-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, N7idKvNS4CSaJwB0KuHusNLwoHMVbexVaZ0A3Qxgj1YLpkvxZxG/b4UzapBlMBK/ 7j7seBboIR3+/Vb1jqre8w== 0001104659-08-056909.txt : 20080904 0001104659-08-056909.hdr.sgml : 20080904 20080904101543 ACCESSION NUMBER: 0001104659-08-056909 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20080630 FILED AS OF DATE: 20080904 DATE AS OF CHANGE: 20080904 EFFECTIVENESS DATE: 20080904 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CREDIT SUISSE GLOBAL HIGH YIELD FUND INC CENTRAL INDEX KEY: 0001067474 IRS NUMBER: 510342407 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-08927 FILM NUMBER: 081055518 BUSINESS ADDRESS: STREET 1: ELEVEN MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 212-325-2000 MAIL ADDRESS: STREET 1: ELEVEN MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10010 FORMER COMPANY: FORMER CONFORMED NAME: CREDIT SUISSE INSTITUTIONAL HIGH YIELD FUND INC DATE OF NAME CHANGE: 20011212 FORMER COMPANY: FORMER CONFORMED NAME: WARBURG PINCUS HIGH YIELD FUND INC DATE OF NAME CHANGE: 19980804 0001067474 S000011645 Credit Suisse Global High Yield Fund Inc C000031995 Class 1 RBSFX N-CSRS 1 a08-18307_12ncsrs.htm N-CSRS

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

811-08927

 

CREDIT SUISSE GLOBAL HIGH YIELD FUND, INC.

(Exact name of registrant as specified in charter)

 

Eleven Madison Avenue, New York, New York

 

10010

(Address of principal executive offices)

 

(Zip code)

 

J. Kevin Gao, Esq.

Credit Suisse Global High Yield Fund, Inc.

Eleven Madison Avenue

New York, New York  10010

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(212) 325-2000

 

 

Date of fiscal year end:

December 31

 

 

Date of reporting period:

January 1, 2008 to June 30, 2008

 

 



 

Item 1. Reports to Stockholders.

 



CREDIT SUISSE
INSTITUTIONAL FUND

Semiannual Report

June 30, 2008
(unaudited)

n  CREDIT SUISSE
GLOBAL HIGH YIELD FUND

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

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



The views of the Fund's management are as of the date of the letter and the Fund holdings described in this document are as of June 30, 2008; these views and Fund holdings may have changed subsequent to these dates. Nothing in this document is a recommendation to purchase or sell securities.

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




Credit Suisse Global High Yield Fund
Semiannual Investment Adviser's Report
June 30, 2008 (unaudited)

August 5, 2008

Dear Shareholder:

Performance Summary
1/1/08 – 6/30/08

Fund and Benchmark   Performance  
Credit Suisse Global High Yield Fund1      -2.51 %  
Merrill Lynch Global High Yield
Constrained Index (fully hedged)2 
    -1.57 %  

 

Market Review: A challenging period

The six-month period ended June 30, 2008, was a challenging one. Market volatility persisted due to growing concerns over the strength of financial institutions, sub-prime mortgages, tougher credit conditions, and a deteriorating macro-economic backdrop.

Liquidity remained limited as high yield spreads approached wides of 810 basis points versus Treasuries in March. At the time, an increasingly aggressive policy response from the Federal Reserve led to a significant improvement in valuations and market sentiment. Spreads responded by narrowing 179 bps to 631 bps by mid-June. Subsequently, inflationary pressures coupled with concerns about the overall macroeconomic environment caused spreads to widen again, ending the period at 714 bps. All told, spreads widened 142 basis points during the six months ending June 30, 2008.

During this period, the Merrill Lynch Global High Yield Constrained benchmark posted returns of -1.57%. Lower rated securities lagged the broader market with CCC issuers returning -2.85%, while BB rated issuers outperformed with returns of -0.38%. B rated issuers performed in-line, returning -1.65%.

Default rates, reported by Moody's Investor Services at 1.98% in June, have been inching slightly higher. Merrill Lynch's distress ratio rose to 21.6% in June, indicating higher default rates in the coming year. Finally, the most recent Federal Loan Officers Survey reflected a significant tightening of lending standards as bank balance sheet pressures have filtered through to lending attitudes.

On the technical front, new issuance was subdued for most of this period with approximately $47 billion in deals priced. In comparison, nearly $114 billion in deals were priced during the same period in 2007. Additionally, significant progress was made on the backlog of leveraged buyout financing waiting to come to market as the banks sold at discounted prices to a variety of private


1



Credit Suisse Global High Yield Fund
Semiannual Investment Adviser's Report (continued)
June 30, 2008 (unaudited)

equity and distressed opportunity funds. Finally, on a year-to-date basis, retail mutual fund's have posted $1.2 billion of inflows.

Strategic Review and Outlook: Expecting conditions to remain challenging

During the period, the Fund underperformed the index. Exposures in the CCC-rated segment detracted from portfolio returns. At the sector level, holdings in broadcasters, wireless and consumer-driven sectors, such as restaurants and gaming, hurt relative returns, while an underweight to finance and investments helped performance. Finally, superior security selection in consumer products also contributed to performance.

In addition to core holdings in the more defensive industries, we remain relatively constructive on several issuers in the industrial and commercial space — particularly those with international end markets. Conversely, we are cautious with respect to consumer-driven industries given high energy prices and continued weak housing data, so we have sought to limit exposures to these sectors. On the ratings front, we have been adding to positions in higher quality credits and using periods of market strength to reduce exposures in riskier names.

As 2008 has progressed, the macroeconomic environment has become more challenging. Furthermore, the recapitalization of banks and brokers is underway but will take some time. Therefore, we expect the high yield market to remain volatile as liquidity remains limited and balance sheet repair advances. Going forward, our portfolio strategy will remain selective in nature — paring back riskier issuers where possible, adding to higher quality credits in the secondary market, and taking advantage of new issue opportunities.

The Credit Suisse High Yield Management Team

Martha Metcalf
Wing Chan

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

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


2



Credit Suisse Global High Yield Fund
Semiannual Investment Adviser's Report (continued)
June 30, 2008 (unaudited)

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


3



Credit Suisse Global High Yield Fund
Semiannual Investment Adviser's Report (continued)
June 30, 2008 (unaudited)

Average Annual Returns as of June 30, 20081

1 Year   5 Years   10 Years   Since
Inception
  Inception
Date
 
  (4.09 )%     7.65 %     3.78 %     6.41 %     02/26/93    

 

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

The annualized gross expense ratio is 1.13%. The annualized net expense ratio after fee waivers and/or expense reimbursements is 0.70%.

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

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


4



Credit Suisse Global High Yield Fund
Semiannual Investment Adviser's Report (continued)
June 30, 2008 (unaudited)

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads), redemption fees and account maintenance fees, which are not shown in this section and which would result in higher total expenses. The following table is intended to help you understand your ongoing expenses of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. The table is based on an investment of $1,000 made at the beginning of the six month period ended June 30, 2008.

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

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

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

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


5



Credit Suisse Global High Yield Fund
Semiannual Investment Adviser's Report (continued)
June 30, 2008 (unaudited)

Expenses and Value for a $1,000 Investment
for the six month period ended June 30, 2008

Actual Fund Return  
Beginning Account Value 1/1/08   $ 1,000.00    
Ending Account Value 6/30/08   $ 974.90    
Expenses Paid per $1,000*   $ 3.44    
Hypothetical 5% Fund Return  
Beginning Account Value 1/1/08   $ 1,000.00    
Ending Account Value 6/30/08   $ 1,021.38    
Expenses Paid per $1,000*   $ 3.52    
Annualized Expense Ratios*     0.70 %  

 

*  Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year period, then divided by 366.

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

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


6



Credit Suisse Global High Yield Fund
Semiannual Investment Adviser's Report (continued)
June 30, 2008 (unaudited)

Credit Quality Breakdown*

Ratings
S&P
 
BBB     2.6 %  
BB     28.3 %  
B     51.9 %  
CCC     16.5 %  
NR     0.7 %  
Total     100.0 %  

 

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


7




Credit Suisse Global High Yield Fund
Schedule of Investments
June 30, 2008 (unaudited)

Par
(000)
    Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS (87.0%)      
Aerospace & Defense (2.0%)      
$ 125     BE Aerospace, Inc., Senior Unsecured Notes
(Callable 07/01/13 @ $104.25)
  (BB+, Ba3)   07/01/18     8.500     $ 126,094    
  25     DRS Technologies, Inc., Company Guaranteed
Notes (Callable 02/01/11 @ $103.81)§
  (B, B3)   02/01/18     7.625       26,563    
  75     DRS Technologies, Inc., Global Senior
Subordinated Notes (Callable 11/01/08 @
$103.44)
  (B, B3)   11/01/13     6.875       75,375    
  100     Hawker Beechcraft Acquisition Co., Series WI,
Global Senior Subordinated Notes
(Callable 04/01/12 @ $104.88)§
  (B-, Caa1)   04/01/17     9.750       100,500    
  75     Hawker Beechcraft Acquisition Co., Series WI,
Global Senior Unsecured Notes
(Callable 04/01/11 @ $104.25)§
  (B-, B3)   04/01/15     8.500       75,937    
  50     L-3 Communications Corp., Global Company
Guaranteed Notes (Callable 08/08/08 @ $103.06)
  (BB+, Ba3)   07/15/13     6.125       47,500    
  125     L-3 Communications Corp., Global Senior
Subordinated Notes (Callable 01/15/10 @
$102.94)
  (BB+, Ba3)   01/15/15     5.875       115,937    
  100     TransDigm, Inc., Global Company Guaranteed
Notes (Callable 07/15/09 @ $105.81)
  (B-, B3)   07/15/14     7.750       99,250    
      667,156    
Agriculture (0.2%)      
  75     Southern States Cooperative, Inc., Rule 144A,
Senior Notes (Callable 08/25/08 @ $108.00)‡
  (B-, Caa1)   11/01/10     10.500       76,875    
Auto Loans (4.2%)      
  200     Ford Motor Credit Co. LLC, Global Senior
Unsecured Notes
  (B, B1)   06/15/10     7.875       172,705    
  310     Ford Motor Credit Co. LLC, Global Senior
Unsecured Notes§
  (B, B1)   10/01/13     7.000       228,518    
  250     Ford Motor Credit Co. LLC, Senior Unsecured Notes§   (B, B1)   12/15/16     8.000       181,941    
  300     GMAC LLC, Debentures (Callable 09/19/08 @
$100.00)
  (B, B3)   04/01/11     6.000       213,067    
  275     GMAC LLC, Senior Unsecured Notes   (B, B3)   03/02/11     7.250       202,240    
  345     GMAC LLC, Senior Unsecured Notes§   (B, B3)   12/01/14     6.750       228,118    
  175     Navios Maritime Holdings, Inc., Global Company
Guaranteed Notes (Callable 12/15/10 @ $104.75)
  (B+, B3)   12/15/14     9.500       179,812    
      1,406,401    
Auto Parts & Equipment (1.6%)      
  150     Altra Industrial Motion, Inc., Global Senior
Secured Notes (Callable 12/01/08 @ $104.50)
  (B+, B1)   12/01/11     9.000       153,750    
  75     American Axle & Manufacturing, Inc., Company
Guaranteed Notes (Callable 03/01/12 @
$103.94
  (BB-, B1)   03/01/17     7.875       55,125    

 

