N-CSRS 1 a09-18297_3ncsrs.htm N-CSRS

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

811-08927

 

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, 2009 to June 30, 2009

 

 



 

Item 1. Reports to Stockholders.

 



CREDIT SUISSE
INSTITUTIONAL FUND

Semiannual Report

June 30, 2009
(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, 2009; 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, 2009 (unaudited)

July 31, 2009

Dear Shareholder:

Performance Summary
01/01/09 – 06/30/09

Fund & Benchmark   Performance  
Credit Suisse Global High Yield Fund1      24.60 %  
Merrill Lynch Global High Yield
Constrained Index (fully hedged)2 
    30.92 %  

 

Market Review: A slow start, but trending upward

For the six-month period ended June 30, 2009, the high yield bond market trended higher. A combination of positive sentiment, better than expected economic news, and high yield mutual fund inflows helped the Merrill Lynch Global High Yield Constrained Index (hedged into USD) gain 30.92%. Additionally, for the time period, high yield spreads tightened to 708 basis points versus the Treasury to end the period at 1,107 basis points, while yields ended June at 13.74%.

Against this strong performance backdrop, a number of market indicators signaled that credit fundamentals remained under pressure. Default rates, as reported by Moody's Investor Services, continued to rise — ending June at 10.1%. Additionally, according to JP Morgan, five companies either defaulted or missed coupon payments during June alone. However, the pace of defaults has slowed from the previous average of 14 defaults per month for the prior six-month period. Similarly, Merrill Lynch's distress ratio (defined as the proportion of bonds trading at over 1,000 basis points over U.S. Treasuries, continued to improve, ending the period at 40.8% (down from its recent high of 83.6% in November 2008).

AMG Data Services reported that high yield mutual funds experienced positive flows for 15 of the last 16 weeks of the period. On a year-to-date basis, inflows have totaled almost $12 billion.

The new issue market began the year slowly, with only $10 billion in high yield debt issued during the first quarter. As the year progressed, however, activity picked up, and according to Merrill Lynch, more than $51 billion in high yield debt was issued in the second quarter. In addition, there has been a material increase in diversity among issuers — with lower rated and more cyclical companies able to access the market for the first time since summer of 2008.


1



Credit Suisse Global High Yield Fund
Semiannual Investment Adviser's Report (continued)
June 30, 2009 (unaudited)

Strategic Review and Outlook: Fundamental backdrop remains challenging

For the six-month period ended June 30, 2009, the Fund underperformed its benchmark. Superior security selection in printing and publishing, electronics, and forestry/paper contributed positively to relative returns. Conversely, an underweight to automotive as well as an underweight to financials (due to an influx of downgraded securities that have recently entered the High Yield Universe) hurt relative returns.

Despite the recent strength in the high yield market, the fundamental backdrop remains challenging. The new issue market has made capital available to a broader selection of issuers, but credit conditions remain tight and recent economic indicators have been mixed. For example, consumer confidence increased from 25.3 in February to 49.3 in June, while the unemployment rate continued to climb to 9.5%. Additionally, although we believe recent government policy initiatives should ultimately stabilize the financial markets and the broader global economy, we expect conditions to stay volatile as liquidity remains limited and the recovery continues.

The Credit Suisse High Yield Management Team

Martha Metcalf
Wing Chan

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

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 involve 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, 2009 (unaudited)

Average Annual Returns as of June 30, 20091

1 Year   5 Years   10 Years   Since
Inception
  Inception
Date
 
  (6.08 )%     3.63 %     3.49 %     5.60 %     02/26/93    

 

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.

The annualized gross expense ratio is 1.53%. The annualized net expense ratio after fee waivers and/or expense reimbursements is 0.70%.

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 (fully hedged) 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%. Investors cannot invest directly in an index.


3



Credit Suisse Global High Yield Fund
Semiannual Investment Adviser's Report (continued)
June 30, 2009 (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, 2009.

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, 2009 (unaudited)

Expenses and Value for a $1,000 Investment
for the six month period ended June 30, 2009

Actual Fund Return  
Beginning Account Value 1/1/09   $ 1,000.00    
Ending Account Value 06/30/09   $ 1,246.00    
Expenses Paid per $1,000*   $ 3.90    
Hypothetical 5% Fund Return  
Beginning Account Value 1/1/09   $ 1,000.00    
Ending Account Value 06/30/09   $ 1,021.32    
Expenses Paid per $1,000*   $ 3.51    
Annualized Expense Ratio*     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 Ratio" 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, 2009 (unaudited)

Credit Quality Breakdown*

Ratings
S&P
 
BBB     2.0 %  
BB     29.6 %  
B     38.3 %  
CCC     16.7 %  
CC     1.0 %  
C     0.5 %  
D     2.2 %  
NR     1.4 %  
Subtotal     91.7 %  
Short-Term Investment     8.3 %  
Total     100.0 %  

 

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


6




Credit Suisse Global High Yield Fund
Schedule of Investments
June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS (85.9%)  
Aerospace & Defense (1.5%)  
$ 100     BE Aerospace, Inc., Senior Unsecured Notes
(Callable 07/01/13 @ $104.25)
  (BB+, Ba3)   07/01/18     8.500     $ 94,500    
  250     Hawker Beechcraft Acquisition Co., Global
Company Guaranteed Notes
(Callable 04/01/11 @ $104.25)
  (CCC-, Caa3)   04/01/15     8.500       130,000    
  50     Hawker Beechcraft Acquisition Co., Global
Company Guaranteed Notes
(Callable 04/01/12 @ $104.88)
  (CCC-, Ca)   04/01/17     9.750       21,250    
  95     Hexcel Corp., Global Senior Subordinated Notes
(Callable 02/01/10 @ $103.38)
  (B+, B1)   02/01/15     6.750       88,588    
  125     L-3 Communications Corp., Global Senior
Subordinated Notes
(Callable 01/15/10 @ $102.94)
  (BB+, Ba3)   01/15/15     5.875       111,562    
      445,900    
Agriculture (0.4%)  
  120     Southern States Cooperative, Inc., Rule 144A,
Senior Notes (Callable 11/01/09 @ $100.00)‡
  (B-, B3)   11/01/11     11.000       111,000    
Auto Loans (1.9%)  
  200     Ford Motor Credit Co. LLC, Global Senior
Unsecured Notes
  (CCC+, Caa1)   06/15/10     7.875       190,014    
  310     Ford Motor Credit Co. LLC, Global Senior
Unsecured Notes
  (CCC+, Caa1)   10/01/13     7.000       249,465    
  150     Ford Motor Credit Co. LLC, Senior
Unsecured Notes
  (CCC+, Caa1)   12/15/16     8.000       114,827    
      554,306    
Auto Parts & Equipment (1.7%)  
  150     Altra Industrial Motion, Inc., Global Senior
Secured Notes (Callable 12/01/09 @ $102.25)
  (B+, B1)   12/01/11     9.000       145,125    
  75     American Axle & Manufacturing, Inc., Company
Guaranteed Notes (Callable 03/01/12 @ $103.94)
  (CCC-, Ca)   03/01/17     7.875       23,625    
  45     Lear Corp., Series B, Global Company
Guaranteed Notes (Callable 12/01/10 @ $104.25)ø
  (D, C)   12/01/13     8.500       11,925    
  110     Stanadyne Corp., Series 1, Global Senior
Subordinated Notes
(Callable 08/15/09 @ $105.00)
  (CCC, Caa1)   08/15/14     10.000       86,350    
  75     Tenneco, Inc., Global Company Guaranteed Notes
(Callable 11/15/09 @ $104.31)
  (CCC, Caa2)   11/15/14     8.625       54,375    
  150     The Goodyear Tire & Rubber Co., Global
Company Guaranteed Notes
(Callable 07/01/10 @ $104.50)
  (B+, B1)   07/01/15     9.000       149,250    
  25     The Goodyear Tire & Rubber Co., Senior
Unsecured Notes
(Callable 05/15/12 @ $107.88)
  (B+, B1)   05/15/16     10.500       25,375    
      496,025    

 

See Accompanying Notes to Financial Statements.
7



Credit Suisse Global High Yield Fund
Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS  
Banks (3.3%)  
$ 175     CIT Group, Inc., Senior Unsecured Notes#   (BB-, Ba2)   02/13/12     1.170     $ 103,321    
  350     CIT Group, Inc., Senior Unsecured Notes   (BB-, Ba2)   02/13/12     5.400       238,167    
  300     GMAC LLC, Rule 144A, Company
Guaranteed Notes‡
  (CCC, Ca)   03/02/11     7.250       277,500    
  189     GMAC LLC, Rule 144A, Company
Guaranteed Notes‡
  (CCC, Ca)   04/01/11     6.000       167,265    
  13     GMAC LLC, Rule 144A, Company
Guaranteed Notes‡
  (CCC, Ca)   12/31/13     7.500       10,205    
  211     GMAC LLC, Rule 144A, Company
Guaranteed Notes‡
  (CCC, Ca)   12/01/14     6.750       167,745    
  15     GMAC LLC, Rule 144A, Subordinated Notes‡   (CC, Ca)   12/31/18     8.000       9,675    
      973,878    
Beverages (0.4%)  
  125     Constellation Brands, Inc., Company
Guaranteed Notes
  (BB-, Ba3)   09/01/16     7.250       116,250    
Brokerage (0.2%)  
  75     E*TRADE Financial Corp., Senior Unsecured Notes
(Callable 12/01/10 @ $103.94)
  (CCC-, B3)   12/01/15     7.875       59,625    
Building & Construction (1.3%)  
  52     Ashton Woods Finance Co., Rule 144A, Senior
Subordinated Notes
(Callable 02/24/14 @ $105.50)+‡
  (NR, NR)   06/30/15     0.000       9,880    
  100     Beazer Homes USA, Inc., Global Company
Guaranteed Notes (Callable 04/15/10 @ $100.00)
  (CCC-, Caa2)   04/15/12     8.375       59,500    
  25     D.R. Horton, Inc., Company Guaranteed Notes   (BB-, Ba3)   05/01/13     6.875       23,531    
  100     K Hovnanian Enterprises, Inc., Global Company
Guaranteed Notes
  (D, Caa2)   01/15/16     6.250       50,500    
  125     Meritage Homes Corp., Global Company
Guaranteed Notes (Callable 03/15/10 @ $103.13)
  (B+, B1)   03/15/15     6.250       98,750    
  175     Standard Pacific Corp., Company
Guaranteed Notes
  (CCC-, Caa1)   04/01/14     6.250       124,250    
  75     William Lyon Homes, Inc., Global Company
Guaranteed Notes (Callable 12/15/09 @ $101.91)
  (CC, Caa3)   12/15/12     7.625       25,500    
      391,911    
Building Materials (1.0%)  
  100     Building Materials Corp. of America, Global
Secured Notes (Callable 08/01/09 @ $103.88)
  (B+, B3)   08/01/14     7.750       89,500    
  150     CPG International I, Inc., Global Company
Guaranteed Notes (Callable 07/01/09 @ $105.25)
  (B-, Caa1)   07/01/13     10.500       84,750    
  75     Norcraft Finance Corp., Global Company
Guaranteed Notes (Callable 11/01/09 @ $100.00)
  (B+, Ba3)   11/01/11     9.000       74,625    
  75     Nortek, Inc., Global Senior Subordinated Notes
(Callable 09/01/09 @ $104.25)
  (CC, Caa3)   09/01/14     8.500       21,750    
  50     Ply Gem Industries, Inc., Global Senior
Secured Notes (Callable 04/01/11 @ $105.88)
  (CCC, Caa1)   06/15/13     11.750       32,500    
      303,125    

