N-CSRS 1 a07-17597_19ncsrs.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

811-08927

 

CREDIT SUISSE GLOBAL HIGH YIELD FUND, INC.

(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 Global High Yield Fund, Inc.
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:

 December 31

 

 

Date of reporting period:

January 1, 2007 to June 30, 2007

 

 




Item 1. Reports to Stockholders.




CREDIT SUISSE
INSTITUTIONAL FUND

Semiannual Report

June 30, 2007

(unaudited)

n  CREDIT SUISSE
GLOBAL HIGH YIELD FUND

The Fund's investment objectives, risks, charges and expenses (which should be considered carefully before investing), and more complete information about the Fund, are provided in the Prospectus, which should be read carefully before investing. You may obtain additional copies by calling 800-222-8977 or by writing to Credit Suisse Institutional Fund, P.O. Box 55030, Boston, MA 02205-5030.

Credit Suisse Asset Management Securities, Inc., Distributor, is located at Eleven Madison Avenue, New York, NY 10010. Credit Suisse Institutional Fund is advised by Credit Suisse Asset Management, LLC.



The views of the Fund's management are as of the date of the letter and the Fund holdings described in this document are as of June 30, 2007; these views and Fund holdings may have changed subsequent to these dates. Nothing in this document is a recommendation to purchase or sell securities.

Fund shares are not deposits or other obligations of Credit Suisse Asset Management, LLC ("Credit Suisse") or any affiliate, are not FDIC-insured and are not guaranteed by Credit Suisse or any affiliate. Fund investments are subject to investment risks, including loss of your investment.




Credit Suisse Global High Yield Fund

Semiannual Investment Adviser's Report

June 30, 2007 (unaudited)

July 27, 2007

Dear Shareholder:

Performance Summary

1/01/07 – 06/30/07

Fund & Benchmark   Performance  
Credit Suisse Global High Yield Fund1      4.30 %  
Merrill Lynch Global High Yield Constrained Index2      3.34 %  

 

Market Review: Lower-rated issuers outperform the broad market

For the semiannual period ended June 30, 2007, the high yield market, as measured by the Merrill Lynch Global High Yield Constrained Index, returned 3.34%.

Lower-rated issuers outperformed the broader market for the period with CCC-rated securities returning 5.70%. Additionally, B-rated securities slightly outperformed the market at 3.36%, while BB-rated securities underperformed at 1.94%. High yield spreads widened 3 basis points relative to the Treasury market to end the period at 297 basis points.

Credit fundamentals continued to be firm as default rates, reported by Moody's Investor Services, continue to hover near 10-year lows at 1.38%. Equally supportive of fundamentals is the Merrill Lynch distress ratio, a leading indicator for future default rates, which has remained near 15 year-lows of 1.2% for the period.

Against this fundamental backdrop, the technical environment has been pressured the past few months as the new issue calendar continues to grow. Year-to-date, $95.3 billion in new issues came into the U.S. Dollar high yield market. This represents a 50% increase over the same period last year. Supply pressures are likely to remain near-term as the high yield market digests an estimated $80 billion in new issues through year-end. In addition, mutual fund outflows for the past four weeks have also strained market technicals.

Over the period, nearly all sectors in the broad market posted positive returns. Auto parts, transportation, and metals/mining outperformed the market while builders, auto loans and hotels underperformed.

Strategic Review and Outlook: High yield market is vulnerable to external shocks

For the six-month period ended June 30, 2007, the Fund returned 4.30% as compared to 3.34% for the benchmark. In terms of industry exposures, superior security selection in telecom-integrated, media-cable, media-broadcast and diversified capital contributed to performance. An underweight to metals/mining hurt relative returns.


1



Credit Suisse Global High Yield Fund

Semiannual Investment Adviser's Report (continued)

June 30, 2007 (unaudited)

The Fund continues to benefit from an underweight to BB-rated securities as the compression between lower rated securities and the broad market has persisted. We have, however, used the recent Treasury weakening as an opportunity to partially cover this underweight as the BB index now yields 7.25%.

At the sector level, we remain constructive on corporate spending and the commercial cycle broadly. In contrast, we have grown more cautious with respect to consumer driven sectors given high energy prices and weak housing data. Additionally, we are maintaining an overweight in the cable sector as we expect product bundling will continue to support subscriber and margin growth.

The recent equity volatility in February combined with fears from subprime lending in June has proven that the high yield market is vulnerable to external shocks. We believe it may display some volatility in the future. While the new issue calendar will continue to pressure in the near-term, the recent spread widening has brought valuations more in-line to fair value. We will look for opportunities to add exposure in new issues with cheaper pricing and better covenants as well as higher yielding BB-rated securities.

The Credit Suisse High Yield Management Team

Martha Metcalf

Wing Chan

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

International investing entails special risk considerations, including currency fluctuations, lower liquidity, economic and political risks, and differences in accounting methods; these risks are generally heightened for emerging- market investments. The Fund may include a greater degree of risk than other funds that invest in larger, more-developed markets.

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.


2



Credit Suisse Global High Yield Fund

Semiannual Investment Adviser's Report (continued)

June 30, 2007 (unaudited)

Average Annual Returns as of June 30, 20071

1 Year   5 Years   10 Years   Since
Inception
  Inception
Date
 
  12.20 %     11.59 %     5.61 %     7.19 %     2/26/93    

 

Returns represent past performance and include change in share price and reinvestment of dividends and capital gains. Past performance cannot guarantee future results. The current performance of the Fund may be lower or higher than the figures shown. Returns and share price will fluctuate, and redemption value may be more or less than original cost. The performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Performance information current to the most recent month-end is available at www.credit-suisse.com/us.

1  Fee waivers and/or expense reimbursements may reduce expenses for the Fund, without which performance would be lower. Waivers and/or reimbursements may be discontinued at any time.

2  The Merrill Lynch Global High Yield Constrained Index tracks the performance of below investment grade bonds of corporate issuers domiciled in countries having an investment grade foreign currency long term debt rating; any individual issuer is capped at 2%. Index performance began on January 1, 1998. Investors cannot invest directly in an index.


3



Credit Suisse Global High Yield Fund

Semiannual Investment Adviser's Report (continued)

June 30, 2007 (unaudited)

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads), redemption fees and account maintenance fees, which are not shown in this section and which would result in higher total expenses. The following table is intended to help you understand your ongoing expenses of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. The table is based on an investment of $1,000 made at the beginning of the six month period ended June 30, 2007.

The table illustrates your Fund's expenses in two ways:

Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs had been included, your costs would have been higher. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expenses of owning different funds.


4



Credit Suisse Global High Yield Fund

Semiannual Investment Adviser's Report (continued)

June 30, 2007 (unaudited)

Expenses and Value of a $1,000 Investment
for the six month period ended June 30, 2007

Actual Fund Return  
Beginning Account Value 1/1/07   $ 1,000.00    
Ending Account Value 6/30/07   $ 1,043.00    
Expenses Paid per $1,000*   $ 3.55    
Hypothetical 5% Fund Return  
Beginning Account Value 1/1/07   $ 1,000.00    
Ending Account Value 6/30/07   $ 1,021.32    
Expenses Paid per $1,000*   $ 3.51    
Annualized Expense Ratios*     0.70 %  

 

*  Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year period, then divided by 365.

  The "Expenses Paid per $1,000" and the "Annualized Expense Ratios" in the tables are based on actual expenses paid by the Fund during the period, net of fee waivers and/or expense reimbursements. If those fee waivers and/or expense reimbursements had not been in effect, the Fund's actual expenses would have been higher.

For more information, please refer to the Fund's prospectus.


5



Credit Suisse Global High Yield Fund

Semiannual Investment Adviser's Report (continued)

June 30, 2007 (unaudited)

Credit Quality Breakdown*

Ratings
S&P
 
BBB     1.4 %  
BB     19.9 %  
B     51.6 %  
CC     0.5 %  
CCC     24.6 %  
D     0.2 %  
NR     1.0 %  
Subtotal     99.2 %  
Short-Term Investment     0.8 %  
Total     100.0 %  

 

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


6




Credit Suisse Global High Yield Fund

Schedule of Investments

June 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS (85.2%)      
Aerospace & Defense (1.9%)      
$ 25     DRS Technologies, Inc., Company Guaranteed
Notes (Callable 02/01/11 @ $103.81)§
  (B, B3)   02/01/18     7.625     $ 25,375    
  75     DRS Technologies, Inc., Global Senior
Subordinated Notes (Callable 11/01/08 @
$103.44)
  (B, B3)   11/01/13     6.875       73,125    
  125     Hawker Beechcraft Acquisition Co., Rule 144A,
Senior Notes (Callable 04/01/11 @ $104.25)‡
  (B-, B3)   04/01/15     8.500       129,375    
  75     Hawker Beechcraft Acquisition Co., Rule 144A,
Senior Subordinated Notes (Callable 04/01/12 @
$104.88)‡§
  (B-, Caa1)   04/01/17     9.750       78,563    
  125     K&F Acquisition, Inc., Global Company
Guaranteed Notes (Callable 11/15/09 @ $103.88)
  (B-, Caa1)   11/15/14     7.750       133,125    
  50     L-3 Communications Corp., Global Company
Guaranteed Notes (Callable 07/15/08 @ $103.06)§
  (BB+, Ba3)   07/15/13     6.125       47,500    
  125     L-3 Communications Corp., Global Senior
Subordinated Notes (Callable 01/15/10 @ $102.94)
  (BB+, Ba3)   01/15/15     5.875       116,562    
  100     TransDigm, Inc., Global Company Guaranteed
Notes (Callable 07/15/09 @ $105.81)
  (B-, B3)   07/15/14     7.750       101,500    
  25     TransDigm, Inc., Rule 144A, Senior Subordinated
Notes (Callable 07/15/09 @ $105.81)‡
  (B-, B3)   07/15/14     7.750       25,375    
                      730,500    
Agriculture (0.2%)      
  75     Southern States Cooperative, Inc., Rule 144A,
Senior Notes (Callable 11/01/07 @ $108.00)‡
  (B, Caa1)   11/01/10     10.500       79,500    
Auto Loans (3.8%)      
  100     Ford Motor Credit Co. LLC, Global Notes   (B, B1)   06/15/10     7.875       100,046    
  250     Ford Motor Credit Co. LLC, Senior Unsecured Notes§   (B, B1)   12/15/16     8.000       239,849    
  310     Ford Motor Credit Co., Global Notes§   (B, B1)   10/01/13     7.000       287,566    
  150     Ford Motor Credit Co., Notes   (B, B1)   06/16/08     6.625       149,933    
  325     General Motors Acceptance Corp., Global Notes§   (BB+, Ba1)   12/01/14     6.750       311,682    
  350     GMAC LLC, Senior Unsubordinated Notes   (BB+, Ba1)   12/15/11     6.000       333,063    
                      1,422,139    
Automobile Parts & Equipment (1.3%)      
  75     Altra Industrial Motion, Inc., Global Secured
Notes (Callable 12/01/08 @ $104.50)#
  (CCC+, B2)   12/01/11     9.000       78,000    
  150     Goodyear Tire & Rubber Co., Global Senior
Notes (Callable 07/01/10 @ $104.50)§
  (B, Ba3)   07/01/15     9.000       162,375    
  50     Goodyear Tire & Rubber Co., Rule 144A, Senior
Notes‡#
  (B, Ba3)   12/01/09     9.135       50,375    
  32     Goodyear Tire & Rubber Co., Rule 144A, Senior
Notes (Callable 12/01/09 @ $104.31)‡
  (B, Ba3)   12/01/11     8.625       33,840    
  100     Stanadyne Corp., Global Senior Subordinated
Notes (Callable 08/15/09 @ $105.00)
  (CCC+, Caa1)   08/15/14     10.000       106,250    
  50     Visteon Corp., Global Senior Notes§   (CCC+, Caa2)   08/01/10     8.250       49,875    
                      480,715    