See Accompanying Notes to Financial Statements.
8



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

June 30, 2008 (unaudited)

Par
(000)
    Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Auto Parts & Equipment      
$ 45     Goodyear Tire & Rubber Co., Global Company
Guaranteed Notes (Callable 12/01/09 @ $104.31)
  (BB-, Ba3)   12/01/11     8.625     $ 45,675    
  150     Goodyear Tire & Rubber Co., Global Senior
Unsecured Notes (Callable 07/01/10 @ $104.50)§
  (BB-, Ba3)   07/01/15     9.000       150,375    
  90     Lear Corp., Series B, Global Company Guaranteed
Notes (Callable 12/01/10 @ $104.25)
  (B+, B3)   12/01/13     8.500       74,812    
  75     Tenneco, Inc., Global Company Guaranteed Notes
(Callable 11/15/09 @ $104.31)§
  (B, B3)   11/15/14     8.625       66,563    
  9     Visteon Corp., Global Senior Unsecured Notes§   (B-, Caa2)   08/01/10     8.250       8,055    
      554,355    
Automotive (1.8%)      
  200     Ford Motor Co., Global Senior Unsecured Notes§   (CCC+, Caa1)   07/16/31     7.450       117,500    
  100     General Motors Corp., Global Senior
Unsecured Notes
  (B-, Caa1)   01/15/11     7.200       77,250    
  200     General Motors Corp., Senior Unsecured Notes§   (B, Caa1)   07/15/13     7.125       127,500    
  460     General Motors Corp., Senior Unsecured Notes§   (B, Caa1)   07/15/33     8.375       274,850    
      597,100    
Beverages (0.4%)      
  125     Constellation Brands, Inc., Company
Guaranteed Notes§
  (BB-, Ba3)   09/01/16     7.250       118,125    
Brokerage (0.2%)      
  75     E*TRADE Financial Corp., Senior Unsecured
Notes (Callable 12/01/10 @ $103.94)§
  (B, Ba3)   12/01/15     7.875       64,875    
Building & Construction (1.2%)      
  100     Ashton Woods USA/Finance, Global Company
Guaranteed Notes (Callable 10/01/10 @ $104.75)
  (B-, Caa2)   10/01/15     9.500     $ 58,500    
  100     Beazer Homes USA, Inc., Global Company
Guaranteed Notes (Callable 07/25/08 @ $102.79)§
  (B, B2)   04/15/12     8.375       81,500    
  100     K Hovnanian Enterprises, Inc., Global Company
Guaranteed Notes§
  (CCC+, Caa1)   01/15/16     6.250       62,500    
  125     KB HOME, Company Guaranteed Notes§   (BB, Ba2)   06/15/15     6.250       105,625    
  75     Standard Pacific Corp., Global Company
Guaranteed Notes§
  (B-, B2)   08/15/15     7.000       62,250    
  75     William Lyon Homes, Inc., Global Senior Notes
(Callable 12/15/08 @ $103.81)
  (B, Caa2)   12/15/12     7.625       39,375    
      409,750    
Building Materials (1.3%)      
  100     Building Materials Corp., Global Secured Notes
(Callable 08/01/09 @ $103.88)
  (B+, B3)   08/01/14     7.750       82,500    
  100     Coleman Cable, Inc., Global Company
Guaranteed Notes (Callable 10/01/08 @ $104.94)
  (B+, B2)   10/01/12     9.875       94,500    

 

See Accompanying Notes to Financial Statements.
9



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

June 30, 2008 (unaudited)

Par
(000)
    Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Building Materials      
$ 75     Norcraft Cos., Global Company Guaranteed Notes
(Callable 08/25/08 @ $104.50)
  (B+, B1)   11/01/11     9.000     $ 75,750    
  75     Nortek, Inc., Global Senior Subordinated Notes
(Callable 09/01/09 @ $104.25)§
  (CCC, Caa1)   09/01/14     8.500       48,375    
  125     Ply Gem Industries, Inc., Global Company
Guaranteed Notes (Callable 08/11/08 @ $104.50)§
  (CCC+, Caa2)   02/15/12     9.000       74,063    
  50     Ply Gem Industries, Inc., Rule 144A, Senior
Secured Notes (Callable 04/01/11 @ $105.88)‡
  (B, B2)   06/15/13     11.750       46,125    
      421,313    
Chemicals (2.8%)      
  175     Chemtura Corp., Company Guaranteed Notes   (BB, Ba2)   06/01/16     6.875       152,250    
  100     Koppers Holdings, Inc., Global Senior Discount
Notes (Callable 11/15/09 @ $104.94)+
  (B-, B2)   11/15/14     0.000       91,000    
  150     Momentive Performance Materials, Global Company
Guaranteed Notes (Callable 12/01/10 @ $104.88)§
  (B, B3)   12/01/14     9.750       129,000    
  110     Momentive Performance Materials, Global Company
Guaranteed Notes (Callable 12/01/11 @ $105.75)§
  (CCC+, Caa2)   12/01/16     11.500       82,500    
  50     Nalco Co., Global Company Guaranteed Notes
(Callable 11/15/08 @ $104.50)
  (B-, B3)   11/15/13     9.000       78,384    
  100     Nalco Finance Holdings, Inc., Global Senior
Discounted Notes (Callable 02/01/09 @ $104.50)+§
  (B-, B3)   02/01/14     0.000       92,500    
  100     PolyOne Corp., Senior Notes   (B+, B1)   05/01/12     8.875       100,500    
  125     Reichhold Industries, Inc., Rule 144A, Senior
Notes (Callable 08/15/10 @ $104.50)‡
  (B+, B2)   08/15/14     9.000       125,625    
  100     Terra Capital, Inc., Series B, Global Company
Guaranteed Notes (Callable 02/01/12 @ $103.50)
  (BB, B1)   02/01/17     7.000       98,500    
      950,259    
Computer Hardware (0.2%)      
  75     Activant Solutions, Inc., Global Company
Guaranteed Notes (Callable 05/01/11 @ $104.75)
  (CCC+, Caa1)   05/01/16     9.500       59,625    
Consumer Products (1.2%)      
  125     AAC Group Holding Corp., Global Senior Unsecured
Notes (Callable 10/01/08 @ $105.13)+
  (CCC+, Caa1)   10/01/12     0.000       120,000    
  125     Amscan Holdings, Inc., Global Senior Subordinated
Notes (Callable 05/01/09 @ $104.38)
  (CCC+, Caa1)   05/01/14     8.750       111,875    
  100     Jarden Corp., Company Guaranteed Notes
(Callable 05/01/12 @ $103.75)§
  (B, B3)   05/01/17     7.500       87,500    
  100     Prestige Brands, Inc., Global Senior Subordinated
Notes (Callable 08/25/08 @ $104.63)§
  (B-, B3)   04/15/12     9.250       100,500    
      419,875    

 

See Accompanying Notes to Financial Statements.
10



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

June 30, 2008 (unaudited)

Par
(000)
    Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Consumer/Commercial/Lease Financing (0.3%)      
$ 100     Residential Capital LLC, Rule 144A, Secured
Notes (Callable 05/15/10 @ $104.81)‡§
  (NR, Caa3)   05/15/15     9.625     $ 49,000    
  50     Sotheby's, Rule 144A, Senior Notes‡   (BBB-, Ba3)   06/15/15     7.750       49,000    
      98,000    
Diversified Capital Goods (2.2%)      
  75     Actuant Corp., Global Company Guaranteed
Notes (Callable 06/15/12 @ $103.44)§
  (BB-, Ba2)   06/15/17     6.875       74,062    
  125     Esco Corp., Rule 144A, Senior Notes
(Callable 12/15/10 @ $104.31)‡
  (B, B2)   12/15/13     8.625       126,875    
  75     Mueller Water Products, Inc., Global Company
Guaranteed Notes (Callable 06/01/12 @ $103.69)§
  (B, B3)   06/01/17     7.375       64,500    
  100     RBS Global & Rexnord Corp., Global Company
Guaranteed Notes (Callable 08/01/10 @ $104.75)
  (B-, B3)   08/01/14     9.500       97,000    
  100     Sensus Metering Systems, Global Senior
Subordinated Notes (Callable 12/15/08 @ $104.31)
  (B-, B3)   12/15/13     8.625       95,500    
  110     Stanadyne Corp., Series 1, Global Senior
Subordinated Notes (Callable 08/15/09 @ $105.00)
  (B-, B3)   08/15/14     10.000       107,250    
  100     Titan International, Inc., Global Company
Guaranteed Notes
  (B-, Caa1)   01/15/12     8.000       98,500    
  102     TriMas Corp., Global Company Guaranteed Notes
(Callable 08/25/08 @ $103.29)
  (B-, B3)   06/15/12     9.875       90,525    
      754,212    
Diversified Financials (0.1%)      
  25     Lender Processing Services, Inc., Rule 144A,
Senior Unsecured Notes (Callable 07/01/11 @
$106.09)‡
  (BB+, Ba2)   07/01/16     8.125       25,156    
Electric - Generation (4.6%)      
  200     Dynegy Holdings, Inc., Global Senior
Unsecured Notes
  (B, B2)   06/01/15     7.500       185,500    
  250     Dynegy Holdings, Inc., Global Senior
Unsecured Notes§
  (B, B2)   05/01/16     8.375       243,750    
  25     Edison Mission Energy, Global Senior
Unsecured Notes
  (BB-, B1)   05/15/17     7.000       23,500    
  250     Midwest Generation LLC, Series B, Global
Pass Thru Certificates
  (BB+, Baa3)   01/02/16     8.560       258,579    
  175     NRG Energy, Inc., Company Guaranteed Notes
(Callable 01/15/12 @ $103.69)§
  (B, B1)   01/15/17     7.375       165,812    
  75     NRG Energy, Inc., Company Guaranteed Notes
(Callable 02/01/10 @ $103.63)
  (B, B1)   02/01/14     7.250       71,813    
  75     NRG Energy, Inc., Company Guaranteed Notes
(Callable 02/01/11 @ $103.69)
  (B, B1)   02/01/16     7.375       70,781    
  225     Reliant Energy, Inc., Senior Unsecured Notes§   (BB-, B1)   06/15/14     7.625       220,500    
  150     The AES Corp., Global Senior Unsecured Notes   (BB-, B1)   10/15/17     8.000       147,750    
  175     The AES Corp., Senior Unsecured Notes   (BB-, B1)   03/01/14     7.750       173,469    
      1,561,454    

 

See Accompanying Notes to Financial Statements.
11



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

June 30, 2008 (unaudited)