 

See Accompanying Notes to Financial Statements.
8



Credit Suisse Global High Yield Fund
Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS  
Chemicals (2.3%)  
$ 75     Ashland, Inc., Rule 144A, Company Guaranteed
Notes (Callable 06/01/13 @ $104.56)‡
  (BB-, Ba3)   06/01/17     9.125     $ 78,187    
  55     Chemtura Corp., Company Guaranteed Notesø   (D, NR)   06/01/16     6.875       40,150    
  100     Koppers Holdings, Inc., Global Senior Discount
Notes (Callable 11/15/09 @ $104.94)+
  (B-, B2)   11/15/14     0.000       90,250    
  90     Momentive Performance Materials, Inc.,
Global Company Guaranteed Notes
(Callable 12/01/10 @ $104.88)
  (C, Ca)   12/01/14     9.750       40,500    
  86     Momentive Performance Materials, Inc.,
Rule 144A, Company Guaranteed Notes
(Callable 12/15/11 @ $106.25)‡
  (C, B3)   06/15/14     12.500       68,600    
  50     Nalco Co., Global Company Guaranteed Notes
(Callable 11/15/09 @ $103.00)
  (B, B2)   11/15/13     9.000       69,431    
  25     Nalco Co., Rule 144A, Senior Notes
(Callable 05/15/13 @ $104.13)‡
  (BB-, Ba2)   05/15/17     8.250       25,250    
  100     Nalco Finance Holdings, Inc., Global Senior
Discounted Notes (Callable 02/01/10 @ $103.00)
  (B, B2)   02/01/14     9.000       98,500    
  100     PolyOne Corp., Senior Unsecured Notes   (B-, B1)   05/01/12     8.875       84,500    
  100     Reichhold Industries, Inc., Rule 144A, Senior
Notes (Callable 08/15/10 @ $104.50)‡
  (CCC+, Caa2)   08/15/14     9.000       35,500    
  50     Terra Capital, Inc., Series B, Global Company
Guaranteed Notes (Callable 02/01/12 @ $103.50)
  (BB, B1)   02/01/17     7.000       45,938    
      676,806    
Computer Hardware (0.4%)  
  75     Activant Solutions, Inc., Global Company
Guaranteed Notes (Callable 05/01/11 @ $104.75)
  (CCC+, Caa1)   05/01/16     9.500       58,312    
  50     Seagate Technology International, Rule 144A,
Secured Notes (Callable 05/01/13 @ $105.00)‡
  (BB+, Ba1)   05/01/14     10.000       51,813    
      110,125    
Consumer Products (1.2%)  
  125     AAC Group Holding Corp., Rule 144A,
Senior Unsecured Notes
(Callable 10/01/09 @ $102.56)‡
  (CCC-, Caa2)   10/01/12     10.250       91,250    
  150     Amscan Holdings, Inc., Global Senior Subordinated
Notes (Callable 05/01/10 @ $102.92)
  (CCC+, Caa1)   05/01/14     8.750       127,500    
  50     Jarden Corp., Company Guaranteed Notes
(Callable 05/01/12 @ $103.75)
  (B-, B3)   05/01/17     7.500       44,000    
  100     Prestige Brands, Inc., Global Senior Subordinated
Notes (Callable 04/15/10 @ $100.00)
  (B-, B3)   04/15/12     9.250       99,500    
      362,250    
Diversified Capital Goods (2.9%)  
  75     Actuant Corp., Global Company Guaranteed Notes
(Callable 06/15/12 @ $103.44)
  (BB-, Ba2)   06/15/17     6.875       68,625    
  75     Anixter, Inc., Company Guaranteed Notes   (BB+, Ba2)   03/15/14     10.000       75,000    

 

See Accompanying Notes to Financial Statements.
9



Credit Suisse Global High Yield Fund
Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS  
Diversified Capital Goods  
$ 75     Belden, Inc., Rule 144A, Company Guaranteed
Notes (Callable 06/15/14 @ $104.62)‡
  (B+, Ba2)   06/15/19     9.250     $ 73,031    
  100     Coleman Cable, Inc., Global Company Guaranteed
Notes (Callable 10/01/09 @ $102.47)
  (B+, B3)   10/01/12     9.875       81,125    
  125     Esco Corp., Rule 144A, Company Guaranteed
Notes (Callable 12/15/10 @ $104.31)‡
  (B, B2)   12/15/13     8.625       108,750    
  100     Mueller Water Products, Inc., Global Company
Guaranteed Notes (Callable 06/01/12 @ $103.69)
  (CCC+, Caa1)   06/01/17     7.375       74,250    
  100     RBS Global & Rexnord Corp., Global Company
Guaranteed Notes (Callable 08/01/10 @ $104.75)
  (B-, Caa2)   08/01/14     9.500       86,000    
  75     Sensus Metering Systems, Inc., Global Senior
Subordinated Notes
(Callable 12/15/09 @ $102.87)
  (B-, B3)   12/15/13     8.625       70,875    
  50     SPX Corp., Global Senior Unsecured Notes   (BB, Ba2)   12/15/14     7.625       48,500    
  100     Titan International, Inc., Global Company
Guaranteed Notes
  (B-, Caa1)   01/15/12     8.000       91,000    
  102     TriMas Corp., Global Company Guaranteed Notes
(Callable 06/15/10 @ $100.00)
  (B-, Caa1)   06/15/12     9.875       88,230    
      865,386    
Electric - Generation (6.5%)  
  25     Dynegy Holdings, Inc., Global Senior
Unsecured Notes
  (B, B3)   06/01/15     7.500       20,969    
  200     Dynegy Holdings, Inc., Global Senior
Unsecured Notes
  (B, B3)   05/01/16     8.375       170,500    
  25     Edison Mission Energy, Global Senior
Unsecured Notes
  (BB-, B2)   05/15/17     7.000       19,313    
  350     Edison Mission Energy, Global Senior
Unsecured Notes
  (BB-, B2)   05/15/19     7.200       262,500    
  300     Mirant Americas Generation LLC, Senior
Unsecured Notes
  (B-, B3)   10/01/21     8.500       238,500    
  175     NRG Energy, Inc., Company Guaranteed Notes
(Callable 01/15/12 @ $103.69)
  (BB-, B1)   01/15/17     7.375       165,375    
  75     NRG Energy, Inc., Company Guaranteed Notes
(Callable 02/01/10 @ $103.63)
  (BB-, B1)   02/01/14     7.250       72,937    
  50     NRG Energy, Inc., Company Guaranteed Notes
(Callable 02/01/11 @ $103.69)
  (BB-, B1)   02/01/16     7.375       47,438    
  75     RRI Energy, Inc., Senior Unsecured Notes   (B+, B2)   06/15/14     7.625       69,000    
  675     Texas Competitive Electric Holdings Co., LLC,
Series A, Global Company Guaranteed Notes
(Callable 11/01/11 @ $105.13)
  (CCC, Caa1)   11/01/15     10.250       423,562    
  175     Texas Competitive Electric Holdings Co., LLC,
Series B, Global Company Guaranteed Notes
(Callable 11/01/11 @ $105.13)
  (CCC, Caa1)   11/01/15     10.250       109,812    
  150     The AES Corp., Global Senior Unsecured Notes   (BB-, B1)   10/15/17     8.000       140,250    

 

See Accompanying Notes to Financial Statements.
10



Credit Suisse Global High Yield Fund
Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS  
Electric - Generation  
$ 25     The AES Corp., Rule 144A, Senior
Unsecured Notes‡
  (BB-, B1)   04/15/16     9.750     $ 25,438    
  175     The AES Corp., Senior Unsecured Notes   (BB-, B1)   03/01/14     7.750       166,687    
      1,932,281    
Electronics (1.3%)  
  100     Amkor Technology, Inc., Global Senior Notes
(Callable 05/15/10 @ $101.29)
  (B+, B2)   05/15/13     7.750       92,125    
  13     Ampex Corp., Rule 144A, Secured Notes^‡   (NR, NR)   09/30/09     12.000       13,138    
  100     Freescale Semiconductor, Inc., Company
Guaranteed Notes (Callable 12/15/10 @ $104.44)
  (CCC, Caa2)   12/15/14     8.875       51,000    
  40     Jabil Circuit, Inc., Global Senior Unsecured Notes   (BB+, Ba1)   03/15/18     8.250       36,200    
  125     Sanmina-SCI Corp., Global Company Guaranteed
Notes (Callable 03/01/10 @ $101.69)
  (CCC, B3)   03/01/13     6.750       97,500    
  25     Sanmina-SCI Corp., Senior Subordinated Notes
(Callable 03/01/11 @ $104.06)
  (CCC, B3)   03/01/16     8.125       18,344    
  100     Viasystems, Inc., Global Senior Unsecured Notes
(Callable 01/15/10 @ $100.00)
  (B+, Caa1)   01/15/11     10.500       89,500    
      397,807    
Energy - Exploration & Production (6.1%)  
  100     Berry Petroleum Co., Senior Subordinated Notes
(Callable 11/01/11 @ $104.13)
  (B, B3)   11/01/16     8.250       86,250    
  150     Bill Barrett Corp., Company Guaranteed Notes
(Callable 07/15/13 @ $104.94)
  (B+, B1)   07/15/16     9.875       142,758    
  75     Chesapeake Energy Corp., Company
Guaranteed Notes
  (BB, Ba3)   12/15/18     7.250       65,625    
  325     Chesapeake Energy Corp., Global Company
Guaranteed Notes (Callable 01/15/10 @ $102.29)
  (BB, Ba3)   01/15/16     6.875       288,437    
  75     Denbury Resources, Inc., Company Guaranteed
Notes (Callable 03/01/13 @ $104.88)
  (BB, B1)   03/01/16     9.750       77,438    
  125     Encore Acquisition Co., Company Guaranteed
Notes (Callable 12/01/10 @ $103.63)
  (B, B1)   12/01/17     7.250       107,812    
  100     Forest Oil Corp., Global Company Guaranteed
Notes (Callable 05/01/10 @ $100.00)
  (BB-, B1)   05/01/14     7.750       96,500    
  125     Hilcorp Energy I, Rule 144A, Senior Unsecured
Notes (Callable 06/01/11 @ $104.50)‡
  (BB-, B3)   06/01/16     9.000       109,375    
  75     Mariner Energy, Inc., Company Guaranteed Notes
(Callable 05/15/12 @ $104.00)
  (B+, B3)   05/15/17     8.000       62,625    
  100     Newfield Exploration Co., Global Senior
Subordinated Notes
(Callable 05/15/13 @ $103.56)
  (BB-, Ba3)   05/15/18     7.125       91,375    
  100     Penn Virginia Corp., Senior Notes
(Callable 06/15/13 @ 105.19)
  (BB-, B2)   06/15/16     10.375       102,250    
  175     PetroHawk Energy Corp., Global Company
Guaranteed Notes (Callable 06/01/12 @ $103.94)
  (B, B3)   06/01/15     7.875       162,750    

