Results

Credit Suisse High Yield Bond Fund Inc.

01/10/2025 | Press release | Distributed by Public on 01/10/2025 11:03

Annual Report by Investment Company (Form N-CSR)

Credit Suisse High Yield Bond Fund
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File
No. 811-08777
CREDIT SUISSE HIGH YIELD BOND FUND
(Exact Name of Registrant as Specified in Charter)
Eleven Madison Avenue, New York, New York 10010
(Address of Principal Executive Offices) (Zip Code)
Omar Tariq
Credit Suisse High Yield Bond Fund
Eleven Madison Avenue
New York, New York 10010
Registrant's telephone number, including area code: (212)
325-2000
Date of fiscal year end: October 31st
Date of reporting period: November 1, 2023 to October 31, 2024
Item 1. Reports to Stockholders.
Credit Suisse High Yield Bond Fund
Eleven Madison Avenue
New York, NY 10010
Trustees
Laura A. DeFelice
Chair of the Board
Samantha Kappagoda
Mahendra R. Gupta
John G. Popp
Steven N. Rappaport
Lee M. Shaiman
Charles W. Gerber
Officers
Omar Tariq
Chief Executive Officer and President
John G. Popp
Chief Investment Officer
Brandi Sinkovich
Chief Compliance Officer
Lou Anne McInnis
Chief Legal Officer
Rose Ann Bubloski
Chief Financial Officer and Treasurer
Karen Regan
Senior Vice President and Secretary
Investment Adviser
UBS Asset Management (Americas) LLC
Eleven Madison Avenue
New York, NY 10010
Administrator and Custodian
State Street Bank and Trust Co.
One Congress Street, Suite 1
Boston, MA 02114-2016
Shareholder Servicing Agent
Computershare Trust Company, N.A.
P.O. Box 43006
Providence, RI 02940-3078
Legal Counsel
Willkie Farr & Gallagher LLP
787 7th Avenue
New York, NY 10019
Independent Registered Public Accounting Firm
Ernst & Young LLP
One Manhattan West
New York, NY 10001
Credit Suisse
High Yield Bond Fund
ANNUAL REPORT
October 31, 2024
Credit Suisse High Yield Bond Fund
Annual Investment Adviser's Report
October 31, 2024 (unaudited)
October 31, 2024
Dear Shareholder:
We are pleased to present this Annual Report covering the activities of the Credit Suisse High Yield Bond Fund (the "Fund") for the 12-month period ended October 31, 2024 (the "Period").
Performance Summary
11/1/2023 - 10/31/24
Fund & Benchmark
Performance
Total Return (based on net asset value ("NAV"))
1
19.20 %
Total Return (based on market value)
1
29.46 %
ICE BofA US High Yield Constrained Index
2
16.49 %
1
Assuming reinvestment of distributions.
2
The ICE BofA US High Yield Constrained Index is an unmanaged index that tracks the performance of below investment-grade U.S. dollar-denominated corporate bonds issued in the U.S. domestic market, where each issuer's allocation is limited to 2% of the Index. The Index does not have transaction costs and investors cannot invest directly in the Index.
Market Review: A Very Positive Period for High Yield Assets
The Period was a very strong one for the high yield asset class. Overall, the ICE BofA US High Yield Constrained Index (the "Index"), the Fund's benchmark, gained 16.49% for the Period.
Following a difficult cycle of tightening financial conditions, the second half of 2023 saw disinflation and market expectations for a reversal in Fed policy. High yield returns benefited from declining U.S. treasury yields in the last two months of 2023, and continued a general positive trajectory into 2024. In fact, due to a resilient U.S. economy, the realization of central bank rate cuts, and favorable market technicals, there were only two months of negative returns for the Index over the Period.
The 10-year U.S. treasury yield got as low as 3.6% in September 2024, but finished the Period at 4.3%, 65 basis points tighter than the prior annual period. Lower treasuries and stable corporate fundamentals led to a significant decline in bond yields and spreads. Yields within the Index decreased to end the Period at 7.23%-218 basis points tighter than on October 31, 2023. At the same time, spreads tightened to +308 basis points, as compared to +451 basis points at the end of the prior Period.
For the Period, CCC-rated bonds significantly outperformed the Index, gaining 26.4%, while B-rated and
BB-rated
bonds underperformed, returning 15.6% and 14.6%, respectively.
From an industry perspective, life insurance, pharmaceuticals, and tech hardware & equipment were the best performing sectors, returning 33.2%, 32.1%, and 26.0% for the Period, respectively. In contrast, the worst performing sectors included managed care, telecom-satellites, and food & drug retailers, returning 0.3%, 10.2%, and 10.2%, respectively.
Default rates for the Period were well below long-term historical averages in the high yield bond market. According to JP Morgan, the trailing 12-month default rate, including distressed exchanges, ended the Period at 1.4%-down 148 basis points since the end of 2023. High yield default activity remains muted due to conservative balance sheets, active capital markets, and limited near-term maturities for stressed companies.
A limited net new supply of bonds, amidst a consistent reinvestment of coupons and positive fund flows, resulted in favorable market technicals. For the Period, high yield mutual funds saw inflows of $33.9 billion-compared to $22.9 billion of outflows in the prior year while rates were still rising.
1
Credit Suisse High Yield Bond Fund
Annual Investment Adviser's Report (continued)
October 31, 2024 (unaudited)
As referenced above, capital markets have been open and busy, but refinancings are the primary purposes for the deals. As of October 31, 2024, new issue volume totaled $267.0 billion, with just $63.3 billion in non-refinancing activity. The same period in 2023 saw $143.2 billion in total volume, including $52.6 billion in non-refinancing activity.
Strategic Review and Outlook: Cautiously Optimistic for the Future
For the Period, the Fund outperformed the Index on both a NAV and market-price basis.
The Fund benefited from positive selection in the high yield asset class and an allocation to collateralized loan obligations ("CLOs"), while an allocation to bank loans detracted from relative performance. From a ratings-perspective, Caa1 and B1-rated positions contributed the most to relative returns, while C and B2-rated positions detracted the most. Additionally, negative selection in retail, technology & electronics, and media sectors hurt relative performance.
Following the rate hike shock of 2022, the high yield market has generated strong returns. While inflation metrics are looking better, the U.S. consumer has faced a few tough years of rising prices. We believe the economy is stable but could be vulnerable to a slowdown in consumer spending and a lagged impact of tight financial conditions, as the general cost of capital remains high relative to the post-Global Financial Crisis world. Still, within the high yield market, we see healthy balance sheets well-suited for a period of slower growth and few signs of any broad deterioration in credit profiles.
We are cognizant of several other key risks to markets-namely geopolitical tensions and uncertainty from a new administration in Washington. The soundness of issuer capital structures gives us comfort, and, in our view, the high yield asset class still offers attractive risk-adjusted return potential.
John G. Popp
Chief Investment Officer*
Omar Tariq
Chief Executive Officer and President**
High yield bonds are lower-quality bonds that are also known as "junk bonds." Such bonds entail greater risks than those found in higher-rated securities.
The Fund is non-diversified, which means it may invest a greater proportion of its assets in securities of a smaller number of issuers than a diversified fund and may therefore be subject to greater volatility.
In addition to historical information, this report contains forward-looking statements, which may concern, among other things, domestic and foreign markets, industry and economic trends and developments and government regulation, and their potential impact on the Fund's investments. These statements are subject to risks and uncertainties and actual trends, developments and regulations in the future, and their impact on the Fund, could be materially different from those projected, anticipated or implied. The Fund has no obligation to update or revise forward-looking statements.
The views of the Fund's management are as of the date of this letter and the Fund holdings described in this document are as of October 31, 2024; these views and Fund holdings may have changed subsequent to these dates. Nothing in this document is a recommendation to purchase or sell securities.
*
John G. Popp is a Managing Director of Credit Suisse and Group Head and Chief Investment Officer of Credit Investments Group ("CIG"), with primary responsibility for making investment decisions and monitoring processes for CIG's global investment strategies. Mr. Popp also serves as Trustee of the Credit Suisse open-end Funds, as well as serving as Director for the Credit Suisse Asset Management Income Fund, Inc. and Trustee of the Credit Suisse High Yield Bond Fund. Mr. Popp has been associated with Credit Suisse since 1997.
**
Omar Tariq is a Director of Credit Suisse. Mr. Tariq also serves as Chief Executive Officer and President of other Credit Suisse open-end funds, as well as serving as Chief Executive Officer and President for the Credit Suisse Asset Management Income Fund, Inc. and Chief Executive Officer and President of the Credit Suisse High Yield Bond Fund. Mr. Tariq has been associated with Credit Suisse since 2019.
2
Credit Suisse High Yield Bond Fund
Annual Investment Adviser's Report (continued)
October 31, 2024 (unaudited)
Comparison of Change in Value of $10,000 Investment in the
Credit Suisse High Yield Bond Fund
1
and the
ICE BofA US High Yield Constrained Index
2
For Ten Years
1
Assuming reinvestment of distributions.
2
The ICE BofA US High Yield Constrained Index (the "Index") is an unmanaged index that tracks the performance of below investment-grade U.S. dollar-denominated corporate bonds issued in the U.S. domestic market, where each issuer's allocation is limited to 2% of the Index. The Index does not have transaction costs and investors cannot invest directly in the Index.
3
Credit Suisse High Yield Bond Fund
Annual Investment Adviser's Report (continued)
October 31, 2024 (unaudited)
Average Annual Returns
October 31, 2024 (unaudited)
1 Year
3 Years
5 Years
10 Years
Net Asset Value (NAV)
19.20% 4.64% 6.45% 6.67%
Market Value
29.46% 4.21% 5.85% 6.05%
UBS AM may waive fees and/or reimburse expenses, without which performance would be lower. Returns represent past performance and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total investment return at NAV is based on the change in the NAV of Fund shares and assumes reinvestment of dividends, capital gains, and return of capital distributions, if any, at prices pursuant to the Fund's dividend reinvestment program. Total investment return at market value is based on the change in the market price at which the Fund's shares traded on the NYSE American during the period and assumes reinvestment of dividends, capital gains, and return of capital distributions, if any, at prices pursuant to the Fund's dividend reinvestment program. Because the Fund's shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on NAV and share price.
Past performance is no guarantee of future results.
The current performance of the Fund may be lower or higher than the figures shown. The Fund's yield, return, NAV and market price will fluctuate. Performance information current to the most recent month end is available by calling
1-800-293-1232.
The annualized gross and net expense ratios are 3.87% and 3.68%, respectively.
Credit Quality Breakdown*
(% of Total Investments as of October 31, 2024)
S&P Ratings**
BBB
2.4 %
BB
36.7
B
36.7
CCC
13.6
CC
0.6
C
0.0
1
D
0.2
NR
7.7
Subtotal
97.9
Equity and Other
2.1
Total
100.0 %
*
Expressed as a percentage of total investments (excluding securities lending collateral, if applicable) and may vary over time.
**
Credit Quality is based on ratings provided by the S&P Global Ratings Division of S&P Global Inc. ("S&P"). S&P is a main provider of ratings for credit assets classes and is widely used amongst industry participants. The NR category consists of securities that have not been rated by S&P.
1
This amount represents less than 0.1%.
4
Credit Suisse High Yield Bond Fund
Schedule of Investments
October 31, 2024
Par
(000)
Ratings
†

(S&P/Moody's)
Maturity
Rate%
Value
CORPORATE BONDS
(105.2%)
Aerospace & Defense
(2.9%)
$
600
AAR Escrow Issuer LLC, Rule 144A, Company Guaranteed Notes
(Callable 03/15/26 @ 103.38)
(1)
(BB, Ba2)
03/15/29
6.750
$
613,941
2,400
Amentum Holdings, Inc., Rule 144A, Company Guaranteed Notes
(Callable 08/01/27 @ 103.63)
(1)
(B, B3)
08/01/32
7.250
2,488,872
587
Bombardier, Inc., Rule 144A, Senior Unsecured Notes
(Callable 02/01/26 @ 103.75)
(1)
(B+, B1)
02/01/29
7.500
611,796
900
Bombardier, Inc., Rule 144A, Senior Unsecured Notes
(Callable 11/15/26 @ 104.38)
(1)
(B+, B1)
11/15/30
8.750
976,259
1,260
TransDigm, Inc., Rule 144A, Senior Secured Notes (Callable 03/01/26 @ 103.19)
(1)
(BB-,
Ba3)
03/01/29
6.375
1,282,226
660
TransDigm, Inc., Rule 144A, Senior Secured Notes (Callable 03/01/27 @ 103.31)
(1)
(BB-,
Ba3)
03/01/32
6.625
672,875
6,645,969
Air Transportation
(0.6%)
1,500
VistaJet Malta Finance PLC/Vista Management Holding, Inc., Rule 144A, Senior Unsecured Notes (Callable 02/01/25 @ 103.19)
(1),(2)
(B-,
B3)
02/01/30
6.375
1,285,553
Auto Parts & Equipment
(5.6%)
2,100
Adient Global Holdings Ltd., Rule 144A, Senior Secured Notes
(Callable 04/15/25 @ 103.50)
(1)
(BBB-,
Ba2)
04/15/28
7.000
2,135,110
2,080
Clarios Global LP/Clarios U.S. Finance Co., Rule 144A, Company Guaranteed Notes
(Callable 12/01/24 @ 100.00)
(1)
(B, B3)
05/15/27
8.500
2,093,896
1,800
Cougar JV Subsidiary LLC, Rule 144A, Senior Unsecured Notes
(Callable 05/15/27 @ 104.00)
(1)
(B+, B2)
05/15/32
8.000
1,883,252
1,650
Dealer Tire LLC/DT Issuer LLC, Rule 144A, Senior Unsecured Notes
(Callable 12/01/24 @ 102.00)
(1)
(CCC, Caa1)
02/01/28
8.000
1,632,293
1,600
Garrett Motion Holdings, Inc./Garrett LX I SARL, Rule 144A, Company Guaranteed Notes (Callable 05/31/27 @ 103.88)
(1)
(B, B1)
05/31/32
7.750
1,601,085
2,950
Phinia, Inc., Rule 144A, Senior Secured Notes (Callable 04/15/26 @ 103.38)
(1)
(BB+, Baa3)
04/15/29
6.750
3,016,574
390
Wand NewCo 3, Inc., Rule 144A, Senior Secured Notes
(Callable 01/30/27 @ 103.81)
(1)
(B, B3)
01/30/32
7.625
403,603
12,765,813
Brokerage
(0.8%)
1,800
StoneX Group, Inc., Rule 144A, Senior Secured Notes (Callable 03/01/27 @ 103.94)
(1)
(BB-,
Ba3)
03/01/31
7.875
1,895,528
Building & Construction
(1.8%)
1,600
MasTec, Inc., Rule 144A, Senior Unsecured Notes (Callable 11/11/24 @ 103.31)
(1)
(BBB-,
NR)
08/15/29
6.625
1,600,256
2,361
Pike Corp., Rule 144A, Company Guaranteed Notes (Callable 12/01/24 @ 101.38)
(1)
(B-,
B3)
09/01/28
5.500
2,315,805
300
Pike Corp., Rule 144A, Senior Unsecured Notes (Callable 01/31/27 @ 104.31)
(1)
(B-,
B3)
01/31/31
8.625
319,118
4,235,179
Building Materials
(7.7%)
565
Advanced Drainage Systems, Inc., Rule 144A, Company Guaranteed Notes
(Callable 07/15/25 @ 103.19)
(1)
(BB-,
Ba2)
06/15/30
6.375
569,970
1,800
Cornerstone Building Brands, Inc., Rule 144A, Senior Secured Notes
(Callable 08/15/26 @ 104.75)
(1)
(B, B2)
08/15/29
9.500
1,854,814
See Accompanying Notes to Financial Statements.
5
Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
October 31, 2024
Par
(000)
Ratings
†

(S&P/Moody's)
Maturity
Rate%
Value
CORPORATE BONDS
(continued)
Building Materials
(continued)
$
2,650
Eco Material Technologies, Inc., Rule 144A, Senior Secured Notes
(Callable 12/01/24 @ 103.94)
(1)
(B, B2)
01/31/27
7.875
$
2,658,917
2,489
Foundation Building Materials, Inc., Rule 144A, Company Guaranteed Notes
(Callable 12/01/24 @ 103.00)
(1)
(CCC+, Caa1)
03/01/29
6.000
2,201,696
1,500
Installed Building Products, Inc., Rule 144A, Company Guaranteed Notes
(Callable 11/16/24 @ 101.44)
(1)
(B+, Ba2)
02/01/28
5.750
1,490,471
1,100
Masterbrand, Inc., Rule 144A, Company Guaranteed Notes
(Callable 07/15/27 @ 103.50)
(1)
(BB, Ba3)
07/15/32
7.000
1,127,852
870
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, Rule 144A, Senior Secured Notes (Callable 04/01/27 @ 103.38)
(1)
(BB-,
B1)
04/01/32
6.750
886,666
893
MIWD Holdco II LLC/MIWD Finance Corp., Rule 144A, Company Guaranteed Notes
(Callable 02/01/25 @ 102.75)
(1)
(B-,
B3)
02/01/30
5.500
855,524
2,350
Oscar AcquisitionCo LLC/Oscar Finance, Inc., Rule 144A, Senior Unsecured Notes
(Callable 04/15/25 @ 104.75)
(1)
(CCC+, Caa1)
04/15/30
9.500
2,297,930
400
Standard Industries, Inc., Rule 144A, Senior Unsecured Notes
(Callable 07/15/25 @ 102.19)
(1)
(BB, B1)
07/15/30
4.375
367,863
600
Summit Materials LLC/Summit Materials Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 01/15/27 @ 103.63)
(1)
(BB+, Ba3)
01/15/31
7.250
624,016
2,721
White Cap Buyer LLC, Rule 144A, Senior Unsecured Notes
(Callable 12/01/24 @ 101.72)
(1)
(CCC+, Caa1)
10/15/28
6.875
2,732,232
17,667,951
Cable & Satellite TV
(1.7%)
2,785
Altice France SA, Rule 144A, Senior Secured Notes (Callable 12/01/24 @ 101.28)
(1)
(CCC+, Caa1)
01/15/29
5.125
2,088,806
300
Altice France SA, Rule 144A, Senior Secured Notes (Callable 12/01/24 @ 102.56)
(1)
(CCC+, Caa1)
07/15/29
5.125
224,727
300
Altice France SA, Rule 144A, Senior Secured Notes (Callable 12/01/24 @ 102.75)
(1)
(CCC+, Caa1)
10/15/29
5.500
224,965
1,200
Sunrise FinCo I BV, Rule 144A, Senior Secured Notes (Callable 07/15/26 @ 102.44)
(1)
(BB-,
B1)
07/15/31
4.875
1,099,074
200
Telenet Finance Luxembourg Notes SARL, Rule 144A, Senior Secured Notes
(Callable 11/11/24 @ 101.38)
(1)
(BB-,
B1)
03/01/28
5.500
194,724
3,832,296
Chemicals
(5.3%)
715
Avient Corp., Rule 144A, Senior Unsecured Notes (Callable 08/01/25 @ 103.56)
(1)
(BB-,
Ba3)
08/01/30
7.125
735,905
600
Avient Corp., Rule 144A, Senior Unsecured Notes (Callable 09/15/27 @ 103.13)
(1)
(BB-,
Ba3)
11/01/31
6.250
601,962
900
Axalta Coating Systems Dutch Holding B BV, Rule 144A, Company Guaranteed Notes
(Callable 11/15/26 @ 103.63)
(1)
(BB, Ba3)
02/15/31
7.250
941,694
950
Herens Holdco SARL, Rule 144A, Senior Secured Notes
(Callable 12/01/24 @ 102.38)
(1)
(B-,
B2)
05/15/28
4.750
834,554
1,200
Herens Midco SARL, Rule 144A, Company Guaranteed Notes
(Callable 11/30/24 @ 102.63)
(1),(3)
(CCC, Caa2)
05/15/29
5.250
989,676
1,482
INEOS Finance PLC, Rule 144A, Senior Secured Notes (Callable 02/15/25 @ 103.38)
(1)
(BB, Ba3)
05/15/28
6.750
1,499,559
600
INEOS Quattro Finance 2 PLC, Rule 144A, Senior Secured Notes
(Callable 11/15/25 @ 104.81)
(1),(2)
(BB, B1)
03/15/29
9.625
635,573
2,400
Tronox, Inc., Rule 144A, Company Guaranteed Notes (Callable 12/01/24 @ 102.31)
(1)
(BB-,
B1)
03/15/29
4.625
2,179,580
See Accompanying Notes to Financial Statements.
6
Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
October 31, 2024
Par
(000)
Ratings
†