 

See Accompanying Notes to Financial Statements.
7



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Automotive (2.3%)      
$ 175     Ford Motor Co., Global Notes§   (CCC+, Caa1)   07/16/31     7.450     $ 140,656    
  485     General Motors Corp., Global Debentures§   (B-, Caa1)   07/15/33     8.375       444,988    
  300     General Motors Corp., Global Senior Notes§   (B-, Caa1)   07/15/13     7.125       282,375    
                      868,019    
Beverages (0.3%)      
  125     Constellation Brands, Inc., Company Guaranteed
Notes§
  (BB-, Ba3)   09/01/16     7.250       122,500    
Brokerage (0.2%)      
  75     E*TRADE Financial Corp., Senior Unsecured
Notes (Callable 12/01/10 @ $103.94)§
  (BB-, Ba2)   12/01/15     7.875       78,469    
Building & Construction (1.6%)      
  100     Ashton Woods USA/Finance, Global Senior
Subordinated Notes (Callable 10/01/10 @
$104.75)
  (B-, B3)   10/01/15     9.500       93,000    
  100     Beazer Homes USA, Inc., Global Company
Guaranteed Notes (Callable 04/15/08 @ $102.79)
  (BB, Ba2)   04/15/12     8.375       95,000    
  100     K Hovnanian Enterprises, Inc., Global Company
Guaranteed Notes§
  (BB, Ba3)   01/15/16     6.250       85,500    
  125     KB Home, Senior Notes   (BB+, Ba1)   06/15/15     6.250       110,625    
  75     Standard Pacific Corp., Global Senior Notes§   (BB, Ba3)   08/15/15     7.000       66,375    
  50     Technical Olympic USA, Inc., Rule 144A, Senior
Notes‡#
  (B-, Caa1)   04/01/11     9.000       47,250    
  50     WCI Communities, Inc., Global Company
Guaranteed Notes (Callable 03/15/10 @ $103.31)
  (B+, Caa1)   03/15/15     6.625       45,250    
  75     William Lyon Homes, Inc., Global Senior Notes
(Callable 12/15/08 @ $103.81)
  (B, Caa1)   12/15/12     7.625       64,500    
                      607,500    
Building Materials (1.6%)      
  100     Building Materials Corp., Global Company
Guaranteed Notes (Callable 08/01/09 @ $103.88)
  (BB-, B2)   08/01/14     7.750       97,500    
  100     Coleman Cable, Inc., Global Company Guaranteed
Notes (Callable 10/01/08 @ $104.94)
  (B, B2)   10/01/12     9.875       105,000    
  50     General Cable Corp., Rule 144A, Senior Notes
(Callable 04/01/12 @ $103.56)‡
  (B+, B1)   04/01/17     7.125       49,750    
  75     Goodman Global Holding Company, Inc., Global
Senior Subordinated Notes (Callable 12/15/08
@ $103.94)§
  (B-, B3)   12/15/12     7.875       74,625    
  75     Norcraft Companies, Global Senior Subordinated
Notes (Callable 11/01/07 @ $104.50)
  (B-, B1)   11/01/11     9.000       77,812    
  75     Nortek, Inc., Global Senior Subordinated Notes
(Callable 09/01/09 @ $104.25)
  (CCC+, B3)   09/01/14     8.500       71,813    
  125     Ply Gem Industries, Inc., Global Senior
Subordinated Notes (Callable 02/15/08 @
$104.50
  (CCC+, Caa1)   02/15/12     9.000       112,969    
                      589,469    

 

See Accompanying Notes to Financial Statements.
8



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Chemicals (2.8%)      
$ 100     KI Holdings, Inc., Global Senior Discount Notes
(Callable 11/15/09 @ $104.94)+
  (B-, B3)   11/15/14     0.000     $ 86,000    
  100     Lyondell Chemical Co., Global Company
Guaranteed Notes (Callable 06/01/08 @ $105.25)§
  (BB+, Ba2)   06/01/13     10.500       108,500    
  150     Lyondell Chemical Co., Global Company
Guaranteed Notes (Callable 09/15/10 @ $104.00)
  (B+, B1)   09/15/14     8.000       154,875    
  150     Lyondell Chemical Co., Global Company
Guaranteed Notes (Callable 09/15/11 @ $104.13)
  (B+, B1)   09/15/16     8.250       157,500    
  110     Momentive Performance Materials, Inc.,
Rule 144A, Senior Subordinated Notes
(Callable 12/01/11 @ $105.75)‡§
  (CCC+, Caa2)   12/01/16     11.500       111,650    
  50     Momentive Performance, Rule 144A, Company
Guaranteed Notes (Callable 12/01/10 @ $104.88)‡
  (B-, B3)   12/01/14     9.750       50,750    
  100     Mosaic Co., Rule 144A, Senior Notes (Callable
12/01/11 @ $103.81)‡
  (BB-, B1)   12/01/16     7.625       102,750    
  100     Nalco Finance Holdings, Inc., Global Senior
Notes (Callable 02/01/09 @ $104.50)+§
  (B-, B3)   02/01/14     0.000       91,500    
  4     PolyOne Corp., Global Company Guaranteed
Notes (Callable 05/15/08 @ $102.66)
  (B+, B2)   05/15/10     10.625       4,210    
  75     PolyOne Corp., Senior Notes§   (B+, B2)   05/01/12     8.875       74,812    
  100     Terra Capital, Inc., Global Company Guaranteed
Notes (Callable 02/01/12 @ $103.50)
  (BB-, B1)   02/01/17     7.000       97,000    
                      1,039,547    
Computer Hardware (0.2%)      
  75     Activant Solutions, Inc., Global Company
Guaranteed Notes (Callable 05/01/11 @ $104.75)
  (CCC+, Caa1)   05/01/16     9.500       74,063    
Consumer Products (1.6%)      
  175     AAC Group Holding Corp., Global Senior Discount
Notes (Callable 10/01/08 @ $105.13)+§
  (CCC+, B3)   10/01/12     0.000       158,375    
  125     Amscan Holdings, Inc., Global Senior
Subordinated Notes (Callable 05/01/09 @
$104.38)
  (CCC+, Caa1)   05/01/14     8.750       124,062    
  100     Del Laboratories, Inc., Global Company
Guaranteed Notes (Callable 02/01/08 @ $104.00)§
  (CCC-, Caa2)   02/01/12     8.000       96,500    
  100     Jarden Corp., Company Guaranteed Notes
(Callable 05/01/12 @ $103.75)§
  (B-, B3)   05/01/17     7.500       99,250    
  65     Playtex Products, Inc., Global Company
Guaranteed Notes (Callable 06/01/08 @ $103.12)§
  (B-, Caa1)   06/01/11     9.375       67,113    
  75     Prestige Brands, Inc., Global Senior Subordinated
Notes (Callable 04/15/08 @ $104.63)
  (B-, B3)   04/15/12     9.250       77,250    
                      622,550    
Diversified Capital Goods (1.9%)      
  125     Actuant Corp., Rule 144A, Senior Notes (Callable
06/15/12 @ $103.44)‡§
  (BB-, Ba2)   06/15/17     6.875       124,375    

 

See Accompanying Notes to Financial Statements.
9



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Diversified Capital Goods      
$ 125     Esco Corp., Rule 144A, Senior Notes (Callable
12/15/10 @ $104.31)‡
  (B, B2)   12/15/13     8.625     $ 131,875    
  75     Mueller Water Products, Inc., Rule 144A, Senior
Subordinated Notes (Callable 06/01/12 @
$103.69)‡
  (B, B3)   06/01/17     7.375       74,746    
  150     RBS Global & Rexnord Corp., Global Company
Guaranteed Notes (Callable 08/01/10 @ $104.75)
  (CCC+, B3)   08/01/14     9.500       154,500    
  50     Sensus Metering Systems, Global Senior
Subordinated Notes (Callable 12/15/08 @
$104.31)
  (B-, B3)   12/15/13     8.625       51,000    
  100     Titan International, Inc., Global Company
Guaranteed Notes
  (B, B3)   01/15/12     8.000       103,250    
  77     TriMas Corp., Global Company Guaranteed Notes
(Callable 06/15/08 @ $103.29)
  (B-, B3)   06/15/12     9.875       79,502    
                      719,248    
Electric - Generation (3.8%)      
  225     AES Corp., Senior Notes   (B, B1)   03/01/14     7.750       226,687    
  250     Dynegy Holdings, Inc., Global Senior Unsecured
Notes
  (B-, B2)   05/01/16     8.375       245,625    
  125     Dynegy Holdings, Inc., Rule 144A, Senior Notes‡   (B-, B2)   06/01/15     7.500       118,281    
  75     Edison Mission Energy, Rule 144A, Senior Notes‡   (BB-, B1)   05/15/17     7.000       71,063    
  250     Midwest Generation LLC, Series B, Global Pass
Thru Certificates
  (BB+, Ba2)   01/02/16     8.560       267,188    
  175     NRG Energy, Inc., Company Guaranteed Notes
(Callable 01/15/12 @ $103.69)
  (B, B1)   01/15/17     7.375       176,094    
  75     NRG Energy, Inc., Company Guaranteed Notes
(Callable 02/01/10 @ $103.63)
  (B, B1)   02/01/14     7.250       75,375    
  50     NRG Energy, Inc., Company Guaranteed Notes
(Callable 02/01/11 @ $103.69)
  (B, B1)   02/01/16     7.375       50,250    
  225     Reliant Energy, Inc., Senior Notes§   (B-, B3)   06/15/14     7.625       220,500    
                      1,451,063    
Electric - Integrated (0.6%)      
  100     Mirant North America LLC, Global Company
Guaranteed Notes (Callable 12/31/09 @ $103.69)
  (B-, B2)   12/31/13     7.375       102,750    
  125     Sierra Pacific Resources, Global Senior Unsecured
Notes (Callable 08/15/10 @ $103.38)§
  (B, B1)   08/15/17     6.750       123,508    
                      226,258    
Electronics (1.9%)      
  150     Amkor Technology, Inc., Global Senior Notes
(Callable 05/15/08 @ $103.88)
  (B, B1)   05/15/13     7.750       144,937    
  38     Ampex Corp., Secured Notes^   (NR, NR)   08/15/08     12.000       37,631    
  300     Freescale Semiconductor, Inc., Rule 144A, Senior
Notes (Callable 12/15/10 @ $104.44)‡§
  (B, B1)   12/15/14     8.875       288,000    

 

