(CCC+, Caa1)	05/01/19		8.625		4,360,000
	2,150	First Data Corp., Rule 144A, Senior Secured Notes (Callable 06/15/15 @ 103.69)‡	(B+, B1)	06/15/19		7.375		2,300,500
	1,500	First Data Corp., Rule 144A, Senior Secured Notes (Callable 11/01/15 @ 105.06)‡	(B+, B1)	11/01/20		6.750		1,586,250
	1,000	First Data Holdings, Inc., PIK, Rule 144A, Senior Unsecured Notes (Callable 03/13/14 @ 107.25)‡	(NR, NR)	09/24/19		14.500		930,000
	1,100	Infor U.S., Inc., Global Company Guaranteed Notes (Callable 04/01/15 @ 107.03)	(B-, Caa1)	04/01/19		9.375		1,243,000
	1,000	Infor U.S., Inc., Global Company Guaranteed Notes (Callable 04/01/15 @ 107.50)€	(B-, Caa1)	04/01/19		10.000		1,537,347


Par (000)			Ratings† (S&P/Moody’s)	Maturity	Rate%		Value

	CORPORATE BONDS
	Software/Services
	$ 3,000	NeuStar, Inc., Global Company Guaranteed Notes (Callable 01/15/18 @ 102.25)	(BB-, Ba3)	01/15/23		4.500	$	2,587,500
	1,842	Serena Software, Inc., Global Company Guaranteed Notes (Callable 03/15/14 @ 100.00)	(CCC+, Caa1)	03/15/16		10.375		1,842,000
	600	SSI Co-Issuer LLC, Global Company Guaranteed Notes (Callable 06/01/14 @ 105.56)	(CCC+, Caa1)	06/01/18		11.125		651,000
	1,600	SunGard Data Systems, Inc., Global Company Guaranteed Notes (Callable 11/15/14 @ 103.69)	(B, Caa1)	11/15/18		7.375		1,700,000
	3,250	Syniverse Holdings, Inc., Global Company Guaranteed Notes (Callable 01/15/15 @ 104.56)	(B-, Caa1)	01/15/19		9.125		3,562,813

								22,300,410


	Specialty Retail (2.2%)
	500	Academy Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 08/01/14 @ 106.94)‡	(CCC+, B3)	08/01/19		9.250		548,125
	2,700	Brown Shoe Co., Inc., Global Company Guaranteed Notes (Callable 05/15/14 @ 105.34)	(B+, B3)	05/15/19		7.125		2,878,875
	2,310	Penske Automotive Group, Inc., Global Company Guaranteed Notes (Callable 10/01/17 @ 102.88)	(B, B2)	10/01/22		5.750		2,390,850
	765	The Hertz Corp., Gloabl Company Guaranteed Notes (Callable 01/15/16 @ 103.69)	(B, B2)	01/15/21		7.375		835,763

								6,653,613


	Steel Producers/Products (1.5%)
	3,196	GrafTech International Ltd., Global Company Guaranteed Notes (Callable 11/15/16 @ 103.19)	(BB+, Ba2)	11/15/20		6.375		3,307,860
	1,150	JMC Steel Group, Inc., Rule 144A, Senior Notes (Callable 03/15/14 @ 106.19)‡	(B-, Caa1)	03/15/18		8.250		1,193,125