(S&P/Moody's)
Maturity
Rate%
Value
CORPORATE BONDS
(continued)
Chemicals
(continued)
$
2,885
Vibrantz Technologies, Inc., Rule 144A, Senior Unsecured Notes
(Callable 02/15/25 @ 104.50)
(1),(2)
(CCC+, Caa2)
02/15/30
9.000
$
2,707,645
1,041
WR Grace Holdings LLC, Rule 144A, Senior Secured Notes
(Callable 03/01/26 @ 103.69)
(1)
(B-,
B1)
03/01/31
7.375
1,076,920
12,203,068
Consumer/Commercial/Lease Financing
(1.3%)
3,000
Cargo Aircraft Management, Inc., Rule 144A, Company Guaranteed Notes
(Callable 11/16/24 @ 101.19)
(1)
(BB, Ba2)
02/01/28
4.750
2,872,237
Diversified Capital Goods
(2.3%)
2,025
Atkore, Inc., Rule 144A, Senior Unsecured Notes (Callable 06/01/26 @ 102.13)
(1)
(BB+, Ba2)
06/01/31
4.250
1,826,973
2,100
Dornoch Debt Merger Sub, Inc., Rule 144A, Senior Unsecured Notes
(Callable 12/01/24 @ 103.31)
(1),(2)
(CCC, Caa2)
10/15/29
6.625
1,776,639
900
EnerSys, Rule 144A, Company Guaranteed Notes (Callable 09/15/27 @ 100.00)
(1)
(BB+, Ba3)
12/15/27
4.375
867,918
750
EnerSys, Rule 144A, Company Guaranteed Notes (Callable 01/15/27 @ 103.31)
(1)
(BB+, Ba3)
01/15/32
6.625
771,172
5,242,702
Electronics
(1.1%)
1,200
Imola Merger Corp., Rule 144A, Senior Secured Notes (Callable 12/01/24 @ 102.38)
(1)
(BB-,
B1)
05/15/29
4.750
1,148,598
1,250
Sensata Technologies, Inc., Rule 144A, Company Guaranteed Notes
(Callable 07/15/27 @ 103.31)
(1)
(BB+, Ba2)
07/15/32
6.625
1,267,056
2,415,654
Energy - Exploration & Production
(3.4%)
650
Civitas Resources, Inc., Rule 144A, Company Guaranteed Notes
(Callable 07/01/25 @ 104.19)
(1)
(BB-, B1)
07/01/28
8.375
672,583
650
Civitas Resources, Inc., Rule 144A, Company Guaranteed Notes
(Callable 07/01/26 @ 104.38)
(1)
(BB-,
B1)
07/01/31
8.750
681,696
1,500
CNX Midstream Partners LP, Rule 144A, Company Guaranteed Notes
(Callable 04/15/25 @ 102.38)
(1)
(BB, B1)
04/15/30
4.750
1,397,715
300
Matador Resources Co., Rule 144A, Company Guaranteed Notes
(Callable 04/15/25 @ 103.44)
(1)
(BB-,
B1)
04/15/28
6.875
305,616
300
Matador Resources Co., Rule 144A, Company Guaranteed Notes
(Callable 04/15/27 @ 103.25)
(1)
(BB-,
B1)
04/15/32
6.500
297,186
3,415
Northern Oil & Gas, Inc., Rule 144A, Senior Unsecured Notes
(Callable 12/01/24 @ 104.06)
(1)
(B+, B2)
03/01/28
8.125
3,450,628
1,080
TGNR Intermediate Holdings LLC, Rule 144A, Senior Unsecured Notes
(Callable 12/01/24 @ 102.75)
(1)
(B+, B3)
10/15/29
5.500
1,020,378
7,825,802
Environmental
(0.1%)
335
Clean Harbors, Inc., Rule 144A, Company Guaranteed Notes
(Callable 02/01/26 @ 103.19)
(1)
(BB+, Ba3)
02/01/31
6.375
337,832
See Accompanying Notes to Financial Statements.
7
Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
October 31, 2024
Par
(000)
Ratings
†

(S&P/Moody's)
Maturity
Rate%
Value
CORPORATE BONDS
(continued)
Food & Drug Retailers
(0.3%)
$
800
Murphy Oil USA, Inc., Rule 144A, Company Guaranteed Notes
(Callable 02/15/26 @ 101.88)
(1)
(BB+, Ba2)
02/15/31
3.750
$
711,801
Food - Wholesale
(2.4%)
2,300
Darling Ingredients, Inc., Rule 144A, Company Guaranteed Notes
(Callable 06/15/25 @ 103.00)
(1)
(BB+, Ba2)
06/15/30
6.000
2,286,198
1,315
Performance Food Group, Inc., Rule 144A, Company Guaranteed Notes
(Callable 09/15/27 @ 103.06)
(1)
(BB, B1)
09/15/32
6.125
1,322,076
1,200
Post Holdings, Inc., Rule 144A, Company Guaranteed Notes
(Callable 09/01/27 @ 103.19)
(1)
(B+, B2)
03/01/33
6.375
1,190,161
600
Post Holdings, Inc., Rule 144A, Senior Unsecured Notes
(Callable 10/15/29 @ 103.13)
(1)
(B+, B2)
10/15/34
6.250
593,889
5,392,324
Gaming
(2.6%)
500
Boyd Gaming Corp., Rule 144A, Company Guaranteed Notes
(Callable 06/15/26 @ 102.38)
(1)
(BB, B1)
06/15/31
4.750
466,908
600
Caesars Entertainment, Inc., Rule 144A, Senior Secured Notes
(Callable 02/15/26 @ 103.50)
(1)
(BB-,
Ba3)
02/15/30
7.000
616,191
1,500
Caesars Entertainment, Inc., Rule 144A, Senior Secured Notes
(Callable 02/15/27 @ 103.25)
(1)
(BB-,
Ba3)
02/15/32
6.500
1,522,281
1,578
Light & Wonder International, Inc., Rule 144A, Company Guaranteed Notes
(Callable 11/16/24 @ 101.75)
(1)
(B+, B2)
05/15/28
7.000
1,585,949
1,850
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Rule 144A, Company Guaranteed Notes (Callable 02/15/27 @ 100.00)
(1)
(BB-,
B1)
05/15/27
5.250
1,837,737
6,029,066
Gas Distribution
(3.4%)
300
Blue Racer Midstream LLC/Blue Racer Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 07/15/26 @ 103.50)
(1)
(B+, B2)
07/15/29
7.000
307,914
300
Blue Racer Midstream LLC/Blue Racer Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 07/15/27 @ 103.63)
(1)
(B+, B2)
07/15/32
7.250
310,082
429
Genesis Energy LP/Genesis Energy Finance Corp., Global Company Guaranteed Notes
(Callable 04/15/26 @ 104.44)
(B, B3)
04/15/30
8.875
444,264
1,536
Hess Midstream Operations LP, Rule 144A, Company Guaranteed Notes
(Callable 12/01/24 @ 101.71)
(1)
(BB+, Ba2)
06/15/28
5.125
1,504,263
600
Hess Midstream Operations LP, Rule 144A, Company Guaranteed Notes
(Callable 10/15/25 @ 102.75)
(1)
(BB+, Ba2)
10/15/30
5.500
586,621
960
Rockies Express Pipeline LLC, Rule 144A, Senior Unsecured Notes
(Callable 04/15/29 @ 100.00)
(1)
(BB, Ba2)
07/15/29
4.950
902,874
915
Rockies Express Pipeline LLC, Rule 144A, Senior Unsecured Notes
(Callable 02/15/30 @ 100.00)
(1)
(BB, Ba2)
05/15/30
4.800
847,289
900
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 12/31/25 @ 103.00)
(1)
(B+, B1)
12/31/30
6.000
844,463
1,950
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 02/15/26 @ 103.69)
(1)
(B+, B1)
02/15/29
7.375
1,957,730
7,705,500
See Accompanying Notes to Financial Statements.
8
Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
October 31, 2024
Par
(000)
Ratings
†

(S&P/Moody's)
Maturity
Rate%
Value
CORPORATE BONDS
(continued)
Health Services
(2.3%)
$
2,295
AthenaHealth Group, Inc., Rule 144A, Senior Unsecured Notes
(Callable 02/15/25 @ 103.25)
(1)
(CCC, Caa2)
02/15/30
6.500
$
2,171,913
1,200
Option Care Health, Inc., Rule 144A, Company Guaranteed Notes
(Callable 12/01/24 @ 102.19)
(1)
(B, B2)
10/31/29
4.375
1,105,482
2,169
Pediatrix Medical Group, Inc., Rule 144A, Company Guaranteed Notes
(Callable 02/15/25 @ 102.69)
(1)
(BB-,
Ba3)
02/15/30
5.375
2,074,302
5,351,697
Hotels
(0.5%)
45
Hilton Domestic Operating Co., Inc., Rule 144A, Company Guaranteed Notes
(Callable 04/01/26 @ 102.94)
(1)
(BB+, Ba2)
04/01/29
5.875
45,416
1,050
RHP Hotel Properties LP/RHP Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 04/01/27 @ 103.25)
(1)
(BB-,
Ba3)
04/01/32
6.500
1,063,102
1,108,518
Insurance Brokerage
(6.1%)
720
Alliant Holdings Intermediate LLC/Alliant Holdings
Co-Issuer,
Rule 144A, Senior Secured Notes (Callable 04/15/25 @ 103.38)
(1)
(B, B2)
04/15/28
6.750
723,932
715
Alliant Holdings Intermediate LLC/Alliant Holdings
Co-Issuer,
Rule 144A, Senior Secured Notes (Callable 01/15/27 @ 103.50)
(1)
(B, B2)
01/15/31
7.000
720,384
600
AmWINS Group, Inc., Rule 144A, Senior Secured Notes
(Callable 02/15/26 @ 103.19)
(1)
(B+, Ba3)
02/15/29
6.375
603,349
1,612
Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC, Rule 144A, Senior Secured Notes (Callable 02/15/27 @ 103.63)
(1)
(B, B2)
02/15/31
7.250
1,641,985
1,200
HUB International Ltd., Rule 144A, Senior Secured Notes
(Callable 06/15/26 @ 103.63)
(1)
(B, B1)
06/15/30
7.250
1,240,943
1,500
Jones Deslauriers Insurance Management, Inc., Rule 144A, Senior Secured Notes
(Callable 03/15/26 @ 104.25)
(1)
(B-,
B2)
03/15/30
8.500
1,590,282
1,800
Jones Deslauriers Insurance Management, Inc., Rule 144A, Senior Unsecured Notes (Callable 12/15/25 @ 105.25)
(1)
(CCC, Caa2)
12/15/30
10.500
1,940,552
2,700
Panther Escrow Issuer LLC, Rule 144A, Senior Secured Notes
(Callable 06/01/27 @ 103.56)
(1)
(B, B2)
06/01/31
7.125
2,761,527
1,200
Ryan Specialty LLC, Rule 144A, Senior Secured Notes (Callable 02/01/25 @ 102.19)
(1)
(BB-,
B1)
02/01/30
4.375
1,139,091
1,500
Ryan Specialty LLC, Rule 144A, Senior Secured Notes (Callable 08/01/27 @ 102.94)
(1)
(BB-,
B1)
08/01/32
5.875
1,496,359
13,858,404
Investments & Misc. Financial Services
(8.5%)
3,150
Armor Holdco, Inc., Rule 144A, Company Guaranteed Notes
(Callable 12/01/24 @ 104.25)
(1)
(CCC+, Caa1)
11/15/29
8.500
3,087,700
900
Block, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/15/27 @ 103.25)
(1)
(BB+, Ba2)
05/15/32
6.500
917,176
3,000
Boost Newco Borrower LLC, Rule 144A, Senior Secured Notes
(Callable 01/15/27 @ 103.75)
(1)
(BB, Ba3)
01/15/31
7.500
3,160,629
1,450
Compass Group Diversified Holdings LLC, Rule 144A, Company Guaranteed Notes (Callable 12/01/24 @ 102.63)
(1)
(B+, B1)
04/15/29
5.250
1,396,243
1,150
Compass Group Diversified Holdings LLC, Rule 144A, Senior Unsecured Notes (Callable 01/15/27 @ 102.50)
(1)
(B+, B1)
01/15/32
5.000
1,061,898
See Accompanying Notes to Financial Statements.
9
Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
October 31, 2024
Par
(000)
Ratings
†

(S&P/Moody's)
Maturity
Rate%
Value
CORPORATE BONDS
(continued)
Investments & Misc. Financial Services
(continued)
$
2,100
Focus Financial Partners LLC, Rule 144A, Senior Secured Notes
(Callable 09/15/27 @ 103.38)
(1)
(B+, B2)
09/15/31
6.750
$
2,094,243
2,700
Jane Street Group/JSG Finance, Inc., Rule 144A, Senior Secured Notes
(Callable 04/30/27 @ 103.56)
(1)
(BB, Ba1)
04/30/31
7.125
2,800,329
500
Jane Street Group/JSG Finance, Inc., Rule 144A, Senior Secured Notes
(Callable 11/01/27 @ 103.06)
(1)
(BB, Ba1)
11/01/32
6.125
500,560
600
Paysafe Finance PLC/Paysafe Holdings U.S. Corp., Rule 144A, Senior Secured Notes (Callable 12/01/24 @ 102.00)
(1)
(B, B2)
06/15/29
4.000
554,348
600
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., Rule 144A, Company Guaranteed Notes (Callable 12/01/24 @ 100.00)
(1)
(NR, Ba3)
11/01/26
4.625
591,335
600
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., Rule 144A, Company Guaranteed Notes (Callable 08/15/27 @ 103.38)
(1)
(NR, Ba3)
08/15/32
6.750
615,887
2,480
VFH Parent LLC/Valor
Co-Issuer,
Inc., Rule 144A, Senior Secured Notes
(Callable 06/15/27 @ 103.75)
(1)
(B+, B1)
06/15/31
7.500
2,548,468
19,328,816
Machinery
(3.8%)
2,100
Arcosa, Inc., Rule 144A, Company Guaranteed Notes (Callable 08/15/27 @ 103.44)
(1)
(B+, Ba3)
08/15/32
6.875
2,156,633
545
ATS Corp., Rule 144A, Company Guaranteed Notes (Callable 12/01/24 @ 102.06)
(1)
(BB, B1)
12/15/28
4.125
512,936
622
Chart Industries, Inc., Rule 144A, Senior Secured Notes
(Callable 01/01/26 @ 103.75)
(1)
(BB-,
Ba3)
01/01/30
7.500
647,761
2,795
Enviri Corp., Rule 144A, Company Guaranteed Notes (Callable 12/01/24 @ 100.00)
(1)
(B, B3)
07/31/27
5.750
2,696,681
1,200
Griffon Corp., Global Company Guaranteed Notes (Callable 12/01/24 @ 101.92)
(B, B3)
03/01/28
5.750
1,178,760
1,200
Hillenbrand, Inc., Global Company Guaranteed Notes (Callable 02/15/26 @ 103.13)
(BB+, Ba1)
02/15/29
6.250
1,207,512
226
Regal Rexnord Corp., Global Company Guaranteed Notes
(Callable 01/15/33 @ 100.00)
(BB+, Baa3)
04/15/33
6.400
236,144
8,636,427
Media - Diversified
(0.1%)
67
Tech 7 SAS Super Senior (New Money Tranche 1)
(3),(4),(5)
(NR, NR)
03/31/26
18.682
73,050
40
Tech 7 SAS Super Senior (New Money Tranche 2)
(3),(4),(5)
(NR, NR)
03/31/26
15.000
43,830
20
Tech 7 SAS Technicolor Creative Studios Super Senior
(3),(4),(5)
(NR, NR)
04/01/26
1.000
21,915
34
Technicolor Creative Studios
(3),(4),(5)
(NR, NR)
03/31/26
15.000
36,525
20
Technicolor Creative Studios
(3),(4),(5)
(NR, NR)
04/01/26
15.000
21,915
197,235
Media Content
(0.2%)
600
Sirius XM Radio, Inc., Rule 144A, Company Guaranteed Notes
(Callable 09/01/26 @ 101.94)
(1)
(BB+, Ba3)
09/01/31
3.875
515,999
Metals & Mining - Excluding Steel
(3.4%)
900
Constellium SE, Rule 144A, Company Guaranteed Notes
(Callable 08/15/27 @ 103.19)
(1),(2)
(BB-, Ba3)
08/15/32
6.375
886,915
2,400
ERO Copper Corp., Rule 144A, Company Guaranteed Notes
(Callable 02/15/25 @ 103.25)
(1)
(B, B1)
02/15/30
6.500
2,356,187
See Accompanying Notes to Financial Statements.
10
Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
October 31, 2024
Par
(000)
Ratings
†

(S&P/Moody's)
Maturity
Rate%
Value
CORPORATE BONDS
(continued)
Metals & Mining - Excluding Steel
(continued)
$
2,100
First Quantum Minerals Ltd., Rule 144A, Secured Notes
(Callable 03/01/26 @ 104.69)
(1)
(B, NR)
03/01/29
9.375
$
2,235,507
600
Kaiser Aluminum Corp., Rule 144A, Company Guaranteed Notes
(Callable 12/01/24 @ 101.16)
(1)
(BB-,
B2)
03/01/28
4.625
572,243
1,200
Kaiser Aluminum Corp., Rule 144A, Company Guaranteed Notes
(Callable 06/01/26 @ 102.25)
(1)
(BB-,
B2)
06/01/31
4.500
1,072,355
782
Novelis Corp., Rule 144A, Company Guaranteed Notes
(Callable 01/30/25 @ 102.38)
(1)
(BB, Ba3)
01/30/30
4.750
734,321
7,857,528
Oil Field Equipment & Services
(1.0%)
2,250
CQP Holdco
LP/BIP-V
Chinook Holdco LLC, Rule 144A, Senior Secured Notes (Callable 12/15/28 @ 103.75)
(1)
(BB, Ba2)
12/15/33
7.500
2,382,226
Oil Refining & Marketing
(1.4%)
1,050
Global Partners LP/GLP Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 01/15/27 @ 104.13)
(1)
(B+, B2)
01/15/32
8.250
1,072,051
900
Sunoco LP, Rule 144A, Company Guaranteed Notes (Callable 05/01/27 @ 103.63)
(1)
(BB+, Ba1)
05/01/32
7.250
937,680
1,100
Sunoco LP/Sunoco Finance Corp., Rule 144A, Company Guaranteed Notes
(Callable 09/15/25 @ 103.50)
(1)
(BB+, Ba1)
09/15/28
7.000
1,131,385
3,141,116
Packaging
(4.2%)
690
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, Rule 144A, Senior Unsecured Notes (Callable 11/30/24 @ 101.50)
(1),(3)
(CCC+, Caa1)
09/01/29
3.000
652,057
600
Ball Corp., Global Company Guaranteed Notes (Callable 11/16/24 @ 103.44)
(BB+, Ba1)
03/15/28
6.875
617,127
600
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd.
Co-Issuer
LLC, Rule 144A, Senior Secured Notes (Callable 12/01/24 @ 100.00)
(1)
(B-,
B2)
09/15/28
6.000
593,030
2,550
Mauser Packaging Solutions Holding Co., Rule 144A, Senior Secured Notes
(Callable 02/15/25 @ 103.94)
(1)
(B, B2)
04/15/27
7.875
2,622,803
418
Owens-Brockway Glass Container, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/15/26 @ 103.63)
(1),(2)
(B+, B2)
05/15/31
7.250
412,693
2,284
Trident TPI Holdings, Inc., Rule 144A, Company Guaranteed Notes
(Callable 12/31/25 @ 106.38)
(1)
(CCC+, Caa2)
12/31/28
12.750
2,508,862
1,860
TriMas Corp., Rule 144A, Company Guaranteed Notes (Callable 12/01/24 @ 102.06)
(1)
(BB-,
Ba3)
04/15/29
4.125
1,736,973
462
Verde Purchaser LLC, Rule 144A, Senior Secured Notes
(Callable 11/30/26 @ 105.25)
(1)
(B+, B2)
11/30/30
10.500
493,827
9,637,372
Personal & Household Products
(0.5%)
1,050
Amer Sports Co., Rule 144A, Senior Secured Notes (Callable 02/16/27 @ 103.38)
(1),(2)
(BB, B1)
02/16/31
6.750
1,067,541
Rail
(0.6%)
1,385
Genesee & Wyoming, Inc., Rule 144A, Senior Secured Notes
(Callable 04/15/27 @ 103.13)
(1)
(BB, Ba3)
04/15/32
6.250
1,398,329
See Accompanying Notes to Financial Statements.
11
Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
October 31, 2024
Par
(000)
Ratings
†

