N-CSRS 1 a10-13895_1ncsrs.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 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)

 

John G. Popp
Credit Suisse 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, 2010 to June 30, 2010

 

 



 

Item 1. Reports to Stockholders.

 



CREDIT SUISSE
INSTITUTIONAL FUND

Semiannual Report

June 30, 2010
(unaudited)

n  CREDIT SUISSE
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, 2010; 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 High Yield Fund
Semiannual Investment Adviser's Report

June 30, 2010 (unaudited)

July 28, 2010

Dear Shareholder:

Performance Summary
1/1/10 – 06/30/10

Fund & Benchmark   Performance  
Credit Suisse High Yield Fund1      3.60 %  
BofA Merrill Lynch US High Yield Master II
Constrained Index2 
    4.71 %  
BofA Merrill Lynch Global High Yield
Constrained Index (fully hedged)3 
    5.05 %  

 

Market Review: A positive period overall

The six-month period ended June 30, 2010 was a positive one for the high yield bond market. The BofA Merrill Lynch US High Yield Master II Constrained Index (the "Index"), the Fund's benchmark, returned 4.71% for the period, with positive returns in 5 of the 6 months (May 2010 as the exception). High yield bond spreads widened 74 basis points versus the Treasury market to end the period at +714 basis points, while high yield bond yields ended the period at 9.03%.

From a quality point-of-view, BB-rated and CCC-rated securities outperformed the Index, returning 5.6% and 5.0%, respectively. In contrast, B-rated securities had positive returns for the period, but underperformed the Index with returns of 3.5%. The insurance, financials and airlines sectors led the Index, while technology, utilities, and food & drug retail lagged during the period.

High yield default rates rose throughout much of last year, peaking at 13.48% in November 2009. Since then, the global default rate, as measured by Moody's, has declined steadily to 6.1%, and is expected to decline further over the balance of the year. Additionally, according to JPMorgan, the pace of corporate high yield defaults is continuing to slow, with only two companies defaulting or missing coupons in June — bringing the year to date total to 22. The percentage of securities considered "distressed" (defined as those trading at spreads of more than 1,000 basis points over Treasuries), fell steadily throughout most of the period, but rose slightly toward the end of the period. Though the percentage of distressed securities was 13.83% at the end of June, this number was still down from 2009's year-end of 17.9% — and down significantly from the all-time high of 83.6% in November 2008.

Following the record high calendar year bond issuance of $180.7 billion set in 2009, JP Morgan is reporting that new issue volume for this six-month period was $125 billion. New issuance activity occurred mostly in the first quarter of 2010,


1



Credit Suisse High Yield Fund
Semiannual Investment Adviser's Report (continued)

June 30, 2010 (unaudited)

with latter parts of the period showing a significant slowdown. High-yield mutual funds saw volatile fund flows during the period, and ended with inflows of approximately $150 million as reported by Lipper.

Strategic Review and Outlook: We remain cautious going forward

For the semiannual period ended June 30, 2010, the Fund underperformed its benchmark. Superior security selection in the chemicals, health facilities, building & construction, and gaming sectors contributed positively to returns. On the other hand, security selection in electric-generation and overweight positions in the oil field equipment sector and cash detracted from returns.

Portfolio construction remains selective as we focus on securities that offer solid relative value versus their peers. We continue to take advantage of opportunities in the new issuance market at attractive yields, especially in more senior bonds. Portfolio exposures reflect our positive view on the technology, cable, and broadcast sectors, as well as growing comfort with some of the more cyclical chemical and paper companies. In contrast, we remain cautious with respect to consumer-driven industries, and have sought to limit exposures to those sectors.

The reopening of both debt and equity capital markets has made capital available to a broad range of companies, allowing many below-investment-grade issuers to refinance and extend debt maturities. The improved liquidity, combined with a stabilizing fundamental backdrop, has significantly decreased expectations for upcoming defaults. Moody's is currently forecasting that the June 2011 global default rate will decline from its current rate of 6.1% to 1.8%. In addition, 2010 recovery rates (the price at which a defaulted security is trading one month post default) have risen back to near historical averages compared to 2009 figures. Given this environment of declining defaults and a stabilizing economy, the high yield market has rallied significantly from its 2009 lows. However, given the overhang of sovereign default risk and likely regulatory changes for the U.S. financial services sector, we remain cautious and anticipate further volatility in the near future.

On May 1, 2010, Credit Suisse Global High Yield Fund, Inc. changed its name to Credit Suisse High Yield Fund, Inc. At that time, the investment strategy changed from a global strategy to a domestic one and the benchmark changed from the BofA Merrill Lynch Global High Yield Constrained Index (fully hedged) to the BofA Merrill Lynch US High Yield Master II Constrained Index.

Effective June 3, 2010, Thomas Flannery* has joined the Credit Suisse US High Yield Management Team and serves as the lead manager of the Funds. Wing Chan remains a member of the team.


2



Credit Suisse High Yield Fund
Semiannual Investment Adviser's Report (continued)

June 30, 2010 (unaudited)

The Credit Suisse High Yield Management Team

Thomas Flannery
Wing Chan

*  Thomas J. Flannery, Managing Director, is the Head of the Credit Suisse US High Yield Management Team. Mr. Flannery joined Credit Suisse Asset Management, LLC in June 2010. He is a portfolio manager for the Performing Credit Strategies Group ("PCS") within the Asset Management business of Credit Suisse Group AG with responsibility for originating and analyzing investment opportunities. Mr. Flannery is also a member of the PCS Investment Committee and is currently a high yield bond portfolio manager and trader for PCS. Mr. Flannery joined Credit Suisse in 2000 from First Dominion Capital, LLC where he was an Associate. Mr. Flannery began his career with Houlihan Lokey Howard & Zukin, Inc. Mr. Flannery holds a B.S. in Finance from Georgetown University.

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

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

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


3



Credit Suisse High Yield Fund
Semiannual Investment Adviser's Report (continued)

June 30, 2010 (unaudited)

Average Annual Returns as of June 30, 20101

1 Year   5 Years   10 Years   Since
Inception
  Inception
Date
 
  24.86 %     5.96 %     5.67 %     6.63 %     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 1.48%. 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 BofA Merrill Lynch US High Yield Master II Constrained Index is an unmanaged index that tracks the performance of below investment-grade U.S. dollar-denominated corporate bonds issued in the U.S. domestic market, where each issuer's allocation is limited to 2% of the index. Investors cannot invest directly in an index.

3  The BofA 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 High Yield Fund
Semiannual Investment Adviser's Report (continued)

June 30, 2010 (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, 2010.

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 High Yield Fund
Semiannual Investment Adviser's Report (continued)

June 30, 2010 (unaudited)

Expenses and Value for a $1,000 Investment
for the six month period ended June 30, 2010

Actual Fund Return  
Beginning Account Value 1/1/10   $ 1,000.00    
Ending Account Value 6/30/10   $ 1,036.00    
Expenses Paid per $1,000*   $ 3.53    
Hypothetical 5% Fund Return  
Beginning Account Value 1/1/10   $ 1,000.00    
Ending Account Value 6/30/10   $ 1,021.32    
Expenses Paid per $1,000*   $ 3.51    
Annualized Expense Ratio*     0.70 %  

 

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

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

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


6



Credit Suisse High Yield Fund
Semiannual Investment Adviser's Report (continued)

June 30, 2010 (unaudited)

Credit Quality Breakdown*

Ratings
S&P
 
BBB     1.0 %  
BB     27.8 %  
B     48.2 %  
CCC     14.1 %  
CC     0.2 %  
C     0.3 %  
D     0.4 %  
NR     3.9 %  
Subtotal     95.9 %  
Short-Term Investment     4.1 %  
Total     100.0 %  

 

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


7




Credit Suisse High Yield Fund
Schedule of Investments

June 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS (82.2%)      
Aerospace & Defense (1.5%)      
$ 100     BE Aerospace, Inc., Senior Unsecured Notes
(Callable 07/01/13 @ $104.25)§
  (BB, Ba3)   07/01/18     8.500     $ 105,250    
  175     Hawker Beechcraft Notes Co.,
Global Company Guaranteed Notes
(Callable 04/01/11 @ $104.25)§
  (CCC-, Caa3)   04/01/15     8.500       141,094    
  70     Hexcel Corp., Global Senior Subordinated Notes
(Callable 02/01/11 @ $102.25)
  (B+, B1)   02/01/15     6.750       68,950    
  100     Spirit Aerosystems, Inc., Global Company
Guaranteed Notes (Callable 10/01/13 @ $103.75)
  (BB, B2)   10/01/17     7.500       98,500    
      413,794    
Auto Loans (1.1%)      
  150     Ford Motor Credit Co., LLC, Global Senior
Unsecured Notes§
  (B-, Ba3)   10/01/13     7.000       153,059    
  150     Ford Motor Credit Co., LLC, Senior Unsecured
Notes§
  (B-, Ba3)   12/15/16     8.000       153,580    
      306,639    
Auto Parts & Equipment (1.5%)      
  50     American Axle & Manufacturing Holdings, Inc.,
Rule 144A, Senior Secured Notes
(Callable 01/15/14 @ $104.63)‡§
  (B, B1)   01/15/17     9.250       51,750    
  75     American Axle & Manufacturing, Inc.,
Company Guaranteed Notes
(Callable 03/01/12 @ $103.94)
  (CCC, Caa2)   03/01/17     7.875       65,437    
  75     ArvinMeritor, Inc., Company Guaranteed Notes
(Callable 03/15/14 @ $105.31)§
  (CCC, Caa2)   03/15/18     10.625       79,875    
  110     Stanadyne Corp., Series 1, Global Senior
Subordinated Notes
(Callable 08/15/10 @ $103.33)
  (CCC, Caa1)   08/15/14     10.000       100,650    
  100     The Goodyear Tire & Rubber Co., Global
Company Guaranteed Notes
(Callable 07/01/10 @ $104.50)
  (B+, B1)   07/01/15     9.000       103,250    
  25     The Goodyear Tire & Rubber Co.,
Senior Unsecured Notes
(Callable 05/15/12 @ $107.88)§
  (B+, B1)   05/15/16     10.500       27,313    
      428,275    
Banks (2.7%)      
  15     Ally Financial, Inc., Global Subordinated Notes§   (CCC+, B3)   12/31/18     8.000       13,950    
  425     Ally Financial, Inc., Rule 144A, Company
Guaranteed Notes‡
  (B, B3)   02/12/15     8.300       431,375    
  34     CIT Group, Inc., Senior Secured Notes
(Callable 01/01/11 @ $102.00)§
  (B+, B3)   05/01/13     7.000       32,367    
  50     CIT Group, Inc., Senior Secured Notes
(Callable 01/01/11 @ $102.00)§
  (B+, B3)   05/01/14     7.000       47,795    