								4,500,985


	Support-Services (8.0%)
	1,300	CDL Acquisition Co., Inc., Rule 144A, Senior Secured Notes (Callable 04/15/16 @ 106.19)‡	(B+, B2)	10/15/18		8.250		1,355,250
	3,500	CoreLogic, Inc., Global Company Guaranteed Notes (Callable 06/01/16 @ 103.63)	(B+, B1)	06/01/21		7.250		3,766,875
	1,000	DigitalGlobe, Inc., Rule 144A, Company Guaranteed Notes (Callable 02/01/17 @ 102.63)‡	(BB, B1)	02/01/21		5.250		987,500
	500	Emdeon, Inc., Global Company Guaranteed Notes (Callable 12/31/15 @ 105.50)	(CCC+, Caa1)	12/31/19		11.000		579,375
	1,000	Europcar Groupe S.A., Rule 144A, Secured Notes‡€	(B-, Caa1)	05/15/17		11.500		1,545,776
	3,025	H&E Equipment Services, Inc., Global Company Guaranteed Notes (Callable 09/01/17 @ 103.50)	(B+, B3)	09/01/22		7.000		3,297,250
	1,750	Iron Mountain, Inc., Company Guaranteed Notes (Callable 08/15/18 @ 103.00)	(BB-, Ba1)	08/15/23		6.000		1,809,062
	1,800	Sabre, Inc., Rule 144A, Senior Secured Notes (Callable 05/15/15 @ 106.38)‡	(B, B1)	05/15/19		8.500		1,991,250
	2,075	Safway Finance Corp., Rule 144A, Secured Notes (Callable 05/15/15 @ 103.50)‡	(B, B3)	05/15/18		7.000		2,199,500
	875	The Geo Group, Inc., Global Company Guaranteed Notes (Callable 02/15/16 @ 103.31)	(B+, B1)	02/15/21		6.625		929,687
	3,000	The Geo Group, Inc., Global Company Guaranteed Notes (Callable 04/01/18 @ 102.56)	(B+, B1)	04/01/23		5.125		2,790,000


Par (000)			Ratings† (S&P/Moody’s)	Maturity	Rate%		Value

	CORPORATE BONDS
	Support-Services
	$ 2,100	United Rentals North America, Inc., Global Company Guaranteed Notes (Callable 05/15/16 @ 103.69)	(BB-, B2)	05/15/20		7.375	$	2,338,875
	625	United Rentals North America, Inc., Global Senior Unsecured Notes (Callable 02/01/16 @ 104.13)	(BB-, B2)	02/01/21		8.250		704,688

								24,295,088


	Telecom - Integrated/Services (2.6%)
	1,000	Equinix, Inc., Senior Unsecured Notes (Callable 04/01/18 @ 102.69)	(BB, Ba3)	04/01/23		5.375		985,000
	550	Hellas Telecommunications Luxembourg II S.C.A., Rule 144A, Subordinated Notes‡^ø	(NR, NR)	01/15/15		0.000		—
	1,800	Intelsat Jackson Holdings S.A., Global Company Guaranteed Notes (Callable 04/01/15 @ 103.63)	(B+, B3)	04/01/19		7.250		1,944,000
	1,250	Intelsat Jackson Holdings S.A., Global Company Guaranteed Notes (Callable 04/01/16 @ 103.75)	(B+, B3)	04/01/21		7.500		1,382,812
	1,500	Intelsat Jackson Holdings S.A., Global Company Guaranteed Notes (Callable 12/15/17 @ 103.31)	(B-, Caa1)	12/15/22		6.625		1,556,250
	700	Intelsat Luxembourg S.A., Rule 144A, Company Guaranteed Notes (Callable 06/01/17 @ 103.88)‡	(B-, Caa2)	06/01/21		7.750		753,375
	1,300	Telesat LLC, Rule 144A, Senior Unsecured Notes (Callable 05/15/14 @ 103.00)‡	(B, B3)	05/15/17		6.000		1,353,625

								7,975,062


	Telecom - Wireless (0.8%)
	1,600	Sprint Corp., Rule 144A, Company Guaranteed Notes‡	(BB-, B1)	06/15/24		7.125		1,612,000
	350	Wind Acquisition Finance S.A., Rule 144A, Secured Notes (Callable 07/15/14 @ 102.94)‡	(B+, B3)	07/15/17		11.750		369,687
	400	Wind Acquisition Finance S.A., Rule 144A, Secured Notes (Callable 07/15/14 @ 102.94)‡€	(B+, B3)	07/15/17		11.750		570,437