 

See Accompanying Notes to Financial Statements.
11



Credit Suisse Global High Yield Fund
Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS  
Energy - Exploration & Production  
$ 50     Pioneer Natural Resources Co., Senior
Unsecured Notes
  (BB+, Ba1)   03/15/17     6.650     $ 44,018    
  75     Plains Exploration & Production Co., Company
Guaranteed Notes (Callable 06/15/11 @ $103.88)
  (BB, B1)   06/15/15     7.750       70,500    
  100     Range Resources Corp., Global Company
Guaranteed Notes (Callable 03/15/10 @ $103.19)
  (BB, Ba3)   03/15/15     6.375       92,625    
  100     Stone Energy Corp., Global Senior Unsecured
Notes (Callable 12/15/09 @ $103.38)
  (B, Caa1)   12/15/14     6.750       63,500    
  75     Swift Energy Co., Company Guaranteed Notes
(Callable 07/15/09 @ $101.91)
  (B+, B3)   07/15/11     7.625       70,500    
  75     Whiting Petroleum Corp., Global Company
Guaranteed Notes
  (BB-, B1)   02/01/14     7.000       69,938    
      1,804,276    
Environmental (0.9%)  
  100     Allied Waste North America, Inc., Global Senior
Secured Notes (Callable 03/15/10 @ $103.63)
  (BBB, Baa3)   03/15/15     7.250       101,618    
  175     Waste Services, Inc., Global Senior Subordinated
Notes (Callable 04/15/10 @ $103.17)
  (B-, Caa1)   04/15/14     9.500       165,812    
      267,430    
Food & Drug Retailers (1.7%)  
  175     Duane Reade, Inc., Global Company Guaranteed
Notes (Callable 08/01/09 @ $102.44)
  (CCC-, Caa3)   08/01/11     9.750       149,625    
  100     Ingles Markets, Inc., Rule 144A, Senior Unsecured
Notes (Callable 05/15/13 @ $104.44)‡
  (BB-, B1)   05/15/17     8.875       98,750    
  100     New Albertsons, Inc., Senior Unsecured Notes   (B+, Ba3)   05/01/13     7.250       96,500    
  75     Rite Aid Corp., Rule 144A, Senior Secured Notes
(Callable Notes 06/12/13 @ $104.88)‡
  (B+, B3)   06/12/16     9.750       75,375    
  25     Stater Brothers Holdings, Inc., Global Company
Guaranteed Notes (Callable 04/15/11 @ $103.88)
  (B+, B2)   04/15/15     7.750       24,125    
  50     Stater Brothers Holdings, Inc., Global Company
Guaranteed Notes (Callable 06/15/10 @ $100.00)
  (B+, B2)   06/15/12     8.125       49,500    
  25     SUPERVALU, Inc., Senior Unsecured Notes   (B+, Ba3)   05/01/16     8.000       24,375    
      518,250    
Food - Wholesale (0.5%)  
  50     Chiquita Brands International, Inc., Global Senior
Unsecured Notes (Callable 11/01/09 @ $103.75)
  (B-, Caa2)   11/01/14     7.500       42,250    
  25     Dole Food Co., Inc., Global Company
Guaranteed Notes
  (B-, Caa2)   03/15/11     8.875       24,500    
  75     Smithfield Foods, Inc., Rule 144A, Senior
Secured Notes‡
  (BB-, Ba3)   07/15/14     10.000       74,438    
  25     Smithfield Foods, Inc., Series B, Global Senior
Unsecured Notes
  (B, Caa1)   05/15/13     7.750       20,625    
      161,813    

 

See Accompanying Notes to Financial Statements.
12



Credit Suisse Global High Yield Fund
Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS  
Forestry & Paper (1.7%)  
$ 90     Boise Cascade LLC, Global Company Guaranteed
Notes (Callable 10/15/09 @ $103.56)
  (B+, Caa1)   10/15/14     7.125     $ 47,925    
  125     Cellu Tissue Holdings, Inc., Global Secured Notes   (B, B2)   03/15/10     9.750       125,625    
  125     Georgia-Pacific Corp., Debentures   (B+, B2)   06/15/15     7.700       117,500    
  75     Georgia-Pacific Corp., Rule 144A, Company
Guaranteed Notes
(Callable 01/15/12 @ $103.56)‡
  (BB-, Ba3)   01/15/17     7.125       70,125    
  75     NewPage Corp., Global Company Guaranteed
Notes (Callable 05/01/10 @ $103.00)
  (CCC, Caa3)   05/01/13     12.000       21,375    
  75     NewPage Corp., Global Senior Secured Notes
(Callable 05/01/10 @ $103.00)
  (CCC+, Caa2)   05/01/12     10.000       36,375    
  75     Smurfit-Stone Container Enterprises, Inc.,
Global Senior Unsecured Notes
(Callable 07/01/09 @ $101.40)ø
  (D, NR)   07/01/12     8.375       29,062    
  100     Verso Paper Holdings LLC, Series B, Global Senior
Secured Notes (Callable 08/01/10 @ $104.56)
  (B-, B2)   08/01/14     9.125       47,000    
      494,987    
Gaming (3.3%)  
  75     Buffalo Thunder Development Authority,
Rule 144A, Senior Secured Notes
(Callable 12/15/10 @ $104.69)ø‡
  (NR, Caa3)   12/15/14     9.375       10,875    
  25     Caesars Entertainment, Inc., Global Company
Guaranteed Notes
  (CCC-, Ca)   03/15/10     7.875       23,000    
  100     Caesars Entertainment, Inc., Global Company
Guaranteed Notes
  (CCC-, Ca)   05/15/11     8.125       83,500    
  100     CCM Merger, Inc., Rule 144A, Notes
(Callable 08/01/09 @ $104.00)‡
  (CCC, Caa3)   08/01/13     8.000       69,500    
  23     Choctaw Resort Development Enterprise,
Rule 144A, Senior Notes
(Callable 11/15/11 @ $103.63)‡
  (B, B1)   11/15/19     7.250       13,225    
  50     FireKeepers Development Authority,
Rule 144A, Senior Secured Notes
(Callable 05/01/12 @ $110.50)‡
  (B, B3)   05/01/15     13.875       46,375    
  60     Fontainebleau Las Vegas Capital Corp.,
Rule 144A, Second Mortgage Notes
(Callable 06/15/11 @ $105.13)ø‡
  (NR, NR)   06/15/15     11.000       2,550    
  100     Harrahs Escrow Corp., Rule 144A, Senior Secured
Notes (Callable 06/01/13 @ $105.62)‡
  (B, Caa1)   06/01/17     11.250       95,000    
  20     Herbst Gaming, Inc., Global Company Guaranteed
Notes (Callable 06/01/10 @ $100.00)ø
  (D, NR)   06/01/12     8.125       100    
  100     Inn of the Mountain Gods Resort & Casino,
Global Company Guaranteed Notes
(Callable 11/15/09 @ $100.00)ø
  (D, Ca)   11/15/10     12.000       40,500    
  100     Jacobs Entertainment, Inc., Global Company
Guaranteed Notes (Callable 06/15/10 @ $104.88)
  (B-, B3)   06/15/14     9.750       83,500    

 

See Accompanying Notes to Financial Statements.
13



Credit Suisse Global High Yield Fund
Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS  
Gaming  
$ 50     Majestic Star Casino Capital Corp., Senior Secured
Notes (Callable 10/15/09 @ $100.00)ø
  (D, Caa3)   10/15/10     9.500     $ 30,500    
  125     Mashantucket Western Pequot Tribe, Rule 144A,
Bonds (Callable 11/15/11 @ $104.25)‡
  (B+, B3)   11/15/15     8.500       63,125    
  175     MGM Mirage, Inc., Company Guaranteed Notes   (CCC+, Caa2)   06/01/16     7.500       114,406    
  100     MGM Mirage, Inc., Company Guaranteed Notes   (CCC+, Caa2)   01/15/17     7.625       65,250    
  25     MGM Mirage, Inc., Global Company
Guaranteed Notes
  (CCC+, Caa2)   04/01/13     6.750       16,812    
  75     MGM Mirage, Inc., Rule 144A, Senior Secured
Notes (Callable 05/15/13 @ $105.56)‡
  (B, B1)   11/15/17     11.125       79,875    
  50     Peermont Global Proprietary, Ltd., Rule 144A,
Senior Secured Notes
(Callable 04/30/10 @ $105.81)‡
  (B, B3)   04/30/14     7.750       51,197    
  60     Tropicana Finance Corp., Global Senior
Subordinated Notes
(Callable 12/15/10 @ $104.81)ø
  (NR, NR)   12/15/14     9.625       825    
  100     Turning Stone Resort Casino Enterprise,
Rule 144A, Senior Notes
(Callable 09/15/10 @ $104.56)‡
  (B+, B1)   09/15/14     9.125       85,750    
      975,865    
Gas Distribution (3.3%)  
  125     AmeriGas Partners LP, Senior Unsecured Notes
(Callable 05/20/11 @ $103.56)
  (NR, Ba3)   05/20/16     7.125       115,000    
  150     El Paso Corp., Senior Unsecured Notes   (BB-, Ba3)   06/01/18     7.250       139,243    
  300     El Paso Performance-Linked Trust, Rule 144A,
Senior Unsecured Notes‡
  (BB, Ba3)   07/15/11     7.750       295,916    
  150     Inergy Finance Corp., Global Company Guaranteed
Notes (Callable 03/01/11 @ $104.13)
  (B+, B1)   03/01/16     8.250       143,625    
  75     MarkWest Energy Finance Corp., Series B, Global
Senior Notes (Callable 04/15/13 @ $104.38)
  (B+, B2)   04/15/18     8.750       65,250    
  125     Targa Resources Partners Finance Corp.,
Global Company Guaranteed Notes
(Callable 07/01/12 @ $104.13)
  (B, B2)   07/01/16     8.250       106,562    
  125     The Williams Cos., Inc., Series A, Global Senior
Unsecured Notes
  (BB+, Baa3)   01/15/31     7.500       110,273    
      975,869    
Health Services (6.7%)  
  125     Bausch & Lomb, Inc., Global Senior Unsecured
Notes (Callable 11/01/11 @ $104.94)
  (B, Caa1)   11/01/15     9.875       120,000    
  125     Biomet, Inc., Global Company Guaranteed Notes
(Callable 10/15/12 @ $105.81)
  (B-, Caa1)   10/15/17     11.625       123,125    
  150     Community Health Systems, Inc., Global Company
Guaranteed Notes (Callable 07/15/11 @ $104.44)
  (B, B3)   07/15/15     8.875       147,750    

