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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
No. 811-08777
 
 
CREDIT SUISSE HIGH YIELD BOND FUND
(Exact Name of Registrant as Specified in Charter)
 
 
Eleven Madison Avenue, New York, New York 10010
(Address of Principal Executive Offices) (Zip Code)
 
 
Omar Tariq
Credit Suisse High Yield Bond Fund
Eleven Madison Avenue
New York, New York 10010
 
 
Registrant’s telephone number, including area code: (212)
325-2000
Date of fiscal year end: October 31
Date of reporting period: November 1, 2024 to April 30, 2025
 
 
 

Item 1. Reports to Stockholders.

Credit Suisse High Yield Bond Fund
Eleven Madison Avenue
New York, NY 10010
 
 
Trustees
Laura A. DeFelice
Chair of the Board
Charles W. Gerber
Mahendra R. Gupta
Samantha Kappagoda
John G. Popp
Lee M. Shaiman
 
 
Officers
Omar Tariq
Chief Executive Officer and President
John G. Popp
Chief Investment Officer
Brandi Sinkovich
Chief Compliance Officer
Lou Anne McInnis
Chief Legal Officer
Rose Ann Bubloski
Chief Financial Officer and Treasurer
Karen Regan
Senior Vice President and Secretary
 
 
Investment Adviser
UBS Asset Management (Americas) LLC
Eleven Madison Avenue
New York, NY 10010
 
 
Administrator and Custodian
State Street Bank and Trust Co.
One Congress Street, Suite 1
Boston, MA 02114-2016
 
 
Shareholder Servicing Agent
Computershare Trust Company, N.A.
P.O. Box 43006
Providence, RI 02940-3078
 
 
Legal Counsel
Simpson Thacher & Bartlett LLP
425 Lexington Avenue
New York, NY 10017
 
 
Independent Registered Public Accounting Firm
Ernst & Young LLP
One Manhattan West
New York, NY 10001
 
 
 
 
Credit Suisse
High Yield Bond Fund
 
 
SEMIANNUAL REPORT
April 30, 2025 (unaudited)
 

Credit Suisse High Yield Bond Fund
Semiannual Investment Adviser’s Report
April 30, 2025 (unaudited)
 
 
April 30, 2025
Dear Shareholder:
We are pleased to present this Semiannual Report covering the activities of the Credit Suisse High Yield Bond Fund (the “Fund”) for the
six-month
period ended April 30, 2025 (the “Period”).
Performance Summary
11/1/2024 – 4/30/2025
 
Fund & Benchmark Performance
    
Total Return (based on net asset value (“NAV”))
1
     0.63
Total Return (based on market value)
1
     (0.96 )% 
ICE BofA US High Yield Constrained Index (the “Index”)
2
     1.70
 
1
 
Assuming reinvestment of distributions.
2
 
The ICE BofA US High Yield Constrained Index is an unmanaged index that tracks the performance of below investment grade U.S. dollar-denominated corporate bonds issued in the U.S. domestic market, where each issuer’s allocation is limited to 2% of the Index. The Index does not have transaction costs and investors cannot invest directly in the Index.
Market Review: A Positive Period for High Yield Assets
The Period was positive for the high yield market, despite significant volatility in recent months due to economic uncertainty on the heels of the Trump administration’s trade actions. The Index, the Fund’s benchmark, gained 1.70% for the Period.
While coupon income generated 3.3% returns, bond prices detracted from returns, declining 1.6%. The negative price return can be attributed to material credit spread widening as investor sentiment soured and business conditions weakened. This was only partially offset by a price tailwind from a 43 basis-point decline in the
5-year
U.S. treasury yield over the Period. High yield spreads increased by 102 basis points to end the Period at 410 basis points, while yields increased by 0.6% to finish at 7.8%.
For the Period,
BB-rated
bonds outperformed the Index, gaining 2.1%, while
B-rated
and
CCC-rated
issues underperformed, gaining 1.5% and 0.4%, respectively. In a period of weakening fundamentals and declining treasury yields, stronger returns are to be expected by higher quality bonds.
From an industry perspective, managed care, auto loans, and food & drug retailers were the best performing sectors, returning 8.0%, 7.6% and 6.3%, respectively. In contrast, the worst performing sectors included media-diversified, department stores, and trucking & delivery, losing 5.3%, 5.2% and 4.1%, respectively.
Importantly, default activity has been quite limited in recent months. According to JP Morgan, the default rate, including distressed exchanges, ended the Period at 1.25%—down 22 basis points from the beginning of 2025 and down 111 basis points over the prior
12-month
period. Other than select idiosyncratic cases, we are not seeing a significant wave of corporate bankruptcies in the high yield market.
Although outflows from high yield mutual funds ticked up in April 2025, they were generally stable up to that point. Over the Period, outflows totaled $3.7 billion. In 2024, inflows for high yield totaled $16.3 billion—with $7.7 billion going into ETFs.
 
1

Credit Suisse High Yield Bond Fund
Semiannual Investment Adviser’s Report (continued)
April 30, 2025 (unaudited)
 
 
New high yield bond issuance, at $76.9 billion
year-to-date
in 2025, is down 32.5% compared to the same period last year. Again, this can be attributed to the broader market volatility. Primary issuance activity remains heavily weighted toward refinancing transactions with very limited net new capital being raised.
Strategic Review and Outlook: Moving Forward with Cautious Optimism
For the Period, the Fund underperformed the Index on both a NAV and market-price basis.
Positioning in the Bank Loan asset class detracted from relative returns, while collateralized loan obligations (CLOs) added to returns. From a sector standpoint, security selection in energy and retail contributed to relative returns, while basic industry detracted from them. Additionally, positive selection in
BB-rated
investments also contributed to relative returns.
Following a solid year of high-single digit returns in 2024 (+8.2%), 2025 initially started off strong for the high yield market. Risk assets, however, began to show signs of weakness in February after the first round of tariff headlines and high yield returns turned negative in March. In April, average bond prices were down as much as 2.9% at the low point before rallying back to end the month mostly flat. While the impact of Trump’s trade negotiations may fluctuate from
day-to-day,
economic conditions have taken a severe hit and have led to wider risk premium pricing. For high yield issuers, we believe earnings growth could be adversely impacted, at least in the near term and potentially longer. Nonetheless, we do believe high yield issuers entered this Period with substantial cushion in their financial positions—and we see opportunities in the market to buy attractive assets at now wider credit spreads.
 
John G. Popp    Omar Tariq
Chief Investment Officer*    Chief Executive Officer and President**
High yield bonds are lower-quality bonds that are also known as “junk bonds.” Such bonds entail greater risks than those found in higher-rated securities.
In addition to historical information, this report contains forward-looking statements, which may concern, among other things, domestic and foreign markets, 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.
The views of the Fund’s management are as of the date of this letter and the Fund holdings described in this document are as of April 30, 2025; these views and Fund holdings may have changed subsequent to these dates. Nothing in this document is a recommendation to purchase or sell securities.
 
*
John G. Popp is a Managing Director of UBS Asset Management (Americas) LLC (“UBS AM”) and Group Head and Chief Investment Officer of Credit Investments Group (“CIG”), with primary responsibility for making investment decisions and monitoring processes for CIG’s global investment strategies. Mr. Popp also serves as Trustee of the Credit Suisse
open-end
Funds, as well as serving as Director for the Credit Suisse Asset Management Income Fund, Inc. and Trustee of the Credit Suisse High Yield Bond Fund.
**
Omar Tariq is an Executive Director of UBS AM. Mr. Tariq also serves as Chief Executive Officer and President of other Credit Suisse
open-end
funds, as well as serving as Chief Executive Officer and President for the Credit Suisse Asset Management Income Fund, Inc.
 
2

Credit Suisse High Yield Bond Fund
Semiannual Investment Adviser’s Report (continued)
April 30, 2025 (unaudited)
 
 
Average Annual Returns
April 30, 2025 (unaudited)
 
 
      
6 Months
      
1 Year
      
3 Years
      
5 Years
      
10 Years
 
Net Asset Value (NAV)
       0.63%          7.57%          7.23%          9.80%          6.62%  
Market Value
       (0.96)%          10.72%          8.96%          11.43%          6.56%  
UBS AM may waive fees and/or reimburse expenses, without which performance would be lower. Returns represent past performance and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total investment return at NAV is based on the change in the NAV of Fund shares and assumes reinvestment of dividends, capital gains, and return of capital distributions, if any, at prices pursuant to the Fund’s dividend reinvestment program. Total investment return at market value is based on the change in the market price at which the Fund’s shares traded on the NYSE American during the period and assumes reinvestment of dividends, capital gains, and return of capital distributions, if any, at prices pursuant to the Fund’s dividend reinvestment program. Because the Fund’s shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on NAV and share price.
Past performance is no guarantee of future results.
The current performance of the Fund may be lower or higher than the figures shown. The Fund’s yield, return, NAV and market price will fluctuate. Performance information current to the most recent month end is available by calling
1-800-293-1232.
The annualized gross and net expense ratios are 3.64% and 3.45%, respectively.
Credit Quality Breakdown*
(% of Total Investments as of April
 30, 2025)
 
S&P Ratings**
 
BBB
     2.6
BB
     34.2  
B
     37.8  
CCC
     14.2  
CC
     1.1  
NR
     7.7  
  
 
 
 
Subtotal
     97.6  
Equity and Other
     2.4  
  
 
 
 
Total
     100.0
  
 
 
 
 
*
Expressed as a percentage of total investments (excluding securities lending collateral, if applicable) and may vary over time.
**
Credit Quality is based on ratings provided by the S&P Global Ratings Division of S&P Global Inc. (“S&P”). S&P is a main provider of ratings for credit assets classes and is widely used amongst industry participants. The NR category consists of securities that have not been rated by S&P.
 
Derivatives are not reflected in amounts reported above.
 
3

Credit Suisse High Yield Bond Fund
Schedule of Investments
April 30, 2025 (unaudited)
 
 
Par
(000)
        
Ratings†
(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
CORPORATE BONDS
(108.3%)
 
 
Aerospace & Defense
(3.3%)
 
$
600
 
 
AAR Escrow Issuer LLC, Rule 144A, Company Guaranteed Notes
(Callable 03/15/26 @ 103.38)
(1)
  
(BB, Ba2)
  
 
03/15/29
 
  
 
6.750
 
  
$
614,141
 
 
2,400
 
 
Amentum Holdings, Inc., Rule 144A, Company Guaranteed Notes
(Callable 08/01/27 @ 103.63)
(1)
  
(B, B3)
  
 
08/01/32
 
  
 
7.250
 
  
 
2,443,205
 
 
587
 
 
Bombardier, Inc., Rule 144A, Senior Unsecured Notes
(Callable 02/01/26 @ 103.75)
(1),(2)
  
(B+, B1)
  
 
02/01/29
 
  
 
7.500
 
  
 
605,169
 
 
900
 
 
Bombardier, Inc., Rule 144A, Senior Unsecured Notes
(Callable 11/15/26 @ 104.38)
(1)
  
(B+, B1)
  
 
11/15/30
 
  
 
8.750
 
  
 
962,580
 
 
755
 
 
Goat Holdco LLC, Rule 144A, Senior Secured Notes (Callable 02/01/28 @ 103.38)
(1)
  
(B, B2)
  
 
02/01/32
 
  
 
6.750
 
  
 
738,775
 
 
1,260
 
 
TransDigm, Inc., Rule 144A, Senior Secured Notes (Callable 03/01/26 @ 103.19)
(1)
  
(BB-,
Ba3)
  
 
03/01/29
 
  
 
6.375
 
  
 
1,283,645
 
 
660
 
 
TransDigm, Inc., Rule 144A, Senior Secured Notes (Callable 03/01/27 @ 103.31)
(1)
  
(BB-,
Ba3)
  
 
03/01/32
 
  
 
6.625
 
  
 
676,906
 
             
 
 
 
             
 
7,324,421
 
             
 
 
 
 
Air Transportation (0.7%)
           
 
1,024
 
 
Stonepeak Nile Parent LLC, Rule 144A, Senior Secured Notes
(Callable 03/15/28 @ 103.63)
(1)
  
(BB, Ba1)
  
 
03/15/32
 
  
 
7.250
 
  
 
1,042,550
 
 
475
 
 
VistaJet Malta Finance PLC/Vista Management Holding, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/31/25 @ 103.19)
(1)
  
(B, B3)
  
 
02/01/30
 
  
 
6.375
 
  
 
410,296
 
             
 
 
 
             
 
1,452,846
 
             
 
 
 
 
Auto Parts & Equipment (5.7%)
           
 
1,934
 
 
Adient Global Holdings Ltd., Rule 144A, Company Guaranteed Notes
(Callable 02/15/28 @ 103.75)
(1),(2)
  
(BB, B2)
  
 
02/15/33
 
  
 
7.500
 
  
 
1,835,524
 
 
429
 
 
Adient Global Holdings Ltd., Rule 144A, Senior Secured Notes
(Callable 05/11/25 @ 103.50)
(1)
  
(BBB-, Ba2)
  
 
04/15/28
 
  
 
7.000
 
  
 
433,073
 
 
2,918
 
 
Clarios Global LP/Clarios U.S. Finance Co., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 100.00)
(1)
  
(B, Caa1)
  
 
05/15/27
 
  
 
8.500
 
  
 
2,934,023
 
 
893
 
 
Cougar JV Subsidiary LLC, Rule 144A, Senior Unsecured Notes
(Callable 05/15/27 @ 104.00)
(1)
  
(B+, B2)
  
 
05/15/32
 
  
 
8.000
 
  
 
926,948
 
 
2,575
 
 
Dealer Tire LLC/DT Issuer LLC, Rule 144A, Senior Unsecured Notes
(Callable 05/31/25 @ 102.00)
(1)
  
(CCC, Caa1)
  
 
02/01/28
 
  
 
8.000
 
  
 
2,501,203
 
 
2,153
 
 
Garrett Motion Holdings, Inc./Garrett LX I SARL, Rule 144A, Company Guaranteed Notes (Callable 05/31/27 @ 103.88)
(1)
  
(B, B1)
  
 
05/31/32
 
  
 
7.750
 
  
 
2,159,234
 
 
1,802
 
 
Phinia, Inc., Rule 144A, Senior Secured Notes (Callable 04/15/26 @ 103.38)
(1)
  
(BB+, Baa3)
  
 
04/15/29
 
  
 
6.750
 
  
 
1,825,289
 
             
 
 
 
             
 
12,615,294
 
             
 
 
 
 
Brokerage (0.6%)
           
 
1,314
 
 
StoneX Group, Inc., Rule 144A, Senior Secured Notes
(Callable 03/01/27 @ 103.94)
(1)
  
(BB-,
Ba3)
  
 
03/01/31
 
  
 
7.875
 
  
 
1,370,907
 
             
 
 
 
 
Building & Construction (4.0%)
           
 
1,500
 
 
Installed Building Products, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/16/25 @ 100.00)
(1)
  
(B+, Ba2)
  
 
02/01/28
 
  
 
5.750
 
  
 
1,475,579
 
 
2,134
 
 
MasTec, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/11/25 @ 103.31)
(1)
  
(BBB-,
NR)
  
 
08/15/29
 
  
 
6.625
 
  
 
2,133,210
 
 
2,361
 
 
Pike Corp., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 101.38)
(1)
  
(B-,
B3)
  
 
09/01/28
 
  
 
5.500
 
  
 
2,320,680
 
 
300
 
 
Pike Corp., Rule 144A, Senior Unsecured Notes (Callable 01/31/27 @ 104.31)
(1)
  
(B-,
B3)
  
 
01/31/31
 
  
 
8.625
 
  
 
315,058
 
 
See Accompanying Notes to Financial Statements.
 
4

Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
April 30, 2025 (unaudited)
 
 
Par
(000)
        
Ratings†
(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
CORPORATE BONDS
(continued)
           
 
Building & Construction
           
$
614
 
 
Quikrete Holdings, Inc., Rule 144A, Senior Secured Notes (Callable 03/01/28 @ 103.19)
(1)
  
(BB, Ba3)
  
 
03/01/32
 
  
 
6.375
 
  
$
618,555
 
 
1,024
 
 
Quikrete Holdings, Inc., Rule 144A, Senior Unsecured Notes (Callable 03/01/28 @ 103.38)
(1)
  
(B+, B2)
  
 
03/01/33
 
  
 
6.750
 
  
 
1,028,872
 
 
920
 
 
Standard Building Solutions, Inc., Rule 144A, Senior Unsecured Notes (Callable 08/15/27 @ 103.25)
(1)
  
(BB, Ba3)
  
 
08/15/32
 
  
 
6.500
 
  
 
934,328
 
             
 
 
 
             
 
8,826,282
 
             
 
 
 
 
Building Materials (5.4%)
           
 
565
 
 
Advanced Drainage Systems, Inc., Rule 144A, Company Guaranteed Notes
(Callable 07/15/25 @ 103.19)
(1)
  
(BB-, Ba2)
  
 
06/15/30
 
  
 
6.375
 
  
 
574,283
 
 
60
 
 
Camelot Return Merger Sub, Inc., Rule 144A, Senior Secured Notes
(Callable 05/31/25 @ 106.56)
(1)
  
(B, B3)
  
 
08/01/28
 
  
 
8.750
 
  
 
52,375
 
 
1,021
 
 
Cornerstone Building Brands, Inc., Rule 144A, Senior Secured Notes
(Callable 08/15/26 @ 104.75)
(1)
  
(B, B3)
  
 
08/15/29
 
  
 
9.500
 
  
 
889,495
 
 
2,268
 
 
Foundation Building Materials, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 101.50)
(1),(2)
  
(CCC+, Caa2)
  
 
03/01/29
 
  
 
6.000
 
  
 
1,913,630
 
 
1,200
 
 
James Hardie International Finance DAC, Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 100.83)
(1)
  
(BB+, Ba1)
  
 
01/15/28
 
  
 
5.000
 
  
 
1,170,813
 
 
1,820
 
 
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, Rule 144A, Senior Secured Notes (Callable 04/01/27 @ 103.38)
(1)
  
(BB-,
B1)
  
 
04/01/32
 
  
 
6.750
 
  
 
1,822,138
 
 
2,608
 
 
Oscar AcquisitionCo LLC/Oscar Finance, Inc., Rule 144A, Senior Unsecured Notes
(Callable 05/31/25 @ 104.75)
(1)
  
(CCC+, Caa1)
  
 
04/15/30
 
  
 
9.500
 
  
 
2,376,580
 
 
400
 
 
Standard Industries, Inc., Rule 144A, Senior Unsecured Notes
(Callable 07/15/25 @ 102.19)
(1)
  
(BB, Ba3)
  
 
07/15/30
 
  
 
4.375
 
  
 
373,466
 
 
2,721
 
 
White Cap Buyer LLC, Rule 144A, Senior Unsecured Notes
(Callable 05/31/25 @ 101.72)
(1),(2)
  
(CCC+, Caa1)
  
 
10/15/28
 
  
 
6.875
 
  
 
2,653,684
 
             
 
 
 
             
 
11,826,464
 
             
 
 
 
 
Cable & Satellite TV (1.7%)
           
 
2,785
 
 
Altice France SA, Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 101.28)
(1)
  
(CC, Caa2)
  
 
01/15/29
 
  
 
5.125
 
  
 
2,258,165
 
 
300
 
 
Altice France SA, Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 101.28)
(1)
  
(CC, Caa2)
  
 
07/15/29
 
  
 
5.125
 
  
 
245,449
 
 
300
 
 
Altice France SA, Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 102.75)
(1)
  
(CC, Caa2)
  
 
10/15/29
 
  
 
5.500
 
  
 
245,903
 
 
1,200
 
 
Sunrise FinCo I BV, Rule 144A, Senior Secured Notes
(Callable 07/15/26 @ 102.44)
(1)
  
(BB-,
B1)
  
 
07/15/31
 
  
 
4.875
 
  
 
1,097,700
 
             
 
 
 
             
 
3,847,217
 
             
 
 
 
 
Chemicals (5.1%)
           
 
715
 
 
Avient Corp., Rule 144A, Senior Unsecured Notes (Callable 08/01/25 @ 103.56)
(1)
  
(BB-,
Ba3)
  
 
08/01/30
 
  
 
7.125
 
  
 
729,664
 
 
600
 
 
Avient Corp., Rule 144A, Senior Unsecured Notes (Callable 09/15/27 @ 103.13)
(1)
  
(BB-,
Ba3)
  
 
11/01/31
 
  
 
6.250
 
  
 
594,021
 
 
726
 
 
Element Solutions, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 100.97)
(1)
  
(BB, B1)
  
 
09/01/28
 
  
 
3.875
 
  
 
687,097
 
 
950
 
 
Herens Holdco SARL, Rule 144A, Senior Secured Notes
(Callable 05/31/25 @ 101.88)
(1)
  
(B-,
B2)
  
 
05/15/28
 
  
 
4.750
 
  
 
829,805
 
 
1,200
 
 
Herens Midco SARL, Rule 144A, Company Guaranteed Notes
(Callable 05/30/25 @ 101.31)
(1),(3)
  
(CCC, Caa2)
  
 
05/15/29
 
  
 
5.250
 
  
 
1,012,026
 
 
1,482
 
 
INEOS Finance PLC, Rule 144A, Senior Secured Notes
(Callable 05/31/25 @ 103.38)
(1)
  
(BB, Ba3)
  
 
05/15/28
 
  
 
6.750
 
  
 
1,448,198
 
 
See Accompanying Notes to Financial Statements.
 