								2,552,124


	Telecommunications Equipment (3.3%)
	2,450	Avaya, Inc., Rule 144A, Senior Secured Notes (Callable 04/01/15 @ 103.50)‡	(B, B1)	04/01/19		7.000		2,431,625
	3,995	Brightstar Corp., Rule 144A, Company Guaranteed Notes (Callable 12/01/14 @ 104.75)‡	(B+, B1)	12/01/16		9.500		4,414,475
	3,124	Zayo Capital, Inc., Global Senior Secured Notes (Callable 07/01/15 @ 104.06)	(B, B1)	01/01/20		8.125		3,463,735

								10,309,835


	Textiles & Apparel (0.6%)
	75	IT Holding Finance S.A., Company Guaranteed Notes€ø	(NR, NR)	11/15/25		9.875		996
	1,500	Takko Luxembourg 2 S.C.A., Rule 144A, Senior Secured Notes (Callable 04/15/16 @ 104.94)‡€	(B-, B3)	04/15/19		9.875		1,900,951

								1,901,947


Par (000)			Ratings† (S&P/Moody’s)	Maturity	Rate%		Value

	CORPORATE BONDS
	Theaters & Entertainment (3.7%)
	$ 1,800	AMC Entertainment, Inc., Global Company Guaranteed Notes (Callable 06/01/14 @ 104.38)	(B-, B2)	06/01/19		8.750	$	1,921,500
	2,075	AMC Entertainment, Inc., Global Company Guaranteed Notes (Callable 12/01/15 @ 104.88)	(CCC+, Caa1)	12/01/20		9.750		2,391,437
	1,550	Carmike Cinemas, Inc., Global Secured Notes (Callable 05/15/15 @ 105.53)	(B, B2)	05/15/19		7.375		1,697,250
	250	Cinemark U.S.A., Inc., Global Company Guaranteed Notes (Callable 06/01/18 @ 102.44)	(BB-, B2)	06/01/23		4.875		237,500
	1,000	National CineMedia LLC, Global Senior Secured Notes (Callable 04/15/17 @ 103.00)	(BB-, Ba2)	04/15/22		6.000		1,045,000
	2,359	National CineMedia LLC, Global Senior Unsecured Notes (Callable 07/15/16 @ 103.94)	(B, B2)	07/15/21		7.875		2,612,593
	1,165	Regal Cinemas Corp., Global Company Guaranteed Notes (Callable 07/15/14 @ 104.31)	(B-, B2)	07/15/19		8.625		1,250,919

								11,156,199


	Tobacco (0.5%)
	1,350	Vector Group Ltd., Global Senior Secured Notes (Callable 02/15/16 @ 105.81)	(B+, Ba3)	02/15/21		7.750		1,447,875


	Transportation - Excluding Air/Rail (0.2%)
	600	Navios Maritime Finance II U.S., Inc., Rule 144A, Senior Secured Notes (Callable 01/15/17 @ 105.53)‡	(BB-, B1)	01/15/22		7.375		606,000

	TOTAL CORPORATE BONDS (Cost $370,696,104)							381,052,676


	BANK LOANS (18.1%)
	Aerospace & Defense (0.5%)
	1,500	LM U.S. Corp. Acquisition, Inc.#	(CCC, Caa2)	10/26/20		9.500		1,537,500


	Banking (0.5%)
	1,500	Ascensus, Inc.#	(CCC+, Caa1)	12/11/20		9.000		1,535,625


	Beverages (0.9%)
	1,260	Atrium Innovations#	(CCC+, Caa2)	07/13/21		7.750		1,287,569
	1,500	Del Monte Foods, Inc.#	(CCC+, Caa1)	08/18/21		8.250		1,523,910

								2,811,479


	Chemicals (3.0%)
	1,965	Ascend Performance Materials Operations LLC#	(B+, B2)	04/10/18		6.750		1,896,225
	2,000	Oxbow Carbon & Minerals Holdings, Inc.#	(BB-, B2)	01/18/20		8.000		2,062,500
	3,000	Ravago Holdings America, Inc.#	(BB-, B2)	12/18/20		5.500		3,016,890
	2,000	Royal Adhesives and Sealants#	(CCC+, Caa2)	01/31/19		9.750		2,030,000