 

See Accompanying Notes to Financial Statements.
14



Credit Suisse Global High Yield Fund
Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS  
Health Services  
$ 75     DaVita, Inc., Global Company Guaranteed Notes
(Callable 03/15/10 @ $103.63)
  (B, B2)   03/15/15     7.250     $ 70,875    
  325     HCA, Inc., Global Secured Notes
(Callable 11/15/11 @ $104.63)
  (BB-, B2)   11/15/16     9.250       320,937    
  50     HCA, Inc., Senior Unsecured Notes   (B-, Caa1)   10/01/12     6.300       46,125    
  275     HCA, Inc., Senior Unsecured Notes   (B-, Caa1)   02/15/13     6.250       242,000    
  100     Healthsouth Corp., Global Company Guaranteed
Notes (Callable 06/15/11 @ $105.38)
  (CCC+, Caa1)   06/15/16     10.750       101,000    
  75     Inverness Medical Innovations, Inc., Senior
Subordinated Notes
(Callable 05/15/13 @ $104.50)
  (B-, B3)   05/15/16     9.000       72,750    
  75     OMEGA Healthcare Investors, Inc., Global
Company Guaranteed Notes
(Callable 01/15/11 @ $103.50)
  (BB+, Ba3)   01/15/16     7.000       67,875    
  50     Rural/Metro Corp., Global Senior Discount Notes
(Callable 03/15/10 @ $106.38)+
  (CCC+, Caa1)   03/15/16     0.000       35,750    
  75     Service Corporation International, Global Senior
Unsecured Notes
  (BB-, B1)   10/01/18     7.625       69,938    
  100     Stewart Enterprises, Inc., Global Company
Guaranteed Notes (Callable 02/15/10 @ $101.56)
  (BB-, Ba3)   02/15/13     6.250       93,500    
  275     Tenet Healthcare Corp., Rule 144A, Senior
Secured Notes (Callable 07/01/14 @ $104.37)‡
  (BB-, B1)   07/01/19     8.875       277,750    
  50     Universal Hospital Services, Inc., Global Senior
Secured Notes (Callable 06/01/10 @ $101.00)#
  (B+, B3)   06/01/15     4.635       40,500    
  25     Universal Hospital Services, Inc., Global Senior
Secured Notes (Callable 06/01/11 @ $104.25)
  (B+, B3)   06/01/15     8.500       23,688    
  75     Vanguard Health Holding Co., Global Senior
Subordinated Notes
(Callable 10/01/09 @ $104.50)
  (CCC+, Caa1)   10/01/14     9.000       72,187    
  100     VWR Funding, Inc., Series B, Global Company
Guaranteed Notes (Callable 07/15/11 @ $105.13)
  (B-, Caa1)   07/15/15     10.250       79,500    
      2,005,250    
Hotels (1.0%)  
  75     Felcor Lodging LP, Global Senior Secured Notes#   (B, B2)   12/01/11     3.135       60,750    
  100     Host Hotels & Resorts LP, Rule 144A, Senior
Unsecured Notes (Callable 05/15/13 @ $104.50)‡
  (BB+, Ba1)   05/15/17     9.000       95,750    
  125     Host Hotels & Resorts LP, Series Q, Global
Company Guaranteed Notes
(Callable 06/01/11 @ $103.33)
  (BB+, Ba1)   06/01/16     6.750       109,062    
  25     Starwood Hotels & Resorts Worldwide, Inc.,
Senior Unsecured Notes
  (BB, Ba1)   10/15/14     7.875       23,525    
      289,087    
lnvestments & Misc. Financial Services (0.2%)  
  75     Nuveen Investments, Inc., Rule 144A, Senior Notes
(Callable 11/15/11 @ $105.25)‡
  (CCC, Caa3)   11/15/15     10.500       52,125    

 

See Accompanying Notes to Financial Statements.
15



Credit Suisse Global High Yield Fund
Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS  
Leisure (0.2%)  
$ 51     Six Flags Operations, Inc., Rule 144A, Company
Guaranteed Notes
(Callable 07/15/13 @ $106.12)ø‡
  (D, Ca)   07/15/16     12.250     $ 35,700    
  150     Six Flags, Inc., Global Senior Unsecured Notes
(Callable 06/01/10 @ $103.21)ø
  (D, C)   06/01/14     9.625       21,750    
      57,450    
Machinery (0.7%)  
  100     Baldor Electric Co., Company Guaranteed Notes
(Callable 02/15/12 @ $104.31)
  (B, B3)   02/15/17     8.625       93,000    
  50     Case New Holland, Inc., Global Company
Guaranteed Notes (Callable 03/01/10 @ $103.56)
  (BB+, Ba3)   03/01/14     7.125       45,875    
  100     Terex Corp., Senior Subordinated Notes
(Callable 11/15/12 @ $104.00)
  (B, Caa1)   11/15/17     8.000       77,375    
      216,250    
Media - Broadcast (1.1%)  
  75     Allbritton Communications Co., Global Senior
Subordinated Notes
(Callable 12/15/09 @ $101.29)
  (B-, Caa1)   12/15/12     7.750       58,312    
  80     Barrington Broadcasting Capital Corp.,
Global Company Guaranteed Notes
(Callable 08/15/10 @ $105.25)
  (CCC-, Caa3)   08/15/14     10.500       27,600    
  50     Clear Channel Communications, Inc., Senior
Unsecured Notes
  (CC, Ca)   09/15/14     5.500       11,250    
  100     Fisher Communications, Inc., Global Company
Guaranteed Notes (Callable 09/15/09 @ $104.31)
  (B-, B2)   09/15/14     8.625       88,250    
  100     Rainbow National Services LLC, Rule 144A,
Company Guaranteed Notes
(Callable 09/01/09 @ $102.19)‡
  (BB, Ba3)   09/01/12     8.750       101,250    
  60     Univision Communications, Inc., Rule 144A,
Company Guaranteed Notes
(Callable 03/15/11 @ $104.88)‡
  (CCC, Caa2)   03/15/15     9.750       35,250    
  15     Univision Communications, Inc., Rule 144A,
Senior Secured Notes
(Callable 07/01/11 @ $106.00)‡
  (B-, B2)   07/01/14     12.000       14,813    
  100     Young Broadcasting, Inc., Global Company
Guaranteed Notes
(Callable 01/15/10 @ $102.92)ø
  (D, NR)   01/15/14     8.750       250    
      336,975    

 

See Accompanying Notes to Financial Statements.
16



Credit Suisse Global High Yield Fund
Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS  
Media - Cable (4.6%)  
$ 200     Atlantic Broadband Finance LLC, Global Company
Guaranteed Notes (Callable 01/15/10 @ $103.13)
  (B-, Caa1)   01/15/14     9.375     $ 172,000    
  250     CCH I Capital Corp., Global Senior Secured Notes
(Callable 10/01/10 @ $105.50)ø
  (D, Ca)   10/01/15     11.000       31,250    
  125     CCH II Capital Corp., Series B, Global Senior
Unsecured Notes
(Callable 09/15/09 @ $100.00)ø
  (D, Caa2)   09/15/10     10.250       131,875    
  83     Charter Communications Holdings Capital, Senior
Unsecured Notesø
  (D, C)   04/01/11     9.920       664    
  100     Charter Communications Operating Capital,
Rule 144A, Secured Notesø‡
  (D, B1)   04/30/12     10.000       96,750    
  75     CSC Holdings, Inc., Rule 144A, Senior
Unsecured Notes‡
  (BB, Ba3)   04/15/14     8.500       74,719    
  150     CSC Holdings, Inc., Rule 144A, Senior
Unsecured Notes‡
  (BB, Ba3)   02/15/19     8.625       146,625    
  75     CSC Holdings, Inc., Rule 144A, Senior Unsecured
Notes (Callable 06/15/12 @ $104.25)‡
  (BB, Ba3)   06/15/15     8.500       74,062    
  75     DirecTV Financing Co., Global Company
Guaranteed Notes (Callable 03/15/10 @ $101.40)
  (BB, Ba2)   03/15/13     8.375       75,562    
  100     DirecTV Financing Co., Global Company
Guaranteed Notes (Callable 05/15/12 @ $103.81)
  (BB, Ba2)   05/15/16     7.625       97,750    
  25     EchoStar DBS Corp., Global Company
Guaranteed Notes
  (BB-, Ba3)   10/01/13     7.000       23,875    
  175     EchoStar DBS Corp., Global Company
Guaranteed Notes
  (BB-, Ba3)   10/01/14     6.625       161,875    
  50     EchoStar DBS Corp., Global Company
Guaranteed Notes
  (BB-, Ba3)   05/31/15     7.750       47,875    
  50     Mediacom Broadband Corp., Global Senior
Unsecured Notes (Callable 10/15/10 @ $104.25)
  (B-, B3)   10/15/15     8.500       45,250    
  75     Mediacom Capital Corp., Global Senior
Unsecured Notes
  (B-, B3)   02/15/11     7.875       73,500    
  25     Mediacom Capital Corp., Global Senior
Unsecured Notes
  (B-, B3)   01/15/13     9.500       23,938    
  75     Videotron LTee, Rule 144A, Company Guaranteed
Notes (Callable 04/15/13 @ $104.56)‡
  (BB-, Ba2)   04/15/18     9.125       76,594    
      1,354,164    
Media - Services (1.2%)  
  75     Lamar Media Corp., Series C, Global Company
Guaranteed Notes (Callable 08/15/10 @ $103.31)
  (B, B2)   08/15/15     6.625       63,750    
  100     Nielsen Finance Co., Rule 144A, Senior Notes
(Callable 05/01/13 @ $105.75)‡
  (B-, Caa1)   05/01/16     11.500       97,750    
  100     WMG Acquisition Corp., Global Company
Guaranteed Notes (Callable 04/15/10 @ $102.46)
  (B, B1)   04/15/14     7.375       85,125    
  100     WMG Acquisition Corp., Rule 144A, Senior
Secured Notes (Callable 06/15/13 @ $104.75)‡
  (BB, Ba2)   06/15/16     9.500       100,000    
      346,625    