(S&P/Moody's)
Maturity
Rate%
Value
CORPORATE BONDS
(continued)
Real Estate Investment Trusts
(1.0%)
$
824
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, Rule 144A, Company Guaranteed Notes (Callable 09/15/27 @ 100.00)
(1)
(BB+, WR)
12/15/27
3.750
$
756,564
1,562
Starwood Property Trust, Inc., Rule 144A, Senior Unsecured Notes
(Callable 10/15/29 @ 100.00)
(1)
(BB-,
Ba3)
04/15/30
6.000
1,532,473
2,289,037
Recreation & Travel
(4.1%)
1,800
Boyne USA, Inc., Rule 144A, Senior Unsecured Notes (Callable 12/01/24 @ 102.38)
(1)
(B, B1)
05/15/29
4.750
1,718,056
747
SeaWorld Parks & Entertainment, Inc., Rule 144A, Company Guaranteed Notes (Callable 11/11/24 @ 102.63)
(1)
(B+, B2)
08/15/29
5.250
718,784
2,538
Six Flags Entertainment Corp., Rule 144A, Company Guaranteed Notes
(Callable 05/15/26 @ 103.63)
(1)
(BB-,
B1)
05/15/31
7.250
2,603,608
2,535
Speedway Motorsports LLC/Speedway Funding II, Inc., Rule 144A, Senior Unsecured Notes (Callable 12/01/24 @ 100.00)
(1)
(BB+, B1)
11/01/27
4.875
2,479,363
1,831
Vail Resorts, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/15/27 @ 103.25)
(1)
(BB, Ba3)
05/15/32
6.500
1,876,614
9,396,425
Restaurants
(1.5%)
600
1011778 BC ULC/New Red Finance, Inc., Rule 144A, Senior Secured Notes
(Callable 06/15/26 @ 103.06)
(1)
(BB+, Ba2)
06/15/29
6.125
610,989
2,700
Raising Cane's Restaurants LLC, Rule 144A, Senior Unsecured Notes
(Callable 11/01/25 @ 104.69)
(1)
(B, B3)
05/01/29
9.375
2,905,608
3,516,597
Software - Services (5.3%)
2,100
CA Magnum Holdings, Rule 144A, Senior Secured Notes
(Callable 12/01/24 @ 101.34)
(1)
(NR, B1)
10/31/26
5.375
2,064,752
548
Elastic NV, Rule 144A, Senior Unsecured Notes (Callable 12/01/24 @ 102.06)
(1)
(BB-,
Ba3)
07/15/29
4.125
506,324
2,100
Insight Enterprises, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/15/27 @ 103.31)
(1)
(BB+, Ba3)
05/15/32
6.625
2,148,565
1,175
Newfold Digital Holdings Group, Inc., Rule 144A, Senior Unsecured Notes
(Callable 12/01/24 @ 103.00)
(1)
(CCC, Caa2)
02/15/29
6.000
790,361
945
Open Text Corp., Rule 144A, Company Guaranteed Notes
(Callable 12/01/24 @ 101.94)
(1)
(BB, Ba3)
12/01/29
3.875
862,942
1,200
Open Text Corp., Rule 144A, Senior Secured Notes (Callable 11/01/27 @ 100.00)
(1)
(BBB-, Ba1)
12/01/27
6.900
1,247,882
1,250
Open Text Holdings, Inc., Rule 144A, Company Guaranteed Notes
(Callable 12/01/26 @ 102.06)
(1)
(BB, Ba3)
12/01/31
4.125
1,123,702
1,200
UKG, Inc., Rule 144A, Senior Secured Notes (Callable 02/01/27 @ 103.44)
(1)
(B-,
B2)
02/01/31
6.875
1,230,661
1,740
Virtusa Corp., Rule 144A, Senior Unsecured Notes (Callable 12/01/24 @ 103.56)
(1)
(B-,
Caa1)
12/15/28
7.125
1,689,181
600
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 11/11/24 @ 101.94)
(1)
(B+, B1)
02/01/29
3.875
547,294
12,211,664
Specialty Retail
(2.2%)
2,800
Eagle Intermediate Global Holding BV/Eagle U.S. Finance LLC, Rule 144A, Senior Secured Notes (Callable 11/11/24 @ 100.00)
(1)
(NR, Caa3)
05/01/25
7.500
1,602,006
See Accompanying Notes to Financial Statements.
12
Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
October 31, 2024
Par
(000)
Ratings
†

(S&P/Moody's)
Maturity
Rate%
Value
CORPORATE BONDS
(continued)
Specialty Retail
(continued)
$
77
Eagle Intermediate Global Holding BV/Eagle U.S. Finance LLC, Rule 144A, Senior Secured Notes
(Callable 11/11/24 @ 100.00)
(1),(4),(5)
(NR, Caa3)
05/01/25
7.500
$
43,815
102
Eagle Intermediate Global Holding BV/Ruyi U.S. Finance LLC
(4),(5),(11)
(NR, NR)
05/01/25
0.000
55,433
900
Group 1 Automotive, Inc., Rule 144A, Company Guaranteed Notes
(Callable 12/01/24 @ 101.33)
(1)
(BB+, Ba2)
08/15/28
4.000
845,541
900
Group 1 Automotive, Inc., Rule 144A, Company Guaranteed Notes
(Callable 07/15/26 @ 103.19)
(1)
(BB+, Ba2)
01/15/30
6.375
907,014
1,200
LCM Investments Holdings II LLC, Rule 144A, Senior Unsecured Notes
(Callable 08/01/26 @ 104.13)
(1)
(BB-,
B2)
08/01/31
8.250
1,252,921
297
Sonic Automotive, Inc., Rule 144A, Company Guaranteed Notes
(Callable 11/15/26 @ 102.44)
(1)
(BB-,
B1)
11/15/31
4.875
267,299
4,974,029
Steel Producers/Products
(0.9%)
2,050
TMS International Corp., Rule 144A, Senior Unsecured Notes
(Callable 11/11/24 @ 103.13)
(1)
(B, Caa1)
04/15/29
6.250
1,985,226
Support - Services
(6.5%)
1,821
Allied Universal Holdco LLC/Allied Universal Finance Corp., Rule 144A, Senior Unsecured Notes
(Callable 12/01/24 @ 100.00)
(1)
(CCC+, Caa2)
07/15/27
9.750
1,826,791
1,350
Allied Universal Holdco LLC/Allied Universal Finance Corp., Rule 144A, Senior Unsecured Notes
(Callable 12/01/24 @ 103.00)
(1),(2)
(CCC+, Caa2)
06/01/29
6.000
1,236,603
1,000
Beacon Roofing Supply, Inc. Rule 144A, Senior Secured Notes
(Callable 08/01/26 @ 103.25)
(1)
(BB, Ba2)
08/01/30
6.500
1,017,312
1,500
Belron U.K. Finance PLC, Rule 144A, Senior Secured Notes
(Callable 10/15/26 @ 102.88)
(1)
(BB-,
Ba3)
10/15/29
5.750
1,504,335
1,500
CoreLogic, Inc., Rule 144A, Senior Secured Notes (Callable 12/01/24 @ 102.25)
(1)
(B-,
B2)
05/01/28
4.500
1,409,980
1,000
GYP Holdings III Corp., Rule 144A, Company Guaranteed Notes
(Callable 12/01/24 @ 102.31)
(1)
(B, Ba2)
05/01/29
4.625
945,076
2,035
H&E Equipment Services, Inc., Rule 144A, Company Guaranteed Notes
(Callable 12/01/24 @ 101.94)
(1)
(BB-,
B1)
12/15/28
3.875
1,881,373
812
VT Topco, Inc., Rule 144A, Senior Secured Notes (Callable 08/15/26 @ 104.25)
(1)
(B, B2)
08/15/30
8.500
855,366
750
WESCO Distribution, Inc., Rule 144A, Company Guaranteed Notes
(Callable 12/01/24 @ 102.42)
(1)
(BB, Ba3)
06/15/28
7.250
768,269
600
WESCO Distribution, Inc., Rule 144A, Company Guaranteed Notes
(Callable 03/15/26 @ 103.19)
(1)
(BB, Ba3)
03/15/29
6.375
612,965
865
Williams Scotsman, Inc., Rule 144A, Senior Secured Notes
(Callable 12/01/24 @ 101.16)
(1)
(BB-,
B2)
08/15/28
4.625
827,728
650
Williams Scotsman, Inc., Rule 144A, Senior Secured Notes
(Callable 06/15/26 @ 103.31)
(1)
(BB-,
B2)
06/15/29
6.625
660,181
1,350
ZipRecruiter, Inc., Rule 144A, Senior Unsecured Notes
(Callable 01/15/25 @ 102.50)
(1)
(B+, B2)
01/15/30
5.000
1,218,871
14,764,850
Tech Hardware & Equipment
(1.7%)
939
CommScope Technologies LLC, Rule 144A, Company Guaranteed Notes
(Callable 11/11/24 @ 100.00)
(1)
(CCC-,
Ca)
06/15/25
6.000
921,394
See Accompanying Notes to Financial Statements.
13
Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
October 31, 2024
Par
(000)
Ratings
†

(S&P/Moody's)
Maturity
Rate%
Value
CORPORATE BONDS
(continued)
Tech Hardware & Equipment
(continued)
$
1,500
Vertiv Group Corp., Rule 144A, Senior Secured Notes (Callable 12/01/24 @ 102.06)
(1)
(BB+, Ba2)
11/15/28
4.125
$
1,428,765
1,500
Zebra Technologies Corp., Rule 144A, Company Guaranteed Notes
(Callable 06/01/27 @ 103.25)
(1)
(BB, Ba2)
06/01/32
6.500
1,535,778
3,885,937
Telecom - Wireline Integrated & Services
(3.0%)
1,500
Altice Financing SA, Rule 144A, Senior Secured Notes (Callable 12/01/24 @ 101.25)
(1)
(B-,
Caa1)
01/15/28
5.000
1,269,827
1,800
LCPR Senior Secured Financing DAC, Rule 144A, Senior Secured Notes
(Callable 12/01/24 @ 100.00)
(1)
(B+, B2)
10/15/27
6.750
1,692,908
1,500
Level 3 Financing, Inc., Rule 144A, Secured Notes (Callable 03/22/26 @ 102.13)
(1)
(CCC+, Caa1)
04/01/30
4.500
1,207,412
900
Level 3 Financing, Inc., Rule 144A, Secured Notes (Callable 03/22/25 @ 101.81)
(1)
(CCC+, Caa1)
10/15/30
3.875
688,490
1,000
Virgin Media Secured Finance PLC, Rule 144A, Senior Secured Notes
(Callable 11/10/24 @ 100.63)
(1),(6)
(B+, Ba3)
04/15/27
5.000
1,276,869
300
Virgin Media Secured Finance PLC, Rule 144A, Senior Secured Notes
(Callable 08/15/25 @ 102.25)
(1)
(B+, Ba3)
08/15/30
4.500
263,015
600
Vmed O2 U.K. Financing I PLC, Rule 144A, Senior Secured Notes
(Callable 01/31/26 @ 102.13)
(1)
(B+, Ba3)
01/31/31
4.250
516,591
6,915,112
Theaters & Entertainment
(1.2%)
2,200
Live Nation Entertainment, Inc., Rule 144A, Company Guaranteed Notes
(Callable 10/31/24 @ 100.00)
(1)
(B+, B1)
11/01/24
4.875
2,200,000
500
Live Nation Entertainment, Inc., Rule 144A, Company Guaranteed Notes
(Callable 12/01/24 @ 101.19)
(1)
(B+, B1)
10/15/27
4.750
486,852
2,686,852
Transport Infrastructure/Services
(0.9%)
300
XPO, Inc., Rule 144A, Company Guaranteed Notes (Callable 06/01/26 @ 103.56)
(1)
(BB-,
Ba3)
06/01/31
7.125
310,831
600
XPO, Inc., Rule 144A, Company Guaranteed Notes (Callable 02/01/27 @ 103.56)
(1)
(BB-,
Ba3)
02/01/32
7.125
623,870
1,032
XPO, Inc., Rule 144A, Senior Secured Notes (Callable 06/01/25 @ 103.13)
(1)
(BBB-,
Ba1)
06/01/28
6.250
1,049,398
1,984,099
Trucking & Delivery
(1.0%)
2,100
RXO, Inc., Rule 144A, Company Guaranteed Notes (Callable 12/01/24 @ 103.75)
(1)
(BB, Baa3)
11/15/27
7.500
2,181,732
TOTAL CORPORATE BONDS
(Cost $239,194,456)
240,337,043
BANK LOANS
(20.5%)
Aerospace & Defense
(0.3%)
710
Peraton Corp., 3 mo. USD Term SOFR + 7.750%
(7)
(NR, NR)
02/01/29
12.971
650,535
Auto Parts & Equipment
(0.6%)
253
First Brands Group LLC, 3 mo. USD Term SOFR + 5.000%
(7)
(B+, B1)
03/30/27
9.847
246,666
694
First Brands Group LLC, 3 mo. USD Term SOFR + 5.000%
(7)
(B+, B1)
03/30/27
9.847
676,012
497
Jason Group, Inc., 1 mo. USD Term SOFR + 6.000%, 0.000% PIK
(7),(8),(9)
(NR, WR)
08/28/25
10.800
450,677
1,373,355
See Accompanying Notes to Financial Statements.
14
Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
October 31, 2024
Par
(000)
Ratings
†

(S&P/Moody's)
Maturity
Rate%
Value
BANK LOANS
(continued)
Building Materials
(0.4%)
$
788
Cornerstone Building Brands, Inc., 1 mo. USD Term SOFR + 5.625%
(7)
(B, B2)
08/01/28
10.429
$
794,917
Chemicals
(1.2%)
404
Ascend Performance Materials Operations LLC, 3 mo. USD Term SOFR + 4.750%
(7)
(B, B2)
08/27/26
9.095
376,192
1,006
Polar U.S. Borrower LLC, 1 mo. USD Term SOFR + 5.500%
(7),(9)
(NR, NR)
10/16/28
9.605
756,993
1,756
Polar U.S. Borrower LLC, 1 mo. USD Term SOFR + 5.500%
(7),(9)
(NR, NR)
10/16/28
9.593
1,321,375
235
SK Neptune Husky Finance SARL
(5),(9),(10),(11)
(NR, WR)
04/30/25
0.000
182,452
1,085
SK Neptune Husky Group SARL
(9),(10),(11)
(NR, WR)
01/03/29
0.000
18,316
2,655,328
Diversified Capital Goods
(0.5%)
1,229
Dynacast International LLC, 3 mo. USD Term SOFR + 9.250%
(7)
(CC, Caa2)
10/22/25
14.407
1,152,650
Electronics
(1.3%)
598
Escape Velocity Holdings, Inc., 3 mo. USD Term SOFR + 4.250%
(7)
(B, B3)
10/08/28
9.115
595,662
2,350
Idemia Group, 3 mo. USD Term SOFR + 4.250%
(5),(7)
(B, B2)
09/30/28
8.854
2,373,246
2,968,908
Energy - Exploration & Production
(0.0%)
2,800
PES Holdings LLC
(5),(9),(10),(11)
(NR, WR)
12/31/24
3.000
20,999
Food & Drug Retailers
(0.3%)
1,500
WOOF Holdings, Inc., 3 mo. USD Term SOFR + 7.250%
(7),(9)
(CC, Ca)
12/21/28
11.985
730,005
Gas Distribution
(0.7%)
1,557
Traverse Midstream Partners LLC, 3 mo. USD Term SOFR + 3.500%
(7)
(B+, B2)
02/16/28
8.085
1,565,093
Health Facilities
(0.6%)
436
Carestream Health, Inc., 3 mo. USD Term SOFR + 7.500%
(7)
(B-,
Caa1)
09/30/27
12.204
400,313
318
Sonrava Health Holdings LLC, 3 mo. USD Term SOFR + 6.500%
(7)
(B-,
B2)
05/18/28
11.499
319,339
1,229
Sonrava Health Holdings LLC, 3 mo. USD Term SOFR + 1.000%, 5.500% PIK
(7),(8),(9)
(NR, Caa2)
08/18/28
11.499
583,920
1,303,572
Health Services
(1.1%)
1,230
MedAssets Software Intermediate Holdings, Inc., 1 mo. USD Term SOFR + 6.750%
(7),(9)
(D, C)
12/17/29
11.550
541,200
916
Radiology Partners, Inc., 3 mo. USD Term SOFR + 3.500%, 1.500% PIK
(7),(8)
(B-,
B3)
01/31/29
10.383
904,409
1,157
U.S. Radiology Specialists, Inc., 3 mo. USD Term SOFR + 4.750%
(7)
(B-,
B3)
12/15/27
9.354
1,162,988
2,608,597
Hotels
(0.5%)
1,334
Aimbridge Acquisition Co., Inc., 3 mo. USD Term SOFR + 4.750%
(7)
(CCC, B3)
02/02/26
9.597
1,192,067
Media - Diversified
(0.0%)
314
Technicolor Creative Studios
(3),(4),(5),(10),(11)
(NR, NR)
08/06/33
0.000
0
See Accompanying Notes to Financial Statements.
15
Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
October 31, 2024
Par
(000)
Ratings
†

(S&P/Moody's)
Maturity
Rate%
Value
BANK LOANS
(continued)
Packaging
(1.0%)
$
2,254
Proampac PG Borrower LLC, 3 mo. USD Term SOFR + 4.000%
(7)
(B-,
B3)
09/15/28
8.656 - 9.118
$
2,264,971
Personal & Household Products
(0.8%)
1,988
Serta Simmons Bedding LLC, 3 mo. USD Term SOFR + 7.500%
(7)
(NR, NR)
06/29/28
12.218
1,672,358
217
Serta Simmons Bedding LLC, 3 mo. USD Term SOFR + 7.500%
(5),(7)
(NR, NR)
06/29/28
12.232
216,960
1,889,318
Restaurants
(1.0%)
2,223
IRB Holding Corp., 1 mo. USD Term SOFR + 2.750%
(7)
(B+, B2)
12/15/27
7.535
2,224,777
Software - Services
(5.6%)
819
AQ Carver Buyer, Inc., 3 mo. USD Term SOFR + 5.500%
(7)
(B, B2)
08/02/29
10.185
822,685
1,678
Aston FinCo SARL, 1 mo. USD Term SOFR + 4.250%
(7)
(CCC+, B3)
10/09/26
9.050
1,619,720
429
Astra Acquisition Corp., 3 mo. USD Term SOFR + 6.750%
(7),(9)
(CCC+, Caa1)
02/25/28
11.354
337,124
1,193
Astra Acquisition Corp., 3 mo. USD Term SOFR + 5.250%
(7)
(CC, C)
10/25/28
9.854
104,369
1,711
Cloud Software Group, Inc., 3 mo. USD Term SOFR + 4.000%
(7)
(B, B2)
03/30/29
8.604
1,713,028
900
CommerceHub, Inc., 3 mo. USD Term SOFR + 7.000%
(7)
(CCC, Caa3)
12/29/28
11.797
724,878
295
DCert Buyer, Inc., 1 mo. USD Term SOFR + 4.000%
(7)
(B-,
B2)
10/16/26
8.685
286,031
1,320
EagleView Technology Corp.
(12)
(CCC+, Caa1)
08/14/25
0.000
1,257,466
744
Perforce Software, Inc., 1 mo. USD Term SOFR + 3.750%
(7)
(B-,
B2)
07/01/26
8.535
743,559
553
Polaris Newco LLC, 1 mo. GBP LIBOR + 5.250%
(6),(7)
(B-,
B2)
06/02/28
10.200
684,455
1,535
Project Boost Purchaser LLC, 3 mo. USD Term SOFR + 3.500%
(7)
(B-,
B2)
07/16/31
8.147
1,538,638
2,483
Quest Software U.S. Holdings, Inc., 3 mo. USD Term SOFR + 4.250%
(4),(7),(9)
(CCC+, B3)
02/01/29
8.985
1,787,420
733
Redstone Holdco 2 LP, 3 mo. USD Term SOFR + 4.750%
(7)
(CCC+, B3)
04/27/28
9.597
551,055
599
UKG, Inc., 3 mo. USD Term SOFR + 3.000%
(7)
(B-,
B2)
02/10/31
7.617
599,856
12,770,284
Steel Producers/Products
(0.6%)
1,486
OPTA, Inc., 3 mo. USD Term SOFR + 6.750%
(5),(7),(9)
(NR, NR)
11/09/28
11.601
1,464,056
Support - Services
(1.2%)
499
CoreLogic, Inc., 1 mo. USD Term SOFR + 3.500%
(7)
(B-,
B2)
06/02/28
8.300
497,111
895
Gloves Buyer, Inc., 1 mo. USD Term SOFR + 4.000%
(7)
(B-,
B3)
12/29/27
8.800
893,122
600
LaserShip, Inc., 3 mo. USD Term SOFR + 7.500%
(7),(9)
(C, Ca)
05/07/29
12.104
140,001
1,178
LaserShip, Inc., 3 mo. USD Term SOFR + 4.500%
(7),(9)
(CCC-, Caa2)
05/07/28
9.365
509,481
280
LaserShip, Inc., 3 mo. USD Term SOFR + 7.000%
(5),(7),(9)
(NR, Caa2)
09/29/27
12.354
132,911
600
TruGreen LP, 3 mo. USD Term SOFR + 8.500%
(5),(7)
(CCC, Caa3)
11/02/28
13.347
540,000
2,712,626
Tech Hardware & Equipment
(0.5%)
1,331
Atlas CC Acquisition Corp., 3 mo. USD Term SOFR + 4.250%
(7)
(B, Caa2)
05/25/28
9.569
966,978
271
Atlas CC Acquisition Corp., 3 mo. USD Term SOFR + 4.250%
(7)
(B+, B1)
05/25/28
9.569
196,673
1,163,651
Telecom - Wireline Integrated & Services
(0.6%)
1,439
Patagonia Holdco LLC, 3 mo. USD Term SOFR + 5.750%
(7)
(NR, B1)
08/01/29
10.854
1,346,275
See Accompanying Notes to Financial Statements.
16
Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
October 31, 2024
Par
(000)
Ratings
†