								9,005,615


	Consumer Products (1.0%)
	3,000	Ranpak Corp.#	(B-, Caa1)	04/23/20		8.500		3,090,000


	Diversified Capital Goods (0.6%)
	867	Flint Group Holdings Sarl#	(NR, NR)	06/30/18		7.334		836,319
	1,222	Flint Group Holdings Sarl#	(NR, NR)	12/31/18		7.334		1,116,687

								1,953,006


	Energy - Exploration & Production (0.8%)
	1,750	Delek Benelux B.V. #€	(NR, NR)	02/08/17		5.365		2,361,438


Par (000)			Ratings† (S&P/Moody’s)	Maturity		Rate%		Value

	BANK LOANS
	Financial Services (0.7%)
	$ 2,000	MergerMarket U.S.A.#	(CCC+, Caa2)		01/07/22		7.500	$	2,015,000


	Gaming (1.2%)
	2,000	CityCenter Holdings LLC#	(B+, B3)		10/16/20		5.000		2,026,880
	2,000	CKX Entertainment, Inc.#	(B+, B1)		06/21/17		9.000		1,750,000

									3,776,880


	Health Services (0.3%)
	907	Catalent Pharma Solutions, Inc.#	(B, Caa1)		12/31/17		6.500		921,739


	Hotels (0.6%)
	1,750	Four Seasons Holdings, Inc.#	(B-, Caa1)		12/28/20		6.250		1,798,125


	Investments & Misc. Financial Services (0.7%)
	1,975	StoneRiver Group LP#	(CCC+, Caa1)		05/29/20		8.500		2,001,659


	Leisure (0.3%)
	815	Deluxe Entertainment Services Group, Inc.#	(CCC+, B2)		07/03/17		8.000		818,432


	Machinery (0.7%)
	2,250	CPM Acquisition Corp.#	(B, Caa1)		03/01/18		10.250		2,278,125


	Oil Field Equipment & Services (0.7%)
	2,000	Shelf Drilling Holdings Ltd.#	(B+, B2)		10/08/18		10.000		2,038,750


	Printing & Publishing (0.7%)
	1,217	Harland Clarke Holdings Corp.#	(B+, B1)		06/30/17		5.497		1,226,016
	4,445	hibu PLC#	(NR, NR)		07/31/14		3.909		1,001,188

									2,227,204


	Software/Services (2.0%)
	1,539	Decision Insight Information Group U.S.#	(B, B1)		01/04/17		7.000		1,540,261
	2,000	SafeNet, Inc.#	(B, B3)		04/12/15		6.159		1,998,760
	2,500	Wall Street Systems Holdings, Inc.#	(B-, Caa2)		10/25/20		9.250		2,521,875

									6,060,896


	Specialty Retail (0.8%)
	2,500	BJ’s Wholesale Club, Inc.#	(CCC, Caa2)		03/31/20		8.500		2,580,737


	Support-Services (0.5%)
	1,500	Redtop Acquisitions Ltd.#	(CCC+, B3)		06/03/21		8.250		1,535,625


Par (000)			Ratings† (S&P/Moody’s)	Maturity	Rate%		Value

	BANK LOANS
	Telecom - Integrated/Services (1.0%)
	$ 2,000	Coronado Guarantor LLC#	(CCC+, Caa1)	05/25/21		8.750	$	2,025,000
	949	LTS Buyer LLC#	(CCC+, Caa1)	03/28/21		8.000		971,283

								2,996,283


	Telecom - Wireless (0.6%)
	2,000	Maritime Telecommunications Network, Inc.#	(B+, NR)	03/04/16		7.500		1,740,000


	Theaters & Entertainment (0.0%)
	2	Technicolor S.A.#^	(CCC+, NR)	05/26/17		9.350		1,931

	TOTAL BANK LOANS (Cost $55,334,055)							55,086,049


	ASSET BACKED SECURITIES (0.9%)
	Collateralized Debt Obligations (0.9%)
	2,000	CIFC Funding Ltd., 2013-4A, Rule 144A‡#	(NR, Ba3)	11/27/24		5.006		1,843,178
	1,000	Shackleton I CLO Ltd., 2012-1A, Rule 144A‡#	(BB, NR)	08/14/23		6.439		999,837