Par
(000)
    Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Electric - Integrated (2.9%)      
$ 100     Mirant Americas Generation, LLC, Senior
Unsecured Notes
  (B-, B3)   10/01/21     8.500     $ 93,750    
  75     PNM Resources, Inc., Unsecured Notes   (BB-, Ba2)   05/15/15     9.250       77,812    
  25     Public Service Company of New Mexico, Senior
Unsecured Notes
  (BB+, Baa3)   05/15/18     7.950       25,766    
  600     Texas Competitive Electric Holdings Co., LLC,
Series A, Rule 144A, Company Guaranteed Notes
(Callable 11/01/11 @ $105.13)‡
  (CCC, B3)   11/01/15     10.250       591,000    
  175     Texas Competitive Electric Holdings Co., LLC,
Series B, Rule 144A, Company Guaranteed Notes
(Callable 11/01/11 @ $105.13)‡
  (CCC, B3)   11/01/15     10.250       172,375    
      960,703    
Electronics (2.1%)      
  150     Amkor Technology, Inc., Global Senior Notes
(Callable 08/25/08 @ $103.88)§
  (B+, B1)   05/15/13     7.750       139,687    
  38     Ampex Corp., Secured Notes^ø   (NR, NR)   08/15/08     12.000       37,226    
  275     Freescale Semiconductor, Inc., Global Company
Guaranteed Notes (Callable 12/15/10 @ $104.44)§
  (B-, B2)   12/15/14     8.875       224,812    
  21     GrafTech Finance, Inc., Global Company Guaranteed
Notes (Callable 08/25/08 @ $103.42)
  (BB, Ba3)   02/15/12     10.250       21,840    
  125     Sanmina-SCI Corp., Global Company Guaranteed
Notes (Callable 03/01/09 @ $103.38)§
  (B-, B3)   03/01/13     6.750       112,813    
  25     Sanmina-SCI Corp., Senior Subordinated Notes
(Callable 03/01/11 @ $104.06)§
  (B-, B3)   03/01/16     8.125       22,625    
  50     Spansion LLC, Rule 144A, Senior Notes
(Callable 01/15/11 @ $105.62)‡§
  (B, Caa2)   01/15/16     11.250       31,250    
  100     Viasystems, Inc., Global Senior Unsecured Notes
(Callable 08/11/08 @ $105.25)
  (B+, Caa1)   01/15/11     10.500       99,250    
      689,503    
Energy - Exploration & Production (5.3%)      
  75     Chaparral Energy, Inc., Global Company Guaranteed
Notes (Callable 02/01/12 @ $104.44)
  (B-, Caa1)   02/01/17     8.875       65,438    
  175     Chesapeake Energy Corp., Senior Notes   (BB, Ba3)   12/15/18     7.250       171,062    
  250     Chesapeake Energy Corp., Senior Notes
(Callable 01/15/09 @ $103.44)
  (BB, Ba3)   01/15/16     6.875       242,500    
  125     Encore Acquisition Co., Company Guaranteed Notes
(Callable 12/01/10 @ $103.63)§
  (B+, B1)   12/01/17     7.250       122,500    
  100     Forest Oil Corp., Global Company Guaranteed Notes
(Callable 08/08/08 @ $102.58)
  (B+, B1)   05/01/14     7.750       101,000    
  50     Forest Oil Corp., Rule 144A, Senior Notes
(Callable 06/15/12 @ $103.63)‡
  (B+, B1)   06/15/19     7.250       48,250    
  125     Hilcorp Energy I, Rule 144A, Senior Unsecured
Notes (Callable 06/01/11 @ $104.50)‡
  (BB-, B3)   06/01/16     9.000       127,812    

 

See Accompanying Notes to Financial Statements.
12



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

June 30, 2008 (unaudited)

Par
(000)
    Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Energy - Exploration & Production      
$ 75     Mariner Energy Inc., Company Guaranteed Notes
(Callable 05/15/12 @ $104.00)
  (B+, B3)   05/15/17     8.000     $ 72,938    
  100     Newfield Exploration Co., Global Senior Subordinated
Notes (Callable 05/15/13 @ $103.56)
  (BB-, Ba3)   05/15/18     7.125       95,250    
  150     Petrohawk Energy Corp., Global Company
Guaranteed Notes (Callable 07/15/10 @ $104.56)
  (B, B3)   07/15/13     9.125       154,500    
  25     PetroHawk Energy Corp., Rule 144A, Senior Notes
(Callable 06/01/12 @ $103.94)‡
  (B, B3)   06/01/15     7.875       24,531    
  75     Plains Exploration & Production, Co., Company
Guaranteed Notes (Callable 06/15/11 @ $103.88)§
  (BB, B1)   06/15/15     7.750       75,937    
  25     Range Resources Corp., Company Guaranteed Notes
(Callable 05/01/13 @ $103.63)§
  (BB, Ba3)   05/01/18     7.250       24,938    
  100     Range Resources Corp., Global Company Guaranteed
Notes (Callable 03/15/10 @ $103.19)§
  (BB, Ba3)   03/15/15     6.375       96,000    
  50     SandRidge Energy, Inc., Rule 144A, Senior Notes
(Callable 06/01/13 @ $104.00)‡§
  (B-, B3)   06/01/18     8.000       50,500    
  175     Southwestern Energy Co., Rule 144A, Senior
Unsecured Notes‡
  (BB+, Ba2)   02/01/18     7.500       180,934    
  125     Swift Energy Co., Senior Notes
(Callable 07/15/08 @ $103.81)
  (BB-, B1)   07/15/11     7.625       125,000    
      1,779,090    
Environmental (1.2%)      
  225     Allied Waste North America, Inc., Global Senior
Secured Notes (Callable 03/15/10 @ $103.63)§
  (BB, B1)   03/15/15     7.250       225,563    
  175     Waste Services, Inc., Global Senior Subordinated
Notes (Callable 04/15/09 @ $104.75)§
  (B-, Caa1)   04/15/14     9.500       177,625    
      403,188    
Food & Drug Retailers (1.4%)      
  175     Duane Reade, Inc., Global Company Guranteed
Notes (Callable 08/25/08 @ $104.88)§
  (CCC-, Caa3)   08/01/11     9.750       157,500    
  75     Ingles Markets, Inc., Global Senior Subordinated
Notes (Callable 08/25/08 @ $102.90)§
  (B+, B2)   12/01/11     8.875       76,312    
  100     New Albertsons Inc., Senior Unsecured Notes   (B+, B1)   05/01/13     7.250       102,054    
  25     Stater Brothers Holdings, Inc., Global Company
Guaranteed Notes (Callable 04/15/11 @ $103.88)
  (B+, B2)   04/15/15     7.750       24,938    
  100     Stater Brothers Holdings, Inc., Global Company
Guaranteed Notes (Callable 08/25/08 @ $104.06)§
  (B+, B2)   06/15/12     8.125       101,000    
      461,804    

 

See Accompanying Notes to Financial Statements.
13



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

June 30, 2008 (unaudited)

Par
(000)
    Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Food - Wholesale (0.9%)      
$ 75     Dole Foods Co., Inc., Company Guaranteed Notes§   (B-, Caa1)   07/15/13     8.750     $ 66,375    
  25     Dole Foods Co., Inc., Global Company Guaranteed
Notes (Callable 08/25/08 @ $102.22)§
  (B-, Caa1)   03/15/11     8.875       22,375    
  75     National Beef Packing Company LLC, Global Senior
Unsecured Notes (Callable 08/01/08 @ $102.63)
  (B-, Caa1)   08/01/11     10.500       69,000    
  175     Smithfield Foods, Inc., Senior Unsecured Notes§   (BB-, Ba3)   07/01/17     7.750       146,125    
      303,875    
Forestry & Paper (2.8%)      
  90     Boise Cascade LLC, Global Company Guaranteed
Notes (Callable 10/15/09 @ $103.56)
  (BB-, B2)   10/15/14     7.125       72,450    
  125     Cellu Tissue Holdings, Inc., Global Secured Notes
(Callable 08/11/08 @ $103.66)
  (B, B2)   03/15/10     9.750       119,375    
  175     Georgia-Pacific Corp., Debentures   (B+, B2)   06/15/15     7.700       166,250    
  75     Georgia-Pacific Corp., Rule 144A, Company
Guaranteed Notes (Callable 01/15/12 @ $103.56)‡
  (BB-, Ba3)   01/15/17     7.125       70,875    
  100     Graphic Packaging International Corp., Global Senior
Subordinated Notes (Callable 08/15/08 @
$104.75
  (B-, B3)   08/15/13     9.500       96,000    
  75     NewPage Corp., Global Company Guaranteed Notes
(Callable 05/01/09 @ $106.00)
  (B-, B2)   05/01/12     10.000       76,313    
  75     NewPage Corp., Global Company Guaranteed Notes
(Callable 05/01/09 @ $106.00)§
  (CCC+, B3)   05/01/13     12.000       76,125    
  175     Smurfit-Stone Container, Global Senior Notes
(Callable 08/11/08 @ $102.79)
  (B-, B3)   07/01/12     8.375       154,437    
  100     Verso Paper Holdings LLC, Inc., Series B, Global
Secured Notes (Callable 08/01/10 @ $104.56)
  (B+, B2)   08/01/14     9.125       98,250    
      930,075    
Gaming (4.1%)      
  75     Buffalo Thunder Development Authority, Rule 144A,
Secured Notes (Callable 12/15/10 @ $104.69)‡
  (B, B2)   12/15/14     9.375       50,625    
  25     Caesars Entertainment, Inc., Global Company
Guaranteed Notes§
  (B-, Caa1)   03/15/10     7.875       22,875    
  100     Caesars Entertainment, Inc., Global Company
Guaranteed Notes§
  (B-, Caa1)   05/15/11     8.125       80,500    
  100     CCM Merger, Inc., Rule 144A, Notes
(Callable 08/01/09 @ $104.00)‡
  (B-, Caa1)   08/01/13     8.000       85,750    
  24     Choctaw Resort Development Enterprise,
Rule 144A, Senior Notes (Callable 11/15/11 @
$103.63)‡
  (BB, Ba2)   11/15/19     7.250       20,280    
  50     FireKeepers Development Authority, Rule 144A,
Senior Secured Notes
(Callable 05/01/12 @ $110.50)‡§
  (B, B3)   05/01/15     13.875       49,125    

 

See Accompanying Notes to Financial Statements.
14



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

June 30, 2008 (unaudited)