 

See Accompanying Notes to Financial Statements.
8



Credit Suisse High Yield Fund
Schedule of Investments (continued)

June 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Banks      
$ 50     CIT Group, Inc., Senior Secured Notes
(Callable 01/01/11 @ $102.00)§
  (B+, B3)   05/01/15     7.000     $ 46,786    
  84     CIT Group, Inc., Senior Secured Notes
(Callable 01/01/11 @ $102.00)
  (B+, B3)   05/01/16     7.000       77,137    
  118     CIT Group, Inc., Senior Secured Notes
(Callable 01/01/11 @ $102.00)
  (B+, B3)   05/01/17     7.000       106,521    
      755,931    
Building & Construction (0.5%)      
  52     Ashton Woods Finance Co., Rule 144A,
Company Guaranteed Notes
(Callable 02/24/14 @ $105.50)+‡
  (NR, NR)   06/30/15     0.000       30,420    
  75     K Hovnanian Enterprises, Inc., Global
Company Guaranteed Notes
  (CCC-, Caa2)   01/15/16     6.250       52,875    
  75     William Lyon Homes, Inc., Global
Company Guaranteed Notes
(Callable 12/15/10 @ $100.00)
  (CC, Caa3)   12/15/12     7.625       62,625    
      145,920    
Building Materials (2.2%)      
  125     AMH Holdings Inc., Global Senior Discount
Notes (Callable 03/01/11 @ $101.88)
  (CCC, Caa2)   03/01/14     11.250       128,125    
  100     Building Materials Corp. of America, Rule 144A,
Company Guaranteed Notes
(Callable 03/15/15 @ $103.75)‡
  (BB-, B3)   03/15/20     7.500       98,750    
  150     CPG International I, Inc., Global Company
Guaranteed Notes
(Callable 07/01/10 @ $102.63)
  (B-, Caa1)   07/01/13     10.500       150,000    
  150     Headwaters, Inc., Global Senior Secured Notes
(Callable 11/01/12 @ $105.69)§
  (B+, B2)   11/01/14     11.375       152,250    
  100     Norcraft Finance Corp., Rule 144A,
Senior Secured Notes
(Callable 12/15/12 @ $105.25)‡
  (B-, B2)   12/15/15     10.500       103,500    
      632,625    
Chemicals (2.5%)      
  150     CF Industries, Inc., Company Guaranteed Notes   (BB+, B1)   05/01/18     6.875       153,000    
  100     LBI Escrow Corp., Rule 144A, Senior Secured
Notes (Callable 05/01/13 @ $106.00)‡
  (BB, Ba3)   11/01/17     8.000       103,250    
  40     Momentive Performance Materials, Inc.,
Global Company Guaranteed Notes
(Callable 12/01/10 @ $104.88)§
  (CCC-, Caa2)   12/01/14     9.750       38,000    
  81     Momentive Performance Materials, Inc.,
Global Company Guaranteed Notes
(Callable 12/15/11 @ $106.25)§
  (CCC-, B3)   06/15/14     12.500       88,695    

 

See Accompanying Notes to Financial Statements.
9



Credit Suisse High Yield Fund
Schedule of Investments (continued)

June 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Chemicals      
$ 50     Nalco Co., Global Company Guaranteed Notes
(Callable 11/15/10 @ $101.50)
  (B, B2)   11/15/13     9.000     $ 61,857    
  25     Nalco Co., Global Senior Notes
(Callable 05/15/13 @ $104.13)
  (BB-, Ba2)   05/15/17     8.250       26,000    
  100     Nalco Finance Holdings, Inc., Global Senior
Discount Notes (Callable 02/01/11 @ $101.50)
  (B, B2)   02/01/14     9.000       102,000    
  125     Solutia, Inc., Company Guaranteed Notes
(Callable 11/01/13 @ $104.38)
  (B+, B2)   11/01/17     8.750       130,625    
      703,427    
Computer Hardware (1.0%)      
  150     Activant Solutions, Inc., Global
Company Guaranteed Notes
(Callable 05/01/11 @ $104.75)
  (CCC, Caa1)   05/01/16     9.500       143,250    
  75     Brocade Communications Systems, Inc.,
Rule 144A, Senior Secured Notes
(Callable 01/15/13 @ $103.31)‡
  (BBB-, Ba2)   01/15/18     6.625       74,812    
  75     Brocade Communications Systems, Inc.,
Rule 144A, Senior Secured Notes
(Callable 01/15/15 @ $103.44)‡
  (BBB-, Ba2)   01/15/20     6.875       74,813    
      292,875    
Consumer Products (1.4%)      
  125     AAC Group Holding Corp., Rule 144A,
Senior Discount Notes
(Callable 10/01/10 @ $100.00)‡
  (CCC, Caa2)   10/01/12     10.250       124,375    
  125     Prestige Brands, Inc., Rule 144A,
Company Guaranteed Notes
(Callable 04/01/14 @ $104.13)‡
  (B+, B3)   04/01/18     8.250       126,562    
  150     Spectrum Brands Holdings, Inc., Rule 144A,
Secured Notes (Callable 06/15/14 @ $104.75)‡
  (B, B2)   06/15/18     9.500       154,875    
      405,812    
Consumer/Commercial/Lease Financing (0.7%)      
  150     International Lease Finance Corp., Rule 144A,
Senior Unsecured Notes‡
  (BB+, B1)   09/15/15     8.625       142,500    
  75     International Lease Finance Corp., Series MTN,
Senior Unsecured Notes§
  (BB+, B1)   06/01/14     5.650       66,938    
      209,438    
Department Stores (0.2%)      
  50     The Neiman Marcus Group, Inc., Global
Company Guaranteed Notes
(Callable 10/15/10 @ $105.19)§
  (CCC+, Caa2)   10/15/15     10.375       51,125    
Diversified Capital Goods (2.9%)      
  50     Actuant Corp., Global Company Guaranteed
Notes (Callable 06/15/12 @ $103.44)
  (BB-, Ba2)   06/15/17     6.875       49,000    

 

See Accompanying Notes to Financial Statements.
10



Credit Suisse High Yield Fund
Schedule of Investments (continued)

June 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Diversified Capital Goods      
$ 50     Belden, Inc., Global Company Guaranteed Notes
(Callable 03/15/12 @ $103.50)
  (B+, Ba2)   03/15/17     7.000     $ 48,563    
  100     Belden, Inc., Rule 144A, Company Guaranteed
Notes (Callable 06/15/14 @ $104.62)‡
  (B+, Ba2)   06/15/19     9.250       106,000    
  75     Coleman Cable, Inc., Rule 144A, Senior Notes
(Callable 02/15/14 @ $104.50)‡
  (B, B3)   02/15/18     9.000       72,000    
  75     Esco Corp., Rule 144A, Company Guaranteed
Notes (Callable 12/15/10 @ $104.31)‡
  (B, B2)   12/15/13     8.625       74,812    
  125     Koppers, Inc., Global Company Guaranteed
Notes (Callable 12/01/14 @ $103.94)
  (B, B1)   12/01/19     7.875       126,875    
  100     Mueller Water Products, Inc., Global
Company Guaranteed Notes
(Callable 06/01/12 @ $103.69)§
  (B-, B3)   06/01/17     7.375       88,250    
  75     Sensus USA Systems, Inc., Global Company
Guaranteed Notes (Callable 12/15/10 @ $101.44)
  (B-, B3)   12/15/13     8.625       73,500    
  100     Titan International, Inc., Global Company
Guaranteed Notes
  (B-, B2)   01/15/12     8.000       104,500    
  75     TriMas Corp., Rule 144A, Senior Secured Notes
(Callable 12/15/13 @ $104.88)‡
  (B-, Caa1)   12/15/17     9.750       76,312    
      819,812    
Electric - Generation (4.0%)      
  200     Dynegy Holdings, Inc., Global Senior
Unsecured Notes§
  (B-, B3)   05/01/16     8.375       159,250    
  250     Edison Mission Energy, Global Senior
Unsecured Notes
  (B-, B2)   05/15/19     7.200       155,000    
  200     Mirant Americas Generation LLC, Senior
Unsecured Notes§
  (B-, B3)   10/01/21     8.500       187,000    
  175     NRG Energy, Inc., Company Guaranteed Notes
(Callable 01/15/12 @ $103.69)
  (BB-, B1)   01/15/17     7.375       173,687    
  50     NRG Energy, Inc., Company Guaranteed Notes
(Callable 02/01/11 @ $103.69)
  (BB-, B1)   02/01/16     7.375       49,875    
  450     Texas Competitive Electric Holdings Co., LLC,
Series A, Global Company Guaranteed Notes
(Callable 11/01/11 @ $105.13)§
  (CCC, Caa2)   11/01/15     10.250       299,250    
  175     Texas Competitive Electric Holdings Co., LLC,
Series B, Global Company Guaranteed Notes
(Callable 11/01/11 @ $105.13)§
  (CCC, Caa2)   11/01/15     10.250       116,375    
      1,140,437    
Electric - Integrated (0.6%)      
  25     The AES Corp., Global Senior Unsecured Notes   (BB-, B1)   04/15/16     9.750       27,000    
  150     The AES Corp., Global Senior Unsecured Notes§   (BB-, B1)   10/15/17     8.000       152,250    
      179,250    

 

See Accompanying Notes to Financial Statements.
11



Credit Suisse High Yield Fund
Schedule of Investments (continued)