See Accompanying Notes to Financial Statements.
10



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Electronics      
$ 57     GrafTech Finance, Inc., Global Company
Guaranteed Notes (Callable 02/15/08 @ $103.42)§
  (B, B2)   02/15/12     10.250     $ 59,993    
  100     Spansion, Inc., Rule 144A, Senior Notes
(Callable 01/15/11 @ $105.62)‡§
  (B, Caa1)   01/15/16     11.250       103,500    
  100     Viasystems, Inc., Global Senior Unsecured Notes
(Callable 01/15/08 @ $105.25)
  (B-, Caa1)   01/15/11     10.500       102,500    
                      736,561    
Energy - Exploration & Production (3.5%)      
  75     Chaparral Energy, Inc., Rule 144A, Senior Notes
(Callable 02/01/12 @ $104.44)‡
  (CCC+, Caa1)   02/01/17     8.875       74,437    
  276     Chesapeake Energy Corp., Senior Notes
(Callable 01/15/09 @ $103.44)
  (BB, Ba2)   01/15/16     6.875       271,170    
  125     Encore Acquisition Co., Company Guaranteed
Notes (Callable 12/01/10 @ $103.63)
  (B, B1)   12/01/17     7.250       115,625    
  100     Forest Oil Corp., Global Company Guaranteed
Notes (Callable 05/01/08 @ $102.58)§
  (B+, B1)   05/01/14     7.750       101,500    
  150     Hilcorp Energy I, Rule 144A, Senior Notes
(Callable 06/01/11 @ $104.50)‡
  (B, B3)   06/01/16     9.000       156,000    
  150     Petrohawk Energy Corp., Global Company
Guaranteed Notes (Callable 07/15/10 @ $104.56)
  (B-, B3)   07/15/13     9.125       159,375    
  25     Plains Exploration & Production, Co., Company
Guaranteed Notes (Callable 06/15/11 @ $103.88)
  (BB-, B1)   06/15/15     7.750       24,938    
  100     Range Resources Corp., Global Company
Guaranteed Notes (Callable 03/15/10 @ $103.19)
  (B+, B1)   03/15/15     6.375       95,250    
  125     Swift Energy Co., Senior Notes (Callable
07/15/08 @ $103.81)§
  (BB-, B1)   07/15/11     7.625       127,187    
  110     Verasun Energy Corp., Rule 144A, Senior Notes
(Callable 06/01/12 @ $104.69)‡
  (B-, B3)   06/01/17     9.375       102,850    
  100     Whiting Petroleum Corp., Global Senior
Subordinated Notes (Callable 05/01/08 @
$103.63)
  (B, B1)   05/01/12     7.250       95,500    
                      1,323,832    
Environmental (1.1%)      
  225     Allied Waste North America, Inc., Series B, Global
Senior Notes (Callable 04/15/09 @ $103.69)§
  (B+, B2)   04/15/14     7.375       223,312    
  175     Waste Services, Inc., Global Senior Subordinated
Notes (Callable 04/15/09 @ $104.75)
  (CCC+, Caa1)   04/15/14     9.500       184,844    
                      408,156    
Food & Drug Retailers (1.4%)      
  100     Albertson's LLC, Senior Notes§   (B, B1)   05/01/13     7.250       102,404    
  175     Duane Reade, Inc., Global Senior Subordinated
Notes (Callable 08/01/08 @ $104.88)§
  (CC, Caa3)   08/01/11     9.750       171,937    
  75     Ingles Markets, Inc., Global Company Guaranteed
Notes (Callable 12/01/07 @ $102.90)
  (B, B3)   12/01/11     8.875       78,094    

 

See Accompanying Notes to Financial Statements.
11



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Food & Drug Retailers      
$ 60     Rite Aid Corp., Rule 144A, Company Guaranteed
Notes (Callable 06/15/11 @ $104.69)‡
  (CCC+, Caa1)   12/15/15     9.375     $ 57,900    
  25     Stater Brothers Holdings Inc., Rule 144A, Senior
Notes (Callable 04/15/11 @ $103.88)‡
  (B+, B2)   04/15/15     7.750       25,188    
  75     Stater Brothers Holdings, Inc., Global Senior
Notes (Callable 06/15/08 @ $104.06)§
  (B+, B2)   06/15/12     8.125       75,938    
                      511,461    
Food - Wholesale (0.7%)      
  75     Dole Food Co., Debentures#§   (B-, Caa1)   07/15/13     8.750       73,500    
  75     National Beef Packing Company LLC, Global
Senior Notes (Callable 08/01/08 @ $102.63)
  (B-, Caa1)   08/01/11     10.500       78,375    
  100     Smithfield Foods, Inc., Senior Unsecured Notes§   (BB, Ba3)   07/01/17     7.750       100,500    
                      252,375    
Forestry & Paper (3.3%)      
  150     Boise Cascade LLC, Global Company Guaranteed
Notes (Callable 10/15/09 @ $103.56)§
  (B+, B2)   10/15/14     7.125       143,250    
  125     Cellu Tissue Holdings, Inc., Global Secured Notes
(Callable 03/15/08 @ $103.67)
  (B, B2)   03/15/10     9.750       124,688    
  175     Georgia-Pacific Corp., Debentures   (B, B2)   06/15/15     7.700       174,125    
  100     Georgia-Pacific Corp., Rule 144A, Company
Guaranteed Notes (Callable 01/15/12 @
$103.56)‡
  (B, Ba3)   01/15/17     7.125       96,500    
  100     Graphic Packaging International Corp., Global
Senior Subordinated Notes (Callable 08/15/08 @
$104.75
  (B-, B3)   08/15/13     9.500       104,375    
  150     NewPage Corp., Global Secured Notes
(Callable 05/01/09 @ $106.00)
  (B, B2)   05/01/12     10.000       162,750    
  50     NewPage Corp., Global Senior Subordinated Notes
(Callable 05/01/09 @ $106.00)§
  (CCC+, B3)   05/01/13     12.000       54,875    
  250     Smurfit-Stone Container, Global Senior Notes
(Callable 07/01/08 @ $102.79)
  (CCC+, B3)   07/01/12     8.375       251,562    
  125     Verso Paper Holdings LLC, Rule 144A, Secured
Notes (Callable 08/01/10 @ $104.56)‡
  (B+, B2)   08/01/14     9.125       129,687    
                      1,241,812    
Gaming (5.1%)      
  75     Buffalo Thunder Development Authority,
Rule 144A, Secured Notes (Callable 12/15/10 @
$104.69)‡
  (B, B2)   12/15/14     9.375       75,375    
  125     CCM Merger, Inc., Rule 144A, Notes (Callable
08/01/09 @ $104.00)‡
  (CCC+, B3)   08/01/13     8.000       125,000    
  97     Choctaw Resort Development Enterprise,
Rule 144A, Senior Notes (Callable 11/15/11 @
$103.63)‡
  (BB, Ba2)   11/15/19     7.250       96,030    

 

See Accompanying Notes to Financial Statements.
12



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Gaming      
$ 60     Fontainebleau Las Vegas, Rule 144A, Mortgage
Backed (Callable 06/15/11 @ $105.13)‡
  (CCC+, Caa1)   06/15/15     10.250     $ 59,400    
  100     Herbst Gaming, Inc., Global Senior Subordinated
Notes (Callable 06/01/08 @ $104.06)§
  (B-, B3)   06/01/12     8.125       101,500    
  100     Inn of the Mountain Gods, Global Senior Notes
(Callable 11/15/07 @ $106.00)
  (B-, B3)   11/15/10     12.000       107,750    
  175     Jacobs Entertainment, Inc., Global Company
Guaranteed Notes (Callable 06/15/10 @ $104.88)
  (B-, B3)   06/15/14     9.750       182,656    
  75     Majestic Star Casino LLC, Company Guaranteed
Notes (Callable 10/15/07 @ $104.75)
  (B+, B1)   10/15/10     9.500       78,375    
  25     Majestic Star LLC, Global Senior Unsecured
Notes (Callable 10/15/08 @ $104.88)§
  (CCC+, Caa1)   01/15/11     9.750       24,313    
  175     MGM Mirage, Inc., Company Guaranteed Notes   (BB, Ba2)   06/01/16     7.500       166,906    
  225     MGM Mirage, Inc., Company Guaranteed Notes§   (BB, Ba2)   01/15/17     7.625       215,156    
  100     MGM Mirage, Inc., Global Company Guaranteed
Notes
  (BB, Ba2)   04/01/13     6.750       95,500    
  125     Trump Entertainment Resorts, Inc., Secured
Notes (Callable 06/01/10 @ $104.25)§
  (B-, Caa1)   06/01/15     8.500       124,688    
  100     Turning Stone Resort Casino Enterprise,
Rule 144A, Senior Notes (Callable 09/15/10 @
$104.56)‡
  (B+, B1)   09/15/14     9.125       102,250    
  83     Waterford Gaming LLC, Rule 144A, Senior
Notes (Callable 09/15/08 @ $103.55)‡
  (BB-, B1)   09/15/12     8.625       86,943    
  175     Wimar Opco LLC, Rule 144A, Senior
Subordinated Notes (Callable 12/15/10 @
$104.81)‡
  (CCC+, B3)   12/15/14     9.625       169,312    
  100     Wynn Las Vegas LLC, Global First Mortgage
Notes (Callable 12/01/09 @ $103.31)
  (BB+, B1)   12/01/14     6.625       96,875    
                      1,908,029    
Gas Distribution (2.4%)      
  125     Amerigas Partners/Eagle Finance Corp., Senior
Notes (Callable 05/20/11 @ $103.56)
  (NR, B1)   05/20/16     7.125       123,438    
  225     El Paso Performance-Link, Rule 144A, Notes‡   (BB, Ba3)   07/15/11     7.750       232,875    
  100     Inergy LP/Inergy Finance Corp., Global Company
Guaranteed Notes (Callable 03/01/11 @ $104.13)
  (B, B1)   03/01/16     8.250       103,250    
  225     Williams Companies, Inc., Global Senior
Unsecured Notes
  (BB, Ba2)   03/15/12     8.125       239,906    
  100     Williams Companies, Inc., Rule 144A, Notes‡#   (BB+, Ba2)   10/01/10     7.349       103,750    
  100     Williams Partners LP/WIL., Global Company
Guaranteed Notes
  (BB+, Ba3)   02/01/17     7.250       101,000    
                      904,219    
Health Services (5.9%)      
  100     CDRV Investors, Inc., Global Senior Discount
Notes (Callable 01/01/10 @ $104.81)+
  (NR, NR)   01/01/15     0.000       91,500    

 