Par
(000)
    Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Gaming      
$ 60     Fontainebleau Las Vegas, Rule 144A, Second
Mortgage Notes (Callable 06/15/11 @
$105.13)‡
  (CCC+, Caa1)   06/15/15     10.250     $ 39,300    
  20     Herbst Gaming, Inc., Global Company Guaranteed
Notes (Callable 08/25/08 @ $104.06)ø
  (D, C)   06/01/12     8.125       3,200    
  100     Inn of the Mountain Gods, Global Senior Notes
(Callable 08/25/08 @ $106.00)§
  (B, B3)   11/15/10     12.000       86,500    
  100     Jacobs Entertainment, Inc., Global Company
Guaranteed Notes (Callable 06/15/10 @ $104.88)
  (B, B3)   06/15/14     9.750       75,500    
  50     Majestic Star Casino LLC, Senior Secured Notes
(Callable 08/11/08 @ $104.75)§
  (B-, B2)   10/15/10     9.500       41,750    
  125     Mashantucket Pequot Tribe, Rule 144A, Bonds
(Callable 11/15/11 @ $104.25)‡
  (BB+, Ba2)   11/15/15     8.500       110,938    
  175     MGM Mirage, Inc., Company Guaranteed Notes§   (BB, Ba2)   06/01/16     7.500       144,813    
  225     MGM Mirage, Inc., Company Guaranteed Notes§   (BB, Ba2)   01/15/17     7.625       186,187    
  100     MGM Mirage, Inc., Global Company
Guaranteed Notes§
  (BB, Ba2)   04/01/13     6.750       86,750    
  50     Peermont Global Proprietary Ltd., Rule 144A,
Senior Secured Notes (Callable 04/30/10 @
$105.81)‡
  (B, B3)   04/30/14     7.750       62,825    
  60     Tropicana Entertainment LLC., Global Senior
Subordinated Notes
(Callable 12/15/10 @ $104.81)ø§
  (NR, NR)   12/15/14     9.625       28,800    
  50     Trump Entertainment Resorts, Inc.,Senior Secured
Notes (Callable 06/01/10 @ $104.25)§
  (CCC+, Caa1)   06/01/15     8.500       31,375    
  100     Turning Stone Resort Casino Enterprise, Rule 144A,
Senior Notes (Callable 09/15/10 @ $104.56)‡
  (B+, B1)   09/15/14     9.125       100,000    
  75     Wynn Las Vegas LLC, Global First Mortgage Notes
(Callable 12/01/09 @ $103.31)§
  (BBB-, Ba2)   12/01/14     6.625       69,000    
      1,376,093    
Gas Distribution (3.7%)      
  125     AmeriGas Partners/Eagle Finance Corp., Senior
Notes (Callable 05/20/11 @ $103.56)
  (NR, B1)   05/20/16     7.125       116,562    
  275     El Paso Corp., Senior Unsecured Notes   (BB-, Ba3)   06/01/18     7.250       272,250    
  300     El Paso Performance-Link, Rule 144A, Senior
Unsecured Notes‡
  (BB, Ba3)   07/15/11     7.750       303,730    
  125     Inergy LP/Inergy Finance Corp., Global Company
Guaranteed Notes (Callable 03/01/11 @ $104.13)
  (B+, B1)   03/01/16     8.250       123,750    
  25     Inergy LP/Inergy Finance Corp., Rule 144A,
Company Guaranteed Notes (Callable 03/01/11 @
$104.13)‡
  (B+, B1)   03/01/16     8.250       24,750    
  75     MarkWest Energy Partners LP/ Finance Corp.,
Rule 144A, Senior Notes
(Callable 04/15/13 @ $104.38)‡
  (B+, B2)   04/15/18     8.750       77,063    
  100     Targa Resources Partners LP, Rule 144A, Senior
Notes (Callable 07/01/12 @ $104.13)‡
  (B, B2)   07/01/16     8.250       97,000    
  225     Williams Partners LP, Global Senior
Unsecured Notes
  (BBB-, Ba2)   02/01/17     7.250       226,125    
      1,241,230    

 

See Accompanying Notes to Financial Statements.
15



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

June 30, 2008 (unaudited)

Par
(000)
    Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Health Services (5.8%)      
$ 125     Bausch & Lomb, Inc., Rule 144A, Senior
Unsecured Notes (Callable 11/01/11 @
$104.94)‡§
  (B, Caa1)   11/01/15     9.875     $ 125,937    
  25     Biomet, Inc., Global Company Guaranteed Notes
(Callable 10/15/12 @ $105.00)
  (B-, B3)   10/15/17     10.000       26,813    
  25     Biomet, Inc., Global Company Guaranteed Notes
(Callable 10/15/12 @ $105.81)
  (B-, Caa1)   10/15/17     11.625       26,625    
  175     Community Health Systems, Inc., Global Company
Guaranteed Notes (Callable 07/15/11 @ $104.44)
  (B, B3)   07/15/15     8.875       176,969    
  75     DaVita, Inc., Global Company Guaranteed Notes
(Callable 03/15/10 @ $103.63)§
  (B, B2)   03/15/15     7.250       73,313    
  325     HCA, Inc., Global Secured Notes
(Callable 11/15/11 @ $104.63)
  (BB-, B2)   11/15/16     9.250       335,562    
  50     HCA, Inc., Senior Unsecured Notes   (B-, Caa1)   10/01/12     6.300       45,125    
  325     HCA, Inc., Senior Unsecured Notes   (B-, Caa1)   02/15/13     6.250       283,562    
  75     HCA, Inc., Senior Unsecured Notes   (B-, Caa1)   07/15/13     6.750       66,188    
  100     Healthsouth Corp., Global Company Guaranteed
Notes (Callable 06/15/11 @ $105.38)§
  (CCC+, Caa1)   06/15/16     10.750       108,000    
  75     OMEGA Healthcare Investors, Inc., Global
Company Guaranteed Notes
(Callable 01/15/11 @ $103.50)
  (BB+, Ba3)   01/15/16     7.000       70,875    
  50     Service Corporation International, Global
Senior Notes
  (BB-, B1)   10/01/18     7.625       50,125    
  100     Stewart Enterprises, Inc., Global Company
Guaranteed Notes (Callable 02/15/09 @ $103.13)
  (BB-, Ba3)   02/15/13     6.250       95,500    
  250     Tenet Healthcare Corp., Global Senior
Unsecured Notes§
  (B, Caa1)   07/01/14     9.875       252,500    
  50     Universal Hospital Services, Inc., Global Senior
Secured Notes (Callable 06/01/09 @ $102.00)#
  (B+, B3)   06/01/15     6.303       47,000    
  50     Universal Hospital Services, Inc., Global Senior
Secured Notes (Callable 06/01/11 @ $104.25)
  (B+, B3)   06/01/15     8.500       50,250    
  125     Vanguard Health Holding Co., Global Senior
Subordinated Notes
(Callable 10/01/09 @ $104.50)§
  (CCC+, Caa1)   10/01/14     9.000       124,376    
      1,958,720    
Healthcare - Products (0.3%)      
  100     VWR Funding, Inc., Global Company Guaranteed
Notes (Callable 07/15/11 @ $105.13)§
  (B-, Caa1)   07/15/15     10.250       92,750    
Hotels (0.7%)      
  250     Host Marriott LP, Series Q, Global Company
Guaranteed Notes (Callable 06/01/11 @ $103.33)
  (BB, Ba1)   06/01/16     6.750       223,125    

 

See Accompanying Notes to Financial Statements.
16



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

June 30, 2008 (unaudited)

Par
(000)
    Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Investments & Misc. Financial Services (0.2%)      
$ 75     Nuveen Investments, Inc., Rule 144A, Senior
Notes (Callable 11/15/11 @ $105.25)‡
  (B-, B3)   11/15/15     10.500     $ 69,563    
Leisure (0.4%)      
  51     Six Flags Operations, Inc., Rule 144A, Company
Guaranteed Notes (Callable 07/15/13 @
$106.12)‡§
  (CCC, Caa2)   07/15/16     12.250       47,303    
  150     Six Flags, Inc., Global Senior Unsecured Notes
(Callable 06/01/09 @ $104.81)§
  (CCC-, Caa3)   06/01/14     9.625       84,000    
      131,303    
Machinery (0.6%)      
  100     Baldor Electric Co., Company Guaranteed Notes
(Callable 02/15/12 @ $104.31)§
  (B, B3)   02/15/17     8.625       101,000    
  100     Terex Corp., Senior Subordinated Notes
(Callable 11/15/12 @ $104.00)
  (B+, Ba3)   11/15/17     8.000       99,750    
      200,750    
Machinery-Diversified (0.1%)      
  50     Case New Holland, Inc., Global Company
Guaranteed Notes (Callable 03/01/10 @ $103.56)
  (BBB-, Ba3)   03/01/14     7.125       49,250    
Media - Broadcast (2.0%)      
  75     Allbritton Communications Co., Global Senior
Subordinated Notes (Callable 08/25/08 @
$103.88
  (B+, B1)   12/15/12     7.750       73,313    
  150     Barrington Broadcasting, Global Company
Guaranteed Notes (Callable 08/15/10 @
$105.25)
  (CCC+, Caa1)   08/15/14     10.500       129,937    
  50     Clear Channel Communications, Inc., Senior
Unsecured Notes
  (CCC+, Baa3)   09/15/14     5.500       30,035    
  100     Fisher Communications, Inc., Global Company
Guaranteed Notes (Callable 09/15/09 @ $104.31)
  (B, B2)   09/15/14     8.625       105,000    
  30     ION Media Networks, Inc., Rule 144A, Senior
Secured Notes (Callable 08/25/08 @ $102.00)‡
  (CCC-, Caa1)   01/15/13     8.963       19,425    
  100     Local TV Finance LLC, Rule 144A, Senior
Unsecured Notes (Callable 06/15/11 @
$104.63)‡
  (CCC+, Caa1)   06/15/15     9.250       78,500    
  100     Rainbow National Services LLC, Rule 144A,
Company Guaranteed Notes
(Callable 09/01/08 @ $104.38)‡
  (BB, B1)   09/01/12     8.750       102,000    
  115     Univision Communications, Inc., Rule 144A,
Senior Notes (Callable 03/15/11 @ $104.88)‡§
  (CCC, B3)   03/15/15     9.750       85,100    
  100     Young Broadcasting, Inc., Global Senior
Subordinated Notes (Callable 01/15/09 @
$104.38)
  (CCC-, Caa2)   01/15/14     8.750       54,500    
      677,810    

 

See Accompanying Notes to Financial Statements.
17



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

June 30, 2008 (unaudited)

Par
(000)
    Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Media - Cable (4.8%)      
$ 200     Atlantic Broadband Finance LLC, Global Company
Guaranteed Notes (Callable 01/15/09 @ $104.69)
  (CCC+, Caa1)   01/15/14     9.375     $ 181,000    
  200     CCH I LLC, Global Secured Notes
(Callable 10/01/10 @ $105.50)§
  (CCC, Caa3)   10/01/15     11.000       149,250    
  125     CCH II LLC, Series B, Global Company
Guaranteed Notes (Callable 09/15/08 @ $105.13)
  (CCC, Caa2)   09/15/10     10.250       121,250    
  83     Charter Communications Holdings LLC, Senior
Unsecured Notes (Callable 08/25/08 @ $100.00)§
  (CCC, Ca)   04/01/11     9.920       59,760    
  100     Charter Communications Operating LLC/Capital,
Rule 144A, Senior Secured Notes‡
  (B-, B3)   04/30/12     8.000       95,000    
  175     CSC Holdings, Inc., Global Senior Unsecured Notes   (BB, B1)   04/15/12     6.750       165,375    
  75     CSC Holdings, Inc., Rule 144A, Senior Notes
(Callable 06/15/12 @ $104.25)‡
  (BB, B1)   06/15/15     8.500       74,062    
  35     CSC Holdings, Inc., Series B, Senior Unsecured
Notes
  (BB, B1)   04/01/11     7.625       34,475    
  100     DirecTV Holdings LLC/DirecTV Financing Co.,
Rule 144A, Senior Notes
(Callable 05/15/12 $103.81)‡
  (BB, Ba3)   05/15/16     7.625       99,000    
  125     DirecTV Holdings/Finance, Global Company
Guaranteed Notes (Callable 08/25/08 @ $104.19)§
  (BB, Ba3)   03/15/13     8.375       129,375    
  25     EchoStar DBS Corp., Global Company
Guaranteed Notes
  (BB-, Ba3)   10/01/13     7.000       23,938    
  175     EchoStar DBS Corp., Global Company
Guaranteed Notes
  (BB-, Ba3)   10/01/14     6.625       162,312    
  50     EchoStar DBS Corp., Rule 144A, Company
Guaranteed Notes‡
  (BB-, Ba3)   05/31/15     7.750       48,875    
  50     Mediacom Broadband LLC, Global Senior
Unsecured Notes (Callable 10/15/10 @ $104.25)§
  (B-, B3)   10/15/15     8.500       44,938    
  75     Mediacom LLC/Capital Corp., Senior Notes
(Callable 08/11/08 @ $100.00)§
  (B-, B3)   02/15/11     7.875       69,562    
  25     Mediacom LLC/Capital Corp., Senior Unsecured
Notes (Callable 01/15/09 @ $100.00)§
  (B-, B3)   01/15/13     9.500       23,688    
  135     TL Acquisitions, Inc., Rule 144A, Senior Notes
(Callable 07/15/11 @ $105.25)‡
  (CCC+, Caa1)   01/15/15     10.500       117,450    
      1,599,310    
Media - Services (0.5%)      
  100     Lamar Media Corp., Global Senior Unsecured
Notes (Callable 08/15/10 @ $103.31)
  (BB-, Ba3)   08/15/15     6.625       91,500    
  100     WMG Acquisition Corp., Global Senior
Subordinated Notes (Callable 04/15/09 @ $103.69)
  (B, B3)   04/15/14     7.375       83,625    
      175,125    

