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. 811-09054

 

 

 

CREDIT SUISSE OPPORTUNITY FUNDS

 

 

 

(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 Opportunity Funds

Eleven Madison Avenue

New York, New York 10010

 

Registrant’s telephone number, including area code: (212) 325-2000

 

Date of fiscal year end: October 31

 

Date of reporting period: November 1, 2024 to April 30, 2025

 

 

 

 

 

Item 1. Reports to Stockholders.

 

 

 

 

TABLE OF CONTENTS

Credit Suisse Floating Rate High Income Fund
Class A - CHIAX

Credit Suisse Floating Rate High Income Fund
Class C - CHICX

Credit Suisse Floating Rate High Income Fund
Class I - CSHIX

Credit Suisse Strategic Income Fund
Class A - CSOAX

Credit Suisse Strategic Income Fund
Class C - CSOCX

Credit Suisse Strategic Income Fund
Class I - CSOIX

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300000946110creditsuisse:C000029052Membersrt:StandardPoorsCCRatingMember2025-04-300000946110creditsuisse:C000029052Membersrt:StandardPoorsCCCRatingMember2025-04-300000946110creditsuisse:C000029052Membersrt:StandardPoorsCCCMinusRatingMember2025-04-300000946110creditsuisse:C000029052Membersrt:StandardPoorsCCCPlusRatingMember2025-04-300000946110creditsuisse:C000029052Membercreditsuisse:CTIMember2025-04-300000946110creditsuisse:C000029052Membercreditsuisse:CreditRatingOtherLineCTIMember2025-04-300000946110creditsuisse:C000118186Member2024-11-012025-04-300000946110creditsuisse:C000118186Member2025-04-300000946110creditsuisse:C000118186Membercreditsuisse:AssetBankLoansCTIMember2025-04-300000946110creditsuisse:C000118186Membercreditsuisse:AssetCorporateBondsCTIMember2025-04-300000946110creditsuisse:C000118186Membercreditsuisse:AssetShortMinusTermInvestmentsCTIMember2025-04-300000946110creditsuisse:C000118186Membercreditsuisse:AssetAssetBackedSecuritiesCTIMember2025-04-300000946110creditsuisse:C000118186Membercreditsuisse:AssetCommonStocksCTIMember2025-04-300000946110creditsuisse:C000118186Membercreditsuisse:AssetWarrantsCTIMember2025-04-300000946110creditsuisse:C000118186Membersrt:StandardPoorsAAARatingMember2025-04-300000946110creditsuisse:C000118186Membersrt:StandardPoorsBRatingMember2025-04-300000946110creditsuisse:C000118186Membersrt:StandardPoorsBMinusRatingMember2025-04-300000946110creditsuisse:C000118186Membersrt:StandardPoorsBPlusRatingMember2025-04-300000946110creditsuisse:C000118186Membersrt:StandardPoorsBBRatingMember2025-04-300000946110creditsuisse:C000118186Membersrt:StandardPoorsBBMinusRatingMember2025-04-300000946110creditsuisse:C000118186Membersrt:StandardPoorsBBPlusRatingMember2025-04-300000946110creditsuisse:C000118186Membersrt:StandardPoorsBBBMinusRatingMember2025-04-300000946110creditsuisse:C000118186Membersrt:StandardPoorsCCRatingMember2025-04-300000946110creditsuisse:C000118186Membersrt:StandardPoorsCCCRatingMember2025-04-300000946110creditsuisse:C000118186Membersrt:StandardPoorsCCCMinusRatingMember2025-04-300000946110creditsuisse:C000118186Membersrt:StandardPoorsCCCPlusRatingMember2025-04-300000946110creditsuisse:C000118186Membercreditsuisse:CTIMember2025-04-300000946110creditsuisse:C000118186Membercreditsuisse:CreditRatingOtherLineCTIMember2025-04-300000946110creditsuisse:C000120097Member2024-11-012025-04-300000946110creditsuisse:C000120097Member2025-04-300000946110creditsuisse:C000120097Membercreditsuisse:AssetBankLoansCTIMember2025-04-300000946110creditsuisse:C000120097Membercreditsuisse:AssetCorporateBondsCTIMember2025-04-300000946110creditsuisse:C000120097Membercreditsuisse:AssetShortMinusTermInvestmentsCTIMember2025-04-300000946110creditsuisse:C000120097Membercreditsuisse:AssetAssetBackedSecuritiesCTIMember2025-04-300000946110creditsuisse:C000120097Membercreditsuisse:AssetCommonStocksCTIMember2025-04-300000946110creditsuisse:C000120097Membercreditsuisse:AssetWarrantsCTIMember2025-04-300000946110creditsuisse:C000120097Membersrt:StandardPoorsAAARatingMember2025-04-300000946110creditsuisse:C000120097Membersrt:StandardPoorsBRatingMember2025-04-300000946110creditsuisse:C000120097Membersrt:StandardPoorsBMinusRatingMember2025-04-300000946110creditsuisse:C000120097Membersrt:StandardPoorsBPlusRatingMember2025-04-300000946110creditsuisse:C000120097Membersrt:StandardPoorsBBRatingMember2025-04-300000946110creditsuisse:C000120097Membersrt:StandardPoorsBBMinusRatingMember2025-04-300000946110creditsuisse:C000120097Membersrt:StandardPoorsBBPlusRatingMember2025-04-300000946110creditsuisse:C000120097Membersrt:StandardPoorsBBBMinusRatingMember2025-04-300000946110creditsuisse:C000120097Membersrt:StandardPoorsCCRatingMember2025-04-300000946110creditsuisse:C000120097Membersrt:StandardPoorsCCCRatingMember2025-04-300000946110creditsuisse:C000120097Membersrt:StandardPoorsCCCMinusRatingMember2025-04-300000946110creditsuisse:C000120097Membersrt:StandardPoorsCCCPlusRatingMember2025-04-300000946110creditsuisse:C000120097Membercreditsuisse:CTIMember2025-04-300000946110creditsuisse:C000120097Membercreditsuisse:CreditRatingOtherLineCTIMember2025-04-300000946110creditsuisse:C000120098Member2024-11-012025-04-300000946110creditsuisse:C000120098Member2025-04-300000946110creditsuisse:C000120098Membercreditsuisse:AssetBankLoansCTIMember2025-04-300000946110creditsuisse:C000120098Membercreditsuisse:AssetCorporateBondsCTIMember2025-04-300000946110creditsuisse:C000120098Membercreditsuisse:AssetShortMinusTermInvestmentsCTIMember2025-04-300000946110creditsuisse:C000120098Membercreditsuisse:AssetAssetBackedSecuritiesCTIMember2025-04-300000946110creditsuisse:C000120098Membercreditsuisse:AssetCommonStocksCTIMember2025-04-300000946110creditsuisse:C000120098Membercreditsuisse:AssetWarrantsCTIMember2025-04-300000946110creditsuisse:C000120098Membersrt:StandardPoorsAAARatingMember2025-04-300000946110creditsuisse:C000120098Membersrt:StandardPoorsBRatingMember2025-04-300000946110creditsuisse:C000120098Membersrt:StandardPoorsBMinusRatingMe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Image

Semi-Annual Shareholder Report 

Credit Suisse Floating Rate High Income Fund 

Class A 

CHIAX

April 30, 2025 

Fund Overview 

This Semi-Annual shareholder report contains important information about Credit Suisse Floating Rate High Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://us-fund.credit-suisse.com/CHIAX. You can also request this information by contacting us at 877-870-2874. 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class A
$48
0.95%

Key Fund Statistics

Total Net Assets
$1,795,245,262
# of Portfolio Holdings
491
Portfolio Turnover Rate
23%

What is the Fund’s investment objective?

The Fund seeks high current income and, secondarily, capital appreciation.

Portfolio Breakdown (% of Total Investments)

Bank Loans
84.2%
Short-Term Investments
6.0
Corporate Bonds
5.2
Asset Backed Securities
3.6
Common Stocks
1.0
Warrants
0.0

Credit Suisse Floating Rate High Income Fund 

Class A 

Credit Quality BreakdownFootnote Reference* 

(% of Total Investments) 

S&P RatingsFootnote Reference**
Value
B
22.3%
B-
21.1
B+
12.3
BB
7.9
BB-
9.3
BB+
3.0
BBB-
3.7
BBB+
0.2
CC
1.0
CCC
1.1
CCC-
1.0
CCC+
4.5
NR
11.6
Subtotal
99.0
Equity and Other
1.0
Total
100.0%
FootnoteDescription
Footnote*
Expressed as a percentage of total investments (excluding securities lending collateral, if applicable) and may vary over time.
Footnote**
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 asset classes and is widely used amongst industry participants. The NR category consists of securities that have not been rated by S&P.

Derivatives are not reflected in amounts reported above.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://us-fund.credit-suisse.com/CHIAX.

Phone: 877-870-2874

 

QR Code

Credit Suisse Floating Rate High Income Fund 

FLHI-TSRARCLA-425

Class A 

Image

Semi-Annual Shareholder Report 

Credit Suisse Floating Rate High Income Fund 

Class C 

CHICX

April 30, 2025 

Fund Overview 

This Semi-Annual shareholder report contains important information about Credit Suisse Floating Rate High Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://us-fund.credit-suisse.com/CHICX. You can also request this information by contacting us at 877-870-2874. 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class C
$85
1.70%

Key Fund Statistics

Total Net Assets
$1,795,245,262
# of Portfolio Holdings
491
Portfolio Turnover Rate
23%

What is the Fund’s investment objective?

The Fund seeks high current income and, secondarily, capital appreciation.

Portfolio Breakdown (% of Total Investments)

Bank Loans
84.2%
Short-Term Investments
6.0
Corporate Bonds
5.2
Asset Backed Securities
3.6
Common Stocks
1.0
Warrants
0.0

Credit Suisse Floating Rate High Income Fund 

Class C 

Credit Quality BreakdownFootnote Reference* 

(% of Total Investments) 

S&P RatingsFootnote Reference**
Value
B
22.3%
B-
21.1
B+
12.3
BB
7.9
BB-
9.3
BB+
3.0
BBB-
3.7
BBB+
0.2
CC
1.0
CCC
1.1
CCC-
1.0
CCC+
4.5
NR
11.6
Subtotal
99.0
Equity and Other
1.0
Total
100.0%
FootnoteDescription
Footnote*
Expressed as a percentage of total investments (excluding securities lending collateral, if applicable) and may vary over time.
Footnote**
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 asset classes and is widely used amongst industry participants. The NR category consists of securities that have not been rated by S&P.

Derivatives are not reflected in amounts reported above.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://us-fund.credit-suisse.com/CHICX.

Phone: 877-870-2874

 

QR Code

Credit Suisse Floating Rate High Income Fund 

FLHI-TSRARCLC-425

Class C 

Image

Semi-Annual Shareholder Report 

Credit Suisse Floating Rate High Income Fund 

Class I 

CSHIX

April 30, 2025 

Fund Overview 

This Semi-Annual shareholder report contains important information about Credit Suisse Floating Rate High Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://us-fund.credit-suisse.com/CSHIX. You can also request this information by contacting us at 877-870-2874. 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class I
$35
0.70%

Key Fund Statistics

Total Net Assets
$1,795,245,262
# of Portfolio Holdings
491
Portfolio Turnover Rate
23%

What is the Fund’s investment objective?

The Fund seeks high current income and, secondarily, capital appreciation.

Portfolio Breakdown (% of Total Investments)

Bank Loans
84.2%
Short-Term Investments
6.0
Corporate Bonds
5.2
Asset Backed Securities
3.6
Common Stocks
1.0
Warrants
0.0

Credit Suisse Floating Rate High Income Fund 

Class I 

Credit Quality BreakdownFootnote Reference* 

(% of Total Investments) 

S&P RatingsFootnote Reference**
Value
B
22.3%
B-
21.1
B+
12.3
BB
7.9
BB-
9.3
BB+
3.0
BBB-
3.7
BBB+
0.2
CC
1.0
CCC
1.1
CCC-
1.0
CCC+
4.5
NR
11.6
Subtotal
99.0
Equity and Other
1.0
Total
100.0%
FootnoteDescription
Footnote*
Expressed as a percentage of total investments (excluding securities lending collateral, if applicable) and may vary over time.
Footnote**
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 asset classes and is widely used amongst industry participants. The NR category consists of securities that have not been rated by S&P.

Derivatives are not reflected in amounts reported above.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://us-fund.credit-suisse.com/CSHIX.

Phone: 877-870-2874

 

QR Code

Credit Suisse Floating Rate High Income Fund 

FLHI-TSRARCLI-425

Class I 

Image

Semi-Annual Shareholder Report 

Credit Suisse Strategic Income Fund 

Class A 

CSOAX

April 30, 2025 

Fund Overview 

This Semi-Annual shareholder report contains important information about Credit Suisse Strategic Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://us-fund.credit-suisse.com/CSOAX. You can also request this information by contacting us at 877-870-2874. 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class A
$52
1.04%

Key Fund Statistics

Total Net Assets
$1,012,078,738
# of Portfolio Holdings
602
Portfolio Turnover Rate
28%

What is the Fund’s investment objective?

The Fund seeks total return.

Portfolio Breakdown (% of Total Investments)

Bank Loans
53.7%
Corporate Bonds
34.5
Short-Term Investments
8.1
Asset Backed Securities
3.0
Common Stocks
0.7
Warrants
0.0

Credit Suisse Strategic Income Fund 

Class A 

Credit Quality BreakdownFootnote Reference* 

(% of Total Investments) 

S&P RatingsFootnote Reference**
Value
AAA
0.5%
B
18.7
B-
16.3
B+
13.7
BB
9.5
BB-
11.6
BB+
7.1
BBB-
2.2
CC
0.4
CCC
1.7
CCC-
0.6
CCC+
4.9
NR
12.1
Subtotal
99.3
Equity and Other
0.7
Total
100.0%
FootnoteDescription
Footnote*
Expressed as a percentage of total investments (excluding securities lending collateral, if applicable) and may vary over time.
Footnote**
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 asset classes and is widely used amongst industry participants. The NR category consists of securities that have not been rated by S&P.

Derivatives are not reflected in amounts reported above.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://us-fund.credit-suisse.com/CSOAX.

Phone: 877-870-2874

 

QR Code

Credit Suisse Strategic Income Fund 

SIF-TSRARLCLA-425

Class A 

Image

Semi-Annual Shareholder Report 

Credit Suisse Strategic Income Fund 

Class C 

CSOCX

April 30, 2025 

Fund Overview 

This Semi-Annual shareholder report contains important information about Credit Suisse Strategic Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://us-fund.credit-suisse.com/CSOCX. You can also request this information by contacting us at 877-870-2874. 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class C
$89
1.79%

Key Fund Statistics

Total Net Assets
$1,012,078,738
# of Portfolio Holdings
602
Portfolio Turnover Rate
28%

What is the Fund’s investment objective?

The Fund seeks total return.

Portfolio Breakdown (% of Total Investments)

Bank Loans
53.7%
Corporate Bonds
34.5
Short-Term Investments
8.1
Asset Backed Securities
3.0
Common Stocks
0.7
Warrants
0.0

Credit Suisse Strategic Income Fund 

Class C 

Credit Quality BreakdownFootnote Reference* 

(% of Total Investments) 

S&P RatingsFootnote Reference**
Value
AAA
0.5%
B
18.7
B-
16.3
B+
13.7
BB
9.5
BB-
11.6
BB+
7.1
BBB-
2.2
CC
0.4
CCC
1.7
CCC-
0.6
CCC+
4.9
NR
12.1
Subtotal
99.3
Equity and Other
0.7
Total
100.0%
FootnoteDescription
Footnote*
Expressed as a percentage of total investments (excluding securities lending collateral, if applicable) and may vary over time.
Footnote**
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 asset classes and is widely used amongst industry participants. The NR category consists of securities that have not been rated by S&P.

Derivatives are not reflected in amounts reported above.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://us-fund.credit-suisse.com/CSOCX.

Phone: 877-870-2874

 

QR Code

Credit Suisse Strategic Income Fund 

SIF-TSRARLCLC-425

Class C 

Image

Semi-Annual Shareholder Report 

Credit Suisse Strategic Income Fund 

Class I 

CSOIX

April 30, 2025 

Fund Overview 

This Semi-Annual shareholder report contains important information about Credit Suisse Strategic Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://us-fund.credit-suisse.com/CSOIX. You can also request this information by contacting us at 877-870-2874. 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class I
$39
0.79%

Key Fund Statistics

Total Net Assets
$1,012,078,738
# of Portfolio Holdings
602
Portfolio Turnover Rate
28%

What is the Fund’s investment objective?

The Fund seeks total return.

Portfolio Breakdown (% of Total Investments)

Bank Loans
53.7%
Corporate Bonds
34.5
Short-Term Investments
8.1
Asset Backed Securities
3.0
Common Stocks
0.7
Warrants
0.0

Credit Suisse Strategic Income Fund 

Class I 

Credit Quality BreakdownFootnote Reference* 

(% of Total Investments) 

S&P RatingsFootnote Reference**
Value
AAA
0.5%
B
18.7
B-
16.3
B+
13.7
BB
9.5
BB-
11.6
BB+
7.1
BBB-
2.2
CC
0.4
CCC
1.7
CCC-
0.6
CCC+
4.9
NR
12.1
Subtotal
99.3
Equity and Other
0.7
Total
100.0%
FootnoteDescription
Footnote*
Expressed as a percentage of total investments (excluding securities lending collateral, if applicable) and may vary over time.
Footnote**
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 asset classes and is widely used amongst industry participants. The NR category consists of securities that have not been rated by S&P.

Derivatives are not reflected in amounts reported above.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://us-fund.credit-suisse.com/CSOIX.

Phone: 877-870-2874

 

QR Code

Credit Suisse Strategic Income Fund 

SIF-TSRARLCLI-425

Class I 

 

Item 2. Code of Ethics.

 

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

 

Item 3. Audit Committee Financial Expert.

 

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

 

Item 4. Principal Accountant Fees and Services.

 

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

 

Item 5. Audit Committee of Listed Registrants.

 

This item is not applicable to the registrant.

 

Item 6. Investments.

 

(a)The complete schedule of investments for the registrant is disclosed in the registrant’s semi-annual report, which is included in Item 7 of this Form N-CSR.

 

(b)Not applicable to the registrant.

 

 

 

Credit Suisse Floating Rate High Income Fund

Credit Suisse Strategic Income Fund

Part of the Credit Suisse Opportunity Funds

Form N-CSR Information Items 7 through 11

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

(a) Copy of the most recent financial statements:


Credit Suisse Strategic Income Fund

Semiannual Financial Statements | April 30, 2025 (unaudited)


Credit Suisse Strategic Income Fund

Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
 

 

  Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Corporate bonds (36.6%)

     

Aerospace & Defense (0.6%)

     

$

800

    AAR Escrow Issuer LLC, Rule 144A, Company Guaranteed Notes
(Callable 03/15/26 @ 103.38)1
 

(BB, Ba2)

 

03/15/29

   

6.750

   

$

818,855

   
 

2,396

    Amentum Holdings, Inc., Rule 144A, Company Guaranteed Notes
(Callable 08/01/27 @ 103.63)1
 

(B, B3)

 

08/01/32

   

7.250

     

2,439,133

   
 

489

   

Bombardier, Inc., Rule 144A, Senior Unsecured Notes (Callable 02/01/26 @ 103.75)1

 

(B+, B1)

 

02/01/29

   

7.500

     

504,136

   
 

1,000

   

Bombardier, Inc., Rule 144A, Senior Unsecured Notes (Callable 07/01/27 @ 103.63)1,2

 

(B+, B1)

 

07/01/31

   

7.250

     

1,024,933

   
 

750

   

TransDigm, Inc., Rule 144A, Senior Secured Notes (Callable 03/01/26 @ 103.19)1

 

(BB-, Ba3)

 

03/01/29

   

6.375

     

764,074

   
 

750

   

TransDigm, Inc., Rule 144A, Senior Secured Notes (Callable 03/01/27 @ 103.31)1

 

(BB-, Ba3)

 

03/01/32

   

6.625

     

769,211

   
                                     

6,320,342

   

Air Transportation (0.2%)

     
 

1,758

   

Stonepeak Nile Parent LLC, Rule 144A, Senior Secured Notes (Callable 03/15/28 @ 103.63)1,2

 

(BB, Ba1)

 

03/15/32

   

7.250

     

1,789,846

   
 

680

    VistaJet Malta Finance PLC/Vista Management Holding, Inc., Rule 144A, Senior Unsecured
Notes (Callable 05/31/25 @ 103.19)1,2
 

(B, B3)

 

02/01/30

   

6.375

     

587,372

   
                                     

2,377,218

   

Auto Parts & Equipment (1.4%)

     
 

3,462

    Adient Global Holdings Ltd., Rule 144A, Company Guaranteed Notes
(Callable 02/15/28 @ 103.75)1,2
 

(BB, B2)

 

02/15/33

   

7.500

     

3,285,721

   
 

416

   

Adient Global Holdings Ltd., Rule 144A, Senior Secured Notes (Callable 05/11/25 @ 103.50)1

 

(BBB-, Ba2)

 

04/15/28

   

7.000

     

419,949

   
 

1,500

    Clarios Global LP/Clarios U.S. Finance Co., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 100.00)1
 

(B, Caa1)

 

05/15/27

   

8.500

     

1,508,237

   
 

853

   

Cougar JV Subsidiary LLC, Rule 144A, Senior Unsecured Notes (Callable 05/15/27 @ 104.00)1

 

(B+, B2)

 

05/15/32

   

8.000

     

885,428

   
 

4,787

    Dealer Tire LLC/DT Issuer LLC, Rule 144A, Senior Unsecured Notes
(Callable 05/31/25 @ 102.00)1
 

(CCC, Caa1)

 

02/01/28

   

8.000

     

4,649,810

   
 

750

    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

     

752,171

   
 

3,024

   

Phinia, Inc., Rule 144A, Senior Secured Notes (Callable 04/15/26 @ 103.38)1

 

(BB+, Baa3)

 

04/15/29

   

6.750

     

3,063,082

   
                                     

14,564,398

   

Brokerage (0.2%)

     
 

2,138

   

StoneX Group, Inc., Rule 144A, Senior Secured Notes (Callable 03/01/27 @ 103.94)1

 

(BB-, Ba3)

 

03/01/31

   

7.875

     

2,230,593

   

Building & Construction (0.9%)

     
 

600

    Installed Building Products, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/16/25 @ 100.00)1
 

(B+, Ba2)

 

02/01/28

   

5.750

     

590,231

   
 

4,693

   

Pike Corp., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 101.38)1

 

(B-, B3)

 

09/01/28

   

5.500

     

4,612,856

   
 

1,200

   

Pike Corp., Rule 144A, Senior Unsecured Notes (Callable 01/31/27 @ 104.31)1

 

(B-, B3)

 

01/31/31

   

8.625

     

1,260,233

   
 

602

   

Quikrete Holdings, Inc., Rule 144A, Senior Secured Notes (Callable 03/01/28 @ 103.19)1

 

(BB, Ba3)

 

03/01/32

   

6.375

     

606,466

   
 

1,005

   

Quikrete Holdings, Inc., Rule 144A, Senior Unsecured Notes (Callable 03/01/28 @ 103.38)1,2

 

(B+, B2)

 

03/01/33

   

6.750

     

1,009,781

   
 

500

    Standard Building Solutions, Inc., Rule 144A, Senior Unsecured Notes
(Callable 08/15/27 @ 103.25)1
 

(BB, Ba3)

 

08/15/32

   

6.500

     

507,787

   
 

1,100

   

TopBuild Corp., Rule 144A, Company Guaranteed Notes (Callable 10/15/26 @ 102.06)1

 

(BB+, Ba2)

 

02/15/32

   

4.125

     

990,352

   
                                     

9,577,706

   

Building Materials (2.0%)

     
 

754

    Advanced Drainage Systems, Inc., Rule 144A, Company Guaranteed Notes
(Callable 07/15/25 @ 103.19)1
 

(BB-, Ba2)

 

06/15/30

   

6.375

     

766,389

   
 

1,340

    Camelot Return Merger Sub, Inc., Rule 144A, Senior Secured Notes
(Callable 05/31/25 @ 106.56)1
 

(B, B3)

 

08/01/28

   

8.750

     

1,169,700

   
 

1,067

    Cornerstone Building Brands, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 101.53)1
 

(CCC+, Caa2)

 

01/15/29

   

6.125

     

717,652

   
 

2,632

    Cornerstone Building Brands, Inc., Rule 144A, Senior Secured Notes
(Callable 08/15/26 @ 104.75)1
 

(B, B3)

 

08/15/29

   

9.500

     

2,292,998

   


1


Credit Suisse Strategic Income Fund

Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
 

 

  Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Corporate bonds—(continued)

     

Building Materials—(concluded)

     

$

2,890

    Foundation Building Materials, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 101.50)1,2
 

(CCC+, Caa2)

 

03/01/29

   

6.000

   

$

2,438,443

   
 

2,211

    James Hardie International Finance DAC, Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 100.83)1
 

(BB+, Ba1)

 

01/15/28

   

5.000

     

2,157,224

   
 

4,164

    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

     

4,168,893

   
 

3,292

    Oscar AcquisitionCo LLC/Oscar Finance, Inc., Rule 144A, Senior Unsecured Notes
(Callable 05/31/25 @ 104.75)1,2
 

(CCC+, Caa1)

 

04/15/30

   

9.500

     

2,999,885

   
 

940

   

Standard Industries, Inc., Rule 144A, Senior Unsecured Notes (Callable 07/15/25 @ 102.19)1

 

(BB, Ba3)

 

07/15/30

   

4.375

     

877,644

   
 

2,700

   

White Cap Buyer LLC, Rule 144A, Senior Unsecured Notes (Callable 05/31/25 @ 101.72)1,2

 

(CCC+, Caa1)

 

10/15/28

   

6.875

     

2,633,203

   
                                     

20,222,031

   

Cable & Satellite TV (0.4%)

     
 

1,000

   

Altice France SA, Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 101.28)1

 

(CC, Caa2)

 

07/15/29

   

5.125

     

818,163

   
 

1,770

   

Altice France SA, Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 102.75)1

 

(CC, Caa2)

 

10/15/29

   

5.500

     

1,450,825

   
 

1,530

   

Sunrise FinCo I BV, Rule 144A, Senior Secured Notes (Callable 07/15/26 @ 102.44)1

 

(BB-, B1)

 

07/15/31

   

4.875

     

1,399,568

   
                                     

3,668,556

   

Chemicals (1.2%)

     
 

474

   

Avient Corp., Rule 144A, Senior Unsecured Notes (Callable 08/01/25 @ 103.56)1

 

(BB-, Ba3)

 

08/01/30

   

7.125

     

483,721

   
 

600

   

Avient Corp., Rule 144A, Senior Unsecured Notes (Callable 09/15/27 @ 103.13)1

 

(BB-, Ba3)

 

11/01/31

   

6.250

     

594,021

   
 

500

   

Herens Holdco SARL, Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 101.88)1

 

(B-, B2)

 

05/15/28

   

4.750

     

436,739

   
 

1,064

   

INEOS Finance PLC, Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 103.38)1

 

(BB, Ba3)

 

05/15/28

   

6.750

     

1,039,732

   
 

1,571

    Methanex U.S. Operations, Inc., Rule 144A, Company Guaranteed Notes
(Callable 09/15/31 @ 100.00)1
 

(BB, Ba2)

 

03/15/32

   

6.250

     

1,488,447

   
 

5,000

   

Tronox, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 101.16)1,2

 

(BB-, B2)

 

03/15/29

   

4.625

     

4,030,856

   
 

4,631

    Vibrantz Technologies, Inc., Rule 144A, Senior Unsecured Notes
(Callable 05/31/25 @ 104.50)1,2
 

(CCC+, Caa2)

 

02/15/30

   

9.000

     

3,518,726

   
 

374

   

WR Grace Holdings LLC, Rule 144A, Senior Secured Notes (Callable 03/01/26 @ 103.69)1

 

(B-, B2)

 

03/01/31

   

7.375

     

376,338

   
                                     

11,968,580

   

Diversified Capital Goods (0.7%)

     
 

1,879

   

Atkore, Inc., Rule 144A, Senior Unsecured Notes (Callable 06/01/26 @ 102.13)1

 

(BB+, Ba2)

 

06/01/31

   

4.250

     

1,668,990

   
 

2,200

    Dornoch Debt Merger Sub, Inc., Rule 144A, Senior Unsecured Notes
(Callable 05/31/25 @ 103.31)1,2
 

(CCC, Caa2)

 

10/15/29

   

6.625

     

1,523,120

   
 

3,434

   

EnerSys, Rule 144A, Company Guaranteed Notes (Callable 09/15/27 @ 100.00)1

 

(BB+, Ba3)

 

12/15/27

   

4.375

     

3,333,546

   
 

1,000

   

EnerSys, Rule 144A, Company Guaranteed Notes (Callable 01/15/27 @ 103.31)1

 

(BB+, Ba3)

 

01/15/32

   

6.625

     

1,021,546

   
                                     

7,547,202

   

Electronics (0.2%)

     
 

1,500

    Sensata Technologies, Inc., Rule 144A, Company Guaranteed Notes
(Callable 07/15/27 @ 103.31)1
 

(BB+, Ba2)

 

07/15/32

   

6.625

     

1,488,595

   
 

1,000

   

Synaptics, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/11/25 @ 102.00)1

 

(BB-, Ba3)

 

06/15/29

   

4.000

     

925,553

   
                                     

2,414,148

   

Energy—Exploration & Production (2.2%)

     
 

500

   

Civitas Resources, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/01/25 @ 104.19)1

 

(BB-, B1)

 

07/01/28

   

8.375

     

491,840

   
 

2,066

   

Civitas Resources, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/01/26 @ 104.38)1

 

(BB-, B1)

 

07/01/31

   

8.750

     

1,965,743

   
 

4,130

    CNX Midstream Partners LP, Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 102.38)1
 

(BB, B1)

 

04/15/30

   

4.750

     

3,804,156

   
 

5,400

    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

     

5,687,184

   
 

250

    Matador Resources Co., Rule 144A, Company Guaranteed Notes
(Callable 05/11/25 @ 103.44)1
 

(BB-, B1)

 

04/15/28

   

6.875

     

249,405

   


2


Credit Suisse Strategic Income Fund

Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
 

 

  Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Corporate bonds—(continued)

     

Energy—Exploration & Production—(concluded)

     

$

2,567

   

Murphy Oil USA, Inc., Rule 144A, Company Guaranteed Notes (Callable 02/15/26 @ 101.88)1

 

(BB+, Ba2)

 

02/15/31

   

3.750

   

$

2,316,327

   
 

6,965

   

Northern Oil & Gas, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/31/25 @ 102.03)1

 

(B+, B1)

 

03/01/28

   

8.125

     

6,883,705

   
 

500

   

Northern Oil & Gas, Inc., Rule 144A, Senior Unsecured Notes (Callable 06/15/26 @ 104.38)1

 

(B+, B1)

 

06/15/31

   

8.750

     

480,357

   
                                     

21,878,717

   

Environmental (0.1%)

     
 

140

   

Clean Harbors, Inc., Rule 144A, Company Guaranteed Notes (Callable 02/01/26 @ 103.19)1

 

(BB+, Ba2)

 

02/01/31

   

6.375

     

142,609

   
 

861

   

Waste Pro U.S.A., Inc., Rule 144A, Senior Unsecured Notes (Callable 02/01/28 @ 103.50)1

 

(B-, B3)

 

02/01/33

   

7.000

     

880,432

   
                                     

1,023,041

   

Food—Wholesale (0.7%)

     
 

942

    Darling Ingredients, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/11/25 @ 100.00)1
 

(BB+, Ba2)

 

04/15/27

   

5.250

     

932,426

   
 

1,790

    Darling Ingredients, Inc., Rule 144A, Company Guaranteed Notes
(Callable 06/15/25 @ 103.00)1
 

(BB+, Ba2)

 

06/15/30

   

6.000

     

1,783,212

   
 

1,400

    Performance Food Group, Inc., Rule 144A, Company Guaranteed Notes
(Callable 09/15/27 @ 103.06)1
 

(BB, B1)

 

09/15/32

   

6.125

     

1,400,784

   
 

666

   

U.S. Foods, Inc., Rule 144A, Company Guaranteed Notes (Callable 09/15/25 @ 103.44)1

 

(BB+, Ba3)

 

09/15/28

   

6.875

     

683,376

   
 

684

   

U.S. Foods, Inc., Rule 144A, Company Guaranteed Notes (Callable 09/15/26 @ 103.63)1

 

(BB+, Ba3)

 

01/15/32

   

7.250

     

716,184

   
 

1,250

   

U.S. Foods, Inc., Rule 144A, Company Guaranteed Notes (Callable 10/15/27 @ 102.88)1

 

(BB+, Ba3)

 

04/15/33

   

5.750

     

1,224,896

   
                                     

6,740,878

   

Gaming (0.4%)

     
 

400

   

Boyd Gaming Corp., Rule 144A, Company Guaranteed Notes (Callable 06/15/26 @ 102.38)1

 

(BB, B1)

 

06/15/31

   

4.750

     

373,306

   
 

500

   

Caesars Entertainment, Inc., Rule 144A, Senior Secured Notes (Callable 02/15/26 @ 103.50)1

 

(BB-, Ba3)

 

02/15/30

   

7.000

     

511,679

   
 

212

   

Caesars Entertainment, Inc., Rule 144A, Senior Secured Notes (Callable 02/15/27 @ 103.25)1

 

(BB-, Ba3)

 

02/15/32

   

6.500

     

213,304

   
 

3,371

    Light & Wonder International, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/16/25 @ 100.00)1
 

(B+, B2)

 

05/15/28

   

7.000

     

3,374,762

   
                                     

4,473,051

   

Gas Distribution (1.1%)

     
 

350

    Blue Racer Midstream LLC/Blue Racer Finance Corp., Rule 144A, Senior Unsecured Notes
(Callable 07/15/27 @ 103.63)1,2
 

(B+, B2)

 

07/15/32

   

7.250

     

359,178

   
 

268

    Genesis Energy LP/Genesis Energy Finance Corp., Global Company Guaranteed Notes
(Callable 04/15/26 @ 104.44)
 

(B, B3)

 

04/15/30

   

8.875

     

273,262

   
 

2,290

    Hess Midstream Operations LP, Rule 144A, Company Guaranteed Notes
(Callable 03/01/26 @ 102.94)1
 

(BB+, Ba2)

 

03/01/28

   

5.875

     

2,296,633

   
 

750

    Hess Midstream Operations LP, Rule 144A, Company Guaranteed Notes
(Callable 10/15/25 @ 102.75)1,2
 

(BB+, Ba2)

 

10/15/30

   

5.500

     

733,144

   
 

2,000

   

Rockies Express Pipeline LLC, Rule 144A, Senior Unsecured Notes1

 

(BB, Ba2)

 

05/15/25

   

3.600

     

1,999,209

   
 

1,250

    Rockies Express Pipeline LLC, Rule 144A, Senior Unsecured Notes
(Callable 02/15/30 @ 100.00)1
 

(BB, Ba2)

 

05/15/30

   

4.800

     

1,177,821

   
 

1,868

    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

     

1,741,387

   
 

2,920

    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

     

2,911,909

   
                                     

11,492,543

   

Health Services (0.6%)

     
 

2,629

    AMN Healthcare, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/11/25 @ 101.00)1,2
 

(B+, Ba3)

 

04/15/29

   

4.000

     

2,359,118

   
 

644

   

AthenaHealth Group, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/31/25 @ 103.25)1

 

(CCC, Caa2)

 

02/15/30

   

6.500

     

616,096

   


3


Credit Suisse Strategic Income Fund

Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
 

 

  Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Corporate bonds—(continued)

     

Health Services—(concluded)

     

$

3,162

    Pediatrix Medical Group, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 102.69)1,2
 

(BB-, Ba3)

 

02/15/30

   

5.375

   

$

3,052,613

   
                                     

6,027,827

   

Hotels (0.1%)

     
 

160

    Hilton Domestic Operating Co., Inc., Rule 144A, Company Guaranteed Notes
(Callable 04/01/26 @ 102.94)1
 

(BB+, Ba2)

 

04/01/29

   

5.875

     

161,748

   
 

458

    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

     

456,877

   
                                     

618,625

   

Insurance Brokerage (1.9%)

     
 

4,473

    Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Rule 144A, Senior Secured Notes
(Callable 05/31/25 @ 103.38)1
 

(B, B2)

 

04/15/28

   

6.750

     

4,510,796

   
 

866

    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

     

879,994

   
 

667

    Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Rule 144A, Senior Secured Notes
(Callable 10/01/27 @ 103.69)1
 

(B, B2)

 

10/01/31

   

6.500

     

667,302

   
 

691

   

AssuredPartners, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/31/25 @ 101.41)1

 

(CCC+, Caa2)

 

01/15/29

   

5.625

     

689,279

   
 

690

   

AssuredPartners, Inc., Rule 144A, Senior Unsecured Notes (Callable 02/15/27 @ 103.75)1,2

 

(CCC+, Caa2)

 

02/15/32

   

7.500

     

734,065

   
 

2,300

    Jones Deslauriers Insurance Management, Inc., Rule 144A, Senior Secured Notes
(Callable 03/15/26 @ 104.25)1
 

(B-, B2)

 

03/15/30

   

8.500

     

2,427,057

   
 

3,500

    Jones Deslauriers Insurance Management, Inc., Rule 144A, Senior Unsecured Notes
(Callable 12/15/25 @ 105.25)1
 

(CCC, Caa2)

 

12/15/30

   

10.500

     

3,768,215

   
 

2,000

   

Panther Escrow Issuer LLC, Rule 144A, Senior Secured Notes (Callable 06/01/27 @ 103.56)1

 

(B, B2)

 

06/01/31

   

7.125

     

2,050,872

   
 

647

   

Ryan Specialty LLC, Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 102.19)1

 

(BB-, B1)

 

02/01/30

   

4.375

     

614,622

   
 

2,625

   

Ryan Specialty LLC, Rule 144A, Senior Secured Notes (Callable 08/01/27 @ 102.94)1

 

(BB-, B1)

 

08/01/32

   

5.875

     

2,595,667

   
                                     

18,937,869

   