5

Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
April 30, 2025 (unaudited)
 
 
Par
(000)
        
Ratings†
(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
CORPORATE BONDS
(continued)
           
 
Chemicals
           
$
875
 
 
Methanex U.S. Operations, Inc., Rule 144A, Company Guaranteed Notes
(Callable 09/15/31 @ 100.00)
(1)
  
(BB, Ba2)
  
 
03/15/32
 
  
 
6.250
 
  
$
829,021
 
 
2,400
 
 
Tronox, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 101.16)
(1),(2)
  
(BB-,
B2)
  
 
03/15/29
 
  
 
4.625
 
  
 
1,934,811
 
 
2,885
 
 
Vibrantz Technologies, Inc., Rule 144A, Senior Unsecured Notes
(Callable 05/31/25 @ 104.50)
(1),(2)
  
(CCC+, Caa2)
  
 
02/15/30
 
  
 
9.000
 
  
 
2,192,080
 
 
1,041
 
 
WR Grace Holdings LLC, Rule 144A, Senior Secured Notes
(Callable 03/01/26 @ 103.69)
(1)
  
(B-,
B2)
  
 
03/01/31
 
  
 
7.375
 
  
 
1,047,506
 
             
 
 
 
             
 
11,304,229
 
             
 
 
 
 
Diversified Capital Goods (1.6%)
           
 
483
 
 
Atkore, Inc., Rule 144A, Senior Unsecured Notes (Callable 06/01/26 @ 102.13)
(1)
  
(BB+, Ba2)
  
 
06/01/31
 
  
 
4.250
 
  
 
429,017
 
 
2,100
 
 
Dornoch Debt Merger Sub, Inc., Rule 144A, Senior Unsecured Notes
(Callable 05/31/25 @ 103.31)
(1),(2)
  
(CCC, Caa2)
  
 
10/15/29
 
  
 
6.625
 
  
 
1,453,888
 
 
900
 
 
EnerSys, Rule 144A, Company Guaranteed Notes (Callable 09/15/27 @ 100.00)
(1)
  
(BB+, Ba3)
  
 
12/15/27
 
  
 
4.375
 
  
 
873,672
 
 
750
 
 
EnerSys, Rule 144A, Company Guaranteed Notes (Callable 01/15/27 @ 103.31)
(1)
  
(BB+, Ba3)
  
 
01/15/32
 
  
 
6.625
 
  
 
766,159
 
             
 
 
 
             
 
3,522,736
 
             
 
 
 
 
Electronics (1.2%)
           
 
1,438
 
 
Ellucian Holdings, Inc., Rule 144A, Senior Secured Notes
(Callable 12/01/26 @ 103.25)
(1)
  
(B-,
B2)
  
 
12/01/29
 
  
 
6.500
 
  
 
1,440,306
 
 
1,250
 
 
Sensata Technologies, Inc., Rule 144A, Company Guaranteed Notes
(Callable 07/15/27 @ 103.31)
(1)
  
(BB+, Ba2)
  
 
07/15/32
 
  
 
6.625
 
  
 
1,240,496
 
             
 
 
 
             
 
2,680,802
 
             
 
 
 
 
Energy - Exploration & Production (6.2%)
           
 
650
 
 
Civitas Resources, Inc., Rule 144A, Company Guaranteed Notes
(Callable 07/01/25 @ 104.19)
(1)
  
(BB-,
B1)
  
 
07/01/28
 
  
 
8.375
 
  
 
639,392
 
 
905
 
 
Civitas Resources, Inc., Rule 144A, Company Guaranteed Notes
(Callable 07/01/26 @ 104.38)
(1)
  
(BB-,
B1)
  
 
07/01/31
 
  
 
8.750
 
  
 
861,083
 
 
2,074
 
 
CNX Midstream Partners LP, Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 102.38)
(1)
  
(BB, B1)
  
 
04/15/30
 
  
 
4.750
 
  
 
1,910,368
 
 
550
 
 
CNX Resources Corp., Rule 144A, Company Guaranteed Notes
(Callable 03/01/27 @ 103.63)
(1)
  
(BB, B1)
  
 
03/01/32
 
  
 
7.250
 
  
 
550,329
 
 
2,750
 
 
CQP Holdco
LP/BIP-V
Chinook Holdco LLC, Rule 144A, Senior Secured Notes (Callable 12/15/28 @ 103.75)
(1)
  
(BB, Ba2)
  
 
12/15/33
 
  
 
7.500
 
  
 
2,896,251
 
 
286
 
 
Excelerate Energy LP, Rule 144A, Senior Unsecured Notes
(Callable 05/15/27 @ 104.00)
(1)
  
(BB+, NR)
  
 
05/15/30
 
  
 
8.000
 
  
 
291,216
 
 
580
 
 
Matador Resources Co., Rule 144A, Company Guaranteed Notes
(Callable 05/11/25 @ 103.44)
(1)
  
(BB-,
B1)
  
 
04/15/28
 
  
 
6.875
 
  
 
578,619
 
 
874
 
 
Matador Resources Co., Rule 144A, Company Guaranteed Notes
(Callable 04/15/27 @ 103.25)
(1)
  
(BB-,
B1)
  
 
04/15/32
 
  
 
6.500
 
  
 
842,978
 
 
800
 
 
Murphy Oil USA, Inc., Rule 144A, Company Guaranteed Notes
(Callable 02/15/26 @ 101.88)
(1)
  
(BB+, Ba2)
  
 
02/15/31
 
  
 
3.750
 
  
 
721,878
 
 
3,415
 
 
Northern Oil & Gas, Inc., Rule 144A, Senior Unsecured Notes
(Callable 05/31/25 @ 102.03)
(1)
  
(B+, B1)
  
 
03/01/28
 
  
 
8.125
 
  
 
3,375,140
 
 
1,080
 
 
TGNR Intermediate Holdings LLC, Rule 144A, Senior Unsecured Notes
(Callable 05/31/25 @ 102.75)
(1)
  
(B+, B3)
  
 
10/15/29
 
  
 
5.500
 
  
 
1,000,443
 
             
 
 
 
             
 
13,667,697
 
             
 
 
 
 
See Accompanying Notes to Financial Statements.
 
6

Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
April 30, 2025 (unaudited)
 
 
Par
(000)
        
Ratings†
(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
CORPORATE BONDS
(continued)
           
 
Environmental (0.4%)
           
$
335
 
 
Clean Harbors, Inc., Rule 144A, Company Guaranteed Notes
(Callable 02/01/26 @ 103.19)
(1)
  
(BB+, Ba2)
  
 
02/01/31
 
  
 
6.375
 
  
$
341,244
 
 
555
 
 
Waste Pro U.S.A., Inc., Rule 144A, Senior Unsecured Notes
(Callable 02/01/28 @ 103.50)
(1)
  
(B-,
B3)
  
 
02/01/33
 
  
 
7.000
 
  
 
567,525
 
             
 
 
 
             
 
908,769
 
             
 
 
 
 
Food - Wholesale (1.6%)
           
 
500
 
 
Darling Ingredients, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/11/25 @ 100.00)
(1)
  
(BB+, Ba2)
  
 
04/15/27
 
  
 
5.250
 
  
 
494,918
 
 
1,700
 
 
Darling Ingredients, Inc., Rule 144A, Company Guaranteed Notes
(Callable 06/15/25 @ 103.00)
(1)
  
(BB+, Ba2)
  
 
06/15/30
 
  
 
6.000
 
  
 
1,693,554
 
 
1,315
 
 
Performance Food Group, Inc., Rule 144A, Company Guaranteed Notes
(Callable 09/15/27 @ 103.06)
(1)
  
(BB, B1)
  
 
09/15/32
 
  
 
6.125
 
  
 
1,315,737
 
             
 
 
 
             
 
3,504,209
 
             
 
 
 
 
Gaming (3.0%)
           
 
500
 
 
Boyd Gaming Corp., Rule 144A, Company Guaranteed Notes
(Callable 06/15/26 @ 102.38)
(1)
  
(BB, B1)
  
 
06/15/31
 
  
 
4.750
 
  
 
466,632
 
 
1,491
 
 
Caesars Entertainment, Inc., Rule 144A, Senior Secured Notes
(Callable 02/15/26 @ 103.50)
(1)
  
(BB-, Ba3)
  
 
02/15/30
 
  
 
7.000
 
  
 
1,525,827
 
 
268
 
 
Caesars Entertainment, Inc., Rule 144A, Senior Secured Notes
(Callable 02/15/27 @ 103.25)
(1)
  
(BB-,
Ba3)
  
 
02/15/32
 
  
 
6.500
 
  
 
269,648
 
 
2,458
 
 
Light & Wonder International, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/16/25 @ 100.00)
(1)
  
(B+, B2)
  
 
05/15/28
 
  
 
7.000
 
  
 
2,460,743
 
 
1,850
 
 
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Rule 144A, Company Guaranteed Notes (Callable 02/15/27 @ 100.00)
(1)
  
(BB-,
B1)
  
 
05/15/27
 
  
 
5.250
 
  
 
1,833,055
 
             
 
 
 
             
 
6,555,905
 
             
 
 
 
 
Gas Distribution (2.9%)
           
 
300
 
 
Blue Racer Midstream LLC/Blue Racer Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 07/15/27 @ 103.63)
(1)
  
(B+, B2)
  
 
07/15/32
 
  
 
7.250
 
  
 
307,867
 
 
429
 
 
Genesis Energy LP/Genesis Energy Finance Corp., Global Company Guaranteed Notes (Callable 04/15/26 @ 104.
44)
  
(B, B3)
  
 
04/15/30
 
  
 
8.875
 
  
 
437,423
 
 
450
 
 
Hess Midstream Operations LP, Rule 144A, Company Guaranteed Notes
(Callable 03/01/26 @ 102.94)
(1)
  
(BB+, Ba2)
  
 
03/01/28
 
  
 
5.875
 
  
 
451,303
 
 
600
 
 
Hess Midstream Operations LP, Rule 144A, Company Guaranteed Notes
(Callable 10/15/25 @ 102.75)
(1)
  
(BB+, Ba2)
  
 
10/15/30
 
  
 
5.500
 
  
 
586,515
 
 
914
 
 
Rockies Express Pipeline LLC, Rule 144A, Senior Unsecured Notes
(Callable 03/15/28 @ 103.38)
(1)
  
(BB, Ba2)
  
 
03/15/33
 
  
 
6.750
 
  
 
929,853
 
 
915
 
 
Rockies Express Pipeline LLC, Rule 144A, Senior Unsecured Notes
(Callable 02/15/30 @ 100.00)
(1)
  
(BB, Ba2)
  
 
05/15/30
 
  
 
4.800
 
  
 
862,165
 
 
900
 
 
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 12/31/25 @ 103.00)
(1)
  
(B+, B1)
  
 
12/31/30
 
  
 
6.000
 
  
 
838,998
 
 
1,950
 
 
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 02/15/26 @ 103.69)
(1)
  
(B+, B1)
  
 
02/15/29
 
  
 
7.375
 
  
 
1,944,597
 
             
 
 
 
             
 
6,358,721
 
             
 
 
 
 
Health Facility (0.2%)
           
 
513
 
 
Insulet Corp., Rule 144A, Senior Unsecured Notes (Callable 04/01/28 @ 103.25)
(1)
  
(B+, B2)
  
 
04/01/33
 
  
 
6.500
 
  
 
523,722
 
             
 
 
 
 
See Accompanying Notes to Financial Statements.
 
7

Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
April 30, 2025 (unaudited)
 
 
Par
(000)
        
Ratings†
(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
CORPORATE BONDS
(continued)
           
 
Health Services (1.8%)
           
$
2,600
 
 
AthenaHealth Group, Inc., Rule 144A, Senior Unsecured Notes
(Callable 05/31/25 @ 103.25)
(1)
  
(CCC, Caa2)
  
 
02/15/30
 
  
 
6.500
 
  
$
2,487,344
 
 
1,569
 
 
Pediatrix Medical Group, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 102.69)
(1)
  
(BB-,
Ba3)
  
 
02/15/30
 
  
 
5.375
 
  
 
1,514,721
 
             
 
 
 
             
 
4,002,065
 
             
 
 
 
 
Hotels (0.1%)
           
 
45
 
 
Hilton Domestic Operating Co., Inc., Rule 144A, Company Guaranteed Notes
(Callable 04/01/26 @ 102.94)
(1)
  
(BB+, Ba2)
  
 
04/01/29
 
  
 
5.875
 
  
 
45,491
 
 
247
 
 
RHP Hotel Properties LP/RHP Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 04/01/27 @ 103.25)
(1)
  
(BB-,
Ba3)
  
 
04/01/32
 
  
 
6.500
 
  
 
246,395
 
             
 
 
 
             
 
291,886
 
             
 
 
 
 
Insurance Brokerage (8.1%)
           
 
1,623
 
 
Alliant Holdings Intermediate LLC/Alliant Holdings
Co-Issuer,
Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 103.38)
(1)
  
(B, B2)
  
 
04/15/28
 
  
 
6.750
 
  
 
1,636,714
 
 
249
 
 
Alliant Holdings Intermediate LLC/Alliant Holdings
Co-Issuer,
Rule 144A, Senior Secured Notes (Callable 01/15/27 @ 103.50)
(1)
  
(B, B2)
  
 
01/15/31
 
  
 
7.000
 
  
 
253,024
 
 
333
 
 
Alliant Holdings Intermediate LLC/Alliant Holdings
Co-Issuer,
Rule 144A, Senior Secured Notes (Callable 10/01/27 @ 103.69)
(1)
  
(B, B2)
  
 
10/01/31
 
  
 
6.500
 
  
 
333,151
 
 
600
 
 
AmWINS Group, Inc., Rule 144A, Senior Secured Notes
(Callable 02/15/26 @ 103.19)
(1)
  
(B+, B1)
  
 
02/15/29
 
  
 
6.375
 
  
 
607,455
 
 
1,093
 
 
AssuredPartners, Inc., Rule 144A, Senior Unsecured Notes
(Callable 05/31/25 @ 101.41)
(1)
  
(CCC+, Caa2)
  
 
01/15/29
 
  
 
5.625
 
  
 
1,090,278
 
 
1,094
 
 
AssuredPartners, Inc., Rule 144A, Senior Unsecured Notes
(Callable 02/15/27 @ 103.75)
(1)
  
(CCC+, Caa2)
  
 
02/15/32
 
  
 
7.500
 
  
 
1,163,866
 
 
2,512
 
 
Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC, Rule 144A, Senior Secured Notes (Callable 02/15/27 @ 103.63)
(1)
  
(B, B2)
  
 
02/15/31
 
  
 
7.250
 
  
 
2,582,122
 
 
1,200
 
 
HUB International Ltd., Rule 144A, Senior Secured Notes
(Callable 06/15/26 @ 103.63)
(1)
  
(B, B1)
  
 
06/15/30
 
  
 
7.250
 
  
 
1,245,355
 
 
1,500
 
 
Jones Deslauriers Insurance Management, Inc., Rule 144A, Senior Secured Notes
(Callable 03/15/26 @ 104.25)
(1)
  
(B-,
B2)
  
 
03/15/30
 
  
 
8.500
 
  
 
1,582,863
 
 
1,800
 
 
Jones Deslauriers Insurance Management, Inc., Rule 144A, Senior Unsecured Notes
(Callable 12/15/25 @ 105.25)
(1)
  
(CCC, Caa2)
  
 
12/15/30
 
  
 
10.500
 
  
 
1,937,939
 
 
2,700
 
 
Panther Escrow Issuer LLC, Rule 144A, Senior Secured Notes
(Callable 06/01/27 @ 103.56)
(1)
  
(B, B2)
  
 
06/01/31
 
  
 
7.125
 
  
 
2,768,677
 
 
1,200
 
 
Ryan Specialty LLC, Rule 144A, Senior Secured Notes
(Callable 05/31/25 @ 102.19)
(1)
  
(BB-,
B1)
  
 
02/01/30
 
  
 
4.375
 
  
 
1,139,948
 
 
1,500
 
 
Ryan Specialty LLC, Rule 144A, Senior Secured Notes
(Callable 08/01/27 @ 102.94)
(1)
  
(BB-,
B1)
  
 
08/01/32
 
  
 
5.875
 
  
 
1,483,238
 
             
 
 
 
             
 
17,824,630
 
             
 
 
 
 
Investments & Misc. Financial Services (8.9%)
           
 
3,150
 
 
Armor Holdco, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 104.25)
(1)
  
(CCC+, Caa1)
  
 
11/15/29
 
  
 
8.500
 
  
 
2,903,456
 
 
900
 
 
Block, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/15/27 @ 103.25)
(1)
  
(BB+, Ba2)
  
 
05/15/32
 
  
 
6.500
 
  
 
919,313
 
 
See Accompanying Notes to Financial Statements.
 