June 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Electronics (1.0%)      
$ 100     Freescale Semiconductor, Inc., Rule 144A,
Senior Secured Notes
(Callable 03/15/14 @ $105.06)‡§
  (B-, B2)   03/15/18     10.125     $ 102,500    
  40     Jabil Circuit, Inc., Global Senior Unsecured Notes   (BB+, Ba1)   03/15/18     8.250       42,600    
  75     Jabil Circuit, Inc., Senior Unsecured Notes   (BB+, Ba1)   07/15/16     7.750       78,750    
  75     Sanmina-SCI Corp., Company Guaranteed Notes
(Callable 03/01/11 @ $104.06)
  (CCC+, B2)   03/01/16     8.125       74,250    
      298,100    
Energy - Exploration & Production (4.9%)      
  100     Berry Petroleum Co., Senior Subordinated Notes
(Callable 11/01/11 @ $104.13)
  (B, B3)   11/01/16     8.250       97,250    
  75     Bill Barrett Corp., Company Guaranteed Notes
(Callable 07/15/13 @ $104.94)§
  (BB-, B1)   07/15/16     9.875       79,875    
  75     Chesapeake Energy Corp., Company
Guaranteed Notes§
  (BB, Ba3)   12/15/18     7.250       77,813    
  125     Comstock Resources, Inc., Company Guaranteed
Notes (Callable 10/15/13 @ $104.19)
  (B, B2)   10/15/17     8.375       124,531    
  75     Concho Resources, Inc., Company Guaranteed
Notes (Callable 10/01/13 @ $104.31)
  (BB, B3)   10/01/17     8.625       77,625    
  100     Denbury Resources, Inc., Company Guaranteed
Notes (Callable 02/15/15 @ $104.13)
  (BB, B1)   02/15/20     8.250       105,000    
  75     Denbury Resources, Inc., Company Guaranteed
Notes (Callable 03/01/13 @ $104.88)
  (BB, B1)   03/01/16     9.750       81,375    
  100     Hilcorp Financial Co., Rule 144A, Senior Unsecured
Notes (Callable 06/01/11 @ $104.50)‡
  (BB-, B2)   06/01/16     9.000       103,000    
  100     Penn Virginia Corp., Senior Notes
(Callable 06/15/13 @ $105.19)
  (BB-, B2)   06/15/16     10.375       107,000    
  175     PetroHawk Energy Corp., Global Company
Guaranteed Notes (Callable 06/01/12 @ $103.94)§
  (B, B3)   06/01/15     7.875       176,312    
  75     Pioneer Natural Resources Co., Senior
Unsecured Notes
  (BB+, Ba1)   01/15/20     7.500       77,670    
  75     Plains Exploration & Production Co., Company
Guaranteed Notes (Callable 06/15/11 @ $103.88)
  (BB-, B1)   06/15/15     7.750       74,625    
  100     Stone Energy Corp., Company Guaranteed Notes
(Callable 02/01/14 @ $104.31)§
  (BB-, Caa1)   02/01/17     8.625       90,500    
  125     Whiting Petroleum Corp., Global Company
Guaranteed Notes
  (BB, B1)   02/01/14     7.000       128,125    
      1,400,701    
Environmental (0.3%)      
  75     Casella Waste Systems, Inc., Rule 144A,
Senior Secured Notes
(Callable 07/15/12 @ $105.50)‡
  (B+, B2)   07/15/14     11.000       81,375    

 

See Accompanying Notes to Financial Statements.
12



Credit Suisse High Yield Fund
Schedule of Investments (continued)

June 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Food & Drug Retailers (1.0%)      
$ 50     Ingles Markets, Inc., Global Senior Unsecured
Notes (Callable 05/15/13 @ $104.44)
  (BB-, B1)   05/15/17     8.875     $ 51,125    
  200     Rite Aid Corp., Global Company Guaranteed
Notes (Callable 06/15/11 @ $104.69)§
  (CCC, Caa3)   12/15/15     9.375       164,500    
  75     Rite Aid Corp., Global Senior Secured Notes
(Callable 06/12/13 @ $104.88)§
  (B+, B3)   06/12/16     9.750       78,750    
      294,375    
Food - Wholesale (0.8%)      
  100     Pinnacle Foods Finance Corp., Rule 144A,
Senior Unsecured Notes
(Callable 04/01/11 @ $104.63)‡
  (CCC+, Caa2)   04/01/15     9.250       102,500    
  125     Southern States Cooperative, Inc., Rule 144A,
Senior Notes (Callable 05/15/13 @ $105.63)‡
  (B+, B3)   05/15/15     11.250       120,625    
      223,125    
Forestry & Paper (1.8%)      
  265     Boise Cascade LLC, Global Company Guaranteed
Notes (Callable 10/15/10 @ $102.38)§
  (B+, Caa1)   10/15/14     7.125       250,756    
  175     NewPage Corp., Global Senior Secured Notes
(Callable 03/31/12 @ $105.00)
  (CCC+, B2)   12/31/14     11.375       159,688    
  100     Verso Paper, Inc., Series B, Global Senior
Secured Notes (Callable 08/01/10 @ $104.56)§
  (B, B2)   08/01/14     9.125       96,000    
      506,444    
Gaming (4.6%)      
  75     Buffalo Thunder Development Authority,
Rule 144A, Senior Secured Notes
(Callable 12/15/10 @ $104.69) ø‡
  (NR, NR)   12/15/14     9.375       13,875    
  100     CCM Merger, Inc., Rule 144A, Notes
(Callable 08/01/10 @ $102.00)‡
  (CCC+, Caa3)   08/01/13     8.000       92,000    
  23     Choctaw Resort Development Enterprise,
Rule 144A, Senior Notes
(Callable 11/15/11 @ $103.63)‡
  (B, B2)   11/15/19     7.250       15,985    
  50     FireKeepers Development Authority, Rule 144A,
Senior Secured Notes
(Callable 05/01/12 @ $110.50)‡
  (B+, B2)   05/01/15     13.875       58,000    
  60     Fontainebleau Las Vegas Holdings LLC,
Rule 144A, Second Mortgage Notes
(Callable 06/15/11 @ $105.13) ø‡
  (NR, NR)   06/15/15     11.000       525    
  200     Greektown Superholdings, Inc., Rule 144A,
Senior Secured Notes
(Callable 01/01/13 @ $106.50)‡
  (NR, NR)   07/01/15     13.000       217,000    
  110     Harrah's Operating Co., Inc., Global Senior
Secured Notes (Callable 06/01/13 @ $105.63)
  (B, Caa1)   06/01/17     11.250       116,325    
  100     Inn of the Mountain Gods Resort & Casino,
Global Company Guaranteed Notesø
  (D, Ca)   11/15/10     12.000       49,000    

 

See Accompanying Notes to Financial Statements.
13



Credit Suisse High Yield Fund
Schedule of Investments (continued)

June 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Gaming      
$ 100     Jacobs Entertainment, Inc.,
Global Company Guaranteed Notes
(Callable 06/15/11 @ $102.44)
  (B-, Caa1)   06/15/14     9.750     $ 93,500    
  50     Majestic Star Casino Capital Corp.,
Senior Secured Notesø
  (NR, NR)   10/15/10     9.500       32,188    
  125     Mashantucket Western Pequot Tribe, Rule 144A,
Bonds (Callable 11/15/11 @ $104.25) ø‡
  (D, NR)   11/15/15     8.500       19,688    
  75     MGM Mirage, Inc., Company Guaranteed Notes§   (CCC+, Caa1)   06/01/16     7.500       59,437    
  25     MGM Mirage, Inc., Global Company
Guaranteed Notes§
  (CCC+, Caa1)   04/01/13     6.750       22,438    
  75     MGM Resorts International, Global Senior
Secured Notes (Callable 05/15/13 @ $105.56)
  (B, B1)   11/15/17     11.125       83,062    
  175     MTR Gaming Group, Inc., Global Secured
Notes (Callable 07/15/11 @ $106.31)
  (B, B2)   07/15/14     12.625       176,312    
  75     Peninsula Gaming LLC, Global Company
Guaranteed Notes (Callable 08/15/13 @ $105.38)§
  (B, B3)   08/15/17     10.750       75,000    
  75     Peninsula Gaming LLC, Global Senior Secured
Notes (Callable 08/15/12 @ $104.19)§
  (BB, Ba2)   08/15/15     8.375       75,094    
  60     Tropicana Finance Corp., Global
Senior Subordinated Notes
(Callable 12/15/10 @ $104.81)ø
  (NR, NR)   12/15/14     9.625       42    
  100     Turning Stone Resort Casino Enterprise,
Rule 144A, Senior Unsecured Notes
(Callable 09/15/10 @ $104.56)‡
  (B+, B1)   09/15/14     9.125       100,250    
      1,299,721    
Gas Distribution (1.9%)      
  100     AmeriGas Eagle Finance Corp., Senior Unsecured
Notes (Callable 05/20/11 @ $103.56)§
  (NR, Ba3)   05/20/16     7.125       100,000    
  50     El Paso Corp., Senior Unsecured Notes§   (BB-, Ba3)   06/01/18     7.250       50,385    
  100     Holly Energy Finance Corp., Rule 144A, Senior
Unsecured Notes (Callable 03/15/14 @ $104.13)‡
  (B+, B1)   03/15/18     8.250       101,000    
  125     Inergy Finance Corp., Global Company Guaranteed
Notes (Callable 03/01/11 @ $104.13)
  (B+, B1)   03/01/16     8.250       127,187    
  75     MarkWest Energy Finance Corp., Series B,
Global Company Guaranteed Notes
(Callable 04/15/13 @ $104.38)
  (BB-, B1)   04/15/18     8.750       76,125    
  75     Targa Resources Partners Finance Corp.,
Global Company Guaranteed Notes
(Callable 07/01/12 @ $104.13)
  (B+, B2)   07/01/16     8.250       74,063    
      528,760    
Health Facilities (4.8%)      
  75     Bausch & Lomb, Inc., Global Senior Unsecured
Notes (Callable 11/01/11 @ $104.94)§
  (B, Caa1)   11/01/15     9.875       77,437    

 

See Accompanying Notes to Financial Statements.
14



Credit Suisse High Yield Fund
Schedule of Investments (continued)

June 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Health Facilities      
$ 125     Biomet, Inc., Global Company Guaranteed Notes
(Callable 10/15/12 @ $105.81)§
  (B-, Caa1)   10/15/17     11.625     $ 135,937    
  50     Community Health Systems, Inc., Global
Company Guaranteed Notes
(Callable 07/15/11 @ $104.44)
  (B, B3)   07/15/15     8.875       51,688    
  25     DaVita, Inc., Global Company Guaranteed Notes
(Callable 03/15/11 @ $102.42)
  (B, B2)   03/15/15     7.250       25,125    
  375     HCA, Inc., Global Secured Notes
(Callable 11/15/11 @ $104.63)
  (BB-, B2)   11/15/16     9.250       398,437    
  100     Inverness Medical Innovations, Inc.,
Company Guaranteed Notes
(Callable 05/15/13 @ $104.50)§
  (B-, B3)   05/15/16     9.000       100,500    
  75     Omega Healthcare Investors, Inc.,
Global Company Guaranteed Notes
(Callable 01/15/11 @ $103.50)
  (BB+, Ba3)   01/15/16     7.000       74,438    
  75     Omega Healthcare Investors, Inc.,
Global Company Guaranteed Notes
(Callable 04/01/11 @ $101.17)
  (BB+, Ba3)   04/01/14     7.000       75,188    
  50     Omega Healthcare Investors, Inc., Rule 144A,
Company Guaranteed Notes
(Callable 02/15/15 @ $103.75)‡
  (BB+, Ba3)   02/15/20     7.500       50,125    
  75     Radiation Therapy Services, Inc., Rule 144A,
Senior Subordinated Notes
(Callable 04/15/14 @ $104.94)‡
  (CCC+, Caa1)   04/15/17     9.875       72,375    
  150     Tenet Healthcare Corp., Rule 144A, Senior
Secured Notes (Callable 07/01/14 @ $104.44)‡§
  (BB-, B1)   07/01/19     8.875       159,750    
  50     Universal Hospital Services, Inc., Global Senior
Secured Notes (Callable 06/01/11 @ $100.00)#
  (B+, B3)   06/01/15     4.134       42,250    
  25     Universal Hospital Services, Inc., Global Senior
Secured Notes (Callable 06/01/11 @ $101.00)
  (B+, B3)   06/01/15     8.500       24,750    
  79     VWR Funding, Inc., Series B,
Global Company Guaranteed Notes
(Callable 07/15/11 @ $105.13)§
  (B-, Caa1)   07/15/15     10.250       80,406    
      1,368,406    
Health Services (1.3%)      
  75     Quintiles Transnational Corp., Rule 144A, Senior
Notes (Callable 12/30/11 @ $102.00)‡§
  (B, B3)   12/30/14     9.500       75,563    
  150     Rural/Metro Corp., Global Senior Discount
Notes (Callable 03/15/11 @ $104.25)
  (B, Caa1)   03/15/16     12.750       158,812    
  75     Service Corp. International, Global Senior
Unsecured Notes§
  (BB-, B1)   10/01/18     7.625       76,313    
  50     Service Corp. International, Senior Unsecured
Notes§
  (BB-, B1)   11/15/21     8.000       50,500    
      361,188    