(S&P/Moody's)
Maturity
Rate%
Value
BANK LOANS
(continued)
Theaters & Entertainment
(1.7%)
$
739
UFC Holdings LLC, 3 mo. USD Term SOFR + 2.750%
(7)
(BB, Ba3)
04/29/26
7.638
$
740,951
3,094
William Morris Endeavor Entertainment LLC, 1 mo. USD Term SOFR + 2.750%
(7)
(BB-,
B3)
05/18/25
7.435 - 7.550
3,098,691
3,839,642
TOTAL BANK LOANS
(Cost $54,780,637)
46,691,626
ASSET BACKED SECURITIES
(7.7%)
Collateralized Debt Obligations
(7.7%)
1,000
Anchorage Capital CLO 15 Ltd.,
2020-15A,
Rule 144A, 3 mo. USD Term SOFR + 7.662%
(1),(7)
(NR, Ba3)
07/20/34
12.279
996,995
1,500
Anchorage Capital CLO 25 Ltd.,
2022-25A,
Rule 144A, 3 mo. USD Term SOFR + 7.170%
(1),(7)
(NR, Ba3)
04/20/35
11.787
1,498,450
1,170
Anchorage Capital Europe CLO 6 DAC, Rule 144A, 3 mo. EURIBOR + 5.000%
(1),(3),(7)
(BBB-,
NR)
01/22/38
8.201
1,297,712
1,250
Anchorage Credit Funding 4 Ltd.,
2016-4A,
Rule 144A
(1)
(NR, Ba3)
04/27/39
6.659
1,134,139
1,250
Battalion CLO 18 Ltd.,
2020-18A,
Rule 144A, 3 mo. USD Term SOFR + 6.972%
(1),(7)
(BB-,
NR)
10/15/36
11.628
1,150,484
1,250
Benefit Street Partners CLO X Ltd.,
2016-10A,
Rule 144A, 3 mo. USD Term SOFR + 7.012%
(1),(7)
(BB-,
NR)
04/20/34
11.629
1,256,785
1,500
Cedar Funding VI CLO Ltd.,
2016-6A,
Rule 144A, 3 mo. USD Term SOFR + 6.982%
(1),(7)
(BB-,
NR)
04/20/34
11.599
1,494,188
1,500
KKR CLO 14 Ltd., Rule 144A, 3 mo. USD Term SOFR + 6.412%
(1),(7)
(NR, B1)
07/15/31
11.068
1,507,078
1,500
KKR CLO 16 Ltd., Rule 144A, 3 mo. USD Term SOFR + 7.372%
(1),(7)
(BB-,
NR)
10/20/34
11.989
1,487,558
1,200
KKR CLO 45A Ltd., Rule 144A, 3 mo. USD Term SOFR + 7.300%
(1),(7)
(NR, NR)
04/15/35
11.956
1,233,321
1,500
Marble Point CLO XXIII Ltd.,
2021-4A,
Rule 144A, 3 mo. USD Term SOFR + 6.012%
(1),(7)
(NR, Ba1)
01/22/35
10.643
1,507,529
600
MP CLO III Ltd.,
2013-1A,
Rule 144A, 3 mo. USD Term SOFR + 3.312%
(1),(7)
(NR, Baa3)
10/20/30
7.929
603,950
1,500
Palmer Square Credit Funding Ltd.,
2019-1A,
Rule 144A
(1)
(NR, Aa2)
04/20/37
5.459
1,436,985
1,000
Venture 41 CLO Ltd.,
2021-41A,
Rule 144A, 3 mo. USD Term SOFR + 7.972%
(1),(7)
(BB-,
NR)
01/20/34
12.589
979,327
TOTAL ASSET BACKED SECURITIES
(Cost $17,547,399)
17,584,501
Shares
COMMON STOCKS
(0.6%)
Auto Parts & Equipment
(0.2%)
56,742
Jason, Inc.
(11)
510,679
Chemicals
(0.2%)
89,998
Proppants Holdings LLC
(4),(5),(9)
1,800
15,074
Utex Industries
525,706
527,506
See Accompanying Notes to Financial Statements.
17
Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
October 31, 2024
Shares
Value
COMMON STOCKS
(continued)
Energy - Exploration & Production
(0.0%)
111,570
PES Energy, Class A
(4),(5),(9),(11)
$
1,116
Personal & Household Products
(0.1%)
32,039
Dream Well, Inc.
(11)
184,224
32,039
Serta Simmons Bedding Equipment Co.
(4),(5),(11)
0
184,224
Pharmaceuticals
(0.0%)
68,836
Akorn, Inc.
(11)
3,442
Private Placement
(0.1%)
102,040,536
Technicolor Creative Studios SA
(11),(13)
166,170
Specialty Retail
(0.0%)
105
Eagle Investments Holding Co. LLC, Class B
(4),(5),(11)
1
Support - Services
(0.0%)
2,100
LTR Holdings, Inc.
(4),(5),(9),(11)
3,111
TOTAL COMMON STOCKS
(Cost $5,862,228)
1,396,249
WARRANT
(0.0%)
Chemicals
(0.0%)
22,499
Project Investor Holdings LLC, expires 02/08/2026
(4),(5),(9),(11)
(Cost $11,699)
0
SHORT-TERM INVESTMENTS
(4.8%)
5,127,372
State Street Institutional U.S. Government Money Market Fund-Premier Class, 4.81%
5,127,372
5,886,825
State Street Navigator Securities Lending Government Money Market Portfolio, 4.86%
(14)
5,886,825
TOTAL SHORT-TERM INVESTMENTS
(Cost $11,014,197)
11,014,197
TOTAL INVESTMENTS AT VALUE
(138.8%) (Cost $328,410,616)
317,023,616
LIABILITIES IN EXCESS OF OTHER ASSETS
(-38.8%)
(88,569,722
)
NET ASSETS
(100.0%)
$
228,453,894
†
Credit ratings given by the S&P Global Ratings Division of S&P Global Inc. ("S&P") and Moody's Investors Service, Inc. ("Moody's") are unaudited.
(1)
Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2024, these securities amounted to a value of $253,985,069 or 111.2% of net assets.
(2)
Security or portion thereof is out on loan (See Note
2-K).
(3)
This security is denominated in Euro.
(4)
Not readily marketable security; security is valued at fair value as determined in good faith by UBS Asset Management (Americas) LLC as the Fund's valuation designee under the oversight of the Board of Trustees (See Note
2-A).
(5)
Security is valued using significant unobservable inputs.
See Accompanying Notes to Financial Statements.
18
Credit Suisse High Yield Bond Fund
Schedule of Investments (continued)
October 31, 2024
(6)
This security is denominated in British Pound.
(7)
Variable rate obligation - The interest rate shown is the rate in effect as of October 31, 2024. The rate may be subject to a cap and floor.
(8)
PIK:
Payment-in-kind
security for which part of the income earned may be paid as additional principal.
(9)
Illiquid security.
(10)
Bond is currently in default.
(11)
Non-income
producing security.
(12)
The rates on certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The interest rate shown is the rate in effect as of October 31, 2024.
(13)
Security is held through holdings of 100 shares of the CIG Special Purpose SPC-Credit Suisse High Yield Bond Fund Segregated Portfolio, an affiliated entity.
(14)
Represents security purchased with cash collateral received for securities on loan.
INVESTMENT ABBREVIATIONS
1 mo. = 1 month
3 mo. = 3 month
6 mo. = 6 month
EURIBOR = Euro Interbank Offered Rate
LIBOR = London Interbank Offered Rate
NR = Not Rated
SARL = société à responsabilité limitée
SOFR = Secured Overnight Financing Rate
WR = Withdrawn Rating
Forward Foreign Currency Contracts
Forward
Currency to be
Purchased
Forward
Currency to be
Sold
Settlement
Date
Counterparty
Value on
Settlement Date
Current
Value/Notional
Unrealized
Appreciation
USD
3,312,319 EUR 2,959,475 10/07/25 Morgan Stanley $ (3,312,319 ) $ (3,265,343 ) $ 46,976
USD
2,049,553 GBP 1,568,195 10/07/25 Morgan Stanley (2,049,553 ) (2,011,831 ) 37,722
Total Unrealized Appreciation
$ 84,698
Forward Foreign Currency Contracts
Forward
Currency to be
Purchased
Forward
Currency to be
Sold
Settlement
Date
Counterparty
Value on
Settlement Date
Current
Value/Notional
Unrealized
Depreciation
GBP
37,226 USD 48,353 10/07/25 Barclays Bank PLC $ 48,353 $ 47,757 $ (596 )
Total Unrealized Depreciation
$ (596 )
Total Net Unrealized Appreciation/(Depreciation)
$ 84,102
Currency Abbreviations:
EUR = Euro
GBP = British Pound
USD = United States Dollar
See Accompanying Notes to Financial Statements.
19
Credit Suisse High Yield Bond Fund
Statement of Assets and Liabilities
October 31, 2024
Assets
Investments at value, including collateral for securities on loan of $5,886,825
(Cost $328,410,616) (Note 2)
$
  317,023,616
1
Foreign currency at value (Cost $122,660)
122,307
Interest receivable
5,418,804
Receivable for investments sold
750,144
Unrealized appreciation on forward foreign currency contracts (Note 2)
84,698
Prepaid expenses and other assets
12,291
Total assets
323,411,860
Liabilities
Investment advisory fee payable (Note 3)
213,912
Administrative services fee payable (Note 3)
40,191
Loan payable (Note 4)
80,000,000
Payable for investments purchased
6,583,408
Payable upon return of securities loaned (Note 2)
5,886,825
Interest payable (Note 4)
1,101,344
Due to custodian
942,623
Trustees' fee payable
41,796
Unrealized depreciation on forward foreign currency contracts (Note 2)
596
Commitment fees payable (Note 4)
34,167
Accrued expenses
113,104
Total liabilities
94,957,966
Net Assets
Applicable to 103,547,762 shares outstanding
$
228,453,894
Net Assets
Capital stock, $.001 par value (Note 6)
103,548
Paid-in
capital (Note 6)
290,566,193
Total distributable earnings (loss)
(62,215,847
)
Net assets
$
228,453,894
Net Asset Value Per Share
$2.21
Market Price Per Share
$2.15
1
Includes $5,738,296 of securities on loan.
See Accompanying Notes to Financial Statements.
20
Credit Suisse High Yield Bond Fund
Statement of Operations
For the Year Ended October 31, 2024
Investment Income
Interest
$
  26,396,558
Dividends
28,704
Other Income
6,993
Securities lending (net of rebates)
90,434
Total investment income
26,522,689
Expenses
Investment advisory fees (Note 3)
2,917,192
Administrative services fees (Note 3)
77,072
Interest expense (Note 4)
5,054,937
Trustees' fees
162,156
Commitment fees (Note 4)
142,088
Legal fees
103,483
Custodian fees
91,438
Printing fees
70,952
Audit and tax fees
45,450
Stock exchange listing fees
33,104
Transfer agent fees
27,961
Insurance expense
5,603
Miscellaneous expense
3,933
Total expenses
8,735,369
Less: fees waived and expenses reimbursed (Note 3)
(424,999
)
Net expenses
8,310,370
Net investment income
18,212,319
Net Realized and Unrealized Gain (Loss) from Investments, Foreign Currency and Forward Foreign Currency Contracts
Net realized loss from investments
(4,940,880
)
Net realized loss from foreign currency transactions
(33,500
)
Net realized loss from forward foreign currency contracts
(157,609
)
Net change in unrealized appreciation (depreciation) from investments
24,293,118
Net change in unrealized appreciation (depreciation) from foreign currency translations
250
Net change in unrealized appreciation (depreciation) from forward foreign currency contracts
90,977
Net realized and unrealized gain from investments, foreign currency and forward foreign currency contracts
19,252,356
Net increase in net assets resulting from operations
$
37,464,675
See Accompanying Notes to Financial Statements.
21
Credit Suisse High Yield Bond Fund
Statements of Changes in Net Assets
For the Year
Ended
 October 31, 2024 
For the Year
Ended
 October 31, 2023 
From Operations
Net investment income
$
18,212,319
$
17,868,367
Net realized loss from investments, foreign currency transactions and forward foreign currency contracts
(5,131,989
)
(17,368,318
)
Net change in unrealized appreciation (depreciation) from investments, foreign currency translations and forward foreign currency contracts
24,384,345
22,085,544
Net increase in net assets resulting from operations
37,464,675
22,585,593
From Distributions
From distributable earnings
(18,120,252
)
(17,657,718
)
Return of capital
(1,133,564
)
(1,595,837
)
Net decrease in net assets resulting from distributions
(19,253,816
)
(19,253,555
)
From Capital Share Transactions
(Note 6)
Reinvestment of distributions
75,537
-
Net increase in net assets from capital share transactions
75,537
-
Net increase in net assets
18,286,396
3,332,038
Net Assets
Beginning of year
210,167,498
206,835,460
End of year
$
  228,453,894
$
  210,167,498
See Accompanying Notes to Financial Statements.
22
Credit Suisse High Yield Bond Fund
Statement of Cash Flows
For the Year Ended October 31, 2024
Reconciliation of Net Increase in Net Assets from Operations to Net Cash Provided by Operating Activities
Net increase in net assets resulting from operations
$
  37,464,675
Adjustments to Reconcile Net Increase in Net Assets from Operations to Net Cash Provided by Operating Activities
Increase in interest receivable
$
(428,009
)
Increase in accrued expenses
34,148
Increase in interest payable
277,365
Increase in commitment fees payable
30,250
Increase in prepaid expenses and other assets
(2,362
)
Increase in investment advisory fee payable
10,969
Net amortization of a premium or accretion of a discount on investments
(2,492,696
)
Decrease in cash segregated at brokers
600,000
Purchases of long-term securities, net of change in payable for investments purchased
(176,321,385
)
Sales of long-term securities, net of change in receivable for investments sold
171,865,939
Net proceeds from sales (purchases) of short-term securities
6,537,219
Net change in unrealized (appreciation) depreciation from investments and forward foreign currency contracts
(24,384,095
)
Net realized loss from investments
4,940,880
Total adjustments
(19,331,777
)
Net cash provided by operating activities
1
$
18,132,898
Cash Flows From Financing Activities
Cash distributions paid
(19,178,279
)
Net cash used in financing activities
(19,178,279
)
Net decrease in cash
(1,045,381
)
Cash - beginning of year
225,065
Cash - end of year
$
(820,316
)
Non-Cash
Activity:
Issuance of shares through dividend reinvestments
$
75,537
1
Included in net cash provided by operating activities is cash of $4,777,572 paid for interest on borrowings.
See Accompanying Notes to Financial Statements.
23
Credit Suisse High Yield Bond Fund
Financial Highlights
For the Year Ended October 31,
2024
2023
2022
2021
2020
Per share operating performance
Net asset value, beginning of year
$
2.03
$
2.00
$
2.55
$
2.39
$
2.54
INVESTMENT OPERATIONS
Net investment income
1
0.18
0.17
0.16
0.17
0.19
Net gain (loss) from investments, foreign
currency transactions and forward foreign currency contracts (both realized and unrealized)
0.19
0.05
(0.52
)
0.18
(0.14
)
Total from investment activities
0.37
0.22
(0.36
)
0.35
0.05
LESS DIVIDENDS
Dividends from net investment income
(0.18
)
(0.17
)
(0.17
)
(0.17
)
(0.19
)
Return of capital
(0.01
)
(0.02
)
(0.02
)
(0.02
)
(0.01
)
Total dividends and distributions
(0.19
)
(0.19
)
(0.19
)
(0.19
)
(0.20
)
Net asset value, end of year
$
2.21
$
2.03
$
2.00
$
2.55
$
2.39
Per share market value, end of year
$
2.15
$
1.81
$
1.78
$
2.50
$
2.07
TOTAL INVESTMENT RETURN
2
Net asset value
19.20
%
12.02
%
(14.19
)%
15.33
%
3.43
%
Market value
29.46
%
12.23
%
(22.10
)%
30.55
%
(10.07
)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted)
$
228,454
$
210,167
$
206,835
$
263,514
$
247,017
Ratio of net expenses to average net assets
3.68
%
3.80
%
2.20
%
1.58
%
2.00
%
Ratio of net expenses to average net assets excluding interest expense
1.44
%
1.44
%
1.43
%
1.29
%
1.37
%
Ratio of net investment income to average net assets
8.07
%
8.34
%
7.04
%
6.49
%
8.10
%
Decrease reflected in above operating expense ratios due to waivers/reimbursements
0.19
%
0.20
%
0.18
%
0.16
%
0.18
%
Average debt per share
$
0.77
$
0.85
$
0.93
$
0.80
$
0.93
Asset Coverage per $1,000 of Indebtedness
$
3,856
$
3,627
$
3,260
$
4,214
$
3,847
Portfolio turnover rate
3
58
%
37
%
46
%
49
%
33
%
1
Per share information is calculated using the average shares outstanding method.
2
Total investment return at net asset value is based on changes in the net asset value of Fund shares and assumes reinvestment of distributions, if any, at actual prices pursuant to the Fund's dividend reinvestment program. Total investment return at market value is based on changes in the market price at which the Fund's shares traded on the stock exchange during the period and assumes reinvestment of distributions, if any, at actual prices pursuant to the Fund's dividend reinvestment program. Because the Fund's shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on NAV and market price (See Note 6).
3
Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.
See Accompanying Notes to Financial Statements.
24
Credit Suisse High Yield Bond Fund
Notes to Financial Statements
October 31, 2024
Note 1. Organization
Credit Suisse High Yield Bond Fund (the "Fund") is a business trust organized under the laws of the State of Delaware on April 30, 1998. The Fund is registered as a diversified,
closed-end
management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund's principal investment objective is to seek high current income. The Fund also will seek capital appreciation as a secondary objective, to the extent consistent with its objective of seeking high current income.
UBS Asset Management (Americas) LLC ("UBS AM" or the "Adviser"), the investment adviser to the Fund, is registered as an investment adviser with the Securities and Exchange Commission ("SEC") and as a Commodity Pool Operator with the Commodity Futures Trading Commission. UBS Asset Management (US) Inc. ("UBS AM (US)") serves as the principal underwriter for the Fund. UBS AM and UBS AM (US) are indirect wholly owned subsidiaries of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry.
Note 2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in accordance with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is considered an investment company for financial reporting purposes under GAAP and follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 - Financial Services - Investment Companies.
A) SECURITY VALUATION - The Board of Trustees (the "Board") is responsible for the Fund's valuation process. The Board has delegated the supervision of the daily valuation process to the adviser, who has established a Pricing Committee and a Pricing Group, which, pursuant to the policies adopted by the Board, are responsible for making fair valuation determinations and overseeing the Fund's pricing policies. The net asset value ("NAV") of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the "Exchange") on each day the Exchange is open for business. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. These pricing services generally price fixed income securities assuming orderly transactions of an institutional "round lot" size, but some trades occur in smaller "odd lot" sizes which may be effected at lower prices than institutional round lot trades. Structured note agreements are valued in accordance with a dealer-supplied valuation based on changes in the value of the underlying index. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Forward contracts are valued at the London closing spot rates and the London closing forward point rates on a daily basis. The currency forward contract pricing model derives the differential in point rates to the expiration date of the forward and calculates its present value. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. Investments in open-ended mutual funds are valued at the NAV as reported on each business day and under normal circumstances. Securities for which market quotations
25
Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
October 31, 2024
Note 2. Significant Accounting Policies
 (continued)
are not readily available are valued at their fair value as determined in good faith by the Adviser, as the Board's valuation designee (as defined in Rule
2a-5
under the 1940 Act), in accordance with the Adviser's procedures. The Board oversees the Adviser in its role as valuation designee in accordance with the requirements of Rule
2a-5
under the 1940 Act. The Fund may utilize a service provided by an independent third party to fair value certain securities. When fair value pricing is employed, the prices of securities used by the Fund to calculate its NAV may differ from quoted or published prices for the same securities. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the Adviser to be unreliable, the market price may be determined by the Adviser using quotations from one or more brokers/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its NAV, these securities will be fair valued in good faith by the Pricing Group, in accordance with procedures established by the Adviser.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
GAAP established a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at each measurement date. These inputs are summarized in the three broad levels listed below:
•
Level 1 - quoted prices in active markets for identical investments
•
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
26
Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
October 31, 2024
Note 2. Significant Accounting Policies
 (continued)
The following is a summary of the inputs used as of October 31, 2024 in valuing the Fund's assets and liabilities carried at fair value:
Assets
Level 1
Level 2
Level 3
Total
Investments in Securities
Corporate Bonds
$ - $ 240,040,560 $ 296,483 $ 240,337,043
Bank Loans
- 41,761,002 4,930,624 46,691,626
Asset Backed Securities
- 17,584,501 - 17,584,501
Common Stocks
- 1,390,221 6,028 1,396,249
Warrants
- - 0 0
Short-term Investments
11,014,197 - - 11,014,197
$ 11,014,197 $ 300,776,284 $ 5,233,135 $ 317,023,616
Other Financial Instruments*
Forward Foreign Currency Contracts
$ - $ 84,698 $ - $ 84,698
Liabilities
Other Financial Instruments*
Forward Foreign Currency Contracts
$ - $ 596 $ - $ 596
*
Other financial instruments include unrealized appreciation (depreciation) on forward foreign currency contracts.
The following is a reconciliation of investments as of October 31, 2024 for which significant unobservable inputs were used in determining fair value.
Corporate
Bonds
Bank
Loans
Common
Stocks
Warrants
Total
Balance as of October 31, 2023
$ 120,999 $ 6,628,462 $ 620,769 $ 0 $ 7,370,230
Accrued discounts (premiums)
- 81,975 - - 81,975
Purchases
195,386 4,307,785 - - 4,503,171
Sales
(10,000 ) (4,983,910 ) (135 ) - (4,994,045 )
Realized gain (loss)
10,000 (491,113 ) (17,415 ) - (498,528 )
Change in unrealized appreciation (depreciation)
(19,902 ) 172,701 (86,512 ) - 66,287
Transfers into Level 3
- 560,999 - - 560,999
Transfers out of Level 3
- (1,346,275 ) (510,679 ) - (1,856,954 )
Balance as of October 31, 2024
$ 296,483 $ 4,930,624 $ 6,028 $ 0 $ 5,233,135
Net change in unrealized appreciation (depreciation) from investments still held as of October 31, 2024
$ (4,903 ) $ (147,873 ) $ - $ - $ (152,776 )
Quantitative Disclosure About Significant Unobservable Inputs
Asset Class
Fair Value
At October 31, 2024
Valuation