Investments & Misc. Financial Services (3.5%)

     
 

7,837

   

Armor Holdco, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 104.25)1

 

(CCC+, Caa1)

 

11/15/29

   

8.500

     

7,223,615

   
 

600

   

Block, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/15/27 @ 103.25)1

 

(BB+, Ba2)

 

05/15/32

   

6.500

     

612,875

   
 

4,000

   

Boost Newco Borrower LLC, Rule 144A, Senior Secured Notes (Callable 01/15/27 @ 103.75)1

 

(BB, Ba3)

 

01/15/31

   

7.500

     

4,224,252

   
 

1,250

    Compass Group Diversified Holdings LLC, Rule 144A, Company Guaranteed Notes
(Callable 05/16/25 @ 101.31)1
 

(B+, B1)

 

04/15/29

   

5.250

     

1,180,565

   
 

3,275

    Compass Group Diversified Holdings LLC, Rule 144A, Senior Unsecured Notes
(Callable 01/15/27 @ 102.50)1
 

(B+, B1)

 

01/15/32

   

5.000

     

2,932,435

   
 

4,045

   

Focus Financial Partners LLC, Rule 144A, Senior Secured Notes (Callable 09/15/27 @ 103.38)1

 

(B, B2)

 

09/15/31

   

6.750

     

4,065,702

   
 

1,351

    Jane Street Group/JSG Finance, Inc., Rule 144A, Senior Secured Notes (Callable
05/01/28 @ 103.38)1
 

(BB, Ba1)

 

05/01/33

   

6.750

     

1,358,818

   
 

3,000

    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

     

3,095,958

   
 

2,163

    Jane Street Group/JSG Finance, Inc., Rule 144A, Senior Secured Notes
(Callable 11/01/27 @ 103.06)1
 

(BB, Ba1)

 

11/01/32

   

6.125

     

2,127,218

   
 

1,400

    Paysafe Finance PLC/Paysafe Holdings U.S. Corp., Rule 144A, Senior Secured Notes
(Callable 05/31/25 @ 102.00)1
 

(B, B2)

 

06/15/29

   

4.000

     

1,310,932

   
 

1,841

    Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., Rule 144A, Company Guaranteed
Notes (Callable 05/31/25 @ 100.00)1
 

(NR, Ba3)

 

11/01/26

   

4.625

     

1,817,018

   
 

3,960

    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

     

4,068,797

   
 

1,599

   

Walker & Dunlop, Inc., Rule 144A, Company Guaranteed Notes (Callable 04/01/28 @ 103.31)1

 

(BB, Ba2)

 

04/01/33

   

6.625

     

1,627,990

   
                                     

35,646,175

   


4


Credit Suisse Strategic Income Fund

Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
 

 

  Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Corporate bonds—(continued)

     

Machinery (1.5%)

     

$

2,806

   

Arcosa, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/16/25 @ 101.46)1

 

(B+, Ba3)

 

04/15/29

   

4.375

   

$

2,639,842

   
 

1,750

   

Arcosa, Inc., Rule 144A, Company Guaranteed Notes (Callable 08/15/27 @ 103.44)1

 

(B+, Ba3)

 

08/15/32

   

6.875

     

1,788,312

   
 

3,386

   

Enviri Corp., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 100.00)1

 

(B, B3)

 

07/31/27

   

5.750

     

3,267,370

   
 

5,021

   

Griffon Corp., Global Company Guaranteed Notes (Callable 05/31/25 @ 100.96)

 

(B+, B1)

 

03/01/28

   

5.750

     

4,957,598

   
 

1,500

   

Hillenbrand, Inc., Global Company Guaranteed Notes (Callable 02/15/26 @ 103.13)

 

(BB+, Ba1)

 

02/15/29

   

6.250

     

1,492,980

   
 

500

   

Hillenbrand, Inc., Global Company Guaranteed Notes (Callable 03/01/26 @ 101.88)2

 

(BB+, Ba1)

 

03/01/31

   

3.750

     

434,570

   
 

319

   

Regal Rexnord Corp., Global Company Guaranteed Notes (Callable 01/15/33 @ 100.00)

 

(BB+, Baa3)

 

04/15/33

   

6.400

     

325,027

   
                                     

14,905,699

   

Media—Diversified (0.0%)

     
 

50

   

Tech 7 SAS Super Senior 13,4,5,6,7

 

(NR, NR)

 

03/31/26

   

0.000

     

6

   
 

84

   

Tech 7 SAS Super Senior 23,4,5,6,7

 

(NR, NR)

 

03/31/26

   

0.000

     

9

   
 

25

   

Tech 7 SAS Technicolor Creative Studios Super Senior3,4,5,6,7

 

(NR, NR)

 

04/01/26

   

0.000

     

3

   
 

25

   

Technicolor Creative Studios SA3,4,5,6,7

 

(NR, NR)

 

04/01/26

   

0.000

     

3

   
                                     

21

   

Media Content (0.2%)

     
 

2,200

   

Sirius XM Radio LLC, Rule 144A, Company Guaranteed Notes (Callable 09/01/26 @ 101.94)1,2

 

(BB+, Ba3)

 

09/01/31

   

3.875

     

1,889,158

   

Metals & Mining—Excluding Steel (1.9%)

     
 

1,488

    Capstone Copper Corp., Rule 144A, Company Guaranteed Notes
(Callable 03/31/28 @ 103.38)1
 

(BB-, B1)

 

03/31/33

   

6.750

     

1,458,159

   
 

2,000

   

Constellium SE, Rule 144A, Company Guaranteed Notes (Callable 08/15/27 @ 103.19)1,2

 

(BB-, Ba3)

 

08/15/32

   

6.375

     

1,970,389

   
 

5,010

   

ERO Copper Corp., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 103.25)1,2

 

(B+, B1)

 

02/15/30

   

6.500

     

4,835,894

   
 

5,314

   

First Quantum Minerals Ltd., Rule 144A, Secured Notes (Callable 03/01/26 @ 104.69)1

 

(B, NR)

 

03/01/29

   

9.375

     

5,580,276

   
 

2,595

    Kaiser Aluminum Corp., Rule 144A, Company Guaranteed Notes
(Callable 06/01/26 @ 102.25)1,2
 

(BB-, B2)

 

06/01/31

   

4.500

     

2,334,685

   
 

2,000

   

Novelis Corp., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 102.38)1

 

(BB, Ba3)

 

01/30/30

   

4.750

     

1,861,505

   
 

1,175

   

Novelis, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/30/27 @ 103.44)1,2

 

(BB, Ba3)

 

01/30/30

   

6.875

     

1,191,791

   
                                     

19,232,699

   

Oil Refining & Marketing (0.4%)

     
 

1,307

    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

     

1,332,219

   
 

700

   

Sunoco LP, Rule 144A, Company Guaranteed Notes (Callable 05/01/27 @ 103.63)1

 

(BB+, Ba1)

 

05/01/32

   

7.250

     

726,351

   
 

596

   

Sunoco LP, Rule 144A, Company Guaranteed Notes (Callable 07/01/28 @ 103.13)1

 

(BB+, Ba1)

 

07/01/33

   

6.250

     

595,223

   
 

1,365

    Sunoco LP/Sunoco Finance Corp., Global Company Guaranteed Notes
(Callable 05/11/25 @ 102.25)
 

(BB+, Ba1)

 

04/30/30

   

4.500

     

1,282,018

   
 

180

    Sunoco LP/Sunoco Finance Corp., Rule 144A, Company Guaranteed Notes
(Callable 09/15/25 @ 103.50)1
 

(BB+, Ba1)

 

09/15/28

   

7.000

     

184,591

   
                                     

4,120,402

   

Packaging (1.7%)

     
 

350

    Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, Rule 144A,
Senior Unsecured Notes (Callable 05/30/25 @ 100.75)1,3
 

(CCC, Caa2)

 

09/01/29

   

3.000

     

337,459

   
 

3,578

    Mauser Packaging Solutions Holding Co., Rule 144A, Secured Notes
(Callable 05/11/25 @ 102.31)1
 

(CCC+, Caa2)

 

04/15/27

   

9.250

     

3,283,126

   
 

2,777

    Mauser Packaging Solutions Holding Co., Rule 144A, Senior Secured Notes
(Callable 05/31/25 @ 103.94)1
 

(B, B2)

 

04/15/27

   

7.875

     

2,789,449

   
 

348

    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

     

346,141

   
 

250

    Sealed Air Corp./Sealed Air Corp. U.S., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 103.06)1
 

(BB+, Ba2)

 

02/01/28

   

6.125

     

252,068

   


5


Credit Suisse Strategic Income Fund

Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
 

 

  Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Corporate bonds—(continued)

     

Packaging—(concluded)

     

$

5,816

    Trident TPI Holdings, Inc., Rule 144A, Company Guaranteed Notes
(Callable 12/31/25 @ 106.38)1
 

(CCC+, Caa3)

 

12/31/28

   

12.750

   

$

6,114,850

   
 

3,799

   

TriMas Corp., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 101.03)1

 

(BB-, Ba3)

 

04/15/29

   

4.125

     

3,550,513

   
 

913

   

Veritiv Operating Co., Rule 144A, Senior Secured Notes (Callable 11/30/26 @ 105.25)1

 

(B+, B2)

 

11/30/30

   

10.500

     

954,606

   
                                     

17,628,212

   

Personal & Household Products (0.4%)

     
 

350

   

Acushnet Co., Rule 144A, Company Guaranteed Notes (Callable 10/15/25 @ 103.69)1

 

(BB, Ba3)

 

10/15/28

   

7.375

     

362,561

   
 

850

   

Amer Sports Co., Rule 144A, Senior Secured Notes (Callable 02/16/27 @ 103.38)1

 

(BBB-, Ba3)

 

02/16/31

   

6.750

     

860,835

   
 

2,820

    Somnigroup International, Inc., Rule 144A, Company Guaranteed Notes
(Callable 10/15/26 @ 101.94)1
 

(BB-, Ba3)

 

10/15/31

   

3.875

     

2,467,383

   
                                     

3,690,779

   

Pharmaceuticals (0.0%)

     
 

350

   

Prestige Brands, Inc., Rule 144A, Company Guaranteed Notes (Callable 04/01/26 @ 101.88)1

 

(BB, B1)

 

04/01/31

   

3.750

     

316,324

   

Property & Casualty Insurance (0.3%)

     
 

2,712

   

Ardonagh Finco Ltd., Rule 144A, Senior Secured Notes (Callable 02/15/27 @ 103.88)1

 

(B-, B3)

 

02/15/31

   

7.750

     

2,772,695

   

Rail (0.3%)

     
 

2,826

   

Genesee & Wyoming, Inc., Rule 144A, Senior Secured Notes (Callable 04/15/27 @ 103.13)1

 

(BB, Ba3)

 

04/15/32

   

6.250

     

2,862,704

   

Real Estate Investment Trusts (0.4%)

     
 

1,150

    Starwood Property Trust, Inc., Rule 144A, Senior Unsecured Notes
(Callable 07/15/26 @ 100.00)1
 

(BB-, Ba3)

 

01/15/27

   

4.375

     

1,128,065

   
 

1,250

    Starwood Property Trust, Inc., Rule 144A, Senior Unsecured Notes
(Callable 10/15/29 @ 100.00)1
 

(BB-, Ba3)

 

04/15/30

   

6.000

     

1,236,176

   
 

1,831

    Starwood Property Trust, Inc., Rule 144A, Senior Unsecured Notes
(Callable 04/15/30 @ 100.00)1
 

(BB-, Ba3)

 

10/15/30

   

6.500

     

1,849,310

   
                                     

4,213,551

   

Recreation & Travel (1.8%)

     
 

3,730

   

Boyne USA, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/31/25 @ 101.19)1

 

(B, B1)

 

05/15/29

   

4.750

     

3,552,227

   
 

582

    SeaWorld Parks & Entertainment, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/11/25 @ 102.63)1,2
 

(B+, B2)

 

08/15/29

   

5.250

     

553,082

   
 

3,907

    Six Flags Entertainment Corp., Rule 144A, Company Guaranteed Notes
(Callable 05/15/26 @ 103.63)1
 

(BB-, B1)

 

05/15/31

   

7.250

     

3,962,444

   
 

5,550

    Speedway Motorsports LLC/Speedway Funding II, Inc., Rule 144A, Senior Unsecured Notes
(Callable 05/31/25 @ 100.00)1
 

(BB+, B1)

 

11/01/27

   

4.875

     

5,327,501

   
 

4,441

   

Vail Resorts, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/15/27 @ 103.25)1,2

 

(BB-, Ba3)

 

05/15/32

   

6.500

     

4,501,242

   
                                     

17,896,496

   

Restaurants (0.6%)

     
 

1,000

    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

     

1,016,799

   
 

1,000

    1011778 BC ULC/New Red Finance, Inc., Rule 144A, Senior Secured Notes
(Callable 09/15/26 @ 102.81)1
 

(BB+, Ba2)

 

09/15/29

   

5.625

     

997,969

   
 

1,228

    Papa John's International, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 101.94)1,2
 

(B+, B2)

 

09/15/29

   

3.875

     

1,134,892

   
 

2,488

    Raising Cane's Restaurants LLC, Rule 144A, Senior Unsecured Notes
(Callable 11/01/25 @ 104.69)1
 

(B, B3)

 

05/01/29

   

9.375

     

2,639,656

   
                                     

5,789,316

   


6


Credit Suisse Strategic Income Fund

Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
 

 

  Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Corporate bonds—(continued)

     

Software—Services (3.2%)

     

$

3,477

   

CA Magnum Holdings, Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 101.34)1

 

(NR, B1)

 

10/31/26

   

5.375

   

$

3,408,087

   
 

2,956

   

Cloud Software Group, Inc., Rule 144A, Secured Notes (Callable 09/30/25 @ 104.50)1

 

(B-, Caa2)

 

09/30/29

   

9.000

     

2,981,475

   
 

1,118

   

CommScope LLC, Rule 144A, Senior Secured Notes (Callable 06/15/26 @ 103.00)1,2

 

(B-, B3)

 

12/15/31

   

9.500

     

1,144,327

   
 

1,649

   

Elastic NV, Rule 144A, Senior Unsecured Notes (Callable 05/31/25 @ 102.06)1

 

(BB-, Ba3)

 

07/15/29

   

4.125

     

1,557,611

   
 

2,225

    Insight Enterprises, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/15/27 @ 103.31)1
 

(BB+, Ba3)

 

05/15/32

   

6.625

     

2,260,137

   
 

972

   

Open Text Corp., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 100.00)1

 

(BB, Ba3)

 

02/15/28

   

3.875

     

929,950

   
 

3,000

   

Open Text Corp., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 101.94)1

 

(BB, Ba3)

 

12/01/29

   

3.875

     

2,769,258

   
 

1,500

    Open Text Holdings, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 102.06)1
 

(BB, Ba3)

 

02/15/30

   

4.125

     

1,386,075

   
 

975

    Open Text Holdings, Inc., Rule 144A, Company Guaranteed Notes
(Callable 12/01/26 @ 102.06)1
 

(BB, Ba3)

 

12/01/31

   

4.125

     

873,223

   
 

1,000

   

UKG, Inc., Rule 144A, Senior Secured Notes (Callable 02/01/27 @ 103.44)1

 

(B-, B2)

 

02/01/31

   

6.875

     

1,029,459

   
 

7,409

   

Virtusa Corp., Rule 144A, Senior Unsecured Notes (Callable 05/31/25 @ 101.78)1

 

(B-, Caa1)

 

12/15/28

   

7.125

     

7,055,586

   
 

2,975

   

WEX, Inc., Rule 144A, Company Guaranteed Notes (Callable 03/15/28 @ 103.25)1

 

(B, B1)

 

03/15/33

   

6.500

     

2,895,787

   
 

4,953

    ZoomInfo Technologies LLC/ZoomInfo Finance Corp., Rule 144A, Company Guaranteed Notes
(Callable 05/11/25 @ 100.97)1
 

(B+, B1)

 

02/01/29

   

3.875

     

4,581,832

   
                                     

32,872,807

   

Specialty Retail (1.5%)

     
 

1,750

    Eagle Intermediate Global Holding BV/Eagle U.S. Finance LLC, Rule 144A, Senior Secured
Notes, 7.500% Cash, 7.500% PIK1,8,9
 

(NR, Caa3)

 

07/18/25

   

7.500

     

1,338,750

   
 

48

    Eagle Intermediate Global Holding BV/Eagle U.S. Finance LLC, Rule 144A, Senior Secured
Notes, 7.500% Cash, 7.500% PIK1,6,7,8
 

(NR, Caa3)

 

07/18/25

   

7.500

     

36,627

   
 

64

   

Eagle Intermediate Global Holding BV/Ruyi U.S. Finance LLC4,6,7

 

(NR, NR)

 

05/01/25

   

0.000

     

48,431

   
 

3,275

    Group 1 Automotive, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 101.33)1
 

(BB+, Ba2)

 

08/15/28

   

4.000

     

3,114,873

   
 

2,000

    Group 1 Automotive, Inc., Rule 144A, Company Guaranteed Notes
(Callable 07/15/26 @ 103.19)1
 

(BB+, Ba2)

 

01/15/30

   

6.375

     

2,023,814

   
 

5,925

    LCM Investments Holdings II LLC, Rule 144A, Senior Unsecured Notes
(Callable 08/01/26 @ 104.13)1
 

(BB-, B2)

 

08/01/31

   

8.250

     

6,209,987

   
 

950

   

Lithia Motors, Inc., Rule 144A, Company Guaranteed Notes (Callable 10/15/25 @ 102.19)1,2

 

(BB+, Ba2)

 

01/15/31

   

4.375

     

873,488

   
 

1,834

    Sonic Automotive, Inc., Rule 144A, Company Guaranteed Notes
(Callable 11/15/26 @ 102.44)1,2
 

(BB-, B1)

 

11/15/31

   

4.875

     

1,673,864

   
                                     

15,319,834

   

Steel Producers/Products (0.2%)

     
 

1,836

   

TMS International Corp., Rule 144A, Senior Unsecured Notes (Callable 05/11/25 @ 101.56)1

 

(B, Caa1)

 

04/15/29

   

6.250

     

1,701,547

   

Support—Services (1.8%)

     
 

1,342

    Allied Universal Holdco LLC/Allied Universal Finance Corp., Rule 144A, Senior Unsecured
Notes (Callable 05/31/25 @ 100.00)1
 

(CCC+, Caa2)

 

07/15/27

   

9.750

     

1,348,020

   
 

944

    Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, Rule 144A,
Senior Secured Notes (Callable 05/30/25 @ 101.81)1,3
 

(B, B3)

 

06/01/28

   

3.625

     

1,039,467

   
 

1,693

    American Builders & Contractors Supply Co., Inc., Rule 144A, Senior Secured Notes
(Callable 05/31/25 @ 100.00)1
 

(BBB-, Ba2)

 

01/15/28

   

4.000

     

1,634,621

   
 

1,113

   

ASGN, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 100.00)1

 

(BB, Ba3)

 

05/15/28

   

4.625

     

1,060,508

   
 

1,750

   

Belron U.K. Finance PLC, Rule 144A, Senior Secured Notes (Callable 10/15/26 @ 102.88)1

 

(BB-, Ba3)

 

10/15/29

   

5.750

     

1,749,185

   
 

4,100

   

CoreLogic, Inc., Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 101.13)1

 

(B-, B2)

 

05/01/28

   

4.500

     

3,881,754

   
 

1,150

    GYP Holdings III Corp., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 101.16)1
 

(B, Ba2)

 

05/01/29

   

4.625

     

1,083,016

   
 

500

    WESCO Distribution, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 102.42)1
 

(BB, Ba3)

 

06/15/28

   

7.250

     

507,056

   


7


Credit Suisse Strategic Income Fund

Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
 

 

  Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Corporate bonds—(concluded)

     

Support—Services—(concluded)

     

$

500

    WESCO Distribution, Inc., Rule 144A, Company Guaranteed Notes
(Callable 03/15/26 @ 103.19)1
 

(BB, Ba3)

 

03/15/29

   

6.375

   

$

507,138

   
 

441

    WESCO Distribution, Inc., Rule 144A, Company Guaranteed Notes
(Callable 03/15/28 @ 103.19)1
 

(BB, Ba3)

 

03/15/33

   

6.375

     

446,601

   
 

875

   

Williams Scotsman, Inc., Rule 144A, Senior Secured Notes (Callable 04/15/27 @ 103.31)1

 

(BB-, B2)

 

04/15/30

   

6.625

     

890,133

   
 

3,215

   

Williams Scotsman, Inc., Rule 144A, Senior Secured Notes (Callable 06/15/26 @ 103.31)1

 

(BB-, B2)

 

06/15/29

   

6.625

     

3,260,907

   
 

800

   

ZipRecruiter, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/11/25 @ 102.50)1

 

(B, B2)

 

01/15/30

   

5.000

     

668,861

   
                                     

18,077,267

   

Tech Hardware & Equipment (0.4%)

     
 

3,564

    Zebra Technologies Corp., Rule 144A, Company Guaranteed Notes
(Callable 06/01/27 @ 103.25)1
 

(BB, Ba2)

 

06/01/32

   

6.500

     

3,588,003

   

Telecom—Wireline Integrated & Services (1.2%)

     
 

2,500

   

Altice Financing SA, Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 100.00)1

 

(CCC+, Caa1)

 

01/15/28

   

5.000

     

1,922,686

   
 

300

   

Level 3 Financing, Inc., Rule 144A, Secured Notes (Callable 03/22/26 @ 102.13)1

 

(B-, B3)

 

04/01/30

   

4.500

     

250,500

   
 

5,183

   

Level 3 Financing, Inc., Rule 144A, Secured Notes (Callable 05/11/25 @ 101.81)1

 

(B-, B3)

 

10/15/30

   

3.875

     

4,113,747

   
 

2,500

    Virgin Media Secured Finance PLC, Rule 144A, Senior Secured Notes
(Callable 08/15/25 @ 102.25)1
 

(B+, Ba3)

 

08/15/30

   

4.500

     

2,250,300

   
 

2,500

    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

     

2,185,229

   
 

1,160

    Vmed O2 U.K. Financing I PLC, Rule 144A, Senior Secured Notes
(Callable 07/15/26 @ 102.38)1
 

(B+, Ba3)

 

07/15/31

   

4.750

     

1,020,393

   
                                     

11,742,855

   

Theaters & Entertainment (0.2%)

     
 

1,500

    Live Nation Entertainment, Inc., Rule 144A, Senior Secured Notes
(Callable 05/31/25 @ 101.63)1
 

(BB, Ba1)

 

05/15/27

   

6.500

     

1,517,196

   

Transport Infrastructure/Services (0.2%)

     
 

250

   

XPO, Inc., Rule 144A, Company Guaranteed Notes (Callable 06/01/26 @ 103.56)1

 

(BB-, Ba3)

 

06/01/31

   

7.125

     

255,937

   
 

1,000

   

XPO, Inc., Rule 144A, Company Guaranteed Notes (Callable 02/01/27 @ 103.56)1

 

(BB-, Ba3)

 

02/01/32

   

7.125

     

1,025,806

   
 

830

   

XPO, Inc., Rule 144A, Senior Secured Notes (Callable 06/01/25 @ 103.13)1

 

(BBB-, Ba1)

 

06/01/28

   

6.250

     

839,753

   
                                     

2,121,496

   
        Total corporate bonds
(Cost $372,256,041)
 

 

 

 

 

 

   

369,988,561

   

Bank loans (57.0%)

     

Advertising (0.9%)

     
 

3,672

   

MH Sub I LLC, 1 mo. USD Term SOFR + 4.250%10

 

(B, B1)

 

05/03/28

   

8.572

     

3,484,247

   
 

6,398

   

MH Sub I LLC, 1 mo. USD Term SOFR + 4.250%10

 

(B, B1)

 

12/31/31

   

8.572

     

5,630,002

   
                                     

9,114,249

   

Aerospace & Defense (3.0%)

     
 

189

   

Air Comm Corp. LLC11

 

(B, B2)

 

12/11/31

   

1.000

     

187,641

   
 

2,270

   

Air Comm Corp. LLC, 1 mo. USD Term SOFR + 3.000%10

 

(B, B2)

 

11/21/31

   

7.321

     

2,251,694

   
 

3,990

   

Amentum Government Services Holdings LLC, 1 mo. USD Term SOFR + 2.250%10

 

(BB-, Ba3)

 

09/29/31

   

6.572

     

3,948,245

   
 

3,049

   

Bleriot U.S. Bidco, Inc., 3 mo. USD Term SOFR + 2.750%10

 

(B, B2)

 

10/31/30

   

7.049

     

3,032,830

   
 

1,961

    Brown Group Holding LLC,
1 mo. USD Term SOFR + 2.500%,
3 mo. USD Term SOFR + 2.500%10
 

(B+, B2)
 

07/01/31
 
6.780 -
6.822
 

1,943,924
 
 

4,548

   

Brown Group Holding LLC, 1 mo. USD Term SOFR + 2.500%10

 

(B+, B2)

 

07/01/31

   

6.822

     

4,508,405

   
 

879

    CACI International, Inc.,
1 mo. USD Term SOFR + 1.750%10
 
(BB+, Ba1)
 
10/30/31
  6.072 -
6.074
 
876,405
 
 

1,279

   

HDI Aerospace Intermediate Holding III Corp., 3 mo. USD Term SOFR + 4.500%7,10

 

(B, B2)

 

02/11/32

   

8.730

     

1,276,272

   


8


Credit Suisse Strategic Income Fund

Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
 

 

  Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Bank loans—(continued)

     

Aerospace & Defense—(concluded)

     

$

1,487

   

KBR, Inc., 1 mo. USD Term SOFR + 2.000%10

 

(BB+, Ba1)

 

01/19/31

   

6.322

   

$

1,489,582

   
 

2,197

   

KKR Apple Bidco LLC, 1 mo. USD Term SOFR + 2.500%10

 

(B, B2)

 

09/23/31

   

6.822

     

2,174,625

   
 

2,150

   

Peraton Corp., 3 mo. USD Term SOFR + 7.750%10

 

(NR, NR)

 

02/01/29

   

12.179

     

1,637,532

   
 

6,192

   

Peraton Corp., 1 mo. USD Term SOFR + 3.750%10

 

(B-, B2)

 

02/01/28

   

8.172

     

5,602,657

   
 

1,440

   

TransDigm, Inc., 3 mo. USD Term SOFR + 2.500%10

 

(BB-, Ba3)

 

02/28/31

   

6.799

     

1,427,888

   
 

44

   

TransDigm, Inc., 3 mo. USD Term SOFR + 2.750%10

 

(BB-, Ba3)

 

03/22/30

   

7.049

     

44,200

   
                                     

30,401,900

   

Air Transportation (0.4%)

     
 

3,676

   

Stonepeak Nile Parent LLC, U.S. (Fed) Prime Rate + 1.750%10

 

(BB, Ba1)

 

04/09/32

   

9.250

     

3,619,538

   

Auto Parts & Equipment (2.0%)

     
 

3,237

   

Autokiniton U.S. Holdings, Inc., 1 mo. USD Term SOFR + 4.000%10

 

(B, B2)

 

04/06/28

   

8.436

     

3,191,307

   
 

1,387

   

Clarios Global LP10,12

 

(BB-, B1)

 

01/28/32

   

0.000

     

1,361,950

   
 

6,235

   

Clarios Global LP, 1 mo. USD Term SOFR + 2.500%10

 

(BB-, B1)

 

05/06/30

   

6.822

     

6,130,143

   
 

2,063

   

First Brands Group LLC (2021 Term Loan), 3 mo. USD Term SOFR + 5.000%10

 

(B+, B1)

 

03/30/27

   

9.541

     

1,922,965

   
 

2,837

   

First Brands Group LLC (2022 Incremental Term Loan), 3 mo. USD Term SOFR + 5.000%10

 

(B+, B1)

 

03/30/27

   

9.541

     

2,644,176

   
 

204

   

Jason Group, Inc., 1 mo. USD Term SOFR + 6.000%7,9,10

 

(NR, NR)

 

11/28/26

   

10.436

     

185,055

   
 

1,234

    Les Schwab Tire Centers,
1 mo. USD Term SOFR + 2.500%,
3 mo. USD Term SOFR + 2.500%10
 

(B, B2)
 

04/23/31
 
6.813 -
6.822
 

1,226,446
 
 

4,013

   

RVR Dealership Holdings LLC, 1 mo. USD Term SOFR + 3.750%7,10

 

(B, Caa1)

 

02/08/28

   

8.172

     

3,582,041

   
 

229

   

Wand NewCo 3, Inc., 1 mo. USD Term SOFR + 2.500%10

 

(B, B3)

 

01/30/31

   

6.822

     

226,034

   
                                     

20,470,117

   

Automakers (0.0%)

     
 

331

   

Fastlane Parent Co., Inc., 1 mo. USD Term SOFR + 4.500%10

 

(B-, B3)

 

09/29/28

   

8.822

     

290,951

   

Banking (0.4%)

     
 

1,141

   

Citco Funding LLC, 6 mo. USD Term SOFR + 2.750%10

 

(BB, Ba2)

 

04/27/28

   

6.934

     

1,144,350

   
 

2,653

   

HarbourVest Partners LLC, 3 mo. USD Term SOFR + 2.250%7,10

 

(BB+, Ba2)

 

04/18/30

   

6.549

     

2,639,532

   
                                     

3,783,882

   

Beverages (0.5%)

     
 

1,269

   

Aramark Services, Inc., 1 mo. USD Term SOFR + 2.000%10

 

(BBB-, Ba1)

 

06/22/30

   

6.322

     

1,271,284

   
 

1,081

   

Aspire Bakeries Holdings LLC, 1 mo. USD Term SOFR + 4.250%10

 

(B, B2)

 

12/13/30

   

8.572

     

1,083,304

   
 

3,173

   

Newly Weds Foods, Inc., 1 mo. USD Term SOFR + 2.250%7,10

 

(B+, B1)

 

03/15/32

   

6.579

     

3,161,258

   
                                     

5,515,846

   

Brokerage (0.3%)

     
 

2,679

   

DRW Holdings LLC, 1 mo. USD Term SOFR + 3.500%10

 

(BB-, Ba3)

 

06/26/31

   

7.822

     

2,679,813

   
 

481

   

Jefferies Finance LLC, 1 mo. USD Term SOFR + 3.000%7,10

 

(BB-, Ba2)

 

10/21/31

   

7.323

     

481,622

   
 

131

   

RE/MAX International, Inc.10,12

 

(BB-, B2)

 

07/21/28

   

0.000

     

125,254

   
                                     

3,286,689

   

Building & Construction (1.3%)

     
 

1,298

   

Minimax Viking GmbH, 1 mo. USD Term SOFR + 2.250%7,10

 

(BB-, Ba3)

 

03/17/32

   

6.572

     

1,294,812

   
 

6,499

   

Quikrete Holdings, Inc., 1 mo. USD Term SOFR + 2.250%10

 

(BB, Ba3)

 

02/10/32

   

6.572

     

6,379,399

   
 

1,659

   

QXO, Inc.10,12

 

(BB-, Ba3)

 

04/30/32

   

0.000

     

1,659,575

   
 

1,601

    Service Logic Acquisition, Inc.,
1 mo. USD Term SOFR + 3.000%,
3 mo. USD Term SOFR + 3.000%10
 

(B, B2)
 

10/29/27
 
7.280 -
7.322
 

1,598,900
 
 

2,547

   

Tecta America Corp., 1 mo. USD Term SOFR + 3.000%10

 

(B, B2)

 

02/18/32

   

7.322

     

2,528,524

   
                                     

13,461,210

   


9


Credit Suisse Strategic Income Fund

Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
 

 

  Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Bank loans—(continued)

     

Building Materials (0.9%)

     

$

94

   

ARAMSCO, Inc.11

 

(B-, Caa1)

 

10/10/30

   

4.750

   

$

87,206

   
 

914

   

ARAMSCO, Inc., 3 mo. USD Term SOFR + 4.750%10

 

(B-, Caa1)

 

10/10/30

   

9.049

     

844,247

   
 

430

   

Core & Main LP, 6 mo. USD Term SOFR + 2.000%10

 

(BB-, Ba3)

 

02/09/31

   

6.270

     

430,504

   
 

1,189

   

Cornerstone Building Brands, Inc., 1 mo. USD Term SOFR + 3.250%10

 

(B, B3)

 

04/12/28

   

7.672

     

1,044,461

   
 

174

   

Cornerstone Building Brands, Inc., 1 mo. USD Term SOFR + 5.625%10

 

(B, B3)

 

08/01/28

   

9.947

     

156,258

   
 

1,961

   

ECO Material Tech, Inc., 6 mo. USD Term SOFR + 3.250%10

 

(B, B2)

 

02/12/32

   

7.467

     

1,945,939

   
 

2,673

    Foundation Building Materials Holding Co. LLC,
1 mo. USD Term SOFR + 3.250%,
3 mo. USD Term SOFR + 3.250%10
 

(B, B3)
 

01/31/28
 
7.686 -
7.791
 

2,576,093
 
 

1,117

   

Foundation Building Materials Holding Co. LLC10,12

 

(B, B3)

 

01/29/31

   

0.000

     

1,040,382

   
 

491

   

Kodiak Building Partners, Inc., 3 mo. USD Term SOFR + 3.750%10

 

(B+, B2)

 

12/04/31

   

8.035

     

472,862

   
 

997

   

White Cap Buyer LLC10,12

 

(B, B2)

 

10/19/29

   

0.000

     

974,786

   
                                     

9,572,738

   

Cable & Satellite TV (0.3%)

     
 

2,900

   

Ziggo Financing Partnership, 1 mo. USD Term SOFR + 2.500%10

 

(B+, B1)

 

04/30/28

   

6.936

     

2,859,473

   

Chemicals (2.9%)

     
 

1,494

   

AAP Buyer, Inc., 1 mo. USD Term SOFR + 2.750%10

 

(B+, B1)

 

09/09/31

   

7.072

     

1,494,430

   
 

1,779

   

Ascend Performance Materials Operations LLC, 3 mo. USD Term SOFR + 1.500%6,7,9,10

 

(NR, NR)

 

10/23/25

   

5.779

     

1,716,342

   
 

3,236

   

Ascend Performance Materials Operations LLC4,5

 

(NR, C)

 

08/27/26

   

0.000

     

342,704

   
 

430

   

CPC Acquisition Corp., 3 mo. USD Term SOFR + 7.750%9,10

 

(CC, Ca)

 

12/29/28

   

12.311

     

221,561

   
 

2,949

   

CPC Acquisition Corp., 3 mo. USD Term SOFR + 3.750%10

 

(CCC, Caa2)

 

12/29/27

   

8.311

     

2,519,585

   
 

1,928

   

Fortis 333, Inc., 3 mo. USD Term SOFR + 3.500%10

 

(B, B2)

 

03/29/32

   

7.803

     

1,892,116

   
 

2,431

   

Hexion Holdings Corp., 1 mo. USD Term SOFR + 4.000%10

 

(B-, B2)

 

03/15/29

   

8.329

     

2,372,684

   
 

764

   

INEOS Quattro Holdings U.K. Ltd., 1 mo. USD Term SOFR + 4.250%10

 

(BB, B1)

 

10/07/31

   

8.572

     

645,284

   
 

1,228

   

INEOS U.S. Finance LLC, 1 mo. USD Term SOFR + 3.250%10

 

(BB, Ba3)

 

02/18/30

   

7.572

     

1,152,027

   
 

2,718

   

INEOS U.S. Finance LLC, 1 mo. USD Term SOFR + 3.000%10

 

(BB, Ba3)

 

02/07/31

   

7.322

     

2,522,242

   
 

307

   

Minerals Technologies, Inc., 1 mo. USD Term SOFR + 2.000%7,10

 

(BB+, Ba1)

 

11/26/31

   

6.320

     

303,982

   
 

273

   

New Arclin U.S. Holding Corp., 1 mo. USD Term SOFR + 7.000%9,10

 

(CCC+, Caa1)

 

09/30/29

   

11.422

     

259,017

   
 

570

   

New Arclin U.S. Holding Corp., 1 mo. USD Term SOFR + 3.500%10

 

(B, B2)

 

09/30/28

   

7.922

     

556,097

   
 

1,399

   

PMHC II, Inc., 3 mo. USD Term SOFR + 5.500%7,10

 

(B-, B3)

 

04/21/29

   

9.803

     

1,265,945

   
 

1,786

   

PMHC II, Inc., 3 mo. USD Term SOFR + 4.250%10

 

(B-, B3)

 

04/23/29

   

8.642

     

1,605,107

   
 

1,816

   

Polar U.S. Borrower LLC, 3 mo. USD Term SOFR + 5.500%10

 

(CCC+, Caa1)

 

10/16/28

   

9.883

     

892,774

   
 

3,773

   

Polar U.S. Borrower LLC, 3 mo. USD Term SOFR + 4.750%, 0.750% PIK8,9,10

 

(CCC+, Caa1)

 

10/16/28

   

9.883

     

1,854,461

   
 

1,745

   

RelaDyne, Inc., 1 mo. USD Term SOFR + 4.000%10

 

(B, B3)

 

12/23/30

   

8.322

     

1,744,337

   
 

283

   

SK Neptune Husky Finance SARL4,5,7,9

 

(NR, WR)

 

04/30/26

   

0.000

     

209,541

   
 

1,306

   

SK Neptune Husky Group SARL4,5,9

 

(NR, WR)

 

01/03/29

   

0.000

     

45,288

   
 

5,673

   

Vantage Specialty Chemicals, Inc., 3 mo. USD Term SOFR + 4.750%10

 

(B-, B3)

 

10/26/26

   

9.025

     

5,332,747

   
                                     

28,948,271

   

Diversified Capital Goods (0.6%)

     
 

298

   

DexKo Global, Inc.10,12

 

(B-, B2)

 

10/04/28

   

0.000

     

276,338

   
 

1,762

   

Kohler Energy Co. LLC, 3 mo. USD Term SOFR + 3.750%10

 

(B, B1)

 

05/01/31

   

8.049

     

1,726,461

   
 

4,039

   

Topgolf Callaway Brands Corp., 1 mo. USD Term SOFR + 3.000%10

 

(B, B1)

 

03/18/30

   

7.322

     