 

See Accompanying Notes to Financial Statements.
18



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

June 30, 2008 (unaudited)

Par
(000)
    Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Metals & Mining - Excluding Steel (1.8%)      
$ 100     Aleris International, Inc., Global Company
Guaranteed Notes (Callable 12/15/10 @ $104.50)
  (B-, B3)   12/15/14     9.000     $ 80,125    
  25     Aleris International, Inc., Global Company
Guaranteed Notes (Callable 12/15/11 @
$105.00
  (B-, Caa1)   12/15/16     10.000       18,438    
  50     Freeport-McMoRan Copper & Gold, Inc., Senior
Unsecured Notes (Callable 04/01/11 @ $104.13)
  (BBB-, Ba2)   04/01/15     8.250       52,630    
  175     Freeport-McMoRan Copper & Gold, Inc., Senior
Unsecured Notes (Callable 04/01/12 @ $104.19)
  (BBB-, Ba2)   04/01/17     8.375       184,912    
  150     Noranda Aluminium Acquisition Corp., Global
Company Guaranteed Notes (Callable
08/25/08 @ $102.00)#
  (B-, B3)   05/15/15     6.828       130,125    
  125     Peabody Energy Corp., Global Company
Guaranteed Notes
  (BB, Ba1)   11/01/16     7.375       125,312    
      591,542    
Multi-Line Insurance (0.0%)      
  25     MBIA Insurance Corp., Rule 144A, Subordinated
Notes (Callable 01/15/13 @ $100.00)‡#
  (A, Baa1)   01/15/33     14.000       10,382    
Non-Food & Drug Retailers (2.2%)      
$ 100     Affinity Group, Inc., Global Company Guaranteed
Notes (Callable 08/25/08 @ $104.50)
  (CCC+, Caa1)   02/15/12     9.000     $ 88,500    
  75     Asbury Automotive Group, Inc., Global Company
Guaranteed Notes (Callable 03/15/12 @ $103.81)
  (B, B3)   03/15/17     7.625       60,750    
  100     Brookstone Company, Inc., Global Secured Notes
(Callable 10/15/09 @ $106.00)§
  (B, Caa1)   10/15/12     12.000       93,500    
  100     GameStop Corp., Global Company Guaranteed
Notes (Callable 10/01/09 @ $104.00)§
  (BB, Ba1)   10/01/12     8.000       102,500    
  25     Michaels Stores, Inc., Global Company Guaranteed
Notes (Callable 11/01/10 @ $105.00)§
  (CCC, B2)   11/01/14     10.000       21,781    
  75     Michaels Stores, Inc., Global Company Guaranteed
Notes (Callable 11/01/11 @ $105.69)§
  (CCC, Caa1)   11/01/16     11.375       60,000    
  125     Neiman Marcus Group, Inc., Global Company
Guaranteed Notes (Callable 10/15/10 @ $105.19)§
  (B, B3)   10/15/15     10.375       125,625    
  139     Susser Holdings LLC, Global Company Guaranteed
Notes (Callable 12/15/09 @ $105.31)§
  (B+, B3)   12/15/13     10.625       141,780    
  50     Yankee Acquisition Corp., Series B, Global Company
Guaranteed Notes (Callable 02/15/11 @ $104.25)§
  (B-, B3)   02/15/15     8.500       39,250    
  25     Yankee Acquisition Corp., Series B, Global Company
Guaranteed Notes (Callable 02/15/12 @
$104.88
  (CCC+, Caa1)   02/15/17     9.750       18,125    
      751,811    
Office Equipment (0.5%)      
  175     IKON Office Solutions, Inc., Global Senior
Unsecured Notes (Callable 09/15/10 @ $103.88)
  (BB-, Ba3)   09/15/15     7.750       176,313    

 

See Accompanying Notes to Financial Statements.
19



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

June 30, 2008 (unaudited)

Par
(000)
    Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Oil Field Equipment & Services (1.1%)      
$ 100     Bristow Group, Inc., Global Company Guaranteed
Notes (Callable 09/15/12 @ $103.75)§
  (BB, Ba2)   09/15/17     7.500     $ 100,750    
  75     Key Energy Services, Inc., Rule 144A, Senior
Notes (Callable 12/01/11 @ $104.19)‡
  (B+, B1)   12/01/14     8.375       76,875    
  75     Parker Drilling Co., Global Company Guaranteed
Notes (Callable 10/01/08 @ $104.81)
  (B+, B2)   10/01/13     9.625       79,125    
  100     Pride International, Inc., Global Senior Notes
(Callable 07/15/09 @ $103.69)§
  (BB+, Ba2)   07/15/14     7.375       100,250    
      357,000    
Packaging (1.9%)      
  75     Berry Petroleum Co., Senior Subordinated Notes
(Callable 11/01/11 @ $104.13)
  (B+, B3)   11/01/16     8.250       76,500    
  100     Berry Plastics Holding Corp., Global Company
Guaranteed Notes (Callable 03/01/11 @
$105.13
  (CCC+, Caa2)   03/01/16     10.250       75,500    
  65     Berry Plastics Holding Corp., Global Company
Guaranteed Notes (Callable 09/15/10 @
$104.44
  (B, Caa1)   09/15/14     8.875       56,550    
  50     Constar International, Inc., Company Guaranteed
Notes (Callable 08/25/08 @ $105.50)
  (CCC, Caa2)   12/01/12     11.000       27,750    
  70     Crown Americas LLC, Global Senior Notes
(Callable 11/15/10 @ $103.88)
  (B, B1)   11/15/15     7.750       70,350    
  25     Crown Cork & Seal Co., Inc., Debentures
(Callable 08/11/08 @ $101.91)§
  (B, B2)   04/15/23     8.000       22,250    
  125     Graham Packaging Company, Inc., Global
Subordinated Notes
(Callable 10/15/09 @ $104.94)§
  (CCC+, Caa1)   10/15/14     9.875       111,250    
  25     Owens-Brockway Glass Container, Inc.,
Global Company Guaranteed Notes
(Callable 08/25/08 @ $104.12)
  (BB, Ba3)   05/15/13     8.250       25,750    
  100     Owens-Illinois, Inc., Debentures   (B+, B2)   05/15/18     7.800       102,000    
  0     Pliant Corp., Global Senior Secured Notes
(Callable 07/07/08 @ $105.81)(1)
  (B, NR)   06/15/09     11.850       128    
  75     Solo Cup Co., Global Company Guaranteed
Notes (Callable 02/15/09 @ $104.25)§
  (CCC, Caa2)   02/15/14     8.500       66,000    
      634,028    
Printing & Publishing (1.4%)      
  150     Idearc, Inc., Global Company Guaranteed Notes
(Callable 11/15/11 @ $104.00)
  (B-, B3)   11/15/16     8.000       95,062    
  500     Premier Graphics, Inc., Company
Guaranteed Notesø^
  (NR, NR)   12/01/05     11.500       0    
  250     R.H. Donnelley Corp., Global Senior Unsecured
Notes (Callable 01/15/09 @ $103.44)§
  (B-, B3)   01/15/13     6.875       150,000    
  125     R.H. Donnelley Corp., Series A-2, Global Senior
Discount Notes (Callable 01/15/09 @ $103.44)§
  (B-, B3)   01/15/13     6.875       75,000    

 

See Accompanying Notes to Financial Statements.
20



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

June 30, 2008 (unaudited)

Par
(000)
    Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Printing & Publishing      
$ 125     Reader's Digest Association, Inc., Rule 144A,
Senior Subordinated Notes
(Callable 02/15/12 @ $104.50)‡
  (CCC, Caa1)   02/15/17     9.000     $ 91,875    
  60     Valassis Communications, Inc., Global Company
Guaranteed Notes (Callable 03/01/11 @
$104.13
  (B-, B3)   03/01/15     8.250       54,750    
      466,687    
Railroads (0.2%)      
  75     Kansas City Southern Railway, Company
Guaranteed Notes (Callable 06/01/12 @
$104.00
  (BB-, B2)   06/01/15     8.000       76,125    
Restaurants (0.1%)      
  50     Denny's Holdings, Inc., Global Company
Guaranteed Notes (Callable 10/01/08 @ $105.00)§
  (B, B3)   10/01/12     10.000       48,750    
Software/Services (1.2%)      
  175     First Data Corp., Rule 144A, Company Guaranteed
Notes (Callable 09/30/11 @ $104.94)‡
  (B, B3)   09/24/15     9.875       152,469    
  150     SunGard Data Systems, Inc., Global Company
Guaranteed Notes (Callable 08/15/10 @ $105.13)§
  (B-, Caa1)   08/15/15     10.250       151,500    
  100     Unisys Corp., Senior Unsubordinated Notes
(Callable 01/15/12 @ $106.25)
  (B+, B2)   01/15/16     12.500       102,000    
      405,969    
Steel Producers/Products (1.3%)      
  125     AK Steel Corp., Global Company Guaranteed
Notes (Callable 08/25/08 @ $102.58)§
  (BB-, B1)   06/15/12     7.750       125,938    
  100     Rathgibson, Inc., Global Company Guaranteed
Notes (Callable 02/15/10 @ $105.62)
  (B, B3)   02/15/14     11.250       96,250    
  100     Ryerson, Inc., Rule 144A, Senior Secured Notes
(Callable 11/01/11 @ $106.00)‡
  (B+, B2)   11/01/15     12.000       99,750    
  100     Steel Dynamics, Inc., Rule 144A, Senior Notes
(Callable 04/15/12 @ $103.88)‡
  (BB+, Ba2)   04/15/16     7.750       100,000    
      421,938    
Support-Services (3.5%)      
  125     ARAMARK Corp., Global Senior Unsecured
Notes (Callable 02/01/11 @ $104.25)§
  (B, B3)   02/01/15     8.500       123,125    
  50     Education Management LLC, Global Company
Guaranteed Notes (Callable 06/01/10 @ $104.38)
  (CCC+, B2)   06/01/14     8.750       46,750    
  75     Education Management LLC, Global Company
Guaranteed Notes (Callable 06/01/11 @ $105.13)
  (CCC+, Caa1)   06/01/16     10.250       69,375    
  150     Hertz Corp., Global Company Guaranteed Notes
(Callable 01/01/10 @ $104.44)
  (BB-, B1)   01/01/14     8.875       138,000    
  50     Iron Mountain, Inc., Company Guaranteed Notes
(Callable 06/15/13 @ $104.00)
  (B+, B2)   06/15/20     8.000       49,500    

 

See Accompanying Notes to Financial Statements.
21



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

June 30, 2008 (unaudited)