8

Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
April 30, 2025 (unaudited)
 
 
Par
(000)
        
Ratings†
(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
CORPORATE BONDS
(continued)
           
 
Investments & Misc. Financial Services
           
$
3,000
 
 
Boost Newco Borrower LLC, Rule 144A, Senior Secured Notes
(Callable 01/15/27 @ 103.75)
(1)
  
(BB, Ba3)
  
 
01/15/31
 
  
 
7.500
 
  
$
3,168,189
 
 
1,450
 
 
Compass Group Diversified Holdings LLC, Rule 144A, Company Guaranteed Notes (Callable 05/16/25 @ 101.31)
(1)
  
(B+, B1)
  
 
04/15/29
 
  
 
5.250
 
  
 
1,369,455
 
 
1,150
 
 
Compass Group Diversified Holdings LLC, Rule 144A, Senior Unsecured Notes (Callable 01/15/27 @ 102.50)
(1)
  
(B+, B1)
  
 
01/15/32
 
  
 
5.000
 
  
 
1,029,710
 
 
1,989
 
 
Focus Financial Partners LLC, Rule 144A, Senior Secured Notes
(Callable 09/15/27 @ 103.38)
(1)
  
(B, B2)
  
 
09/15/31
 
  
 
6.750
 
  
 
1,999,180
 
 
415
 
 
Jane Street Group/JSG Finance, Inc., Rule 144A, Senior Secured Notes
(Callable 05/01/28 @ 103.38)
(1)
  
(BB, Ba1)
  
 
05/01/33
 
  
 
6.750
 
  
 
417,401
 
 
2,700
 
 
Jane Street Group/JSG Finance, Inc., Rule 144A, Senior Secured Notes
(Callable 04/30/27 @ 103.56)
(1)
  
(BB, Ba1)
  
 
04/30/31
 
  
 
7.125
 
  
 
2,786,363
 
 
3
 
 
Jane Street Group/JSG Finance, Inc., Rule 144A, Senior Secured Notes
(Callable 11/01/27 @ 103.06)
(1)
  
(BB, Ba1)
  
 
11/01/32
 
  
 
6.125
 
  
 
2,950
 
 
300
 
 
Paysafe Finance PLC/Paysafe Holdings U.S. Corp., Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 102.00)
(1),(2)
  
(B, B2)
  
 
06/15/29
 
  
 
4.000
 
  
 
280,914
 
 
600
 
 
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 100.00)
(1)
  
(NR, Ba3)
  
 
11/01/26
 
  
 
4.625
 
  
 
592,184
 
 
600
 
 
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., Rule 144A, Company Guaranteed Notes (Callable 08/15/27 @ 103.38)
(1)
  
(BB-,
Ba3)
  
 
08/15/32
 
  
 
6.750
 
  
 
608,875
 
 
2,480
 
 
VFH Parent LLC/Valor
Co-Issuer,
Inc., Rule 144A, Senior Secured Notes
(Callable 06/15/27 @ 103.75)
(1)
  
(B+, B1)
  
 
06/15/31
 
  
 
7.500
 
  
 
2,548,136
 
 
997
 
 
Walker & Dunlop, Inc., Rule 144A, Company Guaranteed Notes
(Callable 04/01/28 @ 103.31)
(1)
  
(BB, Ba2)
  
 
04/01/33
 
  
 
6.625
 
  
 
1,015,076
 
             
 
 
 
             
 
19,641,202
 
             
 
 
 
 
Machinery
(4.1%)
           
 
2,100
 
 
Arcosa, Inc., Rule 144A, Company Guaranteed Notes
(Callable 08/15/27 @ 103.44)
(1)
  
(B+, Ba3)
  
 
08/15/32
 
  
 
6.875
 
  
 
2,145,974
 
 
1,222
 
 
Chart Industries, Inc., Rule 144A, Senior Secured Notes
(Callable 01/01/26 @ 103.75)
(1)
  
(BB-, Ba2)
  
 
01/01/30
 
  
 
7.500
 
  
 
1,269,339
 
 
2,071
 
 
Enviri Corp., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 100.00)
(1)
  
(B, B3)
  
 
07/31/27
 
  
 
5.750
 
  
 
1,998,441
 
 
2,356
 
 
Griffon Corp., Global Company Guaranteed Notes (Callable 05/31/25 @ 100.96)
  
(B+, B1)
  
 
03/01/28
 
  
 
5.750
 
  
 
2,326,250
 
 
1,200
 
 
Hillenbrand, Inc., Global Company Guaranteed Notes (Callable 02/15/26 @ 103.13)
  
(BB+, Ba1)
  
 
02/15/29
 
  
 
6.250
 
  
 
1,194,384
 
 
226
 
 
Regal Rexnord Corp., Global Company Guaranteed Notes
(Callable 01/15/33 @ 100.00)
  
(BB+, Baa3)
  
 
04/15/33
 
  
 
6.400
 
  
 
230,270
 
             
 
 
 
             
 
9,164,658
 
             
 
 
 
 
Media - Diversified
(0.0%)
           
 
67
 
 
Tech 7 SAS Super Senior (New Money Tranche 1)
(3),(4),(5),(6),(7)
  
(NR, NR)
  
 
03/31/26
 
  
 
0.000
 
  
 
8
 
 
40
 
 
Tech 7 SAS Super Senior (New Money Tranche 2)
(3),(4),(5),(6),(7)
  
(NR, NR)
  
 
03/31/26
 
  
 
0.000
 
  
 
5
 
 
20
 
 
Tech 7 SAS Technicolor Creative Studios Super Senior
(3),(4),(5),(6),(7)
  
(NR, NR)
  
 
04/01/26
 
  
 
0.000
 
  
 
2
 
 
20
 
 
Technicolor Creative Studios
(3),(4),(5),(6),(7)
  
(NR, NR)
  
 
04/01/26
 
  
 
0.000
 
  
 
2
 
             
 
 
 
             
 
17
 
             
 
 
 
 
See Accompanying Notes to Financial Statements.
 
9

Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
April 30, 2025 (unaudited)
 
 
Par
(000)
        
Ratings†
(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
CORPORATE BONDS
(continued)
           
 
Media Content
(0.2%)
           
$
600
 
 
Sirius XM Radio LLC, Rule 144A, Company Guaranteed Notes
(Callable 09/01/26 @ 101.94)
(1),
(2)
  
(BB+, Ba3)
  
 
09/01/31
 
  
 
3.875
 
  
$
515,225
 
             
 
 
 
 
Metals & Mining - Excluding Steel
(4.8%)
           
 
913
 
 
Capstone Copper Corp., Rule 144A, Company Guaranteed Notes
(Callable 03/31/28 @ 103.38)
(1)
  
(BB-,
B1)
  
 
03/31/33
 
  
 
6.750
 
  
 
894,690
 
 
1,959
 
 
Constellium SE, Rule 144A, Company Guaranteed Notes
(Callable 08/15/27 @ 103.19)
(1),
(2)
  
(BB-,
Ba3)
  
 
08/15/32
 
  
 
6.375
 
  
 
1,929,996
 
 
2,700
 
 
ERO Copper Corp., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 103.25)
(1),(2)
  
(B+, B1)
  
 
02/15/30
 
  
 
6.500
 
  
 
2,606,171
 
 
2,300
 
 
First Quantum Minerals Ltd., Rule 144A, Secured Notes
(Callable 03/01/26 @ 104.69)
(1)
  
(B, NR)
  
 
03/01/29
 
  
 
9.375
 
  
 
2,415,249
 
 
1,200
 
 
Kaiser Aluminum Corp., Rule 144A, Company Guaranteed Notes
(Callable 06/01/26 @ 102.25)
(1),(2)
  
(BB-,
B2)
  
 
06/01/31
 
  
 
4.500
 
  
 
1,079,623
 
 
782
 
 
Novelis Corp., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 102.38)
(1)
  
(BB, Ba3)
  
 
01/30/30
 
  
 
4.750
 
  
 
727,848
 
 
985
 
 
Novelis, Inc., Rule 144A, Company Guaranteed Notes
(Callable 01/30/27 @ 103.44)
(1)
  
(BB, Ba3)
  
 
01/30/30
 
  
 
6.875
 
  
 
999,076
 
             
 
 
 
             
 
10,652,653
 
             
 
 
 
 
Oil Refining & Marketing
(2.0%)
           
 
1,643
 
 
Global Partners LP/GLP Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 01/15/27 @ 104.13)
(1)
  
(B+, B2)
  
 
01/15/32
 
  
 
8.250
 
  
 
1,674,702
 
 
900
 
 
Sunoco LP, Rule 144A, Company Guaranteed Notes
(Callable 05/01/27 @ 103.63)
(1)
  
(BB+, Ba1)
  
 
05/01/32
 
  
 
7.250
 
  
 
933,880
 
 
1,100
 
 
Sunoco LP/Sunoco Finance Corp., Rule 144A, Company Guaranteed Notes
(Callable 09/15/25 @ 103.50)
(1)
  
(BB+, Ba1)
  
 
09/15/28
 
  
 
7.000
 
  
 
1,128,055
 
 
768
 
 
TransMontaigne Partners LLC, Rule 144A, Company Guaranteed Notes
(Callable 03/15/27 @ 104.25)
(1)
  
(CCC+, Caa1)
  
 
06/15/30
 
  
 
8.500
 
  
 
774,183
 
             
 
 
 
             
 
4,510,820
 
             
 
 
 
 
Packaging
(4.6%)
           
 
690
 
 
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, Rule 144A, Senior Unsecured Notes (Callable 05/30/25 @ 100.75)
(1),(3)
  
(CCC, Caa2)
  
 
09/01/29
 
  
 
3.000
 
  
 
665,277
 
 
600
 
 
Ball Corp., Global Company Guaranteed Notes (Callable 05/16/25 @ 103.44)
  
(BB+, Ba1)
  
 
03/15/28
 
  
 
6.875
 
  
 
614,313
 
 
600
 
 
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd.
Co-Issuer
LLC, Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 100.00)
(1)
  
(B-,
B2)
  
 
09/15/28
 
  
 
6.000
 
  
 
596,878
 
 
1,425
 
 
Mauser Packaging Solutions Holding Co., Rule 144A, Secured Notes
(Callable 05/11/25 @ 102.31)
(1)
  
(CCC+, Caa2)
  
 
04/15/27
 
  
 
9.250
 
  
 
1,307,561
 
 
2,550
 
 
Mauser Packaging Solutions Holding Co., Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 103.94)
(1)
  
(B, B2)
  
 
04/15/27
 
  
 
7.875
 
  
 
2,561,432
 
 
418
 
 
Owens-Brockway Glass Container, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/15/26 @ 103.63)
(1),(2)
  
(B+, B2)
  
 
05/15/31
 
  
 
7.250
 
  
 
415,767
 
 
See Accompanying Notes to Financial Statements.
 
10

Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
April 30, 2025 (unaudited)
 
 
Par
(000)
        
Ratings†
(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
CORPORATE BONDS
(continued)
           
 
Packaging
           
$
2,317
 
 
Trident TPI Holdings, Inc., Rule 144A, Company Guaranteed Notes
(Callable 12/31/25 @ 106.38)
(1)
  
(CCC+, Caa3)
  
 
12/31/28
 
  
 
12.750
 
  
$
2,436,057
 
 
1,077
 
 
TriMas Corp., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 101.03)
(1)
  
(BB-,
Ba3)
  
 
04/15/29
 
  
 
4.125
 
  
 
1,006,555
 
 
462
 
 
Veritiv Operating Co., Rule 144A, Senior Secured Notes
(Callable 11/30/26 @ 105.25)
(1)
  
(B+, B2)
  
 
11/30/30
 
  
 
10.500
 
  
 
483,054
 
             
 
 
 
             
 
10,086,894
 
             
 
 
 
 
Personal & Household Products
(0.8%)
           
 
600
 
 
Acushnet Co., Rule 144A, Company Guaranteed Notes
(Callable 10/15/25 @ 103.69)
(1)
  
(BB, Ba3)
  
 
10/15/28
 
  
 
7.375
 
  
 
621,534
 
 
1,050
 
 
Amer Sports Co., Rule 144A, Senior Secured Notes (Callable 02/16/27 @ 103.38)
(1)
  
(BBB-,
Ba3)
  
 
02/16/31
 
  
 
6.750
 
  
 
1,063,384
 
             
 
 
 
             
 
1,684,918
 
             
 
 
 
 
Property & Casualty Insurance
(1.1%)
           
 
2,328
 
 
Ardonagh Finco Ltd., Rule 144A, Senior Secured Notes
(Callable 02/15/27 @ 103.88)
(1)
  
(B-,
B3)
  
 
02/15/31
 
  
 
7.750
 
  
 
2,380,101
 
             
 
 
 
 
Rail
(0.6%)
           
 
1,385
 
 
Genesee & Wyoming, Inc., Rule 144A, Senior Secured Notes
(Callable 04/15/27 @ 103.13)
(1)
  
(BB, Ba3)
  
 
04/15/32
 
  
 
6.250
 
  
 
1,402,988
 
             
 
 
 
 
Real Estate Investment Trusts
(1.0%)
           
 
1,562
 
 
Starwood Property Trust, Inc., Rule 144A, Senior Unsecured Notes
(Callable 10/15/29 @ 100.00)
(1)
  
(BB-,
Ba3)
  
 
04/15/30
 
  
 
6.000
 
  
 
1,544,725
 
 
732
 
 
Starwood Property Trust, Inc., Rule 144A, Senior Unsecured Notes
(Callable 04/15/30 @ 100.00)
(1)
  
(BB-,
Ba3)
  
 
10/15/30
 
  
 
6.500
 
  
 
739,320
 
             
 
 
 
             
 
2,284,045
 
             
 
 
 
 
Recreation & Travel
(3.6%)
           
 
747
 
 
SeaWorld Parks & Entertainment, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/11/25 @ 102.63)
(1)
  
(B+, B2)
  
 
08/15/29
 
  
 
5.250
 
  
 
709,883
 
 
2,933
 
 
Six Flags Entertainment Corp., Rule 144A, Company Guaranteed Notes
(Callable 05/15/26 @ 103.63)
(1)
  
(BB-,
B1)
  
 
05/15/31
 
  
 
7.250
 
  
 
2,974,622
 
 
2,535
 
 
Speedway Motorsports LLC/Speedway Funding II, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/31/25 @ 100.00)
(1)
  
(BB+, B1)
  
 
11/01/27
 
  
 
4.875
 
  
 
2,433,372
 
 
1,858
 
 
Vail Resorts, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/15/27 @ 103.25)
(1),
(2)
  
(BB-,
Ba3)
  
 
05/15/32
 
  
 
6.500
 
  
 
1,883,204
 
             
 
 
 
             
 
8,001,081
 
             
 
 
 
 
Restaurants
(1.4%)
           
 
600
 
 
1011778 BC ULC/New Red Finance, Inc., Rule 144A, Senior Secured Notes
(Callable 06/15/26 @ 103.06)
(1)
  
(BB+, Ba2)
  
 
06/15/29
 
  
 
6.125
 
  
 
610,079
 
 
2,377
 
 
Raising Cane’s Restaurants LLC, Rule 144A, Senior Unsecured Notes
(Callable 11/01/25 @ 104.69)
(1)
  
(B, B3)
  
 
05/01/29
 
  
 
9.375
 
  
 
2,521,890
 
             
 
 
 
             
 
3,131,969
 
             
 
 
 
 
See Accompanying Notes to Financial Statements.
 
11

Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
April 30, 2025 (unaudited)
 
 
Par
(000)
        
Ratings†
(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
CORPORATE BONDS
(continued)
           
 
Software - Services
(7.7%)
           
$
2,100
 
 
CA Magnum Holdings, Rule 144A, Senior Secured Notes
(Callable 05/31/25 @ 101.34)
(1)
  
(NR, B1)
  
 
10/31/26
 
  
 
5.375
 
  
$
2,058,379
 
 
1,837
 
 
Cloud Software Group, Inc., Rule 144A, Secured Notes
(Callable 09/30/25 @ 104.50)
(1)
  
(B-,
Caa2)
  
 
09/30/29
 
  
 
9.000
 
  
 
1,852,831
 
 
518
 
 
CommScope LLC, Rule 144A, Senior Secured Notes
(Callable 06/15/26 @ 103.00)
(1),(2)
  
(B-,
B3)
  
 
12/15/31
 
  
 
9.500
 
  
 
530,198
 
 
2,850
 
 
Insight Enterprises, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/15/27 @ 103.31)
(1)
  
(BB+, Ba3)
  
 
05/15/32
 
  
 
6.625
 
  
 
2,895,007
 
 
155
 
 
Open Text Corp., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 101.94)
(1)
  
(BB, Ba3)
  
 
12/01/29
 
  
 
3.875
 
  
 
143,078
 
 
1,200
 
 
Open Text Corp., Rule 144A, Senior Secured Notes (Callable 11/01/27 @ 100.00)
(1)
  
(BBB-, Ba1)
  
 
12/01/27
 
  
 
6.900
 
  
 
1,228,679
 
 
1,250
 
 
Open Text Holdings, Inc., Rule 144A, Company Guaranteed Notes
(Callable 12/01/26 @ 102.06)
(1)
  
(BB, Ba3)
  
 
12/01/31
 
  
 
4.125
 
  
 
1,119,517
 
 
1,200
 
 
UKG, Inc., Rule 144A, Senior Secured Notes (Callable 02/01/27 @ 103.44)
(1)
  
(B-,
B2)
  
 
02/01/31
 
  
 
6.875
 
  
 
1,235,351
 
 
2,938
 
 
Virtusa Corp., Rule 144A, Senior Unsecured Notes (Callable 05/31/25 @ 101.78)
(1)
  
(B-,
Caa1)
  
 
12/15/28
 
  
 
7.125
 
  
 
2,797,856
 
 
812
 
 
VT Topco, Inc., Rule 144A, Senior Secured Notes (Callable 08/15/26 @ 104.25)
(1)
  
(B, B2)
  
 
08/15/30
 
  
 
8.500
 
  
 
851,462
 
 
1,788
 
 
WEX, Inc., Rule 144A, Company Guaranteed Notes (Callable 03/15/28 @ 103.25)
(1)
  
(B, B1)
  
 
03/15/33
 
  
 
6.500
 
  
 
1,740,392
 
 
600
 
 
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 05/11/25 @ 100.97)
(1)
  
(B+, B1)
  
 
02/01/29
 
  
 
3.875
 
  
 
555,037
 
             
 
 
 
             
 
17,007,787
 
             
 
 
 
 
Specialty Retail
(2.9%)
           
 
2,800
 
 
Eagle Intermediate Global Holding BV/Eagle U.S. Finance LLC, Rule 144A, Senior Secured Notes, 7.500% Cash, 7.500% PIK
(1),(8),(9)
  
(NR, Caa3)
  
 
07/18/25
 
  
 
7.500
 
  
 
2,142,000
 
 
77
 
 
Eagle Intermediate Global Holding BV/Eagle U.S. Finance LLC, Rule 144A, Senior Secured Notes, 7.500% Cash, 7.500% PIK
(1),(6),(7),(8)
  
(NR, Caa3)
  
 
07/18/25
 
  
 
7.500
 
  
 
58,756
 
 
102
 
 
Eagle Intermediate Global Holding BV/Ruyi U.S. Finance LLC
(5),(6),(7)
  
(NR, NR)
  
 
05/01/25
 
  
 
0.000
 
  
 
77,187
 
 
900
 
 
Group 1 Automotive, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 101.33)
(1)
  
(BB+, Ba2)
  
 
08/15/28
 
  
 
4.000
 
  
 
855,996
 
 
2,275
 
 
LCM Investments Holdings II LLC, Rule 144A, Senior Unsecured Notes
(Callable 08/01/26 @ 104.13)
(1)
  
(BB-,
B2)
  
 
08/01/31
 
  
 
8.250
 
  
 
2,384,425
 
 
1,064
 
 
Sonic Automotive, Inc., Rule 144A, Company Guaranteed Notes
(Callable 11/15/26 @ 102.44)
(1)
  
(BB-,
B1)
  
 
11/15/31
 
  
 
4.875
 
  
 
971,096
 
             
 
 
 
             
 
6,489,460
 
             
 
 
 
 
Steel Producers/Products
(0.5%)
           
 
1,124
 
 
TMS International Corp., Rule 144A, Senior Unsecured Notes
(Callable 05/11/25 @ 101.56)
(1)
  
(B, Caa1)
  
 
04/15/29
 
  
 
6.250
 
  
 
1,041,688
 
             
 
 
 
 
Support - Services
(7.0%)
           
 
2,946
 
 
Allied Universal Holdco LLC/Allied Universal Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 05/31/25 @ 100.00)
(1)
  
(CCC+, Caa2)
  
 
07/15/27
 
  
 
9.750
 
  
 
2,959,216
 
 
1,014
 
 
American Builders & Contractors Supply Co., Inc., Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 100.00)
(1)
  
(BBB-, Ba2)
  
 
01/15/28
 
  
 
4.000
 
  
 
979,035
 
 
910
 
 
Beacon Roofing Supply, Inc., Rule 144A, Senior Secured Notes
(Callable 04/30/28 @ 103.38)
(1)
  
(BB-, NR)
  
 
04/30/32
 
  
 
6.750
 
  
 
914,749
 
 
See Accompanying Notes to Financial Statements.
 