See Accompanying Notes to Financial Statements.
13



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Health Services      
$ 100     CDRV Investors, Inc., Rule 144A, Senior Notes
(Callable 12/01/07 @ $102.00)‡#
  (NR, NR)   12/01/11     9.860     $ 100,000    
  50     Community Health Systems, Inc., Rule 144A,
Senior Notes (Callable 07/15/11 @ $104.44)‡
  (B-, B3)   07/15/15     8.875       50,938    
  75     DaVita, Inc., Global Company Guaranteed Notes
(Callable 03/15/10 @ $103.63)
  (B, B2)   03/15/15     7.250       74,437    
  100     Genesis Healthcare Corp., Senior Subordinated
Notes (Callable 10/15/08 @ $104.00)
  (B, B1)   10/15/13     8.000       106,740    
  225     HCA, Inc., Global Senior Unsecured Notes§   (B-, Caa1)   02/15/16     6.500       191,531    
  225     HCA, Inc., Rule 144A, Secured Notes (Callable
11/15/11 @ $104.63)‡
  (BB-, B2)   11/15/16     9.250       240,187    
  325     HCA, Inc., Senior Unsecured Notes§   (B-, Caa1)   02/15/13     6.250       294,125    
  100     Healthsouth Corp., Global Company Guaranteed
Notes (Callable 06/15/11 @ $105.38)§
  (CCC+, Caa1)   06/15/16     10.750       109,000    
  75     Iasis Healthcare/Capital Corp., Global Senior
Subordinated Notes (Callable 06/15/09 @
$104.38)
  (CCC+, B3)   06/15/14     8.750       75,375    
  75     OMEGA Healthcare Investors, Inc., Global
Company Guaranteed Notes (Callable
01/15/11 @ $103.50)
  (BB, Ba3)   01/15/16     7.000       75,000    
  75     Senior Housing Properties Trust, Senior Notes   (BB+, Ba2)   01/15/12     8.625       80,625    
  50     Service Corporation International, Global Senior
Notes
  (BB-, B1)   10/01/14     7.375       50,500    
  50     Service Corporation International, Global Senior
Notes§
  (BB-, B1)   10/01/18     7.625       50,875    
  75     Stewart Enterprises, Inc., Global Senior Notes
(Callable 02/15/09 @ $103.13)
  (B+, Ba3)   02/15/13     6.250       72,563    
  250     Tenet Healthcare Corp., Global Senior Notes§   (CCC+, Caa1)   07/01/14     9.875       248,750    
  100     Triad Hospitals, Inc., Senior Subordinated Notes
(Callable 11/15/08 @ $103.50)
  (B+, B2)   11/15/13     7.000       105,370    
  50     Universal Hospital Services, Inc., Rule 144A,
Secured Notes (Callable 06/01/09 @ $102.00)‡#
  (B+, B3)   06/01/15     8.759       50,250    
  50     Universal Hospital Services, Inc., Rule 144A,
Secured Notes (Callable 06/01/11 @ $104.25)‡
  (B+, B3)   06/01/15     8.500       49,750    
  100     Vanguard Health Holding Co., Global Senior
Subordinated Notes (Callable 10/01/09 @
$104.50)
  (CCC+, Caa1)   10/01/14     9.000       99,500    
                      2,217,016    
Hotels (0.9%)      
  50     Felcor Lodging LP, Global Company Guaranteed
Notes#
  (B+, Ba3)   06/01/11     8.500       52,812    
  25     Felcor Lodging LP, Rule 144A, Secured Notes
(Callable 12/01/07 @ $101.00)‡#
  (B+, Ba3)   12/01/11     7.260       25,125    
  250     Host Marriott LP, Series Q, Global Company
Guaranteed Notes (Callable 06/01/11 @ $103.33)
  (BB, Ba1)   06/01/16     6.750       246,250    
                      324,187    

 

See Accompanying Notes to Financial Statements.
14



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Household & Leisure Products (0.3%)      
$ 75     Sealy Mattress Co., Global Senior Subordinated
Notes (Callable 06/15/09 @ $104.13)§
  (B, B2)   06/15/14     8.250     $ 77,250    
  50     Simmons Bedding Co., Global Senior
Subordinated Notes (Callable 01/15/09 @
$103.94
  (CCC+, B2)   01/15/14     7.875       50,000    
                      127,250    
Leisure (0.8%)      
  75     Bally Total Fitness Holding Corp., Global Senior
Notes (Callable 07/15/08 @ $102.63)§
  (D, Ca)   07/15/11     10.500       80,906    
  75     Six Flags, Inc., Global Senior Notes (Callable
04/15/08 @ $104.88)§
  (CCC, Caa1)   04/15/13     9.750       70,969    
  150     Six Flags, Inc., Global Senior Notes (Callable
06/01/09 @ $104.81)§
  (CCC, Caa1)   06/01/14     9.625       139,875    
                      291,750    
Machinery (0.6%)      
  100     Baldor Electric Co., Company Guaranteed Notes
(Callable 02/15/12 @ $104.31)
  (B, B3)   02/15/17     8.625       106,250    
  125     Case New Holland, Inc., Global Company
Guaranteed Notes (Callable 08/01/08 @ $102.31)
  (BB+, Ba3)   08/01/11     9.250       131,650    
                      237,900    
Media - Broadcast (1.8%)      
  75     Allbritton Communications Co., Global Senior
Subordinated Notes (Callable 12/15/07 @
$103.88)
  (B-, B1)   12/15/12     7.750       75,750    
  75     Barrington Broadcasting, Rule 144A, Senior
Subordinated Notes (Callable 08/15/10 @
$105.25)‡
  (CCC+, B3)   08/15/14     10.500       78,563    
  100     Fisher Communications, Inc., Global Senior
Notes (Callable 09/15/09 @ $104.31)
  (B-, B2)   09/15/14     8.625       107,000    
  100     ION Media Networks, Inc., Rule 144A, Secured
Notes (Callable 01/15/08 @ $102.00)‡#
  (CCC-, Caa2)   01/15/13     11.606       103,750    
  100     Rainbow National Services LLC, Rule 144A,
Senior Notes (Callable 09/01/08 @ $104.38)‡
  (B+, B2)   09/01/12     8.750       104,500    
  115     Univision Communications, Inc., Rule 144A,
Senior Notes (Callable 03/15/11@ $104.88)‡§
  (CCC+, B3)   03/15/15     9.750       114,137    
  100     Young Broadcasting, Inc., Global Senior
Subordinated Notes (Callable 01/15/09 @
$104.38
  (CCC-, Caa1)   01/15/14     8.750       95,000    
                      678,700    
Media - Cable (4.9%)      
  150     Atlantic Broadband Finance LLC, Global
Company Guaranteed Notes (Callable
01/15/09 @ $104.69)
  (CCC+, Caa1)   01/15/14     9.375       152,250    
  300     CCH I Holdings LLC, Global Company Guaranteed
Notes (Callable 09/30/07 @ $100.00)§
  (CCC, Caa3)   04/01/14     9.920       279,000    

 

See Accompanying Notes to Financial Statements.
15



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Media - Cable      
$ 300     CCH I LLC, Global Secured Notes (Callable
10/01/10 @ $105.50)
  (CCC, Caa2)   10/01/15     11.000     $ 314,625    
  150     CCO Holdings LLC, Global Senior Notes (Callable
11/15/08 @ $104.38)
  (CCC, Caa1)   11/15/13     8.750       153,375    
  83     Charter Communications Holdings LLC, Senior
Discount Notes§
  (CCC, Caa3)   04/01/11     9.920       83,104    
  175     CSC Holdings, Inc., Global Senior Notes   (B+, B2)   04/15/12     6.750       167,125    
  35     CSC Holdings, Inc., Series B, Senior Notes   (B+, B2)   04/01/11     7.625       34,913    
  100     DirecTV Holdings/Finance, Global Senior Notes
(Callable 03/15/08 @ $104.19)
  (BB-, Ba3)   03/15/13     8.375       105,125    
  250     EchoStar DBS Corp., Global Company
Guaranteed Notes
  (BB-, Ba3)   10/01/14     6.625       239,375    
  52     Insight Midwest/Insight Capital Corp., Senior
Notes (Callable 10/01/07 @ $100.00)§
  (B, B3)   10/01/09     9.750       52,520    
  100     Local TV Finance LLC, Rule 144A, Senior
Unsecured Notes (Callable 06/15/11 @
$104.63)‡
  (CCC+, Caa1)   06/15/15     9.250       99,500    
  50     Mediacom Broadband LLC, Global Senior Notes
(Callable 10/15/10 @ $104.25)§
  (B, B3)   10/15/15     8.500       50,500    
  75     Mediacom LLC/Capital Corp., Senior Notes
(Callable 02/15/08 @ $100.00)§
  (B, B3)   02/15/11     7.875       75,000    
  60     TL Acquisitions, Inc., Rule 144A, Senior Notes
(Callable 07/15/11 @ $105.25)‡
  (CCC+, Caa1)   01/15/15     10.500       59,234    
                      1,865,646    
Media - Services (0.2%)      
  100     WMG Holdings Corp., Global Senior Discount
Notes (Callable 12/15/09 @ $104.75)+
  (B, B2)   12/15/14     0.000       76,500    
Metals & Mining - Excluding Steel (2.6%)      
  100     Aleris International, Inc., Rule 144A, Senior Notes
(Callable 12/15/10 @ $104.50)‡
  (B-, B3)   12/15/14     9.000       101,375    
  25     Aleris International, Inc., Rule 144A, Senior
Subordinated Notes (Callable 12/15/11 @
$105.00)‡
  (B-, Caa1)   12/15/16     10.000       24,937    
  150     Freeport - McMoRan Copper & Gold, Inc., Senior
Unsecured Notes (Callable 04/01/11 @ $104.13)
  (BB, Ba3)   04/01/15     8.250       158,625    
  175     Freeport - McMoRan Copper & Gold, Inc., Senior
Unsecured Notes (Callable 04/01/12 @ $104.19)
  (BB, Ba3)   04/01/17     8.375       187,250    
  150     Noranda Aluminium Acquisition, Rule 144A,
Senior Unsecured Notes (Callable 05/15/08 @
$102.00)‡#
  (CCC+, B3)   05/15/15     9.360       145,500    
  125     Peabody Energy Corp., Global Company
Guaranteed Notes
  (BB, Ba1)   11/01/16     7.375       128,125    
  110     PNA Group, Inc., Rule 144A, Senior Notes
(Callable 09/01/11 @ $105.38)‡
  (B-, B3)   09/01/16     10.750       120,450    
  125     Southern Copper Corp., Global Senior Notes   (BBB-, Baa2)   07/27/15     6.375       126,793    
                      993,055    

 