Par
(000)
    Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Support-Services      
$ 75     Iron Mountain, Inc., Company Guaranteed Notes
(Callable 08/05/08 @ $103.31)
  (B+, B2)   01/01/16     6.625     $ 70,500    
  75     JohnsonDiversey Holdings, Inc., Series B, Global
Company Guaranteed Notes
(Callable 08/11/08 @ $103.21)
  (B, B2)   05/15/12     9.625       76,125    
  75     JohnsonDiversey Holdings, Inc., Series B, Global
Discount Notes (Callable 08/11/08 @ $103.56)§
  (CCC+, Caa1)   05/15/13     10.670       75,000    
  75     Kar Holdings, Inc., Global Company Guaranteed
Notes (Callable 05/01/10 @ $104.38)
  (CCC+, B3)   05/01/14     8.750       65,625    
  25     Kar Holdings, Inc., Global Company Guaranteed
Notes (Callable 05/01/11 @ $105.00)
  (CCC, Caa1)   05/01/15     10.000       21,125    
  100     Mobile Mini, Inc., Global Company Guaranteed
Notes (Callable 05/01/11 @ $103.44)
  (B+, B2)   05/01/15     6.875       86,500    
  100     Mobile Services Group, Inc., Global Company
Guaranteed Notes (Callable 08/01/10 @ $104.88)
  (B+, B2)   08/01/14     9.750       96,500    
  25     Neff Corp., Global Company Guaranteed Notes
(Callable 06/01/11 @ $105.00)§
  (CCC+, Caa2)   06/01/15     10.000       9,625    
  100     Rental Service Corp., Global Company Guaranteed
Notes (Callable 12/01/10 @ $104.75)§
  (B-, Caa1)   12/01/14     9.500       84,000    
  105     Travelport LLC, Global Company Guaranteed Notes
(Callable 09/01/10 @ $104.94)
  (B, B3)   09/01/14     9.875       93,712    
  50     Travelport LLC, Global Company Guaranteed Notes
(Callable 09/01/11 @ $105.94)§
  (CCC+, Caa1)   09/01/16     11.875       41,250    
  50     United Rentals North America, Inc., Global
Company Guaranteed Notes (Callable
08/11/08 @ $103.25)§
  (BB-, B1)   02/15/12     6.500       45,250    
      1,191,962    
Telecom - Fixed Line (1.2%)      
  175     Level 3 Financing, Inc., Global Company
Guaranteed Notes (Callable 02/15/09 @
$102.00)#
  (CCC+, Caa1)   02/15/15     6.704       147,000    
  175     Paetec Holding Corp.,Series WI, Global Company
Guaranteed Notes (Callable 07/15/11 @ $104.75)
  (CCC+, Caa1)   07/15/15     9.500       162,313    
  100     Time Warner Telecom Holdings, Inc., Global
Company Guaranteed Notes (Callable
02/15/09 @ $104.62)§
  (CCC+, B3)   02/15/14     9.250       102,750    
      412,063    
Telecom - Integrated/Services (3.3%)      
  175     Cincinnati Bell, Inc., Global Senior Subordinated
Notes (Callable 01/15/09 @ $104.19)§
  (B-, B2)   01/15/14     8.375       170,187    
  200     Citizens Communications Co., Senior
Unsecured Notes
  (BB, Ba2)   01/15/13     6.250       186,500    

 

See Accompanying Notes to Financial Statements.
22



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

June 30, 2008 (unaudited)

Par
(000)
    Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Telecom - Integrated/Services      
$ 50     Hawaiian Telcom Communications, Inc., Series B,
Global Company Guaranteed Notes
(Callable 05/01/10 @ $106.25)§
  (CCC, Caa3)   05/01/15     12.500     $ 12,750    
  125     Hughes Network Systems LLC, Global Company
Guaranteed Notes (Callable 04/15/10 @ $104.75)
  (B, B1)   04/15/14     9.500       127,031    
  75     Level 3 Financing, Inc., Global Company
Guaranteed Notes (Callable 03/15/10 @ $106.13)§
  (CCC+, Caa1)   03/15/13     12.250       75,844    
  125     Qwest Communications International, Inc.,
Series B, Global Company Guaranteed Notes
(Callable 02/15/09 @ $103.75)
  (B+, Ba3)   02/15/14     7.500       119,375    
  240     Qwest Corp., Global Senior Notes   (BBB-, Ba1)   06/15/15     7.625       232,200    
  25     Windstream Corp., Global Company
Guaranteed Notes
  (BB, Ba3)   08/01/13     8.125       25,063    
  150     Windstream Corp., Global Company
Guaranteed Notes (Callable 08/01/11 @ $104.31)
  (BB, Ba3)   08/01/16     8.625       150,375    
      1,099,325    
Telecom - Wireless (2.1%)      
  75     Centennial Cellular Communications Corp.,
Global Company Guaranteed Notes (Callable
08/25/08 @ $105.06)
  (B, B2)   06/15/13     10.125       77,625    
  100     Cricket Communications, Inc., Global Company
Guaranteed Notes (Callable 11/01/10 @ $104.69)§
  (B-, B3)   11/01/14     9.375       96,750    
  50     MetroPCS Wireless, Inc., Global Company
Guaranteed Notes (Callable 11/01/10 @ $104.63)
  (B-, Caa1)   11/01/14     9.250       48,375    
  175     Nextel Communications, Inc., Series F, Company
Guaranteed Notes (Callable 03/15/09 @ $102.98)
  (BB, Baa3)   03/15/14     5.950       140,598    
  410     Sprint Nextel Corp., Senior Unsecured Notes   (BB, Baa3)   12/01/16     6.000       353,156    
      716,504    
Textiles & Apparel (0.7%)      
  125     Levi Strauss & Co., Global Senior Notes
(Callable 01/15/10 @ $104.88)§
  (B+, B2)   01/15/15     9.750       126,250    
  100     Phillips-Van Heusen Corp., Global Senior
Unsecured Notes (Callable 08/11/08 @ $104.06)
  (BB+, Ba3)   05/01/13     8.125       101,500    
      227,750    
Theaters & Entertainment (0.4%)      
  150     AMC Entertainment, Inc., Global Senior
Subordinated Notes (Callable 03/01/09 @
$104.00)
  (CCC+, B2)   03/01/14     8.000       133,875    
TOTAL CORPORATE BONDS (Cost $31,822,619)               29,229,822  

 

See Accompanying Notes to Financial Statements.
23



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

June 30, 2008 (unaudited)

Par
(000)
    Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
FOREIGN BONDS (11.8%)      
Chemicals (0.5%)      
$ 150     Basell AF SCA, Rule 144A, Company Guaranteed
Notes (Callable 08/15/10 @ $104.19)
(Luxembourg)‡
  (B-, B3)   08/15/15     8.375     $ 96,000    
  125     Ineos Group Holdings PLC, Rule 144A, Company
Guaranteed Notes (Callable 02/15/11 @
$104.25) (United Kingdom)‡§
  (B-, B3)   02/15/16     8.500       82,812    
      178,812    
Electronics (1.0%)      
  100     Avago Technologies Finance, Global Company
Guaranteed Notes (Callable 12/01/10 @
$105.94) (Singapore)§
  (B, B3)   12/01/15     11.875       108,000    
  100     Celestica, Inc., Senior Subordinated Notes
(Callable 08/25/08 @ $103.94) (Canada)§
  (B, B3)   07/01/11     7.875       100,500    
  150     NXP BV/NXP Funding LLC, Global Company
Guaranteed Notes (Callable 10/15/10 @
$103.94) (Netherlands)§
  (BB-, Ba3)   10/15/14     7.875       138,750    
      347,250    
Energy - Exploration & Production (0.2%)      
  75     OPTI Canada, Inc., Global Senior Secured Notes
(Callable 12/15/10 @ $104.13) (Canada)
  (BB+, B1)   12/15/14     8.250       75,000    
Forestry & Paper (0.7%)      
  250     Abitibi-Consolidated, Inc., Global Company
Guaranteed Notes (Canada)
  (CCC+, Caa2)   06/15/11     7.750       127,500    
  125     Smurfit Kappa Funding PLC, Global Senior
Subordinated Notes (Callable 01/31/10 @
$103.88) (Ireland)
  (B+, B2)   04/01/15     7.750       114,375    
      241,875    
Gaming (0.6%)      
  150     Codere Finance Luxembourg, Rule 144A, Senior
Secured Notes (Callable 06/15/10 @
$104.13) (Luxembourg)‡
  (BB-, B2)   06/15/15     8.250       202,064    
Media - Cable (1.6%)      
  175     UnityMedia GmbH, Rule 144A, Senior Secured
Notes (Callable 02/15/10 @ $105.06) (Germany)‡
  (B-, Caa2)   02/15/15     10.125       263,314    
  150     Virgin Media Finance PLC, Global Company
Guaranteed Notes (Callable 04/15/09 @
$104.88) (United Kingdom)
  (B-, B2)   04/15/14     9.750       274,640    
      537,954    
Media - Diversified (0.3%)      
  100     Quebecor Media, Inc., Global Senior Unsecured
Notes (Callable 03/15/11 @ $103.88) (Canada)
  (B, B2)   03/15/16     7.750       93,500    

 

See Accompanying Notes to Financial Statements.
24



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

June 30, 2008 (unaudited)

Par
(000)
    Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
FOREIGN BONDS      
Oil Refining & Marketing (0.4%)      
$ 125     Petroplus Finance, Ltd., Rule 144A, Company
Guaranteed Notes (Callable 05/01/11 @
$103.38) (Bermuda)‡§
  (BB-, B1)   05/01/14     6.750     $ 113,750    
Packaging (0.5%)      
  60     Gerresheimer Holdings GmbH, Rule 144A,
Company Guaranteed Notes
(Callable 02/15/10 @ 103.94) (Germany)‡
  (BB, B1)   03/01/15     7.875       94,533    
  50     Impress Holdings BV, Rule 144A, Company
Guaranteed Notes (Callable 09/15/09 @
$109.25) (Netherlands)‡
  (B-, B3)   09/15/14     9.250       70,506    
      165,039    
Pharmaceuticals (0.3%)      
  25     Elan Finance PLC, Global Company Guaranteed
Notes (Callable 11/15/08 @ $103.88) (Ireland)
  (B, B3)   11/15/11     7.750       24,375    
  75     Elan Finance PLC, Global Company Guaranteed
Notes (Callable 12/01/10 @ $104.44) (Ireland)§
  (B, B3)   12/01/13     8.875       75,563    
      99,938    
Support-Services (0.8%)      
  75     Ashtead Holdings PLC, Rule 144A, Secured Notes
(Callable 08/01/10 @ $104.31) (United Kingdom)‡§
  (B, B1)   08/01/15     8.625       65,625    
  150     Carlson Wagonlit BV, Rule 144A, Company
Guaranteed Notes (Callable 08/25/08 @ $104.00)
(Netherlands)#‡
  (B-, B2)   05/01/15     10.607       193,793    
      259,418    
Telecom - Integrated/Services (3.0%)      
  150     BCM Ireland Finance, Rule 144A, Company
Guaranteed Notes (Callable 08/15/08 @ $101.00)
(Ireland)#‡
  (B-, B3)   08/15/16     9.856       212,699    
  175     Global Crossing UK Finance, Global Company
Guaranteed Notes (Callable 12/15/09 @ $105.38)
(United Kingdom)
  (B-, B3)   12/15/14     10.750       174,125    
  100     Hellas II, Rule 144A, Company Guaranteed Notes
(Callable 08/25/08 @ $102.00) (Luxembourg)#‡
  (CCC+, Caa1)   01/15/15     8.463       76,500    
  375     Intelsat Jackson Holdings, Ltd., Global Company
Guaranteed Notes (Callable 06/15/11 @
$105.62) (Bermuda)
  (CCC+, Caa2)   06/15/16     11.250       381,562    
  100     Nordic Telephone Co. Holdings, Rule 144A,
Senior Secured Notes (Callable 08/25/08 @
$101.00) (Denmark)#‡
  (B+, B2)   05/01/16     10.357       155,980    
      1,000,866    