3,814,980

   
                                     

5,817,779

   

Electronics (1.6%)

     
 

4,354

   

Escape Velocity Holdings, Inc., 3 mo. USD Term SOFR + 4.250%10

 

(B, B3)

 

10/08/28

   

8.811

     

4,260,651

   
 

1,930

   

Idemia Group, 3 mo. USD Term SOFR + 4.250%10

 

(B, B2)

 

09/30/28

   

8.549

     

1,929,271

   
 

1,865

   

II-VI, Inc., 1 mo. USD Term SOFR + 2.000%10

 

(BB-, Ba1)

 

07/02/29

   

6.322

     

1,848,247

   
 

500

   

Infinite Bidco LLC, 3 mo. USD Term SOFR + 7.000%10

 

(CCC, Caa2)

 

03/02/29

   

11.541

     

417,658

   
 

1,502

   

Ingram Micro, Inc., 3 mo. USD Term SOFR + 2.750%10

 

(BB, Ba3)

 

09/22/31

   

7.053

     

1,503,543

   


10


Credit Suisse Strategic Income Fund

Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
 

 

  Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Bank loans—(continued)

     

Electronics—(concluded)

     

$

440

   

Mirion Technologies, Inc., 3 mo. USD Term SOFR + 2.250%10

 

(B+, B1)

 

10/20/28

   

6.549

   

$

439,847

   
 

6,346

   

SolarWinds Holdings, Inc., 3 mo. USD Term SOFR + 4.000%10

 

(B, B2)

 

04/16/32

   

8.261

     

6,141,619

   
                                     

16,540,836

   

Energy—Exploration & Production (0.4%)

     
 

1,153

   

AL GCX Fund VIII Holdings LLC, 1 mo. USD Term SOFR + 2.000%10

 

(BB, Ba3)

 

01/30/32

   

6.325

     

1,141,918

   
 

234

   

AL GCX Holdings LLC, 1 mo. USD Term SOFR + 2.000%10

 

(BB, Ba3)

 

05/17/29

   

6.321

     

232,805

   
 

1,005

   

BIP PipeCo Holdings LLC, 3 mo. USD Term SOFR + 2.250%10

 

(B+, Ba3)

 

12/06/30

   

6.535

     

1,001,474

   
 

1,036

   

EMG Utica LLC, 3 mo. USD Term SOFR + 4.000%7,10

 

(B+, B3)

 

04/01/30

   

8.299

     

1,032,964

   
 

663

   

GIP Pilot Acquisition Partners LP, 3 mo. USD Term SOFR + 2.000%10

 

(BB-, Ba3)

 

10/04/30

   

6.277

     

660,083

   
 

947

   

PES Holdings LLC, 3.000% PIK5,8,9

 

(NR, WR)

 

12/31/25

   

3.000

     

8,289

   
                                     

4,077,533

   

Environmental (0.5%)

     
 

3,221

   

GFL Environmental, Inc., 3 mo. USD Term SOFR + 2.500%10

 

(B, B2)

 

02/04/32

   

6.819

     

3,185,191

   
 

321

   

Reworld Holding Corp. (Term Loan B), 1 mo. USD Term SOFR + 2.250%10

 

(BB, Ba2)

 

11/30/28

   

6.579

     

319,695

   
 

25

   

Reworld Holding Corp. (Term Loan C), 1 mo. USD Term SOFR + 2.250%10

 

(BB, Ba2)

 

11/30/28

   

6.579

     

24,623

   
 

770

   

The Action Environmental Group, Inc., 3 mo. USD Term SOFR + 3.750%7,10

 

(B, B2)

 

10/24/30

   

8.049

     

769,046

   
 

475

   

Vestis Corp., 3 mo. USD Term SOFR + 2.250%10

 

(BB, Ba3)

 

02/22/31

   

6.579

     

464,968

   
 

190

   

WIN Waste Innovations Holdings, Inc., 1 mo. USD Term SOFR + 2.750%10

 

(B-, B3)

 

03/24/28

   

7.186

     

188,404

   
                                     

4,951,927

   

Food & Drug Retailers (0.1%)

     
 

857

   

Sharp Services LLC, 3 mo. USD Term SOFR + 3.250%10

 

(B-, B3)

 

12/31/28

   

7.549

     

854,498

   
 

866

   

WOOF Holdings, Inc., 3 mo. USD Term SOFR + 7.250%9,10

 

(CC, Ca)

 

12/21/28

   

11.625

     

308,752

   
                                     

1,163,250

   

Food—Wholesale (0.9%)

     
 

4,693

   

AI Aqua Merger Sub, Inc., 1 mo. USD Term SOFR + 3.000%10

 

(B, B3)

 

07/31/28

   

7.319

     

4,644,712

   
 

1,312

   

Golden State Food LLC, 1 mo. USD Term SOFR + 4.250%10

 

(B, B2)

 

12/04/31

   

8.571

     

1,316,653

   
 

1,966

   

Nomad Foods U.S. LLC, 6 mo. USD Term SOFR + 2.500%7,10

 

(BB-, B1)

 

11/12/29

   

6.535

     

1,966,117

   
 

1,157

   

Sycamore Buyer LLC, 1 mo. USD Term SOFR + 2.250%10

 

(BB, Ba3)

 

07/23/29

   

6.684

     

1,156,434

   
                                     

9,083,916

   

Gaming (0.8%)

     
 

133

   

Arcis Golf LLC10,12

 

(NR, B2)

 

11/24/28

   

0.000

     

132,722

   
 

1,626

   

Arcis Golf LLC, 1 mo. USD Term SOFR + 2.750%10

 

(B+, B2)

 

11/24/28

   

7.072

     

1,616,446

   
 

937

   

Caesars Entertainment, Inc., 3 mo. USD Term SOFR + 2.250%10

 

(BB-, Ba3)

 

02/06/31

   

6.563

     

923,773

   
 

4,536

   

Caesars Entertainment, Inc., 3 mo. USD Term SOFR + 2.250%10

 

(BB-, Ba3)

 

02/06/30

   

6.563

     

4,483,490

   
 

457

   

Fertitta Entertainment LLC, 1 mo. USD Term SOFR + 3.500%10

 

(B, B2)

 

01/27/29

   

7.822

     

446,599

   
                                     

7,603,030

   

Gas Distribution (0.5%)

     
 

1,283

   

AL NGPL Holdings LLC, 3 mo. USD Term SOFR + 2.500%10

 

(B+, Ba3)

 

04/13/28

   

6.785

     

1,281,338

   
 

1,763

   

BCP Renaissance Parent LLC, 3 mo. USD Term SOFR + 3.000%10

 

(B+, B2)

 

10/31/28

   

7.299

     

1,762,618

   
 

542

   

EPIC Crude Services LP, 3 mo. USD Term SOFR + 3.000%10

 

(BB-, Ba3)

 

10/15/31

   

7.256

     

541,804

   
 

1,247

   

NGP XI Midstream Holdings LLC, 3 mo. USD Term SOFR + 3.500%10

 

(B, B3)

 

07/25/31

   

7.799

     

1,234,406

   
 

598

   

Traverse Midstream Partners LLC7,10,12

 

(B+, B2)

 

02/16/28

   

0.000

     

596,805

   
                                     

5,416,971

   

Health Facilities (0.6%)

     
 

1,284

   

Bayou Intermediate II LLC, 3 mo. USD Term SOFR + 4.500%10

 

(B-, B2)

 

08/02/28

   

9.041

     

1,284,323

   
 

627

   

Carestream Health, Inc., 3 mo. USD Term SOFR + 7.500%9,10

 

(B-, Caa1)

 

09/30/27

   

11.899

     

358,196

   
 

1,671

   

Insulet Corp., 1 mo. USD Term SOFR + 2.500%10

 

(BB+, Ba2)

 

08/04/31

   

6.822

     

1,673,012

   


11


Credit Suisse Strategic Income Fund

Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
 

 

  Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Bank loans—(continued)

     

Health Facilities—(concluded)

     

$

749

   

Sonrava Health Holdings LLC, 3 mo. USD Term SOFR + 6.500%9,10

 

(B-, B2)

 

05/18/28

   

11.061

   

$

746,819

   
 

2,993

   

Sonrava Health Holdings LLC, 3 mo. USD Term SOFR + 1.000%, 5.500% PIK8,9,10

 

(NR, Caa2)

 

08/18/28

   

11.061

     

1,129,712

   
 

1,100

   

Surgery Center Holdings, Inc., 1 mo. USD Term SOFR + 2.750%10

 

(B, Ba3)

 

12/19/30

   

7.070

     

1,098,069

   
                                     

6,290,131

   

Health Services (2.9%)

     
 

497

   

ADMI Corp., 1 mo. USD Term SOFR + 3.750%7,10

 

(B-, B3)

 

12/23/27

   

8.186

     

476,282

   
 

3,460

   

ADMI Corp., 1 mo. USD Term SOFR + 3.375%10

 

(B-, B3)

 

12/23/27

   

7.811

     

3,316,920

   
 

246

   

ADMI Corp., 1 mo. USD Term SOFR + 5.750%10

 

(B-, B3)

 

12/23/27

   

10.072

     

243,353

   
 

6,375

   

Athenahealth Group, Inc., 1 mo. USD Term SOFR + 3.000%10

 

(B-, B2)

 

02/15/29

   

7.322

     

6,331,708

   
 

2,058

   

Concentra Health Services, Inc., 1 mo. USD Term SOFR + 2.000%7,10

 

(BB, Ba2)

 

07/26/31

   

6.322

     

2,045,364

   
 

1,444

   

Elanco Animal Health, Inc., 1 mo. USD Term SOFR + 1.750%10

 

(BB, Ba2)

 

08/01/27

   

6.174

     

1,437,874

   
 

226

   

EyeCare Partners LLC, 6 mo. USD Term SOFR + 1.000%, 3.610% PIK8,10

 

(CCC+, Caa3)

 

11/30/28

   

8.837

     

175,335

   
 

103

   

IVC Acquisition Ltd., 3 mo. USD Term SOFR + 3.750%10

 

(B, B3)

 

12/12/28

   

8.049

     

102,715

   
 

1,287

    Learning Care Group U.S. No. 2, Inc.,
3 mo. USD Term SOFR + 4.000%10
 
(B, B2)
 
08/11/28
  8.280 -
8.315
 
1,282,772
 
 

506

   

MedAssets Software Intermediate Holdings, Inc., 1 mo. USD Term SOFR + 4.000%10

 

(B, Caa1)

 

12/15/28

   

8.320

     

489,375

   
 

359

   

MedAssets Software Intermediate Holdings, Inc., 1 mo. USD Term SOFR + 4.000%10

 

(CCC, Ca)

 

12/15/28

   

8.434

     

306,227

   
 

138

   

MedAssets Software Intermediate Holdings, Inc., 1 mo. USD Term SOFR + 5.250%10

 

(B, Caa1)

 

12/15/28

   

9.570

     

135,691

   
 

1,246

    Pacific Dental Services LLC,
1 mo. USD Term SOFR + 2.750%10
 
(B, B2)
 
03/15/31
  7.070 -
7.078
 
1,236,712
 
 

521

   

PointClickCare Technologies, Inc., 3 mo. USD Term SOFR + 3.250%10

 

(B, B3)

 

11/03/31

   

7.549

     

520,741

   
 

2,004

   

Radiology Partners, Inc., 3 mo. USD Term SOFR + 3.500%, 1.500% PIK8,10

 

(B-, B3)

 

01/31/29

   

9.590

     

1,943,908

   
 

124

   

Select Medical Corp., 1 mo. USD Term SOFR + 2.000%10

 

(BB, Ba1)

 

12/03/31

   

6.322

     

124,133

   
 

564

   

Southern Veterinary Partners LLC, 3 mo. USD Term SOFR + 3.250%10

 

(B, B2)

 

12/04/31

   

7.527

     

562,468

   
 

1,209

   

Therapy Brands Holdings LLC, 1 mo. USD Term SOFR + 4.000%9,10

 

(CCC+, B3)

 

05/18/28

   

8.436

     

988,135

   
 

1,496

   

TTF Holdings LLC, 6 mo. USD Term SOFR + 3.750%10

 

(B, B2)

 

07/18/31

   

8.002

     

1,461,649

   
 

5,856

   

U.S. Radiology Specialists, Inc., 3 mo. USD Term SOFR + 4.750%10

 

(B-, B3)

 

12/15/27

   

9.049

     

5,864,854

   
                                     

29,046,216

   

Hotels (0.6%)

     
 

1,886

   

Alterra Mountain Co., 1 mo. USD Term SOFR + 2.750%7,10

 

(B+, B1)

 

08/17/28

   

7.072

     

1,888,674

   
 

1,876

   

Alterra Mountain Co., 1 mo. USD Term SOFR + 3.000%7,10

 

(B+, B1)

 

05/31/30

   

7.322

     

1,881,069

   
 

250

   

Hilton Domestic Operating Co., Inc., 1 mo. USD Term SOFR + 1.750%10

 

(BBB-, Baa2)

 

11/08/30

   

6.077

     

249,537

   
 

2,267

   

Wyndham Hotels & Resorts, Inc., 1 mo. USD Term SOFR + 1.750%10

 

(BBB-, Ba1)

 

05/24/30

   

6.072

     

2,264,424

   
                                     

6,283,704

   

Insurance Brokerage (3.5%)

     
 

7,278

   

AmWINS Group, Inc., 1 mo. USD Term SOFR + 2.250%10

 

(B+, B1)

 

01/30/32

   

6.572

     

7,250,434

   
 

4,969

    Ardonagh Midco 3 PLC,
3 mo. USD Term SOFR + 2.750%,
6 mo. USD Term SOFR + 2.750%10
 

(B-, B3)
 

02/15/31
 
6.067 -
7.074
 

4,876,035
 
 

4,284

   

AssuredPartners, Inc., 1 mo. USD Term SOFR + 3.500%10

 

(B, B2)

 

02/14/31

   

7.822

     

4,289,150

   
 

791

   

Goosehead Insurance Holdings LLC, 1 mo. USD Term SOFR + 3.500%7,10

 

(B+, B2)

 

01/08/32

   

7.792

     

790,882

   
 

2,839

   

Howden Group Holdings Ltd., 1 mo. USD Term SOFR + 3.000%10

 

(B, B2)

 

02/15/31

   

7.322

     

2,826,684

   
 

8,628

   

HUB International Ltd., 3 mo. USD Term SOFR + 2.500%10

 

(B, B1)

 

06/20/30

   

6.770

     

8,582,952

   
 

3,830

   

OneDigital Borrower LLC, 1 mo. USD Term SOFR + 3.000%10

 

(B, B2)

 

07/02/31

   

7.322

     

3,777,484

   
 

1,000

   

OneDigital Borrower LLC, 1 mo. USD Term SOFR + 5.250%10

 

(CCC+, Caa2)

 

07/02/31

   

9.572

     

982,505

   
 

2,383

   

Summit Acquisition, Inc., 1 mo. USD Term SOFR + 3.750%10

 

(B-, B3)

 

10/16/31

   

8.072

     

2,384,673

   
                                     

35,760,799

   

Investments & Misc. Financial Services (3.9%)

     
 

88

   

Altisource Solutions SARL6,7,9

 

(NR, NR)

 

04/30/30

   

0.000

     

0

   
 

194

   

Altisource Solutions SARL, 3 mo. USD Term SOFR + 6.500%10

 

(CCC-, Caa2)

 

04/30/30

   

10.899

     

192,088

   


12


Credit Suisse Strategic Income Fund

Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
 

 

  Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Bank loans—(continued)

     

Investments & Misc. Financial Services—(concluded)

     

$

90

   

Altisource Solutions SARL, 3 mo. USD Term SOFR + 6.500%7,9,10

 

(B, B3)

 

02/19/29

   

10.899

   

$

90,676

   
 

3,642

   

Ankura Consulting Group LLC, 3 mo. USD Term SOFR + 3.500%10

 

(B-, B3)

 

12/29/31

   

7.803

     

3,604,926

   
 

6,580

   

AqGen Island Holdings, Inc., 1 mo. USD Term SOFR + 3.000%10

 

(B-, B3)

 

08/02/28

   

7.322

     

6,555,816

   
 

1,278

   

Berkeley Research Group LLC10,12

 

(B, B2)

 

03/17/32

   

0.000

     

1,263,876

   
 

23

   

Chrysaor Bidco SARL11

 

(B, B2)

 

10/30/31

   

3.500

     

22,647

   
 

305

   

Chrysaor Bidco SARL, 3 mo. USD Term SOFR + 3.500%10

 

(B, B2)

 

10/30/31

   

7.742

     

305,459

   
 

3,112

   

Citadel Securities LP, 1 mo. USD Term SOFR + 2.000%10

 

(BBB-, Baa3)

 

10/31/31

   

6.322

     

3,111,523

   
 

749

   

CPI Holdco B LLC, 1 mo. USD Term SOFR + 2.250%10

 

(BB-, Ba3)

 

05/17/31

   

6.572

     

746,637

   
 

3,483

   

CPI Holdco B LLC, 1 mo. USD Term SOFR + 2.000%10

 

(BB-, Ba3)

 

05/19/31

   

6.322

     

3,464,774

   
 

195

   

Focus Financial Partners LLC, 1 mo. USD Term SOFR + 2.750%10

 

(B, B2)

 

09/15/31

   

7.072

     

193,022

   
 

1,598

   

Galaxy U.S. Opco, Inc., 3 mo. USD Term SOFR + 5.000%10

 

(CCC+, Caa2)

 

07/31/30

   

9.280

     

1,344,518

   
 

677

   

Guggenheim Partners LLC, 3 mo. USD Term SOFR + 2.500%10

 

(NR, NR)

 

11/26/31

   

6.799

     

677,092

   
 

1,693

   

HighTower Holdings LLC, 3 mo. USD Term SOFR + 3.000%7,10

 

(B-, B2)

 

02/03/32

   

7.291

     

1,667,965

   
 

3,085

   

Hudson River Trading LLC, 1 mo. USD Term SOFR + 3.000%10

 

(BB, Ba3)

 

03/18/30

   

7.292

     

3,084,411

   
 

3,945

   

Jane Street Group LLC, 3 mo. USD Term SOFR + 2.000%10

 

(BB, Ba1)

 

12/15/31

   

6.313

     

3,895,946

   
 

1,412

   

Kestra Advisor Services Holdings A, Inc., 1 mo. USD Term SOFR + 3.000%10

 

(B-, B3)

 

03/21/31

   

7.322

     

1,401,406

   
 

755

   

Mariner Wealth Advisors LLC, 3 mo. USD Term SOFR + 2.500%10

 

(B-, Ba3)

 

08/18/28

   

6.799

     

754,186

   
 

39

   

Secretariat Advisors LLC7,11

 

(B-, B3)

 

02/28/32

   

0.000

     

38,556

   
 

322

   

Secretariat Advisors LLC, 3 mo. USD Term SOFR + 4.000%7,10

 

(B-, B3)

 

02/28/32

   

8.313

     

320,011

   
 

3,931

   

Sedgwick Claims Management Services, Inc., 3 mo. USD Term SOFR + 3.000%10

 

(B+, B2)

 

07/31/31

   

7.313

     

3,916,880

   
 

2,345

   

VFH Parent LLC, 1 mo. USD Term SOFR + 2.500%7,10

 

(B+, B1)

 

06/21/31

   

6.822

     

2,338,719

   
                                     

38,991,134

   

Life Insurance (0.1%)

     
 

919

   

Truist Insurance Holdings LLC, 3 mo. USD Term SOFR + 2.750%10

 

(B, B2)

 

05/06/31

   

7.049

     

910,547

   

Machinery (1.6%)

     
 

1,955

   

19th Holdings Golf LLC, 1 mo. USD Term SOFR + 3.250%10

 

(B, B1)

 

02/07/29

   

7.671

     

1,872,388

   
 

1,423

   

Arcosa, Inc., 1 mo. USD Term SOFR + 2.250%10

 

(BBB-, Ba1)

 

08/12/31

   

6.572

     

1,422,556

   
 

678

   

C&D Technologies, Inc., 1 mo. USD Term SOFR + 5.750%10

 

(B-, B2)

 

12/20/26

   

10.186

     

674,385

   
 

666

   

Chart Industries, Inc., 3 mo. USD Term SOFR + 2.500%10

 

(BB-, Ba2)

 

03/15/30

   

6.788

     

664,323

   
 

1,406

   

CPM Holdings, Inc., 1 mo. USD Term SOFR + 4.500%10

 

(B-, B3)

 

09/28/28

   

8.824

     

1,364,130

   
 

552

   

Cube Industrials Buyer, Inc., 3 mo. USD Term SOFR + 3.500%10

 

(B, B3)

 

10/17/31

   

7.772

     

548,269

   
 

684

   

Generac Power Systems, Inc., 1 mo. USD Term SOFR + 1.750%10

 

(BB+, Ba1)

 

07/03/31

   

6.074

     

682,103

   
 

1,480

   

LSF12 Badger Bidco LLC, 1 mo. USD Term SOFR + 6.000%7,10

 

(B-, B3)

 

08/30/30

   

10.322

     

1,376,412

   
 

412

   

LTI Holdings, Inc., 1 mo. USD Term SOFR + 4.250%10

 

(B-, B3)

 

07/19/29

   

8.572

     

393,650

   
 

3,813

   

Madison IAQ LLC10,12

 

(B, B1)

 

05/06/32

   

0.000

     

3,782,762

   
 

670

   

Madison Safety & Flow LLC, 1 mo. USD Term SOFR + 2.750%10

 

(B, B2)

 

09/26/31

   

7.072

     

665,792

   
 

2,322

   

Pro Mach Group, Inc., 1 mo. USD Term SOFR + 2.750%10

 

(B-, B2)

 

08/31/28

   

7.072

     

2,311,019

   
                                     

15,757,789

   

Media—Diversified (1.1%)

     
 

5,254

   

Cast & Crew Payroll LLC, 1 mo. USD Term SOFR + 3.750%10

 

(B-, B3)

 

12/29/28

   

8.072

     

5,048,077

   
 

1,571

   

Delta 2 LUX SARL, 3 mo. USD Term SOFR + 2.000%10

 

(BB+, NR)

 

09/30/31

   

6.299

     

1,567,190

   
 

786

   

Delta 2 LUX SARL10,12

 

(BB+, NR)

 

09/30/31

   

0.000

     

783,595

   
 

532

   

Oceankey U.S. II Corp., 1 mo. USD Term SOFR + 3.500%10

 

(B-, B2)

 

12/15/28

   

7.922

     

528,277

   
 

394

   

Technicolor Creative Studios, 0.500% PIK3,5,6,7,8

 

(NR, NR)

 

08/06/33

   

0.500

     

0

   
 

3,104

   

Twitter, Inc.

 

(NR, NR)

 

10/26/29

   

9.500

     

3,032,200

   
                                     

10,959,339

   

Media Content (0.0%)

     
 

500

   

WMG Acquisition Corp., 1 mo. USD Term SOFR + 1.750%10

 

(BBB-, Ba1)

 

01/24/31

   

6.072

     

500,158

   


13


Credit Suisse Strategic Income Fund

Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
 

 

  Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Bank loans—(continued)

     

Medical Products (0.4%)

     

$

1,369

   

Covetrus, Inc., 3 mo. USD Term SOFR + 5.000%10

 

(B-, B1)

 

10/13/29

   

9.299

   

$

1,290,944

   
 

1,985

   

Medline Borrower LP, 1 mo. USD Term SOFR + 2.250%10

 

(BB-, Ba3)

 

10/23/28

   

6.572

     

1,973,946

   
 

638

   

Sotera Health Holdings LLC, 3 mo. USD Term SOFR + 3.250%10

 

(BB-, B1)

 

05/30/31

   

7.549

     

638,003

   
                                     

3,902,893

   

Oil Field Equipment & Services (0.2%)

     
 

272

   

MRC Global U.S., Inc., 1 mo. USD Term SOFR + 3.500%7,10

 

(B, B2)

 

10/29/31

   

7.822

     

271,801

   
 

2,238

   

Rockpoint Gas Storage Partners LP, 3 mo. USD Term SOFR + 3.000%10

 

(BB, B1)

 

09/18/31

   

7.299

     

2,216,355

   
                                     

2,488,156

   

Packaging (1.3%)

     
 

2,239

    Berlin Packaging LLC,
1 mo. USD Term SOFR + 3.500%,
3 mo. USD Term SOFR + 3.500%10
 

(B-, B2)
 

06/07/31
 
7.799 -
7.824
 

2,226,014
 
 

28

   

Clydesdale Acquisition Holdings, Inc. (2025 Delayed Draw Term Loan)10,12

 

(B+, B2)

 

04/01/32

   

0.000

     

27,643

   
 

1,592

   

Clydesdale Acquisition Holdings, Inc. (2025 Term Loan B)10,12

 

(B+, B2)

 

04/01/32

   

0.000

     

1,581,173

   
 

1,817

   

Mauser Packaging Solutions Holding Co., 1 mo. USD Term SOFR + 3.000%10

 

(B, B2)

 

04/15/27

   

7.319

     

1,794,781

   
 

5,118

    Proampac PG Borrower LLC,
3 mo. USD Term SOFR + 4.000%10
 
(B-, B3)
 
09/15/28
  8.256 -
8.323
 
5,050,011
 
 

1,617

   

Technimark Holdings LLC, 1 mo. USD Term SOFR + 3.250%10

 

(B-, B3)

 

04/14/31

   

7.570

     

1,595,658

   
 

450

   

TricorBraun Holdings, Inc., 1 mo. USD Term SOFR + 3.250%10

 

(B-, B3)

 

03/03/28

   

7.686

     

444,038

   
                                     

12,719,318

   

Personal & Household Products (1.1%)

     
 

7,426

   

ABG Intermediate Holdings 2 LLC, 1 mo. USD Term SOFR + 2.250%10

 

(B+, B1)

 

12/21/28

   

6.572

     

7,302,177

   
 

817

   

Hanesbrands, Inc., 1 mo. USD Term SOFR + 2.750%10

 

(BB-, Ba2)

 

03/07/32

   

7.072

     

811,506

   
 

1,172

   

Serta Simmons Bedding LLC, 3 mo. USD Term SOFR + 7.500%10

 

(NR, NR)

 

06/29/28

   

11.914

     

1,075,316

   
 

13

   

Serta Simmons Bedding LLC, 3 mo. USD Term SOFR + 7.500%7,10

 

(NR, NR)

 

06/29/28

   

11.884

     

13,147

   
 

1,665

   

Tempur Sealy International, Inc., 1 mo. USD Term SOFR + 2.500%10

 

(BBB-, Ba1)

 

10/24/31

   

6.780

     

1,663,793

   
                                     

10,865,939

   

Pharmaceuticals (0.1%)

     
 

583

   

Dechra Pharmaceuticals Holdings Ltd., 6 mo. USD Term SOFR + 3.250%10

 

(B-, B2)

 

01/27/32

   

7.542

     

577,993

   

Rail (0.1%)

     
 

1,046

   

Genesee & Wyoming, Inc., 3 mo. USD Term SOFR + 1.750%10

 

(BB, Ba3)

 

04/10/31

   

6.049

     

1,034,591

   

Real Estate Development & Management (0.5%)

     
 

4,788

   

BIFM U.S. Finance LLC, 1 mo. USD Term SOFR + 3.750%10

 

(B, B3)

 

05/31/28

   

8.072

     

4,785,492

   

Real Estate Investment Trusts (0.2%)

     
 

100

   

Starwood Property Trust, Inc., 1 mo. USD Term SOFR + 2.250%7,10

 

(BB, Ba2)

 

11/18/27

   

6.572

     

100,260

   
 

1,425

   

Starwood Property Trust, Inc., 1 mo. USD Term SOFR + 2.250%10

 

(BB, Ba2)

 

01/02/30

   

6.572

     

1,425,019

   
                                     

1,525,279

   

Recreation & Travel (1.7%)

     
 

5,882

   

EOC Borrower LLC, 1 mo. USD Term SOFR + 3.000%10

 

(B+, B2)

 

03/24/32

   

7.322

     

5,825,552

   
 

2,202

   

Motion Finco SARL, 3 mo. USD Term SOFR + 3.500%10

 

(B, B2)

 

11/12/29

   

7.799

     

2,086,652

   
 

1,343

   

OVG Business Services LLC, 1 mo. USD Term SOFR + 3.000%10

 

(B, B2)

 

06/25/31

   

7.322

     

1,334,880

   
 

5,200

   

SeaWorld Parks & Entertainment, Inc., 1 mo. USD Term SOFR + 2.000%7,10

 

(BB+, Ba2)

 

12/04/31

   

6.322

     

5,148,416

   
 

3,123

   

Six Flags Entertainment Corp., 1 mo. USD Term SOFR + 2.000%10

 

(BBB-, Ba1)

 

05/01/31

   

6.322

     

3,103,805

   
                                     

17,499,305

   


14


Credit Suisse Strategic Income Fund

Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
 

 

  Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Bank loans—(continued)

     

Restaurants (2.1%)

     

$

1,516

   

1011778 B.C. Unlimited Liability Co., 1 mo. USD Term SOFR + 1.750%10

 

(BB+, Ba2)

 

09/20/30

   

6.072

   

$

1,503,667

   
 

5,632

   

Flynn Restaurant Group LP, 1 mo. USD Term SOFR + 4.250%10

 

(B, B2)

 

12/01/28

   

8.686

     

5,603,782

   
 

6,878

   

IRB Holding Corp., 1 mo. USD Term SOFR + 2.500%10

 

(B+, B2)

 

12/15/27

   

6.822

     

6,835,251

   
 

2,039

   

K-Mac Holdings Corp., 1 mo. USD Term SOFR + 3.500%10

 

(NR, B3)

 

07/21/28

   

7.822

     

2,042,314

   
 

2,079

   

Tacala LLC, 1 mo. USD Term SOFR + 3.500%10

 

(B-, B3)

 

01/31/31

   

7.822

     

2,078,592

   
 

3,533

   

Whatabrands LLC, 1 mo. USD Term SOFR + 2.500%10

 

(B, B2)

 

08/03/28

   

6.822

     

3,517,330

   
                                     

21,580,936

   

Software—Services (10.3%)

     
 

266

   

Amspec Parent LLC7,11

 

(B, NR)

 

12/22/31

   

1.000

     

266,113

   
 

1,730

   

Amspec Parent LLC, 3 mo. USD Term SOFR + 4.250%7,10

 

(B, NR)

 

12/22/31

   

8.549

     

1,729,734

   
 

3,436

   

Applied Systems, Inc., 3 mo. USD Term SOFR + 2.750%10

 

(B-, B2)

 

02/24/31

   

7.049

     

3,434,110

   
 

2,040

   

AQ Carver Buyer, Inc., 6 mo. USD Term SOFR + 5.500%10

 

(B, B3)

 

08/02/29

   

9.817

     

2,000,345

   
 

2,899

   

Aston FinCo SARL, 1 mo. USD Term SOFR + 4.250%10

 

(CCC+, B3)

 

10/09/26

   

8.686

     

2,753,634

   
 

925

   

Astra Acquisition Corp.4,5,9

 

(CCC+, Caa2)

 

02/25/28

   

0.000

     

536,694

   
 

1,139

   

Astra Acquisition Corp.4,5,9

 

(CC, C)

 

10/25/28

   

0.000

     

22,775

   
 

3,671

   

Avalara, Inc., 3 mo. USD Term SOFR + 3.250%10

 

(B-, B2)

 

03/26/32

   

7.553

     

3,655,626

   
 

2,033

   

BCPE Pequod Buyer, Inc., 1 mo. USD Term SOFR + 3.500%10

 

(B, B3)

 

11/25/31

   

7.822

     

2,029,948

   
 

2,180

   

Camelot U.S. Acquisition LLC, 1 mo. USD Term SOFR + 2.750%10

 

(BB-, B1)

 

01/31/31

   

7.072

     

2,155,243

   
 

4,451

   

CE Intermediate I LLC, 1 mo. USD Term SOFR + 3.000%10

 

(B-, B3)

 

03/25/32

   

7.328

     

4,422,856

   
 

281

   

Clearwater Analytics LLC, 3 mo. USD Term SOFR + 2.250%7,10

 

(BB-, B1)

 

04/21/32

   

6.529

     

280,277

   
 

3,417

   

Cloud Software Group, Inc., 3 mo. USD Term SOFR + 3.500%10

 

(B, B2)

 

03/29/29

   

7.799

     

3,381,250

   
 

249

   

Cloud Software Group, Inc., 3 mo. USD Term SOFR + 3.750%10

 

(B, B2)

 

03/21/31

   

8.049

     

246,881

   
 

250

   

CommerceHub, Inc., 3 mo. USD Term SOFR + 7.000%9,10

 

(CCC, Caa3)

 

12/29/28

   

11.411

     

227,336

   
 

1,048

   

CommerceHub, Inc., 3 mo. USD Term SOFR + 4.000%10

 

(B, B3)

 

12/29/27

   

8.411

     

1,003,483

   
 

1,489

   

CommerceHub, Inc., 3 mo. USD Term SOFR + 6.250%10

 

(NR, B3)

 

12/29/27

   

10.511

     

1,473,693

   
 

575

   

CommScope, Inc., 1 mo. USD Term SOFR + 5.250%10

 

(B-, B3)

 

12/17/29

   

9.572

     

566,320

   
 

646

   

Corel Corp., 3 mo. USD Term SOFR + 5.000%9,10

 

(B-, B2)

 

07/02/26

   

9.413

     

611,610

   
 

2,825

   

Cornerstone OnDemand, Inc., 1 mo. USD Term SOFR + 3.750%7,10

 

(B-, B2)

 

10/16/28

   

8.186

     

2,514,499

   
 

3,193

   

Corpay Technologies Operating Co. LLC, 1 mo. USD Term SOFR + 1.750%10

 

(BB+, Ba1)

 

04/28/28

   

6.072

     

3,186,957

   
 

1,300

   

Darktrace PLC, 3 mo. USD Term SOFR + 3.250%10

 

(B-, B2)

 

10/09/31

   

7.458

     

1,293,955

   
 

344

   

Darktrace PLC, 3 mo. USD Term SOFR + 5.250%10

 

(CCC, Caa2)

 

10/09/32

   

9.458

     

329,372

   
 

2,974

   

Dayforce, Inc., 3 mo. USD Term SOFR + 2.000%7,10

 

(BB-, Ba2)

 

03/01/31

   

6.280

     

2,977,511

   
 

1,250

   

DCert Buyer, Inc., 1 mo. USD Term SOFR + 7.000%10

 

(CCC, Caa2)

 

02/19/29

   

11.322

     

1,035,938

   
 

362

   

E2open LLC, 1 mo. USD Term SOFR + 3.500%10

 

(B, B2)

 

02/04/28

   

7.936

     

360,118

   
 

4,819

   

EagleView Technology Corp., 3 mo. USD Term SOFR + 6.500%10

 

(NR, NR)

 

08/14/28

   

10.803

     

4,596,408

   
 

162

   

EP Purchaser LLC, 3 mo. USD Term SOFR + 4.500%7,10

 

(B+, B2)

 

11/06/28

   

9.061

     

162,818

   
 

1,253

   

Evertec Group LLC, 1 mo. USD Term SOFR + 2.750%7,10

 

(BB-, Ba3)

 

10/30/30

   

7.072

     

1,253,388

   
 

2,342

   

First Advantage Holdings LLC, 1 mo. USD Term SOFR + 3.250%10

 

(B+, B1)

 

10/31/31

   

7.572

     

2,328,681

   
 

910

   

Fleet Midco I Ltd., 6 mo. USD Term SOFR + 2.750%7,10

 

(B+, B2)

 

02/21/31

   

7.055

     

907,322

   
 

468

   

Geosyntec Consultants, 1 mo. USD Term SOFR + 3.750%10

 

(B-, B3)

 

07/31/31

   

8.072

     

468,166

   
 

1,039

   

Go Daddy Operating Co. LLC, 1 mo. USD Term SOFR + 1.750%10

 

(BB, Ba1)

 

05/30/31

   

6.072

     

1,035,336

   
 

414

   

IGT Holding IV AB, 3 mo. USD Term SOFR + 3.500%7,10

 

(B, NR)

 

09/01/31

   

7.782

     

415,386

   
 

669

   

Javelin Buyer, Inc., 3 mo. USD Term SOFR + 5.250%7,9,10

 

(CCC+, Caa2)

 

12/06/32

   

9.563

     

656,040

   
 

891

   

Johnstone Supply LLC, 1 mo. USD Term SOFR + 2.500%10

 

(B, B2)

 

06/09/31

   

6.820

     

885,640

   
 

1,021

   

Marcel LUX IV SARL, 1 mo. USD Term SOFR + 3.500%7,10

 

(B+, B2)

 

11/12/30

   

7.830

     

1,022,758

   
 

4,248

   

Mitnick Corporate Purchaser, Inc., 3 mo. USD Term SOFR + 4.500%10

 

(B-, B3)

 

05/02/29

   

8.880

     

3,002,596

   
 

699

   

Polaris Newco LLC, 1 mo. GBP SONIA + 5.000%10,13

 

(CCC+, B3)

 

06/02/28

   

9.459

     

861,991

   
 

5,868

   

Polaris Newco LLC, 3 mo. USD Term SOFR + 3.750%10

 

(CCC+, B3)

 

06/02/28

   

8.291

     

5,672,522

   
 

425

   

Press Ganey Holdings, Inc., 1 mo. USD Term SOFR + 3.250%10

 

(B-, B3)

 

04/30/31

   

7.572

     

423,465

   
 

868

   

Project Alpha Intermediate Holding, Inc.10,12

 

(B-, Caa1)

 

11/22/32

   

0.000

     

834,601

   
 

2,161

   

Project Boost Purchaser LLC, 3 mo. USD Term SOFR + 3.000%10

 

(B-, B2)

 

07/16/31

   

7.299

     

2,145,689

   
 

1,459

   

Project Ruby Ultimate Parent Corp.10,12

 

(B, B2)

 

03/10/28

   

0.000

     

1,455,460

   
 

2,261

   

Proofpoint, Inc., 1 mo. USD Term SOFR + 3.000%10

 

(B-, B2)

 

08/31/28

   

7.322

     

2,250,228

   


15


Credit Suisse Strategic Income Fund

Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
 

 

  Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Bank loans—(continued)

     

Software—Services—(concluded)

     

$

4,087

   

Quest Software U.S. Holdings, Inc. (2022 Term Loan), 3 mo. USD Term SOFR + 4.250%10

 

(CCC-, Caa1)

 

02/01/29

   

8.680

   

$

2,195,552

   
 

5,400

   

Quest Software U.S. Holdings, Inc. (2024 Term Loan), 3 mo. USD Term SOFR + 4.250%10

 

(CCC-, Caa1)

 

02/01/29

   

8.680

     

3,348,307

   
 

6,802

   

RealPage, Inc., 3 mo. USD Term SOFR + 3.000%10

 

(B-, B3)

 

04/24/28

   

7.561

     

6,746,224

   
 

2,071

   

Redstone Holdco 2 LP, 3 mo. USD Term SOFR + 4.750%10

 

(CCC+, B3)

 

04/27/28

   

9.291

     

1,268,671

   
 

1,418

   

SS&C Technologies, Inc., 1 mo. USD Term SOFR + 2.000%10

 

(BB+, Ba1)

 

05/09/31

   

6.322

     

1,418,224

   
 

1,449

   

Thevelia U.S. LLC, 3 mo. USD Term SOFR + 3.000%10

 

(B+, B1)

 

06/18/29

   

7.299

     

1,443,352

   
 

2,946

   

UKG, Inc., 1 mo. USD Term SOFR + 3.000%10

 

(B-, B2)

 

02/10/31

   

7.320

     

2,938,894

   
 

2,731

   

VS Buyer LLC, 3 mo. USD Term SOFR + 2.750%10

 

(B+, B2)

 

04/12/31

   

7.020

     

2,722,752

   
 

830

   

Waystar Technologies, Inc., 1 mo. USD Term SOFR + 2.250%7,10

 

(B+, B1)

 

10/22/29

   

6.572

     

828,270

   
 

2,509

   

WEX, Inc., 1 mo. USD Term SOFR + 1.750%10

 

(BB-, Ba2)

 

03/31/28

   

6.072

     

2,489,408

   
 

932

   

World Wide Technology Holding Co. LLC, 1 mo. USD Term SOFR + 2.250%7,10

 

(BB, Ba3)

 

03/01/30

   

6.579

     

929,266

   
 

2,402

   

ZoomInfo LLC, 1 mo. USD Term SOFR + 1.750%10

 

(BB+, Ba1)

 

02/28/30

   

6.072

     

2,351,605

   
 

3,139

   

Zuora, Inc., 1 mo. USD Term SOFR + 3.500%10

 

(B, B3)

 

02/14/32

   

7.822

     

3,108,704

   
                                     

104,664,002

   

Steel Producers/Products (0.1%)

     
 

739

   

Grinding Media, Inc., 3 mo. USD Term SOFR + 3.500%7,10

 

(B-, B3)

 

10/12/28

   

7.819

     

712,783

   

Support—Services (3.5%)

     
 

525

   

Albion Financing 3 SARL, 3 mo. USD Term SOFR + 3.000%10

 

(BB-, B1)

 

08/16/29

   

7.302

     

525,704

   
 

3,365

   

Allied Universal Holdco LLC, 1 mo. USD Term SOFR + 3.750%10

 

(B, B3)

 

05/12/28

   

8.172

     

3,365,831

   
 

756

   

Belfor Holdings, Inc., 1 mo. USD Term SOFR + 3.000%7,10

 

(B-, B2)

 

11/01/30

   

7.322

     

754,943

   
 

2,488

   

Belron Finance 2019 LLC, 3 mo. USD Term SOFR + 2.750%10

 

(BB-, Ba3)

 

10/16/31

   

7.052

     

2,484,739

   
 

703

   

Construction Partners, Inc., 1 mo. USD Term SOFR + 2.500%10

 

(B+, B1)

 

11/03/31

   

6.820

     

699,229

   
 

3,976

   

CoreLogic, Inc., 1 mo. USD Term SOFR + 3.500%10

 

(B-, B2)

 

06/02/28

   

7.936

     

3,931,769

   
 

3,829

   

Form Technologies LLC, 3 mo. USD Term SOFR + 5.750%10

 

(B-, B3)

 

07/19/30

   

10.020

     

3,663,352

   
 

2,241

   

Fugue Finance BV, 6 mo. USD Term SOFR + 3.250%10

 

(B, B2)

 

01/09/32

   

7.496

     

2,241,273

   
 

1,979

   

Gloves Buyer, Inc., 1 mo. USD Term SOFR + 4.000%7,10

 

(B-, B3)

 

12/29/27

   

8.436

     

1,895,254

   
 

2,750

   

Gloves Buyer, Inc.10,12

 

(B-, B3)

 

01/17/32

   

0.000

     

2,641,680

   
 

1,276

   

KUEHG Corp., 3 mo. USD Term SOFR + 3.250%10

 

(B+, B1)

 

06/12/30

   

7.549

     

1,273,114

   
 

273

   

LaserShip, Inc., 3 mo. USD Term SOFR + 4.000%10

 

(CCC-, Caa2)

 

01/02/29

   

8.299

     

142,514

   
 

656

   

LaserShip, Inc., 3 mo. USD Term SOFR + 6.250%10

 

(B, B2)

 

01/02/29

   

10.549

     

639,236

   
 

3,811

   

LaserShip, Inc., 3 mo. USD Term SOFR + 5.500%10

 

(CCC, Caa2)

 

08/10/29

   

10.061

     

1,894,171

   
 

531

   

LaserShip, Inc., 3 mo. USD Term SOFR + 1.500%10

 

(CCC-, Caa3)

 

08/10/29

   

6.061

     

107,096

   
 

2,229

   

Nuvei Technologies Corp., 1 mo. USD Term SOFR + 3.000%10

 

(B+, B1)

 

11/17/31

   

7.322

     

2,217,513

   
 

593

   

Paint Intermediate III LLC, 3 mo. USD Term SOFR + 3.000%10

 

(B, B2)

 

10/09/31

   

7.302

     

592,367

   
 

2,945

   

PODS LLC, 3 mo. USD Term SOFR + 3.000%10

 

(B-, B3)

 

03/31/28

   

7.541

     

2,731,786

   
 

460

   

Savage Enterprises LLC, 1 mo. USD Term SOFR + 2.750%10

 

(BB-, B1)

 

09/15/28

   

7.069

     

460,554

   
 

1,386

   

Synechron, Inc., 3 mo. USD Term SOFR + 3.750%7,10

 

(B+, B1)

 

10/03/31

   

8.030

     

1,372,156

   
 

388

   

Teneo Holdings LLC, 1 mo. USD Term SOFR + 4.750%10

 

(B, B2)

 

03/13/31

   

9.072

     

389,115

   
 

400

   

TruGreen LP, 3 mo. USD Term SOFR + 8.500%7,9,10

 

(CCC, Caa3)

 

11/02/28

   

13.041

     

314,000

   
 

1,340

   

Wrench Group LLC, 3 mo. USD Term SOFR + 4.000%10

 

(B-, B3)

 

10/30/28

   

8.561

     

1,318,684

   
                                     

35,656,080

   

Tech Hardware & Equipment (1.3%)

     
 

3,120

   

Atlas CC Acquisition Corp., 3 mo. USD Term SOFR + 4.250%10

 

(B-, Caa2)

 

05/25/28

   

8.825

     

1,768,709

   
 

635

   

Atlas CC Acquisition Corp., 3 mo. USD Term SOFR + 4.250%10

 

(B-, B1)

 

05/25/28

   

8.825

     

359,736

   
 

785

   

Everest SubBidCo, 1 mo. USD Term SOFR + 4.500%7,10

 

(B-, B3)

 

12/10/31

   

8.772

     

779,077

   
 

391

   

Everest SubBidCo, 3 mo. USD Term SOFR + 4.500%7,10

 

(B-, B3)

 

12/10/31

   

8.777

     

388,080

   
 

3,992

   

Sandisk Corp., 3 mo. USD Term SOFR + 3.000%7,10

 

(BB, Ba3)

 

02/20/32

   

7.330

     

3,822,390

   
 

1,043

   

Ultra Clean Holdings, Inc., 1 mo. USD Term SOFR + 3.250%10

 

(B+, B1)

 

02/25/28

   

7.572

     

1,041,596

   
 

4,677

   

Vertiv Group Corp., 1 mo. USD Term SOFR + 1.750%10

 

(BB+, Ba2)

 

03/02/27

   

6.069

     

4,666,237

   
                                     

12,825,825

   


16


Credit Suisse Strategic Income Fund

Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
 

 

  Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Bank loans—(concluded)

     

Telecom—Wireless (0.1%)

     

$

785

   

SBA Senior Finance II LLC, 1 mo. USD Term SOFR + 1.750%10

 

(BBB-, Ba2)

 

01/25/31

 

6.080

 

$

785,726

   

Telecom—Wireline Integrated & Services (0.8%)

         
 

1,155

   

Altice Financing SA, 3 mo. USD Term SOFR + 5.000%10

 

(CCC+, Caa1)

 

10/31/27

 

9.256

   

945,756

   
 

976

   

Altice France SA, 3 mo. USD Term SOFR + 5.500%10

 

(CC, Caa2)

 

08/15/28

 

9.756

   

882,684

   
 

875

   

Altice France SA, U.S. (Fed) Prime Rate + 2.688%10

 

(CC, Caa2)

 

01/31/26

 

10.188

   

767,926

   
 

1,412

   

Level 3 Financing, Inc., 1 mo. USD Term SOFR + 4.250%10

 

(B+, B1)

 

03/27/32

 

8.572

   

1,411,201

   
 

2,022

   

Patagonia Holdco LLC, 3 mo. USD Term SOFR + 5.750%10

 

(NR, B1)

 

08/01/29

 

10.052

   

1,727,395

   
 

1,000

   

Virgin Media Bristol LLC, 1 mo. USD Term SOFR + 3.250%10

 

(B+, Ba3)

 

01/31/29

 

7.686

   

987,555

   
 

1,000

   

Virgin Media Bristol LLC, 1 mo. USD Term SOFR + 2.500%10

 

(B+, Ba3)

 

01/31/28

 

6.936

   

987,865

   
                                     

7,710,382

   

Theaters & Entertainment (0.6%)

         
 

3,111

   

Herschend Entertainment Co. LLC, 1 mo. USD Term SOFR + 3.000%7,10

 

(BB-, Ba3)

 

08/27/28

 

7.322

   

3,095,347

   
 

3,139

   

UFC Holdings LLC, 3 mo. USD Term SOFR + 2.250%10

 

(BB, Ba3)

 

11/21/31

 

6.580

   

3,139,583

   
                                     

6,234,930

   

Transport Infrastructure/Services (0.0%)

         
 

431

     

NA Rail HoldCo. LLC, U.S. (Fed) Prime Rate + 3.000%10

   

(B, B2)

 

03/08/32

 

7.286

   

430,782

   
        Total bank loans
(Cost $598,474,584)
 

 

 

 

 

 

   

576,480,335

   

Asset backed securities (3.2%)

         

Collateralized Debt Obligations (3.2%)

         
 

1,350

   

Anchorage Capital CLO 15 Ltd., 2020-15A, Rule 144A, 3 mo. USD Term SOFR + 7.662%1,10

 

(NR, Ba3)

 

07/20/34

 

11.931

   

1,318,212

   
 

1,000

   

Battalion CLO XIV Ltd., 2019-14A, Rule 144A, 3 mo. USD Term SOFR + 3.702%1,10

 

(NR, Baa3)

 

01/20/35

 

7.971

   

960,971

   
 

2,500

   

Battalion CLO XXIV Ltd., 2022-24A, Rule 144A, 3 mo. USD Term SOFR + 3.500%1,10

 

(NR, NR)

 

07/14/36

 

7.742

   

2,493,862

   
 

750

    Carlyle Global Market Strategies CLO Ltd., 2014-3RA, Rule 144A,
3 mo. USD Term SOFR + 5.662%1,10
 

(BB-, NR)

 

07/27/31

 

9.944

   

731,757

   
 

3,000

   

Cedar Funding IV CLO Ltd., 2014-4A, Rule 144A, 3 mo. USD Term SOFR + 1.340%1,10

 

(AAA, NR)

 

01/23/38

 

5.619

   

3,002,103

   
 

3,000

   

Cedar Funding XII CLO Ltd., 2020-12A, Rule 144A, 3 mo. USD Term SOFR + 1.200%1,10

 

(AAA, NR)

 

01/25/38

 

5.457

   

2,965,115

   
 

2,000

   

CIFC Funding 2018-IV Ltd., 2018-4A, Rule 144A, 3 mo. USD Term SOFR + 1.220%1,10

 

(NR, Aaa)

 

01/17/38

 

5.490

   

1,978,380

   
 

1,250

   

CIFC Funding Ltd., 2013-2A, Rule 144A, 3 mo. USD Term SOFR + 6.782%1,10

 

(B+, NR)

 

10/18/30

 

11.051

   

1,230,938

   
 

750

   

CIFC Funding Ltd., 2014-1A, Rule 144A, 3 mo. USD Term SOFR + 6.112%1,10

 

(B+, NR)

 

01/18/31

 

10.381

   

727,911

   
 

2,150

   

Generate CLO 3 Ltd., Rule 144A, 3 mo. USD Term SOFR + 4.900%1,10

 

(BBB-, NR)

 

10/20/36

 

9.169

   

2,160,803

   
 

1,225

   

Greywolf CLO V Ltd., 2015-1A, Rule 144A, 3 mo. USD Term SOFR + 6.112%1,10

 

(BB-, NR)

 

01/27/31

 

10.393

   

1,221,224

   
 

500

   

Halcyon Loan Advisors Funding Ltd., 2015-2A, Rule 144A1,9,10

 

(NR, NR)

 

07/25/27

 

0.000

   

75

   
 

1,000

   

KKR CLO 16 Ltd., Rule 144A, 3 mo. USD Term SOFR + 7.372%1,10

 

(BB-, NR)

 

10/20/34

 

11.641

   

937,458

   
 

500

   

KKR CLO 20 Ltd., Rule 144A, 3 mo. USD Term SOFR + 5.762%1,10

 

(NR, Ba3)

 

10/16/30

 

10.022

   

491,541

   
 

2,100

   

KKR CLO 37 Ltd., Rule 144A, 3 mo. USD Term SOFR + 1.170%1,10

 

(NR, Aaa)

 

04/20/38

 

5.478

   

2,082,808

   
 

1,000

   

Marble Point CLO XXIII Ltd., 2021-4A, Rule 144A, 3 mo. USD Term SOFR + 6.012%1,10

 

(NR, Ba1)

 

01/22/35

 

10.284

   

992,687

   
 

2,704

   

Neuberger Berman CLO XVI-S Ltd., 2017-16SA, Rule 144A1,9,10

 

(NR, NR)

 

04/15/39

 

0.000

   

1,576,847

   
 

2,500

    Octagon Investment Partners 38 Ltd., 2018-1A, Rule 144A,
3 mo. USD Term SOFR + 4.650%1,10
 

(NR, NR)

 

10/20/37

 

8.919

   

2,515,696

   
 

3,000

   

Strata CLO II Ltd., 2021-1A, Rule 144A, 3 mo. USD Term SOFR + 4.410%1,10

 

(BBB-, NR)

 

10/20/33

 

8.679

   

2,993,580

   
 

500

   

Venture XXVIII CLO Ltd., 2017-28A, Rule 144A, 3 mo. USD Term SOFR + 6.412%1,10

 

(NR, Ba3)

 

07/20/30

 

10.681

   

348,932

   
 

1,000

   

Vibrant CLO III Ltd., 2015-3A, Rule 144A, 3 mo. USD Term SOFR + 3.762%1,10

 

(NR, Ba1)

 

10/20/31

 

8.031

   

1,008,011

   
 

500

   

Voya CLO Ltd., 2014-4A, Rule 144A, 3 mo. USD Term SOFR + 3.612%1,10

 

(BBB-, NR)

 

07/14/31

 

7.853

   

502,173

   
        Total asset backed securities
(Cost $32,775,464)
                           

32,241,084

   


17


Credit Suisse Strategic Income Fund

Schedule of Investments

April 30, 2025 (unaudited)

Shares

 

 

             

Value

 

Common stocks (0.7%)

     

Auto Parts & Equipment (0.0%)

     
 

23

   

Jason, Inc.4

                         

$

129,140

   

Building Materials (0.1%)

     
 

118,480

   

JELD-WEN Holding, Inc.4

                           

654,010

   

Cable & Satellite TV (0.0%)

     
 

54,000

   

Altice USA, Inc., Class A4

                           

133,920

   

Chemicals (0.0%)

     
 

25,202

   

Proppants Holdings LLC6,7,9

                           

504

   
 

6,341

   

Utex Industries

                           

230,387

   
                                     

230,891

   

Energy—Exploration & Production (0.0%)

     
 

37,190

   

PES Energy, Class A4,6,7,9

                           

372

   

Investments & Misc. Financial Services (0.0%)

     
 

2,810

   

Altisource Portfolio Solutions SA2,4

                           

2,866

   
 

102,730

   

Altisource Portfolio Solutions SA2,4,6

                           

104,785

   
                                     

107,651

   

Metals & Mining—Excluding Steel (0.2%)

     
 

1,100,000

   

Taseko Mines Ltd.4

                           

2,492,579

   

Personal & Household Products (0.0%)

     
 

29,405

   

Dream Well, Inc.4

                           

264,645

   
 

29,405

   

Serta Simmons Bedding Equipment Co.4,6,7

                           

0

   
                                     

264,645

   

Pharmaceuticals (0.0%)

     
 

37,299

   

Akorn, Inc.4

                           

1,119

   

Private Placement (0.0%)

     
 

127,439,226

   

Technicolor Creative Studios SA4,6,7,14

                           

0

   

Recreation & Travel (0.4%)

     
 

173,570

   

Cineworld Group PLC4

                           

3,539,613

   

Specialty Retail (0.0%)

     
 

66

   

Eagle Investments Holding Co. LLC, Class B4,6,7

                           

1

   
        Total common stocks
(Cost $7,914,644)
                           

7,553,941

   

Warrants (0.0%)

     

Chemicals (0.0%)

     
 

6,300

   

Project Investor Holdings LLC, expires 02/08/20264,6,7,9

                           

0

   

Investments & Misc. Financial Services (0.0%)

     
 

2,821

   

Altisource Solutions SARL4,6,7

                           

29

   
 

2,821

   

Altisource Solutions SARL4,6,7

                           

28

   
 

6,000

   

Movella Holdings, Inc., expires 12/31/20274,6,7

                           

0

   
                                     

57

   

Software—Services (0.0%)

     
 

26,666

   

Brand Engagement Network, Inc., expires 03/14/20294

                           

493

   
        Total warrants
(Cost $16,969)
                           

550

   


18


Credit Suisse Strategic Income Fund

Schedule of Investments

April 30, 2025 (unaudited)

Shares

 

 

             

Value

 

Short-term investments (8.6%)

 
 

49,397,112

   

State Street Institutional U.S. Government Money Market Fund—Premier Class, 4.31%

                         

$

49,397,112

   
 

38,017,965

   

State Street Navigator Securities Lending Government Money Market Portfolio, 4.36%15

                           

38,017,965

   
    Total short-term investments
(Cost $87,415,077)
                           

87,415,077

   
    Total investments at value (106.1%)
(Cost $1,098,852,779)
                           

1,073,679,548

   
   

Liabilities in Excess of Other Assets (-6.1%)

                           

(61,600,810

)

 
   

Net assets (100.0%)

                         

$

1,012,078,738

   

†  ​Credit ratings given by the S&P Global Ratings Division of S&P Global Inc. ("S&P") and Moody's Investors Service, Inc. ("Moody's") are unaudited.

1  ​Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2025, these securities amounted to a value of $393,415,738 or 38.9% of net assets.

2  ​Security or portion thereof is out on loan (See Note 2-K).

3  ​This security is denominated in Euro.

4  ​Non-income producing security.

5  ​Bond is currently in default.

6  ​Not readily marketable security; security is valued at fair value as determined in good faith by UBS Asset Management (Americas) LLC as the Fund's valuation designee under the oversight of the Board of Trustees (See Note 2-A).

7  ​Security is valued using significant unobservable inputs.

8  ​PIK: Payment-in-kind security for which part of the income earned may be paid as additional principal.

9  ​Illiquid security.

10  ​Variable rate obligation—The interest rate shown is the rate in effect as of April 30, 2025. The rate may be subject to a cap and floor.

11  ​All or a portion is an unfunded loan commitment (See Note 2-J).

12  ​Position is unsettled. Contract rate was not determined at April 30, 2025 and does not take effect until settlement.

13  ​This security is denominated in British Pound.

14  ​Security is held through holdings of 100 shares of the CIG Special Purpose SPC—Credit Suisse Strategic Income Fund Segregated Portfolio, an affiliated entity.

15  ​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

NR = Not Rated

SARL = société à responsabilité limitée

SOFR = Secured Overnight Financing Rate

SONIA = Sterling Overnight Index Average

WR = Withdrawn Rating


19


Credit Suisse Strategic Income Fund

Schedule of Investments

April 30, 2025 (unaudited)

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
 
CAD

407,000

   

USD

284,759

   

10/07/25

 

Barclays Bank PLC

 

$

284,759

   

$

296,857

   

$

12,098

   

CAD

814,000

   

USD

575,797

   

10/07/25

 

Deutsche Bank AG

   

575,797

     

593,714

     

17,917

   

CAD

737,000

   

USD

521,985

   

10/07/25

 

JPMorgan Chase

   

521,985

     

537,552

     

15,567

   

CAD

638,000

   

USD

461,170

   

10/07/25

 

Morgan Stanley

   

461,170

     

465,343

     

4,173

   

EUR

2,939,792

   

USD

3,145,381

   

10/07/25

 

Deutsche Bank AG

   

3,145,381

     

3,373,617

     

228,236

   

EUR

32,154

   

USD

35,461

   

10/07/25

 

JPMorgan Chase

   

35,461

     

36,899

     

1,438

   

GBP

22,462

   

USD

28,575

   

10/07/25

 

JPMorgan Chase

   

28,575

     

30,016

     

1,441

   

USD

3,251,016

   

CAD

4,400,000

   

10/07/25

 

Deutsche Bank AG

   

(3,251,016

)

   

(3,209,263

)

   

41,753

   

USD

41,581

   

EUR

35,740

   

10/07/25

 

JPMorgan Chase

   

(41,581

)

   

(41,014

)

   

567

   

Total unrealized appreciation

                     

$

323,190

   
Forward
currency to be
purchased
  Forward
currency to be
sold
  Settlement
date
 

Counterparty

  Value on
settlement date
  Current
value/notional
  Unrealized
depreciation
 
USD

72,006

   

CAD

99,000

   

10/07/25

 

Barclays Bank PLC

 

$

(72,006

)

 

$

(72,208

)

 

$

(202

)

 

USD

119,896

   

CAD

165,000

   

10/07/25

 

JPMorgan Chase

   

(119,896

)

   

(120,347

)

   

(451

)

 

USD

989,055

   

CAD

1,386,000

   

10/07/25

 

Morgan Stanley

   

(989,055

)

   

(1,010,918

)

   

(21,863

)

 

USD

2,292,948

   

EUR

2,079,544

   

10/07/25

 

Deutsche Bank AG

   

(2,292,948

)

   

(2,386,421

)

   

(93,473

)

 

USD

2,643,316

   

EUR

2,361,738

   

10/07/25

 

Morgan Stanley

   

(2,643,316

)

   

(2,710,258

)

   

(66,942

)

 

USD

18,855

   

GBP

15,105

   

10/07/25

 

Deutsche Bank AG

   

(18,855

)

   

(20,185

)

   

(1,330

)

 

USD

877,014

   

GBP

675,633

   

10/07/25

 

Morgan Stanley

   

(877,014

)

   

(902,845

)

   

(25,831

)

 

Total unrealized depreciation

                     

$

(210,092

)

 

Total net unrealized appreciation/(depreciation)

                     

$

113,098

   

Currency abbreviations:

CAD = Canadian Dollar

EUR = Euro

GBP = British Pound

USD = United States Dollar

See accompanying notes to financial statements.
20


Credit Suisse Strategic Income Fund

Statement of assets and liabilities
April 30, 2025 (unaudited)

Assets:

 

Investments at value, including collateral for securities on loan of $38,017,965 (Cost $1,098,852,779) (Note 2)

 

$

1,073,679,5481

   

Foreign currency at value (Cost $342,074)

   

367,210

   

Receivable for investments sold

   

15,599,059

   

Interest receivable

   

10,486,515

   

Receivable for Fund shares sold

   

6,577,571

   

Unrealized appreciation on forward foreign currency contracts (Note 2)

   

323,190

   

Prepaid expenses and other assets

   

86,416

   

Total assets

   

1,107,119,509

   

Liabilities:

 

Investment advisory fee payable (Note 3)

   

486,974

   

Administrative services fee payable (Note 3)

   

51,015

   

Shareholder servicing/Distribution fee payable (Note 3)

   

119,701

   

Payable for investments purchased

   

49,498,489

   

Payable upon return of securities loaned (Note 2)

   

38,017,965

   

Payable for Fund shares redeemed

   

2,653,607

   

Dividend payable

   

1,651,518

   

Due to custodian

   

1,383,209

   

Unfunded loan commitments (Note 2)

   

611,034

   

Unrealized depreciation on forward foreign currency contracts (Note 2)

   

210,092

   

Trustees' fee payable

   

31,380

   

Accrued expenses

   

325,787

   

Total liabilities

   

95,040,771

   

Net assets:

 

Capital stock, $.001 par value (Note 6)

   

108,204

   

Paid-in capital (Note 6)

   

1,076,408,577

   

Total distributable earnings (loss)

   

(64,438,043

)

 

Net assets

 

$

1,012,078,738

   

Class I

 

Net assets

 

$

889,037,114

   

Shares outstanding

   

95,052,463

   

Net asset value, offering price and redemption price per share

 

$

9.35

   

Class A

 

Net assets

 

$

67,509,770

   

Shares outstanding

   

7,218,133

   

Net asset value and redemption price per share

 

$

9.35

   

Maximum offering price per share (net asset value/(1-4.75%))

 

$

9.82

   

Class C

 

Net assets

 

$

55,531,854

   

Shares outstanding

   

5,933,333

   

Net asset value, offering price and redemption price per share

 

$

9.36

   

1​  Includes $37,105,426 of securities on loan.

See accompanying notes to financial statements.
21


Credit Suisse Strategic Income Fund

Statement of operations
For the six months ended April 30, 2025 (unaudited)

Investment Income:

 

Interest

 

$

37,235,316

   

Dividends

   

19,794

   

Securities lending (net of rebates)

   

68,520

   

Total investment income

   

37,323,630

   

Expenses:

 

Investment advisory fees (Note 3)

   

4,023,872

   

Administrative services fees (Note 3)

   

104,340

   

Shareholder servicing/Distribution fees (Note 3)

 

Class A

   

79,800

   

Class C

   

262,783

   

Transfer agent fees

   

311,320

   

Custodian fees

   

104,920

   

Trustees' fees

   

85,709

   

Registration fees

   

57,946

   

Legal fees

   

47,489

   

Commitment fees (Note 4)

   

46,843

   

Audit and tax fees

   

26,783

   

Printing fees

   

19,630

   

Insurance expense

   

9,196

   

Miscellaneous expense

   

10,405

   

Total expenses

   

5,191,036

   

Less: fees waived and expenses reimbursed (Note 3)

   

(1,064,098

)

 

Net expenses

   

4,126,938

   

Net investment income

   

33,196,692

   

Net realized and unrealized gain (loss) from investments, foreign currency and forward foreign currency contracts:

 

Net realized gain from investments

   

559,501

   

Net realized loss from foreign currency transactions

   

(9,547

)

 

Net change in unrealized appreciation (depreciation) from investments

   

(20,794,591

)

 

Net change in unrealized appreciation (depreciation) from foreign currency translations

   

26,112

   

Net change in unrealized appreciation (depreciation) from forward foreign currency contracts

   

(4,020

)

 

Net realized and unrealized loss from investments, foreign currency and forward foreign currency contracts

   

(20,222,545

)

 

Net increase in net assets resulting from operations

 

$

12,974,147

   

See accompanying notes to financial statements.
22


Credit Suisse Strategic Income Fund

Statements of changes in net assets

    For the
six months
ended
April 30, 2025
(unaudited)
  For the
year ended
October 31, 2024
 

From operations:

 

Net investment income

 

$

33,196,692

   

$

46,820,136

   

Net realized gain (loss) from investments, foreign currency transactions and forward foreign currency contracts

   

549,954

     

(1,042,123

)

 
Net change in unrealized appreciation (depreciation) from investments, foreign currency translations and
forward foreign currency contracts
   

(20,772,499

)

   

23,592,942

   

Net increase in net assets resulting from operations

   

12,974,147

     

69,370,955

   

From distributions:

 

From distributable earnings

 

Class I

   

(29,520,321

)

   

(40,990,878

)

 

Class A

   

(2,160,692

)

   

(3,219,628

)

 

Class C

   

(1,583,845

)

   

(2,611,178

)

 

Net decrease in net assets resulting from distributions

   

(33,264,858

)

   

(46,821,684

)

 

From capital share transactions (Note 6):

 

Proceeds from sale of shares

   

368,128,698

     

624,227,892

   

Reinvestment of distributions

   

24,281,329

     

38,220,961

   

Net asset value of shares redeemed

   

(208,561,366

)

   

(209,711,466

)

 

Net increase in net assets from capital share transactions

   

183,848,661

     

452,737,387

   

Net increase in net assets

   

163,557,950

     

475,286,658

   

Net assets:

 

Beginning of period

   

848,520,788

     

373,234,130

   

End of period

 

$

1,012,078,738

   

$

848,520,788

   

See accompanying notes to financial statements.
23


Credit Suisse Strategic Income Fund

Financial highlights

(For a Class I share of the Fund outstanding throughout each period)

    For the six months ended
April 30, 2025
 

For the year ended October 31,

 
   

(unaudited)

 

2024

 

2023

 

2022

 

2021

 

2020

 

Per share data:

 

Net asset value, beginning of period

 

$

9.54

   

$

9.08

   

$

8.91

   

$

10.12

   

$

9.57

   

$

9.88

   

Investment operations:

 

Net investment income1

   

0.33

     

0.74

     

0.75

     

0.47

     

0.40

     

0.51

   
Net gain (loss) from investments, foreign currency
transactions and forward foreign currency contracts
(both realized and unrealized)
   

(0.19

)

   

0.46

     

0.17

     

(1.20

)

   

0.56

     

(0.31

)

 

Total from investment operations

   

0.14

     

1.20

     

0.92

     

(0.73

)

   

0.96

     

0.20

   

Less dividends:

 

Dividends from net investment income

   

(0.33

)

   

(0.74

)

   

(0.75

)

   

(0.48

)

   

(0.41

)

   

(0.51

)

 

Total dividends

   

(0.33

)

   

(0.74

)

   

(0.75

)

   

(0.48

)

   

(0.41

)

   

(0.51

)

 

Net asset value, end of period

 

$

9.35

   

$

9.54

   

$

9.08

   

$

8.91

   

$

10.12

   

$

9.57

   

Total return2

   

1.48

%

   

13.61

%

   

10.57

%

   

(7.41

)%

   

10.11

%

   

2.21

%

 

Ratios and supplemental data:

 

Net assets, end of period (000s omitted)

 

$

889,037

   

$

740,431

   

$

316,613

   

$

363,915

   

$

420,435

   

$

190,537

   

Ratio of net expenses to average net assets

   

0.79

%3

   

0.79

%

   

0.79

%

   

0.79

%

   

0.79

%

   

0.80

%

 

Ratio of net investment income to average net assets

   

7.00

%3

   

7.77

%

   

8.14

%

   

4.88

%

   

3.93

%

   

5.33

%

 
Decrease reflected in above operating expense ratios
due to waivers/reimbursements
   

0.22

%3

   

0.28

%

   

0.31

%

   

0.29

%

   

0.26

%

   

0.31

%

 

Portfolio turnover rate4

   

28

%

   

44

%

   

73

%

   

56

%

   

46

%

   

34

%

 

1​  Per share information is calculated using the average shares outstanding method.

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

3​  Annualized.

4​  Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

See accompanying notes to financial statements.


24


Credit Suisse Strategic Income Fund

Financial highlights

(For a Class A share of the Fund outstanding throughout each period)

    For the six months ended
April 30, 2025
 

For the year ended October 31,

 
   

(unaudited)

 

2024

 

2023

 

2022

 

2021

 

2020

 

Per share data:

 

Net asset value, beginning of period

 

$

9.54

   

$

9.08

   

$

8.91

   

$

10.13

   

$

9.57

   

$

9.88

   

Investment operations:

 

Net investment income1

   

0.32

     

0.71

     

0.72

     

0.44

     

0.38

     

0.49

   
Net gain (loss) from investments, foreign currency
transactions and forward foreign currency contracts
(both realized and unrealized)
   

(0.19

)

   

0.47

     

0.18

     

(1.21

)

   

0.56

     

(0.31

)

 

Total from investment operations

   

0.13

     

1.18

     

0.90

     

(0.77

)

   

0.94

     

0.18

   

Less dividends:

 

Dividends from net investment income

   

(0.32

)

   

(0.72

)

   

(0.73

)

   

(0.45

)

   

(0.38

)

   

(0.49

)

 

Total dividends

   

(0.32

)

   

(0.72

)

   

(0.73

)

   

(0.45

)

   

(0.38

)

   

(0.49

)

 

Net asset value, end of period

 

$

9.35

   

$

9.54

   

$

9.08

   

$

8.91

   

$

10.13

   

$

9.57

   

Total return2

   

1.36

%

   

13.34

%

   

10.30

%

   

(7.73

)%

   

9.95

%

   

1.96

%

 

Ratios and supplemental data:

 

Net assets, end of period (000s omitted)

 

$

67,510

   

$

58,890

   

$

25,795

   

$

21,933

   

$

31,102

   

$

34,254

   

Ratio of net expenses to average net assets

   

1.04

%3

   

1.04

%

   

1.04

%

   

1.04

%

   

1.04

%

   

1.05

%

 

Ratio of net investment income to average net assets

   

6.75

%3

   

7.52

%

   

7.90

%

   

4.62

%

   

3.78

%

   

5.10

%

 
Decrease reflected in above operating expense ratios
due to waivers/reimbursements
   

0.22

%3

   

0.28

%

   

0.31

%

   

0.29

%

   

0.26

%

   

0.31

%

 

Portfolio turnover rate4

   

28

%

   

44

%

   

73

%

   

56

%

   

46

%

   

34

%

 

1​  Per share information is calculated using the average shares outstanding method.

2​  Total returns are historical and include change in share price, reinvestment of all distributions and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized.

3​  Annualized.

4​  Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

See accompanying notes to financial statements.


25


Credit Suisse Strategic Income Fund

Financial highlights

(For a Class C share of the Fund outstanding throughout each period)

    For the six months ended
April 30, 2025
 

For the year ended October 31,

 
   

(unaudited)

 

2024

 

2023

 

2022

 

2021

 

2020

 

Per share data:

 

Net asset value, beginning of period

 

$

9.54

   

$

9.08

   

$

8.92

   

$

10.13

   

$

9.57

   

$

9.88

   

Investment operations:

 

Net investment income1

   

0.28

     

0.65

     

0.66

     

0.37

     

0.31

     

0.41

   
Net gain (loss) from investments, foreign currency
transactions and forward foreign currency contracts
(both realized and unrealized)
   

(0.18

)

   

0.46

     

0.16

     

(1.20

)

   

0.56

     

(0.31

)

 

Total from investment operations

   

0.10

     

1.11

     

0.82

     

(0.83

)

   

0.87

     

0.10

   

Less dividends:

 

Dividends from net investment income

   

(0.28

)

   

(0.65

)

   

(0.66

)

   

(0.38

)

   

(0.31

)

   

(0.41

)

 

Total dividends

   

(0.28

)

   

(0.65

)

   

(0.66

)

   

(0.38

)

   

(0.31

)

   

(0.41

)

 

Net asset value, end of period

 

$

9.36

   

$

9.54

   

$

9.08

   

$

8.92

   

$

10.13

   

$

9.57

   

Total return2

   

1.09

%

   

12.50

%

   

9.36

%

   

(8.32

)%

   

9.13

%

   

1.19

%

 

Ratios and supplemental data:

 

Net assets, end of period (000s omitted)

 

$

55,532

   

$

49,200

   

$

30,826

   

$

29,454

   

$

39,867

   

$

42,566

   

Ratio of net expenses to average net assets

   

1.79

%3

   

1.79

%

   

1.79

%

   

1.79

%

   

1.79

%

   

1.80

%

 

Ratio of net investment income to average net assets

   

6.01

%3

   

6.82

%

   

7.19

%

   

3.89

%

   

3.03

%

   

4.35

%

 
Decrease reflected in above operating expense ratios
due to waivers/reimbursements
   

0.22

%3

   

0.28

%

   

0.31

%

   

0.29

%

   

0.26

%

   

0.31

%

 

Portfolio turnover rate4

   

28

%

   

44

%

   

73

%

   

56

%

   

46

%

   

34

%

 

1​  Per share information is calculated using the average shares outstanding method.

2​  Total returns are historical and include change in share price, reinvestment of all distributions and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized.

3​  Annualized.

4​  Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

See accompanying notes to financial statements.


26


Credit Suisse Strategic Income Fund

Notes to Financial Statements

April 30, 2025 (unaudited)

Note 1. Organization

Credit Suisse Strategic Income Fund (the "Fund"), a series of Credit Suisse Opportunity Funds (the "Trust"), a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified open-end management investment company that seeks total return. The Trust was organized under the laws of the State of Delaware as a business trust on May 31, 1995.

UBS Asset Management (Americas) LLC ("UBS AM (Americas)" or the "Adviser"), the investment adviser to the Fund, is registered as an investment adviser with the Securities and Exchange Commission ("SEC") and as a Commodity Pool Operator with the Commodity Futures Trading Commission. UBS Asset Management (US) Inc. ("UBS AM (US)") serves as the principal underwriter for the Fund. UBS AM (Americas) 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.