See Accompanying Notes to Financial Statements.
16



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Non-Food & Drug Retailers (2.5%)      
$ 100     Affinity Group, Inc., Global Senior Subordinated
Notes (Callable 02/15/08 @ $104.50)
  (CCC+, B3)   02/15/12     9.000     $ 107,000    
  75     Asbury Automotive Group, Inc., Rule 144A,
Senior Subordinated Notes (Callable 03/15/12 @
$103.81)‡
  (B, B3)   03/15/17     7.625       74,250    
  100     Brookstone Company, Inc., Global Secured
Notes (Callable 10/15/09 @ $106.00)§
  (B, Caa1)   10/15/12     12.000       103,000    
  95     Claire's Stores, Inc., Rule 144A, Senior Notes
(Callable 06/01/11 @ $104.81)‡§
  (CCC+, Caa1)   06/01/15     9.625       88,350    
  75     Finlay Fine Jewelry Corp., Global Senior Notes
(Callable 06/01/08 @ $104.19)
  (B-, Caa1)   06/01/12     8.375       66,750    
  370     Flooring America, Inc., Series B, Company
Guaranteed Notes^ø
  (NR, NR)   10/15/07     9.250       0    
  25     GameStop Corp., Global Company Guaranteed
Notes (Callable 10/01/09 @ $104.00)§
  (BB-, Ba3)   10/01/12     8.000       26,250    
  25     Michaels Stores, Inc., Rule 144A, Senior Notes
(Callable 11/01/10 @ $105.00)‡§
  (CCC, B2)   11/01/14     10.000       25,750    
  175     Michaels Stores, Inc., Rule 144A, Senior
Subordinated Notes (Callable 11/01/11 @
$105.69)§‡
  (CCC, Caa1)   11/01/16     11.375       183,750    
  100     Neiman Marcus Group, Inc., Global Company
Guaranteed Notes (Callable 10/15/10 @
$105.19
  (B-, B3)   10/15/15     10.375       110,500    
  89     Susser Holdings LLC, Global Company
Guaranteed Notes (Callable 12/15/09 @ $105.31)
  (B+, B2)   12/15/13     10.625       97,010    
  50     Yankee Acquisition Corp., Series B, Global
Company Guaranteed Notes (Callable
02/15/11 @ $104.25)
  (CCC+, B3)   02/15/15     8.500       48,750    
  25     Yankee Acquisition Corp., Series B, Global
Company Guaranteed Notes (Callable
02/15/12 @ $104.88)§
  (CCC+, Caa1)   02/15/17     9.750       24,312    
                      955,672    
Office Equipment (0.5%)      
  175     IKON Office Solutions, Inc., Global Senior Notes
(Callable 09/15/10 @ $103.88)
  (BB, Ba3)   09/15/15     7.750       178,975    
Oil Field Equipment & Services (0.6%)      
  100     Hanover Compressor Co., Company Guaranteed
Notes (Callable 04/15/10 @ $103.75)
  (B, B2)   04/15/13     7.500       101,000    
  125     Pride International, Inc., Global Senior Notes
(Callable 07/15/09 @ $103.69)
  (BB-, Ba2)   07/15/14     7.375       125,938    
                      226,938    
Oil Refining & Marketing (0.9%)      
  100     Frontier Oil Corp., Global Senior Notes (Callable
10/01/07 @ $103.31)§
  (B+, B1)   10/01/11     6.625       98,000    

 

See Accompanying Notes to Financial Statements.
17



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Oil Refining & Marketing      
$ 150     Giant Industries, Inc., Company Guaranteed
Notes (Callable 05/15/09 @ $104.00)
  (B, B2)   05/15/14     8.000     $ 162,345    
  100     Tesoro Corp., Rule 144A, Senior Notes (Callable
06/01/12 @ $103.25)‡
  (BB+, Ba1)   06/01/17     6.500       98,250    
                      358,595    
Packaging (2.8%)      
  75     Ball Corp., Company Guaranteed Notes (Callable
03/15/11 @ $103.31)§
  (BB, Ba1)   03/15/18     6.625       72,188    
  125     Berry Plastics Holding Corp., Global Company
Guaranteed Notes (Callable 03/01/11 @
$105.13
  (CCC+, Caa2)   03/01/16     10.250       125,625    
  165     Berry Plastics Holding Corp., Global Secured
Notes (Callable 09/15/10 @ $104.44)
  (B, B3)   09/15/14     8.875       167,887    
  100     Constar International, Inc., Senior Subordinated
Notes (Callable 12/01/07 @ $105.50)
  (CCC, Caa2)   12/01/12     11.000       91,500    
  70     Crown Americas LLC, Global Senior Notes
(Callable 11/15/10 @ $103.88)
  (B, B1)   11/15/15     7.750       70,700    
  125     Graham Packaging Company, Inc., Global
Subordinated Notes (Callable 10/15/09 @
$104.94
  (CCC+, Caa1)   10/15/14     9.875       127,031    
  100     Owens-Brockway Glass Containers, Inc., Rule 144A,
Senior Notes (Callable 05/15/08 @ $104.13)‡
  (B, B3)   05/15/13     8.250       104,000    
  75     Owens-Illinois, Inc., Debentures§   (B, Caa1)   05/15/18     7.800       76,125    
  75     Pliant Corp., Global Secured Notes (Callable
06/01/08 @ $102.78)
  (CCC, Caa1)   09/01/09     11.125       73,875    
  0     Pliant Corp., Global Secured Notes (Callable
12/15/07 @ $108.72)1
  (B, B2)   06/15/09     11.625       130    
  150     Solo Cup Co., Global Senior Subordinated Notes
(Callable 02/15/09 @ $104.25)§
  (CCC-, Caa2)   02/15/14     8.500       132,000    
                      1,041,061    
Printing & Publishing (2.7%)      
  75     American Media Operations, Inc., Series B,
Global Company Guaranteed Notes§
  (CCC-, Caa2)   05/01/09     10.250       71,438    
  75     CBD Media Holdings/Finance, Global Senior
Notes (Callable 07/15/08 @ $104.63)
  (CCC+, Caa1)   07/15/12     9.250       78,000    
  50     Deluxe Corp., Rule 144A, Senior Notes (Callable
06/01/11 @ $103.69)‡
  (BB-, Ba2)   06/01/15     7.375       50,000    
  25     Dex Media, Inc., Global Senior Unsecured Notes
(Callable 11/15/08 @ $104.00)
  (B, B3)   11/15/13     8.000       25,500    
  75     Idearc, Inc., Global Company Guaranteed Notes
(Callable 11/15/11 @ $104.00)
  (B+, B2)   11/15/16     8.000       76,125    
  500     Premier Graphics, Inc., Company Guaranteed
Notes^ø
  (NR, NR)   12/01/05     11.500       0    
  250     R.H. Donnelley Corp., Global Senior Unsecured
Notes (Callable 01/15/09 @ $103.44)
  (B, B3)   01/15/13     6.875       238,125    

 

See Accompanying Notes to Financial Statements.
18



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Printing & Publishing      
$ 125     R.H. Donnelley Corp., Series A-2, Global Senior
Discount Notes (Callable 01/15/09 @ $103.44)§
  (B, B3)   01/15/13     6.875     $ 119,062    
  50     R.H. Donnelley Corp., Series A-3, Global Senior
Notes (Callable 01/15/11 @ $104.44)
  (B, B3)   01/15/16     8.875       52,250    
  100     Reader's Digest Association, Inc., Rule 144A,
Senior Subordinated Notes (Callable 02/15/12 @
$104.50)‡
  (CCC+, Caa1)   02/15/17     9.000       94,000    
  135     Valassis Communications, Inc., Rule 144A,
Senior Notes (Callable 03/01/11 @ $104.13)‡
  (B-, B3)   03/01/15     8.250       132,300    
  75     Vertis, Inc., Series B, Global Company Guaranteed
Notes (Callable 06/15/08 @ $100.00)§
  (CCC, Caa1)   06/15/09     10.875       73,875    
                      1,010,675    
Restaurants (0.4%)      
  215     AmeriKing, Inc., Senior Notes^ø   (NR, NR)   11/15/07     10.750       0    
  29     AmeriKing, Inc., Senior Notes^ø   (NR, NR)   05/15/08     13.000       0    
  200     AmeriKing, Inc., Units^ø   (NR, NR)   05/15/08     13.000       0    
  50     Buffets, Inc., Global Company Guaranteed Notes
(Callable 11/01/10 @ $106.25)
  (CCC, Caa1)   11/01/14     12.500       48,125    
  50     Denny's Corp., Global Company Guaranteed
Notes (Callable 10/01/08 @ $105.00)
  (CCC+, B3)   10/01/12     10.000       53,000    
  50     OSI Restaurant Partners, Inc., Rule 144A, Senior
Notes (Callable 06/15/11 @ $105.00)‡#§
  (CCC+, Caa1)   06/15/15     10.000       48,000    
                      149,125    
Software/Services (0.6%)      
  225     SunGard Data Systems, Inc., Global Company
Guaranteed Notes (Callable 08/15/10 @
$105.13
  (B-, Caa1)   08/15/15     10.250       239,063    
Steel Producers/Products (0.5%)      
  100     AK Steel Corp., Global Company Guaranteed
Notes (Callable 06/15/08 @ $102.58)§
  (B+, B2)   06/15/12     7.750       100,500    
  100     Rathgibson, Inc., Global Company Guaranteed
Notes (Callable 02/15/10 @ $105.62)
  (B-, B3)   02/15/14     11.250       105,500    
                      206,000    
Support - Services (5.3%)      
  100     Aramark Corp. Class B, Rule 144A, Senior Notes
(Callable 02/01/11 @ $104.25)‡
  (B-, B3)   02/01/15     8.500       102,250    
  75     Ashtead Capital, Inc., Rule 144A, Notes
(Callable 08/15/11 @ $104.50)‡
  (B, B3)   08/15/16     9.000       78,937    
  50     Education Management LLC, Global Company
Guaranteed Notes (Callable 06/01/10 @ $104.38)
  (CCC+, B2)   06/01/14     8.750       51,500    
  75     Education Management LLC, Global Company
Guaranteed Notes (Callable 06/01/11 @
$105.13)
  (CCC+, Caa1)   06/01/16     10.250       79,312    

 

See Accompanying Notes to Financial Statements.
19



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Support - Services      
$ 150     Hertz Corp., Global Company Guaranteed Notes
(Callable 01/01/10 @ $104.44)
  (B, B1)   01/01/14     8.875     $ 157,125    
  120     HydroChem Industrial Services, Inc., Rule 144A,
Senior Subordinated Notes (Callable
02/15/09 @ $104.63)‡
  (CCC+, Caa1)   02/15/13     9.250       124,200    
  75     Iron Mountain, Inc., Company Guaranteed Notes
(Callable 07/01/08 @ $103.31)
  (B, B3)   01/01/16     6.625       69,188    
  100     Johnsondiversey Holdings, Inc., Global Discount
Notes (Callable 05/15/08 @ $103.56)#
  (CCC+, Caa1)   05/15/13     10.670       104,000    
  75     Johnsondiversey, Inc., Series B, Global
Company Guaranteed Notes (Callable
05/15/08 @ $103.21)§
  (CCC+, B3)   05/15/12     9.625       78,656    
  75     Kar Holdings, Inc., Rule 144A, Senior Notes
(Callable 05/01/10 @ $104.38)‡
  (CCC, B3)   05/01/14     8.750       73,875    
  25     Kar Holdings, Inc., Rule 144A, Senior
Subordinated Notes (Callable
04/01/11 @ $105.00)‡
  (CCC, Caa1)   05/01/15     10.000       24,500    
  100     Mobile Mini, Inc., Rule 144A, Senior Notes
(Callable 05/01/11 @ $103.44)‡
  (BB-, B1)   05/01/15     6.875       97,500    
  100     Mobile Services Group, Inc., Rule 144A, Senior
Notes (Callable 08/01/10 @ $104.88)‡
  (B-, B3)   08/01/14     9.750       107,000    
  125     Neff Corp., Rule 144A, Senior Notes (Callable
06/01/11 @ $105.00)‡
  (B-, Caa2)   06/01/15     10.000       125,312    
  150     Rental Service Corp., Rule 144A, Bonds
(Callable 12/01/10 @ $104.75)‡
  (B-, Caa1)   12/01/14     9.500       153,750    
  105     Travelport LLC., Global Company Guaranteed
Notes (Callable 09/01/10 @ $104.94)
  (CCC+, B3)   09/01/14     9.875       111,825    
  50     Travelport LLC., Global Company Guaranteed
Notes (Callable 09/01/11 @ $105.94)§
  (CCC+, Caa1)   09/01/16     11.875       55,438    
  175     United Rentals North America, Inc., Global
Senior Subordinated Notes (Callable
02/15/09 @ $103.50)§
  (B, B3)   02/15/14     7.000       171,500    
  75     Varietal Distribution., Rule 144A, Senior Notes
(Callable 07/15/11 @ $105.13)‡
  (CCC+, Caa1)   07/15/15     10.250       75,188    
  150     Williams Scotsman, Inc., Global Company
Guaranteed Notes (Callable 10/01/10 @ $104.25)
  (B+, B2)   10/01/15     8.500       155,625    
                      1,996,681    
Telecom - Fixed Line (0.9%)      
  25     Level 3 Financing, Inc., Global Company
Guaranteed Notes (Callable 11/01/10 @ $104.63)
  (CCC+, B3)   11/01/14     9.250       25,375    
  250     Level 3 Financing, Inc., Rule 144A, Senior Notes
(Callable 02/15/09 @ $102.00)‡#§
  (CCC+, B3)   02/15/15     9.150       251,250    
  25     PAETEC Holding Corp., Rule 144A, Senior Notes
(Callable 07/15/11 @ $104.75)‡
  (CCC+, Caa1)   07/15/15     9.500       25,000    