 

See Accompanying Notes to Financial Statements.
25



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

June 30, 2008 (unaudited)

Par
(000)
    Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
FOREIGN BONDS      
Telecommunications Equipment (0.4%)      
$ 125     Nortel Networks Ltd., Rule 144A, Company
Guaranteed Notes (Callable 07/15/11 @
$105.38) (Canada)‡
  (B-, B3)   07/15/16     10.750     $ 124,375    
Textiles & Apparel (0.6%)      
  200     IT Holding Finance SA, Rule 144A, Company
Guaranteed Notes (Luxembourg)‡
  (CCC, B3)   11/15/12     9.875       209,548    
Transportation - Excluding Air/Rail (0.9%)      
  150     Bombardier, Inc., Rule 144A, Senior
Unsecured Notes (Canada)‡
  (BB+, Ba2)   05/01/14     6.300       144,000    
  150     Ship Finance International, Ltd., Global Company
Guaranteed Notes (Callable 12/15/08 @
$104.25) (Bermuda)§
  (B+, B1)   12/15/13     8.500       153,750    
      297,750    
TOTAL FOREIGN BONDS (Cost $4,135,984)     3,947,139    
Number of
Shares
   
COMMON STOCKS (0.0%)      
Automobile Parts & Equipment (0.0%)      
  413,097     Cambridge Industries Liquidating Trust*^               0    
  588     Safelite Realty Corp.*^               4,704    
TOTAL COMMON STOCKS (Cost $0)     4,704    
WARRANTS (0.0%)      
Telecom - Wireless (0.0%)      
  500     iPCS, Inc., Rule 144A, strike price $5.50 expires 07/15/10*‡^ (Cost $0)               0    
SHORT-TERM INVESTMENT (29.0%)      
  9,746,710     State Street Navigator Prime Portfolio§§ (Cost $9,746,710)               9,746,710    
TOTAL INVESTMENTS AT VALUE (127.8%) (Cost $45,705,313)     42,928,375    
LIABILITIES IN EXCESS OF OTHER ASSETS (-27.8%)     (9,343,626 )  
NET ASSETS (100.0%)   $ 33,584,749    

 

See Accompanying Notes to Financial Statements.
26



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

June 30, 2008 (unaudited)

INVESTMENT ABBREVIATIONS

NR = Not Rated

†  Credit ratings given by the Standard & Poor's Division of The McGraw-Hill Companies, Inc. ("S&P") and Moody's Investors Service, Inc. ("Moody's") are unaudited.

‡  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2008, these securities amounted to a value of $6,416,634 or 19.1% of net assets.

+  Step Bond — The interest rate stated is as of June 30, 2008 and will reset at a future date.

*  Non-income producing security.

^  Not readily marketable security; security is valued at fair value as determined in good faith by, or under the direction of, the Board of Directors.

#  Variable rate obligations — The interest rate is the rate as of June 30, 2008.

§  Security or portion thereof is out on loan.

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

ø  Bond is currently in default.

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

See Accompanying Notes to Financial Statements.
27




Credit Suisse Global High Yield Fund
Statement of Assets and Liabilities
June 30, 2008 (unaudited)

Assets  
Investments at value, including collateral for securities on loan of $9,746,710
(Cost $45,705,313) (Note 2)
  $ 42,928,3751    
Foreign currency at value (cost $14,874)     14,891    
Receivable for investments sold     786,471    
Interest receivable     743,412    
Unrealized appreciation on forward currency contracts (Note 2)     1,989    
Prepaid expenses and other assets     22,428    
Total Assets     44,497,566    
Liabilities  
Advisory fee payable (Note 3)     5,378    
Payable upon return of securities loaned (Note 2)     9,746,710    
Loan payable (Note 4)     822,000    
Payable for investments purchased     192,234    
Due to custodian     69,192    
Dividends payable     44,928    
Payable for fund shares redeemed     19,641    
Directors' fee payable     6,376    
Unrealized depreciation on forward currency contracts (Note 2)     6,358    
Total Liabilities     10,912,817    
Net Assets  
Capital stock, $.001 par value (Note 6)     3,762    
Paid-in capital (Note 6)     83,691,149    
Accumulated net investment loss     (318,807 )  
Accumulated net realized loss on investments and foreign currency transactions     (47,010,381 )  
Net unrealized depreciation on investments and foreign currency translations     (2,780,974 )  
Net Assets   $ 33,584,749    
Shares outstanding     3,762,291    
Net asset value, offering price, and redemption price per share   $ 8.93    

 

1  Including $9,545,959 of securities on loan.

See Accompanying Notes to Financial Statements.
28



Credit Suisse Global High Yield Fund
Statement of Operations
For the Six Months Ended June 30, 2008 (unaudited)

Investment Income (Note 2)  
Interest   $ 1,597,567    
Securities lending     42,180    
Total investment income     1,639,747    
Expenses  
Investment advisory fees (Note 3)     126,920    
Administrative services fees (Note 3)     5,309    
Registration fees     19,787    
Printing fees (Note 3)     14,911    
Directors' fees     10,396    
Audit and tax fees     9,360    
Legal fees     7,744    
Custodian fees     5,524    
Transfer agent fees     3,054    
Interest expense (Note 4)     1,815    
Commitment fees (Note 4)     493    
Insurance expense     384    
Total expenses     205,697    
Less: fees waived (Note 3)     (78,777 )  
Net expenses     126,920    
Net investment income     1,512,827    
Net Realized and Unrealized Gain (Loss) from Investments and Foreign Currency Related Items  
Net realized loss from investments     (1,760,853 )  
Net realized loss from foreign currency transactions     (164,328 )  
Net change in unrealized appreciation (depreciation) from investments     (497,085 )  
Net change in unrealized appreciation (depreciation) from foreign currency translations     43,324    
Net realized and unrealized loss from investments and foreign currency related items     (2,378,942 )  
Net decrease in net assets resulting from operations   $ (866,115 )  

 

See Accompanying Notes to Financial Statements.
29




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

    For the Six Months
Ended
June 30, 2008
(unaudited)
  For the Year
Ended
December 31, 2007
 
From Operations  
Net investment income   $ 1,512,827     $ 3,098,598    
Net realized loss from investments, swap contracts and foreign
currency transactions
    (1,925,181 )     (87,764 )  
Net change in unrealized appreciation (depreciation)
from investments and foreign currency translations
    (453,761 )     (1,865,788 )  
Net increase (decrease) in net assets resulting from operations     (866,115 )     1,145,046    
From Dividends  
Dividends from net investment income     (1,512,333 )     (3,262,980 )  
Net decrease in net assets resulting from dividends     (1,512,333 )     (3,262,980 )  
From Capital Share Transactions (Note 6)  
Proceeds from sale of shares     8,035,029       10,229,579    
Reinvestment of dividends     1,427,881       3,102,612    
Net asset value of shares redeemed     (11,335,819 )1     (17,489,646 )2  
Net decrease in net assets from capital share transactions     (1,872,909 )     (4,157,455 )  
Net decrease in net assets     (4,251,357 )     (6,275,389 )  
Net Assets  
Beginning of period     37,836,106       44,111,495    
End of period   $ 33,584,749     $ 37,836,106    
Accumulated net investment loss   $ (318,807 )   $ (319,301 )  

 

1  Net of $3,936 of redemption fees retained by the Fund.

2  Net of $297 of redemption fees retained by the Fund.

See Accompanying Notes to Financial Statements.
30




Credit Suisse Global High Yield Fund
Financial Highlights

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

    For the
Six Months
Ended
June 30, 2008
 
For the Year
Ended
December 31,
  For the Period
September 1,
2004 to
December 31,
 
For the Year
Ended
August 31,
 
    (unaudited)   2007   2006   2005   20041   2004   2003  
Per share data  
Net asset value,
beginning of period
  $ 9.57     $ 10.19     $ 9.96     $ 10.65     $ 10.38     $ 10.26     $ 9.90    
INVESTMENT OPERATIONS  
Net investment income     0.39       0.85       0.79       0.81       0.31       1.01       1.14    
Net gain (loss) on investments,
swap contracts and foreign
currency related items (both
realized and unrealized)
    (0.63 )     (0.57 )     0.19       (0.55 )     0.55       0.72       0.41    
Total from investment operations     (0.24 )     0.28       0.98       0.26       0.86       1.73       1.55    
LESS DIVIDENDS  
Dividends from net investment income     (0.40 )     (0.90 )     (0.75 )     (0.95 )     (0.59 )     (1.61 )     (1.19 )  
Net asset value, end of period   $ 8.93     $ 9.57     $ 10.19     $ 9.96     $ 10.65     $ 10.38     $ 10.26    
Total return2     (2.51 )%     2.61 %     10.21 %     2.58 %     8.43 %     18.27 %     16.96 %  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of period (000s omitted)   $ 33,585     $ 37,836     $ 44,111     $ 29,248     $ 34,842     $ 32,675     $ 26,729    
Ratio of expenses to average net assets     0.70 %3     0.70 %     0.70 %     0.70 %     0.70 %3     0.70 %     0.70 %  
Ratio of net investment income
to average net assets
    8.34 %3     8.04 %     7.52 %     7.96 %     8.30 %3     8.74 %     10.15 %  
Decrease reflected in above operating
expense ratios due to
waivers/reimbursements
    0.43 %3     0.54 %     0.61 %     0.68 %     0.91 %3     0.95 %     0.40 %  
Portfolio turnover rate     22 %     46 %     69 %     71 %     5 %     30 %     56 %  

 

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

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

3  Annualized.

See Accompanying Notes to Financial Statements.
31




Credit Suisse Global High Yield Fund
Notes to Financial Statements
June 30, 2008 (unaudited)

Note 1. Organization

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

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

Note 2. Significant Accounting Policies

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

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


32



Credit Suisse Global High Yield Fund
Notes to Financial Statements (continued)
June 30, 2008 (unaudited)

Note 2. Significant Accounting Policies

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

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

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

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

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

The following is a summary of the inputs used as of June 30, 2008 in valuing the Fund's investments carried at value:

Valuation Inputs   Investments in
Securities
  Other Financial
Instruments*
 
Level 1 — Quoted Prices   $ 9,746,710     $ (4,369 )  
Level 2 — Other Significant Observable Inputs     33,139,735          
Level 3 — Significant Unobservable Inputs     41,930          
Total   $ 42,928,375     $ (4,369 )  

 

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

As of June 30, 2008, the amounts shown by the Fund as being Level 3 securities that were measured at fair value amounted to 0.12% of net assets.


33



Credit Suisse Global High Yield Fund
Notes to Financial Statements (continued)
June 30, 2008 (unaudited)

Note 2. Significant Accounting Policies

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

C) SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on a trade date basis. Interest income is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method. Dividends are recorded on the ex-dividend date. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes.

D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income are declared and paid quarterly. Distributions of net realized capital gains, if any, are declared and paid at least annually. However, to the extent that a net realized capital gain can be reduced by a capital loss carryforward, such gain will not be distributed. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP").