The Fund offers three classes of shares: Class I shares, Class A shares and Class C shares. Each class of shares represents an equal pro rata interest in the Fund, except the share classes bear different expenses. Class A shares are sold subject to a front-end sales charge of up to 4.75%. Class C shares are sold subject to a contingent deferred sales charge ("CDSC") of 1.00% if the shares are redeemed within the first year of purchase. Class I shares are sold without a sales charge. Effective June 30, 2021, Class C shares, upon the eight year anniversary of purchase, will convert to Class A shares.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting ("Topic 280")—Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's portfolio management team acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is predetermined in accordance with the Fund's single investment objective which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) which are used by the CODM to assess the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying statement of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying statement of operations.

Note 2. Significant accounting policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in accordance with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is considered an investment company for financial reporting purposes under GAAP and follows the accounting and reporting guidance in FASB Accounting Standards Codification ("ASC") Topic 946—Financial Services—Investment Companies.

A) SECURITY VALUATION—The Board of Trustees (the "Board") is responsible for the Fund's valuation process. The Board has delegated the supervision of the daily valuation process to the Adviser, who has established a Pricing Committee and a Pricing Group, which, pursuant to the policies adopted by the Board, are responsible for making fair valuation determinations and overseeing the Fund's pricing policies. The net asset value ("NAV") of the Fund is


27


Credit Suisse Strategic Income Fund

Notes to Financial Statements

April 30, 2025 (unaudited)

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 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.


28


Credit Suisse Strategic Income Fund

Notes to Financial Statements

April 30, 2025 (unaudited)

The following is a summary of the inputs used as of April 30, 2025 in valuing the Fund's assets and liabilities carried at fair value:

Assets

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Investments in Securities

                 

Corporate Bonds

 

$

   

$

369,903,482

   

$

85,079

   

$

369,988,561

   

Bank Loans

   

     

510,473,355

     

66,006,980

     

576,480,335

   

Asset Backed Securities

   

     

32,241,084

     

     

32,241,084

   

Common Stocks

   

3,388,160

     

4,164,904

     

877

     

7,553,941

   

Warrants

   

493

     

     

57

     

550

   

Short-term Investments

   

87,415,077

     

     

     

87,415,077

   
   

$

90,803,730

   

$

916,782,825

   

$

66,092,993

   

$

1,073,679,548

   

Other Financial Instruments*

                 

Forward Foreign Currency Contracts

 

$

   

$

323,190

   

$

   

$

323,190

   

Liabilities

                 

Other Financial Instruments*

 

Forward Foreign Currency Contracts

 

$

   

$

210,092

   

$

   

$

210,092

   

*  Other financial instruments include unrealized appreciation (depreciation) on forward foreign currency contracts.

The following is a reconciliation of investments as of April 30, 2025 for which significant unobservable inputs were used in determining fair value.

   

Corporate bonds

 

Bank loans

 

Common stocks

 

Warrants

 

Total

 

Balance as of October 31, 2024

 

$

308,424

   

$

35,816,310

   

$

877

   

$

3,395

   

$

36,129,006

   

Accrued discounts (premiums)

   

     

34,407

     

     

     

34,407

   

Purchases

   

(45,527

)

   

44,253,681

     

     

57

     

44,208,211

   

Sales

   

     

(15,441,556

)

   

     

(2,248

)

   

(15,443,804

)

 

Realized gain (loss)

   

     

(72,065

)

   

     

(2,159

)

   

(74,224

)

 

Change in unrealized appreciation (depreciation)

   

(177,818

)

   

(345,087

)

   

     

1,012

     

(521,893

)

 

Transfers into Level 3

   

     

17,069,203

     

     

     

17,069,203

   

Transfers out of Level 3

   

     

(15,307,913

)

   

     

     

(15,307,913

)

 

Balance as of April 30, 2025

 

$

85,079

   

$

66,006,980

   

$

877

   

$

57

   

$

66,092,993

   
Net change in unrealized appreciation (depreciation)
from investments still held as of April 30, 2025
 

$

(177,728

)

 

$

(285,873

)

 

$

   

$

   

$

(463,601

)

 

 

 

Quantitative disclosure about significant unobservable inputs

 

Asset class

 

Fair value
at April 30, 2025

 

Valuation
technique

 

Unobservable
input

 

Price range
(Weighted average)*

 

Corporate Bonds

 

$

85,079

   

Income Approach

 

Expected Remaining Distribution

 

$0.00 – $0.76 ($0.76)

 

Bank Loans

   

0

   

Income Approach

 

Expected Remaining Distribution

 

0.00 (N/A)

 

   

0

   

Recent Transactions

 

Trade Price

 

0.00 (N/A)

 

   

66,006,980

   

Vendor Pricing

 

Single Broker Quote

 

0.74 – 1.00 (0.98)

 

Common Stocks

   

877

   

Income Approach

 

Expected Remaining Distribution

 

0.00 – 0.02 (0.02)

 

   

0

   

Recent Transactions

 

Trade Price

 

0.00 (N/A)

 

Warrants

   

0

   

Income Approach

 

Expected Remaining Distribution

 

0.00 (N/A)

 

   

57

   

Recent Transactions

 

Trade Price

 

0.01 (0.01)

 

*  Weighted by relative fair value


29


Credit Suisse Strategic Income Fund

Notes to Financial Statements

April 30, 2025 (unaudited)

Each fair value determination is based on a consideration of relevant factors, including both observable and unobservable inputs. Observable and unobservable inputs that UBS AM (Americas) considers may include (i) information obtained from the company, which may include an analysis of the company's financial statements, the company's products or intended markets or the company's technologies; (ii) the price of the same or similar security negotiated at arm's length in an issuer's completed subsequent round of financing; (iii) the price and extent of public trading in similar securities of the issuer or of comparable companies; or (iv) a probability and time value adjusted analysis of contractual term. Where available and appropriate, multiple valuation methodologies are applied to confirm fair value. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, determining fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for investments categorized in Level 3. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the least observable input that is significant to the fair value measurement. Additionally, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different from the valuations used at the date of these financial statements.

For the six months ended April 30, 2025, $17,069,203 was transferred from Level 2 to Level 3 due to a lack of a pricing source supported by observable inputs and $15,307,913 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 April 30, 2025 and the effect of these derivatives on the Statement of Operations for the six months ended April 30, 2025.

Primary underlying risk

  Derivative
assets1
  Derivative
liabilities1
  Realized
gain (loss)
  Net change in
unrealized
appreciation
(depreciation)
 

Foreign currency exchange risk

 

$

323,190

   

$

210,092

   

$

   

$

(4,020

)

 

1​  Generally, the balance sheet location for asset derivatives is unrealized appreciation and for liability derivatives is unrealized depreciation.

For the six months ended April 30, 2025, the Fund held an average monthly value on a net basis of $12,464,436 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.


30


Credit Suisse Strategic Income Fund

Notes to Financial Statements

April 30, 2025 (unaudited)

The following table presents by counterparty the Fund's derivative assets, net of related collateral held by the Fund, at April 30, 2025:

Counterparty

  Gross amount of derivative
assets presented in the
statement of assets
and liabilities
  Financial
instruments
and derivatives
available for offset
  Non-cash
collateral
received
  Cash
collateral
received
  Net amount
of derivative
assets
 

Barclays Bank PLC

 

$

12,098

   

$

(202

)

 

$

   

$

   

$

11,896

   

Deutsche Bank AG

   

287,906

     

(94,803

)

   

     

     

193,103

   

JPMorgan Chase

   

19,013

     

(451

)

   

     

     

18,562

   

Morgan Stanley

   

4,173

     

(4,173

)

   

     

     

   
   

$

323,190

   

$

(99,629

)

 

$

   

$

   

$

223,561

   

The following table presents by counterparty the Fund's derivative liabilities, net of related collateral pledged by the Fund, at April 30, 2025:

Counterparty

  Gross amount of derivative
liabilities presented in the
statement of assets
and liabilities
  Financial
instruments
and derivatives
available for offset
  Non-cash
collateral
pledged
  Cash
collateral
pledged
  Net amount
of derivative
liabilities
 

Barclays Bank PLC

 

$

202

   

$

(202

)

 

$

   

$

   

$

   

Deutsche Bank AG

   

94,803

     

(94,803

)

   

     

     

   

JPMorgan Chase

   

451

     

(451

)

   

     

     

   

Morgan Stanley

   

114,636

     

(4,173

)

   

     

     

110,463

   
   

$

210,092

   

$

(99,629

)

 

$

   

$

   

$

110,463

   

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. Certain expenses are class-specific expenses, vary by class and are charged only to that class. Income, expenses (excluding class-specific expenses) and realized/unrealized gains/losses are allocated proportionately to each class of shares based upon the relative NAV of the outstanding shares of that class. 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.


31


Credit Suisse Strategic Income Fund

Notes to Financial Statements

April 30, 2025 (unaudited)

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

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 April 30, 2025, for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

G) CASH—The Fund's uninvested cash balance is held in an interest bearing variable rate demand deposit account at State Street Bank and Trust Company ("SSB"), the Fund's custodian.

H) FUTURES—The Fund may enter into futures contracts to the extent permitted by its investment policies and objectives. The Fund may use futures contracts to gain exposure to or hedge against changes in interest rates, equity and market price movements and/or currency risks. Upon entering into a futures contract, the Fund is required to deposit cash and/or pledge U.S. Government securities as initial margin with a Futures Commission Merchant ("FCM"). Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying instrument, are made or received by the Fund each day (daily variation margin) and are recorded as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract. Risks of entering into futures contracts for hedging purposes include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. Futures have minimal counterparty credit risk because futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. In addition, the purchase of a futures contract involves the risk that the Fund could lose more than the original margin deposit and subsequent payments may be required for a futures transaction. The Fund's open futures contracts are disclosed in the Schedule of Investments. At April 30, 2025, the Fund had no open futures contracts.

The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM's proprietary activities. A customer's cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM's segregation requirements. In the event of an FCM's insolvency, recovery may be limited to the Fund's pro-rata share of segregated customer funds available. It is possible that the recovery amount could be less than the total of cash and other equity deposited.


32


Credit Suisse Strategic Income Fund

Notes to Financial Statements

April 30, 2025 (unaudited)

I) FORWARD FOREIGN CURRENCY CONTRACTS—A forward foreign currency exchange contract ("forward currency contract") is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. The Fund will enter into forward currency contracts primarily for hedging foreign currency risk. Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and unrealized gain/loss is recorded daily. On the settlement date of the forward currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was closed. Certain risks may arise upon entering into forward currency contracts from the potential inability of counterparties to meet the terms of their contracts. The maximum counterparty credit risk to the Fund is measured by the unrealized gain on appreciated contracts. Additionally, when utilizing forward currency contracts to hedge, the Fund forgoes the opportunity to profit from favorable exchange rate movements during the term of the contract. The Fund's open forward currency contracts at April 30, 2025 are disclosed in the Schedule of Investments.

J) UNFUNDED LOAN COMMITMENTS—The Fund enters into certain agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrowers' discretion. Funded and unfunded portions of credit agreements are presented in the Schedule of Investments. As of April 30, 2025, unfunded commitments were as follows:

Borrower

 

Maturity

 

Rate

  Unfunded
commitment
 

Air Comm Corp. LLC

 

12/11/31

   

1.000

%

 

$

189,178

   

Amspec Parent LLC

 

12/22/31

   

1.000

     

266,113

   

ARAMSCO, Inc.

 

10/10/30

   

4.750

     

94,362

   

Chrysaor Bidco SARL

 

10/30/31

   

3.500

     

22,583

   

Secretariat Advisors LLC

 

02/28/32

   

0.000

     

38,798

   

Unfunded loan commitments and funded portions of credit agreements are marked to market daily and any unrealized appreciation or depreciation is included in the Statement of Assets and Liabilities and the Statement of Operations.

K) SECURITIES LENDING—The initial collateral received by the Fund is required to have a value of at least 102% of the market value of domestic securities on loan (including any accrued interest thereon) and 105% of the market value of foreign securities on loan (including any accrued interest thereon). The collateral is maintained thereafter at a value equal to at least 102% of the current market value of the securities on loan. The market value of loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. Cash collateral received by the Fund in connection with securities lending activity may be pooled together with cash collateral for other funds/portfolios advised by UBS AM (Americas) and may be invested in a variety of investments, including funds advised by SSB or an affiliate, the Fund's securities lending agent, or money market instruments. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.


33


Credit Suisse Strategic Income Fund

Notes to Financial Statements

April 30, 2025 (unaudited)

SSB has been engaged by the Fund to act as the Fund's securities lending agent. As of April 30, 2025, the Fund had outstanding loans of securities to certain approved brokers for which the Fund received collateral:

Market value of loaned
securities
  Market value of cash
collateral
 
$

37,105,426

   

$

38,017,965

   

The following table presents financial instruments that are subject to enforceable netting arrangements as of April 30, 2025.

Gross amounts not offset in the statement of assets and liabilities

Gross asset amounts presented
in the statement
of assets and liabilitiesa
 

Collateral receivedb

 

Net amount

 
$

37,105,426

   

$

(37,105,426

)

 

$

   

a​  Represents market value of loaned securities at period end.

b​  The actual collateral received is greater than the amount shown here due to collateral requirements of the security lending agreement.

The Fund's securities lending arrangement provides that the Fund and SSB will share the net income earned from securities lending activities. Securities lending income is accrued as earned.  For the six months ended April 30, 2025, total earnings received in connection with securities lending arrangements was $652,042, of which $560,382 was rebated to borrowers (brokers). The Fund retained $68,520 in income, and SSB, as lending agent, was paid $23,140.

L) OTHER—The high yield, fixed income securities in which the Fund invests will primarily consist of senior secured floating rate loans ("Senior Loans") issued by non-investment grade companies. Senior Loans are typically secured by specific collateral of the issuer and hold the most senior position in the issuer's capital structure. The interest rate on Senior Loans is periodically adjusted to a recognized base rate. While these characteristics may reduce interest rate risk and mitigate losses in the event of borrower default, the Senior Loans in which the Fund invests have below investment grade credit ratings and thereby are considered speculative because of the significant credit risk of their issuers.

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

In addition, periods of economic uncertainty and changes can be expected to result in increased volatility of market prices of lower-rated debt securities and the Fund's NAV.

In the normal course of business, the Fund trades financial instruments and enters into financial transactions for which risk of potential loss exists due to changes in the market (market risk) or failure of the other party to a transaction to perform (credit risk). Similar to credit risk, the Fund may be exposed to counterparty risk, including with respect to securities lending, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default. The potential loss could exceed the value of the financial assets recorded in the financial statements. Financial assets, which potentially expose the Fund to credit risk, consist principally of cash due from counterparties and investments. The extent of the Fund's exposure to credit and counterparty risks in respect


34


Credit Suisse Strategic Income Fund

Notes to Financial Statements

April 30, 2025 (unaudited)

to these financial assets approximates their carrying value as recorded in the Fund's Statement of Assets and Liabilities.

Note 3. Transactions with affiliates and related parties

UBS AM (America) serves as the Fund's investment adviser and co-administrator. For its investment advisory and administration services, UBS AM (Americas) is entitled to receive a fee from the Fund at an annualized rate of 0.84% of the Fund's average daily net assets. For the six months ended April 30, 2025, investment advisory and administration fees earned and fees waived/expenses reimbursed by UBS AM (Americas) were $4,023,872 and $1,064,098, respectively. UBS AM (Americas) contractually agreed to limit expenses so that the Fund's annual operating expenses do not exceed 0.79% of the Fund's average daily net assets for Class I shares, 1.04% of the Fund's average daily net assets for Class A shares, and 1.79% of the Fund's average daily net assets for Class C shares. The Fund is authorized to reimburse UBS AM (Americas) for management fees previously waived and/or for expenses previously paid by UBS AM (Americas), provided, however, that any reimbursement must be paid at a date not more than thirty-six months following the applicable month during which such fees were waived or expenses were paid by UBS AM (Americas) and the reimbursement does not cause the applicable class's aggregate expenses, on an annualized basis, to exceed either (i) the applicable expense limitation in effect at the time such fees were waived or such expenses were paid by UBS AM (Americas) or (ii) the applicable expense limitation in effect at the time of such reimbursement. This contract may not be terminated before February 28, 2026. For the six months ended April 30, 2025, there was no recoupment.

The amounts waived and reimbursed by UBS AM (Americas), which are available for potential future recoupment by UBS AM (Americas), and the expiration schedule at April 30, 2025 are as follows:

    Fee waivers/
expense
reimbursements
subject to
recoupment
  Expires
October 31,
2025
  Expires
October 31,
2026
  Expires
October 31,
2027
  Expires
October 31,
2028
 

Class I

 

$

4,361,496

   

$

1,142,709

   

$

821,815

   

$

1,462,570

   

$

934,402

   

Class A

   

335,979

     

78,116

     

68,421

     

118,485

     

70,957

   

Class C

   

359,293

     

102,580

     

91,358

     

106,616

     

58,739

   

Totals

 

$

5,056,768

   

$

1,323,405

   

$

981,594

   

$

1,687,671

   

$

1,064,098

   

UBS AM (US) serves as the Fund's underwriter and distributor. Pursuant to a distribution plan adopted by the Fund pursuant to Rule 12b-1 under the 1940 Act, UBS AM (US) receives fees for its distribution services. These fees are calculated at an annual rate of 0.25% of the average daily net assets of the Class A shares. For the Class C shares, the fee is calculated at an annual rate of 1.00% of the average daily net assets. For the six months ended April 30, 2025, the Fund paid Rule 12b-1 distribution fees of $79,800 for Class A shares and $262,783 for Class C shares. Class I shares are not subject to Rule 12b-1 distribution fees.

For the six months ended April 30, 2025, UBS AM (US) and its affiliates advised the Fund that they retained $13,104 from commissions earned on the sale of the Fund's Class A shares. There were no commissions earned on the sale of Class C shares.

The Fund from time to time purchases or sells loan investments in the secondary market through UBS AM (Americas) or its affiliates acting in the capacity as broker-dealer. UBS AM (Americas) or its affiliates may have acted in some type of agent capacity to the initial loan offering prior to such loan trading in the secondary market.

Note 4. Line of credit

The Fund, together with other funds/portfolios advised by UBS AM (Americas) (collectively, the "Participating Funds"), participates in a committed, unsecured line of credit facility ("Credit Facility"), with SSB in an aggregated


35


Credit Suisse Strategic Income Fund

Notes to Financial Statements

April 30, 2025 (unaudited)

amount of $125 million for temporary or emergency purposes under a first-come, first-served basis. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee on the average unused amount of the Credit Facility, which is allocated among the Participating Funds in such manner as is determined by the governing boards of the Participating Funds. In addition, the Participating Funds pay interest on borrowings at either the Federal Funds Effective rate or the Overnight Bank Funding rate plus a spread. At April 30, 2025 and for the six months ended April 30, 2025, the Fund had no borrowings outstanding under the Credit Facility. Additionally, the Fund and another Participating Fund are parties to a joint uncommitted line of credit facility with SSB in an aggregated amount of $200 million. For the six months ended April 30, 2025, the line was not drawn upon and no fees were incurred.

Note 5. Purchases and sales of securities

For the six months ended April 30, 2025, purchases and sales of investment securities and U.S. Government and Agency Obligations (excluding short-term investments) were as follows:

Investment securities

  U.S. Government/
agency obligations
 
Purchases  

Sales

 

Purchases

 

Sales

 
$

415,015,634

   

$

256,307,257

   

$

0

   

$

0

   

Note 6. Capital share transactions

The Fund is authorized to issue an unlimited number of full and fractional shares of beneficial interest, $0.001 par value per share. The Fund offers Class I, Class A and Class C shares. Transactions in capital shares for each class of the Fund were as follows:

   

Class I

 
    For the six months ended
April 30, 2025 (unaudited)
  For the year ended
October 31, 2024
 
   

Shares

 

Value

 

Shares

 

Value

 

Shares sold

   

34,919,643

   

$

331,549,384

     

57,879,665

   

$

547,749,627

   

Shares issued in reinvestment of distributions

   

2,213,698

     

20,997,738

     

3,470,502

     

32,917,961

   

Shares redeemed

   

(19,728,658

)

   

(186,084,989

)

   

(18,576,880

)

   

(176,246,445

)

 

Net increase

   

17,404,683

   

$

166,462,133

     

42,773,287

   

$

404,421,143

   

  

   

Class A

 
    For the six months ended
April 30, 2025 (unaudited)
  For the year ended
October 31, 2024
 
   

Shares

 

Value

 

Shares

 

Value

 

Shares sold

   

2,592,654

   

$

24,637,289

     

5,862,804

   

$

55,519,580

   

Shares issued in reinvestment of distributions

   

194,451

     

1,844,642

     

302,621

     

2,870,995

   

Shares redeemed

   

(1,744,867

)

   

(16,493,902

)

   

(2,830,860

)

   

(26,836,335

)

 

Net increase

   

1,042,238

   

$

9,988,029

     

3,334,565

   

$

31,554,240

   

  

   

Class C

 
    For the six months ended
April 30, 2025 (unaudited)
  For the year ended
October 31, 2024
 
   

Shares

 

Value

 

Shares

 

Value

 

Shares sold

   

1,256,204

   

$

11,942,025

     

2,207,015

   

$

20,958,685

   

Shares issued in reinvestment of distributions

   

151,627

     

1,438,949

     

256,397

     

2,432,005

   

Shares redeemed

   

(630,494

)

   

(5,982,475

)

   

(700,475

)

   

(6,628,686

)

 

Net increase

   

777,337

   

$

7,398,499

     

1,762,937

   

$

16,762,004

   

  


36


Credit Suisse Strategic Income Fund

Notes to Financial Statements

April 30, 2025 (unaudited)

On April 30, 2025, the number of shareholders that held 5% or more of the outstanding shares of each class of the Fund was as follows:

    Number of
shareholders
  Approximate percentage
of outstanding shares
 

Class I

   

6

     

82

%

 

Class A

   

5

     

70

%

 

Class C

   

6

     

93

%

 

The Fund's performance may be negatively impacted in the event one or more of the Fund's greater than 5% shareholders were to redeem at a given time. Some of the shareholders may be omnibus accounts, which hold shares on behalf of individual shareholders.

Note 7. Contingencies

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

Note 8. Subsequent events

In preparing the financial statements as of April 30, 2025, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements through the date of release of this report. No such events requiring recognition or disclosure were identified through the date of the release of this report.


37


Credit Suisse Strategic Income Fund

Notice of privacy and information practices (unaudited)

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

Categories of information we may collect:

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

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

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

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

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

•  We want our investors to be informed about additional products or services. We do not disclose nonpublic personal information relating to individual investors to our affiliates for marketing purposes, nor do we use such information received from our affiliates to solicit individual investors for such purposes. Whether you are an individual investor or an institutional investor, we may disclose information, including nonpublic personal information, regarding our transactions and experiences with you to our affiliates.

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


Credit Suisse Strategic Income Fund

Notice of privacy and information practices (unaudited)

Confidentiality and security

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

Other disclosures

This notice is not intended to be incorporated in any offering materials, but is a statement of our current Notice of Privacy and Information Practices and may be amended from time to time. This notice is current as of May 13, 2025.


Credit Suisse Strategic Income 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 1-877-870-2874

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

•  On the website of the Securities and Exchange Commission ("SEC") at www.sec.gov

The Fund files its complete schedule of portfolio holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.


UBS Asset Management (US) Inc., DISTRIBUTOR.

P.O. Box 219916, Kansas City, Mo 64121-9916

877-870-2874 www.credit-suisse.com/us/funds

SIF-SAR -0425


Credit Suisse Floating Rate High
Income Fund

Semiannual Financial Statements | April 30, 2025 (unaudited)


Credit Suisse Floating Rate High Income Fund
Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
      Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Bank loans (86.9%)

     

Advertising (1.0%)

     

$

5,433

   

MH Sub I LLC, 1 mo. USD Term SOFR + 4.250%1

 

(B, B1)

 

05/03/28

   

8.572

   

$

5,154,430

   
 

13,687

   

MH Sub I LLC, 1 mo. USD Term SOFR + 4.250%1

 

(B, B1)

 

12/31/31

   

8.572

     

12,043,084

   
           

 

 

 

 

 

   

17,197,514

   

Aerospace & Defense (4.3%)

     
 

865

   

Air Comm Corp. LLC2

 

(B, B2)

 

12/11/31

   

1.000

     

858,353

   
 

10,385

   

Air Comm Corp. LLC, 1 mo. USD Term SOFR + 3.000%1

 

(B, B2)

 

11/21/31

   

7.321

     

10,300,240

   
 

16,848

   

Amentum Government Services Holdings LLC, 1 mo. USD Term SOFR + 2.250%1

 

(BB-, Ba3)

 

09/29/31

   

6.572

     

16,671,463

   
 

2,163

   

Bleriot U.S. Bidco, Inc., 3 mo. USD Term SOFR + 2.750%1

 

(B, B2)

 

10/31/30

   

7.049

     

2,151,578

   
 

5,223

    Brown Group Holding LLC,
1 mo. USD Term SOFR + 2.500%,
3 mo. USD Term SOFR + 2.500%1
 

(B+, B2)
 

07/01/31
 
6.780 -
6.822
   

5,176,564

   
 

7,268

   

Brown Group Holding LLC, 1 mo. USD Term SOFR + 2.500%1

 

(B+, B2)

 

07/01/31

   

6.822

     

7,204,530

   
 

2,637

    CACI International, Inc.,
1 mo. USD Term SOFR + 1.750%1
 
(BB+, Ba1)
 
10/30/31
  6.072 -
6.074
   

2,629,216

   
 

1,857

   

KBR, Inc., 1 mo. USD Term SOFR + 2.000%1

 

(BB+, Ba1)

 

01/19/31

   

6.322

     

1,859,960

   
 

6,261

   

KKR Apple Bidco LLC, 1 mo. USD Term SOFR + 2.500%1

 

(B, B2)

 

09/23/31

   

6.822

     

6,198,013

   
 

3,484

   

Peraton Corp., 3 mo. USD Term SOFR + 7.750%1

 

(NR, NR)

 

02/01/29

   

12.179

     

2,654,225

   
 

15,139

   

Peraton Corp., 1 mo. USD Term SOFR + 3.750%1

 

(B-, B2)

 

02/01/28

   

8.172

     

13,698,476

   
 

7,235

   

TransDigm, Inc., 3 mo. USD Term SOFR + 2.500%1

 

(BB-, Ba3)

 

02/28/31

   

6.799

     

7,171,693

   
 

378

   

TransDigm, Inc., 3 mo. USD Term SOFR + 2.750%1

 

(BB-, Ba3)

 

08/24/28

   

7.049

     

378,356

   
           

 

 

 

 

 

   

76,952,667

   

Air Transportation (0.2%)

     
 

2,732

   

Stonepeak Nile Parent LLC, 3 mo. USD Term SOFR + 2.750%1

 

(BB, Ba1)

 

04/09/32

   

6.980

     

2,689,681

   
 

1,662

   

United Airlines, Inc., 3 mo. USD Term SOFR + 2.000%1

 

(BBB-, Ba1)

 

02/22/31

   

6.275

     

1,659,797

   
           

 

 

 

 

 

   

4,349,478

   

Auto Parts & Equipment (2.7%)

     
 

8,488

   

Autokiniton U.S. Holdings, Inc., 1 mo. USD Term SOFR + 4.000%1

 

(B, B2)

 

04/06/28

   

8.436

     

8,368,509

   
 

2,226

   

Clarios Global LP1,3

 

(BB-, B1)

 

01/28/32

   

0.000

     

2,186,265

   
 

14,978

   

Clarios Global LP, 1 mo. USD Term SOFR + 2.500%1

 

(BB-, B1)

 

05/06/30

   

6.822

     

14,725,461

   
 

2,712

   

First Brands Group LLC (2021 Term Loan), 3 mo. USD Term SOFR + 5.000%1

 

(B+, B1)

 

03/30/27

   

9.541

     

2,528,627

   
 

6,715

   

First Brands Group LLC (2022 Incremental Term Loan), 3 mo. USD Term SOFR + 5.000%1

 

(B+, B1)

 

03/30/27

   

9.541

     

6,257,491

   
 

2,710

   

Jason Group, Inc., 1 mo. USD Term SOFR + 6.000%1,4

 

(NR, NR)

 

08/28/25

   

10.436

     

2,445,451

   
 

4,954

    Les Schwab Tire Centers,
1 mo. USD Term SOFR + 2.500%,
3 mo. USD Term SOFR + 2.500%1
 

(B, B2)
 

04/23/31
 
6.813 -
6.822
   

4,925,014

   
 

7,036

   

RVR Dealership Holdings LLC, 1 mo. USD Term SOFR + 3.750%1,5

 

(B, Caa1)

 

02/08/28

   

8.172

     

6,279,981

   
           

 

 

 

 

 

   

47,716,799

   

Automakers (0.1%)

     
 

2,354

   

Valvoline, Inc.1,3

 

(BB, Ba1)

 

03/19/32

   

0.000

     

2,351,325

   

Banking (0.3%)

     
 

5,910

   

Citco Funding LLC, 6 mo. USD Term SOFR + 2.750%1

 

(BB, Ba2)

 

04/27/28

   

6.934

     

5,925,455

   

Beverages (0.7%)

     
 

2,628

   

Aramark Services, Inc., 1 mo. USD Term SOFR + 2.000%1

 

(BBB-, Ba1)

 

06/22/30

   

6.322

     

2,632,298

   
 

3,658

   

Aspire Bakeries Holdings LLC, 1 mo. USD Term SOFR + 4.250%1

 

(B, B2)

 

12/13/30

   

8.572

     

3,667,053

   
 

6,061

   

Newly Weds Foods, Inc., 1 mo. USD Term SOFR + 2.250%1,5

 

(B+, B1)

 

03/15/32

   

6.579

     

6,038,688

   
           

 

 

 

 

 

   

12,338,039

   


1


Credit Suisse Floating Rate High Income Fund
Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
      Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Bank loans—(continued)

     

Brokerage (0.4%)

     

$

4,879

   

DRW Holdings LLC, 1 mo. USD Term SOFR + 3.500%1

 

(BB-, Ba3)

 

06/26/31

   

7.822

   

$

4,880,338

   
 

1,263

   

Jefferies Finance LLC, 1 mo. USD Term SOFR + 3.000%1,5

 

(BB-, Ba2)

 

10/21/31

   

7.323

     

1,264,259

   
 

235

   

RE/MAX International, Inc.1,3

 

(BB-, B2)

 

07/21/28

   

0.000

     

224,458

   
           

 

 

 

 

 

   

6,369,055

   

Building & Construction (1.7%)

     
 

5,403

   

Latham Pool Products, Inc., 1 mo. USD Term SOFR + 4.000%1

 

(BB-, B2)

 

02/23/29

   

8.422

     

5,211,479

   
 

2,480

   

Minimax Viking GmbH, 1 mo. USD Term SOFR + 2.250%1,5

 

(BB-, Ba3)

 

03/17/32

   

6.572

     

2,474,231

   
 

4,187

   

Pike Corp., 1 mo. USD Term SOFR + 3.000%1

 

(BB-, Ba3)

 

01/21/28

   

7.436

     

4,204,293

   
 

2,592

   

Quikrete Holdings, Inc., 1 mo. USD Term SOFR + 2.250%1

 

(BB, Ba3)

 

03/19/29

   

6.572

     

2,556,018

   
 

4,008

   

Quikrete Holdings, Inc., 1 mo. USD Term SOFR + 2.250%1

 

(BB, Ba3)

 

02/10/32

   

6.572

     

3,934,033

   
 

452

   

Quikrete Holdings, Inc., 1 mo. USD Term SOFR + 2.250%1

 

(BB, Ba3)

 

04/14/31

   

6.572

     

444,251

   
 

2,980

   

QXO, Inc.1,3

 

(BB-, Ba3)

 

04/30/32

   

0.000

     

2,980,854

   
 

3,108

    Service Logic Acquisition, Inc.,
1 mo. USD Term SOFR + 3.000%,
3 mo. USD Term SOFR + 3.000%1
 

(B, B2)
 

10/29/27
 
7.280 -
7.322
   

3,103,769

   
 

4,864

   

Tecta America Corp., 1 mo. USD Term SOFR + 3.000%1

 

(B, B2)

 

02/18/32

   

7.322

     

4,829,005

   
           

 

 

 

 

 

   

29,737,933

   

Building Materials (2.4%)

     
 

359

   

ARAMSCO, Inc.2

 

(B-, Caa1)

 

10/10/30

   

4.750

     

331,665

   
 

3,474

   

ARAMSCO, Inc., 3 mo. USD Term SOFR + 4.750%1

 

(B-, Caa1)

 

10/10/30

   

9.049

     

3,210,880

   
 

5,727

   

Core & Main LP, 6 mo. USD Term SOFR + 2.000%1

 

(BB-, Ba3)

 

07/27/28

   

6.270

     

5,734,008

   
 

209

   

Core & Main LP, 6 mo. USD Term SOFR + 2.000%1

 

(BB-, Ba3)

 

02/09/31

   

6.270

     

208,875

   
 

5,506

   

Cornerstone Building Brands, Inc., 1 mo. USD Term SOFR + 3.250%1

 

(B, B3)

 

04/12/28

   

7.672

     

4,837,278

   
 

3,570

   

Cornerstone Building Brands, Inc., 1 mo. USD Term SOFR + 5.625%1

 

(B, B3)

 

08/01/28

   

9.947

     

3,203,292

   
 

3,199

   

ECO Material Tech, Inc., 6 mo. USD Term SOFR + 3.250%1

 

(B, B2)

 

02/12/32

   

7.467

     

3,175,011

   
 

9,296

    Foundation Building Materials Holding Co. LLC,
1 mo. USD Term SOFR + 3.250%,
3 mo. USD Term SOFR + 3.250%1
 

(B, B3)
 

01/31/28
 
7.686 -
7.791
   

8,957,638

   
 

1,282

    Kodiak Building Partners, Inc.,
3 mo. USD Term SOFR + 3.750%1
 
(B+, B2)
 
12/04/31
  8.035 -
8.039
   

1,235,468

   
 

1,764

   

Mannington Mills, Inc., 3 mo. USD Term SOFR + 4.750%1,4

 

(B, B3)

 

03/25/32

   

9.046

     

1,742,255

   
 

2,393

   

MI Windows & Doors LLC, 1 mo. USD Term SOFR + 3.000%1

 

(BB-, B1)

 

03/28/31

   

7.322

     

2,360,753

   
 

2,075

   

Oscar AcquisitionCo LLC, 3 mo. USD Term SOFR + 4.250%1

 

(B, B1)

 

04/29/29

   

8.549

     

1,990,114

   
 

6,982

   

White Cap Buyer LLC1,3

 

(B, B2)

 

10/19/29

   

0.000

     

6,823,500

   
           

 

 

 

 

 

   

43,810,737

   

Cable & Satellite TV (0.5%)

     
 

191

   

Altice France SA, U.S. (Fed) Prime Rate + 3.000%1

 

(CC, Caa2)

 

08/14/26

   

10.500

     

167,636

   
 

7,000

   

Ziggo BV, 1 mo. EURIBOR + 3.000%1,6

 

(B+, B1)

 

01/31/29

   

5.304

     

7,731,542

   
 

1,000

   

Ziggo Financing Partnership, 1 mo. USD Term SOFR + 2.500%1

 

(B+, B1)

 

04/30/28

   

6.936

     

986,025

   
           

 

 

 

 

 

   

8,885,203

   

Chemicals (4.7%)

     
 

3,472

   

AAP Buyer, Inc., 1 mo. USD Term SOFR + 2.750%1

 

(B+, B1)

 

09/09/31

   

7.072

     

3,471,767

   
 

2,283

   

Ascend Performance Materials Operations LLC, 3 mo. USD Term SOFR + 1.500%1,4,5,10

 

(NR, NR)

 

10/23/25

   

5.779

     

2,203,470

   
 

6,231

   

Ascend Performance Materials Operations LLC7,8

 

(NR, C)

 

08/27/26

   

0.000

     

659,880

   
 

4,000

   

CeramTec AcquiCo GmbH, 3 mo. EURIBOR + 3.500%1,6

 

(B, B1)

 

03/16/29

   

5.999

     

4,488,434

   
 

3,455

   

CPC Acquisition Corp., 3 mo. USD Term SOFR + 7.750%1,4

 

(CC, Ca)

 

12/29/28

   

12.311

     

1,780,797

   
 

3,661

   

CPC Acquisition Corp., 3 mo. USD Term SOFR + 3.750%1

 

(CCC, Caa2)

 

12/29/27

   

8.311

     

3,128,270

   
 

1,840

   

Eastman Chemical Co., 3 mo. USD Term SOFR + 5.250%1

 

(CCC+, Caa2)

 

11/01/28

   

9.811

     

1,012,145

   
 

3,446

   

Element Solutions, Inc., 1 mo. USD Term SOFR + 1.750%1

 

(BBB-, Ba1)

 

12/18/30

   

6.072

     

3,444,083

   
 

5,264

   

Hexion Holdings Corp., 1 mo. USD Term SOFR + 4.000%1

 

(B-, B2)

 

03/15/29

   

8.329

     

5,138,363

   


2


Credit Suisse Floating Rate High Income Fund
Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
      Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Bank loans—(continued)

     

Chemicals—(concluded)

     

$

4,148

   

INEOS Quattro Holdings U.K. Ltd., 1 mo. USD Term SOFR + 4.250%1

 

(BB, B1)

 

04/02/29

   

8.672

   

$

3,567,366

   
 

1,048

   

INEOS Quattro Holdings U.K. Ltd., 1 mo. USD Term SOFR + 4.250%1

 

(BB, B1)

 

10/07/31

   

8.572

     

885,850

   
 

6,780

   

INEOS U.S. Finance LLC, 1 mo. USD Term SOFR + 3.250%1

 

(BB, Ba3)

 

02/18/30

   

7.572

     

6,363,188

   
 

2,901

   

INEOS U.S. Finance LLC, 1 mo. USD Term SOFR + 3.000%1

 

(BB, Ba3)

 

02/07/31

   

7.322

     

2,691,937

   
 

2,494

   

Minerals Technologies, Inc., 1 mo. USD Term SOFR + 2.000%1,5

 