Technique
Unobservable

Input
Price Range
(Weighted Average)*
Corporate Bonds
$ 238,043 Income Approach Expected Remaining Distribution $ 0.54 - $1.09  ($0.86)
58,440 Recent Transactions Trade Price 1.09 (1.09)
Bank Loans
0 Income Approach Expected Remaining Distribution 0.00 (N/A)
4,930,624 Vendor pricing Single Broker Quote 0.01 - 1.01 (0.96)
Common Stocks
6,028 Income Approach Expected Remaining Distribution 0.00 - 1.48 (0.77)
Warrants
0 Income Approach Expected Remaining Distribution 0.00 (N/A)
*
Weighted by relative fair value
27
Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
October 31, 2024
Note 2. Significant Accounting Policies
 (continued)
Each fair value determination is based on a consideration of relevant factors, including both observable and unobservable inputs. Observable and unobservable inputs that UBS AM considers may include (i) the existence of any contractual restrictions on the disposition of securities; (ii) information obtained from the company, which may include an analysis of the company's financial statements, the company's products or intended markets or the company's technologies; (iii) the price of the same or similar security negotiated at arm's length in an issuer's completed subsequent round of financing; (iv) the price and extent of public trading in similar securities of the issuer or of comparable companies; or (v) a probability and time value adjusted analysis of contractual term. Where available and appropriate, multiple valuation methodologies are applied to confirm fair value. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, determining fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for investments categorized in Level 3. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the least observable input that is significant to the fair value measurement. Additionally, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different from the valuations used at the date of these financial statements.
For the year ended October 31, 2024, $560,999 was transferred from Level 2 to Level 3 due to a lack of a pricing source supported by observable inputs and $1,856,954 was transferred from Level 3 to Level 2 as a result of the availability of a pricing source supported by observable inputs. All transfers, if any, are assumed to occur at the end of the reporting period.
B) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - The Fund adopted amendments to authoritative guidance on disclosures about derivative instruments and hedging activities which require that a fund disclose (a) how and why an entity uses derivative instruments, (b) how derivative instruments and hedging activities are accounted for and (c) how derivative instruments and related hedging activities affect a fund's financial position, financial performance and cash flows.
The following table presents the fair value and the location of derivatives within the Statement of Assets and Liabilities at October 31, 2024 and the effect of these derivatives on the Statement of Operations for the year ended October 31, 2024.
Primary Underlying Risk
Derivative
Assets
Derivative
Liabilities
Realized
Gain (Loss)
Net Change in Unrealized
Appreciation(Depreciation)
Foreign currency exchange rate Forward contracts
$ 84,698 $ 596 $ (157,609 ) $ 90,977
For the year ended October 31, 2024, the Fund held an average monthly value on a net basis of $5,752,823 in forward foreign currency contracts.
The Fund is a party to International Swap and Derivatives Association, Inc. ("ISDA") Master Agreements ("Master Agreements") with certain counterparties that govern
over-the-counter
derivative (including total return, credit default and interest rate swaps) and foreign exchange contracts entered into by the Fund. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. Termination events applicable to the Fund may occur upon a decline in the Fund's net assets below a specified threshold over a certain period of time.
28
Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
October 31, 2024
Note 2. Significant Accounting Policies
 (continued)
The following table presents by counterparty the Fund's derivative assets, net of related collateral held by the Fund, at October 31, 2024:
Counterparty
Gross Amount of
Derivative

Assets Presented in
the Statement of Assets
and Liabilities
(a)
Financial
Instruments
and Derivatives
Available for Offset
Non-Cash

Collateral
Received
Cash
Collateral
Received
Net Amount
of Derivative
Assets
Morgan Stanley
$ 84,698 $ - $ - $ - $ 84,698
The following table presents by counterparty the Fund's derivative liabilities, net of related collateral pledged by the Fund, at October 31, 2024:
Counterparty
Gross Amount of
Derivative
Liabilities Presented in
the Statement of Assets
and Liabilities
(a)
Financial
Instruments
and Derivatives
Available for Offset
Non-Cash

Collateral
Pledged
Cash
Collateral
Pledged
Net Amount
of Derivative
Liabilities
Barclays Bank PLC
$ 596 $ - $ - $ - $ 596
(a)
Forward foreign currency contracts are included.
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, including purchases and sales of investments, and income and expenses, are translated into U.S. dollar amounts on the date of those transactions.
Reported net realized gain (loss) from foreign currency transactions arises from sales of foreign currencies; currency gains or losses realized between the trade and settlement dates on securities transactions; and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net change in unrealized gains and losses on translation of assets and liabilities denominated in foreign currencies arises from changes in the fair values of assets and liabilities, other than investments, at the end of the period, resulting from changes in exchange rates.
The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of investments held. Such fluctuations are included with net realized and unrealized gain or loss from investments in the Statement of Operations.
D) SECURITY TRANSACTIONS AND INVESTMENT INCOME/EXPENSE - Security transactions are accounted for on a trade date basis. Interest income/expense is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method. Dividend income/expense is recorded on the
ex-dividend
date. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.
E) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS - The Fund declares and pays dividends on a monthly basis and records them on ex-dividend date. Distributions of net realized capital gains, if any, are
29
Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
October 31, 2024
Note 2. Significant Accounting Policies
 (continued)
declared and paid at least annually. However, to the extent that a net realized capital gain can be reduced by a capital loss carryforward, such gain will not be distributed. Dividends and distributions to shareholders of the Fund are recorded on the
ex-dividend
date and are determined in accordance with federal income tax regulations, which may differ from GAAP.
The Fund's dividend policy is to distribute substantially all of its net investment income to its shareholders on a monthly basis. However, in order to provide shareholders with a more consistent yield to the current trading price of shares of common stock of the Fund, the Fund may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the dividends paid by the Fund for any particular month may be more or less than the amount of net investment income earned by the Fund during such month.
F) FEDERAL AND OTHER TAXES - No provision is made for federal taxes as it is the Fund's intention to continue to qualify as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"), and to make the requisite distributions to its shareholders, which will be sufficient to relieve it from federal income and excise taxes.
In order to qualify as a RIC under the Code, the Fund must meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income. One of these requirements is that the Fund derive at least 90% of its gross income for each taxable year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, other income derived with respect to its business of investing in such stock, securities or currencies or net income derived from interests in certain publicly-traded partnerships ("Qualifying Income").
The Fund adopted the authoritative guidance for uncertainty in income taxes and recognizes a tax benefit or liability from an uncertain position only if it is more likely than not that the position is sustainable based solely on its technical merits and consideration of the relevant taxing authority's widely understood administrative practices and procedures.The Fund has reviewed its current tax positions and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for each of the tax years in the four year period ended October 31, 2024, for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
G) CASH - The Fund's uninvested cash balance is held in an interest bearing variable rate demand deposit account at State Street Bank and Trust Company ("SSB"), the Fund's custodian.
H) CASH FLOW INFORMATION - Cash, as used in the Statement of Cash Flows, is the amount reported in the Statement of Assets and Liabilities, including domestic and foreign currencies. The Fund invests in securities and distributes dividends from net investment income and net realized gains, if any (which are either paid in cash or reinvested at the discretion of shareholders). These activities are reported in the Statement of Changes in Net Assets. Information on cash payments is presented in the Statement of Cash Flows. Accounting practices that do not affect reporting activities on a cash basis include unrealized gain or loss on investment securities and accretion or amortization income/expense recognized on investment securities.
I) FORWARD FOREIGN CURRENCY CONTRACTS - A forward foreign currency exchange contract ("forward currency contract") is a commitment to purchase or sell a foreign currency at the settlement date at a
30
Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
October 31, 2024
Note 2. Significant Accounting Policies
 (continued)
negotiated rate. The Fund will enter into forward currency contracts primarily for hedging foreign currency risk. Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and unrealized gain/loss is recorded daily. On the settlement date of the forward currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was closed. Certain risks may arise upon entering into forward currency contracts from the potential inability of counterparties to meet the terms of their contracts. The maximum counterparty credit risk to the Fund is measured by the unrealized gain on appreciated contracts. Additionally, when utilizing forward currency contracts to hedge, the Fund forgoes the opportunity to profit from favorable exchange rate movements during the term of the contract. The Fund's open forward currency contracts at October 31, 2024 are disclosed in the Schedule of Investments.
J) UNFUNDED LOAN COMMITMENTS - The Fund enters into certain agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrowers' discretion. Funded and unfunded portions of credit agreements are presented in the Schedule of Investments. As of October 31, 2024, the Fund had no unfunded commitments.
Unfunded loan commitments and funded portions of credit agreements are marked to market daily and any unrealized appreciation or depreciation is included in the Statement of Assets and Liabilities and the Statement of Operations.
K) SECURITIES LENDING - The initial collateral received by the Fund is required to have a value of at least 102% of the market value of domestic securities on loan (including any accrued interest thereon) and 105% of the market value of foreign securities on loan (including any accrued interest thereon). The collateral is maintained thereafter at a value equal to at least 102% of the current market value of the securities on loan. The market value of loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. Cash collateral received by the Fund in connection with securities lending activity may be pooled together with cash collateral for other funds/portfolios advised by UBS AM and may be invested in a variety of investments, including funds advised by SSB or an affiliate, the Fund's securities lending agent, or money market instruments. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.
SSB has been engaged by the Fund to act as the Fund's securities lending agent. As of October 31, 2024, the Fund had outstanding loans of securities to certain approved brokers for which the Fund received collateral:
Market Value of
Loaned Securities
Market Value of
Cash Collateral
$ 5,738,296 $ 5,886,825
31
Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
October 31, 2024
Note 2. Significant Accounting Policies
 (continued)
The following table presents financial instruments that are subject to enforceable netting arrangements as of October 31, 2024.
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Gross Asset Amounts
Presented in the Statement of
Assets and Liabilities
(a)
Collateral
Received
(b)
Net
Amount
$ 5,738,296 $ (5,738,296 ) $ -
(a)
Represents market value of loaned securities at year end.
(b)
The actual collateral received is greater than the amount shown here due to collateral requirements of the security lending agreement.
The Fund's securities lending arrangement provides that the Fund and SSB will share the net income earned from securities lending activities. Securities lending income is accrued as earned. For the year ended October 31, 2024, total earnings received in connection with securities lending arrangements was $341,141, of which $220,554 was rebated to borrowers (brokers). The Fund retained $90,434 in income, and SSB, as lending agent, was paid $30,153.
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.
The United Kingdom's Financial Conduct Authority (the "FCA"), which regulates LIBOR, has ceased publishing all LIBOR settings. In April 2023, however, the FCA announced that some USD LIBOR settings would continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. After September 30, 2024, the remaining synthetic LIBOR settings ceased to be published, and all LIBOR settings have permanently ceased. The Secured Overnight Financing Rate, or "SOFR," is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the purchase agreement ("repo") market and has been used increasingly on a voluntary basis in new instruments and transactions. On March 15, 2022, the Adjustable Interest Rate Act was signed into law, providing a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the Adjustable Interest Rate Act by identifying benchmark rates based on SOFR that replaced LIBOR in different categories of financial contracts after June 30, 2023. These regulations apply only to contracts governed by U.S. law, among other limitations. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Parties to contracts, securities or other instruments using LIBOR may disagree on transition rates or the application of applicable transition regulation, potentially resulting in uncertainty of performance and the possibility of litigation. The Fund may have instruments linked to other interbank offered rates that may also cease to be published in the future.
In the normal course of business, the Fund trades financial instruments and enters into financial transactions for which risk of potential loss exists due to changes in the market (market risk) or failure of the other party to a transaction to perform (credit risk). Similar to credit risk, the Fund may be exposed to counterparty risk,
32
Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
October 31, 2024
Note 2. Significant Accounting Policies
 (continued)
including with respect to securities lending, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default. The potential loss could exceed the value of the financial assets recorded in the financial statements. Financial assets, which potentially expose the Fund to credit risk, consist principally of cash due from counterparties and investments. The extent of the Fund's exposure to credit and counterparty risks in respect to these financial assets approximates their carrying value as recorded in the Fund's Statement of Assets and Liabilities.
In addition, periods of economic uncertainty and changes can be expected to result in increased volatility of market prices of lower-rated debt securities and the Fund's NAV.
Note 3. Transactions with Affiliates and Related Parties
UBS AM serves as investment adviser for the Fund. For its investment advisory services, UBS AM is entitled to receive a fee from the Fund at an annualized rate of 1.00% of the first $250 million of the average weekly value of the Fund's total assets minus the sum of liabilities (other than aggregate indebtedness constituting leverage) and 0.75% of the average weekly value of the Fund's total assets minus the sum of liabilities (other than aggregate indebtedness constituting leverage) greater than $250 million. Effective January 1, 2011, UBS AM has agreed to waive 0.15% of the fees payable under the Advisory Agreement up to $200 million and 0.25% of the fees payable under the Advisory Agreement on the next $50 million. For the year ended October 31, 2024, investment advisory fees earned and voluntarily waived were $2,917,192 and $424,999, respectively. These fee waivers and expense reimbursements are voluntary and may be discontinued by UBS AM at any time.
The Fund from time to time purchases or sells loan investments in the secondary market through UBS AM or its affiliates acting in the capacity as broker-dealer. UBS AM or its affiliates may have acted in some type of agent capacity to the initial loan offering prior to such loan trading in the secondary market.
Note 4. Line of Credit
The Fund has a line of credit provided by SSB primarily to leverage its investment portfolio (the "Agreement"). The Fund may borrow the lesser of: a) $120,000,000; b) an amount that is no greater than 33 1/3% of the Fund's total assets minus the sum of liabilities (other than aggregate indebtedness constituting leverage); and c) the Borrowing Base as defined in the Agreement. Under the terms of the Agreement, the Fund pays a commitment fee on the unused amount. In addition, the Fund pays interest on borrowings at SOFR plus a spread. At October 31, 2024, the Fund had loans outstanding under the Agreement of $80,000,000. The Agreement was renewed on November 15, 2024 with a new termination date of November 14, 2025, and the maximum dollar amount was reduced to $120,000,000. For the year ended October 31, 2024, the Fund had borrowings under the Agreement as follows:
Average Daily
Loan Balance
Weighted Average
Interest Rate %
Maximum Daily
Loan Outstanding
Interest
Expense
Number of
Days Outstanding
$ 80,000,000 6.215 % $ 80,000,000 $ 5,054,937 366
The use of leverage by the Fund creates an opportunity for increased net income and capital appreciation for the Fund, but, at the same time, creates special risks, and there can be no assurance that a leveraging strategy will be successful during any period in which it is employed. The Fund intends to utilize leverage to provide the shareholders with a potentially higher return. Leverage creates risks for shareholders including the likelihood of greater volatility of NAV and market price of the Fund's shares and the risk that fluctuations in interest rates on borrowings and short-term debt may affect the return to shareholders. To the extent the income or capital
33
Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
October 31, 2024
Note 4. Line of Credit
 (continued)
appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the Fund's return will be greater than if leverage had not been used. Conversely, if the income or capital appreciation from the securities purchased with such funds is not sufficient to cover the cost of leverage, the return to the Fund will be less than if leverage had not been used, and therefore the amount available for distribution to shareholders as dividends and other distributions will be reduced. In the latter case, UBS AM in its best judgment nevertheless may determine to maintain the Fund's leveraged position if it deems such action to be appropriate under the circumstances. During periods in which the Fund is utilizing leverage, the management fee will be higher than if the Fund did not utilize a leveraged capital structure because the fee is calculated as a percentage of the managed assets including those purchased with leverage.
Certain types of borrowings by the Fund may result in the Fund being subject to covenants in credit agreements, including those relating to asset coverage and portfolio composition requirements. The securities held by the Fund are subject to a lien granted to the lender, to the extent of the borrowing outstanding and any additional expenses. The Fund's lenders may establish guidelines for borrowing which may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act. There is no guarantee that the Fund's borrowing arrangements or other arrangements for obtaining leverage will continue to be available, or if available, will be available on terms and conditions acceptable to the Fund. Expiration or termination of available financing for leveraged positions can result in adverse effects to the Fund's access to liquidity and its ability to maintain leverage positions, and may cause the Fund to incur losses. Unfavorable economic conditions also could increase funding costs, limit access to the capital markets or result in a decision by lenders not to extend credit to the Fund. In addition, a decline in market value of the Fund's assets may have particular adverse consequences in instances where the Fund has borrowed money based on the market value of those assets. A decrease in market value of those assets may result in the lender requiring the Fund to sell assets at a time when it may not be in the Fund's best interest to do so.
Note 5. Purchases and Sales of Securities
For the year ended October 31, 2024, purchases and sales of investment securities and U.S. Government and Agency Obligations (excluding short-term investments) were as follows:
Investment Securities
U.S. Government/