12

Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
April 30, 2025 (unaudited)
 
 
Par
(000)
        
Ratings†
(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
CORPORATE BONDS
(continued)
           
 
Support - Services
           
$
1,500
 
 
Belron U.K. Finance PLC, Rule 144A, Senior Secured Notes
(Callable 10/15/26 @ 102.88)
(1)
  
(BB-,
Ba3)
  
 
10/15/29
 
  
 
5.750
 
  
$
1,499,301
 
 
1,500
 
 
CoreLogic, Inc., Rule 144A, Senior Secured Notes
(Callable 05/31/25 @ 101.13)
(1)
  
(B-,
B2)
  
 
05/01/28
 
  
 
4.500
 
  
 
1,420,154
 
 
2,340
 
 
GYP Holdings III Corp., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 101.16)
(1)
  
(B, Ba2)
  
 
05/01/29
 
  
 
4.625
 
  
 
2,203,702
 
 
750
 
 
WESCO Distribution, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 102.42)
(1)
  
(BB, Ba3)
  
 
06/15/28
 
  
 
7.250
 
  
 
760,584
 
 
600
 
 
WESCO Distribution, Inc., Rule 144A, Company Guaranteed Notes
(Callable 03/15/26 @ 103.19)
(1)
  
(BB, Ba3)
  
 
03/15/29
 
  
 
6.375
 
  
 
608,565
 
 
374
 
 
WESCO Distribution, Inc., Rule 144A, Company Guaranteed Notes
(Callable 03/15/28 @ 103.19)
(1)
  
(BB, Ba3)
  
 
03/15/33
 
  
 
6.375
 
  
 
378,750
 
 
605
 
 
Williams Scotsman, Inc., Rule 144A, Senior Secured Notes
(Callable 04/15/27 @ 103.31)
(1)
  
(BB-,
B2)
  
 
04/15/30
 
  
 
6.625
 
  
 
615,464
 
 
1,918
 
 
Williams Scotsman, Inc., Rule 144A, Senior Secured Notes
(Callable 06/15/26 @ 103.31)
(1)
  
(BB-,
B2)
  
 
06/15/29
 
  
 
6.625
 
  
 
1,945,387
 
 
1,350
 
 
ZipRecruiter, Inc., Rule 144A, Senior Unsecured Notes
(Callable 05/11/25 @ 102.50)
(1)
  
(B, B2)
  
 
01/15/30
 
  
 
5.000
 
  
 
1,128,702
 
             
 
 
 
             
 
15,413,609
 
             
 
 
 
 
Tech Hardware & Equipment
(0.7%)
           
 
1,500
 
 
Zebra Technologies Corp., Rule 144A, Company Guaranteed Notes
(Callable 06/01/27 @ 103.25)
(1)
  
(BB, Ba2)
  
 
06/01/32
 
  
 
6.500
 
  
 
1,510,102
 
             
 
 
 
 
Telecom - Wireline Integrated & Services
(1.9%)
           
 
1,500
 
 
Altice Financing SA, Rule 144A, Senior Secured Notes
(Callable 05/31/25 @ 100.00)
(1)
  
(CCC+, Caa1)
  
 
01/15/28
 
  
 
5.000
 
  
 
1,153,612
 
 
1,500
 
 
Level 3 Financing, Inc., Rule 144A, Secured Notes
(Callable 03/22/26 @ 102.13)
(1)
  
(B-,
B3)
  
 
04/01/30
 
  
 
4.500
 
  
 
1,252,500
 
 
900
 
 
Level 3 Financing, Inc., Rule 144A, Secured Notes
(Callable 05/11/25 @ 101.81)
(1)
  
(B-,
B3)
  
 
10/15/30
 
  
 
3.875
 
  
 
714,330
 
 
300
 
 
Virgin Media Secured Finance PLC, Rule 144A, Senior Secured Notes
(Callable 08/15/25 @ 102.25)
(1)
  
(B+, Ba3)
  
 
08/15/30
 
  
 
4.500
 
  
 
270,036
 
 
600
 
 
Vmed O2 U.K. Financing I PLC, Rule 144A, Senior Secured Notes
(Callable 01/31/26 @ 102.13)
(1)
  
(B+, Ba3)
  
 
01/31/31
 
  
 
4.250
 
  
 
524,455
 
 
290
 
 
Vmed O2 U.K. Financing I PLC, Rule 144A, Senior Secured Notes
(Callable 07/15/26 @ 102.38)
(1)
  
(B+, Ba3)
  
 
07/15/31
 
  
 
4.750
 
  
 
255,098
 
             
 
 
 
             
 
4,170,031
 
             
 
 
 
 
Transport Infrastructure/Services
(0.9%)
           
 
300
 
 
XPO, Inc., Rule 144A, Company Guaranteed Notes
(Callable 06/01/26 @ 103.56)
(1)
  
(BB-,
Ba3)
  
 
06/01/31
 
  
 
7.125
 
  
 
307,124
 
 
600
 
 
XPO, Inc., Rule 144A, Company Guaranteed Notes
(Callable 02/01/27 @ 103.56)
(1)
  
(BB-,
Ba3)
  
 
02/01/32
 
  
 
7.125
 
  
 
615,484
 
 
1,032
 
 
XPO, Inc., Rule 144A, Senior Secured Notes
(Callable 06/01/25 @ 103.13)
(1)
  
(BBB-,
Ba1)
  
 
06/01/28
 
  
 
6.250
 
  
 
1,044,127
 
             
 
 
 
             
 
1,966,735
 
             
 
 
 
 
TOTAL CORPORATE BONDS
(Cost $240,968,409)
           
 
239,464,785
 
             
 
 
 
 
See Accompanying Notes to Financial Statements.
 
13

Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
April 30, 2025 (unaudited)
 
 
Par
(000)
        
Ratings†
(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
BANK LOANS
(21.3%)
           
 
Advertising
(1.1%)
           
$
2,807
 
 
MH Sub I LLC
(10),(11)
  
(B, B1)
  
 
12/31/31
 
  
 
0.000
 
  
$
2,470,054
 
 
Aerospace & Defense
(0.3%)
           
 
799
 
 
Peraton Corp., 3 mo. USD Term SOFR + 7.750%
(10)
  
(NR, NR)
  
 
02/01/29
 
  
 
12.179
 
  
 
608,938
 
 
Auto Parts & Equipment
(0.8%)
           
 
252
 
 
First Brands Group LLC (2021 Term Loan), 3 mo. USD Term SOFR + 5.000%
(10)
  
(B+, B1)
  
 
03/30/27
 
  
 
9.541
 
  
 
234,609
 
 
1,244
 
 
First Brands Group LLC (2022 Incremental Term Loan), 3 mo. USD Term SOFR + 5.000%
(10)
  
(B+, B1)
  
 
03/30/27
 
  
 
9.541
 
  
 
1,159,235
 
 
494
 
 
Jason Group, Inc., 1 mo. USD Term SOFR + 6.000%
(9),(10)
  
(NR, NR)
  
 
08/28/25
 
  
 
10.436
 
  
 
446,058
 
             
 
 
 
             
 
1,839,902
 
             
 
 
 
 
Building Materials
(0.7%)
           
 
55
 
 
ARAMSCO, Inc.
(12)
  
(B-,
Caa1)
  
 
10/10/30
 
  
 
4.750
 
  
 
51,231
 
 
537
 
 
ARAMSCO, Inc., 3 mo. USD Term SOFR + 4.750%
(10)
  
(B-,
Caa1)
  
 
10/10/30
 
  
 
9.049
 
  
 
495,968
 
 
784
 
 
Cornerstone Building Brands, Inc., 1 mo. USD Term SOFR + 5.625%
(10)
  
(B, B3)
  
 
08/01/28
 
  
 
9.947
 
  
 
703,162
 
 
251
 
 
Foundation Building Materials Holding Co. LLC, 1 mo. USD Term SOFR + 3.250%, 3 mo. USD Term SOFR + 3.250%
(10)
  
(B, B3)
  
 
01/31/28
 
  
 
7.686 - 7.791
 
  
 
241,689
 
             
 
 
 
             
 
1,492,050
 
             
 
 
 
 
Chemicals
(1.5%)
           
 
356
 
 
Ascend Performance Materials Operations LLC, 3 mo. USD Term SOFR + 1.500%
(6),
(7),(9),(10)
  
(NR, NR)
  
 
10/23/25
 
  
 
5.779
 
  
 
343,131
 
 
970
 
 
Ascend Performance Materials Operations LLC
(4),(5)
  
(NR, C)
  
 
08/27/26
 
  
 
0.000
 
  
 
102,758
 
 
997
 
 
CPC Acquisition Corp., 3 mo. USD Term SOFR + 3.750%
(10)
  
(CCC, Caa2)
  
 
12/29/27
 
  
 
8.311
 
  
 
851,549
 
 
425
 
 
PMHC II, Inc., 3 mo. USD Term SOFR + 5.500%
(7),(10)
  
(B-,
B3)
  
 
04/21/29
 
  
 
9.803
 
  
 
384,872
 
 
1,010
 
 
Polar U.S. Borrower LLC, 3 mo. USD Term SOFR + 5.500%
(10)
  
(CCC+, Caa1)
  
 
10/16/28
 
  
 
9.883
 
  
 
496,353
 
 
1,763
 
 
Polar U.S. Borrower LLC, 3 mo. USD Term SOFR + 4.750%, 0.750% PIK
(8),(9),(10)
  
(CCC+, Caa1)
  
 
10/16/28
 
  
 
9.883
 
  
 
866,413
 
 
235
 
 
SK Neptune Husky Finance SARL
(4),(5),(7),(9)
  
(NR, WR)
  
 
04/30/26
 
  
 
0.000
 
  
 
174,212
 
 
1,085
 
 
SK Neptune Husky Group SARL
(4),(5),(9)
  
(NR, WR)
  
 
01/03/29
 
  
 
0.000
 
  
 
37,653
 
             
 
 
 
             
 
3,256,941
 
             
 
 
 
 
Electronics
(1.4%)
           
 
1,240
 
 
Escape Velocity Holdings, Inc., 3 mo. USD Term SOFR + 4.250%
(10)
  
(B, B3)
  
 
10/08/28
 
  
 
8.811
 
  
 
1,213,764
 
 
1,793
 
 
Idemia Group, 3 mo. USD Term SOFR + 4.250%
(10)
  
(B, B2)
  
 
09/30/28
 
  
 
8.549
 
  
 
1,792,012
 
             
 
 
 
             
 
3,005,776
 
             
 
 
 
 
Energy - Exploration & Production
(0.0%)
           
 
2,842
 
 
PES Holdings LLC, 3.000% PIK
(4),(8),(9)
  
(NR, WR)
  
 
12/31/25
 
  
 
3.000
 
  
 
24,866
 
             
 
 
 
 
Food & Drug Retailers
(0.2%)
           
 
1,500
 
 
WOOF Holdings, Inc., 3 mo. USD Term SOFR + 7.250%
(9),(10)
  
(CC, Ca)
  
 
12/21/28
 
  
 
11.625
 
  
 
534,690
 
             
 
 
 
 
Gas Distribution
(0.7%)
           
 
1,459
 
 
Traverse Midstream Partners LLC, 3 mo. USD Term SOFR + 3.000%
(7),(10)
  
(B+, B2)
  
 
02/16/28
 
  
 
7.280
 
  
 
1,456,937
 
             
 
 
 
 
Health Facilities
(0.5%)
           
 
429
 
 
Carestream Health, Inc., 3 mo. USD Term SOFR + 7.500%
(9),(10)
  
(B-,
Caa1)
  
 
09/30/27
 
  
 
11.899
 
  
 
245,107
 
 
316
 
 
Sonrava Health Holdings LLC, 3 mo. USD Term SOFR + 6.500%
(9),(10)
  
(B-,
B2)
  
 
05/18/28
 
  
 
11.061
 
  
 
315,367
 
 
See Accompanying Notes to Financial Statements.
 
14

Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
April 30, 2025 (unaudited)
 
 
Par
(000)
        
Ratings†
(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
BANK LOANS
(continued)
           
 
Health Facilities
           
$
1,264
 
 
Sonrava Health Holdings LLC, 3 mo. USD Term SOFR + 1.000%, 5.500% PIK
(8),(9),(10)
  
(NR, Caa2)
  
 
08/18/28
 
  
 
11.061
 
  
$
477,056
 
             
 
 
 
             
 
1,037,530
 
             
 
 
 
 
Health Services
(1.2%)
           
 
86
 
 
MedAssets Software Intermediate Holdings, Inc., 1 mo. USD Term SOFR + 4.000%
(10)
  
(B, Caa1)
  
 
12/15/28
 
  
 
8.320
 
  
 
83,013
 
 
631
 
 
MedAssets Software Intermediate Holdings, Inc., 1 mo. USD Term SOFR + 4.000%
(10)
  
(CCC, Ca)
  
 
12/15/28
 
  
 
8.434
 
  
 
538,914
 
 
38
 
 
MedAssets Software Intermediate Holdings, Inc., 1 mo. USD Term SOFR + 5.250%
(10)
  
(B, Caa1)
  
 
12/15/28
 
  
 
9.570
 
  
 
36,819
 
 
851
 
 
Radiology Partners, Inc., 3 mo. USD Term SOFR + 3.500%, 1.500% PIK
(8)
,
(10)
  
(B-,
B3)
  
 
01/31/29
 
  
 
9.590
 
  
 
825,040
 
 
1,151
 
 
U.S. Radiology Specialists, Inc., 3 mo. USD Term SOFR + 4.750%
(10)
  
(B-,
B3)
  
 
12/15/27
 
  
 
9.049
 
  
 
1,152,857
 
             
 
 
 
             
 
2,636,643
 
             
 
 
 
 
Hotels
(0.2%)
           
 
188
 
 
Aimbridge Acquisition Co., Inc., 1 mo. USD Term SOFR + 7.500%
(7),(10)
  
(B-,
Caa1)
  
 
03/11/30
 
  
 
11.935
 
  
 
185,311
 
 
216
 
 
Aimbridge Acquisition Co., Inc., 1 mo. USD Term SOFR + 5.500%
(7),(10)
  
(B+, B2)
  
 
03/11/30
 
  
 
9.935
 
  
 
215,859
 
             
 
 
 
             
 
401,170
 
             
 
 
 
 
Machinery
(0.5%)
           
 
1,162
 
 
Madison IAQ LLC
(10),(11)
  
(B, B1)
  
 
05/06/32
 
  
 
0.000
 
  
 
1,153,124
 
             
 
 
 
 
Media - Diversified
(0.9%)
           
 
1,194
 
 
Cast & Crew Payroll LLC, 1 mo. USD Term SOFR + 3.750%
(10)
  
(B-,
B3)
  
 
12/29/28
 
  
 
8.072
 
  
 
1,147,025
 
 
315
 
 
Technicolor Creative Studios, 0.500% PIK
(3),(4),(6),(7),(8)
  
(NR, NR)
  
 
08/06/33
 
  
 
0.500
 
  
 
0
 
 
948
 
 
Twitter, Inc.
  
(NR, NR)
  
 
10/26/29
 
  
 
9.500
 
  
 
925,942
 
             
 
 
 
             
 
2,072,967
 
             
 
 
 
 
Packaging
(1.0%)
           
 
2,215
 
 
Proampac PG Borrower LLC, 3 mo. USD Term SOFR + 4.000%
(10)
  
(B-,
B3)
  
 
09/15/28
 
  
 
8.256 - 8.323
 
  
 
2,186,002
 
             
 
 
 
 
Personal & Household Products
(0.9%)
           
 
1,978
 
 
Serta Simmons Bedding LLC, 3 mo. USD Term SOFR + 7.500%
(10)
  
(NR, NR)
  
 
06/29/28
 
  
 
11.914
 
  
 
1,814,901
 
 
216
 
 
Serta Simmons Bedding LLC, 3 mo. USD Term SOFR + 7.500%
(7),(10)
  
(NR, NR)
  
 
06/29/28
 
  
 
11.884
 
  
 
215,336
 
             
 
 
 
             
 
2,030,237
 
             
 
 
 
 
Software - Services
(5.5%)
           
 
815
 
 
AQ Carver Buyer, Inc., 6 mo. USD Term SOFR + 5.500%
(10)
  
(B, B3)
  
 
08/02/29
 
  
 
9.817
 
  
 
799,178
 
 
2,863
 
 
Aston FinCo SARL, 1 mo. USD Term SOFR + 4.250%
(10)
  
(CCC+, B3)
  
 
10/09/26
 
  
 
8.686
 
  
 
2,719,926
 
 
427
 
 
Astra Acquisition Corp.
(4),(5),(9)
  
(CCC+, Caa2)
  
 
02/25/28
 
  
 
0.000
 
  
 
247,837
 
 
1,193
 
 
Astra Acquisition Corp.
(4),(5),(9)
  
(CC, C)
  
 
10/25/28
 
  
 
0.000
 
  
 
23,856
 
 
798
 
 
Cloud Software Group, Inc., 3 mo. USD Term SOFR + 3.500%
(10)
  
(B, B2)
  
 
03/29/29
 
  
 
7.799
 
  
 
789,929
 
 
900
 
 
CommerceHub, Inc., 3 mo. USD Term SOFR + 7.000%
(9),(10)
  
(CCC, Caa3)
  
 
12/29/28
 
  
 
11.411
 
  
 
817,236
 
 
293
 
 
DCert Buyer, Inc., 1 mo. USD Term SOFR + 4.000%
(10)
  
(B-,
B2)
  
 
10/16/26
 
  
 
8.322
 
  
 
284,388
 
 
1,438
 
 
EagleView Technology Corp., 3 mo. USD Term SOFR + 6.500%
(10)
  
(NR, NR)
  
 
08/14/28
 
  
 
10.803
 
  
 
1,371,449
 
 
471
 
 
Javelin Buyer, Inc., 3 mo. USD Term SOFR + 5.250%
(7),(9),(10)
  
(CCC+, Caa2)
  
 
12/06/32
 
  
 
9.563
 
  
 
462,250
 
 
See Accompanying Notes to Financial Statements.
 