(BB+, Ba1)

 

11/26/31

   

6.320

     

2,468,812

   
 

1,905

   

New Arclin U.S. Holding Corp., 1 mo. USD Term SOFR + 3.500%1

 

(B, B2)

 

09/30/28

   

7.922

     

1,858,208

   
 

2,575

   

Nouryon Finance BV, 3 mo. USD Term SOFR + 3.250%1

 

(B+, B2)

 

04/03/28

   

7.553

     

2,562,595

   
 

1,107

   

Nouryon Finance BV, 3 mo. USD Term SOFR + 3.250%1

 

(B+, B2)

 

04/03/28

   

7.554

     

1,101,941

   
 

2,653

   

PMHC II, Inc., 3 mo. USD Term SOFR + 5.500%1,5

 

(B-, B3)

 

04/21/29

   

9.803

     

2,400,819

   
 

4,280

   

PMHC II, Inc., 3 mo. USD Term SOFR + 4.250%1

 

(B-, B3)

 

04/23/29

   

8.642

     

3,845,527

   
 

10,283

   

Polar U.S. Borrower LLC, 3 mo. USD Term SOFR + 5.500%1

 

(CCC+, Caa1)

 

10/16/28

   

9.883

     

5,054,182

   
 

3,994

   

Polar U.S. Borrower LLC, 3 mo. USD Term SOFR + 4.750%, 0.750% PIK1,4,9

 

(CCC+, Caa1)

 

10/16/28

   

9.883

     

1,963,284

   
 

6,193

   

RelaDyne, Inc., 1 mo. USD Term SOFR + 4.000%1

 

(B, B3)

 

12/23/30

   

8.322

     

6,191,588

   
 

2,001

   

SK Neptune Husky Finance SARL4,5,7,8

 

(NR, WR)

 

04/30/26

   

0.000

     

1,480,951

   
 

9,227

   

SK Neptune Husky Group SARL4,7,8

 

(NR, WR)

 

01/03/29

   

0.000

     

320,079

   
 

4,309

   

Tronox Finance LLC1,3

 

(BB, Ba2)

 

04/04/29

   

0.000

     

4,069,203

   
 

10,420

   

Vantage Specialty Chemicals, Inc., 3 mo. USD Term SOFR + 4.750%1

 

(B-, B3)

 

10/26/26

   

9.025

     

9,794,543

   
 

2,171

   

Zep, Inc., 3 mo. USD Term SOFR + 4.000%1,4,5,10

 

(NR, NR)

 

10/02/28

   

8.299

     

2,088,001

   
           

 

 

 

 

 

   

84,035,283

   

Diversified Capital Goods (0.8%)

     
 

1,681

   

DexKo Global, Inc.1,3

 

(B-, B2)

 

10/04/28

   

0.000

     

1,556,705

   
 

3,305

   

Kohler Energy Co. LLC, 3 mo. USD Term SOFR + 3.750%1

 

(B, B1)

 

05/01/31

   

8.049

     

3,239,058

   
 

9,321

   

Topgolf Callaway Brands Corp., 1 mo. USD Term SOFR + 3.000%1

 

(B, B1)

 

03/18/30

   

7.322

     

8,804,007

   
           

 

 

 

 

 

   

13,599,770

   

Electronics (2.2%)

     
 

9,758

   

Escape Velocity Holdings, Inc., 3 mo. USD Term SOFR + 4.250%1

 

(B, B3)

 

10/08/28

   

8.811

     

9,548,140

   
 

2,606

   

Idemia Group, 3 mo. USD Term SOFR + 4.250%1

 

(B, B2)

 

09/30/28

   

8.549

     

2,603,933

   
 

7,000

   

Idemia Identity & Security France SAS, 3 mo. EURIBOR + 4.000%1,6

 

(B, B2)

 

09/29/28

   

6.355

     

7,853,367

   
 

3,620

   

II-VI, Inc., 1 mo. USD Term SOFR + 2.000%1

 

(BB-, Ba1)

 

07/02/29

   

6.322

     

3,586,601

   
 

1,548

   

Infinite Bidco LLC, 3 mo. USD Term SOFR + 7.000%1

 

(CCC, Caa2)

 

03/02/29

   

11.541

     

1,292,750

   
 

2,056

   

Ingram Micro, Inc., 3 mo. USD Term SOFR + 2.750%1

 

(BB, Ba3)

 

09/22/31

   

7.053

     

2,057,484

   
 

1,000

   

MaxLinear, Inc., 1 mo. USD Term SOFR + 2.250%1,4,5

 

(B, B3)

 

06/23/28

   

6.691

     

925,000

   
 

12,028

   

SolarWinds Holdings, Inc., 3 mo. USD Term SOFR + 4.000%1

 

(B, B2)

 

04/16/32

   

8.261

     

11,641,225

   
           

 

 

 

 

 

   

39,508,500

   

Energy—Exploration & Production (0.6%)

     
 

394

   

AL GCX Fund VIII Holdings LLC, 1 mo. USD Term SOFR + 2.000%1

 

(BB, Ba3)

 

01/30/32

   

6.325

     

390,120

   
 

578

   

AL GCX Holdings LLC, 1 mo. USD Term SOFR + 2.000%1

 

(BB, Ba3)

 

05/17/29

   

6.321

     

574,252

   
 

2,601

   

BIP PipeCo Holdings LLC, 3 mo. USD Term SOFR + 2.250%1

 

(B+, Ba3)

 

12/06/30

   

6.535

     

2,592,611

   
 

5,613

   

CQP Holdco LP, 3 mo. USD Term SOFR + 2.000%1

 

(BB, Ba2)

 

12/31/30

   

6.299

     

5,593,809

   
 

2,219

   

EMG Utica LLC, 3 mo. USD Term SOFR + 4.000%1,5

 

(B+, B3)

 

04/01/30

   

8.299

     

2,213,495

   
 

16,596

   

PES Holdings LLC, 3.000% PIK4,7,9

 

(NR, WR)

 

12/31/25

   

3.000

     

145,218

   
           

 

 

 

 

 

   

11,509,505

   

Environmental (0.6%)

     
 

894

   

Covanta Holding Corp. (2024 1st Lien Term Loan B), 1 mo. USD Term SOFR + 2.500%1,5

 

(BB, Ba2)

 

11/30/28

   

6.821

     

891,797

   
 

49

   

Covanta Holding Corp. (2024 1st Lien Term Loan C), 1 mo. USD Term SOFR + 2.500%1,5

 

(BB, Ba2)

 

11/30/28

   

6.821

     

49,100

   
 

4,509

   

GFL Environmental, Inc., 3 mo. USD Term SOFR + 2.500%1

 

(B, B2)

 

02/04/32

   

6.819

     

4,458,160

   
 

2,650

   

LRS Holdings LLC, 1 mo. USD Term SOFR + 4.250%1

 

(B-, Caa1)

 

08/31/28

   

8.686

     

2,454,978

   
 

648

   

Reworld Holding Corp. (Term Loan B), 1 mo. USD Term SOFR + 2.250%1

 

(BB, Ba2)

 

11/30/28

   

6.579

     

646,676

   
 

50

   

Reworld Holding Corp. (Term Loan C), 1 mo. USD Term SOFR + 2.250%1

 

(BB, Ba2)

 

11/30/28

   

6.579

     

49,807

   
 

1,755

   

Vestis Corp., 3 mo. USD Term SOFR + 2.250%1

 

(BB, Ba3)

 

02/22/31

   

6.579

     

1,718,604

   


3


Credit Suisse Floating Rate High Income Fund
Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
      Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Bank loans—(continued)

     

Environmental—(concluded)

     

$

357

   

WIN Waste Innovations Holdings, Inc., 1 mo. USD Term SOFR + 2.750%1

 

(B-, B3)

 

03/24/28

   

7.186

   

$

353,470

   
           

 

 

 

 

 

   

10,622,592

   

Food & Drug Retailers (0.6%)

     
 

5,348

   

Sharp Services LLC, 3 mo. USD Term SOFR + 3.250%1

 

(B-, B3)

 

12/31/28

   

7.549

     

5,330,819

   
 

8,810

   

WOOF Holdings, Inc., 3 mo. USD Term SOFR + 3.750%1

 

(CCC, Caa3)

 

12/21/27

   

8.311

     

4,255,316

   
 

2,923

   

WOOF Holdings, Inc., 3 mo. USD Term SOFR + 7.250%1,4

 

(CC, Ca)

 

12/21/28

   

11.625

     

1,042,043

   
           

 

 

 

 

 

   

10,628,178

   

Food—Wholesale (1.5%)

     
 

8,563

   

AI Aqua Merger Sub, Inc., 1 mo. USD Term SOFR + 3.000%1

 

(B, B3)

 

07/31/28

   

7.319

     

8,475,672

   
 

5,416

   

Froneri LUX Finco SARL, 6 mo. USD Term SOFR + 2.000%1

 

(BB-, Ba3)

 

09/30/31

   

6.237

     

5,384,373

   
 

3,445

   

Golden State Food LLC, 1 mo. USD Term SOFR + 4.250%1

 

(B, B2)

 

12/04/31

   

8.571

     

3,456,214

   
 

5,872

   

UTZ Quality Foods LLC, 1 mo. USD Term SOFR + 2.500%1

 

(B, B2)

 

01/29/32

   

6.822

     

5,854,842

   
 

4,223

   

Zara U.K. Midco Ltd., 6 mo. EURIBOR + 5.750%1,6

 

(B-, B3)

 

08/01/28

   

8.286

     

4,377,043

   
           

 

 

 

 

 

   

27,548,144

   

Gaming (1.3%)

     
 

45

   

Arcis Golf LLC1,3

 

(NR, B2)

 

11/24/28

   

0.000

     

44,444

   
 

5,909

   

Arcis Golf LLC, 1 mo. USD Term SOFR + 2.750%1

 

(B+, B2)

 

11/24/28

   

7.072

     

5,875,508

   
 

1,873

   

Caesars Entertainment, Inc., 3 mo. USD Term SOFR + 2.250%1

 

(BB-, Ba3)

 

02/06/31

   

6.563

     

1,847,545

   
 

6,119

   

Caesars Entertainment, Inc., 3 mo. USD Term SOFR + 2.250%1

 

(BB-, Ba3)

 

02/06/30

   

6.563

     

6,048,857

   
 

4,432

   

Fertitta Entertainment LLC, 1 mo. USD Term SOFR + 3.500%1

 

(B, B2)

 

01/27/29

   

7.822

     

4,327,906

   
 

3,559

   

Light & Wonder International, Inc., 1 mo. USD Term SOFR + 2.250%1

 

(BB, Ba1)

 

04/14/29

   

6.570

     

3,560,744

   
 

1,750

   

PENN Entertainment, Inc., 1 mo. USD Term SOFR + 2.500%1

 

(BB-, Ba3)

 

05/03/29

   

6.822

     

1,746,682

   
           

 

 

 

 

 

   

23,451,686

   

Gas Distribution (1.0%)

     
 

2,458

   

AL NGPL Holdings LLC, 3 mo. USD Term SOFR + 2.500%1

 

(B+, Ba3)

 

04/13/28

   

6.785

     

2,455,396

   
 

7,061

   

BCP Renaissance Parent LLC, 3 mo. USD Term SOFR + 3.000%1

 

(B+, B2)

 

10/31/28

   

7.299

     

7,058,498

   
 

1,354

   

EPIC Crude Services LP, 3 mo. USD Term SOFR + 3.000%1

 

(BB-, Ba3)

 

10/15/31

   

7.256

     

1,354,510

   
 

6,581

   

Traverse Midstream Partners LLC, 3 mo. USD Term SOFR + 3.000%1,5

 

(B+, B2)

 

02/16/28

   

7.280

     

6,573,188

   
           

 

 

 

 

 

   

17,441,592

   

Health Facilities (1.3%)

     
 

3,152

   

Bayou Intermediate II LLC, 3 mo. USD Term SOFR + 4.500%1

 

(B-, B2)

 

08/02/28

   

9.041

     

3,153,664

   
 

2,841

   

Carestream Health, Inc., 3 mo. USD Term SOFR + 7.500%1,4

 

(B-, Caa1)

 

09/30/27

   

11.899

     

1,622,021

   
 

4,735

   

Insulet Corp., 1 mo. USD Term SOFR + 2.500%1

 

(BB+, Ba2)

 

08/04/31

   

6.822

     

4,741,750

   
 

3,932

   

Sonrava Health Holdings LLC, 3 mo. USD Term SOFR + 6.500%1,4

 

(B-, B2)

 

05/18/28

   

11.061

     

3,922,224

   
 

16,801

   

Sonrava Health Holdings LLC, 3 mo. USD Term SOFR + 1.000%, 5.500% PIK1,4,9

 

(NR, Caa2)

 

08/18/28

   

11.061

     

6,342,487

   
 

3,096

   

Surgery Center Holdings, Inc., 1 mo. USD Term SOFR + 2.750%1

 

(B, Ba3)

 

12/19/30

   

7.070

     

3,091,018

   
           

 

 

 

 

 

   

22,873,164

   

Health Services (3.9%)

     
 

9,936

   

ADMI Corp., 1 mo. USD Term SOFR + 3.375%1

 

(B-, B3)

 

12/23/27

   

7.811

     

9,525,940

   
 

1,520

   

ADMI Corp., 1 mo. USD Term SOFR + 5.750%1

 

(B-, B3)

 

12/23/27

   

10.072

     

1,501,862

   
 

13,968

   

Athenahealth Group, Inc., 1 mo. USD Term SOFR + 3.000%1

 

(B-, B2)

 

02/15/29

   

7.322

     

13,874,241

   
 

2,165

   

Concentra Health Services, Inc., 1 mo. USD Term SOFR + 2.000%1,5

 

(BB, Ba2)

 

07/26/31

   

6.322

     

2,151,064

   
 

3,802

   

Elanco Animal Health, Inc., 1 mo. USD Term SOFR + 1.750%1

 

(BB, Ba2)

 

08/01/27

   

6.174

     

3,785,254

   
 

1,389

   

EyeCare Partners LLC, 6 mo. USD Term SOFR + 1.000%, 3.610% PIK1,9

 

(CCC+, Caa3)

 

11/30/28

   

8.837

     

1,079,067

   
 

306

   

IVC Acquisition Ltd., 3 mo. USD Term SOFR + 3.750%1

 

(B, B3)

 

12/12/28

   

8.049

     

304,642

   
 

2,032

    Learning Care Group U.S. No. 2, Inc.,
3 mo. USD Term SOFR + 4.000%1
 
(B, B2)
 
08/11/28
  8.280 -
8.315
   

2,026,107

   
 

1,158

   

MedAssets Software Intermediate Holdings, Inc., 1 mo. USD Term SOFR + 4.000%1

 

(B, Caa1)

 

12/15/28

   

8.320

     

1,119,084

   


4


Credit Suisse Floating Rate High Income Fund
Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
      Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Bank loans—(continued)

     

Health Services—(concluded)

     

$

3,015

   

MedAssets Software Intermediate Holdings, Inc., 1 mo. USD Term SOFR + 4.000%1

 

(CCC, Ca)

 

12/15/28

   

8.434

   

$

2,574,279

   
 

371

   

MedAssets Software Intermediate Holdings, Inc., 1 mo. USD Term SOFR + 5.250%1

 

(B, Caa1)

 

12/15/28

   

9.570

     

363,485

   
 

4,340

    Pacific Dental Services LLC,
1 mo. USD Term SOFR + 2.750%1
 
(B, B2)
 
03/15/31
  7.070 -
7.078
   

4,307,451

   
 

6,008

   

PointClickCare Technologies, Inc., 3 mo. USD Term SOFR + 3.250%1

 

(B, B3)

 

11/03/31

   

7.549

     

6,006,482

   
 

3,377

   

Radiology Partners, Inc., 3 mo. USD Term SOFR + 3.500%1,9

 

(B-, B3)

 

01/31/29

   

8.090

     

3,275,641

   
 

198

   

Select Medical Corp., 1 mo. USD Term SOFR + 2.000%1

 

(BB, Ba1)

 

12/03/31

   

6.322

     

198,423

   
 

4,059

   

Southern Veterinary Partners LLC, 3 mo. USD Term SOFR + 3.250%1

 

(B, B2)

 

12/04/31

   

7.527

     

4,051,383

   
 

12,168

   

U.S. Radiology Specialists, Inc., 3 mo. USD Term SOFR + 4.750%1

 

(B-, B3)

 

12/15/27

   

9.049

     

12,186,711

   
 

1,918

   

Women's Care Enterprises LLC, 3 mo. USD Term SOFR + 4.500%1,4

 

(B-, B2)

 

01/15/28

   

8.880

     

1,769,137

   
           

 

 

 

 

 

   

70,100,253

   

Hotels (0.9%)

     
 

705

   

Aimbridge Acquisition Co., Inc., 1 mo. USD Term SOFR + 7.500%1,5

 

(B-, Caa1)

 

03/11/30

   

11.935

     

694,667

   
 

809

   

Aimbridge Acquisition Co., Inc., 1 mo. USD Term SOFR + 5.500%1,5

 

(B+, B2)

 

03/11/30

   

9.935

     

809,186

   
 

7,166

   

Alterra Mountain Co., 1 mo. USD Term SOFR + 2.750%1,5

 

(B+, B1)

 

08/17/28

   

7.072

     

7,174,822

   
 

1,024

   

Alterra Mountain Co., 1 mo. USD Term SOFR + 3.000%1,5

 

(B+, B1)

 

05/31/30

   

7.322

     

1,026,209

   
 

1,564

   

RHP Hotel Properties LP, 1 mo. USD Term SOFR + 2.000%1

 

(BB, Ba3)

 

05/18/30

   

6.322

     

1,556,987

   
 

4,963

   

Wyndham Hotels & Resorts, Inc., 1 mo. USD Term SOFR + 1.750%1

 

(BBB-, Ba1)

 

05/24/30

   

6.072

     

4,956,644

   
           

 

 

 

 

 

   

16,218,515

   

Insurance Brokerage (4.6%)

     
 

5,198

   

Alliant Holdings Intermediate LLC, 1 mo. USD Term SOFR + 2.750%1

 

(B, B2)

 

09/19/31

   

7.073

     

5,167,458

   
 

15,094

   

AmWINS Group, Inc., 1 mo. USD Term SOFR + 2.250%1

 

(B+, B1)

 

01/30/32

   

6.572

     

15,036,537

   
 

8,946

    Ardonagh Midco 3 PLC,
3 mo. USD Term SOFR + 2.750%,
6 mo. USD Term SOFR + 2.750%1
 

(B-, B3)
 

02/15/31
 
6.077 -
7.074
   

8,777,873

   
 

13,439

   

AssuredPartners, Inc., 1 mo. USD Term SOFR + 3.500%1

 

(B, B2)

 

02/14/31

   

7.822

     

13,454,763

   
 

869

   

Goosehead Insurance Holdings LLC, 1 mo. USD Term SOFR + 3.500%1,5

 

(B+, B2)

 

01/08/32

   

7.792

     

869,419

   
 

7,058

   

Howden Group Holdings Ltd., 1 mo. EURIBOR + 3.500%1,6

 

(B, B2)

 

02/15/31

   

5.688

     

8,024,970

   
 

3,885

   

Howden Group Holdings Ltd., 1 mo. USD Term SOFR + 3.000%1

 

(B, B2)

 

02/15/31

   

7.322

     

3,868,062

   
 

13,378

   

HUB International Ltd., 3 mo. USD Term SOFR + 2.500%1

 

(B, B1)

 

06/20/30

   

6.770

     

13,307,468

   
 

6,107

   

OneDigital Borrower LLC, 1 mo. USD Term SOFR + 3.000%1

 

(B, B2)

 

07/02/31

   

7.322

     

6,023,473

   
 

2,311

   

OneDigital Borrower LLC, 1 mo. USD Term SOFR + 5.250%1

 

(CCC+, Caa2)

 

07/02/31

   

9.572

     

2,270,967

   
 

4,007

   

Ryan Specialty Group LLC, 1 mo. USD Term SOFR + 2.250%1

 

(BB-, B1)

 

09/15/31

   

6.572

     

3,998,373

   
 

1,477

   

Summit Acquisition, Inc., 1 mo. USD Term SOFR + 3.750%1

 

(B-, B3)

 

10/16/31

   

8.072

     

1,477,557

   
           

 

 

 

 

 

   

82,276,920

   

Investments & Misc. Financial Services (6.4%)

     
 

1,648

   

Altisource Solutions SARL4,5,10

 

(NR, NR)

 

04/30/30

   

0.000

     

0

   
 

3,626

   

Altisource Solutions SARL, 3 mo. USD Term SOFR + 6.500%1

 

(CCC-, Caa2)

 

04/30/30

   

10.899

     

3,585,645

   
 

1,684

   

Altisource Solutions SARL, 3 mo. USD Term SOFR + 6.500%1,4,5

 

(B, B3)

 

02/19/29

   

10.899

     

1,692,619

   
 

9,249

   

Ankura Consulting Group LLC, 3 mo. USD Term SOFR + 3.500%1

 

(B-, B3)

 

12/29/31

   

7.803

     

9,153,939

   
 

10,474

   

AqGen Island Holdings, Inc., 1 mo. USD Term SOFR + 3.000%1

 

(B-, B3)

 

08/02/28

   

7.322

     

10,434,750

   
 

2,440

   

Berkeley Research Group LLC1,3

 

(B, B2)

 

03/17/32

   

0.000

     

2,413,766

   
 

3,483

   

Boost Newco Borrower LLC1,3

 

(BB, Ba3)

 

01/31/31

   

0.000

     

3,480,490

   
 

68

   

Chrysaor Bidco SARL2

 

(B, B2)

 

10/30/31

   

3.500

     

67,940

   
 

914

   

Chrysaor Bidco SARL, 3 mo. USD Term SOFR + 3.500%1

 

(B, B2)

 

10/30/31

   

7.742

     

916,377

   
 

10,421

   

Citadel Securities LP, 1 mo. USD Term SOFR + 2.000%1

 

(BBB-, Baa3)

 

10/31/31

   

6.322

     

10,419,254

   
 

3,371

   

CPI Holdco B LLC, 1 mo. USD Term SOFR + 2.250%1

 

(BB-, Ba3)

 

05/17/31

   

6.572

     

3,359,867

   
 

3,095

   

CPI Holdco B LLC, 1 mo. USD Term SOFR + 2.000%1

 

(BB-, Ba3)

 

05/19/31

   

6.322

     

3,079,154

   
 

1,576

   

Deerfield Dakota Holding LLC, 3 mo. USD Term SOFR + 3.750%1

 

(B-, B2)

 

04/09/27

   

8.049

     

1,498,181

   
 

4,940

   

Focus Financial Partners LLC, 1 mo. USD Term SOFR + 2.750%1

 

(B, B2)

 

09/15/31

   

7.072

     

4,886,626

   
 

4,300

   

Franklin Square Holdings LP, 1 mo. USD Term SOFR + 2.250%1,5

 

(BB, Ba1)

 

04/25/31

   

6.572

     

4,289,324

   


5


Credit Suisse Floating Rate High Income Fund
Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
      Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Bank loans—(continued)

     

Investments & Misc. Financial Services—(concluded)

     

$

6,224

   

Galaxy U.S. Opco, Inc., 3 mo. USD Term SOFR + 5.000%1

 

(CCC+, Caa2)

 

07/31/30

   

9.280

   

$

5,235,840

   
 

1,571

   

Guggenheim Partners LLC, 3 mo. USD Term SOFR + 2.500%1

 

(NR, NR)

 

11/26/31

   

6.799

     

1,571,738

   
 

2,795

   

HighTower Holdings LLC, 3 mo. USD Term SOFR + 3.000%1,5

 

(B-, B2)

 

02/03/32

   

7.291

     

2,753,073

   
 

6,871

   

Hudson River Trading LLC, 1 mo. USD Term SOFR + 3.000%1

 

(BB, Ba3)

 

03/18/30

   

7.292

     

6,870,515

   
 

13,054

   

Jane Street Group LLC, 3 mo. USD Term SOFR + 2.000%1

 

(BB, Ba1)

 

12/15/31

   

6.313

     

12,892,674

   
 

839

   

Kestra Advisor Services Holdings A, Inc., 1 mo. USD Term SOFR + 3.000%1

 

(B-, B3)

 

03/21/31

   

7.322

     

833,082

   
 

4,712

   

Mariner Wealth Advisors LLC, 3 mo. USD Term SOFR + 2.500%1

 

(B-, Ba3)

 

08/18/28

   

6.799

     

4,709,265

   
 

5,480

   

Resolute Investment Managers, Inc., 3 mo. USD Term SOFR + 6.500%1

 

(B, B2)

 

04/30/27

   

11.061

     

5,448,906

   
 

74

   

Secretariat Advisors LLC2,5

 

(B-, B3)

 

02/28/32

   

0.000

     

73,621

   
 

615

   

Secretariat Advisors LLC, 3 mo. USD Term SOFR + 4.000%1,5

 

(B-, B3)

 

02/28/32

   

8.313

     

611,051

   
 

7,773

   

Sedgwick Claims Management Services, Inc., 3 mo. USD Term SOFR + 3.000%1

 

(B+, B2)

 

07/31/31

   

7.313

     

7,745,578

   
 

7,557

   

VFH Parent LLC, 1 mo. USD Term SOFR + 2.500%1,5

 

(B+, B1)

 

06/21/31

   

6.822

     

7,537,761

   
           

 

 

 

 

 

   

115,561,036

   

Life Insurance (0.2%)

     
 

3,465

   

Truist Insurance Holdings LLC, 3 mo. USD Term SOFR + 2.750%1

 

(B, B2)

 

05/06/31

   

7.049

     

3,432,149

   

Machinery (2.8%)

     
 

6,553

   

19th Holdings Golf LLC, 1 mo. USD Term SOFR + 3.250%1

 

(B, B1)

 

02/07/29

   

7.671

     

6,274,944

   
 

5,424

   

Alloy Finco Ltd. (GBP Holdco PIK Term Loan), 0.500% Cash, 13.500% PIK9,11

 

(NR, NR)

 

03/06/28

   

14.000

     

9,514,106

   
 

5,148

   

Alloy Finco Ltd. (USD Holdco PIK Term Loan), 0.500% Cash, 13.500% PIK4,9

 

(NR, NR)

 

03/06/28

   

14.000

     

6,889,628

   
 

1,361

   

C&D Technologies, Inc., 1 mo. USD Term SOFR + 5.750%1

 

(B-, B2)

 

12/20/26

   

10.186

     

1,353,871

   
 

6,039

   

CPM Holdings, Inc., 1 mo. USD Term SOFR + 4.500%1

 

(B-, B3)

 

09/28/28

   

8.824

     

5,860,593

   
 

1,500

   

Cube Industrials Buyer, Inc., 3 mo. USD Term SOFR + 3.500%1

 

(B, B3)

 

10/17/31

   

7.772

     

1,490,003

   
 

977

   

Generac Power Systems, Inc., 1 mo. USD Term SOFR + 1.750%1

 

(BB+, Ba1)

 

07/03/31

   

6.074

     

974,433

   
 

5,011

   

LSF12 Badger Bidco LLC, 1 mo. USD Term SOFR + 6.000%1,5

 

(B-, B3)

 

08/30/30

   

10.322

     

4,660,444

   
 

540

   

LTI Holdings, Inc., 1 mo. USD Term SOFR + 4.250%1

 

(B-, B3)

 

07/19/29

   

8.572

     

516,538

   
 

7,226

   

Madison IAQ LLC1,3

 

(B, B1)

 

05/06/32

   

0.000

     

7,169,795

   
 

1,428

   

Madison Safety & Flow LLC, 1 mo. USD Term SOFR + 2.750%1

 

(B, B2)

 

09/26/31

   

7.072

     

1,418,598

   
 

4,723

   

Pro Mach Group, Inc., 1 mo. USD Term SOFR + 2.750%1

 

(B-, B2)

 

08/31/28

   

7.072

     

4,700,774

   
           

 

 

 

 

 

   

50,823,727

   

Media—Diversified (1.2%)

     
 

9,854

   

Cast & Crew Payroll LLC, 1 mo. USD Term SOFR + 3.750%1

 

(B-, B3)

 

12/29/28

   

8.072

     

9,467,625

   
 

3,928

   

Delta 2 LUX SARL, 3 mo. USD Term SOFR + 2.000%1

 

(BB+, NR)

 

09/30/31

   

6.299

     

3,917,976

   
 

1,964

   

Delta 2 LUX SARL1,3

 

(BB+, NR)

 

09/30/31

   

0.000

     

1,958,988

   
 

674

   

Oceankey U.S. II Corp.1,3

 

(B-, B2)

 

12/15/28

   

0.000

     

669,849

   
 

3,085

   

Technicolor Creative Studios, 0.500% PIK5,6,7,9,10

 

(NR, NR)

 

08/06/33

   

0.500

     

0

   
 

5,679

   

Twitter, Inc.

 

(NR, NR)

 

10/26/29

   

9.500

     

5,547,596

   
           

 

 

 

 

 

   

21,562,034

   

Media Content (0.0%)

     
 

482

   

WMG Acquisition Corp., 1 mo. USD Term SOFR + 1.750%1

 

(BBB-, Ba1)

 

01/24/31

   

6.072

     

482,305

   

Medical Products (1.1%)

     
 

3,930

   

Covetrus, Inc., 3 mo. USD Term SOFR + 5.000%1

 

(B-, B1)

 

10/13/29

   

9.299

     

3,704,279

   
 

15,764

   

Medline Borrower LP, 1 mo. USD Term SOFR + 2.250%1

 

(BB-, Ba3)

 

10/23/28

   

6.572

     

15,675,626

   
           

 

 

 

 

 

   

19,379,905

   

Oil Field Equipment & Services (0.3%)

     
 

669

   

MRC Global U.S., Inc., 1 mo. USD Term SOFR + 3.500%1,5

 

(B, B2)

 

10/29/31

   

7.822

     

666,896

   
 

4,405

   

Rockpoint Gas Storage Partners LP, 3 mo. USD Term SOFR + 3.000%1

 

(BB, B1)

 

09/18/31

   

7.299

     

4,361,981

   
           

 

 

 

 

 

   

5,028,877

   


6


Credit Suisse Floating Rate High Income Fund
Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
      Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Bank loans—(continued)

     

Packaging (3.4%)

     

$

2,359

   

Anchor Glass Container Corp., 3 mo. USD Term SOFR + 9.000%1,4

 

(CCC-, Caa3)

 

06/07/26

   

13.577

   

$

715,140

   
 

6,797

    Anchor Glass Container Corp.,
3 mo. USD Term SOFR + 2.750%,
3 mo. USD Term SOFR + 5.000%1
 

(CCC+, Caa1)
 

12/07/25
 
7.327 -
9.561
   

4,756,986

   
 

4,478

    Berlin Packaging LLC,
1 mo. USD Term SOFR + 3.500%,
3 mo. USD Term SOFR + 3.500%1
 

(B-, B2)
 

06/07/31
 
7.799 -
7.824
   

4,452,028

   
 

100

   

Clydesdale Acquisition Holdings, Inc. (2025 Delayed Draw Term Loan)1,3

 

(B+, B2)

 

04/01/32

   

0.000

     

99,561

   
 

2,867

   

Clydesdale Acquisition Holdings, Inc. (2025 Term Loan B)1,3

 

(B+, B2)

 

04/01/32

   

0.000

     

2,847,440

   
 

3,962

   

Flint Group Midco Ltd., 3 mo. USD Term SOFR + 4.250%, 0.750% PIK1,9

 

(B-, B3)

 

12/31/26

   

9.541

     

3,842,725

   
 

666

    Flint Group Packaging INKS North America Holdings LLC,
3 mo. EURIBOR + 4.250%, 0.750% PIK1,6,9
 
(B-, B3)
 
12/31/26
 
7.183
   

734,034

   
 

499

    Flint Group Packaging INKS North America Holdings LLC,
3 mo. EURIBOR + 0.100%, 6.900% PIK1,6,9
 
(CCC-, Caa3)
 
12/30/27
 
9.183
   

65,773

   
 

374

    Flint Group Packaging INKS North America Holdings LLC,
3 mo. EURIBOR + 0.100%, 6.900% PIK1,6,9
 
(CCC-, Caa2)
 
12/30/27
 
9.183
   

343,549

   
 

2,293

   

Flint Group Topco Ltd., 3 mo. USD Term SOFR + 0.100%, 6.900% PIK1,9

 

(CCC-, Caa2)

 

12/30/27

   

11.541

     

1,858,699

   
 

3,058

   

Flint Group Topco Ltd., 3 mo. USD Term SOFR + 0.100%, 6.900% PIK1,4,9

 

(CCC-, Caa3)

 

12/30/27

   

11.541

     

365,899

   
 

627

   

Logoplaste Parent SARL1,3,4

 

(B-, B3)

 

07/06/28

   

0.000

     

614,374

   
 

9,112

   

Mauser Packaging Solutions Holding Co., 1 mo. USD Term SOFR + 3.000%1

 

(B, B2)

 

04/15/27

   

7.319

     

8,999,553

   
 

14,665

    Proampac PG Borrower LLC,
3 mo. USD Term SOFR + 4.000%1
 
(B-, B3)
 
09/15/28
  8.256 -
8.323
   

14,471,123

   
 

7,294

   

Technimark Holdings LLC, 1 mo. USD Term SOFR + 3.250%1

 

(B-, B3)

 

04/14/31

   

7.570

     

7,198,032

   
 

7,734

   

TricorBraun Holdings, Inc., 1 mo. USD Term SOFR + 3.250%1

 

(B-, B3)

 

03/03/28

   

7.686

     

7,638,932

   
 

2,455

   

Trident TPI Holdings, Inc., 3 mo. USD Term SOFR + 3.750%1

 

(B-, B3)

 

09/15/28

   

8.049

     

2,379,277

   
           

 

 

 

 

 

   

61,383,125

   

Personal & Household Products (2.1%)

     
 

15,330

   

ABG Intermediate Holdings 2 LLC, 1 mo. USD Term SOFR + 2.250%1

 

(B+, B1)

 

12/21/28

   

6.572

     

15,074,605

   
 

1,560

   

Hanesbrands, Inc., 1 mo. USD Term SOFR + 2.750%1

 

(BB-, Ba2)

 

03/07/32

   

7.072

     

1,550,153

   
 

8,205

   

Keter Group BV, 3 mo. EURIBOR + 0.000%, 5.000% PIK1,6,9

 

(CCC+, NR)

 

12/28/29

   

5.054

     

9,572,138

   
 

4,662

   

Serta Simmons Bedding LLC, 3 mo. USD Term SOFR + 7.500%1

 

(NR, NR)

 

06/29/28

   

11.914

     

4,276,594

   
 

509

   

Serta Simmons Bedding LLC, 3 mo. USD Term SOFR + 7.500%1,5

 

(NR, NR)

 

06/29/28

   

11.884

     

507,412

   
 

6,818

   

Tempur Sealy International, Inc., 1 mo. USD Term SOFR + 2.500%1

 

(BBB-, Ba1)

 

10/24/31

   

6.780

     

6,812,733

   
           

 

 

 

 

 

   

37,793,635

   

Pharmaceuticals (0.6%)

     
 

9,075

   

Certara LP, 3 mo. USD Term SOFR + 3.000%1,5

 

(BB-, B1)

 

06/26/31

   

7.299

     

9,052,571

   
 

1,340

   

Dechra Pharmaceuticals Holdings Ltd., 6 mo. USD Term SOFR + 3.250%1

 

(B-, B2)

 

01/27/32

   

7.542

     

1,329,142

   
           

 

 

 

 

 

   

10,381,713

   

Rail (0.2%)

     
 

4,514

   

Genesee & Wyoming, Inc., 3 mo. USD Term SOFR + 1.750%1

 

(BB, Ba3)

 

04/10/31

   

6.049

     

4,463,085

   

Real Estate Development & Management (0.5%)

     
 

8,800

   

BIFM U.S. Finance LLC, 1 mo. USD Term SOFR + 3.750%1

 

(B, B3)

 

05/31/28

   

8.072

     

8,794,992

   

Real Estate Investment Trusts (0.5%)

     
 

4,827

   

Starwood Property Trust, Inc., 1 mo. USD Term SOFR + 2.250%1,5

 

(BB, Ba2)

 

11/18/27

   

6.572

     

4,827,397

   
 

4,128

   

Starwood Property Trust, Inc., 1 mo. USD Term SOFR + 2.250%1

 

(BB, Ba2)

 

01/02/30

   

6.572

     

4,127,804

   
           

 

 

 

 

 

   

8,955,201

   

Recreation & Travel (1.8%)

     
 

10,563

   

EOC Borrower LLC, 1 mo. USD Term SOFR + 3.000%1

 

(B+, B2)

 

03/24/32

   

7.322

     

10,461,884

   
 

6,595

   

Motion Finco SARL, 3 mo. USD Term SOFR + 3.500%1

 

(B, B2)

 

11/12/29

   

7.799

     

6,249,715

   


7


Credit Suisse Floating Rate High Income Fund
Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
      Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Bank loans—(continued)

     

Recreation & Travel—(concluded)

     

$

2,875

   

OVG Business Services LLC, 1 mo. USD Term SOFR + 3.000%1

 

(B, B2)

 

06/25/31

   

7.322

   

$

2,856,643

   
 

6,896

   

SeaWorld Parks & Entertainment, Inc., 1 mo. USD Term SOFR + 2.000%1,5

 

(BB+, Ba2)

 

12/04/31

   

6.322

     

6,827,333

   
 

6,461

   

Six Flags Entertainment Corp., 1 mo. USD Term SOFR + 2.000%1

 

(BBB-, Ba1)

 

05/01/31

   

6.322

     

6,420,470

   
           

 

 

 

 

 

   

32,816,045

   

Restaurants (1.7%)

     
 

4,653

   

1011778 B.C. Unlimited Liability Co., 1 mo. USD Term SOFR + 1.750%1

 

(BB+, Ba2)

 

09/20/30

   

6.072

     

4,615,827

   
 

10,740

   

Flynn Restaurant Group LP, 1 mo. USD Term SOFR + 4.250%1

 

(B, B2)

 

12/01/28

   

8.686

     

10,686,635

   
 

9,047

   