Agency Obligations
Purchases
Sales
Purchases
Sales
$ 172,982,802 $ 171,631,560 $ 0 $ 0
Note 6. Fund Shares
The Fund offers a Dividend Reinvestment Plan (the "Plan") to its common stockholders. By participating in the Plan, dividends and distributions will be promptly paid to stockholders in additional shares of common stock of the Fund. The number of shares to be issued will be determined by dividing the total amount of the distribution payable by the greater of (i) the NAV of the Fund's common stock on the payment date, or (ii) 95% of the market price per share of the Fund's common stock on the payment date. If the NAV of the Fund's common stock is greater than the market price (plus estimated brokerage commissions) on the payment date, Computershare Trust Company, N.A. ("Computershare") (or a broker-dealer selected by Computershare) shall endeavor to apply the amount of such distribution to purchase shares of Fund common stock in the open market.
34
Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
October 31, 2024
Note 6. Fund Shares
 (continued)
The Fund has one class of shares of beneficial interest, par value $0.001 per share; an unlimited number of shares are authorized. Transactions in shares of beneficial interest of the Fund were as follows:
For the Year Ended
October 31, 2024
For the Year Ended
October 31, 2023
Shares issued through reinvestment of dividends
34,027 -
Net increase
34,027 -
Note 7. Income Tax Information and Distributions to Shareholders
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
The tax character of dividends paid by the Fund during the fiscal years ended October 31, 2024 and 2023, respectively, was as follows:
Ordinary Income
Return of Capital
 2024 
2023
2024
2023
$ 18,120,252 $ 17,657,718 $ 1,133,564 $ 1,595,837
The tax basis components of distributable earnings differ from book basis by temporary book/tax differences. These differences are primarily due to differing treatments of wash sales, premium amortization accruals, and marked to market of forward contracts.
At October 31, 2024, the components of distributable earnings on a tax basis were as follows:
Accumulated net realized loss
$ (50,693,307 )
Unrealized depreciation
(11,522,540 )
$ (62,215,847 )
At October 31, 2024, the Fund had $50,693,307 of unlimited long-term capital loss carryforwards available to offset possible future capital gains.
At October 31, 2024, the cost and net unrealized appreciation (depreciation) of investments and derivatives for income tax purposes were as follows:
Cost of Investments
$ 328,629,552
Unrealized appreciation
$ 6,610,620
Unrealized depreciation
(18,216,921 )
Net unrealized appreciation (depreciation)
$ (11,606,301 )
Note 8. 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.
35
Credit Suisse High Yield Bond Fund
Notes to Financial Statements (continued)
October 31, 2024
Note 9. Subsequent Events
In preparing the financial statements as of October 31, 2024, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements through the date of release of this report. No such events requiring recognition or disclosure were identified through the date of the release of this report.
36
Credit Suisse High Yield Bond Fund
Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees of Credit Suisse High Yield Bond Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Credit Suisse High Yield Bond Fund (the "Fund"), including the schedule of investments, as of October 31, 2024, and the related statements of operations, cash flows, and changes in net assets, the financial highlights for the year then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at October 31, 2024, the results of its operations, its cash flows, the changes in its net assets and its financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.
The statement of changes in net assets for the year ended October 31, 2023, and the financial highlights for each of the years in the four year period then ended, were audited by another independent registered public accounting firm whose report, dated December 27, 2023, expressed an unqualified opinion on that statement of changes in net assets and those financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
We have served as the auditor of one or more UBS investment companies since 1978.
New York, New York
December 26, 2024
37
Credit Suisse High Yield Bond Fund
Fund Investment Objectives, Policies and Risks (unaudited)
Recent Changes
The following information is a summary of certain changes since October 31, 2024. This information may not reflect all of the changes that have occurred since you purchased the Fund.
During the Fund's most recent fiscal year, there were no material changes in the Fund's investment objectives or policies that have not been approved by shareholders or in the principal risk factors associated with investment in the Fund.
Investment Objectives and Policies
The Fund's primary investment objective is to seek high current income. The Fund also will seek capital appreciation as a secondary objective, to the extent consistent with its objective of seeking high current income. The Fund is designed for investors willing to assume additional risk in return for the potential for high current income and capital appreciation. The Fund is not intended to be a complete investment program and there can be no assurance that the Fund will achieve its objectives.
Under normal market conditions, the Fund will invest at least 80% of its total assets in fixed income securities of U.S. issuers rated below investment grade quality (lower than Baa by Moody's Investors Service, Inc. ("Moody's") or lower than BBB by S&P Global Ratings ("S&P"), a division of S&P Global Inc., or comparably rated by another nationally recognized rating agency), or in unrated fixed income securities that UBS Asset Management (Americas) LLC ("UBS AM" or the "Investment Adviser"), the Fund's investment adviser, determines to be of comparable quality. Securities rated lower than Baa by Moody's and lower than BBB by S&P are commonly known as "junk bonds." The Fund will generally not invest in securities rated at the time of investment in the lowest rating categories (Ca or below for Moody's and CC or below for S&P) but may continue to hold securities which are subsequently downgraded. However, it has authority to invest in securities rated as low as C and D by Moody's and S&P, respectively.
As a component of the Fund's investment in "junk bonds," the Fund may also invest up to 20% of its total assets in securities of issuers that are the subject of bankruptcy proceedings or in securities otherwise in default or in significant risk of being in default ("Distressed Securities"). The Fund may invest up to 30% of its total assets in securities of issuers domiciled outside the United States or that are denominated in various foreign currencies or multinational currency units.
In selecting investments for the Fund's portfolio, the Fund's portfolio managers:
•
analyze individual companies, including their financial condition, cash flow and borrowing requirements, value of assets in relation to cost, strength of management, responsiveness to business conditions, credit standing and anticipated results of operations;
•
analyze business conditions affecting investments, including:
•
changes in economic activity and interest rates;
•
availability of new investment opportunities;
•
economic outlook for specific industries;
•
seek to moderate risk by investing among a variety of industry sectors and issuers.
The portfolio managers may sell securities for a variety of reasons, such as to realize profits, limit losses or take advantage of better investment opportunities.
38
Credit Suisse High Yield Bond Fund
Fund Investment Objectives, Policies and Risks (unaudited) (continued)
The Fund currently utilizes and in the future expects to continue to utilize leverage through borrowings, including the issuance of debt securities, or through other transactions, such as reverse repurchase agreements, which have the effect of leverage. The Fund currently is leveraged through borrowings from a credit facility with State Street Bank and Trust Company. The Fund may use leverage up to 33 1/3% of its total assets (including the amount obtained through leverage). There can be no guarantee that the Fund will be able to accurately predict when the use of leverage will be beneficial. Use of leverage creates an opportunity for increased income and capital appreciation for shareholders but, at the same time, creates special risks, and there can be no assurance that a leveraging strategy will be successful during any period in which it is employed.
The Fund will seek its secondary objective of capital appreciation by investing in securities that UBS AM expects may appreciate in value as a result of favorable developments affecting the business or prospects of the issuer which may improve the issuer's financial condition and credit rating or as a result of declines in long-term interest rates.
There can be no assurance the Fund's strategies will be successful.
The Fund invests primarily in bonds, debentures, notes, senior loans (sometimes referred to as bank loans), convertible bonds and preferred stocks. The Fund's portfolio securities may have fixed or variable rates of interest and may include zero coupon securities,
payment-in-kind
securities, preferred stock, convertible debt obligations and convertible preferred stock, units consisting of debt or preferred stock with warrants or other equity features, secured floating rate loans and loan participations, government securities, stripped securities, commercial paper and other short-term debt obligations. The issuers of the Fund's portfolio securities may include domestic and foreign corporations, partnerships, trusts or similar entities, and governmental entities or their political subdivisions, agencies or instrumentalities. The Fund may invest in companies in, or governments of, developing countries. In connection with its investments in corporate debt securities, or restructuring of investments owned by the Fund, the Fund may receive warrants or other
non-income
producing equity securities. The Fund may retain such securities, including equity shares received upon conversion of convertible securities, until UBS AM determines it is appropriate in light of current market conditions to dispose of such securities.
Risk Factors
This section contains a discussion of the general risks of investing in the Fund. The net asset value and market price of, and dividends paid on, the Fund's common shares of beneficial interest (the "Shares") will fluctuate with and be affected by, among other things, the risks more fully described below. As with any fund, there can be no guarantee that the Fund will meet its investment objectives or that the Fund's performance will be positive for any period of time.
Investment and Market Risk.
An investment in the Shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in Shares represents an indirect investment in the securities owned by the Fund.
The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably, and these fluctuations are likely to have a greater impact on the value of the Shares during periods in which the Fund utilizes a leveraged capital structure. The value of the securities in which the Fund invests will affect the value of the Shares. Your Shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
Lower Grade Securities Risk.
Lower grade securities are regarded as being predominantly speculative as to the issuer's ability to make payments of principal and interest. Investment in such securities involves substantial risk.
39
Credit Suisse High Yield Bond Fund
Fund Investment Objectives, Policies and Risks (unaudited) (continued)
Issuers of lower grade securities may be highly leveraged and may not have available to them more traditional methods of financing. Therefore, the risks associated with acquiring the securities of such issuers generally are greater than is the case with higher-rated securities. For example, during an economic downturn or a sustained period of rising interest rates, issuers of lower grade securities may be more likely to experience financial stress, especially if such issuers are highly leveraged. During periods of economic downturn, such issuers may not have sufficient revenues to meet their interest payment obligations. The issuer's ability to service its debt obligations also may be adversely affected by specific issuer developments, the issuer's inability to meet specific projected business forecasts or the unavailability of additional financing. The risk of loss due to default by the issuer is significantly greater for the holders of lower grade securities because such securities may be unsecured and may be subordinate to other creditors of the issuer. Other than with respect to Distressed Securities, discussed below, the lower grade securities in which the Fund may invest do not include instruments which, at the time of investment, are in default or the issuers of which are in bankruptcy. However, there can be no assurance that such events will not occur after the Fund purchases a particular security, in which case the Fund may experience losses and incur costs.
Distressed Securities Risk.
As a component of the Fund's investment in "junk bonds," the Fund may invest up to 20% of its total assets in Distressed Securities. Such securities are the subject of bankruptcy proceedings or otherwise in default as to the repayment of principal and/or payment of interest at the time of acquisition by the Fund or are rated in the lower rating categories (Ca or lower by Moody's and CC or lower by S&P) or which, if unrated, are in the judgment of UBS AM of equivalent quality. Investment in Distressed Securities is speculative and involves significant risk. Distressed Securities frequently do not produce income while they are outstanding and may require the Fund to bear certain extraordinary expenses in order to protect and recover its investment. Therefore, to the extent the Fund pursues its secondary objective of capital appreciation through investment in Distressed Securities, the Fund's ability to achieve current income for shareholders may be diminished.
Credit Risk.
Credit risk is the risk that one or more of the Fund's investments in debt securities or other instruments will decline in price, or fail to pay interest, liquidation value or principal when due, because the issuer of the obligation or the issuer of a reference security experiences an actual or perceived decline in its financial status. In addition to the credit risks associated with high yield securities, the Fund could also lose money if the issuer of other debt obligations, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or other obligation, is, or is perceived to be, unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The downgrade of a security may further decrease its value.
Interest Rate Risk.
Generally, when market interest rates rise, the prices of debt obligations fall, and vice versa. Interest rate risk is the risk that debt obligations and other instruments in the Fund's portfolio will decline in value because of increases in market interest rates. The Fund may be subject to a greater risk of rising interest rates due to the recent period of historically low rates that ended in March 2022. The Federal Reserve raised and maintained higher interest rates as part of its efforts to address rising inflation. In September 2024, the Federal Reserve lowered the federal funds rate and may announce additional rate cuts in the near future. The prices of long-term debt obligations generally fluctuate more than prices of short-term debt obligations as interest rates change. During periods of rising interest rates, the average life of certain types of securities may be extended due to slower than expected payments. This may lock in a below market yield, increase the security's duration and reduce the security's value. The Fund's use of leverage will tend to increase interest rate risk.
Investments in floating rate debt instruments, although generally less sensitive to interest rate changes than longer duration fixed rate instruments, may nevertheless decline in value in response to rising interest rates if, for
40
Credit Suisse High Yield Bond Fund
Fund Investment Objectives, Policies and Risks (unaudited) (continued)
example, the rates at which they pay interest do not rise as much, or as quickly, as market interest rates in general. Conversely, floating rate instruments will not generally increase in value if interest rates decline. Inverse floating rate debt securities also may exhibit greater price volatility than a fixed rate debt obligation with similar credit quality. To the extent the Fund holds floating rate instruments, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund's common shares.
Leverage Risk.
The Fund currently leverages through borrowings from a credit facility. The use of leverage, which can be described as exposure to changes in price at a ratio greater than the amount of equity invested, through borrowings or other forms of market exposure, magnifies both the favorable and unfavorable effects of price movements in the investments made by the Fund. Insofar as the Fund continues to employ leverage in its investment operations, the Fund will be subject to greater risk of loss than if it had not employed leverage. Therefore, if the market value of the Fund's investment portfolio declines, any leverage will result in a greater decrease in net asset value to common shareholders than if the Fund were not leveraged. Such greater net asset value decrease will also tend to cause a greater decline in the market price for the common shares.
The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the Investment Company Act of 1940, as amended (the "Investment Company Act"), and the rules thereunder. Further, if at any time while the Fund has leverage outstanding it does not meet applicable asset coverage requirements, it may be required to suspend distributions to common shareholders until the requisite asset coverage is restored. Any such suspension might impair the ability of the Fund to meet the regulated investment company distribution requirements and to avoid Fund-level U.S. federal income and/or excise taxes. Under Rule
18f-4
under the Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on
value-at-risk.
Foreign Securities Risk.
Investing in securities of foreign entities and securities denominated in foreign currencies involves certain risks not involved in domestic investments, including, but not limited to, fluctuations in foreign exchange rates, future foreign political and economic developments, different legal and accounting systems and the possible imposition of exchange controls or other foreign governmental laws or restrictions. Securities prices in different countries are subject to different economic, financial, political and social factors. Since the Fund may invest in securities denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect the value of securities in the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the value of securities denominated in such currencies. The Fund may, but is not obligated to, engage in certain transactions to hedge the currency-related risks of investing in
non-U.S.
dollar denominated securities. In addition, with respect to certain foreign countries, there is the possibility of expropriation of assets, confiscatory taxation, difficulty in obtaining or enforcing a court judgment, economic, political or social instability or diplomatic developments that could affect investments in those countries. Moreover, individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, capital reinvestment, resources, self-sufficiency and balance of payments position. Certain foreign investments also may be subject to foreign withholding taxes. These risks often are heightened for investments in smaller, emerging capital markets.
Counterparty Risk.
The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts purchased or sold by the Fund. Recently, several broker-dealers and other financial institutions have
41
Credit Suisse High Yield Bond Fund
Fund Investment Objectives, Policies and Risks (unaudited) (continued)
experienced extreme financial difficulty, sometimes resulting in bankruptcy of the institution. Although the Investment Adviser monitors the creditworthiness of the Fund's counterparties, there can be no assurance that the Fund's counterparties will not experience similar difficulties, possibly resulting in losses to the Fund. If a counterparty becomes bankrupt, or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.
Illiquid Securities Risk.
The Fund may invest in securities for which no readily available market exists or are otherwise considered illiquid. The Fund may not be able readily to dispose of such securities at prices that approximate those at which the Fund could sell such securities if they were more widely traded and, as result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil. Over recent years, regulatory changes have led to reduced liquidity in the marketplace, and the capacity of dealers to make markets in fixed income securities has been outpaced by the growth in the size of the fixed income markets. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed income funds may be higher than normal, due to the increased supply in the market that would result from selling activity. Illiquid securities generally trade at a discount.
Prepayment Risk.
If interest rates fall, the principal on bonds and loans held by the Fund may be paid earlier than expected. If this happens, the proceeds from a prepaid security may be reinvested by the Fund in securities bearing lower interest rates, resulting in a possible decline in the Fund's income and distributions to shareholders.
Preferred Stock Risk.
Preferred stocks are unique securities that combine some of the characteristics of both common stocks and bonds. Preferred stocks generally pay a fixed rate of return and are sold on the basis of current yield, like bonds. However, because they are equity securities, preferred stocks provide equity ownership of a company, and the income is paid in the form of dividends. Preferred stocks typically have a yield advantage over common stocks as well as comparably-rated fixed income investments. Preferred stocks are typically subordinated to bonds and other debt instruments in a company's capital structure, in terms of priority to corporate income, and therefore will be subject to greater credit risk than those debt instruments. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer's board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.
Senior Loans Risk.
The Fund's investments in senior loans are expected to typically be below investment grade. These investments are considered speculative because of the credit risk of their issuers. Such companies are more likely to default on their payments of interest and principal owed to the Fund, and such defaults could reduce the Fund's net asset value and income distributions. An economic downturn generally leads to a higher
non-payment
rate, and a debt obligation may lose significant value before a default occurs. Moreover, any specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan's value.
Like other debt instruments, senior loans are subject to the risk of
non-payment
of scheduled interest or principal. Such
non-payment
would result in a reduction of income to the Fund, a reduction in the value of the investment and a potential decrease in the net asset value per share of the Fund. There can be no assurance that the liquidation of any collateral securing a loan would satisfy the borrower's obligation in the event of
non-payment
of scheduled interest or principal payments, or that such collateral could be readily liquidated. This is particularly the case where a senior loan is not backed by collateral or sufficient collateral at the time such
42
Credit Suisse High Yield Bond Fund
Fund Investment Objectives, Policies and Risks (unaudited) (continued)
senior loan is issued. In the event of bankruptcy of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a senior loan. The collateral securing a senior loan may lose all or substantially all of its value in the event of bankruptcy of a borrower. Some senior loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate such senior loans to presently existing or future indebtedness of the borrower or take other action detrimental to the holders of senior loans including, in certain circumstances, invalidating such senior loans or causing interest previously paid to be refunded to the borrower. If interest were required to be refunded, it could negatively affect the Fund's performance.
Transactions in senior loans may settle on a delayed basis, resulting in the proceeds from the sale of senior loans not being readily available to make additional investments or to meet the Fund's redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders.
Second Lien and Other Secured Loans Risk.
Second lien loans and other secured loans are subject to the same risks associated with investment in senior loans and bonds rated below investment grade. However, because second lien loans are second in right of payment to one or more senior loans of the related borrower, and other secured loans rank lower in right of payment to second lien loans, they are subject to the additional risk that the cash flow of the borrower and any property securing the loan may be insufficient to meet scheduled payments after giving effect to the more senior secured obligations of the borrower. This risk is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest in any specific collateral. Second lien loans and other secured loans are also expected to have greater price volatility than senior loans and may be less liquid. There is also a possibility that originators will not be able to sell participations in second lien loans and other secured loans, which would create greater credit risk exposure.
Zero Coupon Bond and
Payment-In-Kind
Securities Risk.
Investments in
zero-coupon
and
payment-in-kind
securities are subject to certain risks, including that market prices of
zero-coupon
and
payment-in-kind
securities generally are more volatile than the prices of securities that pay interest periodically and in cash, and are likely to respond to changes in interest rates to a greater degree than other types of debt securities with similar maturities and credit quality. Because
zero-coupon
securities bear no interest, their prices are especially volatile. And because
zero-coupon
bondholders do not receive interest payments, the prices of
zero-coupon
securities generally fall more dramatically than those of bonds that pay interest on a current basis when interest rates rise. However, when interest rates fall, the prices of
zero-coupon
securities generally rise more rapidly in value than those of similar interest paying bonds. Under many market and other conditions, the market for
zero-coupon
and
payment-in-kind
securities may suffer decreased liquidity making it difficult for the Fund to dispose of them or to determine their current value. In addition, as these securities may not pay cash interest, the Fund's investment exposure to these securities and their risks, including credit risk, will increase during the time these securities are held in the Fund's portfolio. Further, to maintain its qualification for treatment as a registered investment company and to avoid Fund-level U.S. federal income and/or excise taxes, the Fund is required to distribute to its shareholders any income it is deemed to have received in respect of such investments, notwithstanding that cash has not been received currently, and the value of
paid-in-kind
interest. Consequently, the Fund may have to dispose of portfolio securities under disadvantageous circumstances to generate the cash, or may have to leverage itself by borrowing the cash to satisfy this distribution requirement. The required distributions, if any, would result in an increase in the Fund's exposure to these securities.
Valuation Risk.
Unlike publicly traded common stock which trades on national exchanges, there is no central place or exchange for bond trading. Bonds generally trade on an
"over-the-counter"
market which may be
43
Credit Suisse High Yield Bond Fund
Fund Investment Objectives, Policies and Risks (unaudited) (continued)
anywhere in the world where buyer and seller can settle on a price. Due to the lack of centralized information and trading, the valuation of bonds may carry more risk than that of common stock. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. As a result, the Fund may be subject to the risk that when a security is sold in the market, the amount received by the Fund is less than the value of such security carried on the Fund's books.
Non-Diversified
Status.
The Fund is classified as a
"non-diversified"
management investment company under the Investment Company Act, which means that the Fund may invest a greater portion of its assets in a limited number of issuers than would be the case if the Fund were classified as a "diversified" management investment company. Accordingly, the Fund may be subject to greater risk with respect to its portfolio securities than a management investment company that is "diversified" because changes in the financial condition or market assessment of a single issuer may cause greater fluctuations in the net asset value of the Shares.
Market Price, Discount and Net Asset Value of Shares.
As with any stock, the price of the Fund's Shares fluctuates with market conditions and other factors. Shares of the Fund, a
closed-end
investment company, may trade in the market at a discount from their net asset value.
Potential Yield Reduction.
An offering of Shares is expected to present the opportunity to invest in high yielding securities. This expectation is based on the current market environment for high yield debt securities, which could change in response to interest rate levels, general economic conditions, specific industry conditions and other factors. If the market environment for high yield debt securities changes in a manner that adversely affects the yield of such securities, the offering of Shares could cause the Fund to invest in securities that are lower yielding than those in which it is currently invested. In addition, even if the market for high yield debt securities continues to present attractive investment opportunities, there is no assurance that the Fund will be able to invest the proceeds of an offering of Shares in high yielding securities or that other potential benefits of the offering will be realized. An offering of Shares could reduce the Fund's current dividend yield if the Fund is unable to invest the proceeds of the offering in securities that provide a yield at least equal to the current dividend yield.
Market Risk.
The market value of an instrument may fluctuate, sometimes rapidly and unpredictably. These fluctuations, which are often referred to as "volatility," may cause an instrument to be worth less than it was worth at an earlier time. Market risk may affect a single issuer, industry, commodity, sector of the economy, or the market as a whole. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on a fund and its investments. Market risk is common to most investments - including stocks, bonds and commodities - and the mutual funds that invest in them. The performance of "value" stocks and "growth" stocks may rise or decline under varying market conditions - for example, value stocks may perform well under circumstances in which growth stocks in general have fallen.
Bonds and other fixed income securities generally involve less market risk than stocks and commodities. However, the risk of bonds can vary significantly depending upon factors such as the issuer's creditworthiness and a bond's maturity. The bonds of some companies may be riskier than the stocks of others.
An outbreak of an infectious coronavirus
(COVID-19)
that was first detected in December 2019 developed into a global pandemic that has resulted in numerous disruptions in the market and has had significant economic impact leaving general concern and uncertainty. Although vaccines have been developed and approved for use by various governments, the duration and effects of the
COVID-19
pandemic cannot be predicted with certainty.
44
Credit Suisse High Yield Bond Fund
Fund Investment Objectives, Policies and Risks (unaudited) (continued)
The
COVID-19
pandemic has affected, and other pandemics and epidemics that may arise in the future could affect, the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. In addition, the effect of infectious diseases in developing or emerging market countries may be greater due to less established health care systems. Health crises caused by the
COVID-19
pandemic may exacerbate other
pre-existing
political, social and economic risks in certain countries. As a result, the extent to which the pandemic may negatively affect a fund's performance or the duration of any potential business disruption is uncertain.
Anti-Takeover Provisions.
The Fund's Agreement and Declaration of Trust (the "Declaration of Trust") contains provisions limiting (i) the ability of other entities or persons to acquire control of the Fund, (ii) the Fund's freedom to engage in certain transactions, and (iii) the ability of the Board or shareholders to amend the Declaration of Trust. These provisions of the Declaration of Trust may be regarded as "anti-takeover" provisions. These provisions could have the effect of depriving the shareholders of opportunities to sell their Shares at a premium over prevailing market prices by discouraging a third
party
from seeking to obtain control of the Fund in a tender offer or similar transaction.
45
Credit Suisse High Yield Bond Fund
Information Concerning Trustees and Officers (
unaudited
)
Name, Address
(Year of Birth)
Position(s)
Held with Fund
Term
of Office
1