 

See Accompanying Notes to Financial Statements.
17



Credit Suisse Global High Yield Fund
Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS  
Metals & Mining - Excluding Steel (2.1%)  
$ 100     Aleris International, Inc., Global Company
Guaranteed Notes
(Callable 12/15/10 @ $104.50)ø
  (D, NR)   12/15/14     9.000     $ 1,625    
  25     Aleris International, Inc., Global Company
Guaranteed Notes
(Callable 12/15/11 @ $105.00)ø
  (D, NR)   12/15/16     10.000       656    
  50     Freeport-McMoRan Copper & Gold, Inc., Senior
Unsecured Notes (Callable 04/01/11 @ $104.13)
  (BBB-, Ba2)   04/01/15     8.250       50,557    
  125     Freeport-McMoRan Copper & Gold, Inc., Senior
Unsecured Notes (Callable 04/01/12 @ $104.19)
  (BBB-, Ba2)   04/01/17     8.375       126,115    
  156     Noranda Aluminium Acquisition Corp.,
Global Company Guaranteed Notes
(Callable 05/15/10 @ $100.00)#
  (D, Caa2)   05/15/15     5.413       86,501    
  50     Peabody Energy Corp., Global Company
Guaranteed Notes
  (BB+, Ba1)   11/01/16     7.375       47,500    
  75     Teck Resources, Ltd., Rule 144A, Senior
Secured Notes‡
  (BB+, Ba2)   05/15/14     9.750       77,700    
  50     Teck Resources, Ltd., Rule 144A, Senior Secured
Notes (Callable 05/15/13 @ $105.13)‡
  (BB+, Ba2)   05/15/16     10.250       52,439    
  175     Teck Resources, Ltd., Rule 144A, Senior Secured
Notes (Callable 05/15/14 @ $105.38)‡
  (BB+, Ba2)   05/15/19     10.750       188,415    
      631,508    
Non-Food & Drug Retailers (1.4%)  
  75     Asbury Automotive Group, Inc., Global Company
Guaranteed Notes (Callable 03/15/12 @ $103.81)
  (B-, Caa1)   03/15/17     7.625       53,625    
  100     Brookstone Company, Inc., Global Secured Notes
(Callable 10/15/09 @ $106.00)
  (CCC-, Caa3)   10/15/12     12.000       40,500    
  25     Michaels Stores, Inc., Global Company Guaranteed
Notes (Callable 11/01/10 @ $105.00)
  (CCC, Caa2)   11/01/14     10.000       21,125    
  75     Michaels Stores, Inc., Global Company Guaranteed
Notes (Callable 11/01/11 @ $105.69)
  (CCC, Caa3)   11/01/16     11.375       49,500    
  110     Susser Holdings LLC, Global Company Guaranteed
Notes (Callable 12/15/09 @ $105.31)
  (B+, B3)   12/15/13     10.625       110,825    
  125     The Neiman Marcus Group, Inc., Global Company
Guaranteed Notes (Callable 10/15/10 @ $105.19)
  (CCC+, Caa3)   10/15/15     10.375       73,750    
  75     Yankee Acquisition Corp., Series B, Global
Company Guaranteed Notes
(Callable 02/15/11 @ $104.25)
  (B-, B3)   02/15/15     8.500       63,563    
      412,888    
Oil Field Equipment & Services (1.6%)  
  100     Bristow Group, Inc., Global Company Guaranteed
Notes (Callable 09/15/12 @ $103.75)
  (BB, Ba2)   09/15/17     7.500       91,250    
  75     Helix Energy Solutions Group, Inc., Rule 144A,
Company Guaranteed Notes
(Callable 01/15/12 @ $104.75)‡
  (B+, B3)   01/15/16     9.500       68,812    

 

See Accompanying Notes to Financial Statements.
18



Credit Suisse Global High Yield Fund
Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS  
Oil Field Equipment & Services  
$ 80     Hornbeck Offshore Services, Inc., Series B, Global
Company Guaranteed Notes
(Callable 12/01/09 @ $103.06)
  (BB-, Ba3)   12/01/14     6.125     $ 72,900    
  75     Key Energy Services, Inc., Global Company
Guaranteed Notes (Callable 12/01/11 @ $104.19)
  (BB, B1)   12/01/14     8.375       66,563    
  75     Parker Drilling Co., Global Company Guaranteed
Notes (Callable 10/01/09 @ $103.21)
  (B+, B2)   10/01/13     9.625       69,750    
  100     Pride International, Inc., Senior Unsecured Notes   (BBB-, Ba1)   06/15/19     8.500       99,250    
      468,525    
Oil Refining & Marketing (0.5%)  
  75     Tesoro Corp., Company Guaranteed Notes
(Callable 06/01/14 @ $104.88)
  (BB+, Ba1)   06/01/19     9.750       74,438    
  75     Western Refining, Inc., Rule 144A, Senior Secured
Notes (Callable 12/15/11 @ $105.00)#‡
  (BB-, B3)   06/15/14     10.750       68,625    
      143,063    
Packaging (1.6%)  
  100     Berry Plastics Holding Corp., Global Company
Guaranteed Notes (Callable 03/01/11 @ $105.13)
  (CCC, Caa2)   03/01/16     10.250       72,000    
  65     Berry Plastics Holding Corp., Global Senior
Secured Notes (Callable 09/15/10 @ $104.44)
  (CCC+, Caa1)   09/15/14     8.875       55,088    
  70     Crown Americas LLC, Global Senior Notes
(Callable 11/15/10 @ $103.88)
  (BB-, B1)   11/15/15     7.750       68,775    
  25     Crown Cork & Seal Co., Inc., Debentures
(Callable 04/15/10 @ $101.14)
  (B+, B2)   04/15/23     8.000       21,625    
  125     Graham Packaging Co, Inc., Global Subordinated
Notes (Callable 10/15/09 @ $104.94)
  (CCC+, Caa1)   10/15/14     9.875       116,875    
  25     Owens Brockway Glass Container, Inc., Global
Company Guaranteed Notes
(Callable 05/15/10 @ $101.38)
  (BB, Ba3)   05/15/13     8.250       25,250    
  75     Owens-Illinois, Inc., Debentures   (B+, B2)   05/15/18     7.800       71,156    
  0     Pliant Corp., Global Senior Secured Notesø1   (D, NR)   06/15/09     11.625       95    
  50     Solo Cup Co., Rule 144A, Senior Secured Notes
(Callable 05/01/11 @ $105.25)‡
  (NR, NR)   11/01/13     10.500       50,375    
      481,239    
Printing & Publishing (0.8%)  
  160     Cengage Learning Acquisitions, Inc., Rule 144A,
Senior Notes (Callable 07/15/11 @ $105.25)‡
  (CCC+, Caa2)   01/15/15     10.500       130,400    
  150     Idearc, Inc., Global Company Guaranteed Notes
(Callable 11/15/11 @ $104.00)ø
  (D, NR)   11/15/16     8.000       4,688    
  500     Premier Graphics, Inc., Company
Guaranteed Notesø^
  (NR, NR)   12/01/05     11.500       0    
  50     R.H. Donnelley, Inc., Rule 144A, Company
Guaranteed Notes
(Callable 05/15/12 @ $105.88)ø‡
  (D, NR)   05/15/15     11.750       23,250    

 

See Accompanying Notes to Financial Statements.
19



Credit Suisse Global High Yield Fund
Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS  
Printing & Publishing  
$ 200     The Reader's Digest Association, Inc., Global
Company Guaranteed Notes
(Callable 02/15/12 @ $104.50)
  (CC, Ca)   02/15/17     9.000     $ 10,000    
  85     Valassis Communications, Inc., Global Company
Guaranteed Notes (Callable 03/01/11 @ $104.13)
  (CCC+, B3)   03/01/15     8.250       61,731    
      230,069    
Railroads (0.2%)  
  75     Kansas City Southern Railway, Company
Guaranteed Notes (Callable 06/01/12 @ $104.00)
  (B+, B2)   06/01/15     8.000       70,125    
Software/Services (1.7%)  
  150     First Data Corp., Global Company Guaranteed
Notes (Callable 09/30/11 @ $104.94)
  (B-, Caa1)   09/24/15     9.875       107,250    
  25     Lender Processing Services, Inc., Global Company
Guaranteed Notes (Callable 07/01/11 @ $106.09)
  (BB+, Ba2)   07/01/16     8.125       24,625    
  150     SunGard Data Systems, Inc., Global Company
Guaranteed Notes (Callable 08/15/10 @ $105.13)
  (B-, Caa1)   08/15/15     10.250       139,312    
  100     Unisys Corp., Senior Unsecured Notes   (B, Caa1)   10/15/12     8.000       60,500    
  200     Vangent, Inc., Global Company Guaranteed Notes
(Callable 02/15/11 @ $104.81)
  (B-, Caa1)   02/15/15     9.625       167,000    
      498,687    
Steel Producers/Products (1.1%)  
  125     AK Steel Corp., Global Company Guaranteed Notes
(Callable 06/15/10 @ $100.00)
  (BB-, Ba3)   06/15/12     7.750       121,875    
  75     Rathgibson, Inc., Global Company Guaranteed
Notes (Callable 02/15/10 @ $105.62)
  (C, Ca)   02/15/14     11.250       27,375    
  100     Ryerson, Inc., Global Senior Secured Notes
(Callable 11/01/11 @ $106.00)
  (B, Caa1)   11/01/15     12.000       82,000    
  100     Steel Dynamics, Inc., Rule 144A, Senior Unsecured
Notes (Callable 04/15/12 @ $103.88)‡
  (BB+, Ba2)   04/15/16     8.250       94,750    
      326,000    
Support-Services (3.6%)  
  75     ARAMARK Corp., Global Senior Unsecured Notes
(Callable 02/01/11 @ $104.25)
  (B, B3)   02/01/15     8.500       73,125    
  100     Ashtead Capital, Inc., Rule 144A, Secured Notes
(Callable 08/15/11 @ $104.50)‡
  (B, B2)   08/15/16     9.000       85,250    
  75     Corrections Corp. of America, Company
Guaranteed Notes (Callable 06/01/13 @ $103.88)
  (BB, Ba2)   06/01/17     7.750       74,250    
  100     Dyncorp International, Series B, Global Senior
Subordinated Notes
(Callable 02/15/10 @ $102.38)
  (B+, B2)   02/15/13     9.500       96,500    
  75     Hertz Corp., Global Company Guaranteed Notes
(Callable 01/01/10 @ $104.44)
  (CCC+, B1)   01/01/14     8.875       69,375    
  50     Iron Mountain, Inc., Company Guaranteed Notes
(Callable 06/15/13 @ $104.00)
  (B+, B2)   06/15/20     8.000       46,750    