15

Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
April 30, 2025 (unaudited)
 
 
Par
(000)
        
Ratings†
(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
BANK LOANS
(continued)
           
 
Software - Services
           
$
550
 
 
Polaris Newco LLC, 1 mo. GBP SONIA + 5.000%
(10),(13)
  
(CCC+, B3)
  
 
06/02/28
 
  
 
9.459
 
  
$
678,345
 
 
1,278
 
 
Project Boost Purchaser LLC, 3 mo. USD Term SOFR + 3.000%
(10)
  
(B-,
B2)
  
 
07/16/31
 
  
 
7.299
 
  
 
1,268,472
 
 
474
 
 
Quest Software U.S. Holdings, Inc. (2022 Term Loan), 3 mo. USD Term SOFR + 4.250%
(10)
  
(CCC-,
Caa1)
  
 
02/01/29
 
  
 
8.680
 
  
 
254,510
 
 
2,371
 
 
Quest Software U.S. Holdings, Inc. (2024 Term Loan), 3 mo. USD Term SOFR + 4.250%
(10)
  
(CCC-,
Caa1)
  
 
02/01/29
 
  
 
8.680
 
  
 
1,470,014
 
 
733
 
 
Redstone Holdco 2 LP, 3 mo. USD Term SOFR + 4.750%
(10)
  
(CCC+, B3)
  
 
04/27/28
 
  
 
9.291
 
  
 
449,091
 
 
596
 
 
UKG, Inc., 1 mo. USD Term SOFR + 3.000%
(10)
  
(B-,
B2)
  
 
02/10/31
 
  
 
7.320
 
  
 
594,148
 
             
 
 
 
             
 
12,230,629
 
             
 
 
 
 
Steel Producers/Products
(0.6%)
           
 
1,479
 
 
OPTA, Inc., 3 mo. USD Term SOFR + 6.750%
(7),(9),(10)
  
(NR, NR)
  
 
11/09/28
 
  
 
11.291
 
  
 
1,434,552
 
             
 
 
 
 
Support - Services
(2.3%)
           
 
1,693
 
 
CoreLogic, Inc., 1 mo. USD Term SOFR + 3.500%
(10)
  
(B-,
B2)
  
 
06/02/28
 
  
 
7.936
 
  
 
1,674,352
 
 
891
 
 
Gloves Buyer, Inc., 1 mo. USD Term SOFR + 4.000%
(7),(10)
  
(B-,
B3)
  
 
12/29/27
 
  
 
8.436
 
  
 
852,864
 
 
477
 
 
LaserShip, Inc., 3 mo. USD Term SOFR + 4.000%
(10)
  
(CCC-,
Caa2)
  
 
01/02/29
 
  
 
8.299
 
  
 
248,830
 
 
459
 
 
LaserShip, Inc., 3 mo. USD Term SOFR + 6.250%
(10)
  
(B, B2)
  
 
01/02/29
 
  
 
10.549
 
  
 
447,665
 
 
1,166
 
 
LaserShip, Inc., 3 mo. USD Term SOFR + 5.500%
(10)
  
(CCC, Caa2)
  
 
08/10/29
 
  
 
10.061
 
  
 
579,632
 
 
384
 
 
LaserShip, Inc., 3 mo. USD Term SOFR + 1.500%
(10)
  
(CCC-,
Caa3)
  
 
08/10/29
 
  
 
6.061
 
  
 
77,463
 
 
762
 
 
PODS LLC
(10),(11)
  
(B-,
B3)
  
 
03/31/28
 
  
 
0.000
 
  
 
707,050
 
 
600
 
 
TruGreen LP, 3 mo. USD Term SOFR + 8.500%
(7),(9),(10)
  
(CCC, Caa3)
  
 
11/02/28
 
  
 
13.041
 
  
 
471,000
 
             
 
 
 
             
 
5,058,856
 
             
 
 
 
 
Tech Hardware & Equipment
(0.4%)
           
 
1,324
 
 
Atlas CC Acquisition Corp., 3 mo. USD Term SOFR + 4.250%
(10)
  
(B-,
Caa2)
  
 
05/25/28
 
  
 
8.825
 
  
 
750,279
 
 
269
 
 
Atlas CC Acquisition Corp., 3 mo. USD Term SOFR + 4.250%
(10)
  
(B-,
B1)
  
 
05/25/28
 
  
 
8.825
 
  
 
152,598
 
             
 
 
 
             
 
902,877
 
             
 
 
 
 
Telecom - Wireline Integrated & Services
(0.6%)
           
 
1,432
 
 
Patagonia Holdco LLC, 3 mo. USD Term SOFR + 5.750%
(10)
  
(NR, B1)
  
 
08/01/29
 
  
 
10.052
 
  
 
1,223,235
 
             
 
 
 
 
TOTAL BANK LOANS
(Cost $58,029,163)
           
 
47,057,976
 
             
 
 
 
 
ASSET BACKED SECURITIES
(7.8%)
           
 
Collateralized Debt Obligations
(7.8%)
           
 
1,000
 
 
Anchorage Capital CLO 15 Ltd.,
2020-15A,
Rule 144A, 3 mo. USD Term SOFR + 7.662%
(1),(10)
  
(NR, Ba3)
  
 
07/20/34
 
  
 
11.931
 
  
 
976,453
 
 
1,500
 
 
Anchorage Capital CLO 25 Ltd.,
2022-25A,
Rule 144A, 3 mo. USD Term SOFR + 7.170%
(1),(10)
  
(NR, Ba3)
  
 
04/20/35
 
  
 
11.439
 
  
 
1,462,558
 
 
1,170
 
 
Anchorage Capital Europe CLO 6 DAC, Rule 144A,
3 mo. EURIBOR + 5.000%
(1),(3),(10)
  
(BBB-,
NR)
  
 
01/22/38
 
  
 
7.236
 
  
 
1,344,491
 
 
1,250
 
 
Anchorage Credit Funding 4 Ltd.,
2016-4A,
Rule 144A
(1)
  
(NR, Ba3)
  
 
04/27/39
 
  
 
6.659
 
  
 
1,146,685
 
 
1,250
 
 
Battalion CLO 18 Ltd.,
2020-18A,
Rule 144A, 3 mo. USD Term SOFR + 6.972%
(1),(10)
  
(BB-,
NR)
  
 
10/15/36
 
  
 
11.228
 
  
 
1,115,923
 
 
1,250
 
 
Benefit Street Partners CLO X Ltd.,
2016-10A,
Rule 144A, 3 mo. USD Term SOFR + 7.012%
(1),(10)
  
(BB-,
NR)
  
 
04/20/34
 
  
 
11.281
 
  
 
1,236,394
 
 
See Accompanying Notes to Financial Statements.
 
16

Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
April 30, 2025 (unaudited)
 
 
Par
(000)
        
Ratings†
(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
ASSET BACKED SECURITIES
(continued)
           
 
Collateralized Debt Obligations
           
$
1,500
 
 
Cedar Funding VI CLO Ltd.,
2016-6A,
Rule 144A, 3 mo. USD Term SOFR + 6.982%
(1),(10)
  
(BB-,
NR)
  
 
04/20/34
 
  
 
11.251
 
  
$
1,455,883
 
 
1,500
 
 
KKR CLO 14 Ltd., Rule 144A, 3 mo. USD Term SOFR + 6.412%
(1),(10)
  
(NR, B1)
  
 
07/15/31
 
  
 
10.668
 
  
 
1,444,175
 
 
1,500
 
 
KKR CLO 16 Ltd., Rule 144A, 3 mo. USD Term SOFR + 7.372%
(1),(10)
  
(BB-,
NR)
  
 
10/20/34
 
  
 
11.641
 
  
 
1,406,186
 
 
1,200
 
 
KKR CLO 45a Ltd.,
2024-45A,
Rule 144A, 3 mo. USD Term SOFR + 7.300%
(1),(10)
  
(NR, NR)
  
 
04/15/35
 
  
 
11.556
 
  
 
1,200,550
 
 
1,500
 
 
Marble Point CLO XXIII Ltd.,
2021-4A,
Rule 144A, 3 mo. USD Term SOFR + 6.012%
(1),(10)
  
(NR, Ba1)
  
 
01/22/35
 
  
 
10.284
 
  
 
1,489,031
 
 
600
 
 
MP CLO III Ltd.,
2013-1A,
Rule 144A, 3 mo. USD Term SOFR + 3.312%
(1),(10)
  
(NR, A2)
  
 
10/20/30
 
  
 
7.581
 
  
 
601,399
 
 
1,500
 
 
Palmer Square Credit Funding Ltd.,
2019-1A,
Rule 144A
(1)
  
(NR, Aa2)
  
 
04/20/37
 
  
 
5.459
 
  
 
1,480,978
 
 
1,000
 
 
Venture 41 CLO Ltd.,
2021-41A,
Rule 144A, 3 mo. USD Term SOFR + 7.972%
(1),(10)
  
(BB-,
NR)
  
 
01/20/34
 
  
 
12.241
 
  
 
892,964
 
             
 
 
 
 
TOTAL ASSET BACKED SECURITIES
(Cost $17,563,050)
           
 
17,253,670
 
             
 
 
 
             
Shares
                               
 
COMMON STOCKS
(0.8%)
           
 
Auto Parts & Equipment
(0.1%)
           
 
57
 
 
Jason, Inc.
(5)
           
 
312,070
 
             
 
 
 
 
Chemicals
(0.3%)
           
 
89,998
 
 
Proppants Holdings LLC
(6),(7),(9)
           
 
1,800
 
 
15,074
 
 
Utex Industries
           
 
547,683
 
             
 
 
 
             
 
549,483
 
             
 
 
 
 
Energy - Exploration & Production
(0.0%)
           
 
111,570
 
 
PES Energy, Class A
(5),(6),(7),(9)
           
 
1,116
 
             
 
 
 
 
Hotels
(0.3%)
           
 
10,962
 
 
Aimbridge Acquisition Co., Inc.
(5)
           
 
679,644
 
             
 
 
 
 
Personal & Household Products
(0.1%)
           
 
32,039
 
 
Dream Well, Inc.
(5)
           
 
288,351
 
 
32,039
 
 
Serta Simmons Bedding Equipment Co.
(5),(6),(7)
           
 
0
 
             
 
 
 
             
 
288,351
 
             
 
 
 
 
Pharmaceuticals
(0.0%)
           
 
68,836
 
 
Akorn, Inc.
(5)
           
 
2,065
 
             
 
 
 
 
Private Placement
(0.0%)
           
 
102,040,536
 
 
Technicolor Creative Studios SA
(5),(6),(7),(14)
           
 
0
 
             
 
 
 
 
Specialty Retail
(0.0%)
           
 
105
 
 
Eagle Investments Holding Co. LLC, Class B
(5),(6),(7)
           
 
1
 
             
 
 
 
 
See Accompanying Notes to Financial Statements.
 
17

Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
April 30, 2025 (unaudited)
 
 
Shares
                           
Value
 
 
Support - Services
(0.0%)
           
$
2,100
 
 
LTR Holdings, Inc.
(5),(6),(7),(9)
           
$
3,111
 
             
 
 
 
 
TOTAL COMMON STOCKS
(Cost $6,640,530)
           
 
1,835,841
 
             
 
 
 
 
WARRANT
(0.0%)
           
 
Chemicals
(0.0%)
           
 
22,499
 
 
Project Investor Holdings LLC, expires 02/08/26
(5),(6),(7),(9)
(Cost $11,700)
           
 
0
 
             
 
 
 
 
SHORT-TERM INVESTMENTS
(8.2%)
           
 
5,482,352
 
 
State Street Institutional U.S. Government Money Market Fund - Premier Class, 4.31%
           
 
5,482,352
 
 
12,650,463
 
 
State Street Navigator Securities Lending Government Money Market Portfolio, 4.36%
(15)
           
 
12,650,463
 
             
 
 
 
 
TOTAL SHORT-TERM INVESTMENTS
(Cost $18,132,815)
           
 
18,132,815
 
             
 
 
 
 
TOTAL INVESTMENTS AT VALUE
(146.4%) (Cost $341,345,667)
           
 
323,745,087
 
 
LIABILITIES IN EXCESS OF OTHER ASSETS
(-46.4%)
           
 
(102,606,924
             
 
 
 
 
NET ASSETS
(100.0%)
           
$
221,138,163
 
             
 
 
 
 
Credit ratings given by the S&P Global Ratings Division of S&P Global Inc. (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s”) are unaudited.
 
(1)
Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2025, these securities amounted to a value of $251,838,611 or 113.9% of net assets.
 
(2)
Security or portion thereof is out on loan (See Note
2-K).
 
(3)
This security is denominated in Euro.
 
(4)
Bond is currently in default.
 
(5)
Non-income
producing security.
 
(6)
Not readily marketable security; security is valued at fair value as determined in good faith by UBS Asset Management (Americas) LLC as the Fund’s valuation designee under the oversight of the Board of Trustees (See Note
2-A).
 
(7)
Security is valued using significant unobservable inputs.
 
(8)
PIK:
Payment-in-kind
security for which part of the income earned may be paid as additional principal.
 
(9)
Illiquid security.
 
(10)
Variable rate obligation - The interest rate shown is the rate in effect as of April 30, 2025. The rate may be subject to a cap and floor.
 
(11)
Position is unsettled. Contract rate was not determined at April 30, 2025 and does not take effect until settlement.
 
(12)
Unfunded loan commitment (See Note
2-J).
 
(13)
This security is denominated in British Pound.
 
(14)
Security is held through holdings of 100 shares of the CIG Special Purpose SPC - Credit Suisse High Yield Bond Fund Segregated Portfolio, an affiliated entity.
 
(15)
Represents security purchased with cash collateral received for securities on loan.
 
See Accompanying Notes to Financial Statements.
 
18

Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
April 30, 2025 (unaudited)
 
 
INVESTMENT ABBREVIATIONS
1 mo. = 1 month
3 mo. = 3 month
6 mo. = 6 month
EURIBOR = Euro Interbank Offered Rate
NR = Not Rated
SARL = société à responsabilité limitée
SOFR = Secured Overnight Financing Rate
SONIA = Sterling Overnight Index Average
WR = Withdrawn Rating
Forward Foreign Currency Contracts
 
Forward
Currency to be
Purchased
    
Forward
Currency to be
Sold
    
Settlement
Date
    
Counterparty
  
Value on
Settlement Date
   
Current
Value/Notional
   
Unrealized
Appreciation
 
EUR
     274,473      USD      298,631        10/07/25      Deutsche Bank AG    $ 298,631     $ 314,978     $ 16,347  
EUR
     64,816      USD      71,590        10/07/25      JPMorgan Chase      71,590       74,380       2,790  
GBP
     37,226      USD      48,353        10/07/25      Barclays Bank PLC      48,353       49,745       1,392  
GBP
     750,000      USD      996,045        10/07/25      JPMorgan Chase      996,045       1,002,221       6,176  
USD
     73,753      EUR      64,171        10/07/25      JPMorgan Chase      (73,753     (73,640     113  
                     
 
 
 
Total Unrealized Appreciation
 
  $ 26,818  
                     
 
 
 
Forward Foreign Currency Contracts
 
Forward
Currency to be
Purchased
    
Forward
Currency to be
Sold
    
Settlement
Date
    
Counterparty
  
Value on
Settlement Date
   
Current
Value/Notional
   
Unrealized
Depreciation
 
GBP
     300,000      USD      402,609        10/07/25      Deutsche Bank AG    $ 402,609     $ 400,889     $ (1,720
USD
     65,226      EUR      61,488        10/07/25      Barclays Bank PLC      (65,226     (70,562     (5,336
USD
     26,855      EUR      25,151        10/07/25      Deutsche Bank AG      (26,855     (28,863     (2,008
USD
     3,312,319      EUR      2,959,475        10/07/25      Morgan Stanley      (3,312,319     (3,396,203     (83,884
USD
     39,344      GBP      31,519        10/07/25      Deutsche Bank AG      (39,344     (42,118     (2,774
USD
     2,049,553      GBP      1,568,195        10/07/25      Morgan Stanley      (2,049,553     (2,095,572     (46,019
                     
 
 
 
Total Unrealized Depreciation
 
  $ (141,741
                     
 
 
 
Total Net Unrealized Appreciation/(Depreciation)
 
  $ (114,923
                     
 
 
 
Currency Abbreviations:
EUR = Euro
GBP = British Pound
USD = United States Dollar
 
See Accompanying Notes to Financial Statements.
 
19

Credit Suisse High Yield Bond Fund
Statement of Assets and Liabilities
April 30, 2025 (unaudited)
 
 
Assets
 
Investments at value, including collateral for securities on loan of $12,650,463
(Cost $341,345,667) (Note 2)
  
$
  323,745,087
1
 
Foreign currency at value (Cost $96,973)
  
 
102,339
 
Interest receivable
  
 
5,540,016
 
Receivable for investments sold
  
 
1,219,956
 
Unrealized appreciation on forward foreign currency contracts (Note 2)
  
 
26,818
 
Prepaid expenses and other assets
  
 
26,544
 
  
 
 
 
Total assets
  
 
330,660,760
 
  
 
 
 
Liabilities
 
Investment advisory fee payable (Note 3)
  
 
420,843
 
Administrative services fee payable (Note 3)
  
 
22,669
 
Loan payable (Note 4)
  
 
87,000,000
 
Payable upon return of securities loaned (Note 2)
  
 
12,650,463
 
Payable for investments purchased
  
 
8,060,296
 
Interest payable (Note 4)
  
 
1,021,033
 
Unrealized depreciation on forward foreign currency contracts (Note 2)
  
 
141,741
 
Due to custodian
  
 
60,342
 
Unfunded loan commitments (Note 2)
  
 
55,434
 
Commitment fees payable (Note 4)
  
 
11,070
 
Accrued expenses
  
 
78,706
 
  
 
 
 
Total liabilities
  
 
109,522,597
 
  
 
 
 
Net Assets
 
Applicable to 103,609,624 shares outstanding
  
$
221,138,163
 
  
 
 
 
Net Assets
 
Capital stock, $.001 par value (Note 6)
  
 
103,610
 
Paid-in
capital (Note 6)
  
 
290,701,533
 
Total distributable earnings (loss)
  
 
(69,666,980
  
 
 
 
Net assets
  
$
221,138,163
 
  
 
 
 
Net Asset Value Per Share
  
 
$2.13
 
  
 
 
 
Market Price Per Share
  
 
$2.03
 
  
 
 
 
 
 
1
 
Includes $12,346,552 of securities on loan.
 