	TOTAL ASSET BACKED SECURITIES (Cost $2,789,550)							2,843,015


Number of Shares

	COMMON STOCKS (0.2%)
	Building & Construction (0.1%)
	22,800	Ashton Woods U.S.A. LLC, Class B^*						339,948


	Building Materials (0.0%)
	619	Dayton Superior Corp.^*						—


	Chemicals (0.0%)
	4,893	Huntsman Corp.						107,255


	Gaming (0.0%)
	55,100	Majestic Holdco LLC						44,080


	Media - Broadcast (0.1%)
	43,413	Cumulus Media, Inc., Class A*						290,433

	TOTAL COMMON STOCKS (Cost $398,239)							781,716


	PREFERRED STOCK (0.0%)
	Building Materials (0.0%)
	688	Dayton Superior Corp.^* (Cost $250,835)						—


	WARRANT (0.0%)
	Printing & Publishing (0.0%)
	5,735	The Readers Digest Association, Inc., strike price $0.00, expires 02/19/14^* (Cost $—)						—


	SHORT-TERM INVESTMENTS (4.1%)
	9,560,133	State Street Navigator Prime Portfolio, 0.05%§§						9,560,133



Par (000)			Maturity	Rate%		Value

	SHORT-TERM INVESTMENTS
	$ 2,930	State Street Bank and Trust Co. Euro Time Deposit	02/03/14		0.010	$	2,930,000


	TOTAL SHORT-TERM INVESTMENTS (Cost $12,490,133)						12,490,133


	TOTAL INVESTMENTS AT VALUE (148.3%) (Cost $441,958,916)						452,253,589

	LIABILITIES IN EXCESS OF OTHER ASSETS (-48.3%)						(147,369,154	)


	NET ASSETS (100.0%)					$	304,884,435

INVESTMENT ABBREVIATIONS

NR = Not Rated

PIK = Payment in Kind

Reg S = Regulation S

†	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 January 31, 2014, these securities amounted to a value of $174,864,619 or 57.4% of net assets.

§	Security or portion thereof is out on loan.

€	This security is denominated in Euro.

#	Variable rate obligations — The interest rate is the rate as of January 31, 2014.

£	This security is denominated in British Pound.

^	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.

ø	Bond is currently in default.

*	Non-income producing security.

§§	Represents security purchased with cash collateral received for securities on loan. The rate shown is the annualized one-day yield at January 31, 2014.

At January 31, 2014, Open Forward Foreign Currency Contracts were as follows:


Forward Foreign Currency to be Purchased (Local)	Forward Foreign Currency to be Sold (Local)	Expiration Date	Counterparty	Value on Settlement Date			Current Value			Net Unrealized Appreciation/ (Depreciation)
EUR 3,600,000	USD 4,867,326	04/16/14	Morgan Stanley	$	4,867,326		$	4,854,931		$	(12,395	)
USD 23,358,087	EUR 17,100,000	04/16/14	Morgan Stanley		(23,358,087	)		(23,060,923	)		297,164
USD 8,508,760	GBP 5,200,000	04/16/14	Morgan Stanley		(8,508,760	)		(8,541,365	)		(32,605	)

										$	252,164

Currency Abbreviations:

EUR = Euro

GBP = British Pound

USD = United States Dollar

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. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Short-term fixed income securities that will mature in 60 days or less may be valued at amortized cost. Structured note agreements are valued in accordance with a dealer-supplied valuation based on changes in the value of the underlying index. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Forward contracts are valued at the London closing spot rates and the London closing forward point rates on a daily basis. The currency forward contract pricing model derives the differential in point rates to the expiration date of the forward and calculates its present value. The forward is valued at the net of the present value and the spot rate and are generally categorized as Level 2. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The Fund may utilize a service provided by an independent third party which has been approved by the Board of Trustees to fair value certain securities. When fair value pricing is employed, the prices of securities used by the Fund to calculate its net asset value may differ from quoted or published prices for the same securities. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the investment adviser to be unreliable, the market price may be determined by the investment adviser using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP established a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are 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 methodologies used to value 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 January 31, 2014 in valuing the Fund’s assets and liabilities carried at fair value:


	Level 1		Level 2		Level 3		Total
Investments in Securities
Corporate Bonds	$	—	$	381,046,760	$	5,916	$	381,052,676
Bank Loans		—		42,330,861		12,755,188		55,086,049
Asset Backed Securities		—		2,843,015		—		2,843,015
Common Stocks		397,688		44,080		339,948		781,716
Preferred Stock		—		—		0		0
Warrant		—		—		0		0
Short-term Investments		—		12,490,133		—		12,490,133
Other Financial Instruments*
Forward Foreign Currency Contracts		—		252,164		—		252,164

	$	397,688	$	439,007,013	$	13,101,052	$	452,505,753

*	Other financial instruments include unrealized appreciation/(depreciation) on forward foreign currency contracts.

The following is a reconciliation of investments as of January 31, 2014 in which significant unobservable inputs (Level 3) were used in determining value. Transfers in or out of Level 3 represent the ending value of any security or instrument where a change in the level has occurred from the beginning to the end of the period.


	Corporate Bonds			Bank Loans		Asset Backed Securities			Common Stocks		Preferred Stock		Warrant		Total
Balance as of October 31, 2013	$	7,818		$	—	$	1,793,400		$	339,948	$	0	$	0	$	2,141,166
Accrued discounts/premiums		0			341		4,049			—		—		—		4,390
Purchases		(1,902	)		1,477,500		—			—		—		—		1,475,598
Sales		—			—		—			—		—		—		—
Realized gain/(loss)		—			—		—			—		—		—		—
Change in unrealized appreciation/(depreciation)		0			57,784		45,729			—		—		—		103,513
Transfers into Level 3		—			11,219,563		—			—		—		—		11,219,563
Transfers out of Level 3		—			—		(1,843,178	)		—		—		—		(1,843,178	)

Balance as of January 31, 2014	$	5,916		$	12,755,188	$	—		$	339,948	$	0	$	0	$	13,101,052


Net change in unrealized appreciation/(depreciation) from investments still held as of January 31, 2014	$	0		$	57,784	$	0		$	0	$	0	$	0	$	57,784

The Fund follows Financial Accounting Standards Board (“FASB”) amendments to authoritative guidance which require the Fund to disclose details of transfers in and out of Level 1 and Level 2 measurements and Level 2 and Level 3 measurements and the reasons for the transfers. For the quarter ended January 31, 2014, there were no transfers in and out of Level 1 and Level 2, but there was $11,219,563 transferred out from Level 2 to Level 3, due to lack of observable market data because of decrease in market activity. $1,843,178 transferred out from Level 3 to Level 2 as a result of the availability of a pricing source supported by observable inputs. All transfers are assumed to occur at the end of the reporting period.

Federal Income Tax Cost — At January 31, 2014, the cost of investments (excluding foreign currency related transactions) and net unrealized appreciation/(depreciation) for income tax purposes were as follows:


Cost of investments	$	441,958,916

Unrealized appreciation	$	17,928,859
Unrealized depreciation		(7,634,186	)

Net unrealized appreciation/(depreciation)	$	10,294,673

Other information regarding the Fund is available in the most recent Report to Shareholders. This information is also available on the Fund’s website at www.credit-suisse.com/us/funds as well as on the website of the Securities and Exchange Commission at www.sec.gov.

Item 2:

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 and Exchange Act of 1934.

(b) There were no changes in the 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 quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3:

Exhibits

1.	The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits 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/John G. Popp

Name:

John G. Popp

Title:

Chief Executive Officer and President

Date:

March 18, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/John G. Popp

Name:

John G. Popp

Title:

Chief Executive Officer and President

Date:

March 18, 2014

/s/Bruce S. Rosenberg

Name:

Bruce S. Rosenberg

Title:

Chief Financial Officer

Date:

March 18, 2014