 

See Accompanying Notes to Financial Statements.
20



Credit Suisse Global High Yield Fund
Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS  
Support-Services  
$ 25     Iron Mountain, Inc., Company Guaranteed Notes
(Callable 07/01/09 @ $102.21)
  (B+, B2)   01/01/16     6.625     $ 22,500    
  75     JohnsonDiversey Holdings, Inc., Series B, Global
Company Guaranteed Notes
(Callable 05/15/10 @ $100.00)
  (B, B2)   05/15/12     9.625       74,812    
  50     JohnsonDiversey Holdings, Inc., Series B, Global
Discount Notes (Callable 05/15/10 @ $100.00)
  (CCC+, Caa1)   05/15/13     10.670       42,250    
  100     Mobile Services Group, Inc., Global Company
Guaranteed Notes (Callable 08/01/10 @ $104.88)
  (B+, B2)   08/01/14     9.750       96,250    
  75     Rental Service Corp., Global Company Guaranteed
Notes (Callable 12/01/10 @ $104.75)
  (B-, Caa2)   12/01/14     9.500       60,563    
  100     Sotheby's, Global Company Guaranteed Notes   (B, Ba3)   06/15/15     7.750       75,000    
  75     Ticketmaster Entertainment, Inc., Rule 144A,
Company Guaranteed Notes
(Callable 08/01/12 @ $105.38)‡
  (BB-, Ba3)   07/28/16     10.750       67,125    
  105     Travelport LLC, Global Company Guaranteed Notes
(Callable 09/01/10 @ $104.94)
  (CCC+, B3)   09/01/14     9.875       70,350    
  125     United Rentals North America, Inc., Rule 144A,
Company Guaranteed Notes
(Callable 06/15/13 @ $105.44)‡
  (B, B2)   06/15/16     10.875       120,625    
      1,074,725    
Telecom - Integrated/Services (5.8%)  
  125     Cincinnati Bell, Inc., Global Company Guaranteed
Notes (Callable 02/15/10 @ $103.50)
  (B+, Ba3)   02/15/15     7.000       112,500    
  50     DigitalGlobe, Inc., Rule 144A, Company Guaranteed
Notes (Callable 05/01/12 @ $105.25)‡
  (BB, Ba3)   05/01/14     10.500       52,000    
  50     Frontier Communications Corp. Senior
Unsecured Notes
  (BB, Ba2)   05/01/14     8.250       47,500    
  200     Frontier Communications Corp., Global Senior
Unsecured Notes
  (BB, Ba2)   03/15/15     6.625       177,000    
  125     Hughes Network Systems LLC, Global Company
Guaranteed Notes (Callable 04/15/10 @ $104.75)
  (B, B1)   04/15/14     9.500       122,500    
  325     Intelsat Corp., Rule 144A, Senior Unsecured Notes
(Callable 08/15/09 @ $104.63)‡
  (BB-, B3)   08/15/14     9.250       316,062    
  50     Intelsat Subsidiary Holding Co., Ltd., Rule 144A,
Senior Unsecured Notes
(Callable 01/15/10 @ $104.44)‡
  (BB-, B3)   01/15/15     8.875       48,500    
  175     Level 3 Financing, Inc., Global Company Guaranteed
Notes (Callable 02/15/10 @ $101.00)#
  (CCC, Caa1)   02/15/15     5.474       119,875    
  50     Level 3 Financing, Inc., Global Company
Guaranteed Notes (Callable 03/15/10 @ $106.13)
  (CCC, Caa1)   03/15/13     12.250       47,750    
  125     Paetec Holding Corp., Series WI, Global Company
Guaranteed Notes (Callable 07/15/11 @ $104.75)
  (CCC+, Caa1)   07/15/15     9.500       109,063    

 

See Accompanying Notes to Financial Statements.
21



Credit Suisse Global High Yield Fund
Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS  
Telecom - Integrated/Services  
$ 125     Qwest Communications International, Inc.,
Series B, Global Company Guaranteed Notes
(Callable 02/15/10 @ $102.50)
  (B+, Ba3)   02/15/14     7.500     $ 114,687    
  240     Qwest Corp., Global Senior Unsecured Notes   (BBB-, Ba1)   06/15/15     7.625       226,800    
  25     Windstream Corp., Global Company
Guaranteed Notes
  (BB, Ba3)   08/01/13     8.125       24,313    
  200     Windstream Corp., Global Company Guaranteed
Notes (Callable 08/01/11 @ $104.31)
  (BB, Ba3)   08/01/16     8.625       192,500    
      1,711,050    
Telecom - Wireless (3.8%)  
  75     Centennial Communications Corp., Global
Company Guaranteed Notes
(Callable 06/15/10 @ $101.69)
  (B, B2)   06/15/13     10.125       77,719    
  100     Cricket Communications, Inc., Global Company
Guaranteed Notes (Callable 11/01/10 @ $104.69)
  (B-, B3)   11/01/14     9.375       99,000    
  75     Cricket Communications, Inc., Rule 144A, Senior
Secured Notes (Callable 05/15/12 @ $105.81)‡
  (B+, Ba2)   05/15/16     7.750       72,562    
  50     Crown Castle International Corp., Senior Unsecured
Notes (Callable 01/15/13 @ $105.62)
  (B+, B2)   01/15/15     9.000       51,125    
  145     MetroPCS Wireless, Inc., Global Company
Guaranteed Notes (Callable 11/01/10 @ $104.63)
  (B, B3)   11/01/14     9.250       144,819    
  450     Nextel Communications, Inc., Series F, Company
Guaranteed Notes (Callable 03/15/10 @ $101.49)
  (BB, Ba2)   03/15/14     5.950       356,625    
  400     Sprint Nextel Corp., Senior Unsecured Notes   (BB, Ba2)   12/01/16     6.000       329,000    
      1,130,850    
Textiles & Apparel (0.5%)  
  75     Levi Strauss & Co., Global Senior Notes
(Callable 01/15/10 @ $104.88)
  (B+, B2)   01/15/15     9.750       74,062    
  75     Phillips-Van Heusen Corp., Global Senior
Unsecured Notes (Callable 05/01/10 @ $101.35)
  (BB+, Ba3)   05/01/13     8.125       74,063    
      148,125    
Theaters & Entertainment (1.1%)  
  150     AMC Entertainment, Inc., Global Senior
Subordinated Notes
(Callable 03/01/10 @ $102.67)
  (CCC+, Caa1)   03/01/14     8.000       128,625    
  200     AMC Entertainment, Inc., Rule 144A, Senior Notes
(Callable 06/01/14 @ $104.38)‡
  (B-, B1)   06/01/19     8.750       189,000    
      317,625    
Tobacco (0.6%)  
  175     Alliance One International, Inc., Rule 144A, Senior
Unsecured Notes (Callable 07/15/13 @ $105.00)‡
  (B+, B2)   07/15/16     10.000       166,688    
TOTAL U.S. CORPORATE BONDS (Cost $29,512,466)     25,464,258    

 

See Accompanying Notes to Financial Statements.
22



Credit Suisse Global High Yield Fund
Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
FOREIGN CORPORATE BONDS (8.0%)  
Aerospace & Defense (0.4%)  
$ 150     Bombardier, Inc., Rule 144A, Senior Unsecured
Notes (Canada)‡
  (BB+, Ba2)   05/01/14     6.300     $ 132,000    
Chemicals (1.0%)  
  225     Cognis GmbH, Rule 144A, Senior Secured Notes
(Callable 08/15/09 @ $100.00) (Germany)#‡
  (B-, B2)   09/15/13     2.629       171,000    
  375     Ineos Group Holdings PLC, Rule 144A, Secured
Notes (Callable 02/15/11 @ $104.25)
(United Kingdom)‡
  (CC, Ca)   02/15/16     8.500       118,125    
      289,125    
Electronics (0.6%)  
  100     Avago Technologies Finance, Global Company
Guaranteed Notes (Callable 12/01/10 @ $105.94)
(Singapore)
  (B, B3)   12/01/15     11.875       100,250    
  150     NXP Funding LLC, Series EXCH, Global Senior
Secured Notes (Callable 10/15/10 @ $103.94)
(Netherlands)
  (CC, C)   10/15/14     7.875       69,000    
      169,250    
Energy - Exploration & Production (0.2%)  
  75     OPTI Canada, Inc., Global Senior Secured Notes
(Callable 12/15/10 @ $104.13) (Canada)
  (B, Caa1)   12/15/14     8.250       49,875    
Forestry & Paper (0.4%)  
  250     Abitibi-Consolidated Co. of Canada, Global
Company Guaranteed Notes (Canada)ø
  (D, NR)   06/15/11     7.750       21,250    
  125     Smurfit Kappa Funding PLC, Global Senior
Subordinated Notes (Callable 01/31/10 @ $103.88)
(Ireland)
  (B, B2)   04/01/15     7.750       97,187    
      118,437    
Gaming (0.4%)  
  150     Codere Finance Luxembourg SA, Rule 144A, Senior
Secured Notes (Callable 06/15/10 @ $104.13)
(Luxembourg)‡
  (B, B2)   06/15/15     8.250       132,550    
Media - Cable (1.4%)  
  125     Unitymedia GmbH, Rule 144A, Senior Secured
Notes (Callable 02/15/10 @ $105.06) (Germany)‡
  (B+, B2)   02/15/15     10.125       180,591    
  150     Virgin Media Finance PLC, Global Company
Guaranteed Notes (Callable 04/15/10 @ $103.25)
(United Kingdom)
  (B-, B2)   04/15/14     9.750       233,441    
      414,032    
Media - Diversified (0.4%)  
  125     Quebecor Media, Inc., Global Senior Unsecured
Notes (Callable 03/15/11 @ $103.88) (Canada)
  (B, B2)   03/15/16     7.750       113,906    

 