See Accompanying Notes to Financial Statements.
 
20

Credit Suisse High Yield Bond Fund
Statement of Operations
For the Six Months Ended April 30, 2025 (unaudited)
 
 
Investment Income
 
Interest
  
$
  12,743,673
 
Dividends
  
 
48,482
 
Securities lending (net of rebates)
  
 
13,559
 
  
 
 
 
Total investment income
  
 
12,805,714
 
  
 
 
 
Expenses
 
Investment advisory fees (Note 3)
  
 
1,462,494
 
Administrative services fees (Note 3)
  
 
38,800
 
Interest expense (Note 4)
  
 
2,238,788
 
Trustees’ fees
  
 
106,325
 
Commitment fees (Note 4)
  
 
50,278
 
Custodian fees
  
 
45,577
 
Legal fees
  
 
42,857
 
Printing fees
  
 
40,846
 
Audit and tax fees
  
 
24,229
 
Stock exchange listing fees
  
 
16,376
 
Transfer agent fees
  
 
14,571
 
Insurance expense
  
 
3,025
 
Miscellaneous expense
  
 
5,617
 
  
 
 
 
Total expenses
  
 
4,089,783
 
Less: fees waived and expenses reimbursed (Note 3)
  
 
(210,753
  
 
 
 
Net expenses
  
 
3,879,030
 
  
 
 
 
Net investment income
  
 
8,926,684
 
  
 
 
 
Net Realized and Unrealized Gain (Loss) from Investments,
Foreign Currency and Forward Foreign Currency Contracts
 
Net realized loss from investments
  
 
(356,073
Net realized gain from foreign currency transactions
  
 
13,654
 
Net change in unrealized appreciation (depreciation) from investments
  
 
(6,213,580
Net change in unrealized appreciation (depreciation) from foreign currency translations
  
 
10,232
 
Net change in unrealized appreciation (depreciation) from forward foreign currency contracts
  
 
(199,025
  
 
 
 
Net realized and unrealized loss from investments, foreign currency and forward foreign currency contracts
  
 
(6,744,792
  
 
 
 
Net increase in net assets resulting from operations
  
$
2,181,892
 
  
 
 
 
 
See Accompanying Notes to Financial Statements.
 
21

Credit Suisse High Yield Bond Fund
Statements of Changes in Net Assets
 
 
    
For the Six Months
Ended
April 30, 2025
(unaudited)
    
For the Year
Ended
October 31, 2024
 
From Operations
     
Net investment income
  
$
8,926,684
 
  
$
18,212,319
 
Net realized loss from investments, foreign currency transactions and forward foreign currency contracts
  
 
(342,419
  
 
(5,131,989
Net change in unrealized appreciation (depreciation) from investments, foreign currency translations and forward foreign currency contracts
  
 
(6,402,373
  
 
24,384,345
 
  
 
 
    
 
 
 
Net increase in net assets resulting from operations
  
 
2,181,892
 
  
 
37,464,675
 
  
 
 
    
 
 
 
From Distributions
 
From distributable earnings
  
 
(9,633,025
  
 
(18,120,252
Return of capital
  
 
 
  
 
(1,133,564
  
 
 
    
 
 
 
Net decrease in net assets resulting from distributions
  
 
(9,633,025
  
 
(19,253,816
  
 
 
    
 
 
 
From Capital Share Transactions
(Note 6)
 
Reinvestment of distributions
  
 
135,402
 
  
 
75,537
 
  
 
 
    
 
 
 
Net increase in net assets from capital share transactions
  
 
135,402
 
  
 
75,537
 
  
 
 
    
 
 
 
Net increase (decrease) in net assets
  
 
(7,315,731
  
 
18,286,396
 
Net Assets
     
Beginning of period
  
 
228,453,894
 
  
 
210,167,498
 
  
 
 
    
 
 
 
End of period
  
$
  221,138,163
 
  
$
  228,453,894
 
  
 
 
    
 
 
 
 
See Accompanying Notes to Financial Statements.
 
22

Credit Suisse High Yield Bond Fund
Statement of Cash Flows
For the Six Months Ended April 30, 2025 (unaudited)
 
 
Reconciliation of Net Increase in Net Assets from Operations to Net Cash Provided by Operating Activities
     
Net increase in net assets resulting from operations
     
$
2,181,892
 
     
 
 
 
Adjustments to Reconcile Net Increase in Net Assets from Operations to Net Cash Provided by Operating Activities
     
Increase in interest receivable
  
$
(121,212
  
Decrease in accrued expenses
  
 
(93,716
  
Decrease in interest payable
  
 
(80,311
  
Decrease in commitment fees payable
  
 
(23,097
  
Increase in prepaid expenses and other assets
  
 
(14,253
  
Increase in unfunded loan commitments
  
 
55,434
 
  
Increase in investment advisory fee payable
  
 
206,931
 
  
Net amortization of a premium or accretion of a discount on investments
  
 
(934,979
  
Purchases of long-term securities, net of change in payable for investments purchased
  
 
(86,907,442
  
Sales of long-term securities, net of change in receivable for investments sold
  
 
82,676,991
 
  
Net proceeds from sales (purchases) of short-term securities
  
 
(354,980
  
Net change in unrealized (appreciation) depreciation from investments and forward foreign currency contracts
  
 
6,412,605
 
  
Net realized loss from investments
  
 
356,073
 
  
Total adjustments
     
 
1,178,044
 
     
 
 
 
Net cash provided by operating activities
1
     
$
  3,359,936
 
     
 
 
 
Cash Flows From Financing Activities
     
Borrowings on revolving credit facility
  
 
17,000,000
 
  
Repayments of credit facility
  
 
(10,000,000
  
Cash distributions paid
  
 
(9,497,623
  
  
 
 
    
Net cash used in financing activities
     
 
(2,497,623
     
 
 
 
Net increase in cash
     
 
862,313
 
Cash — beginning of period
     
 
(820,316
     
 
 
 
Cash — end of period
     
$
41,997
 
     
 
 
 
Non-Cash
Activity:
     
Issuance of shares through dividend reinvestments
     
$
135,402
 
     
 
 
 
 
 
1
 
Included in net cash provided by operating activities is cash of $2,319,099 paid for interest on borrowings.
 
See Accompanying Notes to Financial Statements.
 
23

Credit Suisse High Yield Bond Fund
Financial Highlights
 
 
   
For the Six Months
Ended
April 30, 2025

(unaudited)
   
For the Year Ended October 31,
 
   
2024
   
2023
   
2022
   
2021
   
2020
 
Per share operating performance
           
Net asset value, beginning of period
 
$
2.21
 
 
$
2.03
 
 
$
2.00
 
 
$
2.55
 
 
$
2.39
 
 
$
2.54
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
INVESTMENT OPERATIONS
           
Net investment income
1
 
 
0.09
 
 
 
0.18
 
 
 
0.17
 
 
 
0.16
 
 
 
0.17
 
 
 
0.19
 
Net gain (loss) from investments, foreign currency transactions and forward foreign currency contracts (both realized and unrealized)
 
 
(0.08
 
 
0.19
 
 
 
0.05
 
 
 
(0.52
 
 
0.18
 
 
 
(0.14
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total from investment activities
 
 
0.01
 
 
 
0.37
 
 
 
0.22
 
 
 
(0.36
 
 
0.35
 
 
 
0.05
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
LESS DIVIDENDS AND DISTRIBUTIONS
           
Dividends from net investment income
 
 
(0.09
 
 
(0.18
 
 
(0.17
 
 
(0.17
 
 
(0.17
 
 
(0.19
Return of capital
 
 
 
 
 
(0.01
 
 
(0.02
 
 
(0.02
 
 
(0.02
 
 
(0.01
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total dividends and distributions
 
 
(0.09
 
 
(0.19
 
 
(0.19
 
 
(0.19
 
 
(0.19
 
 
(0.20
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net asset value, end of period
 
$
2.13
 
 
$
2.21
 
 
$
2.03
 
 
$
2.00
 
 
$
2.55
 
 
$
2.39
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Per share market value, end of period
 
$
2.03
 
 
$
2.15
 
 
$
1.81
 
 
$
1.78
 
 
$
2.50
 
 
$
2.07
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
TOTAL INVESTMENT RETURN
2
           
Net asset value
 
 
0.63
 
 
19.20
 
 
12.02
 
 
(14.19
)% 
 
 
15.33
 
 
3.43
Market value
 
 
(0.96
)% 
 
 
29.46
 
 
12.23
 
 
(22.10
)% 
 
 
30.55
 
 
(10.07
)% 
RATIOS AND SUPPLEMENTAL DATA
           
Net assets, end of period (000s omitted)
 
$
221,138
 
 
$
228,454
 
 
$
210,167
 
 
$
206,835
 
 
$
263,514
 
 
$
247,017
 
Ratio of net expenses to average net assets
 
 
3.45
%
3
 
 
 
3.68
 
 
3.80
 
 
2.20
 
 
1.58
 
 
2.00
Ratio of net expenses to average net assets excluding interest expense
 
 
1.46
%
3
 
 
 
1.44
 
 
1.44
 
 
1.43
 
 
1.29
 
 
1.37
Ratio of net investment income to average net assets
 
 
7.95
%
3
 
 
 
8.07
 
 
8.34
 
 
7.04
 
 
6.49
 
 
8.10
Decrease reflected in above operating expense ratios due to waivers/reimbursements
 
 
0.19
%
3
 
 
 
0.19
 
 
0.20
 
 
0.18
 
 
0.16
 
 
0.18
Average debt per share
 
$
0.81
 
 
$
0.77
 
 
$
0.85
 
 
$
0.93
 
 
$
0.80
 
 
$
0.93
 
Asset Coverage per $1,000 of Indebtedness
 
$
3,542
 
 
$
3,856
 
 
$
3,627
 
 
$
3,260
 
 
$
4,214
 
 
$
3,847
 
Portfolio turnover rate
4
 
 
27
 
 
58
 
 
37
 
 
46
 
 
49
 
 
33
 
 
1
 
Per share information is calculated using the average shares outstanding method.
2
 
Total investment return at net asset value is based on changes in the net asset value of Fund shares and assumes reinvestment of distributions, if any, at actual prices pursuant to the fund’s dividend reinvestment program. Total investment return at market value is based on changes in the market price at which the Fund’s shares traded on the stock exchange during the period and assumes reinvestment of distributions, if any, at actual prices pursuant to the Fund’s dividend reinvestment program. Because the Fund’s shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on NAV and market price. Total returns for periods less than one year are not annualized (See Note 6).
3
 
Annualized.
4
 
Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.
 
See Accompanying Notes to Financial Statements.
 
24

Credit Suisse High Yield Bond Fund
Notes to Financial Statements
April 30, 2025 (unaudited)
 
 
Note 1. Organization
Credit Suisse High Yield Bond Fund (the “Fund”) is a business trust organized under the laws of the State of Delaware on April 30, 1998. The Fund is registered as a diversified,
closed-end
management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s principal investment objective is to seek high current income. The Fund also will seek capital appreciation as a secondary objective, to the extent consistent with its objective of seeking high current income.
UBS Asset Management (Americas) LLC (“UBS AM (Americas)” or the “Adviser”), the investment adviser to the Fund, is registered as an investment adviser with the Securities and Exchange Commission (“SEC”) and as a Commodity Pool Operator with the Commodity Futures Trading Commission. UBS AM (Americas) is an indirect wholly owned subsidiary of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry.
In this reporting period, the Fund adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update
2023-07,
Segment Reporting (“Topic 280”) — Improvements to Reportable Segment Disclosures (“ASU
2023-07”).
Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund’s portfolio management team acts as the Fund’s CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is predetermined in accordance with the Fund’s single investment objective which is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) which are used by the CODM to assess the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying statement of assets and liabilities as “total assets” and significant segment expenses are listed on the accompanying statement of operations.
Note 2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is considered an investment company for financial reporting purposes under GAAP and follows the accounting and reporting guidance in FASB Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies.
A) SECURITY VALUATION — The Board of Trustees (the “Board”) is responsible for the Fund’s valuation process. The Board has delegated the supervision of the daily valuation process to the Adviser, who has established a Pricing Committee and a Pricing Group, which, pursuant to the policies adopted by the Board, are responsible for making fair valuation determinations and overseeing the Fund’s pricing policies. The net asset value (“NAV”) of the Fund is determined daily as of the close of regular trading on the New York Stock
 
25

Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
April 30, 2025 (unaudited)
 
 
Note 2. Significant Accounting Policies
 (continued)
 
Exchange, Inc. (the “Exchange”) on each day the Exchange is open for business. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. These pricing services generally price fixed income securities assuming orderly transactions of an institutional “round lot” size, but some trades occur in smaller “odd lot” sizes which may be effected at lower prices than institutional round lot trades. Structured note agreements are valued in accordance with a dealer-supplied valuation based on changes in the value of the underlying index. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Forward contracts are valued at the London closing spot rates and the London closing forward point rates on a daily basis. The currency forward contract pricing model derives the differential in point rates to the expiration date of the forward and calculates its present value. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. Investments in open-ended mutual funds are valued at the NAV as reported on each business day and under normal circumstances. Securities for which market quotations are not readily available are valued at their fair value as determined in good faith by the Adviser, as the Board’s valuation designee (as defined in Rule
2a-5
under the 1940 Act), in accordance with the Adviser’s procedures. The Board oversees the Adviser in its role as valuation designee in accordance with the requirements of Rule
2a-5
under the 1940 Act. The Fund may utilize a service provided by an independent third party to fair value certain securities. When fair value pricing is employed, the prices of securities used by the Fund to calculate its NAV may differ from quoted or published prices for the same securities. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the Adviser to be unreliable, the market price may be determined by the Adviser using quotations from one or more brokers/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its NAV, these securities will be fair valued in good faith by the Pricing Group, in accordance with procedures established by the Adviser.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
GAAP established a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at each measurement date. These inputs are summarized in the three broad levels listed below:
 
   
Level 1 — quoted prices in active markets for identical investments
 
   
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
 
26

Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
April 30, 2025 (unaudited)
 
 
Note 2. Significant Accounting Policies
 (continued)
 
   
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of April 30, 2025 in valuing the Fund’s assets and liabilities carried at fair value:
 
Assets
  
Level 1
    
Level 2
    
Level 3
    
Total
 
Investments in Securities
 
Corporate Bonds
   $      $ 239,328,825      $ 135,960      $ 239,464,785  
Bank Loans
            40,861,652        6,196,324        47,057,976  
Asset Backed Securities
            17,253,670               17,253,670  
Common Stocks
            1,829,813        6,028        1,835,841  
Warrants
                   0        0  
Short-term Investments
     18,132,815                      18,132,815  
  
 
 
    
 
 
    
 
 
    
 
 
 
   $ 18,132,815      $ 299,273,960      $ 6,338,312      $ 323,745,087  
  
 
 
    
 
 
    
 
 
    
 
 
 
Other Financial Instruments*
 
  
Forward Foreign Currency Contracts
   $      $ 26,818      $      $ 26,818  
  
 
 
    
 
 
    
 
 
    
 
 
 
Liabilities
                           
Other Financial Instruments*
 
  
Forward Foreign Currency Contracts
   $      $ 141,741      $      $ 141,741  
  
 
 
    
 
 
    
 
 
    
 
 
 
 
  *
Other financial instruments include unrealized appreciation (depreciation) on forward foreign currency contracts.
The following is a reconciliation of investments as of April 30, 2025 for which significant unobservable inputs were used in determining fair value.
 
    
Corporate
Bonds
    
Bank
Loans
    
Common
Stocks
    
Warrants
    
Total
 
Balance as of October 31, 2024
   $ 296,483      $ 4,930,624      $ 6,028      $ 0      $ 5,233,135  
Accrued discounts (premiums)
            19,733                      19,733  
Purchases
     (36,452      1,607,590                      1,571,138  
Sales
            (837,987                    (837,987
Realized gain (loss)
            (357                    (357
Change in unrealized appreciation (depreciation)
     (124,071      (16,203                    (140,274
Transfers into Level 3
            2,309,802                      2,309,802  
Transfers out of Level 3
            (1,816,878                    (1,816,878
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Balance as of April 30, 2025
   $ 135,960      $ 6,196,324      $ 6,028      $ 0      $ 6,338,312  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Net change in unrealized appreciation (depreciation) from investments still held as of April 30, 2025
   $ (123,998    $ (92,229    $      $      $ (216,227
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
27

Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
April 30, 2025 (unaudited)
 
 
Note 2. Significant Accounting Policies
 (continued)
 
Quantitative Disclosure About Significant Unobservable Inputs
 
Asset Class
  
Fair Value
At April 30, 2025
    
Valuation
Technique
    
Unobservable Input
    
Price Range
(Weighted
Average)*
 
Corporate Bonds
   $ 135,960        Income Approach        Expected Remaining Distribution        $0.00 – $0.76 ($0.76)  
Bank Loans
     0        Income Approach        Expected Remaining Distribution        0.00 (N/A)  
     6,196,324        Vendor pricing        Single Broker Quote        0.74 – 1.00 (0.95)  
Common Stocks
     6,028        Income Approach        Expected Remaining Distribution        0.00 – 1.48 (0.77)  
Warrants
     0        Income Approach        Expected Remaining Distribution        0.00 (N/A)  
 
  *
Weighted by relative fair value
Each fair value determination is based on a consideration of relevant factors, including both observable and unobservable inputs. Observable and unobservable inputs that UBS AM (Americas) considers may include (i) information obtained from the company, which may include an analysis of the company’s financial statements, the company’s products or intended markets or the company’s technologies; (ii) the price of the same or similar security negotiated at arm’s length in an issuer’s completed subsequent round of financing; (iii) the price and extent of public trading in similar securities of the issuer or of comparable companies; or (iv) a probability and time value adjusted analysis of contractual term. Where available and appropriate, multiple valuation methodologies are applied to confirm fair value. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, determining fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for investments categorized in Level 3. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the least observable input that is significant to the fair value measurement. Additionally, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different from the valuations used at the date of these financial statements.
For the six months ended April 30, 2025, $2,309,802 was transferred from Level 2 to Level 3 due to a lack of a pricing source supported by observable inputs and $1,816,878 was transferred from Level 3 to Level 2 as a result of the availability of a pricing source supported by observable inputs. All transfers, if any, are assumed to occur at the end of the reporting period.
B) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES — The Fund adopted amendments to authoritative guidance on disclosures about derivative instruments and hedging activities which require that a fund disclose (a) how and why an entity uses derivative instruments, (b) how derivative instruments and hedging activities are accounted for and (c) how derivative instruments and related hedging activities affect a fund’s financial position, financial performance and cash flows.
 