and
Length
of Time
Served
Principal
Occupation(s)
During
Past Five Years
Number of
Portfolios in
Fund
Complex
Overseen by
Director
Other
Directorships
Held by Director
During Past Five Years
Independent Directors
Laura A. DeFelice
c/o UBS Asset Management (Americas) LLC
Attn: General Counsel
Eleven Madison Avenue
New York, New York
10010
(1959)
Chair of the Board (since November 14, 2023), Nominating Committee and Audit Committee Member Since 2019; current term ends at the 2027 annual meeting Managing Member of Acacia Properties LLC (multi- family and commercial real estate ownership and operation) from 2008 to present; member of Stonegate Advisors LLC (renewable energy and energy efficiency) from 2007 to present. 9 Director of the Lyric Opera of Chicago (performing arts) from December 2021 to present.
Samantha Kappagoda
c/o UBS Asset Management (Americas) LLC
Attn: General Counsel
Eleven Madison Avenue
New York, New York
10010
(1968)
Trustee, Nominating Committee Chair and Audit Committee Member Since 2023; current term ends at the 2026 annual meeting Chief Economist, Risk Economics, Inc. (Economic Analysis) from 2009 to present;
Co-Managing
Member, Numerati Partners LLC (Research & Development Technology) from 2012 to present. Affiliate of Analysis Group, Inc. (Economic Analysis) from 2023 to present. 		9 Director of Girl Scouts of Greater New York (nonprofit) from 2014 to present; Visiting Scholar, Courant Institute of Mathematical Sciences, New York University (education) from 2011 to present; Director of Council for Economic Education (nonprofit) from 2014 to 2020; Director of Glynwood Center, Inc. (nonprofit) from 2010 to 2019.
Charles W. Gerber
c/o UBS Asset Management (Americas) LLC
Eleven Madison Avenue
New York, New York 10010
(1955)
Trustee, Nominating Committee and Audit Committee Member Since 2024 Consultant, Canadian Imperial Bank of Commerce (financial services) from 2016 to present; Senior Adviser, Stoneturn Group, LLP (consulting ) from 2016 to present. 2 None.
1
Subject to the Fund's retirement policy, no Trustee; Nominating Committee and Audit Committee Member shall be presented to shareholders of the Fund for election at any meeting that is scheduled to occur after he/she has reached the age of 74 and a Trustee shall automatically be deemed to retire from the Board at the next annual shareholders' meeting following the date that he/she reaches the age of 75 years even if his/her term of office has not expired on that date. The requirements of the retirement policy may be waived with respect to an individual Trustee. Each Officer serves until his or her respective successor has been duly elected and qualified.
46
Credit Suisse High Yield Bond Fund
Information Concerning Trustees and Officers (unaudited) (continued)
Name, Address
(Year of Birth)
Position(s)
Held with Fund
Term
of Office
1

and
Length
of Time
Served
Principal
Occupation(s)
During
Past Five Years
Number of
Portfolios in
Fund
Complex
Overseen by
Director
Other
Directorships
Held by Director
During Past Five Years
Mahendra R. Gupta
c/o UBS Asset Management (Americas) LLC
Attn: General Counsel
Eleven Madison Avenue
New York, New York
10010
(1956)
Trustee, Nominating Committee Member and Audit Committee Chairman Trustee since 2019 and Audit Committee Chairman since 2019; current term ends at the 2025 annual meeting Professor, Washington University in St. Louis from July 1990 to present; Partner, R.J. Mithaiwala (food manufacturing and retail, India) from March 1977 to present; Partner, F.F.B. Corporation (agriculture, India) from March 1977 to present; Partner, RPMG Research Corporation (benchmark research) from July 2001 to present. 9 Director of Caleres Inc. (footwear) from May 2012 to present; Director and Chair of the finance committee at the foundation of Barnes Jewish Hospital (healthcare) from January 2018 to present; Director of First Bank (finance) from February 2022 to present; Director of ENDI Corporation (finance) from April 2022 to present; Director of The Oasis Institute
(not-for-profit)
from February 2022 to present; Director of the Consortium for Graduate Study in Management from November 2017 to 2023; Director of Koch Development Corporation (Real Estate Developement) from November 2017 to December 2020; Director of the Guardian Angels of St. Louis
(not-for-profit)
from July 2015 to December 2021.
47
Credit Suisse High Yield Bond Fund
Information Concerning Trustees and Officers (unaudited) (continued)
Name, Address
(Year of Birth)
Position(s)
Held with Fund
Term
of Office
1

and
Length
of Time
Served
Principal
Occupation(s)
During
Past Five Years
Number of
Portfolios in
Fund
Complex
Overseen by
Director
Other
Directorships
Held by Director
During Past Five Years
Steven N. Rappaport
c/o UBS Asset Management (Americas) LLC
Attn: General Counsel
Eleven Madison Avenue
New York, New York
10010
(1948)
Trustee, Nominating Committee and Audit Committee Member Chairman of the Board from 2012 through November 14, 2023 and Director since 2005; current term ends at the 2027 annual meeting Partner of Lehigh Court, LLC and RZ Capital (private investment firms) from July 2002 to present. 9 Director of abrdn Emerging Markets Equity Income Fund, Inc., (a
closed-end
investment company); Director of abrdn Funds (20
open-end
portfolios) from 2016 to 2023.
Lee M. Shaiman
c/o UBS Asset
Management
(Americas) LLC
Attn: General Counsel
Eleven Madison
Avenue
New York, New York
10010
(1956)
Trustee, Nominating Committee and Audit Committee Member
Since 2024
Executive Director, Loan Syndications and Trading Association (financial trade association) from 2018 to present.
9 Director of Investcorp Credit Management BDC, Inc. (financial services) from 2020 to present.
Interested Director
John G. Popp
2
UBS Asset Management (Americas) LLC
Eleven Madison Avenue
New York, New York
10010
(1956)
Director and Chief Investment Officer; Chief Executive Officer and President (2010-2024).
Trustee since 2012
Current term ends at the 2025 annual meeting
Managing Director of UBS AM (Americas); Global Head and Chief Investment Officer of the Credit Investments Group; Associated with Credit Suisse or its predecessor and UBS AM (Americas) since 1997; Officer of other Credit Suisse Funds. 9 None.
1
Subject to the Fund's retirement policy, no Trustee shall be presented to shareholders of the Fund for election at any meeting that is scheduled to occur after he/she has reached the age of 74 and a Trustee shall automatically be deemed to retire from the Board at the next annual shareholders' meeting following the date that he/she reaches the age of 75 years even if his/her term of office has not expired on that date. The requirements of the retirement policy may be waived with respect to an individual Trustee. The Board has approved a waiver of the policy with respect to Mr. Rappaport through the 2025 annual meeting. Each Officer serves until his or her respective successor has been duly elected and qualified.
2
Mr. Popp is an "interested person" of the Fund as defined in the 1940 Act, by virtue of his current position as an officer of UBS AM (Americas).
48
Credit Suisse High Yield Bond Fund
Information Concerning Trustees and Officers (unaudited) (continued)
Name, Address
(Year of Birth)
Position(s)
Held with Fund
Term
of Office
and Length
of Time
Served
Principal Occupation(s) During Past Five Years
Officers*
Omar Tariq
UBS Asset Management (Americas) LLC
Eleven Madison Avenue
New York, New York
10010
(1983)
Chief Executive Officer and President since 2024 Since 2024 Executive Director of UBS AM (Americas) since May 2024; Director of Credit Suisse from March 2019 to May 2024; Chief Financial Officer and Treasurer of the Credit Suisse Funds from 2019 to 2024; Associated with Credit Suisse and UBS AM (Americas) since May 2019; Senior Manager of PriceWaterhouseCoopers, LLP from September 2010 to March 2019; Officer of other Credit Suisse Funds.
Brandi Sinkovich
UBS Asset Management (Americas) LLC
Eleven Madison Avenue
New York, New York
10010
(1979)
Chief Compliance Officer Since 2023 Executive Director of UBS AM (Americas) since May 2024; Director of Credit Suisse from January 2023 to May 2024; Vice President and Regulatory Counsel, Exos Financial from 2022 to 2023; Vice President and Compliance Officer, Neuberger Berman from 2019 to 2022; Vice President, Compliance, Goldman Sachs from 2017 to 2019; Associated with Credit Suisse and UBS AM (Americas) since January 2023; Officer of other Credit Suisse Funds.
Lou Anne McInnis
UBS Asset Management (Americas) LLC
Eleven Madison Avenue
New York, New York
10010
(1959)
Chief Legal Officer Since 2015 Executive Director of UBS AM (Americas) LLC since May 2024; Director of Credit Suisse from April 2015 to May 2024; Associated with Credit Suisse and UBS AM (Americas) since April 2015; Counsel at DLA Piper US LLP from 2011 to April 2015; Associated with Morgan Stanley Investment Management from 1997 to 2010; Officer of other Credit Suisse Funds.
Rose Ann Bubloski
UBS Asset Management (Americas) LLC
Eleven Madison Avenue
New York, New York
10010
(1968)
Chief Financial Officer and Treasurer Since 2024 Director and Senior Manager of UBS Asset Management (Americas) LLC since 2011; Associated with UBS since March 1994; Officer of other Credit Suisse Funds.
Karen Regan
UBS Asset Management (Americas) LLC
Eleven Madison Avenue
New York, New York
10010
(1963)
Senior Vice President and Secretary since 2024 Since 2010 Director of UBS AM (Americas) since May 2024; Vice President of Credit Suisse from January 2008 to May 2024; Associated with Credit Suisse and UBS AM (Americas) since December 2004; Officer of other Credit Suisse Funds.
The Statement of Additional Information includes additional information about the Directors and is available, without charge, upon request, by calling
877-870-2874.
*
The officers of the Fund shown are officers that make policy decisions.
49
Credit Suisse High Yield Bond Fund
Recent changes (unaudited)
During the period ended October 31, 2024, there were: (i) no material changes in the Fund's investment objectives or policies that have not been approved by Stockholders, (ii) no changes in the Fund's charter or by-laws that would delay or prevent a change of control of the Fund that have not been approved by Stockholders, (iii) no material changes to the principal risk factors associated with investment in the Fund, and (iv) no changes in the persons primarily responsible for the day-to-day management of the Fund's portfolio.
50
Credit Suisse High Yield Bond Fund
Proxy Voting and Portfolio Holdings Information (unaudited)
Information regarding how the Fund voted proxies related to its portfolio securities during the
12-month
period ended June 30 of each year, as well as the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities are available:
•
By calling
1-800-293-1232
•
On the Fund's website, www.credit-suisse.com/us/funds
•
On the website of the Securities and Exchange Commission, 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 as an exhibit to its reports on Form
N-PORT,
and for reporting periods ended prior to March 31, 2019, filed such information on Form
N-Q.
The Fund's Forms
N-PORT
and
N-Q
are available on the SEC's website at www.sec.gov.
Funds Managed by UBS Asset Management (Americas) LLC
CLOSED-END
FUNDS
Fixed Income
Credit Suisse Asset Management Income Fund, Inc. (NYSE American: CIK)
Credit Suisse High Yield Bond Fund (NYSE American: DHY)
Literature Request
- Call today for free descriptive information on the closed-ended funds listed above at
1-800-293-1232
or visit our website at www.credit-suisse.com/us/funds
OPEN-END
FUNDS
Credit Suisse Commodity Return Strategy Fund Credit Suisse Strategic Income Fund
Credit Suisse Floating Rate High Income Fund
Credit Suisse Trust Commodity Return Strategy Portfolio
Fund shares are not deposits or other obligation of UBS Asset Management (Americas) LLC or any affiliate, are not FDIC-insured and are not guaranteed by UBS Asset Management (Americas) LLC or any affiliate. Fund investments are subject to investment risks, including loss of your investment. There are special risk considerations associated with international, global, emerging-markets, small-company, private equity, high-yield debt, single-industry, single-country and other special, aggressive or concentrated investment strategies. Past performance cannot guarantee future results.
More complete information about a fund, including charges and expenses, is provided in the Prospectus, which should be read carefully before investing. You may obtain copies by calling Credit Suisse Funds at
1-877-870-2874.
Performance information current to the most recent
month-end
is available at
www.credit-suisse.com/us/funds.
51
Credit Suisse High Yield Bond Fund
Dividend Reinvestment and Cash Purchase Plan (unaudited)
Credit Suisse High Yield Bond Fund (the "Fund") offers a Dividend Reinvestment and Cash Purchase Plan (the "Plan") to its common stockholders. The Plan offers common stockholders a prompt and simple way to reinvest net investment income dividends and capital gains and other periodic distributions in shares of the Fund's common stock. Computershare Trust Company, N.A. ("Computershare") acts as Plan Agent for stockholders in administering the Plan.
If your shares of common stock of the Fund are registered in your own name, you will automatically participate in the Plan, unless you have indicated that you do not wish to participate and instead wish to receive dividends and capital gains distributions in cash. If you are a beneficial owner of the Fund having your shares registered in the name of a bank, broker or other nominee, you must first make arrangements with the organization in whose name your shares are registered to have the shares transferred into your own name. Registered shareholders can join the Plan via the Internet by going to www.computershare.com, authenticating your online account, agreeing to the Terms and Conditions of online "Account Access" and completing an online Plan Enrollment Form. Alternatively, you can complete the Plan Enrollment Form and return it to Computershare at the address below.
By participating in the Plan, your dividends and distributions will be promptly paid to you in additional shares of common stock of the Fund. The number of shares to be issued to you will be determined by dividing the total amount of the distribution payable to you by the greater of (i) the net asset value per share ("NAV") of the Fund's common stock on the payment date, or (ii) 95% of the market price per share of the Fund's common stock on the payment date. If the NAV of the Fund's common stock is greater than the market price (plus estimated brokerage commissions) on the payment date, then Computershare (or a broker-dealer selected by Computershare) shall endeavor to apply the amount of such distribution on your shares to purchase shares of Fund common stock in the open market.
You should be aware that all net investment income dividends and capital gain distributions are taxable to you as ordinary income and capital gain, respectively, whether received in cash or reinvested in additional shares of the Fund's common stock.
The Plan also permits participants to purchase shares of the Fund through Computershare. You may invest $100 or more monthly, with a maximum of $100,000 in any annual period. Computershare will purchase shares for you on the open market on the 25th of each month or the next trading day if the 25th is not a trading day.
There is no service fee payable by Plan participants for dividend reinvestment. For voluntary cash payments, Plan participants must pay a service fee of $5.00 per transaction. Plan participants will also be charged a pro rata share of the brokerage commissions for all open market purchases ($0.03 per share as of October 2024). Participants will also be charged a service fee of $5.00 for each sale and brokerage commissions of $0.03 per share (as of October 2024).
You may terminate your participation in the Plan at any time by notifying Computershare or requesting a sale of your shares held in the Plan. Your withdrawal will be effective immediately if your notice is received by Computershare prior to any dividend or distribution record date; otherwise, such termination will be effective only with respect to any subsequent dividend or distribution. Your dividend participation option will remain the same unless you withdraw all of your whole and fractional Plan shares, in which case your participation in the Plan will be terminated and you will receive subsequent dividends and capital gains distributions in cash instead of shares.
52
Credit Suisse High Yield Bond Fund
Dividend Reinvestment and Cash Purchase Plan (unaudited) (continued)
If you want further information about the Plan, including a brochure describing the Plan in greater detail, please contact Computershare as follows:
By Internet:
www.computershare.com
By phone:
(800)
730-6001
(U.S. and Canada)
 
(781)
575-3100
(Outside U.S. and Canada)
Customer service associates are available from 9:00 a.m. to 5:00 p.m. Eastern time, Monday through Friday
By mail:
Credit Suisse High Yield Bond Fund
 
c/o Computershare
 
P.O. Box 43006
 
Providence, RI 02940-3078
Overnight correspondence should be sent to:
 
Computershare
 
150 Royall St., Suite 101
 
Canton, MA 02021
All notices, correspondence, questions or other communications sent by mail should be sent by registered or certified mail, return receipt requested.
The Plan may be terminated by the Fund or Computershare upon notice in writing mailed to each participant at least 30 days prior to any record date for the payment of any dividend or distribution.
53
This report, including the financial statements herein, is sent to the shareholders of the Fund for their information. It is not a prospectus, circular or representation intended for use in the purchase or sale of shares of the Fund or of any securities mentioned in this report.
DHY-AR-1024

Item 2. Code of Ethics.