IRB Holding Corp., 1 mo. USD Term SOFR + 2.500%1

 

(B+, B2)

 

12/15/27

   

6.822

     

8,991,360

   
 

1,706

   

K-Mac Holdings Corp., 1 mo. USD Term SOFR + 3.500%1

 

(NR, B3)

 

07/21/28

   

7.822

     

1,708,633

   
 

929

   

Tacala LLC, 1 mo. USD Term SOFR + 3.500%1

 

(B-, B3)

 

01/31/31

   

7.822

     

929,058

   
 

4,141

   

Whatabrands LLC, 1 mo. USD Term SOFR + 2.500%1

 

(B, B2)

 

08/03/28

   

6.822

     

4,123,240

   
           

 

 

 

 

 

   

31,054,753

   

Software—Services (14.7%)

     
 

670

   

Amspec Parent LLC2,5

 

(B, NR)

 

12/22/31

   

1.000

     

669,900

   
 

4,354

   

Amspec Parent LLC, 3 mo. USD Term SOFR + 4.250%1,5

 

(B, NR)

 

12/22/31

   

8.549

     

4,354,351

   
 

9,380

   

Applied Systems, Inc., 3 mo. USD Term SOFR + 2.750%1

 

(B-, B2)

 

02/24/31

   

7.049

     

9,373,802

   
 

6,826

   

AQ Carver Buyer, Inc., 6 mo. USD Term SOFR + 5.500%1

 

(B, B3)

 

08/02/29

   

9.817

     

6,694,745

   
 

2,664

   

AQA Acquisition Holding, Inc., 3 mo. USD Term SOFR + 4.000%1

 

(B-, B2)

 

03/03/28

   

8.280

     

2,664,123

   
 

9,588

   

Aston FinCo SARL, 1 mo. USD Term SOFR + 4.250%1

 

(CCC+, B3)

 

10/09/26

   

8.686

     

9,107,382

   
 

1,572

   

Astra Acquisition Corp.4,7,8

 

(CCC+, Caa2)

 

02/25/28

   

0.000

     

911,689

   
 

11,250

   

Astra Acquisition Corp.4,7,8

 

(CC, C)

 

10/25/28

   

0.000

     

224,992

   
 

7,009

   

Avalara, Inc., 3 mo. USD Term SOFR + 3.250%1

 

(B-, B2)

 

03/26/32

   

7.553

     

6,980,110

   
 

5,761

   

BCPE Pequod Buyer, Inc., 1 mo. USD Term SOFR + 3.500%1

 

(B, B3)

 

11/25/31

   

7.822

     

5,751,519

   
 

3,767

   

Camelot U.S. Acquisition LLC, 1 mo. USD Term SOFR + 2.750%1

 

(BB-, B1)

 

01/31/31

   

7.072

     

3,724,177

   
 

8,546

   

CE Intermediate I LLC, 1 mo. USD Term SOFR + 3.000%1

 

(B-, B3)

 

03/25/32

   

7.328

     

8,492,859

   
 

573

   

Clearwater Analytics LLC, 3 mo. USD Term SOFR + 2.250%1,5

 

(BB-, B1)

 

04/21/32

   

6.529

     

571,176

   
 

11,953

   

Cloud Software Group, Inc., 3 mo. USD Term SOFR + 3.500%1

 

(B, B2)

 

03/29/29

   

7.799

     

11,826,827

   
 

477

   

CommerceHub, Inc., 3 mo. USD Term SOFR + 7.000%1,4

 

(CCC, Caa3)

 

12/29/28

   

11.411

     

433,053

   
 

4,880

   

CommerceHub, Inc., 3 mo. USD Term SOFR + 4.000%1

 

(B, B3)

 

12/29/27

   

8.411

     

4,674,150

   
 

1,310

   

CommerceHub, Inc., 3 mo. USD Term SOFR + 6.250%1

 

(NR, B3)

 

12/29/27

   

10.511

     

1,297,264

   
 

740

   

CommScope, Inc., 1 mo. USD Term SOFR + 5.250%1

 

(B-, B3)

 

12/17/29

   

9.572

     

728,014

   
 

4,868

   

ConnectWise LLC, 3 mo. USD Term SOFR + 3.500%1

 

(NR, B2)

 

09/29/28

   

8.061

     

4,866,288

   
 

8,367

   

Corel Corp., 3 mo. USD Term SOFR + 5.000%1,4

 

(B-, B2)

 

07/02/26

   

9.413

     

7,921,304

   
 

6,090

   

Cornerstone OnDemand, Inc., 1 mo. USD Term SOFR + 3.750%1,5

 

(B-, B2)

 

10/16/28

   

8.186

     

5,420,163

   
 

6,298

   

Corpay Technologies Operating Co. LLC, 1 mo. USD Term SOFR + 1.750%1

 

(BB+, Ba1)

 

04/28/28

   

6.072

     

6,286,235

   
 

3,500

   

Darktrace PLC, 3 mo. USD Term SOFR + 3.250%1

 

(B-, B2)

 

10/09/31

   

7.458

     

3,483,725

   
 

802

   

Darktrace PLC, 3 mo. USD Term SOFR + 5.250%1

 

(CCC, Caa2)

 

10/09/32

   

9.458

     

768,771

   
 

8,404

   

Dayforce, Inc., 3 mo. USD Term SOFR + 2.000%1,5

 

(BB-, Ba2)

 

03/01/31

   

6.280

     

8,414,925

   
 

836

   

DCert Buyer, Inc., 1 mo. USD Term SOFR + 4.000%1

 

(B-, B2)

 

10/16/26

   

8.322

     

811,653

   
 

2,083

   

DCert Buyer, Inc., 1 mo. USD Term SOFR + 7.000%1

 

(CCC, Caa2)

 

02/19/29

   

11.322

     

1,726,694

   
 

553

   

E2open LLC, 1 mo. USD Term SOFR + 3.500%1

 

(B, B2)

 

02/04/28

   

7.936

     

550,881

   
 

1,295

   

EAB Global, Inc., 1 mo. USD Term SOFR + 3.000%1

 

(B-, B3)

 

08/16/30

   

7.322

     

1,272,465

   
 

9,065

   

EagleView Technology Corp., 3 mo. USD Term SOFR + 6.500%1

 

(NR, NR)

 

08/14/28

   

10.803

     

8,645,738

   
 

373

   

EP Purchaser LLC, 3 mo. USD Term SOFR + 4.500%1,5

 

(B+, B2)

 

11/06/28

   

9.061

     

374,414

   
 

5,353

   

EverCommerce, Inc., 1 mo. USD Term SOFR + 2.500%1

 

(B+, B1)

 

07/06/28

   

6.822

     

5,333,084

   
 

2,765

   

Evertec Group LLC, 1 mo. USD Term SOFR + 2.750%1,5

 

(BB-, Ba3)

 

10/30/30

   

7.072

     

2,765,081

   
 

6,245

   

First Advantage Holdings LLC, 1 mo. USD Term SOFR + 3.250%1

 

(B+, B1)

 

10/31/31

   

7.572

     

6,209,816

   
 

1,867

   

Fleet Midco I Ltd., 6 mo. USD Term SOFR + 2.750%1,5

 

(B+, B2)

 

02/21/31

   

7.055

     

1,862,405

   
 

1,737

   

Go Daddy Operating Co. LLC, 1 mo. USD Term SOFR + 1.750%1

 

(BB, Ba1)

 

05/30/31

   

6.072

     

1,731,361

   
 

4,747

   

Go Daddy Operating Co. LLC, 1 mo. USD Term SOFR + 1.750%1

 

(BB, Ba1)

 

11/09/29

   

6.072

     

4,736,662

   
 

4,800

   

IGT Holding IV AB, 3 mo. USD Term SOFR + 3.400%1,5

 

(B, NR)

 

03/31/28

   

7.972

     

4,812,000

   
 

1,513

   

Javelin Buyer, Inc., 3 mo. USD Term SOFR + 5.250%1,4,5

 

(CCC+, Caa2)

 

12/06/32

   

9.563

     

1,484,486

   


8


Credit Suisse Floating Rate High Income Fund
Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
      Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Bank loans—(continued)

     

Software—Services—(concluded)

     

$

1,698

   

Johnstone Supply LLC, 1 mo. USD Term SOFR + 2.500%1

 

(B, B2)

 

06/09/31

   

6.820

   

$

1,686,641

   
 

5,897

   

Marcel LUX IV SARL, 1 mo. USD Term SOFR + 3.500%1,5

 

(B+, B2)

 

11/12/30

   

7.830

     

5,904,529

   
 

7,694

   

Mitnick Corporate Purchaser, Inc., 3 mo. USD Term SOFR + 4.500%1

 

(B-, B3)

 

05/02/29

   

8.880

     

5,437,989

   
 

1,741

   

Polaris Newco LLC, 1 mo. GBP SONIA + 5.000%1,11

 

(CCC+, B3)

 

06/02/28

   

9.459

     

2,146,183

   
 

7,033

   

Polaris Newco LLC, 3 mo. USD Term SOFR + 3.750%1

 

(CCC+, B3)

 

06/02/28

   

8.291

     

6,799,097

   
 

1,552

   

Project Alpha Intermediate Holding, Inc.1,3

 

(B-, Caa1)

 

11/22/32

   

0.000

     

1,492,352

   
 

3,040

   

Project Boost Purchaser LLC, 3 mo. USD Term SOFR + 3.000%1

 

(B-, B2)

 

07/16/31

   

7.299

     

3,018,551

   
 

4,991

   

Project Ruby Ultimate Parent Corp., 1 mo. USD Term SOFR + 3.000%1

 

(B, B2)

 

03/10/28

   

7.436

     

4,979,632

   
 

6,746

   

Proofpoint, Inc.1,3

 

(B-, B2)

 

08/31/28

   

0.000

     

6,714,002

   
 

471

   

Quartz Acquireco LLC, 3 mo. USD Term SOFR + 2.250%1,5

 

(B, B1)

 

06/28/30

   

6.549

     

466,391

   
 

1,611

   

Quest Software U.S. Holdings, Inc. (2022 Term Loan), 3 mo. USD Term SOFR + 4.250%1

 

(CCC-, Caa1)

 

02/01/29

   

8.680

     

865,289

   
 

16,019

   

Quest Software U.S. Holdings, Inc. (2024 Term Loan), 3 mo. USD Term SOFR + 4.250%1

 

(CCC-, Caa1)

 

02/01/29

   

8.680

     

9,931,710

   
 

10,695

   

RealPage, Inc., 3 mo. USD Term SOFR + 3.000%1

 

(B-, B3)

 

04/24/28

   

7.561

     

10,606,679

   
 

5,311

   

Redstone Holdco 2 LP, 3 mo. USD Term SOFR + 4.750%1

 

(CCC+, B3)

 

04/27/28

   

9.291

     

3,253,093

   
 

1,556

   

Rinchem Co., Inc., 3 mo. USD Term SOFR + 4.250%1

 

(CCC+, B3)

 

03/02/29

   

8.649

     

1,219,515

   
 

3,471

   

SkillSoft Corp., 1 mo. USD Term SOFR + 5.250%1

 

(B-, B2)

 

07/14/28

   

9.685

     

3,002,914

   
 

3,445

   

SS&C Technologies, Inc., 1 mo. USD Term SOFR + 2.000%1

 

(BB+, Ba1)

 

05/09/31

   

6.322

     

3,445,527

   
 

3,832

   

Symplr Software, Inc., 3 mo. USD Term SOFR + 4.500%1

 

(B-, B3)

 

12/22/27

   

8.880

     

3,337,234

   
 

5,735

   

UKG, Inc., 1 mo. USD Term SOFR + 3.000%1

 

(B-, B2)

 

02/10/31

   

7.320

     

5,721,913

   
 

4,337

   

VS Buyer LLC, 3 mo. USD Term SOFR + 2.750%1

 

(B+, B2)

 

04/12/31

   

7.020

     

4,323,092

   
 

1,421

   

Waystar Technologies, Inc., 1 mo. USD Term SOFR + 2.250%1,5

 

(B+, B1)

 

10/22/29

   

6.572

     

1,417,337

   
 

4,206

   

WEX, Inc., 1 mo. USD Term SOFR + 1.750%1

 

(BB-, Ba2)

 

03/31/28

   

6.072

     

4,172,684

   
 

3,117

   

World Wide Technology Holding Co. LLC, 1 mo. USD Term SOFR + 2.250%1,5

 

(BB, Ba3)

 

03/01/30

   

6.579

     

3,109,169

   
 

7,935

   

ZoomInfo LLC, 1 mo. USD Term SOFR + 1.750%1

 

(BB+, Ba1)

 

02/28/30

   

6.072

     

7,769,440

   
 

6,080

   

Zuora, Inc., 1 mo. USD Term SOFR + 3.500%1

 

(B, B3)

 

02/14/32

   

7.822

     

6,020,536

   
           

 

 

 

 

 

   

264,799,783

   

Steel Producers/Products (0.2%)

     
 

3,485

   

Grinding Media, Inc., 3 mo. USD Term SOFR + 3.500%1,5

 

(B-, B3)

 

10/12/28

   

7.819

     

3,363,402

   

Support—Services (6.3%)

     
 

4,255

   

Allied Universal Holdco LLC, 1 mo. USD Term SOFR + 3.750%1

 

(B, B3)

 

05/12/28

   

8.172

     

4,255,906

   
 

1,129

   

Armorica Lux SARL, 3 mo. EURIBOR + 4.925%1,6

 

(B-, Caa1)

 

07/28/28

   

7.111

     

1,246,085

   
 

3,887

   

Belfor Holdings, Inc., 1 mo. USD Term SOFR + 3.000%1,5

 

(B-, B2)

 

11/01/30

   

7.322

     

3,881,713

   
 

7,463

   

Belron Finance 2019 LLC, 3 mo. USD Term SOFR + 2.750%1

 

(BB-, Ba3)

 

10/16/31

   

7.052

     

7,454,217

   
 

1,043

   

Centuri Group, Inc., 1 mo. USD Term SOFR + 2.500%1

 

(B+, Ba3)

 

08/27/28

   

6.935

     

1,044,435

   
 

1,758

   

Construction Partners, Inc., 1 mo. USD Term SOFR + 2.500%1

 

(B+, B1)

 

11/03/31

   

6.820

     

1,748,073

   
 

11,556

   

CoreLogic, Inc., 1 mo. USD Term SOFR + 3.500%1

 

(B-, B2)

 

06/02/28

   

7.936

     

11,428,461

   
 

8,500

   

Form Technologies LLC, 3 mo. USD Term SOFR + 5.750%1

 

(B-, B3)

 

07/19/30

   

10.020

     

8,131,695

   
 

10,000

   

Fugue Finance BV, 3 mo. EURIBOR + 3.250%1,6

 

(B, B2)

 

01/09/32

   

5.949

     

11,323,677

   
 

9,136

   

Gloves Buyer, Inc.1,3

 

(B-, B3)

 

01/17/32

   

0.000

     

8,775,396

   
 

6,116

   

GYP Holdings III Corp., 1 mo. USD Term SOFR + 2.250%1,5

 

(BB-, Ba1)

 

05/12/30

   

6.572

     

6,085,465

   
 

2,085

   

KUEHG Corp., 3 mo. USD Term SOFR + 3.250%1

 

(B+, B1)

 

06/12/30

   

7.549

     

2,080,303

   
 

1,466

   

LaserShip, Inc., 3 mo. USD Term SOFR + 4.000%1

 

(CCC-, Caa2)

 

01/02/29

   

8.299

     

764,817

   
 

2,946

   

LaserShip, Inc., 3 mo. USD Term SOFR + 6.250%1

 

(B, B2)

 

01/02/29

   

10.549

     

2,872,268

   
 

9,160

   

LaserShip, Inc., 3 mo. USD Term SOFR + 5.500%1

 

(CCC, Caa2)

 

08/10/29

   

10.061

     

4,552,282

   
 

2,838

   

LaserShip, Inc., 3 mo. USD Term SOFR + 1.500%1

 

(CCC-, Caa3)

 

08/10/29

   

6.061

     

571,885

   
 

6,450

   

Nuvei Technologies Corp., 1 mo. USD Term SOFR + 3.000%1

 

(B+, B1)

 

11/17/31

   

7.322

     

6,416,304

   
 

409

   

PG Investment Co. 59 SARL, 3 mo. USD Term SOFR + 3.000%1

 

(B, Ba3)

 

03/26/31

   

7.299

     

408,603

   
 

5,100

   

PODS LLC, 3 mo. USD Term SOFR + 3.000%1

 

(B-, B3)

 

03/31/28

   

7.541

     

4,731,569

   
 

591

   

Synechron, Inc., 3 mo. USD Term SOFR + 3.750%1,5

 

(B+, B1)

 

10/03/31

   

8.030

     

585,046

   
 

12,605

   

Tempo Acquisition LLC, 1 mo. USD Term SOFR + 1.750%1

 

(BB, Ba3)

 

08/31/28

   

6.072

     

12,522,858

   
 

1,421

   

Teneo Holdings LLC, 1 mo. USD Term SOFR + 4.750%1

 

(B, B2)

 

03/13/31

   

9.072

     

1,426,755

   
 

2,205

   

Trans Union LLC (2024 Term Loan B8), 1 mo. USD Term SOFR + 1.750%1

 

(BBB-, Ba2)

 

06/24/31

   

6.072

     

2,193,417

   


9


Credit Suisse Floating Rate High Income Fund
Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
      Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Bank loans—(concluded)

     

Support—Services—(concluded)

     

$

1,627

   

Trans Union LLC (2024 Term Loan B9), 1 mo. USD Term SOFR + 1.750%1

 

(BBB-, Ba2)

 

06/24/31

   

6.072

   

$

1,620,162

   
 

2,075

   

TruGreen LP, 3 mo. USD Term SOFR + 8.500%1,4,5

 

(CCC, Caa3)

 

11/02/28

   

13.041

     

1,628,875

   
 

4,777

   

Wrench Group LLC, 3 mo. USD Term SOFR + 4.000%1

 

(B-, B3)

 

10/30/28

   

8.561

     

4,699,108

   
           

 

 

 

 

 

   

112,449,375

   

Tech Hardware & Equipment (1.4%)

     
 

8,954

   

Atlas CC Acquisition Corp., 3 mo. USD Term SOFR + 4.250%1

 

(B-, Caa2)

 

05/25/28

   

8.825

     

5,075,194

   
 

1,821

   

Atlas CC Acquisition Corp., 3 mo. USD Term SOFR + 4.250%1

 

(B-, B1)

 

05/25/28

   

8.825

     

1,032,240

   
 

1,805

   

Everest SubBidCo, 1 mo. USD Term SOFR + 4.500%1,5

 

(B-, B3)

 

12/10/31

   

8.772

     

1,791,552

   
 

899

   

Everest SubBidCo, 3 mo. USD Term SOFR + 4.500%1,5

 

(B-, B3)

 

12/10/31

   

8.777

     

892,421

   
 

10,244

   

Sandisk Corp., 3 mo. USD Term SOFR + 3.000%1,5

 

(BB, Ba3)

 

02/20/32

   

7.330

     

9,808,315

   
 

3,969

   

Ultra Clean Holdings, Inc., 1 mo. USD Term SOFR + 3.250%1

 

(B+, B1)

 

02/25/28

   

7.572

     

3,963,280

   
 

3,098

   

Vertiv Group Corp., 1 mo. USD Term SOFR + 1.750%1

 

(BB+, Ba2)

 

03/02/27

   

6.069

     

3,091,355

   
           

 

 

 

 

 

   

25,654,357

   

Telecom—Wireless (0.7%)

     
 

4,745

   

Eagle Broadband Investments LLC, 3 mo. USD Term SOFR + 3.000%1

 

(B+, B2)

 

11/12/27

   

7.561

     

4,737,894

   
 

5,059

   

SBA Senior Finance II LLC, 1 mo. USD Term SOFR + 1.750%1

 

(BBB-, Ba2)

 

01/25/31

   

6.080

     

5,061,430

   
 

596

   

Xplornet Communications, Inc., 1 mo. USD Term SOFR + 5.000%1

 

(B, Ba3)

 

10/24/29

   

9.436

     

577,440

   
 

1,782

   

Xplornet Communications, Inc., 1 mo. USD Term SOFR + 1.500%1,4

 

(CCC+, B3)

 

10/24/31

   

6.000

     

1,393,361

   
           

 

 

 

 

 

   

11,770,125

   

Telecom—Wireline Integrated & Services (2.0%)

     
 

1,284

   

Altice Financing SA, 3 mo. USD Term SOFR + 5.000%1

 

(CCC+, Caa1)

 

10/31/27

   

9.256

     

1,050,615

   
 

12,298

   

Altice France SA, 3 mo. USD Term SOFR + 5.500%1

 

(CC, Caa2)

 

08/15/28

   

9.756

     

11,120,849

   
 

6,386

   

Level 3 Financing, Inc., 1 mo. USD Term SOFR + 4.250%1

 

(B+, B1)

 

03/27/32

   

8.572

     

6,381,900

   
 

7,587

   

Patagonia Holdco LLC, 3 mo. USD Term SOFR + 5.750%1

 

(NR, B1)

 

08/01/29

   

10.052

     

6,483,022

   
 

7,448

   

Virgin Media Bristol LLC, 1 mo. USD Term SOFR + 3.250%1

 

(B+, Ba3)

 

01/31/29

   

7.686

     

7,355,619

   
 

2,648

   

Virgin Media Bristol LLC, 1 mo. USD Term SOFR + 2.500%1

 

(B+, Ba3)

 

01/31/28

   

6.936

     

2,615,421

   
 

931

   

Voyage Australia Pty. Ltd., 3 mo. USD Term SOFR + 3.500%1

 

(BB-, B1)

 

07/20/28

   

8.034

     

933,838

   
           

 

 

 

 

 

   

35,941,264

   

Theaters & Entertainment (0.5%)

     
 

1,701

   

Herschend Entertainment Co. LLC, 1 mo. USD Term SOFR + 3.000%1,5

 

(BB-, Ba3)

 

08/27/28

   

7.322

     

1,692,380

   
 

6,478

   

UFC Holdings LLC, 3 mo. USD Term SOFR + 2.250%1

 

(BB, Ba3)

 

11/21/31

   

6.580

     

6,479,320

   
           

 

 

 

 

 

   

8,171,700

   

Transport Infrastructure/Services (0.0%)

     
 

824

   

NA Rail HoldCo. LLC, U.S. (Fed) Prime Rate + 3.000%1

 

(B, B2)

 

03/08/32

   

7.286

     

822,887

   
        Total bank loans
(Cost $1,651,568,799)
 

 

 

 

 

 

   

1,560,333,782

   

Corporate bonds (5.4%)

     

Brokerage (0.1%)

     
 

1,528

   

StoneX Group, Inc., Rule 144A, Senior Secured Notes (Callable 03/01/27 @ 103.94)12

 

(BB-, Ba3)

 

03/01/31

   

7.875

     

1,594,175

   

Building Materials (0.2%)

     
 

4,455

    Foundation Building Materials, Inc., Rule 144A,
Company Guaranteed Notes (Callable 05/31/25 @ 101.50)12,13
 

(CCC+, Caa2)

 

03/01/29

   

6.000

     

3,758,916

   

Cable & Satellite TV (0.2%)

     
 

590

   

Altice France SA, Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 101.28)12

 

(CC, Caa2)

 

07/15/29

   

5.125

     

482,717

   
 

3,775

   

Altice France SA, Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 102.75)12

 

(CC, Caa2)

 

10/15/29

   

5.500

     

3,094,274

   
           

 

 

 

 

 

   

3,576,991

   


10


Credit Suisse Floating Rate High Income Fund
Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
      Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Corporate bonds—(continued)

     

Chemicals (0.5%)

     

$

4,000

   

Herens Holdco SARL, Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 101.88)12

 

(B-, B2)

 

05/15/28

   

4.750

   

$

3,493,915

   
 

8,000

    Vibrantz Technologies, Inc., Rule 144A, Senior Unsecured Notes
(Callable 05/31/25 @ 104.50)12,13
 

(CCC+, Caa2)

 

02/15/30

   

9.000

     

6,078,559

   
           

 

 

 

 

 

   

9,572,474

   

Diversified Capital Goods (0.1%)

     
 

895

   

Atkore, Inc., Rule 144A, Senior Unsecured Notes (Callable 06/01/26 @ 102.13)12

 

(BB+, Ba2)

 

06/01/31

   

4.250

     

794,968

   

Electronics (0.0%)

     
 

793

   

Synaptics, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/11/25 @ 102.00)12

 

(BB-, Ba3)

 

06/15/29

   

4.000

     

733,964

   

Health Services (0.1%)

     
 

1,844

    Radiology Partners, Inc., Rule 144A, Senior Secured Notes, 4.275% Cash, 3.500% PIK
(Callable 05/31/25 @ 100.00)9,12
 

(B-, B3)

 

01/31/29

   

7.775

     

1,806,807

   

Insurance Brokerage (0.5%)

     
 

1,200

    Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Rule 144A,
Senior Secured Notes (Callable 05/31/25 @ 103.38)12
 

(B, B2)

 

04/15/28

   

6.750

     

1,210,140

   
 

6,050

    Jones Deslauriers Insurance Management, Inc., Rule 144A,
Senior Secured Notes (Callable 03/15/26 @ 104.25)12
 

(B-, B2)

 

03/15/30

   

8.500

     

6,384,214

   
 

897

    Panther Escrow Issuer LLC, Rule 144A, Senior Secured Notes
(Callable 06/01/27 @ 103.56)12
 

(B, B2)

 

06/01/31

   

7.125

     

919,816

   
           

 

 

 

 

 

   

8,514,170

   

Investments & Misc. Financial Services (0.9%)

     
 

13,911

    Armor Holdco, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 104.25)12
 

(CCC+, Caa1)

 

11/15/29

   

8.500

     

12,822,215

   
 

755

    Focus Financial Partners LLC, Rule 144A, Senior Secured Notes
(Callable 09/15/27 @ 103.38)12
 

(B, B2)

 

09/15/31

   

6.750

     

758,864

   
 

2,000

    VFH Parent LLC/Valor Co-Issuer, Inc., Rule 144A, Senior Secured Notes
(Callable 06/15/27 @ 103.75)12
 

(B+, B1)

 

06/15/31

   

7.500

     

2,054,948

   
           

 

 

 

 

 

   

15,636,027

   

Machinery (0.3%)

     
 

3,258

   

Arcosa, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/16/25 @ 101.46)12

 

(B+, Ba3)

 

04/15/29

   

4.375

     

3,065,077

   
 

3,000

   

Griffon Corp., Global Company Guaranteed Notes (Callable 05/31/25 @ 100.96)

 

(B+, B1)

 

03/01/28

   

5.750

     

2,962,118

   
           

 

 

 

 

 

   

6,027,195

   

Media—Diversified (0.0%)

     
 

395

   

Tech 7 SAS Super Senior 15,6,7,8,10

 

(NR, NR)

 

03/31/26

   

0.000

     

45

   
 

659

   

Tech 7 SAS Super Senior 25,6,7,8,10

 

(NR, NR)

 

03/31/26

   

0.000

     

75

   
 

198

   

Tech 7 SAS Technicolor Creative Studios Super Senior5,6,7,8,10

 

(NR, NR)

 

03/31/26

   

0.000

     

23

   
 

198

   

Technicolor Creative Studios SA5,6,7,8,10

 

(NR, NR)

 

04/01/26

   

0.000

     

22

   
           

 

 

 

 

 

   

165

   

Metals & Mining—Excluding Steel (0.1%)

     
 

975

    ERO Copper Corp., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 103.25)12
 

(B+, B1)

 

02/15/30

   

6.500

     

941,117

   

Packaging (0.0%)

     
 

503

   

TriMas Corp., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 101.03)12

 

(BB-, Ba3)

 

04/15/29

   

4.125

     

470,099

   

Real Estate Investment Trusts (0.1%)

     
 

1,875

    Starwood Property Trust, Inc., Rule 144A, Senior Unsecured Notes
(Callable 10/15/29 @ 100.00)12
 

(BB-, Ba3)

 

04/15/30

   

6.000

     

1,854,264

   


11


Credit Suisse Floating Rate High Income Fund
Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
      Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Corporate bonds—(concluded)

     

Recreation & Travel (0.3%)

     

$

552

    SeaWorld Parks & Entertainment, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/11/25 @ 102.63)12,13
 

(B+, B2)

 

08/15/29

   

5.250

   

$

524,573

   
 

4,757

    Speedway Motorsports LLC/Speedway Funding II, Inc., Rule 144A, Senior Unsecured Notes
(Callable 05/31/25 @ 100.00)12
 

(BB+, B1)

 

11/01/27

   

4.875

     

4,566,292

   
           

 

 

 

 

 

   

5,090,865

   

Software—Services (0.9%)

     
 

2,423

   

CommScope LLC, Rule 144A, Senior Secured Notes (Callable 06/15/26 @ 103.00)12,13

 

(B-, B3)

 

12/15/31

   

9.500

     

2,480,057

   
 

3,475

   

Open Text Corp., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 101.94)12

 

(BB, Ba3)

 

12/01/29

   

3.875

     

3,207,723

   
 

817

   

UKG, Inc., Rule 144A, Senior Secured Notes (Callable 02/01/27 @ 103.44)12

 

(B-, B2)

 

02/01/31

   

6.875

     

841,068

   
 

7,297

   

Virtusa Corp., Rule 144A, Senior Unsecured Notes (Callable 05/31/25 @ 101.78)12

 

(B-, Caa1)

 

12/15/28

   

7.125

     

6,948,929

   
 

2,603

    ZoomInfo Technologies LLC/ZoomInfo Finance Corp., Rule 144A,
Company Guaranteed Notes (Callable 05/11/25 @ 100.97)12
 

(B+, B1)

 

02/01/29

   

3.875

     

2,407,936

   
           

 

 

 

 

 

   

15,885,713

   

Specialty Retail (0.2%)

     
 

3,745

    Eagle Intermediate Global Holding BV/Eagle U.S. Finance LLC, Rule 144A,
Senior Secured Notes, 7.500% Cash, 7.500% PIK4,9,12
 

(NR, Caa3)

 

07/18/25

   

7.500

     

2,864,925

   
 

102

    Eagle Intermediate Global Holding BV/Eagle U.S. Finance LLC, Rule 144A,
Senior Secured Notes, 7.500% Cash, 7.500% PIK5,9,10,12
 

(NR, Caa3)

 

07/18/25

   

7.500

     

77,833

   
 

137

   

Eagle Intermediate Global Holding BV/Ruyi U.S. Finance LLC5,8,10

 

(NR, NR)

 

05/01/25

   

0.000

     

103,673

   
           

 

 

 

 

 

   

3,046,431

   

Support—Services (0.6%)

     
 

3,263

    Allied Universal Holdco LLC/Allied Universal Finance Corp., Rule 144A,
Senior Unsecured Notes (Callable 05/31/25 @ 100.00)12
 

(CCC+, Caa2)

 

07/15/27

   

9.750

     

3,277,638

   
 

1,471

    Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, Rule 144A,
Senior Secured Notes (Callable 05/30/25 @ 101.81)6,12
 

(B, B3)

 

06/01/28

   

3.625

     

1,619,762

   
 

3,541

   

CoreLogic, Inc., Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 101.13)12

 

(B-, B2)

 

05/01/28

   

4.500

     

3,352,510

   
 

2,974

    GYP Holdings III Corp., Rule 144A, Company Guaranteed Notes
(Callable 05/31/25 @ 101.16)12
 

(B, Ba2)

 

05/01/29

   

4.625

     

2,800,773

   
           

 

 

 

 

 

   

11,050,683

   

Telecom—Wireless (0.1%)

     
 

2,000

   

Eolo SpA, Rule 144A, Senior Secured Notes (Callable 05/30/25 @ 102.44)6,12

 

(B-, Caa1)

 

10/21/28

   

4.875

     

2,070,901

   

Telecom—Wireline Integrated & Services (0.2%)

     
 

1,464

   

Level 3 Financing, Inc., Rule 144A, Secured Notes (Callable 03/22/26 @ 102.13)12

 

(B-, B3)

 

04/01/30

   

4.500

     

1,222,440

   
 

2,600

   

Level 3 Financing, Inc., Rule 144A, Secured Notes (Callable 05/11/25 @ 101.81)12

 

(B-, B3)

 

10/15/30

   

3.875

     

2,063,620

   
           

 

 

 

 

 

   

3,286,060

   
        Total corporate bonds
(Cost $99,424,930)
 

 

 

 

 

 

   

95,711,985

   

Asset backed securities (3.7%)

     

Collateralized Debt Obligations (3.7%)

     
 

3,500

    Anchorage Capital CLO 16 Ltd., 2020-16A, Rule 144A,
3 mo. USD Term SOFR + 2.900%1,12
 

(NR, NR)

 

01/19/38

   

7.169

     

3,499,043

   
 

2,500

   

Battalion CLO XXI Ltd., 2021-21A, Rule 144A, 3 mo. USD Term SOFR + 3.562%1,12

 

(NR, Baa3)

 

07/15/34

   

7.818

     

2,400,403

   
 

1,750

    Benefit Street Partners CLO X Ltd., 2016-10A, Rule 144A,
3 mo. USD Term SOFR + 7.012%1,12
 

(BB-, NR)

 

04/20/34

   

11.281

     

1,730,952

   
 

2,100

   

BlueMountain CLO Ltd., 2015-3A, Rule 144A, 3 mo. USD Term SOFR + 5.662%1,12

 

(B+, NR)

 

04/20/31

   

9.931

     

1,869,488

   
 

750

    Carlyle Global Market Strategies CLO Ltd., 2014-3RA, Rule 144A,
3 mo. USD Term SOFR + 5.662%1,12
 

(BB-, NR)

 

07/27/31

   

9.944

     

731,757

   


12


Credit Suisse Floating Rate High Income Fund
Schedule of Investments

April 30, 2025 (unaudited)

Par
(000)
      Ratings
(S&P/Moody's)
 

Maturity

 

Rate%

 

Value

 

Asset backed securities—(concluded)

     

Collateralized Debt Obligations—(concluded)

     

$

2,000

    Carlyle Global Market Strategies CLO Ltd., 2014-5A, Rule 144A,
3 mo. USD Term SOFR + 3.412%1,12
 

(BBB-, NR)

 

07/15/31

   

7.668

   

$

1,990,262

   
 

3,000

   

CIFC Funding 2018-IV Ltd., 2018-4A, Rule 144A, 3 mo. USD Term SOFR + 1.220%1,12

 

(NR, Aaa)

 

01/17/38

   

5.490

     

2,967,571

   
 

2,625

   

CIFC Funding Ltd., 2014-1A, Rule 144A, 3 mo. USD Term SOFR + 6.112%1,12

 

(B+, NR)

 

01/18/31

   

10.381

     

2,547,688

   
 

4,000

   

Crown Point CLO IV Ltd., 2018-4A, Rule 144A, 3 mo. USD Term SOFR + 3.012%1,12

 

(NR, Baa2)

 

04/20/31

   

7.281

     

4,014,376

   
 

1,520

   

Dewolf Park CLO Ltd., 2017-1A, Rule 144A, 3 mo. USD Term SOFR + 1.182%1,12

 

(NR, Aaa)

 

10/15/30

   

5.438

     

1,519,545

   
 

1,750

   

Dryden 86 CLO Ltd., 2020-86A, Rule 144A, 3 mo. USD Term SOFR + 3.462%1,12

 

(BBB-, NR)

 

07/17/34

   

7.741

     

1,732,717

   
 

5,000

   

Galaxy XXVIII CLO Ltd., 2018-28A, Rule 144A, 3 mo. USD Term SOFR + 3.262%1,12

 

(BBB-, NR)

 

07/15/31

   

7.518

     

5,024,320

   
 

3,500

   

Greywolf CLO II Ltd., 2013-1A, Rule 144A, 3 mo. USD Term SOFR + 4.460%1,12

 

(BBB-, NR)

 

04/15/34

   

8.716

     

3,515,966

   
 

2,000

   

Greywolf CLO III Ltd., 2020-3RA, Rule 144A, 3 mo. USD Term SOFR + 7.182%1,12

 

(BB-, NR)

 

04/22/33

   

11.454

     

1,914,596

   
 

3,390

   

Greywolf CLO IV Ltd., 2019-1A, Rule 144A, 3 mo. USD Term SOFR + 3.910%1,12

 

(BBB-, NR)

 

04/17/34

   

8.190

     

3,362,432

   
 

3,950

   

Greywolf CLO V Ltd., 2015-1A, Rule 144A, 3 mo. USD Term SOFR + 3.262%1,12

 

(BBB+, NR)

 

01/27/31

   

7.543

     

3,968,175

   
 

2,500

   

KKR CLO 14 Ltd., Rule 144A, 3 mo. USD Term SOFR + 6.412%1,12

 

(NR, B1)

 

07/15/31

   

10.668

     

2,406,958

   
 

2,900

   

KKR CLO 37 Ltd., Rule 144A, 3 mo. USD Term SOFR + 1.170%1,12

 

(NR, Aaa)

 

04/20/38

   

5.478

     

2,876,259

   
 

5,275

   

Marble Point CLO XXIII Ltd., 2021-4A, Rule 144A, 3 mo. USD Term SOFR + 6.012%1,12

 

(NR, Ba1)

 

01/22/35

   

10.284

     

5,236,424

   
 

2,250

    Octagon Investment Partners 26 Ltd., 2016-1A, Rule 144A,
3 mo. USD Term SOFR + 3.112%1,12
 

(BBB-, NR)

 

07/15/30

   

7.368

     

2,247,072

   
 

1,650

   

Strata CLO II Ltd., 2021-1A, Rule 144A, 3 mo. USD Term SOFR + 4.410%1,12

 

(BBB-, NR)

 

10/20/33

   

8.679

     

1,646,469

   
 

3,000

   

Venture 35 CLO Ltd., 2018-35A, Rule 144A, 3 mo. USD Term SOFR + 3.762%1,12

 

(NR, Baa1)

 

10/22/31

   

8.034

     

2,870,654

   
 

3,278

   

Venture XXIII CLO Ltd., 2016-23A, Rule 144A, 3 mo. USD Term SOFR + 5.332%1,12

 

(NR, Ba1)

 

07/19/34

   

9.601

     

3,102,757

   
 

3,000

   

Voya CLO Ltd., 2014-4A, Rule 144A, 3 mo. USD Term SOFR + 3.612%1,12

 

(BBB-, NR)

 

07/14/31

   

7.853

     

3,013,040

   
        Total asset backed securities
(Cost $66,750,357)
 

 

 

 

 

 

   

66,188,924

   

Shares

 

 

 

 

 

 

 

 

     

Common stocks (1.0%)

     

Auto Parts & Equipment (0.1%)

     
 

311

   

Jason, Inc.8

 

 

 

 

 

 

   

1,710,940

   

Chemicals (0.4%)

     
 

529,264

   

Proppants Holdings LLC4,5,10

 

 

 

 

 

 

   

10,585

   
 

191,054

   

Utex Industries

 

 

 

 

 

 

   

6,941,565

   
           

 

 

 

 

 

   

6,952,150

   

Energy—Exploration & Production (0.0%)

     
 

926,254

   

PES Energy, Class A4,5,8,10

 

 

 

 

 

 

   

9,263

   

Hotels (0.1%)

     
 

41,091

   

Aimbridge Acquisition Co., Inc.8

 

 

 

 

 

 

   

2,547,642

   

Investments & Misc. Financial Services (0.2%)

     
 

52,447

   

Altisource Portfolio Solutions SA8,13

 

 

 

 

 

 

   

53,496

   
 

1,917,630

   

Altisource Portfolio Solutions SA8,10,13

 

 

 

 

 

 

   

1,955,983

   
 

68,579

   

Resolute Topco, Inc.8

 

 

 

 

 

 

   

617,211

   
           

 

 

 

 

 

   

2,626,690

   

Machinery (0.0%)

     
 

6,315,768

   

Alloy Topco Ltd.5,8,10,11

 

 

 

 

 

 

   

0

   

Packaging (0.0%)

     
 

2,646,421

   

Campfire Topco Ltd.5,6,8,10

 

 

 

 

 

 

   

0

   


13


Credit Suisse Floating Rate High Income Fund
Schedule of Investments

April 30, 2025 (unaudited)

Shares

     

 

 

 

 

 

 

Value

 

Common stocks—(concluded)

     

Personal & Household Products (0.1%)

     
 

196,189

   

Dream Well, Inc.8

 

 

 

 

 

 

 

$

1,765,701

   
 

780,993,504

   

Keter Group BV5,6,8,10

 

 

 

 

 

 

   

0

   
 

196,189

   

Serta Simmons Bedding Equipment Co.5,8,10

 

 

 

 

 

 

   

0

   
           

 

 

 

 

 

   

1,765,701

   

Pharmaceuticals (0.0%)

     
 

156,133

   

Akorn, Inc.8

 

 

 

 

 

 

   

4,684

   

Private Placement (0.0%)

     
 

999,012,630

   

Technicolor Creative Studios SA5,8,10,14

 

 

 

 

 

 

   

0

   

Recreation & Travel (0.1%)

     
 

111,963

   

Cineworld Group PLC8

 

 

 

 

 

 

   

2,283,261

   

Software—Services (0.0%)

     
 

3,935

   

Skillsoft Corp.8

 

 

 

 

 

 

   

75,277

   

Specialty Retail (0.0%)

     
 

141

   

Eagle Investments Holding Co. LLC, Class B5,8,10

 

 

 

 

 

 

   

1

   

Telecom—Wireless (0.0%)

     
 

100,438

   

Stonepeak Falcon Holidngs LP8

 

 

 

 

 

 

   

368,306

   
 

7,290

   

Xplore, Inc.5,8,10

 

 

 

 

 

 

   

0

   
           

 

 

 

 

 

   

368,306

   
        Total common stocks
(Cost $42,705,339)
 

 

 

 

 

 

   

18,343,915

   

Warrants (0.0%)

     

Chemicals (0.0%)

     
 

132,316

   

Project Investor Holdings LLC, expires 02/08/20264,5,8,10

 

 

 

 

 

 

   

0

   

Investments & Misc. Financial Services (0.0%)

     
 

52,650

   

Altisource Solutions SARL5,8,10

 

 

 

 

 

 

   

526

   
 

52,650

   

Altisource Solutions SARL5,8,10

 

 

 

 

 

 

   

527

   
           

 

 

 

 

 

   

1,053

   
        Total warrants
(Cost $69,857)
 

 

 

 

 

 

   

1,053

   

Short-term investments (6.2%)

     
 

98,799,377

   

State Street Institutional U.S. Government Money Market Fund—Premier Class, 4.31%

 

 

 

 

 

 

   

98,799,377

   
 

12,697,675

   

State Street Navigator Securities Lending Government Money Market Portfolio, 4.36%15

 

 

 

 

 

 

   

12,697,675

   
        Total short-term investments
(Cost $111,497,052)
 

 

 

 

 

 

   

111,497,052

   
        Total investments at value (103.2%)
(Cost $1,972,016,334)
 

 

 

 

 

 

   

1,852,076,711

   
       

Liabilities In Excess of other Assets (-3.2%)

 

 

 

 

 

 

   

(56,831,449

)

 
       

Net assets (100.0%)

 

 

 

 

 

 

 

$

1,795,245,262

   

†  ​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  ​Variable rate obligation—The interest rate shown is the rate in effect as of April 30, 2025. The rate may be subject to a cap and floor.