 

See Accompanying Notes to Financial Statements.
15



Credit Suisse High Yield Fund
Schedule of Investments (continued)

June 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Hotels (0.7%)      
$ 75     Felcor Lodging LP, Global Senior Secured Notes§   (NR, B2)   10/01/14     10.000     $ 78,750    
  100     Host Hotels & Resorts LP, Global
Company Guaranteed Notes
(Callable 05/15/13 @ $104.50)§
  (BB+, Ba1)   05/15/17     9.000       107,500    
      186,250    
Machinery (1.8%)      
  125     Altra Holdings, Inc., Rule 144A, Senior Secured
Notes (Callable 12/01/12 @ $106.09)‡
  (B+, B1)   12/01/16     8.125       124,531    
  75     Baldor Electric Co., Company Guaranteed
Notes (Callable 02/15/12 @ $104.31)§
  (B, B3)   02/15/17     8.625       78,000    
  50     Case New Holland, Inc., Global
Company Guaranteed Notes
(Callable 03/01/11 @ $101.78)§
  (BB+, Ba3)   03/01/14     7.125       51,750    
  100     Case New Holland, Inc., Rule 144A, Senior Notes‡   (BB+, Ba3)   12/01/17     7.875       101,250    
  75     CPM Holdings, Inc., Rule 144A, Senior
Secured Notes (Callable 09/01/12 @ $105.31)‡
  (B+, B2)   09/01/14     10.625       79,594    
  75     Terex Corp., Senior Subordinated Notes
(Callable 11/15/12 @ $104.00)§
  (B, Caa1)   11/15/17     8.000       69,750    
      504,875    
Media - Broadcast (1.9%)      
  80     Barrington Broadcasting Capital Corp., Global
Company Guaranteed Notes
(Callable 08/15/10 @ $105.25)
  (CCC-, Caa2)   08/15/14     10.500       74,400    
  50     Clear Channel Communications, Inc., Senior
Unsecured Notes§
  (CCC-, Ca)   09/15/14     5.500       27,750    
  125     Clear Channel Worldwide Holdings, Inc.,
Rule 144A, Company Guaranteed Notes
(Callable 12/15/12 @ $106.94)‡
  (B, B2)   12/15/17     9.250       126,250    
  100     Fisher Communications, Inc., Global Company
Guaranteed Notes (Callable 09/15/10 @ $102.88)
  (B-, B2)   09/15/14     8.625       98,750    
  100     LIN Television Corp., Rule 144A,
Company Guaranteed Notes
(Callable 04/15/14 @ $104.19)‡
  (B+, Ba3)   04/15/18     8.375       100,000    
  100     Mission Broadcasting, Inc., Rule 144A, Senior
Secured Notes (Callable 04/15/14 @ $104.44)‡
  (B-, B3)   04/15/17     8.875       101,000    
  100     Young Broadcasting, Inc., Global Company
Guaranteed Notes (Callable 01/15/11 @ $101.46)ø
  (D, NR)   01/15/14     8.750       310    
      528,460    
Media - Cable (4.7%)      
  200     Atlantic Broadband Finance LLC, Global Company
Guaranteed Notes (Callable 01/15/11 @ $101.56)
  (B-, B3)   01/15/14     9.375       202,500    
  125     Cablevision Systems Corp., Senior
Unsecured Notes
  (B+, B1)   04/15/18     7.750       125,625    

 

See Accompanying Notes to Financial Statements.
16



Credit Suisse High Yield Fund
Schedule of Investments (continued)

June 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Media - Cable      
$ 91     CCH II Capital Corp., Global Senior Notes
(Callable 11/30/12 @ $106.75)
  (B, B2)   11/30/16     13.500     $ 106,864    
  225     CCO Holdings Capital Corp., Rule 144A,
Company Guaranteed Notes
(Callable 04/30/13 @ $105.91)‡
  (B, B2)   04/30/18     7.875       227,250    
  50     Cequel Capital Corp., Rule 144A, Senior Unsecured
Notes (Callable 11/15/12 @ $106.47)‡§
  (B-, B3)   11/15/17     8.625       50,063    
  150     CSC Holdings LLC, Global Senior Unsecured Notes   (BB, Ba3)   02/15/19     8.625       158,437    
  150     DISH DBS Corp., Global Company
Guaranteed Notes
  (BB-, Ba3)   10/01/14     6.625       150,375    
  50     DISH DBS Corp., Global Company
Guaranteed Notes
  (BB-, Ba3)   05/31/15     7.750       51,750    
  175     Insight Communications Co., Inc., Rule 144A,
Senior Notes (Callable 07/15/13 @ $107.03)‡
  (B-, B3)   07/15/18     9.375       175,000    
  50     Mediacom Broadband Corp., Global Senior
Unsecured Notes (Callable 10/15/10 @ $104.25)§
  (B-, B3)   10/15/15     8.500       48,000    
  50     Mediacom Capital Corp., Global Unsecured Notes
(Callable 08/15/14 @ $104.56)§
  (B-, B3)   08/15/19     9.125       48,500    
      1,344,364    
Media - Diversified (0.9%)      
  275     Block Communications, Inc., Rule 144A, Senior
Notes (Callable 12/15/10 @ $104.13)‡
  (B, B1)   12/15/15     8.250       268,813    
Media - Services (0.7%)      
  100     Nielsen Finance Co., Global Company Guaranteed
Notes (Callable 05/01/13 @ $105.75)§
  (B-, Caa1)   05/01/16     11.500       109,750    
  75     WMG Acquisition Corp., Global Senior Secured
Notes (Callable 06/15/13 @ $104.75)
  (BB, Ba2)   06/15/16     9.500       80,250    
      190,000    
Metals & Mining - Excluding Steel (1.4%)      
  100     Aleris International, Inc., Global
Company Guaranteed Notes
(Callable 12/15/10 @ $104.50)ø
  (NR, NR)   12/15/14     9.000       998    
  25     Aleris International, Inc., Global
Company Guaranteed Notes
(Callable 12/15/11 @ $105.00)ø
  (NR, NR)   12/15/16     10.000       281    
  100     Cloud Peak Energy Finance Corp., Rule 144A,
Company Guaranteed Notes
(Callable 12/15/13 @ $104.13)‡
  (BB-, B1)   12/15/17     8.250       99,500    
  175     Consol Energy, Inc., Rule 144A,
Company Guaranteed Notes
(Callable 04/01/14 @ $104.00)‡
  (BB, B1)   04/01/17     8.000       181,562    
  138     Noranda Aluminium Acquisition Corp.,
Global Company Guaranteed Notes#
  (CCC+, B3)   05/15/15     5.373       107,009    
      389,350    

 

See Accompanying Notes to Financial Statements.
17



Credit Suisse High Yield Fund
Schedule of Investments (continued)

June 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Oil Field Equipment & Services (2.8%)      
$ 100     Bristow Group, Inc., Global Company Guaranteed
Notes (Callable 09/15/12 @ $103.75)
  (BB, Ba2)   09/15/17     7.500     $ 96,000    
  100     Calfrac Holdings LP, Rule 144A, Company
Guaranteed Notes (Callable 02/15/11 @ $103.88)‡
  (NR, B2)   02/15/15     7.750       97,000    
  75     Edgen Murray Corp., Rule 144A, Senior Secured
Notes (Callable 01/15/13 @ $106.13)‡
  (B, Caa2)   01/15/15     12.250       63,750    
  75     Helix Energy Solutions Group, Inc., Rule 144A,
Company Guaranteed Notes
(Callable 01/15/12 @ $104.75)‡
  (B, B3)   01/15/16     9.500       69,375    
  25     Hornbeck Offshore Services, Inc., Global
Company Guaranteed Notes
(Callable 09/01/13 @ $104.00)§
  (B+, Ba3)   09/01/17     8.000       22,375    
  80     Hornbeck Offshore Services, Inc., Series B,
Global Company Guaranteed Notes
(Callable 12/01/10 @ $102.04)§
  (B+, Ba3)   12/01/14     6.125       71,800    
  75     Key Energy Services, Inc., Global
Company Guaranteed Notes
(Callable 12/01/11 @ $104.19)§
  (BB-, B1)   12/01/14     8.375       74,906    
  75     McJunkin Red Man Corp., Rule 144A,
Senior Secured Notes
(Callable 12/15/12 @ $107.13)‡
  (B, B3)   12/15/16     9.500       73,125    
  100     Parker Drilling Co., Rule 144A, Senior Notes
(Callable 04/01/14 @ $104.56)‡
  (B+, B1)   04/01/18     9.125       95,500    
  125     Pioneer Drilling Co., Rule 144A, Senior Notes
(Callable 03/15/14 @ $104.94)‡
  (B, B3)   03/15/18     9.875       123,125    
      786,956    
Oil Refining & Marketing (1.5%)      
  150     Coffeyville Finance, Inc., Rule 144A, Senior
Secured Notes (Callable 04/01/12 @ $106.75)‡
  (BB-, Ba3)   04/01/15     9.000       149,250    
  75     Coffeyville Finance, Inc., Rule 144A, Senior
Secured Notes (Callable 04/01/13 @ $108.16)‡
  (BB-, B3)   04/01/17     10.875       73,500    
  75     Tesoro Corp., Company Guaranteed Notes
(Callable 06/01/14 @ $104.88)§
  (BB+, Ba1)   06/01/19     9.750       78,187    
  125     Western Refining, Inc., Rule 144A, Senior
Secured Notes (Callable 12/15/11 @ $105.00) #‡
  (NR, B3)   06/15/14     10.750       113,125    
      414,062    
Packaging (1.3%)      
  90     Berry Plastics Corp., Global Secured Notes
(Callable 09/15/10 @ $104.44)§
  (CCC, Caa1)   09/15/14     8.875       87,075    
  100     Berry Plastics Corp., Global Senior Secured
Notes (Callable 11/15/12 @ $104.13)
  (B, B1)   11/15/15     8.250       99,750    
  75     GPC Capital Corp. I, Global Company Guaranteed
Notes (Callable 10/15/10 @ $103.29)§
  (CCC+, Caa1)   10/15/14     9.875       77,062    