28

Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
April 30, 2025 (unaudited)
 
 
Note 2. Significant Accounting Policies
 (continued)
 
The following table presents the fair value and the location of derivatives within the Statement of Assets and Liabilities at April 30, 2025 and the effect of these derivatives on the Statement of Operations for the six months ended April 30, 2025.
 
Primary Underlying Risk
  
Derivative
Assets
1
    
Derivative
Liabilities
1
    
Realized
Gain (Loss)
    
Net Change in Unrealized
Appreciation (Depreciation)
 
Foreign currency exchange risk
   $ 26,818      $ 141,741      $      $ (199,025
 
 
1
 
Generally, the balance sheet location for asset derivatives is unrealized appreciation and for liability derivatives is unrealized depreciation.
For the six months ended April 30, 2025, the Fund held an average monthly value on a net basis of $5,790,994 in forward foreign currency contracts.
The Fund is a party to International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“Master Agreements”) with certain counterparties that govern
over-the-counter
derivative (including total return, credit default and interest rate swaps) and foreign exchange contracts entered into by the Fund. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Termination events applicable to the Fund may occur upon a decline in the Fund’s net assets below a specified threshold over a certain period of time.
The following table presents by counterparty the Fund’s derivative assets, net of related collateral held by the Fund, at April 30, 2025:
 
Counterparty
  
Gross Amount of
Derivative
Assets Presented in
the Statement of Assets
and Liabilities
    
Financial
Instruments
and Derivatives
Available for Offset
    
Non-Cash

Collateral
Received
    
Cash
Collateral
Received
    
Net Amount
of Derivative
Assets
 
Barclays Bank PLC
   $ 1,392      $ (1,392    $      $      $  
Deutsche Bank AG
     16,347        (6,502                    9,845  
JPMorgan Chase
     9,079                             9,079  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $ 26,818      $ (7,894    $      $      $ 18,924  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
The following table presents by counterparty the Fund’s derivative liabilities, net of related collateral pledged by the Fund, at April 30, 2025:
 
Counterparty
  
Gross Amount of
Derivative
Liabilities Presented in
the Statement of Assets
and Liabilities
    
Financial
Instruments
and Derivatives
Available for Offset
    
Non-Cash

Collateral
Pledged
    
Cash
Collateral
Pledged
    
Net Amount
of Derivative
Liabilities
 
Barclays Bank PLC
   $ 5,336      $ (1,392    $      $      $ 3,944  
Deutsche Bank AG
     6,502        (6,502                     
Morgan Stanley
     129,903                             129,903  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $ 141,741      $ (7,894    $      $      $ 133,847  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
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
 
29

Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
April 30, 2025 (unaudited)
 
 
Note 2. Significant Accounting Policies
 (continued)
 
assets and liabilities denominated in foreign currencies, including purchases and sales of investments, and income and expenses, are translated into U.S. dollar amounts on the date of those transactions.
Reported net realized gain (loss) from foreign currency transactions arises from sales of foreign currencies; currency gains or losses realized between the trade and settlement dates on securities transactions; and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net change in unrealized gains and losses on translation of assets and liabilities denominated in foreign currencies arises from changes in the fair values of assets and liabilities, other than investments, at the end of the period, resulting from changes in exchange rates.
The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of investments held. Such fluctuations are included with net realized and unrealized gain or loss from investments in the Statement of Operations.
D) SECURITY TRANSACTIONS AND INVESTMENT INCOME/EXPENSE — Security transactions are accounted for on a trade date basis. Interest income/expense is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method. Dividend income/expense is 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. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.
E) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — The Fund declares and pays dividends on a monthly basis and records them on ex-dividend date. 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. Dividends and distributions to shareholders of the Fund are recorded on the
ex-dividend
date and are determined in accordance with federal income tax regulations, which may differ from GAAP.
The Fund’s dividend policy is to distribute substantially all of its net investment income to its shareholders on a monthly basis. However, in order to provide shareholders with a more consistent yield to the current trading price of shares of common stock of the Fund, the Fund may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the dividends paid by the Fund for any particular month may be more or less than the amount of net investment income earned by the Fund during such month.
F) FEDERAL AND OTHER TAXES — No provision is made for federal taxes as it is the Fund’s intention to continue to qualify as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), and to make the requisite distributions to its shareholders, which will be sufficient to relieve it from federal income and excise taxes.
In order to qualify as a RIC under the Code, the Fund must meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income. One of these requirements is that the
 
30

Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
April 30, 2025 (unaudited)
 
 
Note 2. Significant Accounting Policies
 (continued)
 
Fund derive at least 90% of its gross income for each taxable year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, other income derived with respect to its business of investing in such stock, securities or currencies or net income derived from interests in certain publicly-traded partnerships (“Qualifying Income”).
The Fund adopted the authoritative guidance for uncertainty in income taxes and recognizes a tax benefit or liability from an uncertain position only if it is more likely than not that the position is sustainable based solely on its technical merits and consideration of the relevant taxing authority’s widely understood administrative practices and procedures.
The Fund has reviewed its current tax positions and has determined that no provision for income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for each of the tax years in the four year period ended April 30, 2025, for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
G) CASH — The Fund’s uninvested cash balance is held in an interest bearing variable rate demand deposit account at State Street Bank and Trust Company (“SSB”), the Fund’s custodian.
H) CASH FLOW INFORMATION — Cash, as used in the Statement of Cash Flows, is the amount reported in the Statement of Assets and Liabilities, including domestic and foreign currencies. The Fund invests in securities and distributes dividends from net investment income and net realized gains, if any (which are either paid in cash or reinvested at the discretion of shareholders). These activities are reported in the Statement of Changes in Net Assets. Information on cash payments is presented in the Statement of Cash Flows. Accounting practices that do not affect reporting activities on a cash basis include unrealized gain or loss on investment securities and accretion or amortization income/expense recognized on investment securities.
I) FORWARD FOREIGN CURRENCY CONTRACTS — A forward foreign currency exchange contract (“forward currency contract”) is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. The Fund will enter into forward currency contracts primarily for hedging foreign currency risk. Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and unrealized gain/loss is recorded daily. On the settlement date of the forward currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was closed. Certain risks may arise upon entering into forward currency contracts from the potential inability of counterparties to meet the terms of their contracts. The maximum counterparty credit risk to the Fund is measured by the unrealized gain on appreciated contracts. Additionally, when utilizing forward currency contracts to hedge, the Fund forgoes the opportunity to profit from favorable exchange rate movements during the term of the contract. The Fund’s open forward currency contracts at April 30, 2025 are disclosed in the Schedule of Investments.
J) UNFUNDED LOAN COMMITMENTS — The Fund enters into certain agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrowers’ discretion. Funded and unfunded portions of credit agreements are presented in the Schedule of Investments. As of April 30, 2025, unfunded commitments were as follows:
 
Borrower
  
Maturity
    
Rate
   
Unfunded

Commitment
 
ARAMSCO, Inc.
     10/10/30        4.750   $ 55,434  
 
31

Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
April 30, 2025 (unaudited)
 
 
Note 2. Significant Accounting Policies
 (continued)
 
Unfunded loan commitments and funded portions of credit agreements are marked to market daily and any unrealized appreciation or depreciation is included in the Statement of Assets and Liabilities and the Statement of Operations.
K) SECURITIES LENDING — The initial collateral received by the Fund is required to have a value of at least 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). The collateral is maintained thereafter at a value equal to at least 102% of the current market value of the securities on loan. The market value of loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. 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 UBS AM (Americas) and may be invested in a variety of investments, including funds advised by SSB or an affiliate, 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. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.
SSB has been engaged by the Fund to act as the Fund’s securities lending agent. As of April 30, 2025, the Fund had outstanding loans of securities to certain approved brokers for which the Fund received collateral:
 
Market Value of
Loaned Securities
   
Market Value of
Cash Collateral
 
$ 12,346,552     $ 12,650,463  
The following table presents financial instruments that are subject to enforceable netting arrangements as of April 30, 2025.
Gross Amounts Not Offset in the Statement of Assets and Liabilities
 
Gross Asset Amounts
Presented in the Statement of
Assets and Liabilities
(a)
   
Collateral
Received
(b)
   
Net Amount
 
$ 12,346,552     $ (12,346,552   $  
 
 
(a)
 
Represents market value of loaned securities at period end.
 
(b)
 
The actual collateral received is greater than the amount shown here due to collateral requirements of the security lending agreement.
The Fund’s securities lending arrangement provides that the Fund and SSB will share the net income earned from securities lending activities. Securities lending income is accrued as earned. For the six months ended April 30, 2025, total earnings received in connection with securities lending arrangements was $157,211, of which $139,028 was rebated to borrowers (brokers). The Fund retained $13,559 in income, and SSB, as lending agent, was paid $4,624.
L) 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.
 
32

Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
April 30, 2025 (unaudited)
 
 
Note 2. Significant Accounting Policies
 (continued)
 
In the normal course of business, the Fund trades financial instruments and enters into financial transactions for which risk of potential loss exists due to changes in the market (market risk) or failure of the other party to a transaction to perform (credit risk). Similar to credit risk, the Fund may be exposed to counterparty risk, including with respect to securities lending, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default. The potential loss could exceed the value of the financial assets recorded in the financial statements. Financial assets, which potentially expose the Fund to credit risk, consist principally of cash due from counterparties and investments. The extent of the Fund’s exposure to credit and counterparty risks in respect to these financial assets approximates their carrying value as recorded in the Fund’s Statement of Assets and Liabilities.
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 the Fund’s NAV.
Note 3. Transactions with Affiliates and Related Parties
UBS AM (Americas) serves as investment adviser for the Fund. For its investment advisory services, UBS AM (Americas) is entitled to receive a fee from the Fund at an annualized rate of 1.00% of the first $250 million of the average weekly value of the Fund’s total assets minus the sum of liabilities (other than aggregate indebtedness constituting leverage) and 0.75% of the average weekly value of the Fund’s total assets minus the sum of liabilities (other than aggregate indebtedness constituting leverage) greater than $250 million. Effective January 1, 2011, UBS AM (Americas) has agreed to waive 0.15% of the fees payable under the Advisory Agreement up to $200 million and 0.25% of the fees payable under the Advisory Agreement on the next $50 million. For the six months ended April 30, 2025, investment advisory fees earned and voluntarily waived were $1,462,494 and $210,753, respectively. These fee waivers and expense reimbursements are voluntary and may be discontinued by UBS AM (Americas) at any time.
The Fund from time to time purchases or sells loan investments in the secondary market through UBS AM (Americas) or its affiliates acting in the capacity as broker-dealer. UBS AM (Americas) or its affiliates may have acted in some type of agent capacity to the initial loan offering prior to such loan trading in the secondary market.
Note 4. Line of Credit
The Fund has a line of credit provided by SSB primarily to leverage its investment portfolio (the “Agreement”). The Fund may borrow the lesser of: a) $120,000,000; b) an amount that is no greater than 33 1/3% of the Fund’s total assets minus the sum of liabilities (other than aggregate indebtedness constituting leverage); and c) the Borrowing Base as defined in the Agreement. Under the terms of the Agreement, the Fund pays a commitment fee on the unused amount. In addition, the Fund pays interest on borrowings at SOFR plus a spread. At April 30, 2025, the Fund had loans outstanding under the Agreement of $87,000,000. The Agreement was renewed on November 15, 2024 with a new termination date of November 14, 2025. For the six months ended April 30, 2025, the Fund had borrowings under the Agreement as follows:
 
Average Daily
Loan Balance
   
Weighted Average
Interest Rate %
   
Maximum Daily
Loan Outstanding
   
Interest Expense
   
Number of
Days Outstanding
 
$ 83,392,265       5.343   $ 90,000,000     $ 2,238,788       181  
The use of leverage by the Fund creates an opportunity for increased net income and capital appreciation for the Fund, but, at the same time, creates special risks, and there can be no assurance that a leveraging strategy will
 
33

Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
April 30, 2025 (unaudited)
 
 
Note 4. Line of Credit
 (continued)
 
be successful during any period in which it is employed. The Fund intends to utilize leverage to provide the shareholders with a potentially higher return. Leverage creates risks for shareholders including the likelihood of greater volatility of NAV and market price of the Fund’s shares and the risk that fluctuations in interest rates on borrowings and short-term debt may affect the return to shareholders. To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the Fund’s return will be greater than if leverage had not been used. Conversely, if the income or capital appreciation from the securities purchased with such funds is not sufficient to cover the cost of leverage, the return to the Fund will be less than if leverage had not been used, and therefore the amount available for distribution to shareholders as dividends and other distributions will be reduced. In the latter case, UBS AM (Americas) in its best judgment nevertheless may determine to maintain the Fund’s leveraged position if it deems such action to be appropriate under the circumstances. During periods in which the Fund is utilizing leverage, the management fee will be higher than if the Fund did not utilize a leveraged capital structure because the fee is calculated as a percentage of the managed assets including those purchased with leverage.
Certain types of borrowings by the Fund may result in the Fund being subject to covenants in credit agreements, including those relating to asset coverage and portfolio composition requirements. The securities held by the Fund are subject to a lien granted to the lender, to the extent of the borrowing outstanding and any additional expenses. The Fund’s lenders may establish guidelines for borrowing which may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act. There is no guarantee that the Fund’s borrowing arrangements or other arrangements for obtaining leverage will continue to be available, or if available, will be available on terms and conditions acceptable to the Fund. Expiration or termination of available financing for leveraged positions can result in adverse effects to the Fund’s access to liquidity and its ability to maintain leverage positions, and may cause the Fund to incur losses. Unfavorable economic conditions also could increase funding costs, limit access to the capital markets or result in a decision by lenders not to extend credit to the Fund. In addition, a decline in market value of the Fund’s assets may have particular adverse consequences in instances where the Fund has borrowed money based on the market value of those assets. A decrease in market value of those assets may result in the lender requiring the Fund to sell assets at a time when it may not be in the Fund’s best interest to do so.
Note 5. Purchases and Sales of Securities
For the six months ended April 30, 2025, purchases and sales of investment securities and U.S. Government and Agency Obligations (excluding short-term investments) were as follows:
 
Investment Securities
    
U.S. Government/

Agency Obligations
 
Purchases
   
Sales
    
Purchases
   
Sales
 
$ 87,800,972     $ 82,908,342      $ 0     $ 0  
Note 6. Fund Shares
The Fund offers a Dividend Reinvestment Plan (the “Plan”) to its common stockholders. By participating in the Plan, dividends and distributions will be promptly paid to stockholders in additional shares of common stock of the Fund. The number of shares to be issued will be determined by dividing the total amount of the distribution payable by the greater of (i) the NAV of the Fund’s common stock on the payment date, or (ii) 95% of the market price per share of the Fund’s common stock on the payment date. If the NAV of the Fund’s common stock is
 
34

Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
April 30, 2025 (unaudited)
 
 
Note 6. Fund Shares
 (continued)
 
greater than the market price (plus estimated brokerage commissions) on the payment date, Computershare Trust Company, N.A. (“Computershare”) (or a broker-dealer selected by Computershare) shall endeavor to apply the amount of such distribution to purchase shares of Fund common stock in the open market.
The Fund has one class of shares of beneficial interest, par value $0.001 per share; an unlimited number of shares are authorized. Transactions in shares of beneficial interest of the Fund were as follows:
 
    
For the Six Months

April 30, 2025
    
For the Year Ended
October 31, 2024
 
Shares issued through reinvestment of dividends
     61,862        34,027  
  
 
 
    
 
 
 
Net increase
     61,862        34,027  
  
 
 
    
 
 
 
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 preparing the financial statements as of April 30, 2025, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements through the date of release of this report. No such events requiring recognition or disclosure were identified through the date of the release of this report.
 
35

Credit Suisse High Yield Bond Fund
Shareholder Meeting Results (unaudited)
 
 
On April 22, 2025, the Annual Meeting of Shareholders of the Credit Suisse High Yield Bond Fund (the “Fund”) was held and the following matter was voted upon:
(1) To elect four Trustees to the Board of Trustees of the Fund:
 
NAME OF TRUSTEE   
“FOR”
  
WITHHELD
Charles W. Gerber
   62,868,878    3,633,999
Mahendra R. Gupta
   62,395,412    4,107,465
John G. Popp
   63,048,995    3,453,880
Lee M. Shaiman
   62,903,593    3,599,282
In addition to the Trustees elected at the meeting, Laura A. DeFelice and Samantha Kappagoda continue to serve as Trustees of the Fund.
 