 

See Accompanying Notes to Financial Statements.
20



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Telecom - Fixed Line      
$ 50     Time Warner Telecom Holdings, Inc., Global
Company Guaranteed Notes (Callable
02/15/09 @ $104.62)§
  (CCC+, B3)   02/15/14     9.250     $ 53,250    
                      354,875    
Telecom - Integrated/Services (2.8%)      
  100     Cincinnati Bell, Inc., Global Senior Subordinated
Notes (Callable 01/15/09 @ $104.19)
  (B-, B2)   01/15/14     8.375       101,500    
  50     Citizens Communications Co., Senior Notes   (BB+, Ba2)   01/15/13     6.250       48,187    
  50     Hawaiian Telcom Communications, Inc.,
Series B, Global Company Guaranteed Notes
(Callable 05/01/10 @ $106.25)§
  (CCC, Caa1)   05/01/15     12.500       57,000    
  75     Hughes Network Systems LLC, Global Company
Guaranteed Notes (Callable 04/15/10 @ $104.75)
  (B-, B1)   04/15/14     9.500       78,750    
  150     Qwest Communications International, Inc., Global
Company Guaranteed Notes (Callable
02/15/08 @ $103.63)#
  (B+, Ba3)   02/15/11     7.250       151,875    
  150     Qwest Communications International, Inc.,
Series B, Global Company Guaranteed Notes
(Callable 02/15/09 @ $103.75)
  (B, Ba3)   02/15/14     7.500       152,625    
  240     Qwest Corp., Global Senior Notes   (BBB-, Ba1)   06/15/15     7.625       249,000    
  50     Qwest Corp., Global Senior Unsecured Notes   (BBB-, Ba1)   10/01/14     7.500       51,500    
  25     Windstream Corp., Global Company
Guaranteed Notes
  (BB-, Ba3)   08/01/13     8.125       26,250    
  150     Windstream Corp., Global Company Guaranteed
Notes (Callable 08/01/11 @ $104.31)
  (BB-, Ba3)   08/01/16     8.625       159,375    
                      1,076,062    
Telecom - Wireless (1.7%)      
  75     Centennial Cellular Communications Corp.,
Global Company Guaranteed Notes (Callable
06/15/08 @ $105.06)
  (CCC, B2)   06/15/13     10.125       80,813    
  125     Cricket Communications, Inc., Global Company
Guaranteed Notes (Callable 11/01/10 @ $104.69)
  (CCC, Caa1)   11/01/14     9.375       129,687    
  150     Dobson Communications Corp., Global Senior
Notes (Callable 10/01/08 @ $104.44)§
  (CCC, Caa1)   10/01/13     8.875       157,500    
  125     Metro PCS Wireless, Inc., Rule 144A, Senior
Notes (Callable 11/01/10 @ $104.63)‡
  (CCC, Caa1)   11/01/14     9.250       129,687    
  75     Rural Cellular Corp., Rule 144A, Senior
Subordinated Notes (Callable 06/01/08 @
$102.00)‡#
  (CCC, Caa2)   06/01/13     8.360       75,000    
  75     Triton PCS, Inc., Global Company Guaranteed
Notes (Callable 06/01/08 @ $104.25)§
  (CCC-, Caa2)   06/01/13     8.500       77,063    
                      649,750    

 

See Accompanying Notes to Financial Statements.
21



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Textiles & Apparel (0.6%)      
$ 75     Levi Strauss & Co., Global Senior Notes
(Callable 01/15/10 @ $104.88)
  (B, B2)   01/15/15     9.750     $ 80,625    
  75     Levi Strauss & Co., Global Senior Notes
(Callable 12/15/07 @ $106.13)
  (B, B2)   12/15/12     12.250       81,563    
  50     Phillips-Van Heusen Corp., Global Senior Notes
(Callable 02/15/08 @ $103.62)
  (BB, Ba3)   02/15/11     7.250       51,000    
                      213,188    
Theaters & Entertainment (0.6%)      
  100     AMC Entertainment, Inc., Global Senior
Subordinated Notes (Callable 03/01/09 @
$104.00)
  (CCC+, B2)   03/01/14     8.000       98,500    
  125     Cinemark, Inc., Global Senior Discount Notes
(Callable 03/15/09 @ $104.88)+
  (CCC+, B3)   03/15/14     0.000       114,375    
                      212,875    
Transportation - Excluding Air/Rail (0.3%)      
  100     Bristow Group, Inc., Rule 144A, Senior Notes
(Callable 09/15/12 @ $103.75)‡
  (BB, Ba2)   09/15/17     7.500       100,750    
    TOTAL CORPORATE BONDS (Cost $32,750,813)                     32,180,274    
FOREIGN BONDS (11.3%)      
Chemicals (0.5%)      
  75     Basell AF SCA, Rule 144A, Company Guaranteed
Notes (Callable 08/15/10 @ $104.19)
(Luxembourg)‡
  (B, B2)   08/15/15     8.375       72,188    
  125     Ineos Group Holdings PLC, Rule 144A, Notes
(Callable 02/15/11 @ $104.25)
(United Kingdom)‡§
  (B-, B2)   02/15/16     8.500       122,812    
                      195,000    
Electronics (0.7%)      
  75     Avago Technologies Finance, Global Company
Guaranteed Notes (Callable 12/01/09 @ $105.06)
(Singapore)#
  (B, B2)   12/01/13     10.125       80,250    
  75     NXP BV / NXP Funding LLC, Global Company
Guaranteed Notes (Callable 10/15/11 @ $104.75)
(Netherlands)§
  (B+, B2)   10/15/15     9.500       74,250    
  125     NXP BV / NXP Funding LLC, Global Secured Notes
(Callable 10/15/10 @ $103.94)
(Netherlands)
  (BB+, Ba2)   10/15/14     7.875       123,750    
                      278,250    
Energy - Exploration & Production (0.5%)      
  175     OPTI Canada, Inc., Rule 144A, Company
Guaranteed Notes (Callable 12/15/10 @ $104.13)
(Canada)‡
  (BB+, B1)   12/15/14     8.250       178,500    

 

See Accompanying Notes to Financial Statements.
22



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
FOREIGN BONDS      
Forestry & Paper (0.8%)      
$ 150     Abitibi-Consolidated, Inc., Global Notes
(Canada)§
  (B, B3)   06/15/11     7.750     $ 138,000    
  50     Bowater Canada Finance Corp., Global Company
Guaranteed Notes (Canada)§
  (B, B3)   11/15/11     7.950       47,312    
  100     Smurfit Kappa Funding, Global Senior
Subordinated Notes (Callable 01/31/10 @
$103.88) (Ireland)
  (B, B2)   04/01/15     7.750       100,625    
  30     Tembec Industries, Inc., Global Company
Guaranteed Notes (Canada)§
  (CCC-, Ca)   03/15/12     7.750       15,863    
                      301,800    
Gaming (0.6%)      
  150     Codere Finance Luxembourg SA, Senior
Notes (Callable 06/15/10 @ $104.13)
(Luxembourg)
  (B, B2)   06/15/15     8.250       212,205    
Health Services (0.1%)      
  55     FMC Finance III SA., Rule 144A, Senior Notes
(Luxembourg)‡
  (BB-, Ba3)   07/15/17     6.875       54,175    
Leisure (0.2%)      
  75     NCL Corp., Global Senior Notes (Callable
07/15/09 @ $105.31) (Bermuda)#
  (B, B3)   07/15/14     10.625       72,750    
Media - Cable (1.7%)      
  175     Unity Media GmbH, Rule 144A, Senior Notes
(Callable 02/15/10 @ $105.06) (Germany)‡
  (CCC+, Caa2)   02/15/15     10.125       251,709    
  100     Videotron Ltee, Global Company Guaranteed
Notes (Callable 12/15/10 @ $103.19) (Canada)
  (B+, Ba2)   12/15/15     6.375       95,500    
  150     Virgin Media Finance PLC, Global Company
Guaranteed Notes (Callable 04/15/09 @ $104.88)
(United Kingdom)
  (B-, B2)   04/15/14     9.750       311,485    
                      658,694    
Metals & Mining - Excluding Steel (0.0%)      
  504     International Utility Structures, Inc.,
Subordinated Notes (Canada)^ø
  (NR, NR)   02/01/08     13.000       0    
Oil Refining & Marketing (0.2%)      
  50     Petroplus Finance, Ltd., Rule 144A, Company
Guaranteed Notes (Callable 05/01/11 @ $103.38)
(Bermuda)‡
  (BB-, B1)   05/01/14     6.750       48,375    
  25     Petroplus Finance, Ltd., Rule 144A, Company
Guaranteed Notes (Callable 05/01/12 @ $103.50)
(Bermuda)‡
  (BB-, B1)   05/01/17     7.000       24,188    
                      72,563    

 

See Accompanying Notes to Financial Statements.
23



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
FOREIGN BONDS      
Packaging (0.4%)      
$ 100     Gerresheimer Holdings GMBH, Rule 144A,
Company Guaranteed Notes (Callable
02/15/10 @ 103.94) (Germany)‡
  (B+, B2)   03/01/15     7.875     $ 145,859    
Pharmaceuticals (0.2%)      
  75     Elan Finance PLC, Global Company Guaranteed
Notes (Callable 12/01/10 @ $104.44) (Ireland)
  (B, B3)   12/01/13     8.875       78,750    
Printing & Publishing (0.2%)      
  75     Quebecor World, Inc., Rule 144A, Senior Notes
(Callable 01/15/11 @ $104.88) (Canada)‡
  (B+, B2)   01/15/15     9.750       76,312    
Support - Services (0.8%)      
  75     Ashtead Holdings PLC, Rule 144A, Secured
Notes (Callable 08/01/10 @ $104.31)
(United Kingdom)‡
  (B, B3)   08/01/15     8.625       76,875    
  150     Carlson Wagonlit BV, Rule 144A Senior Notes
(Callable 11/01/07 @ $104.00) (Netherlands)#‡
  (B-, B2)   05/01/15     9.763       211,952    
                      288,827    
Telecom - Integrated/Services (2.9%)      
  150     BCM Ireland Finance, Rule 144A (Callable
08/15/07 @ $102.00) (Ireland)‡#
  (B-, B3)   08/15/16     9.061       207,394    
  175     Global Crossing UK Finance, Global Company
Guaranteed Notes (Callable 12/15/09 @ $105.38)
(United Kingdom)§
  (B-, B3)   12/15/14     10.750       190,750    
  100     Hellas II, Rule 144A, Subordinated Notes (Callable
01/15/08 @ $102.00) (Luxembourg)‡#
  (CCC+, Caa1)   01/15/15     11.106       103,500    
  25     Intelsat Bermuda, Ltd., Global Senior Unsecured
Notes (Bermuda)
  (B-, Caa1)   11/01/13     6.500       20,187    
  375     Intelsat, Ltd., Global Senior Unsecured Notes
(Callable 06/15/11 @ $105.62) (Bermuda)
  (B-, Caa1)   06/15/16     11.250       421,875    
  100     Nordic Telephone Co. Holdings, Rule 144A,
Secured Notes (Callable 05/01/08 @ $101.00)
(Denmark)‡#
  (B, B2)   05/01/16     9.513       139,106    
                      1,082,812    
Telecom - Wireless (0.2%)      
  50     Rogers Cable, Inc., Global Secured Notes
(Canada)§
  (BBB-, Baa3)   06/15/13     6.250       50,541    
  25     Rogers Wireless Communications, Inc., Global
Secured Notes (Canada)
  (BBB-, Baa3)   12/15/12     7.250       26,426    
                      76,967    
Telecommunication Equipment (0.1%)      
  50     Nortel Networks, Ltd., Rule 144A, Company
Guaranteed Notes (Canada)‡#
  (B-, B3)   07/15/11     9.606       53,438    