 

See Accompanying Notes to Financial Statements.
18



Credit Suisse High Yield Fund
Schedule of Investments (continued)

June 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Packaging      
$ 100     Reynolds Group Issuer LLC, Rule 144A, Senior
Secured Notes (Callable 10/15/12 @ $103.88)‡
  (BB-, B1)   10/15/16     7.750     $ 98,250    
      362,137    
Pharmaceuticals (0.9%)      
  100     Mylan, Inc., Rule 144A, Senior Notes
(Callable 07/15/15 @ $101.91)‡
  (BB-, B1)   07/15/17     7.625       102,500    
  125     Valeant Pharmaceuticals International, Rule 144A,
Senior Unsecured Notes
(Callable 03/15/15 @ $103.81)‡
  (BB-, Ba3)   03/15/20     7.625       148,125    
      250,625    
Printing & Publishing (0.9%)      
  85     Cengage Learning Acquisitions, Inc., Rule 144A,
Senior Notes (Callable 07/15/11 @ $105.25)‡
  (CCC+, Caa2)   01/15/15     10.500       79,475    
  200     The Reader's Digest Association, Inc., Global
Company Guaranteed Notes
(Callable 02/15/12 @ $104.50)ø^
  (NR, NR)   02/15/17     9.000       0    
  150     The Reader's Digest Association, Inc., Rule 144A,
Senior Secured Notes
(Callable 02/15/13 @ $104.00) #‡§
  (B, B1)   02/15/17     9.500       150,375    
  38     Valassis Communications, Inc., Global Company
Guaranteed Notes (Callable 03/01/11 @ $104.13)
  (BB-, Ba3)   03/01/15     8.250       39,425    
      269,275    
Railroads (0.5%)      
  75     Kansas City Southern Railway, Company Guaranteed
Notes (Callable 06/01/12 @ $104.00)§
  (BB-, B2)   06/01/15     8.000       77,625    
  60     RailAmerica, Inc., Global Senior Secured Notes
(Callable 07/01/13 @ $104.63)§
  (BB, B1)   07/01/17     9.250       63,150    
      140,775    
Real Estate Development & Management (0.5%)      
  150     Icahn Enterprises LP, Rule 144A, Senior Unsecured
Notes#‡
  (NR, NR)   08/15/13     4.000       131,250    
Software/Services (1.8%)      
  75     JDA Software Group, Inc., Rule 144A, Senior
Unsecured Notes (Callable 12/15/12 @ $104.00)‡
  (BB-, B1)   12/15/14     8.000       75,750    
  25     Lender Processing Services, Inc., Global Company
Guaranteed Notes (Callable 07/01/11 @ $106.09)
  (BB+, Ba2)   07/01/16     8.125       26,438    
  100     SunGard Data Systems, Inc., Global
Company Guaranteed Notes
(Callable 08/15/10 @ $105.13)§
  (B-, Caa1)   08/15/15     10.250       103,750    
  41     Unisys Corp., Rule 144A, Senior Secured
Notes (Callable 09/15/12 @ $107.13)‡
  (BB-, Ba3)   09/15/15     14.250       47,560    
  49     Unisys Corp., Rule 144A, Senior Secured
Notes (Callable 10/15/12 @ $106.38)‡§
  (BB-, Ba3)   10/15/14     12.750       55,002    

 

See Accompanying Notes to Financial Statements.
19



Credit Suisse High Yield Fund
Schedule of Investments (continued)

June 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Software/Services      
$ 200     Vangent, Inc., Global Company Guaranteed Notes
(Callable 02/15/11 @ $104.81)
  (CCC+, Caa2)   02/15/15     9.625     $ 192,250    
      500,750    
Specialty Retail (1.1%)      
  75     Asbury Automotive Group, Inc., Global Company
Guaranteed Notes (Callable 03/15/12 @ $103.81)
  (B-, Caa1)   03/15/17     7.625       70,875    
  100     Brookstone Co., Inc., Global Senior Secured
Notes (Callable 10/15/10 @ $103.00)
  (C, Caa3)   10/15/12     12.000       82,000    
  75     Susser Finance Corp., Rule 144A, Company
Guaranteed Notes (Callable 05/15/13 @ $104.25)‡
  (B+, B2)   05/15/16     8.500       75,375    
  75     Yankee Acquisition Corp., Series B, Global
Company Guaranteed Notes
(Callable 02/15/11 @ $104.25)§
  (B-, B3)   02/15/15     8.500       76,219    
      304,469    
Steel Producers/Products (0.7%)      
  100     California Steel Industries, Inc., Global Senior
Notes (Callable 03/15/11 @ $101.02)
  (BB-, B1)   03/15/14     6.125       94,500    
  100     Ryerson, Inc., Global Senior Secured Notes
(Callable 11/01/11 @ $106.00)
  (CCC+, Caa1)   11/01/15     12.000       102,750    
      197,250    
Support - Services (3.2%)      
  100     DynCorp International, Series B, Global
Senior Subordinated Notes
(Callable 02/15/11 @ $100.00)
  (B+, B1)   02/15/13     9.500       103,125    
  150     FTI Consulting, Inc., Global Company Guaranteed
Notes (Callable 06/15/11 @ $100.00)
  (BB, Ba2)   06/15/13     7.625       150,750    
  100     JohnsonDiversey Holdings, Inc., Rule 144A,
Senior Unsecured Notes
(Callable 11/15/14 @ $104.13)‡
  (B-, B3)   11/15/19     8.250       103,500    
  125     Maxim Crane Works LP, Rule 144A, Senior
Secured Notes (Callable 04/15/12 @ $109.19)‡
  (B, Caa1)   04/15/15     12.250       122,969    
  100     Sotheby's, Global Company Guaranteed Notes§   (B, B1)   06/15/15     7.750       100,500    
  150     The Geo Group, Inc., Rule 144A,
Company Guaranteed Notes
(Callable 10/15/13 @ $103.88)‡§
  (BB-, B1)   10/15/17     7.750       151,875    
  105     Travelport LLC, Global Company Guaranteed
Notes (Callable 09/01/10 @ $104.94)
  (CCC+, B3)   09/01/14     9.875       105,787    
  75     United Rentals North America, Inc., Global
Company Guaranteed Notes
(Callable 02/15/11 @ $101.17)§
  (CCC+, Caa1)   02/15/14     7.000       70,875    
      909,381    

 

See Accompanying Notes to Financial Statements.
20



Credit Suisse High Yield Fund
Schedule of Investments (continued)

June 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Telecom - Integrated/Services (4.5%)      
$ 75     Frontier Communications Corp., Global Senior
Unsecured Notes§
  (BB, Ba2)   03/15/15     6.625     $ 72,750    
  125     HNS Finance Corp., Global Company Guaranteed
Notes (Callable 04/15/11 @ $102.38)
  (B, B1)   04/15/14     9.500       127,188    
  325     Intelsat Corp., Global Senior Unsecured Notes
(Callable 08/15/10 @ $103.13)
  (BB-, B3)   08/15/14     9.250       333,937    
  100     Level 3 Financing, Inc., Global
Company Guaranteed Notes
(Callable 02/15/11 @ $100.00)#
  (CCC, Caa1)   02/15/15     4.140       78,000    
  50     Level 3 Financing, Inc., Rule 144A,
Company Guaranteed Notes
(Callable 02/01/14 @ $105.00)‡§
  (CCC, Caa1)   02/01/18     10.000       44,500    
  75     New Communications Holdings, Inc.,
Rule 144A, Senior Notes‡
  (BB, Ba2)   04/15/17     8.250       75,656    
  75     Paetec Holding Corp., Global Company Guaranteed
Notes (Callable 07/15/11 @ $104.75)§
  (CCC+, Caa1)   07/15/15     9.500       73,313    
  200     Qwest Communications International, Inc.,
Rule 144A, Company Guaranteed Notes
(Callable 04/01/13 @ $103.56)‡§
  (B+, Ba3)   04/01/18     7.125       200,500    
  175     Qwest Communications International, Inc.,
Rule 144A, Company Guaranteed Notes
(Callable 10/01/12 @ $104.00)‡§
  (B+, Ba3)   10/01/15     8.000       180,687    
  75     Windstream Corp., Global Company Guaranteed
Notes (Callable 08/01/11 @ $104.31)
  (B+, Ba3)   08/01/16     8.625       75,938    
      1,262,469    
Telecom - Wireless (3.5%)      
  25     Cricket Communications, Inc., Global Company
Guaranteed Notes (Callable 11/01/10 @ $104.69)§
  (B-, B3)   11/01/14     9.375       25,500    
  75     Cricket Communications, Inc., Global Senior
Secured Notes (Callable 05/15/12 @ $105.81)§
  (B+, Ba2)   05/15/16     7.750       76,875    
  125     GeoEye, Inc., Rule 144A, Senior Secured Notes
(Callable 10/01/13 @ $104.81)‡
  (B, B1)   10/01/15     9.625       128,125    
  300     Nextel Communications, Inc., Series F, Company
Guaranteed Notes (Callable 03/15/11 @ $101.74)
  (BB-, Ba2)   03/15/14     5.950       279,750    
  75     SBA Telecommunications, Inc., Rule 144A,
Company Guaranteed Notes
(Callable 8/15/12 @ $106.00)‡§
  (BB-, Ba3)   08/15/16     8.000       78,000    
  50     SBA Telecommunications, Inc., Rule 144A,
Company Guaranteed Notes
(Callable 8/15/14 @ $104.13)‡
  (BB-, Ba3)   08/15/19     8.250       52,875    
  250     Sprint Nextel Corp., Senior Unsecured Notes   (BB-, Ba3)   12/01/16     6.000       225,625    
  125     Viasat, Inc., Global Company Guaranteed Notes
(Callable 09/15/12 @ $106.66)§
  (B, B1)   09/15/16     8.875       127,812    
      994,562    