36

Credit Suisse High Yield Bond Fund
Board Approval of Advisory Agreement (unaudited)
 
 
In approving the renewal of the current investment advisory agreement (the “Advisory Agreement”) for the Credit Suisse High Yield Bond Fund (the “Fund”), the Board of Trustees of the Fund (the “Board”), including all of the trustees who are not “interested persons” of the Fund as defined in the Investment Company Act of 1940 (the “Independent Trustees”), at a special Microsoft Teams meeting held on November 6, 2024, where the Board discussed information and materials previously provided to them in connection with the renewal of the Advisory Agreement, and at an
in-person
meeting held on November 11 and 12, 2024, considered the following factors:
Investment Advisory Fee Rates and Expenses
The Board reviewed and considered the contractual investment advisory fee rate of 1.00% of the average weekly value of the Fund’s total assets minus the sum of accrued liabilities (other than aggregate indebtedness constituting leverage) (the “Managed Assets”) less than or equal to $250 million and 0.75% of the Managed Assets greater than $250 million (collectively, the “Contractual Advisory Fee”) in light of the extent and quality of the advisory services provided by UBS Asset Management (Americas) LLC (“UBS AM (Americas)”), the Fund’s investment adviser. The Board also reviewed and considered the voluntary fee waivers currently in place for the Fund and considered the actual fee rate of 0.862% for the fiscal year ended October 31, 2024, paid by the Fund after taking waivers and breakpoints into account (the “Net Advisory Fee”). The Board noted, at the Board’s request, UBS AM (Americas) was voluntarily waiving 0.15% of the fees payable under the Advisory Agreement up to $200 million and 0.25% of the fees payable under the Advisory Agreement on the next $50 million. The Board acknowledged that voluntary fee waivers could be discontinued at any time but had received assurances that such waivers would remain in place over the next year. The Board noted that effective May 1, 2024, Credit Suisse Asset Management, LLC (“Credit Suisse”), the Fund’s previous investment adviser, merged into UBS AM (Americas) LLC, with UBS AM (Americas) as the surviving entity, and UBS AM (Americas) became the investment adviser to the Fund under the Investment Management Agreement.
Additionally, the Board received and considered information comparing the Fund’s Contractual Advisory Fee, Net Advisory Fee and overall expenses with those of funds in both the relevant expense group (“Expense Group”) and universe of funds (“Expense Universe”) provided by Broadridge, an independent provider of investment company data. The Board was provided with a description of the methodology used to arrive at the funds included in the Expense Group and the Expense Universe. Each fund in the Expense Group and Expense Universe was placed in one of five quintiles for each relevant comparison period, with the first quintile including the funds with the lowest relative expenses and the fifth quintile including funds with the highest relative expenses during the period. The Board noted that, with respect to the Fund’s fees and expenses compared to its peers as presented in a report provided by Broadridge, the Fund’s Contractual Advisory Fee ranked in the fifth quintile relative to its Expense Group, the Fund’s actual management fees (including leveraged assets) ranked in the fourth quintile and third quintile relative to its Expense Group and Expense Universe, respectively, the Fund’s actual management fees (excluding leveraged assets) ranked in the third quintile relative to its Expense Group and Expense Universe, the Fund’s total expenses (including leveraged assets) ranked in the third quintile relative to its Expense Group and Expense Universe, and the Fund’s total expenses (excluding leveraged assets) ranked in the second quintile and third quintile relative to its Expense Group and Expense Universe, respectively.
Nature, Extent and Quality of the Services under the Advisory Agreement
The Board received and considered information regarding the nature, extent and quality of services provided to the Fund by UBS AM (Americas) under the Advisory Agreement. The Board also noted information received at regular meetings throughout the year related to the services rendered by UBS AM (Americas) which, in addition
 
37

Credit Suisse High Yield Bond Fund
Board Approval of Advisory Agreement (unaudited) (continued)
 
 
to portfolio management and investment advisory services set forth in the Advisory Agreement, included credit analysis and research; supervising the
day-to-day
operations of the Fund’s
non-advisory
functions, which include accounting, administration, custody, transfer agent and other applicable third party service providers; overseeing and facilitating audits; overseeing the Fund’s credit facility; and supervising and/or preparing applicable Fund filings, disclosures and shareholder reports. The Board noted that the extensive investment advisory services provided by UBS AM (Americas) included broad supervisory responsibility and oversight over other service providers to the Fund. The Board also considered UBS AM (Americas)’s compliance program with respect to the Fund. The Board noted that UBS AM (Americas) reports to the Board about portfolio management and compliance matters on a periodic basis. The Board reviewed background information about UBS AM (Americas), including its Form ADV Part 2 – Disclosure Brochure and Brochure Supplement. The Board considered the background and experience of UBS AM (Americas)’s senior management and the expertise of, and the amount of attention given to the Fund by, senior personnel of UBS AM (Americas). In addition, the Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the
day-to-day
portfolio management of the Fund and the extent of the resources devoted to research and analysis of actual and potential investments, as well as the resources provided to them. The Board evaluated the ability of UBS AM (Americas), based on its resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel. The Board also received and considered information about the nature, extent and quality of services and fee rates offered to other UBS AM (Americas) clients for comparable services. The Board acknowledged UBS AM (Americas)’s representation that the services provided to the Fund are more extensive than the services provided in connection with other types of accounts, such as separate accounts, offered by UBS AM (Americas) and the services are also more extensive from those offered and provided to a
sub-advised
fund. The Board also considered that the services provided by UBS AM (Americas) have expanded over time as a result of regulatory and other developments.
Fund Performance
The Board received and considered performance results of the Fund over the previous year ended August 31, 2024 as well as over the
two-,
three-, four-, five- and
ten-year
periods ended August 31, 2024, along with comparisons both to the relevant performance group (“Performance Group”) and universe of funds (“Performance Universe”) for the Fund for the same time periods provided in the Broadridge report. The Board was provided with a description of the methodology used to arrive at the funds included in the Performance Group and the Performance Universe. Each fund in the Performance Universe was placed in one of five quintiles for each relevant comparison period, with the first quintile including the best performing funds and the fifth quintile including the worst performing funds during the period. The Board noted that, with respect to the Fund’s performance compared to its peers as presented in the Broadridge report, the Fund’s performance ranked in the first quintile relative to its Performance Universe for the
two-,
three-, four-, five-, and
ten-year
periods reported, and the Fund’s performance ranked in the third quintile relative to its Performance Universe for the
one-year
period reported. The Board considered that the Fund has continued to trade relatively well, at a small premium to net asset value, based on Lipper data provided by UBS AM (Americas) reflecting the Fund’s historical share price and net asset value. The Board also considered the investment performance of the Fund relative to its stated objectives.
Investment Adviser Profitability
The Board received and considered a profitability analysis of Credit Suisse, as the investment adviser to the Fund prior to May 1, 2024, based on the fees payable under the Advisory Agreement for the Fund, including any fee waivers, as well as other relationships between the Fund on the one hand and Credit Suisse affiliates on the
 
38

Credit Suisse High Yield Bond Fund
Board Approval of Advisory Agreement (unaudited) (continued)
 
 
other. The Board deliberations also reflected, in the context of Credit Suisse’s profitability, Credit Suisse’s methodology for allocating costs to the Fund, recognizing that cost allocation methodologies are inherently subjective. The Board also received net profitability information for the other funds in the Credit Suisse family of funds, which include both
open-end
and
closed-end
funds. The Board also reviewed Credit Suisse’s profit margin as reflected in the profitability analysis, as well as reviewing profitability in light of appropriate court cases and the services rendered to the Fund. The Board noted that UBS AM (Americas)’s profitability with respect to the Credit Suisse family of funds was expected to be in line with that of Credit Suisse.
Economies of Scale
The Board considered information regarding whether there have been economies of scale with respect to the management of the Fund, whether the Fund has appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale for the Fund. The Board noted that the Fund’s Contractual Advisory Fee had breakpoints that would allow investors to benefit directly in the form of lower fees as Fund assets grow, as well as the current voluntary expense waiver. Additionally, at times when the Fund’s shares have traded at a premium to its net asset value, the Fund has endeavored to conduct
at-the-market
offerings to raise additional assets, most recently in 2017. The Board also noted that further economies of scale potentially could be realized once the Fund’s shares again traded at a premium to net asset value whereby an additional
at-the-market
offering could be conducted to increase the Fund’s assets. The Board received information regarding UBS AM (Americas)’s profitability in connection with providing advisory services to the Fund, including UBS AM (Americas)’s costs in providing the services.
Other Benefits to UBS AM (Americas)
The Board considered other benefits received by UBS AM (Americas) and its affiliates as a result of their relationship with the Fund. Such benefits include, among others, benefits potentially derived from an increase in UBS AM (Americas)’s businesses and its reputation as a result of its relationship with the Fund (such as the ability to market its advisory services to other clients and investors including separate account or third party
sub-advised
mandates or other financial products offered by UBS AM (Americas) and its affiliates).
The Board considered the standards UBS AM (Americas) applied in seeking best execution and UBS AM (Americas)’s policies and practices regarding soft dollars and reviewed UBS AM (Americas)’s method for allocating portfolio investment opportunities among its advisory clients.
Other Factors and Broader Review
As discussed above, the Board reviewed detailed materials received from UBS AM (Americas) as part of the annual approval process. The Board also reviews and assesses the quality of the services that the Fund receives throughout the year and reviews reports of UBS AM (Americas) at least quarterly, which include, among other things, detailed portfolio and market reviews, detailed fund performance reports, and UBS AM (Americas)’s compliance procedures.
Conclusions
In selecting UBS AM (Americas), and approving the renewal of the Advisory Agreement and the investment advisory fee under such agreement, the Board concluded that:
 
   
The Contractual Advisory Fee and Net Advisory Fee, reviewed along with information provided by Broadridge for the funds in the Fund’s Expense Group and Expense Universe, were reasonable in relation to the services provided by UBS AM (Americas).
 
39

Credit Suisse High Yield Bond Fund
Board Approval of Advisory Agreement (unaudited) (continued)
 
 
   
The Board was satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by UBS AM (Americas) and that, based on dialogue with management and counsel, the services provided by UBS AM (Americas) under the Advisory Agreement are typical of, and consistent with, those provided to similar mutual funds by other investment advisers.
 
   
In light of the costs of providing investment advisory and other services to the Fund and UBS AM (Americas)’s ongoing commitment to the Fund and willingness to waive fees, UBS AM (Americas)’s net profitability based on fees payable under the Advisory Agreement, as well as other ancillary benefits that UBS AM (Americas)and its affiliates received, were considered reasonable.
 
   
In light of the information received and considered by the Board, the Fund’s current fee structure was considered reasonable.
No single factor reviewed by the Board was identified by the Board as the principal factor in determining whether to approve the renewal of the Advisory Agreement. The Independent Trustees were advised by separate independent legal counsel throughout the process.
 
40

Credit Suisse High Yield Bond Fund
Recent changes (unaudited)
 
 
During the period ended April 30, 2025, there were: (i) no material changes in the Fund‘s investment objectives or policies that have not been approved by Stockholders, (ii) no changes in the Fund‘s charter or by-laws that would delay or prevent a change of control of the Fund that have not been approved by Stockholders, (iii) no material changes to the principal risk factors associated with investment in the Fund, and (iv) no changes in the persons primarily responsible for the day-to-day management of the Fund‘s portfolio.
 
41

Credit Suisse High Yield Bond Fund
Notice of Privacy and Information Practices (unaudited)
 
 
At UBS AM (Americas), 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 and Credit Suisse
Closed-End
Funds. This notice applies solely to U.S. registered investment companies advised by UBS AM (Americas).
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, UBS AM (Americas) websites and other websites that are part of our investment program, or in the course of establishing or maintaining a customer relationship, such as your name, address,
e-mail
address, Social Security number, assets, income, financial situation; and
 
   
Information we obtain from your transactions and experiences with us, our affiliates, or others, such as your account balances or other investment information, assets purchased and sold, and other parties to a transaction, where applicable.
Categories of information we disclose and parties to whom we disclose it:
 
   
We do not disclose nonpublic personal information about our individual investors, except as permitted or required by law or regulation. Whether you are an individual investor or institutional investor, we may share the information described above with our affiliates that perform services on our behalf, and with our asset management and private banking affiliates; as well as with unaffiliated third parties that perform services on our behalf, such as our accountants, auditors, attorneys, broker-dealers, fund administrators, and other service providers.
 
   
We want our investors to be informed about additional products or services. We do not disclose nonpublic personal information relating to individual investors to our affiliates for marketing purposes, nor do we use such information received from our affiliates to solicit individual investors for such purposes. 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.
 
42

Credit Suisse High Yield Bond Fund
Notice of Privacy and Information Practices (unaudited) (continued)
 
 
Confidentiality and security
 
   
To protect nonpublic personal information about individual investors, we restrict access to those employees and agents who need to know that information to provide products or services to us and to our investors. We maintain physical, electronic, and procedural safeguards to protect nonpublic personal information.
Other Disclosures
This notice is not intended to be incorporated in any offering materials, but is a statement of our current Notice of Privacy and Information Practices and may be amended from time to time. This notice is current as of May 13, 2025.
 
43

Credit Suisse High Yield Bond Fund
Proxy Voting and Portfolio Holdings Information (unaudited)
 
 
Information regarding how the Fund voted proxies related to its portfolio securities during the
12-month
period ended June 30 of each year, as well as the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities are available:
 
   
By calling
1-800-293-1232
 
   
On the Fund’s website, www.credit-suisse.com/us/funds
 
   
On the website of the Securities and Exchange Commission (“SEC”) at www.sec.gov
The Fund files its complete schedule of portfolio holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its reports on Form
N-PORT.
The Fund’s Form
N-PORT
reports are available on the SEC’s website at www.sec.gov.
Funds Managed by UBS Asset Management (Americas) LLC
 
CLOSED-END
FUNDS
Fixed Income
Credit Suisse Asset Management Income Fund, Inc. (NYSE American: CIK)
Credit Suisse High Yield Bond Fund (NYSE American: DHY)
Literature Request
— Call today for free descriptive information on the closed-ended funds listed above at
1-800-293-1232
or visit our website at www.credit-suisse.com/us/funds
 
 
OPEN-END
FUNDS
 
Credit Suisse Commodity Return Strategy Fund    Credit Suisse Strategic Income Fund
Credit Suisse Floating Rate High Income Fund    Credit Suisse Trust Commodity Return Strategy Portfolio
Fund shares are not deposits or other obligation of UBS Asset Management (Americas) LLC or any affiliate, are not FDIC-insured and are not guaranteed by UBS Asset Management (Americas) LLC or any affiliate. Fund investments are subject to investment risks, including loss of your investment. There are special risk considerations associated with international, global, emerging-markets, small-company, private equity, high-yield debt, single-industry, single-country and other special, aggressive or concentrated investment strategies. Past performance cannot guarantee future results.
More complete information about a fund, including charges and expenses, is provided in the Prospectus, which should be read carefully before investing. You may obtain copies by calling Credit Suisse Funds at
1-877-870-2874.
Performance information current to the most recent
month-end
is available at www.credit-suisse.com/us/funds.
 
44

Credit Suisse High Yield Bond Fund
Dividend Reinvestment and Cash Purchase Plan (unaudited)
 
 
Credit Suisse High Yield Bond Fund (the “Fund”) offers a Dividend Reinvestment and Cash Purchase Plan (the “Plan”) to its common stockholders. The Plan offers common stockholders a prompt and simple way to reinvest net investment income dividends and capital gains and other periodic distributions in shares of the Fund’s common stock. Computershare Trust Company, N.A. (“Computershare”) acts as Plan Agent for stockholders in administering the Plan.
If your shares of common stock of the Fund are registered in your own name, you will automatically participate in the Plan, unless you have indicated that you do not wish to participate and instead wish to receive dividends and capital gains distributions in cash. If you are a beneficial owner of the Fund having your shares registered in the name of a bank, broker or other nominee, you must first make arrangements with the organization in whose name your shares are registered to have the shares transferred into your own name. Registered shareholders can join the Plan via the Internet by going to www.computershare.com, authenticating your online account, agreeing to the Terms and Conditions of online “Account Access” and completing an online Plan Enrollment Form. Alternatively, you can complete the Plan Enrollment Form and return it to Computershare at the address below.
By participating in the Plan, your dividends and distributions will be promptly paid to you in additional shares of common stock of the Fund. The number of shares to be issued to you will be determined by dividing the total amount of the distribution payable to you by the greater of (i) the net asset value per share (“NAV”) of the Fund’s common stock on the payment date, or (ii) 95% of the market price per share of the Fund’s common stock on the payment date. If the NAV of the Fund’s common stock is greater than the market price (plus estimated brokerage commissions) on the payment date, then Computershare (or a broker-dealer selected by Computershare) shall endeavor to apply the amount of such distribution on your shares to purchase shares of Fund common stock in the open market.
You should be aware that all net investment income dividends and capital gain distributions are taxable to you as ordinary income and capital gain, respectively, whether received in cash or reinvested in additional shares of the Fund’s common stock.
The Plan also permits participants to purchase shares of the Fund through Computershare. You may invest $100 or more monthly, with a maximum of $100,000 in any annual period. Computershare will purchase shares for you on the open market on the 25th of each month or the next trading day if the 25th is not a trading day.
There is no service fee payable by Plan participants for dividend reinvestment. For voluntary cash payments, Plan participants must pay a service fee of $5.00 per transaction. Plan participants will also be charged a pro rata share of the brokerage commissions for all open market purchases ($0.03 per share as of October 2024). Participants will also be charged a service fee of $5.00 for each sale and brokerage commissions of $0.03 per share (as of October 2024).
You may terminate your participation in the Plan at any time by notifying Computershare or requesting a sale of your shares held in the Plan. Your withdrawal will be effective immediately if your notice is received by Computershare prior to any dividend or distribution record date; otherwise, such termination will be effective only with respect to any subsequent dividend or distribution. Your dividend participation option will remain the same unless you withdraw all of your whole and fractional Plan shares, in which case your participation in the Plan will be terminated and you will receive subsequent dividends and capital gains distributions in cash instead of shares.
 
45

Credit Suisse High Yield Bond Fund
Dividend Reinvestment and Cash Purchase Plan (unaudited) (continued)
 
 
If you want further information about the Plan, including a brochure describing the Plan in greater detail, please contact Computershare as follows:
 
  By Internet:
www.computershare.com
 
  By phone:
(800)
730-6001
(U.S. and Canada)
 
(781)
575-3100
(Outside U.S. and Canada)
Customer service associates are available from 9:00 a.m. to 5:00 p.m. Eastern time, Monday through Friday
 
  By mail:
Credit Suisse High Yield Bond Fund
 
c/o Computershare
 
P.O. Box 43006
 
Providence, RI 02940-3006
Overnight correspondence should be sent to:
 
Computershare
 
150 Royall St., Suite 101
 
Canton, MA 02021
All notices, correspondence, questions or other communications sent by mail should be sent by registered or certified mail, return receipt requested.
The Plan may be terminated by the Fund or Computershare upon notice in writing mailed to each participant at least 30 days prior to any record date for the payment of any dividend or distribution.
 
46

This report, including the financial statements herein, is sent to the shareholders of the Fund for their information. It is not a prospectus, circular or representation intended for use in the purchase or sale of shares of the Fund or of any securities mentioned in this report.
 
 
DHY-SAR-0425


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.

 

  (a)

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

  (b)

Not applicable to the Registrant.

Item 6. Schedule of Investments.

 

  (a)

The complete schedule of investments for the Registrant is disclosed in the Registrant’s semi-annual report, which is included in Item 1 of this Form N-CSR.

 

  (b)

Not applicable to the Registrant.

 

  (c)

Not applicable to the Registrant.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable to the Registrant.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable to the Registrant.

Item 9. Proxy Disclosure for Open-End Management Investment Companies.

Not applicable to the Registrant.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable to the Registrant.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Included as part of the Report to Stockholders filed under Item 1 of this Form N-CSR.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

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

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

 

  (a)

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


  (b)

There have been no changes in any of the Portfolio Managers since the Registrant’s most recent annual report on Form N-CSR.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

None.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors since the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(g) of Schedule 14A in its definitive proxy statement dated March 20, 2025.

Item 16. 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 most recent fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

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

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable to the Registrant.

Item 19. Exhibits.

 

(a)(1)

Not applicable.

 

(a)(2)

Not applicable.

 

(a)(3)

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


(a)(4)

Not applicable.

 

(a)(5)

Not applicable.

 

(b)

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

 

(c)

Not applicable.


SIGNATURES

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

 

   CREDIT SUISSE HIGH YIELD BOND FUND
   /s/ Omar Tariq    
   Name:    Omar Tariq
   Title:    Chief Executive Officer and President (Principal Executive Officer)
   Date:    July 2, 2025

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/ Omar Tariq       
  Name:    Omar Tariq
  Title:    Chief Executive Officer and President (Principal Executive Officer)
  Date:    July 2, 2025
  /s/ Rose Ann Bubloski   
  Name:    Rose Ann Bubloski
  Title:    Chief Financial Officer and Treasurer (Principal Financial Officer)
  Date:    July 2, 2025