 

See Accompanying Notes to Financial Statements.
24



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2007 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
FOREIGN BONDS      
Textiles & Apparel (0.8%)      
$ 200     IT Holding Finance SA, Rule 144A, Company
Guaranteed Notes (Luxembourg)‡
  (CCC, B3)   11/15/12     9.875     $ 293,745    
Transportation - Excluding Air/Rail (0.4%)      
  150     Ship Finance International, Ltd., Global Company
Guaranteed Notes (Callable 12/15/08 @ $104.25)
(Bermuda)
  (B+, B1)   12/15/13     8.500       155,250    
    TOTAL FOREIGN BONDS (Cost $4,566,158)                     4,275,897    
Number of
Shares
   
COMMON STOCKS (0.3%)      
Automobile Parts & Equipment (0.0%)      
  413,097     Cambridge Industries Liquidating Trust*^               0    
  588     Safelite Realty Corp.*^               4,704    
                  4,704    
Electric - Integrated (0.3%)      
  2,525     Mirant Corp.*§               107,691    
    TOTAL COMMON STOCKS (Cost $62,936)                 112,395    
WARRANTS (0.0%)      
Telecom - Wireless (0.0%)      
  500     iPCS, Inc., Rule 144A, strike price $5.50 expires 07/15/10‡ (Cost $0)               0    
SHORT-TERM INVESTMENTS (27.8%)      
  10,212,066     State Street Navigator Prime Portfolio§§               10,212,066    
Par
(000)
   
$ 284     State Street Bank and Trust Co. Euro Time Deposit     07/02/07     4.100       284,000    
    TOTAL SHORT-TERM INVESTMENTS (Cost $10,496,066)                 10,496,066    
    TOTAL INVESTMENTS AT VALUE (124.6%) (Cost $47,875,973)                 47,064,632    
    LIABILITIES IN EXCESS OF OTHER ASSETS (-24.6%)                 (9,306,117 )  
    NET ASSETS (100.0%)               $ 37,758,515    

 

See Accompanying Notes to Financial Statements.
25



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2007 (unaudited)

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 June 30, 2007, these securities amounted to a value of $9,335,688 or 24.7% of net assets.

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

*  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 Directors.

#  Variable rate obligations — The interest rate shown is the rate as of June 30, 2007.

§  Security or portion thereof is out on loan.

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

ø  Bond is currently in default.

1  Par value of security held is less than 1,000.

See Accompanying Notes to Financial Statements.
26




Credit Suisse Global High Yield Fund

Statement of Assets and Liabilities

June 30, 2007 (unaudited)

Assets  
Investments at value, including collateral for securities on loan of $10,212,066
(Cost $47,875,973) (Note 2)
  $ 47,064,6321    
Cash     670    
Interest receivable     746,904    
Receivable for investments sold     295,141    
Receivable for fund shares sold     134,307    
Prepaid expenses and other assets     25,817    
Total Assets     48,267,471    
Liabilities  
Advisory fee payable (Note 3)     2,182    
Administrative services fee payable (Note 3)     903    
Payable upon return of securities loaned (Note 2)     10,212,066    
Payable for investments purchased     242,957    
Dividend payable     35,448    
Unrealized depreciation on forward foreign currency contracts (Note 2)     5,324    
Payable for fund shares redeemed     1,830    
Directors' fee payable     494    
Other accrued expenses payable     7,752    
Total Liabilities     10,508,956    
Net Assets  
Capital stock, $0.001 par value (Note 6)     3,710    
Paid-in capital (Note 6)     85,078,691    
Accumulated net investment loss     (443,983 )  
Accumulated net realized loss from investments and foreign currency transactions     (46,063,567 )  
Net unrealized depreciation from investments and foreign currency translations     (816,336 )  
Net Assets   $ 37,758,515    
Shares outstanding     3,710,087    
Net asset value, offering price, and redemption price per share   $ 10.18    

 

1  Including $10,002,499 of securities on loan.

See Accompanying Notes to Financial Statements.
27



Credit Suisse Global High Yield Fund

Statement of Operations

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

Investment Income (Note 2)  
Interest   $ 1,710,353    
Dividends     183    
Securities lending     17,726    
Total investment income     1,728,262    
Expenses  
Investment advisory fees (Note 3)     139,204    
Administrative services fees (Note 3)     30,789    
Interest expense (Note 4)     15,969    
Legal fees     11,785    
Audit and tax fees     10,378    
Directors' fees     10,339    
Printing fees (Note 3)     9,736    
Custodian fees     6,427    
Registration fees     2,695    
Transfer agent fees     1,404    
Insurance expense     825    
Commitment fees (Note 4)     490    
Total expenses     240,041    
Less: fees waived (Note 3)     (100,556 )  
Net expenses     139,485    
Net investment income     1,588,777    
Net Realized and Unrealized Gain (Loss) from Investments and Foreign Currency Related Items  
Net realized gain from investments     523,489    
Net realized loss from foreign currency transactions     (30,107 )  
Net change in unrealized appreciation (depreciation) from investments     (349,205 )  
Net change in unrealized appreciation (depreciation) from foreign currency translations     (5,706 )  
Net realized and unrealized gain from investments and foreign currency related items     138,471    
Net increase in net assets resulting from operations   $ 1,727,248    

 

See Accompanying Notes to Financial Statements.
28




Credit Suisse Global High Yield Fund

Statements of Changes in Net Assets

    For the Six Months
Ended
June 30, 2007
(unaudited)
  For the Year
Ended
December 31, 2006
 
From Operations  
Net investment income   $ 1,588,777     $ 2,588,580    
Net realized gain (loss) from investments and foreign currency transactions     493,382       (82,309 )  
Net change in unrealized appreciation (depreciation)
from investments and foreign currency translations
    (354,911 )     1,100,903    
Net increase in net assets resulting from operations     1,727,248       3,607,174    
From Dividends  
Dividends from net investment income     (1,580,192 )     (2,672,679 )  
Net decrease in net assets resulting from dividends     (1,580,192 )     (2,672,679 )  
From Capital Share Transactions (Note 6)  
Proceeds from sale of shares     6,519,038       19,283,338    
Reinvestment of dividends     1,507,562       2,568,174    
Net asset value of shares redeemed     (14,526,636 )     (7,922,561 )  
Net increase (decrease) in net assets from capital share transactions     (6,500,036 )     13,928,951    
Net increase (decrease) in net assets     (6,352,980 )     14,863,446    
Net Assets  
Beginning of period     44,111,495       29,248,049    
End of period   $ 37,758,515     $ 44,111,495    
Accumulated net investment loss   $ (443,983 )   $ (452,568 )  

 

See Accompanying Notes to Financial Statements.
29




Credit Suisse Global High Yield Fund

Financial Highlights

(For an Institutional Class Share of the Fund Outstanding Throughout Each Period)

    For the Six Months
Ended
June 30,2007
  For the Year
Ended December 31,
  For the Period
September 1,
2004 to
December 31,
  For the Year
Ended August 31,
 
    (unaudited)   2006   2005   20041   2004   2003   2002  
Per share data  
Net asset value, beginning
of period
  $ 10.19     $ 9.96     $ 10.65     $ 10.38     $ 10.26     $ 9.90     $ 11.84    
INVESTMENT OPERATIONS  
Net investment income     0.43       0.79       0.81       0.31       1.01       1.14       1.17    
Net gain (loss) on investments
and foreign currency related
items (both realized and
unrealized)
    0.01       0.19       (0.55 )     0.55       0.72       0.41       (1.94 )  
Total from investment
operations
    0.44       0.98       0.26       0.86       1.73       1.55       (0.77 )  
LESS DIVIDENDS  
Dividends from net investment
income
    (0.45 )     (0.75 )     (0.95 )     (0.59 )     (1.61 )     (1.19 )     (1.17 )  
Net asset value, end of period   $ 10.18     $ 10.19     $ 9.96     $ 10.65     $ 10.38     $ 10.26     $ 9.90    
Total return2     4.30 %     10.21 %     2.58 %     8.43 %     18.27 %     16.96 %     (6.88 )%  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of period
(000s omitted)
  $ 37,759     $ 44,111     $ 29,248     $ 34,842     $ 32,675     $ 26,729     $ 86,846    
Ratio of expenses to average
net assets
    0.70 %4     0.70 %     0.70 %     0.70 %4     0.70 %     0.70 %     0.70 %  
Ratio of net investment income
to average net assets
    7.99 %4     7.52 %     7.96 %     8.30 %4     8.74 %     10.15 %     10.15 %3  
Decrease reflected in above
operating expense ratios
due to waivers/
reimbursements
    0.51 %4     0.61 %     0.68 %     0.91 %4     0.95 %     0.40 %     0.27 %  
Portfolio turnover rate     29 %     69 %     71 %     5 %     30 %     56 %     52 %  

 

1  The Fund changed its fiscal year end from August 31 to December 31.

2  Total returns are historical and assume changes in share price and reinvestment of all dividends and distributions. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized.

3  During the year ended August 31, 2002, the Fund experienced an increase in its interest income of 0.67% as a result of additional accretion income not accrued in prior periods. The Fund's net investment income ratio disclosed above excludes the effect of the increase.

4  Annualized.

See Accompanying Notes to Financial Statements.
30




Credit Suisse Global High Yield Fund

Notes to Financial Statements

June 30, 2007 (unaudited)

Note 1. Organization

The Credit Suisse Global High Yield Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company that seeks high total return. The Fund was incorporated under the laws of the State of Maryland on July 31, 1998.

The Fund is authorized to offer three classes of shares, Common Class, Advisor Class and Institutional Class shares, although the Fund currently offers only Institutional Class shares.