 

See Accompanying Notes to Financial Statements.
21



Credit Suisse High Yield Fund
Schedule of Investments (continued)

June 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Telecommunications (0.2%)      
$ 75     Avaya, Inc., Global Company Guaranteed Notes
(Callable 11/01/11 @ $104.88)
  (CCC+, Caa2)   11/01/15     9.750     $ 70,688    
Textiles & Apparel (0.3%)      
  100     Levi Strauss & Co., Rule 144A, Senior Unsecured
Notes (Callable 05/15/15 @ $103.81)‡§
  (B+, B2)   05/15/20     7.625       98,500    
Theaters & Entertainment (0.8%)      
  175     AMC Entertainment, Inc., Global
Company Guaranteed Notes
(Callable 03/01/11 @ $101.33)
  (CCC+, Caa1)   03/01/14     8.000       169,313    
  50     AMC Entertainment, Inc., Global Senior Unsecured
Notes (Callable 06/01/14 @ $104.38)§
  (B-, B1)   06/01/19     8.750       50,500    
      219,813    
Transportation - Excluding Air/Rail (0.4%)      
  100     SEACOR Holdings, Inc., Senior Unsecured Notes   (BBB-, Ba1)   10/01/19     7.375       105,784    
TOTAL U.S. CORPORATE BONDS (Cost $23,509,343)     23,278,413    
FOREIGN CORPORATE BONDS (10.6%)      
Aerospace & Defense (0.4%)      
  100     Bombardier, Inc., Rule 144A, Senior Notes
(Canada)‡
  (BB+, Ba2)   03/15/18     7.500       103,500    
Chemicals (1.7%)      
  225     Cognis GmbH, Rule 144A, Senior Secured
Notes (Germany)#‡
  (B, B2)   09/15/13     2.537       222,750    
  100     Ineos Finance PLC, Rule 144A, Senior Secured
Notes (Callable 05/15/13 @ $104.50)
(United Kingdom)‡§
  (B, B2)   05/15/15     9.000       100,250    
  200     Ineos Group Holdings PLC, Rule 144A, Secured
Notes (Callable 02/15/11 @ $104.25)
(United Kingdom)‡§
  (CCC, Caa3)   02/15/16     8.500       157,000    
      480,000    
Electronics (0.5%)      
  150     NXP Funding LLC, Series EXCH, Global Senior
Secured Notes (Callable 10/15/10 @ $103.94)
(Netherlands)§
  (CCC+, C)   10/15/14     7.875       138,375    
Energy - Exploration & Production (0.2%)      
  75     OPTI Canada, Inc., Global Senior Secured Notes
(Callable 12/15/10 @ $104.13) (Canada)
  (B, Caa3)   12/15/14     8.250       65,625    
Forestry & Paper (0.7%)      
  250     Abitibi-Consolidated Co. of Canada, Global
Company Guaranteed Notes (Canada)ø
  (NR, NR)   06/15/11     7.750       36,875    
  50     Cascades, Inc., Global Company Guaranteed
Notes (Callable 12/15/13 @ $103.88) (Canada)
  (B+, Ba3)   12/15/17     7.750       50,000    

 

See Accompanying Notes to Financial Statements.
22



Credit Suisse High Yield Fund
Schedule of Investments (continued)

June 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
FOREIGN CORPORATE BONDS      
Forestry & Paper      
$ 125     Smurfit Kappa Funding PLC, Global
Senior Subordinated Notes
(Callable 01/31/11 @ $102.58) (Ireland)
  (B, B2)   04/01/15     7.750     $ 124,062    
      210,937    
Gaming (0.8%)      
  150     Codere Finance Luxembourg SA, Rule 144A,
Senior Secured Notes
(Callable 06/15/11 @ $102.75) (Luxembourg)‡
  (B, B2)   06/15/15     8.250       169,955    
  50     Peermont Global Proprietary, Ltd., Rule 144A,
Senior Secured Notes
(Callable 04/30/11 @ $103.88) (South Africa)‡
  (B, B3)   04/30/14     7.750       52,518    
      222,473    
Media - Cable (1.7%)      
  100     Unitymedia NRW GmbH, Rule 144A, Senior
Secured Notes (Callable 12/01/12 @ $108.22)
(Germany)‡
  (BB-, B1)   12/01/17     8.125       121,878    
  75     Videotron Ltee, Global Company Guaranteed Notes
(Callable 04/15/13 @ $104.56) (Canada)
  (BB-, Ba2)   04/15/18     9.125       81,750    
  175     Virgin Media Finance PLC, Company Guaranteed
Notes (Callable 10/15/14 @ $104.44)
(United Kingdom)
  (B+, B1)   10/15/19     8.875       269,698    
      473,326    
Media - Diversified (0.4%)      
  100     Quebecor Media, Inc., Global Senior Unsecured
Notes (Callable 03/15/11 @ $103.88) (Canada)§
  (B, B2)   03/15/16     7.750       98,500    
Metals & Mining - Excluding Steel (0.1%)      
  25     Teck Resources, Ltd., Global Senior Secured Notes
(Callable 05/15/14 @ $105.38) (Canada)
  (BBB, Baa3)   05/15/19     10.750       30,679    
Oil Field Equipment & Services (0.3%)      
  100     Cie Generale de Geophysique-Veritas, Global
Company Guaranteed Notes
(Callable 05/15/11 @ $102.50) (France)§
  (BB-, Ba3)   05/15/15     7.500       95,750    
Packaging (0.2%)      
  50     Impress Holdings BV, Rule 144A, Company
Guaranteed Notes (Callable 09/15/10 @ $104.63)
(Netherlands)‡
  (B-, B3)   09/15/14     9.250       63,082    
Pharmaceuticals (0.3%)      
  75     Patheon, Inc., Rule 144A, Senior Secured Notes
(Callable 04/15/13 @ $106.47) (Canada)‡
  (B+, B1)   04/15/17     8.625       74,812    

 

See Accompanying Notes to Financial Statements.
23



Credit Suisse High Yield Fund
Schedule of Investments (continued)

June 30, 2010 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
FOREIGN CORPORATE BONDS      
Support - Services (0.4%)      
$ 50     Garda World Security Corp., Rule 144A, Senior
Unsecured Notes (Callable 03/15/14 @ $104.88)
(Canada)‡§
  (B, B3)   03/15/17     9.750     $ 51,000    
  50     ISS Financing PLC, Rule 144A, Senior Secured
Notes (Callable 12/15/11 @ $105.50)
(United Kingdom)‡
  (B, NR)   06/15/14     11.000       65,685    
      116,685    
Telecom - Integrated/Services (1.0%)      
  150     ERC Ireland Finance, Ltd., Rule 144A, Senior
Secured Notes (Ireland)#‡
  (CCC, Caa1)   08/15/16     5.683       64,307    
  170     Global Crossing UK Finance PLC, Global Senior
Secured Notes (Callable 12/15/10 @ $103.58)
(United Kingdom)
  (B-, B3)   12/15/14     10.750       174,250    
  100     Hellas Telecommunications II SCA, Rule 144A,
Subordinated Notes (Luxembourg)ø#‡
  (NR, NR)   01/15/15     6.034       2,500    
  50     Intelsat Subsidiary Holding Co., Ltd., Global
Company Guaranteed Notes
(Callable 01/15/11 @ $102.96) (Bermuda)§
  (B+, B3)   01/15/15     8.875       51,063    
      292,120    
Telecom - Wireless (0.8%)      
  50     Wind Acquisition Finance SA, Rule 144A,
Secured Notes (Callable 07/15/13 @ $105.88)
(Luxembourg)‡
  (B+, B2)   07/15/17     11.750       62,164    
  150     Wind Acquisition Finance SA, Rule 144A,
Secured Notes (Callable 07/15/13 @ $105.88)
(Luxembourg)‡§
  (B+, B2)   07/15/17     11.750       154,500    
      216,664    
Textiles & Apparel (0.1%)      
  200     IT Holding Finance SA, Rule 144A, Company
Guaranteed Notes (Luxembourg)ø‡
  (NR, NR)   11/15/12     9.875       39,197    
Transportation - Excluding Air/Rail (1.0%)      
  150     Navios Maritime Holdings, Inc., Global Company
Guaranteed Notes (Callable 12/15/10 @ $104.75)
(Marshall Islands)
  (B+, B3)   12/15/14     9.500       144,750    
  50     Ship Finance International, Ltd., Global Company
Guaranteed Notes (Callable 12/15/10 @ $102.83)
(Bermuda)
  (B+, B1)   12/15/13     8.500       49,500    
  100     Teekay Corp., Global Senior Unsecured Notes
(Canada)§
  (BB, B1)   01/15/20     8.500       100,000    
      294,250    
TOTAL FOREIGN CORPORATE BONDS (Cost $3,565,807)     3,015,975    

 

See Accompanying Notes to Financial Statements.
24



Credit Suisse High Yield Fund
Schedule of Investments (continued)

June 30, 2010 (unaudited)

Number of
Shares
    Value  
COMMON STOCKS (1.0%)      
Automobile Parts & Equipment (0.0%)      
  588     Safelite Realty Corp.*^   $ 0    
Banks (0.4%)      
  2,868     CIT Group, Inc.*     97,110    
Forestry & Paper (0.2%)      
  2,330     Smurfit-Stone Container Corp.*     57,668    
Leisure (0.4%)      
  3,425     Six Flags Entertainment Corp.*§     115,183    
Printing & Publishing (0.0%)      
  118     SuperMedia, Inc.*§     2,158    
TOTAL COMMON STOCKS (Cost $510,871)     272,119    
PREFERRED STOCK (0.2%)      
Banks (0.2%)      
  62     Ally Financial, Inc., Rule 144A (Callable 12/31/11 @ $1,000) (Cost $11,369)‡     48,195    
WARRANTS (0.0%)      
Printing & Publishing (0.0%)      
  637     The Readers Digest Association, Inc., strike price $0.00, expires 02/15/17 (Cost $0)*^     0    
SHORT-TERM INVESTMENTS (34.0%)      
  8,466,306     State Street Navigator Prime Portfolio§§     8,466,306    

 

Par
(000)
      Maturity   Rate%    
$ 1,146     State Street Bank and Trust Co. Euro Time Deposit     07/01/10     0.010       1,146,000    
TOTAL SHORT-TERM INVESTMENTS (Cost $9,612,306)     9,612,306    
TOTAL INVESTMENTS AT VALUE (128.0%) (Cost $37,209,696)     36,227,008    
LIABILITIES IN EXCESS OF OTHER ASSETS (-28.0%)     (7,917,918 )  
NET ASSETS (100.0%)   $ 28,309,090    

 

INVESTMENT ABBREVIATIONS

MTN = Medium Term Note

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, 2010, these securities amounted to a value of $9,578,947 or 33.8% of net assets.