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

During June 2006, the Financial Accounting Standards Board ("FASB") issued FASB Interpretation 48 ("FIN 48" or the "Interpretation"), Accounting for Uncertainty in Income Taxes — an interpretation of FASB statement 109. The Fund has reviewed its' current tax positions and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal


34



Credit Suisse Global High Yield Fund
Notes to Financial Statements (continued)
June 30, 2008 (unaudited)

Note 2. Significant Accounting Policies

tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

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

H)  FORWARD FOREIGN CURRENCY CONTRACTS — The Fund may enter into forward foreign currency contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency. The Fund will enter into forward foreign currency contracts primarily for hedging purposes. Forward foreign currency contracts are adjusted by the daily forward exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the contract settlement date or an offsetting position is entered into. At June 30, 2008, the Fund had the following open forward foreign currency contracts:

Forward Foreign
Currency Contract
  Expiration
Date
  Foreign Currency
To Be Sold
  Contract
Amount
  Contract
Value
  Unrealized
Gain/(Loss)
 
British Pound   7/11/2008   £ (150,000 )   $ (294,432 )   $ (298,263 )   $ (3,831 )  
European Economic Unit   7/11/2008   (930,000 )     (1,465,587 )     (1,464,424 )     1,163    
European Economic Unit   7/11/2008   (83,000 )     (128,169 )     (130,696 )     (2,527 )  
European Economic Unit   7/11/2008   (45,000 )     (71,685 )     (70,859 )     826    
            $ (1,959,873 )   $ (1,964,242 )   $ (4,369 )  

 

I) SECURITIES LENDING — Loans of securities are required at all times to be secured by collateral at least equal to 102% of the market value of domestic securities on loan (including any accrued interest thereon) and 105% of the market value of foreign securities on loan (including any accrued interest thereon). Cash collateral received by the Fund in connection with securities lending activity may


35



Credit Suisse Global High Yield Fund
Notes to Financial Statements (continued)
June 30, 2008 (unaudited)

Note 2. Significant Accounting Policies

be pooled together with cash collateral for other funds/portfolios advised by Credit Suisse and may be invested in a variety of investments, including certain Credit Suisse-advised funds, funds advised by SSB, the Fund's securities lending agent, or money market instruments. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings.

SSB has been engaged by the Fund to act as the Fund's securities lending agent. The Fund's securities lending arrangement provides that the Fund and SSB will share the net income earned from securities lending activities. During the six months ended June 30, 2008, total earnings from the Fund's investment in cash collateral received in connection with securities lending arrangements was $171,919, of which $119,187 was rebated to borrowers (brokers). The Fund retained $42,180 in income from the cash collateral investment, and SSB, as lending agent, was paid $10,552. The Fund may also be entitled to certain minimum amounts of income from its securities lending activities. Securities lending income is accrued as earned.

J) OTHER — Lower-rated debt securities (commonly known as "junk bonds") possess speculative characteristics and are subject to greater market fluctuations and risk of lost income and principal than higher-rated debt securities for a variety of reasons. Also, during an economic downturn or substantial period of rising interest rates, highly leveraged issuers may experience financial stress which would adversely affect their ability to service their principal and interest payment obligations, to meet projected business goals and to obtain additional financing.

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

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

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


36



Credit Suisse Global High Yield Fund
Notes to Financial Statements (continued)
June 30, 2008 (unaudited)

Note 3. Transactions with Affiliates and Related Parties

Credit Suisse serves as investment adviser for the Fund. For its investment advisory services, Credit Suisse is entitled to receive a fee from the Fund at an annual rate of 0.70% of the Fund's average daily net assets. For the six months ended June 30, 2008, investment advisory fees earned and voluntarily waived were $126,920 and $78,777, respectively. Fee waivers and reimbursements are voluntary and may be discontinued by Credit Suisse at any time.

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

For its co-administrative services, SSB receives a fee, exclusive of out-of-pocket expenses, calculated in total for all the Credit Suisse funds/portfolios co-administered by SSB and allocated based upon relative average net assets of each fund/portfolio, subject to an annual minimum fee. For the six months ended June 30, 2008, co-administrative services fees earned by SSB (including out-of-pocket expenses) were $5,309.

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

Merrill Corporation ("Merrill"), an affiliate of Credit Suisse, has been engaged by the Fund to provide certain financial printing and fulfillment services. For the six months ended June 30, 2008, Merrill was paid $10,492 for its services to the Fund.

Note 4. Line of Credit

The Fund, together with other funds/portfolios advised by Credit Suisse (collectively, the "Participating Funds"), participates in a $50 million committed, unsecured line of credit facility ("Credit Facility") for temporary or emergency purposes with Deutsche Bank, A.G. as administrative agent and syndication agent and SSB as operations agent. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee at a rate of 0.10% per annum on the average unused amount of the Credit Facility, which is allocated among the Participating Funds in such manner as is determined by the governing Boards of the Participating Funds. In addition, the Participating Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. Effective June 2008, Deutsche Bank, A.G. no longer serves as administrative agent and syndication agent to the credit facility. At June 30, 2008, the Fund had


37



Credit Suisse Global High Yield Fund
Notes to Financial Statements (continued)
June 30, 2008 (unaudited)

Note 4. Line of Credit

$822,000 outstanding under the Credit Facility. During the six months ended June 30, 2008, the Fund had borrowings under the Credit Facility as follows:

Average Daily
Loan Balance
  Weighted Average
Interest Rate %
  Maximum Daily
Loan Outstanding
 
$ 1,297,000       2.614 %   $ 4,304,500    

 

Note 5. Purchases and Sales of Securities

For the six months ended June 30, 2008, purchases and sales of investment securities (excluding short-term investments) were $8,962,846 and $7,231,385, respectively.

At June 30, 2008, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized depreciation from investments were $45,705,313, $242,302, $(3,019,240) and $(2,776,938), respectively.

Note 6. Capital Share Transactions

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

    For the Six Months Ended
June 30, 2008(unaudited)
  For the Year Ended
December 31, 2007
 
Shares sold     858,643       1,002,345    
Shares issued in reinvestment of dividends     159,196       310,686    
Shares redeemed     (1,207,153 )     (1,688,205 )  
Net decrease     (189,314 )     (375,174 )  

 

The Fund imposes a 2% redemption fee on shares currently being offered that are purchased on or after March 1, 2007 and redeemed or exchanged within 30 days from the date of purchase. Reinvested dividends and distributions are not subject to the fee. The fee is charged based on the value of shares at redemption, is paid directly to the Fund and becomes part of the Fund's daily net asset value calculation. When shares are redeemed that are subject to the fee, reinvested dividends and distributions are redeemed first, followed by the shares held longest.


38



Credit Suisse Global High Yield Fund
Notes to Financial Statements (continued)
June 30, 2008 (unaudited)

Note 6. Capital Share Transactions

On June 30, 2008, the number of shareholders that held 5% or more of the outstanding shares of the Fund was as follows:

Number of
Shareholders
  Approximate Percentage
of Outstanding Shares
 
  2       86 %  

 

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

Note 7. Contingencies

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

Note 8. Recent Accounting Pronouncements

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


39





Credit Suisse Global High Yield Fund
Privacy Policy Notice
(unaudited)

Important Privacy Choices for Consumers

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

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

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

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

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

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

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

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

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

Note: This Notice is provided to clients and prospective clients of Credit Suisse Asset Management, LLC ("Credit Suisse"), and Credit Suisse Asset Management Securities, Inc., and shareholders and prospective shareholders in Credit Suisse sponsored and advised investment companies, including Credit Suisse Funds, and other consumers and customers, as applicable. This Notice is not intended to be incorporated in any offering materials but is merely a statement of our current Privacy Policy, and may be amended from time to time upon notice to you. This Notice is dated as of May 13, 2008.


40




Credit Suisse Global High Yield Fund
Proxy Voting and Portfolio Holdings Information
(unaudited)

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

•  By calling 1-800-222-8977

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

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

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


41




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

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

CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR.  INSTFIX-SAR-0608




 

Item 2. Code of Ethics.

 

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

 

Item 3. Audit Committee Financial Expert.

 

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

 

Item 4. Principal Accountant Fees and Services.

 

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

 

Item 5. Audit Committee of Listed Registrants.

 

This item is not applicable to the registrant.

 

Item 6. Schedule of Investments.

 

Included as part of the report to shareholders filed under Item 1 of this Form.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

This item is not applicable to the registrant.

 

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

 

This item is not applicable to the registrant.

 

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

 

This item is not applicable to the registrant.

 

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

 

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

 

Item 11. Controls and Procedures.

 

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

 



 

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

 

Item 12. Exhibits.

 

(a)(1)       Not applicable.

 

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

 

(a)(3)       Not applicable.

 

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

 



 

SIGNATURES

 

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

 

CREDIT SUISSE GLOBAL HIGH YIELD FUND, INC.

 

 

 /s/George R. Hornig

 

 

 Name:

 George R. Hornig

 

 

 Title:

 Chief Executive Officer

 

 

 Date:

 September 4, 2008

 

 

 

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

 

 

 /s/George R. Hornig

 

 

 Name:

 George R. Hornig

 

 

 Title:

 Chief Executive Officer

 

 

 Date:

 September 4, 2008

 

 

 

 

 

 

 

 

 /s/Michael A. Pignataro

 

 

 Name:

 Michael A. Pignataro

 

 

 Title:

 Chief Financial Officer

 

 

 Date:

 September 4, 2008

 

 


EX-99.CERT 2 a08-18307_12ex99dcert.htm EX-99.CERT

EXHIBIT 99.CERT

 

EXHIBIT 12(a)(2)

 

CERTIFICATIONS

 

I, Michael A. Pignataro, certify that:

 

1.                                       I have reviewed this report on Form N-CSR of Credit Suisse Global High Yield Fund, Inc.;

 

2.                                       Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.                                       Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.                                       The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)                                  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)                                 Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)                                  Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d)                                 Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.                                       The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)                                  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b)                                 Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:  September 4, 2008

 

 

/s/Michael A. Pignataro

 

 

 

Michael A. Pignataro

 

Chief Financial Officer

 

 



 

I, George R. Hornig, certify that:

 

1.                                       I have reviewed this report on Form N-CSR of Credit Suisse Global High Yield Fund, Inc.;

 

2.                                       Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.                                       Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.                                       The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)                                  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)                                 Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)                                  Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d)                                 Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.                                       The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)                                  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b)                                 Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Date:  September 4, 2008

 

 

 

/s/George R. Hornig

 

 

 

George R. Hornig

 

Chief Executive Officer

 

 


EX-99.906CERT 3 a08-18307_12ex99d906cert.htm EX-99.906CERT

EXHIBIT 99.906CERT

 

EXHIBIT 12(b)

 

SECTION 906 CERTIFICATIONS

 

SECTION 906 CERTIFICATION

 

George R. Hornig, Chief Executive Officer, and Michael A. Pignataro, Chief Financial Officer, of Credit Suisse Global High Yield Fund, Inc. (the “Fund”), each certify to his knowledge that:

 

(1)          The Fund’s periodic report on Form N-CSR for the period ended June 30, 2008 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)          The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

 

 

 

/s/George R. Hornig

 

/s/Michael A. Pignataro

 

George R. Hornig

 

Michael A. Pignataro

 

Chief Executive Officer

 

Chief Financial Officer

 

September 4, 2008

 

September 4, 2008

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

 


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-----END PRIVACY-ENHANCED MESSAGE-----