Note 2. Significant Accounting Policies

A) SECURITY VALUATION — The net asset value of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the "Exchange") on each day the Exchange is open for business. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that using this method would not represent fair value. Equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation (the "Valuation Time"). If no sales are reported, equity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest asked quotation in the case of a short sale of securities. Investments in mutual funds are valued at the mutual fund's closing net asset value per share on the day of valuation. Securities and other assets for which market quotations are not readily available, or whose values have been materially affected by events occurring before the Fund's Valuation Time but after the close of the securities' primary markets, are valued at fair value as determined in good faith by, or under the direction of, the Board of Directors under procedures established by the Board of Directors. The Fund may utilize a service provided by an independent third party which has been approved by the Board of Directors to fair value certain securities. When fair-value pricing is employed, the price of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities.

B) FOREIGN CURRENCY TRANSACTIONS — The books and records of the Fund are maintained in U.S. dollars. Transactions denominated in foreign


31



Credit Suisse Global High Yield Fund

Notes to Financial Statements (continued)

June 30, 2007 (unaudited)

Note 2. Significant Accounting Policies

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 — Dividends from net investment income are declared and paid quarterly. 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").

E) FEDERAL INCOME TAXES — No provision is made for federal taxes as it is the Fund's intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under the Internal Revenue Code of 1986, as amended, and to make the requisite distributions to its shareholders, which will be sufficient to relieve it from federal income and excise taxes.

F) 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.


32



Credit Suisse Global High Yield Fund

Notes to Financial Statements (continued)

June 30, 2007 (unaudited)

Note 2. Significant Accounting Policies

G) 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, 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.

H) 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 June 30, 2007, the Fund had the following open forward foreign currency contracts:

Forward Foreign
Currency Contract
  Expiration
Date
  Foreign Currency
To Be Sold
  Contract
Amount
  Contract Value   Unrealized
Loss
 
British Pound   09/28/07   £ (160,000 )   $ (319,405 )   $ (320,592 )   $ (1,187 )  
European Economic Unit   09/28/07   (1,090,000 )     (1,472,285 )     (1,476,422 )     (4,137 )  
        $ (1,791,690 )   $ 1,797,014 )   $ (5,324 )  

 

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 June 30, 2007, total earnings from the Fund's investment


33



Credit Suisse Global High Yield Fund

Notes to Financial Statements (continued)

June 30, 2007 (unaudited)

Note 2. Significant Accounting Policies

in cash collateral received in connection with securities lending arrangements was $277,358, of which $255,191 was rebated to borrowers (brokers). The Fund retained $17,726 in income from the cash collateral investment, and SSB, as lending agent, was paid $4,441. 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) OTHER — Lower-rated debt securities (commonly known as "junk bonds") possess speculative characteristics and are subject to greater market fluctuations and risk of lost income and principal than higher-rated debt securities for a variety of reasons. Also, during an economic downturn or substantial period of rising interest rates, highly leveraged issuers may experience financial stress which would adversely affect their ability to service their principal and interest payment obligations, to meet projected business goals and to obtain additional financing.

In addition, periods of economic uncertainty and changes can be expected to result in increased volatility of market prices of lower-rated debt securities and (to the extent a Fund invests in junk bonds) the Fund's net asset value.

The Fund may invest in securities of foreign countries and governments which involve certain risks in addition to those inherent in domestic investments. Such risks generally include, among others, currency risk (fluctuations in currency exchange rates), information risk (key information may be inaccurate or unavailable) and political risk (expropriation, nationalization or the imposition of capital or currency controls or punitive taxes). Other risks of investing in foreign securities include liquidity and valuation risks.

The Fund may be subject to taxes imposed by countries in which they invest, with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Fund accrues such taxes when the related income is earned or gains are realized.

Note 3. Transactions with Affiliates and Related Parties

Credit Suisse serves as investment adviser for the Fund. For its investment advisory services, Credit Suisse is entitled to receive a fee from the Fund at an annual rate of 0.70% of the Fund's average daily net assets. For the six months ended June 30, 2007, investment advisory fees earned and voluntarily waived were $139,204 and $100,556, respectively. Fee waivers and reimbursements are voluntary and may be discontinued by Credit Suisse at any time.


34



Credit Suisse Global High Yield Fund

Notes to Financial Statements (continued)

June 30, 2007 (unaudited)

Note 3. Transactions with Affiliates and Related Parties

Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of Credit Suisse, and SSB serve as co-administrators to the Fund. No compensation is payable by the Fund to CSAMSI for co-administrative services.

For its co-administrative services, SSB receives a fee, exclusive of out-of-pocket expenses, calculated in total for all the Credit Suisse funds/portfolios co-administered by SSB and allocated based upon relative average net assets of each fund/portfolio, subject to an annual minimum fee. For the six months ended June 30, 2007, co-administrative services fees earned by SSB (including out-of-pocket expenses) were $30,789.

In addition to serving as the Fund's co-administrator, CSAMSI currently serves as distributor of the Fund's shares without compensation.

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 June 30, 2007, Merrill was paid $22,681 for its services to the Fund.

Note 4. Line of Credit

The Fund, together with other funds/portfolios advised by Credit Suisse (collectively, the "Participating Funds"), participates in a $50 million committed, unsecured line of credit facility ("Credit Facility") for temporary or emergency purposes with Deutsche Bank, A.G. as administrative agent and syndication agent and SSB as operations agent. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee at a rate of 0.10% per annum on the average unused amount of the Credit Facility, which is allocated among the Participating Funds in such manner as is determined by the governing Boards of the Participating Funds. In addition, the Participating Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. At June 30, 2007, the Fund had no loans outstanding under the Credit Facility. During the six months ended June 30, 2007, the Fund had borrowings under the Credit Facility as follows:

Average Daily
Loan Balance
  Weighted Average
Interest Rate%
  Maximum Daily
Loan Outstanding
 
$ 1,686,271       5.795 %   $ 6,135,000    

 


35



Credit Suisse Global High Yield Fund

Notes to Financial Statements (continued)

June 30, 2007 (unaudited)

Note 5. Purchases and Sales of Securities

For the six months ended June 30, 2007, purchases and sales of investment securities (excluding short-term investments) were $11,605,403 and $16,632,885, respectively.

At June 30, 2007, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized depreciation from investments were $47,875,973, $946,839, $(1,758,180) and $(811,341), respectively.

Note 6. Capital Share Transactions

The Fund is authorized to issue three billion full and fractional shares of capital stock, $.001 par value per share. Transactions in capital shares for the Fund were as follows:

For the Six Months Ended   June 30, 2007
(unaudited)
  For the Year Ended
December 31, 2006
 
Shares sold     625,897       1,919,076    
Shares issued in reinvestment of dividends     146,927       256,608    
Shares redeemed     (1,389,516 )     (784,846 )  
Net increase (decrease)     (616,692 )     1,390,838    

 

On June 30, 2007, the number of shareholders that held 5% or more of the outstanding shares of the Fund was as follows:

Number of
Shareholders
  Approximate Percentage
of Outstanding Shares
 
  2       84 %  

 

Some of the shareholders are omnibus accounts, which hold shares on behalf of several individual shareholders.

Note 7. Contingencies

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


36



Credit Suisse Global High Yield Fund

Notes to Financial Statements (continued)

June 30, 2007 (unaudited)

Note 8. Recent Accounting Pronouncements

In July 2006, the Financial Accounting Standards Board ("FASB") released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes ("FIN 48"), an interpretation of FASB Statement No. 109. FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more likely than not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more likely than not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is effective during the first required financial reporting period for fiscal years beginning after December 15, 2006. Management adopted FIN 48 on June 29, 2007. There was no material impact to the financial statements or disclosures thereto as a result of the adoption of this pronouncement.

On September 20, 2006, the FASB released Statement of Financial Accounting Standards No. 157 "Fair Value Measurements" ("FAS 157"). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair-value measurements. The application of FAS 157 is required for fiscal years, beginning after November 15, 2007 and interim periods within those fiscal years. At this time, management is evaluating the implication of FAS 157 and its impact on the financial statements has not yet been determined.


37





Credit Suisse Global High Yield Fund

Privacy Policy Notice (unaudited)

Important Privacy Choices for Consumers

We are committed to maintaining the privacy of every current and prospective customer. We recognize that you entrust important personal information to us, and we wish to assure you that we take seriously our responsibilities in protecting and safeguarding this information.

In connection with making available investment products and services to current and potential customers, we may obtain nonpublic personal information about you. This information may include your name, address, e-mail address, social security number, account number, assets, income, financial situation, transaction history and other personal information.

We may collect nonpublic information about you from the following sources:

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

•  Information about your transactions with us, our affiliates, or others.

We do not disclose any nonpublic personal information about our customers or former customers to anyone, except with your consent or as otherwise permitted by law.

In cases where we believe that additional products and services may be of interest to you, we may share the information described above with our affiliates.

We may also disclose this information to firms that perform services on our behalf. These agents and service providers are required to treat the information confidentially and use it only for the purpose for which it is provided.

We restrict access to nonpublic personal information about you to those employees, agents or other parties who need to know that information to provide products or services to you or in connection with your investments with or through us. We maintain physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

Note: This Notice is provided to clients and prospective clients of Credit Suisse Asset Management, LLC ("Credit Suisse"), and Credit Suisse Asset Management Securities, Inc., and shareholders and prospective shareholders in Credit Suisse-sponsored and advised investment companies, including Credit Suisse Funds, and other consumers and customers, as applicable. This Notice is not intended to be incorporated in any offering materials but is merely a statement of our current Privacy Policy, and may be amended from time to time upon notice to you. This Notice is dated as of June 5, 2007.


38




Credit Suisse Global High Yield 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 1-800-222-8977

•  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.


39




P.O. BOX 55030, BOSTON, MA 02205-5030

800-222-8977 n www.credit-suisse.com/us

CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR.  INSTFIX-SAR-0607




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 not applicable to the registrant.

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 not applicable to the registrant.

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

This item is not applicable to the registrant.

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

This item is not applicable to the registrant.

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

The Nominating Committee recommends Board member candidates.  Shareholders of the registrant may also submit nominees that will be considered by the Committee.  Recommendations should be mailed to the registrant’s Secretary, c/o Credit Suisse Asset Management, LLC, Eleven Madison Avenue, New York, NY 10010.  Any submission should include at a minimum the following information: the name, age, business address, residence address and principal occupation or employment of such individual; the class, series and number of shares of the registrant that are beneficially owned by such individual; the date such shares were acquired and the investment intent of such acquisition; whether such shareholder believes such individual is, or is not, an “interested person” of the registrant (as defined in the Investment Company Act of 1940) and information regarding such individual that is sufficient, in the Committee’s discretion, to make such determination; and all other information relating to such individual that is required to be disclosed in solicitation of proxies for election of directors in an election contest (even if an election contest is not involved) or is otherwise required pursuant to the rules for proxy materials under the Securities Exchange Act of 1934.

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 GLOBAL HIGH YIELD FUND, INC.

 

 

 

 

 

/s/Keith M. Schappert

 

 

 

Name:

Keith M. Schappert

 

 

Title:

Chief Executive Officer

 

 

Date:

September 4, 2007

 

 

 

 

 

 

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

/s/Keith M. Schappert

 

 

 

Name:

Keith M. Schappert

 

 

Title:

Chief Executive Officer

 

 

Date:

September 4, 2007

 

 

 

 

 

 

/s/Michael A. Pignataro

 

 

 

Name:

Michael A. Pignataro

 

 

Title:

Chief Financial Officer

 

 

Date:

September 4, 2007