+  Step Bond — The interest rate is as of June 30, 2010 and will reset at a future date.

*  Non-income producing security.

ø  Bond is currently in default.

^  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, 2010.

§  Security or portion thereof is out on loan.

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

See Accompanying Notes to Financial Statements.
25




Credit Suisse High Yield Fund
Statement of Assets and Liabilities

June 30, 2010 (unaudited)

Assets  
Investments at value, including collateral for securities on loan of $8,466,306
(Cost $37,209,696) (Note 2)
  $ 36,227,0081    
Cash     874    
Foreign currency at value (cost $191,756)     195,416    
Interest receivable     546,714    
Unrealized appreciation on forward currency contracts (Note 2)     103,199    
Receivable for investments sold     75,141    
Receivable for fund shares sold     35,042    
Receivable from investment adviser (Note 3)     2,160    
Prepaid expenses and other assets     11,911    
Total Assets     37,197,465    
Liabilities  
Administrative services fee payable (Note 3)     10,002    
Payable upon return of securities loaned (Note 2)     8,466,306    
Payable for investments purchased     349,862    
Dividend payable     32,730    
Directors' fee payable     4,627    
Payable for fund shares redeemed     3,123    
Other accrued expenses payable     21,725    
Total Liabilities     8,888,375    
Net Assets  
Capital stock, $.001 par value (Note 6)     3,305    
Paid-in capital (Note 6)     69,398,367    
Accumulated net investment loss     (115,863 )  
Accumulated net realized loss on investments and foreign currency transactions     (40,100,622 )  
Net unrealized depreciation from investments and foreign currency translations     (876,097 )  
Net Assets   $ 28,309,090    
Shares outstanding     3,304,776    
Net asset value, offering price and redemption price per share   $ 8.57    

 

1  Including $8,282,228 of securities on loan.

See Accompanying Notes to Financial Statements.
26



Credit Suisse High Yield Fund
Statement of Operations

For the Six Months Ended June 30, 2010 (unaudited)

Investment Income (Note 3)  
Interest   $ 1,316,044    
Dividends     2,182    
Securities lending     6,557    
Total investment income     1,324,783    
Expenses  
Investment advisory fees (Note 3)     101,420    
Administrative services fees (Note 3)     29,701    
Audit and tax fees     16,772    
Registration fees     13,588    
Directors' fees     12,901    
Legal fees     11,585    
Printing fees (Note 3)     10,796    
Transfer agent fees     6,009    
Custodian fees     5,464    
Insurance expense     1,878    
Commitment fees (Note 4)     322    
Interest expense (Note 4)     266    
Miscellaneous expense     3,094    
Total expenses     213,796    
Less: fees waived and expenses reimbursed (Note 3)     (112,377 )  
Net expenses     101,419    
Net investment income     1,223,364    
Net Realized and Unrealized Gain (Loss) from Investments and Foreign Currency Related Items  
Net realized gain from investments     404,032    
Net realized gain from foreign currency transactions     112,728    
Net change in unrealized appreciation (depreciation) from investments     (760,582 )  
Net change in unrealized appreciation (depreciation) from foreign currency translations     60,953    
Net realized and unrealized loss from investments and foreign currency related items     (182,869 )  
Net increase in net assets resulting from operations   $ 1,040,495    

 

See Accompanying Notes to Financial Statements.
27




Credit Suisse High Yield Fund
Statements of Changes in Net Assets

    For the Six Months
Ended
June 30, 2010
(unaudited)
  For the Year
Ended
December 31, 2009
 
From Operations  
Net investment income   $ 1,223,364     $ 2,735,187    
Net realized gain (loss) from investments and foreign
currency transactions
    516,760       (2,142,249 )  
Net change in unrealized appreciation (depreciation) from
investments and foreign currency translations
    (699,629 )     11,208,125    
Net increase in net assets resulting from operations     1,040,495       11,801,063    
From Dividends  
Dividends from net investment income     (1,132,625 )     (3,055,599 )  
From Capital Share Transactions (Note 6)  
Proceeds from sale of shares     2,323,717       5,151,920    
Reinvestment of dividends     1,061,990       2,929,399    
Net asset value of shares redeemed     (4,438,657 )1     (12,241,624 )2  
Net decrease in net assets from capital share transactions     (1,052,950 )     (4,160,305 )  
Net increase (decrease) in net assets     (1,145,080 )     4,585,159    
Net Assets  
Beginning of period     29,454,170       24,869,011    
End of period   $ 28,309,090     $ 29,454,170    
Accumulated net investment loss   $ (115,863 )   $ (206,602 )  

 

1  Net of $195 of redemption fees retained by the Fund.

2  Net of $535 of redemption fees retained by the Fund.

See Accompanying Notes to Financial Statements.
28




Credit Suisse High Yield Fund
Financial Highlights

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

    For the Six
Months Ended
June 30, 2010
  For the Year Ended December 31,  
    (unaudited)   2009   2008   2007   2006   2005  
Per share data  
Net asset value, beginning of period   $ 8.61     $ 6.37     $ 9.57     $ 10.19     $ 9.96     $ 10.65    
INVESTMENT OPERATIONS  
Net investment income     0.37       0.74       0.79       0.85       0.79       0.81    
Net gain (loss) on investments and
foreign currency related items
(both realized and unrealized)
    (0.06 )     2.33       (3.19 )     (0.57 )     0.19       (0.55 )  
Total from investment operations     0.31       3.07       (2.40 )     0.28       0.98       0.26    
LESS DIVIDENDS  
Dividends from net investment income     (0.35 )     (0.83 )     (0.80 )     (0.90 )     (0.75 )     (0.95 )  
Net asset value, end of period   $ 8.57     $ 8.61     $ 6.37     $ 9.57     $ 10.19     $ 9.96    
Total return1     3.60 %     50.17 %     (26.51 )%     2.61 %     10.21 %     2.58 %  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of period (000s omitted)   $ 28,309     $ 29,454     $ 24,869     $ 37,836     $ 44,111     $ 29,248    
Ratio of expenses to average net assets     0.70 %2     0.70 %     0.70 %     0.70 %     0.70 %     0.70 %  
Ratio of net investment income to
average net assets
    8.45 %2     9.50 %     9.10 %     8.04 %     7.52 %     7.96 %  
Decrease reflected in above operating expense
ratios due to waivers/reimbursements
    0.78 %2     0.76 %     0.72 %     0.54 %     0.61 %     0.68 %  
Portfolio turnover rate     38 %     81 %     36 %     46 %     69 %     71 %  

 

1  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.

2  Annualized.

See Accompanying Notes to Financial Statements.
29




Credit Suisse High Yield Fund
Notes to Financial Statements

June 30, 2010 (unaudited)

Note 1. Organization

Credit Suisse 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 currently offers only Institutional Class shares. Effective May 1, 2010, the name of the Fund was changed from Credit Suisse Global High Yield Fund, Inc.

Note 2. Significant Accounting Policies

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


30



Credit Suisse High Yield Fund
Notes to Financial Statements (continued)

June 30, 2010 (unaudited)

Note 2. Significant Accounting Policies

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America ("GAAP"), the Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, 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. GAAP 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.


31



Credit Suisse High Yield Fund
Notes to Financial Statements (continued)

June 30, 2010 (unaudited)

Note 2. Significant Accounting Policies

The following is a summary of the inputs used as of June 30, 2010 in valuing the Fund's investments carried at value:

    Level 1   Level 2   Level 3   Total  
Investments in Securities  
U.S. Corporate Bonds  
Aerospace & Defense   $     $ 413,794     $     $ 413,794    
Auto Loans           306,639             306,639    
Auto Parts & Equipment           428,275             428,275    
Banks           755,931             755,931    
Building & Construction           145,920             145,920    
Building Materials           632,625             632,625    
Chemicals           703,427             703,427    
Computer Hardware           292,875             292,875    
Consumer Products           405,812             405,812    
Consumer/Commercial/Lease Financing           209,438             209,438    
Department Stores           51,125             51,125    
Diversified Capital Goods           819,812             819,812    
Electric - Generation           1,140,437             1,140,437    
Electric - Integrated           179,250             179,250    
Electronics           298,100             298,100    
Energy - Exploration & Production           1,400,701             1,400,701    
Environmental           81,375             81,375    
Food & Drug Retailers           294,375             294,375    
Food - Wholesale           223,125             223,125    
Forestry & Paper           506,444             506,444    
Gaming           1,299,721             1,299,721    
Gas Distribution           528,760             528,760    
Health Facilities           1,368,406             1,368,406    
Health Services           361,188             361,188    
Hotels           186,250             186,250    
Machinery           504,875             504,875    
Media - Broadcast           528,460             528,460    
Media - Cable           1,344,364             1,344,364    
Media - Diversified           268,813             268,813    
Media - Services           190,000             190,000    
Metals & Mining - Excluding Steel           389,350             389,350    
Oil Field Equipment & Services           786,956             786,956    
Oil Refining & Marketing           414,062             414,062    
Packaging           362,137             362,137    
Pharmaceuticals           250,625             250,625    
Printing & Publishing           269,275             269,275    
Railroads           140,775             140,775    
Real Estate Development & Management           131,250             131,250    
Software/Services           500,750             500,750    
Specialty Retail           304,469             304,469    
Steel Producers/Products           197,250             197,250    
Support-Services           909,381             909,381    
Telecom - Integrated/Services           1,262,469             1,262,469    
Telecom - Wireless           994,562             994,562    
Telecommunications Equipment           70,688             70,688    
Textiles & Apparel           98,500             98,500    

 


32



Credit Suisse High Yield Fund
Notes to Financial Statements (continued)

June 30, 2010 (unaudited)

Note 2. Significant Accounting Policies

    Level 1   Level 2   Level 3   Total  
Theaters & Entertainment   $     $ 219,813     $     $ 219,813    
Transportation - Excluding Air/Rail           105,784             105,784    
Foreign Corporate Bonds  
Aerospace & Defense           103,500             103,500    
Chemicals           480,000             480,000    
Electronics           138,375             138,375    
Energy - Exploration & Production           65,625             65,625    
Forestry & Paper           210,937             210,937    
Gaming           222,473             222,473    
Media - Cable           473,326             473,326    
Media - Diversified           98,500             98,500    
Metals & Mining - Excluding Steel           30,679             30,679    
Oil Field Equipment & Services           95,750             95,750    
Packaging           63,082             63,082    
Pharmaceuticals           74,812             74,812    
Support-Services           116,685             116,685    
Telecom - Integrated/Services           292,120             292,120    
Telecom - Wireless           216,664             216,664    
Textiles & Apparel           39,197             39,197    
Transportation - Excluding Air/Rail           294,250             294,250    
Common Stocks  
Automobile Parts & Equipment                          
Banks     97,110                   97,110    
Forestry & Paper     57,668                   57,668    
Leisure     115,183                   115,183    
Printing & Publishing     2,158                   2,158    
Preferred Stock  
Banks     48,195                   48,195    
Warrants  
Printing & Publishing                          
Short-Term Investments     8,466,306       1,146,000             9,612,306    
Other Financial Instruments*  
Forward Foreign Currency Contracts           103,199             103,199    
    $ 8,786,620     $ 27,543,587     $     $ 36,330,207    

 

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

Effective January 1, 2010, the Fund adopted FASB amendments to authoritative guidance which requires the Fund to disclose details of significant transfers in and out of Level 1 and Level 2 measurements and the reasons for the transfers. For the six months ended June 30, 2010, there were no significant transfers in and out of Level 1 and Level 2.

B) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES — Effective January 1, 2009, the Fund adopted amendments to authoritative guidance on disclosures about derivative instruments and hedging activities which require that the Fund disclose (a) how and why an entity uses derivative instruments, (b) how derivative instruments and hedging activities are accounted for, and


33



Credit Suisse High Yield Fund
Notes to Financial Statements (continued)

June 30, 2010 (unaudited)

Note 2. Significant Accounting Policies

(c) how derivative instruments and related hedging activities affect a fund's financial position, financial performance, and cash flows.

Fair Values of Derivative Instruments as of June 30, 2010

    Asset Derivatives   Liability Derivatives  
    Balance Sheet
Location
  Fair Value   Balance Sheet
Location
  Fair Value  
Forward Foreign
Currency Contracts
  Net Assets - Unrealized
Appreciation
  $ 103,199 *   Liabilities - Unrealized
Depreciation
  $ 0    

 

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

Effect of Derivative Instruments on the Statement of Operations

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Forward Foreign Currency Contracts
  $ 120,853    
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Forward Foreign Currency Contracts
  $ 57,422    

 

The notional amount of forward foreign currency contracts at period end are reflected in the Notes to Financial Statements and the volume of these open positions relative to the net assets of the Fund is generally representative of open positions throughout the reporting period for the Fund.

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

D) SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on a trade date basis. Interest income is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts


34



Credit Suisse High Yield Fund
Notes to Financial Statements (continued)

June 30, 2010 (unaudited)

Note 2. Significant Accounting Policies

using the effective interest method. Dividends are recorded on the ex-dividend date. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes.

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

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

The Fund adopted the authoritative guidance for uncertainty in income taxes and recognizes a tax benefit or liability from an uncertain position only if it is more likely than not that the position is sustainable based solely on its technical merits and consideration of the relevant taxing authority's widely understood administrative practices and procedures. The Fund has reviewed its current tax positions and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

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


35



Credit Suisse High Yield Fund
Notes to Financial Statements (continued)

June 30, 2010 (unaudited)

Note 2. Significant Accounting Policies

I) FORWARD FOREIGN CURRENCY CONTRACTS — The Fund may enter into forward foreign currency contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency. The Fund will enter into forward foreign currency contracts primarily for hedging foreign currency risk. 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, 2010, the Fund had the following open forward foreign currency contracts:

Forward Foreign
Currency to be
Purchased (Local)
  Forward Foreign
Currency to be
Sold (Local)
  Expiration
Date
  Value on
Settlement Date
  Current
Value
  Unrealized
Appreciation
 
USD 952,050     EUR 700,000     07/15/10   $ (952,050 )   $ (857,486 )   $ 94,564    
USD 325,805     GBP 212,000     07/15/10     (325,805 )     (317,170 )     8,635    
Total                   $ 103,199    

 

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

J) CREDIT DEFAULT SWAPS — The Fund may enter into credit default swap agreements either as a buyer or seller. The Fund may buy a credit default swap to attempt to mitigate the risk of default or credit quality deterioration in one or more individual holdings or in a segment of the fixed income securities market. The Fund may sell a credit default swap in an attempt to gain exposure to an underlying issuer's credit quality characteristics without investing directly in that issuer.

The Fund bears the risk of loss of the amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. The Fund will enter into swap agreements only with counterparties that meet certain standards of creditworthiness (generally, such counterparties would have to be eligible counterparties under the terms of the Fund's repurchase agreement guidelines). Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. At June 30, 2010, and during the six months ended June 30, 2010, the Fund had no outstanding credit default swap contracts.


36



Credit Suisse High Yield Fund
Notes to Financial Statements (continued)

June 30, 2010 (unaudited)

Note 2. Significant Accounting Policies

K) SECURITIES LENDING — Loans of securities are required at all times to be secured by collateral at least equal to 102% of the market value of domestic securities on loan (including any accrued interest thereon) and 105% of the market value of foreign securities on loan (including any accrued interest thereon). Cash collateral received by the Fund in connection with securities lending activity may be pooled together with cash collateral for other funds/portfolios advised by Credit Suisse and may be invested in a variety of investments, including funds advised by SSB, the Fund's securities lending agent, or money market instruments. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings.

SSB has been engaged by the Fund to act as the Fund's securities lending agent. The Fund's securities lending arrangement provides that the Fund and SSB will share the net income earned from securities lending activities. During the six months ended June 30, 2010, total earnings from the Fund's investment in cash collateral received in connection with securities lending arrangements was $11,355, of which $3,151 was rebated to borrowers (brokers). The Fund retained $6,557 in income from the cash collateral investment, and SSB, as lending agent, was paid $1,647. Securities lending income is accrued as earned.

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

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

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


37



Credit Suisse High Yield Fund
Notes to Financial Statements (continued)

June 30, 2010 (unaudited)

Note 2. Significant Accounting Policies

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.

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, 2010, investment advisory fees earned, voluntarily waived and expenses reimbursed were as follows:

Gross
Advisory
Fee
  Waiver   Net
Advisory
Fee
  Expense
Reimbursement
 
$ 101,420     $ (101,420 )   $ 0     $ (10,957 )  

 

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

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

For its co-administrative services, SSB receives a fee, exclusive of out-of-pocket expenses, calculated in total for all the Credit Suisse funds/portfolios co-administered by SSB and allocated based upon the relative average net assets of each fund/portfolio, subject to an annual minimum fee. For the six months ended June 30, 2010, co-administrative services fees earned by SSB (including out-of-pocket expenses) were $29,701.

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 services. For the six months ended June 30, 2010, Merrill was paid $11,133 for its services by the Fund.


38



Credit Suisse High Yield Fund
Notes to Financial Statements (continued)

June 30, 2010 (unaudited)

Note 4. Line of Credit

The Fund, together with other funds/portfolios advised by Credit Suisse (collectively, the "Participating Funds"), participates in a committed, unsecured line of credit facility ("Credit Facility") for temporary or emergency purposes with SSB. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee on the average unused amount of the Credit Facility, which is allocated among the Participating Funds in such manner as is determined by the governing Boards of the Participating Funds. In addition, the Participating Funds pay interest on borrowings at either the Overnight Federal Funds rate or the Overnight LIBOR rate plus a spread. At June 30, 2010, the Fund had no loans outstanding under the Credit Facility. During the six months ended June 30, 2010, the Fund had borrowings under the Credit Facility as follows:

Average Daily
Loan Balance
  Weighted Average
Interest Rate %
  Maximum Daily
Loan Outstanding
 
$ 501,692       1.470 %   $ 679,000    

 

Note 5. Purchases and Sales of Securities

For the six months ended June 30, 2010, purchases and sales of investment securities (excluding short-term investments) were $10,460,382 and $11,463,160, respectively.

At June 30, 2010, 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 $37,209,696, $1,300,289, $(2,282,977) and $(982,688), respectively.

Note 6. Capital Share Transactions

The Fund is authorized to issue one 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, 2010 (unaudited)
  For the Year Ended
December 31, 2009
 
Shares sold     267,109       722,923    
Shares issued in reinvestment of dividends     122,636       380,283    
Shares redeemed     (505,988 )     (1,584,120 )  
Net decrease     (116,243 )     (480,914 )  

 


39



Credit Suisse High Yield Fund
Notes to Financial Statements (continued)

June 30, 2010 (unaudited)

Note 6. Capital Share Transactions

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.

On June 30, 2010, 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
 
  1       91 %  

 

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

Note 7. Contingencies

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

Note 8. Subsequent Events

Effective June 30, 2009, the Fund adopted the FASB amendments to general standards on accounting for and disclosures of subsequent events. Management has evaluated the possibility of subsequent events existing in the Fund's financial statements through August 25, 2010.

On May 3, 2010, the Board of Directors (the "Board") of Credit Suisse High Yield Fund, Inc. (formerly, Credit Suisse Global High Yield Fund, Inc.) (the "High Yield Fund") approved the reorganization of the High Yield Fund (the "Reorganization") into the Credit Suisse High Income Fund (the "High Income Fund" and together with the High Yield Fund, the "Funds"), a series of Credit Suisse Opportunity Funds. The Reorganization will consist of the transfer of all of the assets of the High Yield Fund in exchange solely for Common


40



Credit Suisse High Yield Fund
Notes to Financial Statements (continued)

June 30, 2010 (unaudited)

Note 8. Subsequent Events

Class shares of the High Income Fund and the assumption by the High Income Fund of all of the liabilities of the High Yield Fund, and the distribution of Common Class shares of the High Income Fund to the shareholders of the High Yield Fund in liquidation of the High Yield Fund. The Reorganization does not require approval by shareholders of either Fund. The Reorganization is expected to occur in late August 2010, or on such other date as of officers of the Funds determine.


41





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

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

Categories of information we may collect:

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

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

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

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

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


42




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

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

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

Confidentiality and security

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

Other Disclosures

This notice is not intended to be incorporated in any offering materials, but is a statement of our current Notice of Privacy and Information Practices and may be amended from time to time. This notice is current as of May 3, 2010.


43




Credit Suisse 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.


44




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-0610




 

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 HIGH YIELD FUND, INC.

 

 

 

 

 

/s/John G. Popp

 

 

Name:

John G. Popp

 

 

Title:

Chief Executive Officer

 

 

Date:

September 1, 2010

 

 

 

 

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

 

/s/John G. Popp

 

 

Name:

John G. Popp

 

 

Title:

Chief Executive Officer

 

 

Date:

September 1, 2010

 

 

 

 

 

 

 

 

/s/Michael A. Pignataro

 

 

Name:

Michael A. Pignataro

 

 

Title:

Chief Financial Officer

 

 

Date:

September 1, 2010