The registrant has adopted a code of ethics applicable to its Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions. A copy of the code is filed as Exhibit 19(a)(1) to this Form. There were no amendments to the code during the fiscal year ended October 31, 2024. There were no waivers or implicit waivers from the code granted by the registrant during the fiscal year ended October 31, 2024.

Item 3. Audit Committee Financial Expert.

The registrant's governing board has determined that it has three audit committee financial experts serving on its audit committee: Laura A. DeFelice, Mahendra R. Gupta and Steven N. Rappaport. Each audit committee financial expert is "independent" for purposes of this item.

Item 4. Principal Accountant Fees and Services.

(a) through (d). The information in the table below is provided for services rendered to the registrant showing the amount of fees billed to the registrant during the registrant's last two fiscal years by Ernst & Young LLP ("EY"), the registrant's current independent registered public accounting firm, and the registrant's former independent registered public accounting firm. The audit fees billed to the registrant for the fiscal year 2024 are the only fees that have been billed to the registrant by EY. All other fees listed in the tables below were billed to the registrant by the registrant's former independent registered public accounting firm. For engagements with EY and by the registrant's former independent registered public accounting firm the Audit Committee approved in advance all audit services and non-auditservices that EY and the registrant's former independent registered public accounting firm provided to the registrant for its fiscal years ended October 31, 2023 and October 31, 2024.

2023 2024

Audit Fees

$ 43,700 $ 43,700

Audit-Related Fees

$ -  $ - 

Tax Fees1

$ 4,500 $ - 

All Other Fees

$ -  $ - 

Total

$ 48,200 $ 43,700
1

Tax services in connection with the registrant's excise tax calculations and review of the registrant's applicable tax returns.

The information in the table below is provided with respect to non-auditservices that directly relate to the registrant's operations and financial reporting and that were rendered by the registrant's former independent registered public accounting firm for the fiscal year ended October 31, 2023 and by EY for the fiscal year ended October 31, 2024 to the registrant's investment adviser, UBS Asset Management (Americas) LLC ("UBS AM ("Americas")), and any service provider to the registrant controlling, controlled by or under common control with UBS AM (Americas) that provided ongoing services to the registrant ("Covered Services Provider").

2

2023 2024

Audit-Related Fees

N/A N/A

Tax Fees

N/A N/A

All Other Fees

N/A N/A

Total

N/A N/A

(e)(1) Pre-ApprovalPolicies and Procedures. The Audit Committee ("Committee") of the registrant is responsible for pre-approving(i) all audit and permissible non-auditservices to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-auditservices to be provided by the independent registered public accounting firm to UBS AM (Americas) and any Covered Services Provider if the engagement relates directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approveany such audit and permissible non-auditservices to the Chairperson of the Committee, and the Chairperson shall report to the Committee, at its next regularly scheduled meeting after the Chairperson's pre-approvalof such services, his or her decision(s). The Committee may also establish detailed pre-approvalpolicies and procedures for pre-approvalof such services in accordance with applicable laws, including the delegation of some or all of the Committee's pre-approvalresponsibilities to other persons (other than UBS AM (Americas) or the registrant's officers). Pre-approvalby the Committee of any permissible non-auditservices shall not be required so long as: (i) the aggregate amount of all such permissible non-auditservices provided to the registrant, UBS AM (Americas) and any Covered Services Provider constitutes not more than 5% of the total amount of revenues paid by the registrant to its independent registered public accounting firm during the fiscal year in which the permissible non-auditservices are provided; (ii) the permissible non-auditservices were not recognized by the registrant at the time of the engagement to be non-auditservices; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.

(e)(2) The information in the table below sets forth the percentages of fees for services (other than audit, review or attest services) rendered by the registrant's former independent registered public accounting firm for the fiscal year ended October 31, 2023 and by EY for the fiscal year ended October 31, 2024 to the registrant for which the pre-approvalrequirement was waived pursuant to Rule 2-01(c)(7)(i)(C)of Regulation S-X:

3

2023 2024

Audit-Related Fees

N/A N/A

Tax Fees

N/A N/A

All Other Fees

N/A N/A

Total

N/A N/A

The information in the table below sets forth the percentages of fees for services (other than audit, review or attest services) rendered by the registrant's former independent registered public accounting firm for the fiscal year ended October 31, 2023 and by EY for the fiscal year ended October 31, 2024 to UBS AM (Americas) and any Covered Services Provider required to be approved pursuant to Rule 2-01(c)(7)(ii)of Regulation S-X:

2023 2024

Audit-Related Fees

N/A N/A

Tax Fees

N/A N/A

All Other Fees

N/A N/A

Total

N/A N/A

(f) Not Applicable.

(g) For the fiscal year ended October 31, 2023, the aggregate fees billed by the registrant's former independent registered public accounting firm of $4,500 for non-auditservices rendered on behalf of the registrant ("covered"), and for the fiscal year ended October 31, 2024, the aggregate fees billed by EY of $979,248 for non-auditservices rendered on behalf of its investment adviser and any entity controlling, controlled by, or under common control with the adviser ("non-covered")that provides ongoing services (or provided during the relevant fiscal period) to the registrant for each of the last two fiscal years of the registrant is shown in the table below:

2023 2024

Covered Services

$ 4,500 $ - 

Non-CoveredServices

$ -  $ 979,248

(h) Not Applicable.

4

(i) Not Applicable.

(j) Not Applicable.

Item 5. Audit Committee of Listed Registrants.

The registrant has a separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The members of the committee are Laura A. DeFelice, Charles W. Gerber, Mahendra R. Gupta, Samantha Kappagoda, Steven N. Rappaport and Lee M. Shaiman.

Item 6. Investments.

(a)

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

(b)

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

Item 9. Proxy Disclosures for Open-EndManagement Investment Companies.

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

Not applicable.

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

The Board believes that the voting of proxies on securities held by each Fund is an important element of the overall investment process. As such, the Board has delegated the responsibility to vote such proxies to UBS AM (Americas). Following is a summary of UBS AM (Americas)'s proxy voting policy.

5

You may obtain information about the Funds' proxy voting decisions for the most recent 12-monthperiod ended June 30, without charge, by calling the Trust toll-free at 1-877 870-2874or on the EDGAR database on the SEC's Web Site (www.sec.gov).

The proxy voting policy of UBS AM (Americas) is based on its belief that voting rights have economic value and should be treated accordingly. Good corporate governance should in the long term, lead towards better corporate performance and improved shareholder value. Generally, UBS AM (Americas) expects the boards of directors of companies issuing securities held by its clients to act in the service of the shareholders, view themselves as stewards of the company, exercise good judgment and practice diligent oversight of the management of the company. A commitment to acting in as transparent a manner as possible is fundamental to good governance. While there is no absolute set of rules that determine appropriate corporate governance under all circumstances and no set of rules will guarantee ethical board behavior, there are certain principles, which provide evidence of good corporate governance. UBS AM (Americas) may delegate to an independent proxy voting and research service the authority to exercise the voting rights associated with certain client holdings. Any such delegation shall be made with the direction that the votes be exercised in accordance with UBS AM (Americas)'s proxy voting policy.

When UBS AM (Americas)'s view of a company's management is favorable, UBS AM (Americas) generally supports current management initiatives. When UBS AM (Americas)'s view is that changes to the management structure would probably increase shareholder value, UBS AM (Americas) may not support existing management proposals. In general, UBS AM (Americas) generally exercises voting rights in accordance with the following principles: (1) with respect to board structure, (a) an effective chairman is key, (b) the roles of chairman and chief executive generally should be separated, (c) board members should have appropriate and diverse experience and be capable of providing good judgment and diligent oversight of management of the company, (d) the board should include executive and non-executivemembers, and (e) the non-executivemembers should provide a challenging, but generally supportive environment; and (2) with respect to board responsibilities, (a) the whole board should be fully involved in endorsing strategy and in all major strategic decisions, and (b) the board should ensure that at all times (i) appropriate management succession plans are in place; (ii) the interests of executives and shareholders are aligned; and financial audit is independent and accurate; (iii) the brand and reputation of the company is protected and enhanced; (iv) a constructive dialogue with shareholders is encouraged; and (v) it receives all the information necessary to hold management accountable. In addition, UBS AM (Americas) focuses on the following areas of concern when voting its clients' securities: economic value resulting from acquisitions or disposals; operational performance; quality of management; independent non-executiveboard directors not holding executive management accountable; quality of internal controls; lack of transparency; inadequate succession planning; poor approach to corporate social responsibility; inefficient management structure; and corporate activity designed to frustrate the ability of shareholders to hold the board accountable or realize the maximum value of their investment. UBS AM (Americas) exercises its voting rights in accordance with overarching rationales outlined by its proxy voting policies and procedures that are based on the principles described above.

6

The proxy voting policy includes guidelines regarding environmental, social, and corporate governance ("ESG") factors during the exercise of voting rights on behalf of UBS AM's clients, such as the Funds. Underlying UBS AM's voting and ESG guidelines are two fundamental objectives: (1) acting in the best financial interest of clients and enhancing the long-term value of their investments; and (2) promoting best practice in corporate governance and ensuring that portfolio companies are sustainable and successful.

UBS AM (Americas) has implemented procedures designed to address a conflict of interest in voting a particular proxy proposal, which may arise as a result of its or its affiliates' client relationships, marketing efforts or banking, investment banking and broker-dealer activities. To address such conflicts, UBS AM (Americas) has imposed information barriers between it and its affiliates who conduct banking, investment banking and broker-dealer activities and has implemented procedures to prevent business, sales and marketing issues from influencing its proxy votes. Whenever UBS AM (Americas) becomes aware of a conflict with respect to a particular proxy, and under certain circumstances, the relevant internal UBS AM (Americas) committee may be notified and determine the manner in which such proxy is voted.

Item 13. Portfolio Managers of Closed-EndManagement Investment Companies.

(a)

Information pertaining to the Chief Investment Officer and Portfolio Managers of the Credit Suisse High Yield Bond Fund, as of October 31, 2024, is set forth below.

John Popp

Chief Investment Officer

Year of Birth: 1956

Managing Director of UBS AM (Americas) and Group Head and Chief Investment Officer of the Credit Investments Group; Associated with UBS AM (Americas) or its predecessor since 1997

Wing Chan

Portfolio Manager

Year of Birth: 1976

Managing Director of UBS AM (Americas) and a member of the Credit Investments Group; Associated with UBS AM (Americas) or its predecessor since 2005

David Mechlin

Portfolio Manager
Year of Birth: 1984

Managing Director of UBS AM (Americas) and a member of the Credit Investments Group. Associated with UBS AM (Americas) or its predecessor since 2006.

Joshua Shedroff

Portfolio Manager
Year of Birth: 1978

Managing Director of UBS AM (Americas) and a member of the Credit Investments Group. Associated with UBS AM (Americas) or its predecessor since 2008.
Michael Adelman
Portfolio Manager
Year of Birth: 1990 		Executive Director of UBS AM (Americas) and a member of the Credit Investments Group. Associated with UBS AM (Americas) or its predecessor since 2012

7

Registered Investment Companies, Pooled Investment Vehicles and Other Accounts Managed

As reported to the Registrant, the information in the following table reflects the number of registered investment companies, pooled investment vehicles and other accounts managed by Messrs. Popp, Mechlin, Shedroff and Adelman and Ms. Chan and the total assets managed within each category as of October 31, 2024.

There has been one change of the Portfolio Managers since the Registrant's most recent annual report on Form N-CSR.

Registered Investment
Companies 		Other Pooled Investment
Vehicles 		Other Accounts

John Popp*

4 $ 3,340 million
 62 $ 35,404 million 38 $ 13,560 million

Wing Chan*

4 $ 3,340 million 62 $ 35,404 million 38 $ 13,560 million

David Mechlin*

4 $ 3,340 million 62 $ 35,404 million 38 $ 13,560 million

Joshua Shedroff*

4 $ 3,340 million 62 $ 35,404 million 38 $ 13,560 million

Michael Adelman*

4 $ 3,340 million 62 $ 35,404 million 38 $ 13,560 million
*

As of October 31, 2024, Messrs. Popp, Mechlin, Shedroff and Adelman, and Ms. Chan managed 63 accounts which have total assets under management of $35,445 million, of which have additional fees based on the performance of the accounts.

Potential Conflicts of Interest

It is possible that conflicts of interest may arise in connection with the portfolio managers' management of the Funds' investments on the one hand and the investments of other accounts on the other. For example, the portfolio managers may have conflicts of interest in allocating management time, resources and investment opportunities among the Funds and other accounts they advise. In addition due to differences in the investment strategies or restrictions between the Funds and the other accounts, the portfolio managers may take action with respect to another account that differs from the action taken with respect to the Funds. UBS AM (Americas) has adopted policies and procedures that are designed to minimize the effects of these conflicts.

8

If UBS AM (Americas) believes that the purchase or sale of a security is in the best interest of more than one client, it may (but is not obligated to) aggregate the orders to be sold or purchased to seek favorable execution or lower brokerage commissions, to the extent permitted by applicable laws and regulations. UBS AM (Americas) may aggregate orders if all participating client accounts benefit equally (i.e., all receive an average price of the aggregated orders). In the event UBS AM (Americas) aggregates an order for participating accounts, the method of allocation will generally be determined prior to the trade execution. Although no specific method of allocation of transactions (as well as expenses incurred in the transactions) is expected to be used, allocations will be designed to ensure that over time all clients receive fair treatment consistent with UBS AM (Americas)'s fiduciary duty to its clients (including its duty to seek to obtain best execution of client trades). The accounts aggregated may include registered and unregistered investment companies managed by UBS AM (Americas)'s affiliates and accounts in which UBS AM (Americas)'s officers, directors, agents, employees or affiliates own interests. UBS AM (Americas) may not be able to aggregate securities transactions for clients who direct the use of a particular broker-dealer, and the client also may not benefit from any improved execution or lower commissions that may be available for such transactions.

Compensation

John Popp, Wing Chan, David Mechlin, Joshua Shedroff and Michael Adelman are compensated for their services by UBS AM (Americas). Their compensation consists of a fixed base salary and a discretionary bonus that is not tied by formula to the performance of any fund or account. The factors taken into account in determining each of their bonuses includes the Fund's performance, assets held in the Fund and other accounts managed by each of them, business growth, team work, management, corporate citizenship, etc.

A portion of the bonus may be paid in phantom shares of UBS Group AG stock as deferred compensation. Phantom shares are shares representing an unsecured right to receive on a particular date a specified number of registered shares subject to certain terms and conditions. A portion of the bonus will receive the notional return of the fund(s) the portfolio manager manages and a portion of the bonus will receive the notional return of a basket of other Credit Suisse funds along the product line of the portfolio manager.

Like all employees of UBS AM (Americas), portfolio managers participate in UBS Group AG's profit sharing and 401 (k) plans.

Securities Ownership. The following table indicates the dollar range of equity securities in the Fund beneficially owned by the portfolio managers and the value of those shares as of October 31, 2024.

9

Name of Portfolio Manager(s)

Dollar Range of Equity Securities in
the Fund managed by the named
Portfolio Manager*

John G. Popp

D

Wing Chan

B

David Mechlin

D

Joshua Shedroff

A

Michael Adelman

B

Ranges:

A.

None

B.

$1 - $10,000

C.

$10,001 - $50,000

D.

$50,001 - $100,000

E.

Over $100,000

(b)

There has been one change to the Portfolio Managers since the Registrant's most recent annual report on Form N-CSR.Effective February 16, 2024, Thomas Flannery is no longer the Chief Investment Officer and Portfolio Manager.

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

None.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees since the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(g) of Schedule 14A in its definitive proxy statement dated March 20, 2024.

Item 16. Controls and Procedures.

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

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

10

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

During Credit Suisse High Yield Bond Fund's (the "Fund") most recent fiscal year ending October 31, 2024, State Street Bank and Trust Company ("State Street") served as the fund's securities lending agent.

As a securities lending agent, State Street is responsible for the implementation and administration of a Fund's securities lending program. Pursuant to its respective Securities Lending Authorization Agreement ("Securities Lending Agreement") with the Fund, State Street, as a general matter, performs various services, including the following:

•

lend available securities to institutions that are approved borrowers

•

determine whether a loan shall be made and negotiate and establish the terms and conditions of the loan with the borrower

•

ensure that all dividends and other distributions paid with respect to loaned securities are credited to the fund's relevant account

•

receive and hold, on the fund's behalf, or transfer to a fund account, upon instruction by the fund, collateral from borrowers to secure obligations of borrowers with respect to any loan of available securities

•

mark-to-marketthe market value of loaned securities relative to the market value of the collateral each business day

•

obtain additional collateral, as needed, in order to maintain the value of the collateral relative to the market value of the loaned securities at the levels required by the Securities Lending Agreement

•

at the termination of a loan, return the collateral to the borrower upon the return of the loaned securities

•

in accordance with the terms of the Securities Lending Agreement, invest cash collateral in permitted investments, including investments managed by the fund's investment adviser

11

•

maintain records relating to the fund's securities lending activity and provide to the fund a monthly statement describing, among other things, the loans made during the period, the income derived from the loans (or losses incurred) and the amounts of any fees or payments paid with respect to each loan

State Street is compensated for the above-described services from its securities lending revenue split. The tables below show the Fund earned and the fees and compensation it paid to service providers in connections with its securities lending activities during its most recent fiscal year.

Credit Suisse High Yield Bond Fund

Securities Lending Activities Income and Fees for Fiscal Year 2024

Gross income from securities lending activities

(including income from cash collateral reinvestment)

$ 343,197

Fees and/or compensation for securities lending activities and related services

Fees paid to securities lending agent from a revenue split

$ 30,153

Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split

$ 2,056

Administrative fees not included in revenue split

- 

Indemnification fee not included in revenue split

- 

Rebate (paid to borrower)

$ 220,554

Other fees not included in revenue split

- 

Aggregate fees/compensation for securities lending activities and related services

$ 252,763

Net income from securities lending activities

$ 90,434

12

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable to the Registrant.

Item 19. Exhibits.

(a)(1) Code of Ethics as required pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (and designated by registrant as a "Code of Conduct") is filed herewith as Exhibit EX-99 CODE ETH.

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1under the Exchange Act (17 CFR 240.10D-1)by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable to the registrant.

(a)(3) Certifications of principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX-99.CERT.

(a)(4) Written solicitation to purchase securities under Rule 23c-1under the Investment Company Act of 1940 sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to the registrant.

(a)(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.

(c) Certifications of principal executive officer and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX 99.906.CERT.

(d) Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934, as amended is attached hereto as Exhibit EX-99.IRANNOTICE.

13

SIGNATURES

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

CREDIT SUISSE HIGH YIELD BOND FUND
/s/ Omar Tariq
Name: Omar Tariq
Title: Chief Executive Officer and President
(Principal Executive Officer)
Date:January 10, 2025

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

/s/ Omar Tariq
Name: Omar Tariq
Title:Chief Executive Officer and President
(Principal Executive Officer)
Date:January 10, 2025
/s/ Rose Ann Bubloski
Name: Rose Ann Bubloski
Title: Chief Financial Officer and Treasurer
(Principal Financial Officer)
Date: January 10, 2025

14