See Accompanying Notes to Financial Statements.
23



Credit Suisse Global High Yield Fund
Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
FOREIGN CORPORATE BONDS  
Oil Field Equipment & Services (0.2%)  
$ 75     Cie Generale de Geophysique-Veritas, Global
Company Guaranteed Notes
(Callable 05/15/10 @ $103.75) (France)
  (BB, Ba3)   05/15/15     7.500     $ 69,188    
Packaging (0.2%)  
  50     Impress Holdings BV, Rule 144A, Company
Guaranteed Notes (Callable 09/15/09 @ $109.25)
(Netherlands)‡
  (B-, B3)   09/15/14     9.250       62,769    
Pharmaceuticals (0.3%)  
  25     Elan Finance Corp., Global Company Guaranteed
Notes (Callable 11/15/09 @ $101.94) (Ireland)
  (B, B3)   11/15/11     7.750       23,250    
  75     Elan Finance Corp., Global Company Guaranteed
Notes (Callable 12/01/10 @ $104.44) (Ireland)
  (B, B3)   12/01/13     8.875       69,000    
      92,250    
Telecom - Integrated/Services (1.0%)  
  150     BCM Ireland Finance, Ltd., Rule 144A, Senior
Secured Notes (Callable 8/15/09 @ $100.00)
(Ireland)#‡
  (CCC+, B3)   08/15/16     6.281       126,239    
  170     Global Crossing UK Finance, Global Company
Guaranteed Notes (Callable 12/15/09 @ $105.38)
(United Kingdom)
  (B-, B3)   12/15/14     10.750       136,425    
  100     Hellas Telecommunications II SCA, Rule 144A,
Subordinated Notes (Callable 01/15/10 @ $100.00)
(Luxembourg)#‡
  (CC, Caa3)   01/15/15     6.881       26,000    
      288,664    
Telecommunications Equipment (0.1%)  
  75     Nortel Networks, Ltd., Global Company Guaranteed
Notes (Callable 07/15/11 @ $105.38) (Canada)ø
  (NR, NR)   07/15/16     10.750       26,250    
Textiles & Apparel (0.3%)  
  200     IT Holding Finance SA, Rule 144A, Company
Guaranteed Notes (Luxembourg)ø‡
  (NR, NR)   11/15/12     9.875       91,172    
Transportation - Excluding Air/Rail (1.1%)  
  225     Navios Maritime Holdings, Inc., Global Company
Guaranteed Notes (Callable 12/15/10 @ $104.75)
(Marshall Islands)
  (B+, B3)   12/15/14     9.500       185,625    
  150     Ship Finance International, Ltd., Global Company
Guaranteed Notes (Callable 12/15/09 @ $102.83)
(Bermuda)
  (B+, B1)   12/15/13     8.500       126,375    
      312,000    
TOTAL FOREIGN CORPORATE BONDS (Cost $3,195,154)     2,361,468    

 

See Accompanying Notes to Financial Statements.
24



Credit Suisse Global High Yield Fund
Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
    Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
BANK LOANS (0.3%)  
Energy - Exploration & Production (0.3%)  
$ 125     ATP Oil & Gas (Cost $93,750)   (NR, NR)   07/15/14     5.75     $ 93,281    
Number of
Shares
           
COMMON STOCKS (0.0%)  
Automobile Parts & Equipment (0.0%)  
  588     Safelite Realty Corp.*^           5,557    
Materials (0.0%)  
  500     Constar International, Inc.*           7,500    
TOTAL COMMON STOCKS (Cost $49,610)     13,057    
PREFERRED STOCK (0.1%)  
Banks (0.1%)  
  62     Preferred Blocker, Inc., Rule 144A
(Callable 12/31/11 @ $1,000)‡ (Cost $12,900)
          26,668    
Par
(000)
           
SHORT-TERM INVESTMENT (8.5%)  
$ 2,515     State Street Bank and Trust Co. Euro
Time Deposit (Cost $2,515,000)
    07/01/09     0.010       2,515,000    
TOTAL INVESTMENTS AT VALUE (102.8%) (Cost $35,378,880)     30,473,732    
LIABILITIES IN EXCESS OF OTHER ASSETS (-2.8%)     (818,890 )  
NET ASSETS (100.0%)   $ 29,654,842    

 

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, 2009, these securities amounted to a value of $6,784,508 or 22.9% of net assets.

+  Step Bond — The interest rate is as of June 30, 2009 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 is the rate as of June 30, 2009.

ø  Bond is currently in default.

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

See Accompanying Notes to Financial Statements.
25




Credit Suisse Global High Yield Fund
Statement of Assets and Liabilities
June 30, 2009 (unaudited)

Assets  
Investments at value (Cost $35,378,880) (Note 2)   $ 30,473,732    
Cash     420    
Foreign currency at value (cost $227)     227    
Interest receivable     619,528    
Receivable for investments sold     191,588    
Receivable for fund shares sold     855    
Receivable from investment adviser (Note 3)     262    
Prepaid expenses     17,693    
Total Assets     31,304,305    
Liabilities  
Administrative services fee payable (Note 3)     16,318    
Payable for fund shares redeemed     887,385    
Payable for investments purchased     611,007    
Unrealized depreciation on forward currency contracts (Note 2)     60,817    
Dividend payable     27,986    
Directors' fee payable     5,438    
Other accrued expenses payable     40,512    
Total Liabilities     1,649,463    
Net Assets  
Capital stock, $.001 par value (Note 6)     3,926    
Paid-in capital (Note 6)     84,685,784    
Undistributed net investment income     25,608    
Accumulated net realized loss on investments and foreign currency transactions     (50,094,843 )  
Net unrealized depreciation on investments and foreign currency translations     (4,965,633 )  
Net Assets   $ 29,654,842    
Shares outstanding     3,925,926    
Net asset value, offering price and redemption price per share   $ 7.55    

 

See Accompanying Notes to Financial Statements.
26



Credit Suisse Global High Yield Fund
Statement of Operations
For the Six Months Ended June 30, 2009 (unaudited)

Investment Income (Note 2)  
Interest   $ 1,470,763    
Dividends     2,634    
Securities lending     99    
Total investment income     1,473,496    
Expenses  
Investment advisory fees (Note 3)     94,202    
Administrative services fees (Note 3)     36,534    
Printing fees (Note 3)     20,075    
Audit and tax fees     17,678    
Legal fees     11,750    
Registration fees     9,844    
Directors' fees     6,740    
Custodian fees     3,936    
Transfer agent fees     1,409    
Insurance expense     530    
Commitment fees (Note 4)     242    
Miscellaneous expense     2,922    
Total expenses     205,862    
Less: fees waived and expenses reimbursed (Note 3)     (111,660 )  
Net expenses     94,202    
Net investment income     1,379,294    
Net Realized and Unrealized Gain (Loss) from Investments and Foreign Currency Related Items  
Net realized loss from investments     (1,782,677 )  
Net realized gain from foreign currency transactions     63,330    
Net change in unrealized appreciation (depreciation) from investments     6,518,971    
Net change in unrealized appreciation (depreciation) from foreign currency translations     (100,011 )  
Net realized and unrealized gain from investments and foreign currency related items     4,699,613    
Net increase in net assets resulting from operations   $ 6,078,907    

 

See Accompanying Notes to Financial Statements.
27




Credit Suisse Global High Yield Fund
Statements of Changes in Net Assets

    For the Six Months
Ended
June 30, 2009
(unaudited)
  For the Year
Ended
December 31, 2008
 
From Operations  
Net investment income   $ 1,379,294     $ 3,000,995    
Net realized loss from investments and foreign currency transactions     (1,719,347 )     (2,941,741 )  
Net change in unrealized appreciation (depreciation)
from investments and foreign currency translations
    6,418,960       (9,057,380 )  
Net increase (decrease) in net assets resulting from operations     6,078,907       (8,998,126 )  
From Dividends  
Dividends from net investment income     (1,378,776 )     (3,005,159 )  
Net decrease in net assets resulting from dividends     (1,378,776 )     (3,005,159 )  
From Capital Share Transactions (Note 6)  
Proceeds from sale of shares     3,882,544       13,839,556    
Reinvestment of dividends     1,345,967       2,877,664    
Net asset value of shares redeemed     (5,142,811 )1     (17,681,030 )2  
Net increase (decrease) in net assets from capital share transactions     85,700       (963,810 )  
Net increase (decrease) in net assets     4,785,831       (12,967,095 )  
Net Assets  
Beginning of period     24,869,011       37,836,106    
End of period   $ 29,654,842     $ 24,869,011    
Undistributed net investment income   $ 25,608     $ 25,090    

 

1  Net of $1,546 of redemption fees retained by the Fund.

2  Net of $28,193 of redemption fees retained by the Fund.

See Accompanying Notes to Financial Statements.
28




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, 2009
  For the Year Ended December 31,   For the Period
September 1,
2004 to
December 31,
  For the
Year
Ended
August 31,
 
    (unaudited)   2008   2007   2006   2005   20041   2004  
Per share data  
Net asset value, beginning of period   $ 6.37     $ 9.57     $ 10.19     $ 9.96     $ 10.65     $ 10.38     $ 10.26    
INVESTMENT OPERATIONS  
Net investment income     0.35       0.79       0.85       0.79       0.81       0.31       1.01    
Net gain (loss) on investments and
foreign currency related items
(both realized and unrealized)
    1.18       (3.19 )     (0.57 )     0.19       (0.55 )     0.55       0.72    
Total from investment operations     1.53       (2.40 )     0.28       0.98       0.26       0.86       1.73    
LESS DIVIDENDS  
Dividends from net investment income     (0.35 )     (0.80 )     (0.90 )     (0.75 )     (0.95 )     (0.59 )     (1.61 )  
Net asset value, end of period   $ 7.55     $ 6.37     $ 9.57     $ 10.19     $ 9.96     $ 10.65     $ 10.38    
Total return2     24.60 %     (26.51 )%     2.61 %     10.21 %     2.58 %     8.43 %     18.27 %  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of period (000s omitted)   $ 29,655     $ 24,869     $ 37,836     $ 44,111     $ 29,248     $ 34,842     $ 32,675    
Ratio of expenses to average net assets     0.70 %3     0.70 %     0.70 %     0.70 %     0.70 %     0.70 %3     0.70 %  
Ratio of net investment income
to average net assets
    10.25 %3     9.10 %     8.04 %     7.52 %     7.96 %     8.30 %3     8.74 %  
Decrease reflected in above
operating expense ratios
due to waivers/reimbursements
    0.83 %3     0.72 %     0.54 %     0.61 %     0.68 %     0.91 %3     0.95 %  
Portfolio turnover rate     40 %     36 %     46 %     69 %     71 %     5 %     30 %  

 

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  Annualized.

See Accompanying Notes to Financial Statements.
29




Credit Suisse Global High Yield Fund
Notes to Financial Statements
June 30, 2009 (unaudited)

Note 1. Organization

Credit Suisse Global High Yield Fund, Inc. (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 shares, Advisor Class shares and Institutional Class shares. 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 prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities.

The Fund adopted Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"),


30



Credit Suisse Global High Yield Fund
Notes to Financial Statements (continued)
June 30, 2009 (unaudited)

Note 2. Significant Accounting Policies

effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

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

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

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

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

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

    Level 1   Level 2   Level 3   Total  
Investments in Securities  
Bank Loans  
Energy - Exploration & Production   $     $ 93,281     $     $ 93,281    
U.S. Corporate Bonds  
Aerospace & Defense           445,900             445,900    
Agriculture           111,000             111,000    
Auto Loans           554,306             554,306    
Auto Parts & Equipment           496,025             496,025    
Banks           973,878             973,878    
Beverages           116,250             116,250    
Brokerage           59,625             59,625    

 


31



Credit Suisse Global High Yield Fund
Notes to Financial Statements (continued)
June 30, 2009 (unaudited)

Note 2. Significant Accounting Policies

    Level 1   Level 2   Level 3   Total  
Building & Construction   $     $ 391,911     $     $ 391,911    
Building Materials           303,125             303,125    
Chemicals           676,806             676,806    
Computer Hardware           110,125             110,125    
Consumer Products           362,250             362,250    
Diversified Capital Goods           865,386             865,386    
Electric - Generation           1,932,281             1,932,281    
Electronics           384,669       13,138       397,807    
Energy - Exploration & Production           1,804,276             1,804,276    
Environmental           267,430             267,430    
Food & Drug Retailers           518,250             518,250    
Food - Wholesale           161,813             161,813    
Forestry & Paper           494,987             494,987    
Gaming           975,865             975,865    
Gas Distribution           975,869             975,869    
Health Services           2,005,250             2,005,250    
Hotels           289,087             289,087    
Investments & Misc. Financial Services           52,125             52,125    
Leisure           57,450             57,450    
Machinery           216,250             216,250    
Media - Broadcast           336,975             336,975    
Media - Cable           1,354,164             1,354,164    
Media - Services           346,625             346,625    
Metals & Mining - Excluding Steel           631,508             631,508    
Non-Food & Drug Retailers           412,888             412,888    
Oil Field Equipment & Services           468,525             468,525    
Oil Refining & Marketing           143,063             143,063    
Packaging           481,239             481,239    
Printing & Publishing           230,069             230,069    
Railroads           70,125             70,125    
Software/Services           498,687             498,687    
Steel Producers/Products           326,000             326,000    
Support-Services           1,074,725             1,074,725    
Telecom - Integrated/Services           1,711,050             1,711,050    
Telecom - Wireless           1,130,850             1,130,850    
Textiles & Apparel           148,125             148,125    
Theaters & Entertainment           317,625             317,625    
Tobacco           166,688             166,688    
Foreign Corporate Bonds  
Aerospace & Defense           132,000             132,000    
Chemicals           289,125             289,125    
Electronics           169,250             169,250    
Energy - Exploration & Production           49,875             49,875    
Forestry & Paper           118,437             118,437    
Gaming           132,550             132,550    
Media - Cable           414,032             414,032    
Media - Diversified           113,906             113,906    
Oil Field Equipment & Services           69,188             69,188    
Packaging           62,769             62,769    
Pharmaceuticals           92,250             92,250    
Telecom - Integrated/Services           288,664             288,664    
Telecommunications Equipment           26,250             26,250    

 


32



Credit Suisse Global High Yield Fund
Notes to Financial Statements (continued)
June 30, 2009 (unaudited)

Note 2. Significant Accounting Policies

    Level 1   Level 2   Level 3   Total  
Textiles & Apparel   $     $ 91,172     $     $ 91,172    
Transportation - Excluding Air/Rail           312,000             312,000    
Common Stocks  
Automobile Parts & Equipment                 5,557       5,557    
Materials     7,500       0       0       7,500    
Preferred Stocks  
Banks     26,668                   26,668    
Short-Term Investment           2,515,000             2,515,000    
Other Financial Instruments*  
Forward Foreign Currency Contracts     (60,817 )                 (60,817 )  
    $ (26,649 )   $ 30,420,869     $ 18,695     $ 30,412,915    

 

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

As of June 30, 2009, the amounts shown by the Fund as being Level 3 securities that were measured at fair value amounted to .06% of net assets.

B) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES — In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities ("FAS 161"), an amendment of FASB Statement No. 133. FAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. FAS 161 requires enhanced disclosures about how and why a fund uses derivative instruments, how these affect a fund's financial position and results of operations.

Fair Values of Derivative Instruments as of June 30, 2009

    Asset Derivatives   Liability Derivatives  
    Balance Sheet
Location
  Fair Value   Balance Sheet
Location
  Fair Value  
Forward Foreign
Currency Contracts
  Net Assets - Unrealized
Appreciation
  $ 0     Liabilities - Unrealized
Depreciation
  $ 60,817 *  

 

*Includes cumulative appreciation/depreciation of forward foreign currency contracts as reported in the Statement of Assets and Liabilities and Notes to Financial Statements.

Effect of Derivative Instruments on the Statement of Operations

Amount of Realized Gain (Loss) on Derivatives Recognized in Income  
Forward Foreign Currency Contracts   $ 61,662    
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income  
Forward Foreign Currency Contracts   $ (95,812 )  

 

The notional amount of forward foreign currency contracts at period end are reflected in the Notes to Financial Statements and the volume of these open


33



Credit Suisse Global High Yield Fund
Notes to Financial Statements (continued)
June 30, 2009 (unaudited)

Note 2. Significant Accounting Policies

positions relative to the net assets of the Fund is generally representative of open positions throughout the reporting period for the Fund.

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

D) 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.

E) 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").

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

During June 2006, the FASB issued Interpretation 48 ("FIN 48" or the "Interpretation"), Accounting for Uncertainty in Income Taxes — an interpretation of FASB statement 109. The Fund has reviewed its current tax positions and has


34



Credit Suisse Global High Yield Fund
Notes to Financial Statements (continued)
June 30, 2009 (unaudited)

Note 2. Significant Accounting Policies

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

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

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

I) FORWARD FOREIGN CURRENCY CONTRACTS — The Fund may enter into forward foreign currency contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency. The Fund will enter into forward foreign currency contracts primarily for hedging purposes. Forward foreign currency contracts are adjusted by the daily 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, 2009, the Fund had the following open forward foreign currency contracts:

Forward Foreign
Currency to be
Purchased (Local)
  Forward Foreign
Currency to be
Sold (Local)
  Expiration
Date
  Value on
Settlement Date
  Current
Value
  Unrealized
Appreciation/
Depreciation
 
Open Forward Foreign Currency Contracts with Unrealized Depreciation  
EUR 34,150     USD 48,519     07/16/09   $ 48,519     $ 47,901     $ (618 )  
USD 761,395     EUR 570,000     07/16/09     (761,395 )     (799,519 )     (38,124 )  
USD 200,247     GBP 135,000     07/16/09     (200,247 )     (222,322 )     (22,075 )  
Total   $ (60,817 )  

 

Currency Abbreviations:
EUR = Euro Currency
GBP = British Pound
USD = United States Dollar


35



Credit Suisse Global High Yield Fund
Notes to Financial Statements (continued)
June 30, 2009 (unaudited)

Note 2. Significant Accounting Policies

J) 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 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, 2009, total earnings from the Fund's investment in cash collateral received in connection with securities lending arrangements was $117, of which $0 was rebated to borrowers (brokers). The Fund retained $99 in income from the cash collateral investment, and SSB, as lending agent, was paid $18. Securities lending income is accrued as earned.

K) 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 the 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.


36



Credit Suisse Global High Yield Fund
Notes to Financial Statements (continued)
June 30, 2009 (unaudited)

Note 2. Significant Accounting Policies

The Fund may be subject to taxes imposed by countries in which it invests with respect to its 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, 2009, investment advisory fees earned, voluntarily waived and expenses reimbursed were as follows:

Gross
Advisory
Fee
  Waiver   Net
Advisory
Fee
  Expense
Reimbursement
 
$ 94,202     $ (94,202 )   $ 0     $ (17,458 )  

 

Fee waivers and expense reimbursements are voluntary and may be discontinued by Credit Suisse at any time.

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 the relative average net assets of each fund/portfolio, subject to an annual minimum fee. For the six months ended June 30, 2009, co-administrative services fees earned by SSB (including out-of-pocket expenses) were $36,534.

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, 2009, Merrill was paid $8,116 for its services by the Fund.


37



Credit Suisse Global High Yield Fund
Notes to Financial Statements (continued)
June 30, 2009 (unaudited)

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 SSB. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee 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 either the Overnight Federal Funds rate or the Overnight LIBOR rate plus a spread. At June 30, 2009, and during the six months period June 30, 2009, the Fund had no borrowings under the Credit Facility.

Note 5. Purchases and Sales of Securities

For the six months ended June 30, 2009, purchases and sales of investment securities (excluding short-term investments) were $11,313,542 and $10,267,921, respectively.

At June 30, 2009, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized depreciation from investments were $35,378,880, $628,855, $(5,534,003) and $(4,905,148), 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, 2009 (unaudited)
  For the Year Ended
December 31, 2008
 
Shares sold     567,449       1,651,201    
Shares issued in reinvestment of dividends     194,671       363,403    
Shares redeemed     (738,127 )     (2,064,276 )  
Net increase (decrease)     23,993       (49,672 )  

 

The Fund imposes a 2% redemption fee on shares currently being offered that are purchased on or after March 1, 2007 and redeemed or exchanged within 30 days from the date of purchase. Reinvested dividends and distributions are not subject to the fee. The fee is charged based on the value of


38



Credit Suisse Global High Yield Fund
Notes to Financial Statements (continued)
June 30, 2009 (unaudited)

Note 6. Capital Share Transactions

shares at redemption, is paid directly to the Fund and becomes part of the Fund's daily net asset value calculation. When shares are redeemed that are subject to the fee, reinvested dividends and distributions are redeemed first, followed by the shares held longest.

On June 30, 2009, 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       87 %  

 

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

Note 8. Subsequent Events

In accordance with the provisions set forth in FASB Statement of Financial Accounting Standards No. 165 "Subsequent Events", adopted by the Fund as of June 30, 2009, management has evaluated the possibility of subsequent events existing in the Fund's financial statements through August 24, 2009. Management has determined that there are no material events that would require disclosure in the Fund's financial statements through this date.


39





Credit Suisse Global High Yield Fund
Notice of Privacy and Information Practices
(unaudited)

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

Categories of information we may collect:

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

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

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

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

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


40




Credit Suisse Global High Yield Fund
Notice of Privacy and Information Practices
(unaudited) (continued)

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

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

Confidentiality and security

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

Other Disclosures

This notice is not intended to be incorporated in any offering materials, but is a statement of our current Notice of Privacy and Information Practices and may be amended from time to time. This notice is current as of May 12, 2009.


41




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.


42



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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-0609




 

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/George R. Hornig

 

Name:

George R. Hornig

 

Title:

Chief Executive Officer

 

Date:

September 1, 2009

 

 

 

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

 

/s/George R. Hornig

 

Name:

George R. Hornig

 

Title:

Chief Executive Officer

 

Date:

September 1, 2009

 

 

 

/s/Michael A. Pignataro

 

Name:

Michael A. Pignataro

 

Title:

Chief Financial Officer

 

Date:

September 1, 2009