2  ​All or a portion is an unfunded loan commitment (See note 2-I).

3  ​Position is unsettled. Contract rate was not determined at April 30, 2025 and does not take effect until settlement.

4  ​Illiquid security.

5  ​Security is valued using significant unobservable inputs.


14


Credit Suisse Floating Rate High Income Fund
Schedule of Investments

April 30, 2025 (unaudited)

6  ​This security is denominated in Euro.

7  ​Bond is currently in default.

8  ​Non-income producing security.

9  ​PIK: Payment-in-kind security for which part of the income earned may be paid as additional principal.

10  ​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).

11  ​This security is denominated in British Pound.

12  ​Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2025, these securities amounted to a value of $158,834,953 or 8.8% of net assets.

13  ​Security or portion thereof is out on loan (See Note 2-J).

14  ​Security is held through holdings of 100 shares of the CIG Special Purpose SPC—Credit Suisse Floating Rate High Income Fund Segregated Portfolio, an affiliated entity.

15  ​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

NR = Not Rated

SARL = société à responsabilité limitée

SOFR = Secured Overnight Financing Rate

SONIA = Sterling Overnight Index Average

WR = Withdrawn Rating

Forward foreign currency contracts

Forward
currency to be
purchased
  Forward
currency to be
sold
  Settlement
date
 

Counterparty

  Value on
settlement date
  Current
value/notional
  Unrealized
appreciation
 

CAD

233,877

   

USD

167,885

   

10/07/25

 

Barclays Bank PLC

 

$

167,885

   

$

170,584

   

$

2,699

   

CAD

16,773

   

USD

11,773

   

10/07/25

 

Deutsche Bank AG

   

11,773

     

12,234

     

461

   

CAD

23,101

   

USD

16,809

   

10/07/25

 

Morgan Stanley

   

16,809

     

16,849

     

40

   

EUR

8,000,000

   

USD

8,821,199

   

09/25/25

 

Barclays Bank PLC

   

8,821,199

     

9,173,980

     

352,781

   

EUR

4,071,434

   

USD

4,306,482

   

09/25/25

 

Deutsche Bank AG

   

4,306,482

     

4,668,906

     

362,424

   

EUR

1,500,000

   

USD

1,586,620

   

10/07/25

 

Deutsche Bank AG

   

1,586,620

     

1,721,354

     

134,734

   

GBP

130,063

   

USD

169,727

   

10/07/25

 

Deutsche Bank AG

   

169,727

     

173,802

     

4,075

   

Total unrealized appreciation

                     

$

857,214

   


15


Credit Suisse Floating Rate High Income Fund
Schedule of Investments

April 30, 2025 (unaudited)

Forward foreign currency contracts—(concluded)

Forward
currency to be
purchased
  Forward
currency to be
sold
  Settlement
date
 

Counterparty

  Value on
settlement date
  Current
value/notional
  Unrealized
depreciation
 

EUR

6,000,000

   

USD

6,907,882

   

09/25/25

 

Morgan Stanley

 

$

6,907,882

   

$

6,880,485

   

$

(27,397

)

 

USD

365,078

   

CAD

502,190

   

10/07/25

 

Deutsche Bank AG

   

(365,078

)

   

(366,286

)

   

(1,208

)

 

USD

35,815

   

CAD

50,219

   

10/07/25

 

Morgan Stanley

   

(35,815

)

   

(36,628

)

   

(813

)

 

USD

71,238,132

   

EUR

63,254,137

   

09/25/25

 

Deutsche Bank AG

   

(71,238,132

)

   

(72,536,518

)

   

(1,298,386

)

 

USD

1,862,898

   

EUR

1,730,000

   

10/07/25

 

Barclays Bank PLC

   

(1,862,898

)

   

(1,985,296

)

   

(122,398

)

 

USD

1,999,132

   

EUR

1,870,845

   

10/07/25

 

Deutsche Bank AG

   

(1,999,132

)

   

(2,146,924

)

   

(147,792

)

 

USD

7,690,317

   

EUR

6,871,108

   

10/07/25

 

Morgan Stanley

   

(7,690,317

)

   

(7,885,074

)

   

(194,757

)

 

USD

1,558,905

   

GBP

1,228,551

   

10/07/25

 

Deutsche Bank AG

   

(1,558,905

)

   

(1,641,706

)

   

(82,801

)

 

USD

9,914,208

   

GBP

7,617,224

   

10/07/25

 

Morgan Stanley

   

(9,914,208

)

   

(10,178,860

)

   

(264,652

)

 

Total unrealized depreciation

                     

$

(2,140,204

)

 

Total net unrealized appreciation/(depreciation)

                     

$

(1,282,990

)

 

Currency abbreviations:

CAD = Canadian Dollar

EUR = Euro

GBP = British Pound

USD = United States Dollar

See accompanying notes to financial statements.
16


Credit Suisse Floating Rate High Income Fund

Statement of assets and liabilities
April 30, 2025 (unaudited)

Assets:

 

Investments at value, including collateral for securities on loan of $12,697,675 (Cost $1,972,016,334) (Note 2)

 

$

1,852,076,7111

   

Foreign currency at value (Cost $1,524,998)

   

1,540,481

   

Cash segregated at brokers for forwards contracts (Note 2)

   

1,010,720

   

Receivable for investments sold

   

51,504,968

   

Interest receivable

   

19,879,954

   

Receivable for Fund shares sold

   

3,734,793

   

Unrealized appreciation on forward foreign currency contracts (Note 2)

   

857,214

   

Prepaid expenses and other assets

   

140,424

   

Total assets

   

1,930,745,265

   

Liabilities:

 

Investment advisory fee payable (Note 3)

   

730,382

   

Administrative services fee payable (Note 3)

   

84,920

   

Shareholder servicing/Distribution fee payable (Note 3)

   

136,091

   

Payable for investments purchased

   

88,292,924

   

Payable for Fund shares redeemed

   

21,083,445

   

Payable upon return of securities loaned (Note 2)

   

12,697,675

   

Due to custodian

   

3,140,635

   

Unrealized depreciation on forward foreign currency contracts (Note 2)

   

2,140,204

   

Dividend payable

   

2,122,333

   

Unfunded loan commitments (Note 2)

   

2,035,998

   

Trustees' fee payable

   

31,380

   

Accrued expenses

   

3,004,016

   

Total liabilities

   

135,500,003

   

Net assets:

 

Capital stock, $.001 par value (Note 6)

   

290,527

   

Paid-in capital (Note 6)

   

2,173,709,918

   

Total distributable earnings (loss)

   

(378,755,183

)

 

Net assets

 

$

1,795,245,262

   

Class I

 

Net assets

 

$

1,625,393,047

   

Shares outstanding

   

263,190,917

   

Net asset value, offering price and redemption price per share

 

$

6.18

   

Class A

 

Net assets

 

$

118,918,185

   

Shares outstanding

   

19,156,950

   

Net asset value and redemption price per share

 

$

6.21

   

Maximum offering price per share (net asset value/(1-4.75%))

 

$

6.52

   

Class C

 

Net assets

 

$

50,934,030

   

Shares outstanding

   

8,179,388

   

Net asset value and offering price per share

 

$

6.23

   

1​  Includes $12,359,756 of securities on loan.

See accompanying notes to financial statements.


17


Credit Suisse Floating Rate High Income Fund

Statement of operations
For the six months ended April 30, 2025 (unaudited)

Investment income:

 

Interest

 

$

81,423,653

   

Dividends

   

587,456

   

Securities lending (net of rebates)

   

18,023

   

Total investment income

   

82,029,132

   

Expenses:

 

Investment advisory fees (Note 3)

   

5,805,634

   

Administrative services fees (Note 3)

   

155,743

   

Shareholder servicing/Distribution fees (Note 3)

 

Class A

   

155,629

   

Class C

   

250,723

   

Transfer agent fees

   

956,129

   

Commitment fees (Note 4)

   

276,578

   

Custodian fees

   

244,634

   

Legal fees

   

165,517

   

Trustees' fees

   

85,709

   

Registration fees

   

59,235

   

Printing fees

   

39,531

   

Audit and tax fees

   

28,568

   

Insurance expense

   

27,162

   

Miscellaneous expense

   

22,269

   

Total expenses

   

8,273,061

   

Less: fees waived and expenses reimbursed (Note 3)

   

(1,096,337

)

 

Net expenses

   

7,176,724

   

Net investment income

   

74,852,408

   

Net realized and unrealized gain (loss) from investments, foreign currency and forward foreign currency contracts:

 

Net realized loss from investments

   

(6,159,191

)

 

Net realized loss from foreign currency transactions

   

(205,407

)

 

Net change in unrealized appreciation (depreciation) from investments

   

(31,051,745

)

 

Net change in unrealized appreciation (depreciation) from foreign currency translations

   

36,937

   

Net change in unrealized appreciation (depreciation) from forward foreign currency contracts

   

(3,033,312

)

 

Net realized and unrealized loss from investments, foreign currency and forward foreign currency contracts

   

(40,412,718

)

 

Net increase in net assets resulting from operations

 

$

34,439,690

   

See accompanying notes to financial statements.


18


Credit Suisse Floating Rate High Income Fund

Statements of changes in net assets

    For the
six months ended
April 30, 2025
(unaudited)
  For the
year ended
October 31, 2024
 

From operations:

 

Net investment income

 

$

74,852,408

   

$

182,652,772

   

Net realized loss from investments, foreign currency transactions and forward foreign currency contracts

   

(6,364,598

)

   

(33,308,849

)

 
Net change in unrealized appreciation (depreciation) from investments, foreign currency translations and
forward foreign currency contracts
   

(34,048,120

)

   

35,105,866

   

Net increase in net assets resulting from operations

   

34,439,690

     

184,449,789

   

From distributions:

 

From distributable earnings

 

Class I

   

(69,551,250

)

   

(164,779,201

)

 

Class A

   

(4,770,199

)

   

(10,989,652

)

 

Class C

   

(1,731,428

)

   

(3,611,899

)

 

Return of capital

 

Class I

   

     

(2,828,102

)

 

Class A

   

     

(188,615

)

 

Class C

   

     

(61,991

)

 

Net decrease in net assets resulting from distributions

   

(76,052,877

)

   

(182,459,460

)

 

From capital share transactions (Note 6):

 

Proceeds from sale of shares

   

374,539,846

     

694,282,060

   

Reinvestment of distributions

   

62,743,217

     

147,879,797

   

Net asset value of shares redeemed

   

(571,896,879

)

   

(850,682,398

)

 

Net decrease in net assets from capital share transactions

   

(134,613,816

)

   

(8,520,541

)

 

Net decrease in net assets

   

(176,227,003

)

   

(6,530,212

)

 

Net assets:

 

Beginning of period

   

1,971,472,265

     

1,978,002,477

   

End of period

 

$

1,795,245,262

   

$

1,971,472,265

   

See accompanying notes to financial statements.


19


Credit Suisse Floating Rate High Income Fund

Financial highlights

(For a Class I share of the Fund outstanding throughout each period)

    For the six
months ended
April 30, 2025
 

For the year ended October 31,

 
   

(unaudited)

 

2024

 

2023

 

2022

 

2021

 

2020

 

Per share data:

 

Net asset value, beginning of period

 

$

6.31

   

$

6.30

   

$

6.171

   

$

6.62

   

$

6.31

   

$

6.56

   

Investment operations:

 

Net investment income2

   

0.24

     

0.58

     

0.55

     

0.29

     

0.24

     

0.30

   
Net gain (loss) from investments, foreign currency transactions and
forward foreign currency contracts (both realized and unrealized)
   

(0.12

)

   

0.01

     

0.14

     

(0.45

)

   

0.31

     

(0.25

)

 

Total from investment operations

   

0.12

     

0.59

     

0.69

     

(0.16

)

   

0.55

     

0.05

   

Less dividends and distributions:

 

Dividends from net investment income

   

(0.25

)

   

(0.57

)

   

(0.56

)

   

(0.29

)

   

(0.24

)

   

(0.30

)

 

Return of capital

   

     

(0.01

)

   

(0.00

)3

   

     

     

   

Total dividends and distributions

   

(0.25

)

   

(0.58

)

   

(0.56

)

   

(0.29

)

   

(0.24

)

   

(0.30

)

 

Net asset value, end of period

 

$

6.18

   

$

6.31

   

$

6.30

   

$

6.171

   

$

6.62

   

$

6.31

   

Total return4

   

1.85

%

   

9.70

%

   

11.54

%

   

(2.42

)%

   

8.86

%

   

0.92

%

 

Ratios and supplemental data:

 

Net assets, end of period (000s omitted)

 

$

1,625,393

   

$

1,789,047

   

$

1,816,028

   

$

2,376,866

   

$

2,770,167

   

$

1,699,373

   

Ratio of net expenses to average net assets

   

0.70

%5

   

0.70

%

   

0.70

%

   

0.70

%

   

0.70

%

   

0.70

%

 

Ratio of net investment income to average net assets

   

7.78

%5

   

9.13

%

   

8.79

%

   

4.54

%

   

3.62

%

   

4.80

%

 
Decrease reflected in above operating expense ratios due to
waivers/reimbursements
   

0.11

%5

   

0.11

%

   

0.11

%

   

0.09

%

   

0.07

%

   

0.09

%

 

Portfolio turnover rate6

   

23

%

   

50

%

   

35

%

   

47

%

   

54

%

   

30

%

 

1​  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon net asset values may differ from the net asset values and returns for shareholder transactions.

2​  Per share information is calculated using the average shares outstanding method.

3​  This amount represents less than $0.01 per share.

4​  Total returns are historical and include change in share price, reinvestment of all distributions and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized.

5​  Annualized.

6​  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.


20


Credit Suisse Floating Rate High Income Fund

Financial highlights

(For a Class A share of the Fund outstanding throughout each period)

    For the six
months ended
April 30, 2025
 

For the year ended October 31,

 
   

(unaudited)

 

2024

 

2023

 

2022

 

2021

 

2020

 

Per share data:

 

Net asset value, beginning of period

 

$

6.34

   

$

6.33

   

$

6.21

   

$

6.65

   

$

6.34

   

$

6.59

   

Investment operations:

 

Net investment income1

   

0.24

     

0.57

     

0.54

     

0.28

     

0.23

     

0.29

   
Net gain (loss) from investments, foreign currency transactions and
forward foreign currency contracts (both realized and unrealized)
   

(0.13

)

   

0.01

     

0.12

     

(0.44

)

   

0.31

     

(0.25

)

 

Total from investment operations

   

0.11

     

0.58

     

0.66

     

(0.16

)

   

0.54

     

0.04

   

Less dividends and distributions:

 

Dividends from net investment income

   

(0.24

)

   

(0.56

)

   

(0.54

)

   

(0.28

)

   

(0.23

)

   

(0.29

)

 

Return of capital

   

     

(0.01

)

   

(0.00

)2

   

     

     

   

Total dividends and distributions

   

(0.24

)

   

(0.57

)

   

(0.54

)

   

(0.28

)

   

(0.23

)

   

(0.29

)

 

Net asset value, end of period

 

$

6.21

   

$

6.34

   

$

6.33

   

$

6.21

   

$

6.65

   

$

6.34

   

Total return3

   

1.74

%

   

9.43

%

   

11.07

%

   

(2.48

)%

   

8.57

%

   

0.70

%

 

Ratios and supplemental data:

 

Net assets, end of period (000s omitted)

 

$

118,918

   

$

134,432

   

$

116,439

   

$

116,540

   

$

144,713

   

$

146,803

   

Ratio of net expenses to average net assets

   

0.95

%4

   

0.95

%

   

0.95

%

   

0.95

%

   

0.95

%

   

0.95

%

 

Ratio of net investment income to average net assets

   

7.54

%4

   

8.87

%

   

8.59

%

   

4.25

%

   

3.41

%

   

4.54

%

 
Decrease reflected in above operating expense ratios due to
waivers/reimbursements
   

0.11

%4

   

0.11

%

   

0.11

%

   

0.09

%

   

0.07

%

   

0.09

%

 

Portfolio turnover rate5

   

23

%

   

50

%

   

35

%

   

47

%

   

54

%

   

30

%

 

1​  Per share information is calculated using the average shares outstanding method.

2​  This amount represents less than $0.01 per share.

3​  Total returns are historical and include change in share price, reinvestment of all distributions and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized.

4​  Annualized.

5​  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.


21


Credit Suisse Floating Rate High Income Fund

Financial highlights

(For a Class C share of the Fund outstanding throughout each period)

    For the six
months ended
April 30, 2025
 

For the year ended October 31,

 
   

(unaudited)

 

2024

 

2023

 

2022

 

2021

 

2020

 

Per share data:

 

Net asset value, beginning of period

 

$

6.36

   

$

6.35

   

$

6.221

   

$

6.68

   

$

6.36

   

$

6.61

   

Investment operations:

 

Net investment income2

   

0.21

     

0.52

     

0.50

     

0.23

     

0.18

     

0.24

   
Net gain (loss) from investments, foreign currency transactions and
forward foreign currency contracts (both realized and unrealized)
   

(0.12

)

   

0.01

     

0.13

     

(0.46

)

   

0.32

     

(0.25

)

 

Total from investment operations

   

0.09

     

0.53

     

0.63

     

(0.23

)

   

0.50

     

(0.01

)

 

Less dividends and distributions:

 

Dividends from net investment income

   

(0.22

)

   

(0.51

)

   

(0.50

)

   

(0.23

)

   

(0.18

)

   

(0.24

)

 

Return of capital

   

     

(0.01

)

   

(0.00

)3

   

     

     

   

Total dividends and distributions

   

(0.22

)

   

(0.52

)

   

(0.50

)

   

(0.23

)

   

(0.18

)

   

(0.24

)

 

Net asset value, end of period

 

$

6.23

   

$

6.36

   

$

6.35

   

$

6.221

   

$

6.68

   

$

6.36

   

Total return4

   

1.37

%

   

8.61

%

   

10.42

%

   

(3.48

)%

   

7.90

%

   

(0.05

)%

 

Ratios and supplemental data:

 

Net assets, end of period (000s omitted)

 

$

50,934

   

$

47,994

   

$

45,535

   

$

52,725

   

$

60,182

   

$

58,959

   

Ratio of net expenses to average net assets

   

1.70

%5

   

1.70

%

   

1.70

%

   

1.70

%

   

1.70

%

   

1.70

%

 

Ratio of net investment income to average net assets

   

6.78

%5

   

8.13

%

   

7.82

%

   

3.54

%

   

2.66

%

   

3.83

%

 
Decrease reflected in above operating expense ratios due to
waivers/reimbursements
   

0.11

%5

   

0.11

%

   

0.11

%

   

0.09

%

   

0.07

%

   

0.09

%

 

Portfolio turnover rate6

   

23

%

   

50

%

   

35

%

   

47

%

   

54

%

   

30

%

 

1​  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon net asset values may differ from the net asset values and returns for shareholder transactions.

2​  Per share information is calculated using the average shares outstanding method.

3​  This amount represents less than $0.01 per share.

4​  Total returns are historical and include change in share price, reinvestment of all distributions and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized.

5​  Annualized.

6​  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.


22


Credit Suisse Floating Rate High Income Fund

Notes to Financial Statements

April 30, 2025 (unaudited)

Note 1. Organization

Credit Suisse Floating Rate High Income Fund (the "Fund"), a series of Credit Suisse Opportunity Funds (the "Trust"), a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified open-end management investment company that seeks to provide a high level of current income and, secondarily, capital appreciation. The Trust was organized under the laws of the State of Delaware as a business trust on May 31, 1995.

UBS Asset Management (Americas) LLC ("UBS AM (Americas)" or the "Adviser"), the investment adviser to the Fund, is registered as an investment adviser with the Securities and Exchange Commission ("SEC") and as a Commodity Pool Operator with the Commodity Futures Trading Commission. UBS Asset Management (US) Inc. ("UBS AM (US)") serves as the principal underwriter for the Fund. UBS AM (Americas) 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.

The Fund offers three classes of shares: Class I shares, Class A shares and Class C shares. Each class of shares represents an equal pro rata interest in the Fund, except the share classes bear different expenses. Class A shares are sold subject to a front-end sales charge of up to 4.75%. Class C shares are sold subject to a contingent deferred sales charge ("CDSC") of 1.00% if the shares are redeemed within the first year of purchase. Class I shares are sold without a sales charge. Effective June 30, 2021, Class C shares, upon the eight year anniversary of purchase, will convert to Class A shares.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting ("Topic 280")—Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's portfolio management team acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is predetermined in accordance with the Fund's single investment objective which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) which are used by the CODM to assess the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying statement of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying statement of operations.

Note 2. Significant accounting policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in accordance with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is considered an investment company for financial reporting purposes under GAAP and follows the accounting and reporting guidance in FASB Accounting Standards Codification ("ASC") Topic 946—Financial Services—Investment Companies.

A) SECURITY VALUATION—The Board of Trustees (the "Board") is responsible for the Fund's valuation process. The Board has delegated the supervision of the daily valuation process to the Adviser, who has established a Pricing Committee and a Pricing Group, which, pursuant to the policies adopted by the Board, are responsible for making


23


Credit Suisse Floating Rate High Income Fund

Notes to Financial Statements

April 30, 2025 (unaudited)

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 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.


24


Credit Suisse Floating Rate High Income Fund

Notes to Financial Statements

April 30, 2025 (unaudited)

The following is a summary of the inputs used as of April 30, 2025 in valuing the Fund's assets and liabilities carried at fair value:

Assets

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Investments in Securities

 

Bank Loans

 

$

   

$

1,395,401,625

   

$

164,932,157

   

$

1,560,333,782

   

Corporate Bonds

   

     

95,530,314

     

181,671

     

95,711,985

   

Asset Backed Securities

   

     

66,188,924

     

     

66,188,924

   

Common Stocks

   

2,084,756

     

16,239,310

     

19,849

     

18,343,915

   

Warrants

   

     

     

1,053

     

1,053

   

Short-term Investments

   

111,497,052

     

     

     

111,497,052

   
   

$

113,581,808

   

$

1,573,360,173

   

$

165,134,730

   

$

1,852,076,711

   

Other Financial Instruments*

 

Forward Foreign Currency Contracts

 

$

   

$

857,214

   

$

   

$

857,214

   

Liabilities

 

Other Financial Instruments*

 

Forward Foreign Currency Contracts

 

$

   

$

2,140,204

   

$

   

$

2,140,204

   

*  Other financial instruments include unrealized appreciation (depreciation) on forward foreign currency contracts.

The following is a reconciliation of investments as of April 30, 2025 for which significant unobservable inputs were used in determining fair value.

   

Bank loans

 

Corporate bonds

 

Common stocks

 

Warrants

 

Total

 

Balance as of October 31, 2024

 

$

144,326,479

   

$

2,063,505

   

$

414,844

   

$

63,239

   

$

146,868,067

   

Accrued discounts (premiums)

   

166,046

     

     

     

     

166,046

   

Purchases

   

109,966,416

     

(356,886

)

   

(15,040

)

   

1,053

     

109,595,543

   

Sales

   

(83,149,522

)

   

     

     

(41,962

)

   

(83,191,484

)

 

Realized gain (loss)

   

(2,028,259

)

   

     

     

41,962

     

(1,986,297

)

 

Change in unrealized appreciation (depreciation)

   

4,799,020

     

(1,524,948

)

   

(11,649

)

   

(63,239

)

   

3,199,184

   

Transfers into Level 3

   

36,866,841

     

     

     

     

36,866,841

   

Transfers out of Level 3

   

(46,014,864

)

   

     

(368,306

)

   

     

(46,383,170

)

 

Balance as of April 30, 2025

 

$

164,932,157

   

$

181,671

   

$

19,849

   

$

1,053

   

$

165,134,730

   
Net change in unrealized appreciation (depreciation)
from investments still held as of April 30, 2025
 

$

(772,280

)

 

$

(1,524,240

)

 

$

   

$

   

$

(2,296,520

)

 

 

 

Quantitative disclosure about significant unobservable inputs

 

Asset class

 

Fair value
at April 30, 2025

 

Valuation
technique

 

Unobservable
input

 

Price range
(Weighted average)*

 

Bank Loans

 

$

3,568,952

   

Income Approach

 

Expected Remaining Distribution

 

$0.00 – $0.96 ($0.87)

 

   

0

   

Recent Transactions

 

Trade Price

 

0.00 (N/A)

 

   

161,363,205

   

Vendor Pricing

 

Single Broker Quote

 

0.79 – 1.01 (0.98)

 

Corporate Bonds

   

181,671

   

Income Approach

 

Expected Remaining Distribution

 

0.00 – 0.76 (0.76)

 

Common Stocks

   

19,849

   

Income Approach

 

Expected Remaining Distribution

 

0.00 – 0.02 (0.02)

 

   

0

   

Recent Transactions

 

Trade Price

 

0.00 (N/A)

 

Warrants

   

0

   

Income Approach

 

Expected Remaining Distribution

 

0.00 (N/A)

 

   

1,053

   

Recent Transactions

 

Trade Price

 

0.01 (0.01)

 

*  Weighted by relative fair value


25


Credit Suisse Floating Rate High Income Fund

Notes to Financial Statements

April 30, 2025 (unaudited)

Each fair value determination is based on a consideration of relevant factors, including both observable and unobservable inputs. Observable and unobservable inputs that UBS AM (Americas) considers may include (i) information obtained from the company, which may include an analysis of the company's financial statements, the company's products or intended markets or the company's technologies; (ii) the price of the same or similar security negotiated at arm's length in an issuer's completed subsequent round of financing; (iii) the price and extent of public trading in similar securities of the issuer or of comparable companies; or (iv) a probability and time value adjusted analysis of contractual term. Where available and appropriate, multiple valuation methodologies are applied to confirm fair value. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, determining fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for investments categorized in Level 3. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the least observable input that is significant to the fair value measurement. Additionally, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different from the valuations used at the date of these financial statements.

For the six months ended April 30, 2025, $36,866,841 was transferred from Level 2 to Level 3 due to a lack of a pricing source supported by observable inputs and $46,383,170 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 April 30, 2025 and the effect of these derivatives on the Statement of Operations for the six months ended April 30, 2025.

Primary underlying risk

  Derivative
assets1
  Derivative
liabilities1
  Realized
gain (loss)
  Net Change in
unrealized
appreciation
(depreciation)
 

Foreign currency exchange risk

 

$

857,214

   

$

2,140,204

   

$

   

$

(3,033,312

)

 

1​  Generally, the balance sheet location for asset derivatives is unrealized appreciation and for liability derivatives is unrealized depreciation.

For the six months ended April 30, 2025, the Fund held an average monthly value on a net basis of $99,457,139 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.


26


Credit Suisse Floating Rate High Income Fund

Notes to Financial Statements

April 30, 2025 (unaudited)

The following table presents by counterparty the Fund's derivative assets, net of related collateral held by the Fund, at April 30, 2025:

Counterparty

  Gross amount of derivative
assets presented in the
statement of assets
and liabilities
  Financial
instruments
and derivatives
available for offset
  Non-cash
collateral
receiveda
  Cash
collateral
receiveda
  Net amount
of derivative
assets
 

Barclays Bank PLC

 

$

355,480

   

$

(122,398

)

 

$

   

$

   

$

233,082

   

Deutsche Bank AG

   

501,694

     

(501,694

)

   

     

     

   

Morgan Stanley

   

40

     

(40

)

   

     

     

   
   

$

857,214

   

$

(624,132

)

 

$

   

$

   

$

233,082

   

The following table presents by counterparty the Fund's derivative liabilities, net of related collateral pledged by the Fund, at April 30, 2025:

Counterparty

  Gross amount of derivative
liabilities presented in the
statement of assets
and liabilities
  Financial
instruments
and derivatives
available for offset
  Non-cash
collateral
pledgeda
  Cash
collateral
pledgeda
  Net amount
of derivative
liabilities
 

Barclays Bank PLC

 

$

122,398

   

$

(122,398

)

 

$

   

$

   

$

   

Deutsche Bank AG

   

1,530,187

     

(501,694

)

   

     

(1,009,790

)

   

18,703

   

Morgan Stanley

   

487,619

     

(40

)

   

     

     

487,579

   
   

$

2,140,204

   

$

(624,132

)

 

$

   

$

(1,009,790

)

 

$

506,282

   

a​  In some instances, the actual collateral received and/or pledged may be more than the amount shown and may be comprised of cash collateral, non-cash collateral or combination of both.

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. Certain expenses are class-specific expenses, vary by class and are charged only to that class. Income, expenses (excluding class-specific expenses) and realized/unrealized gains/losses are allocated proportionately to each class of shares based upon the relative NAV of the outstanding shares of that class. 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.


27


Credit Suisse Floating Rate High Income Fund

Notes to Financial Statements

April 30, 2025 (unaudited)

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

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 April 30, 2025, for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

G) CASH—The Fund's uninvested cash balance is held in an interest bearing variable rate demand deposit account at State Street Bank and Trust Company ("SSB"), the Fund's custodian.

H) FORWARD FOREIGN CURRENCY CONTRACTS—A forward foreign currency exchange contract ("forward currency contract") is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. The Fund will enter into forward currency contracts primarily for hedging foreign currency risk. Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and unrealized gain/loss is recorded daily. On the settlement date of the forward currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was closed. Certain risks may arise upon entering into forward currency contracts from the potential inability of counterparties to meet the terms of their contracts. The maximum counterparty credit risk to the Fund is measured by the unrealized gain on appreciated contracts. Additionally, when utilizing forward currency contracts to hedge, the Fund forgoes the opportunity to profit from favorable exchange rate movements during the term of the contract. The Fund's open forward currency contracts at April 30, 2025 are disclosed in the Schedule of Investments. At April 30, 2025, the amount of restricted cash held at brokers related to open forward foreign currency contracts was $1,010,720.

I) 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


28


Credit Suisse Floating Rate High Income Fund

Notes to Financial Statements

April 30, 2025 (unaudited)

unfunded portions of credit agreements are presented in the Schedule of Investments. As of April 30, 2025, unfunded commitments were as follows:

Borrower

 

Maturity

 

Rate

  Unfunded
commitment
 

Air Comm Corp. LLC

 

12/11/31

   

1.000

%

 

$

865,384

   

Amspec Parent LLC

 

12/22/31

   

1.000

%

   

669,900

   

ARAMSCO, Inc.

 

10/10/30

   

4.750

%

   

358,880

   

Chrysaor Bidco SARL

 

10/30/31

   

3.500

%

   

67,750

   

Secretariat Advisors LLC

 

02/28/32

   

0.000

%

   

74,084

   

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.

J) SECURITIES LENDING—The initial collateral received by the Fund is required to have a value of at least 102% of the market value of domestic securities on loan (including any accrued interest thereon) and 105% of the market value of foreign securities on loan (including any accrued interest thereon). The collateral is maintained thereafter at a value equal to at least 102% of the current market value of the securities on loan. The market value of loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. Cash collateral received by the Fund in connection with securities lending activity may be pooled together with cash collateral for other funds/portfolios advised by UBS AM (Americas) and may be invested in a variety of investments, including funds advised by SSB or an affiliate, the Fund's securities lending agent, or money market instruments. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.

SSB has been engaged by the Fund to act as the Fund's securities lending agent. As of April 30, 2025, the Fund had outstanding loans of securities to certain approved brokers for which the Fund received collateral:

Market value of loaned
securities
  Market value of cash
collateral
 
$

12,359,756

   

$

12,697,675

   

The following table presents financial instruments that are subject to enforceable netting arrangements as of April 30, 2025.

Gross amounts not offset in the statement of assets and liabilities

Gross asset amounts presented
in the statement
of assets and liabilitiesa
 

Collateral receivedb

 

Net amount

 
$

12,359,756

   

$

(12,359,756

)

 

$

   

a​  Represents market value of loaned securities at period end.

b​  The actual collateral received is greater than the amount shown here due to collateral requirements of the security lending agreement.


29


Credit Suisse Floating Rate High Income Fund

Notes to Financial Statements

April 30, 2025 (unaudited)

The Fund's securities lending arrangement provides that the Fund and SSB will share the net income earned from securities lending activities. Securities lending income is accrued as earned.  For the six months ended April 30, 2025, total earnings received in connection with securities lending arrangements was $210,626, of which $186,489 was rebated to borrowers (brokers). The Fund retained $18,023 in income, and SSB, as lending agent, was paid $6,114.

K) OTHER—The high yield, fixed income securities in which the Fund invests will primarily consist of senior secured floating rate loans ("Senior Loans") issued by non-investment grade companies. Senior Loans are typically secured by specific collateral of the issuer and hold the most senior position in the issuer's capital structure. The interest rate on Senior Loans is periodically adjusted to a recognized base rate. While these characteristics may reduce interest rate risk and mitigate losses in the event of borrower default, the Senior Loans in which the Fund invests have below investment grade credit ratings and thereby are considered speculative because of the significant credit risk of their issuers.

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

In addition, periods of economic uncertainty and changes can be expected to result in increased volatility of market prices of lower-rated debt securities and the Fund's NAV.

In the normal course of business, the Fund trades financial instruments and enters into financial transactions for which risk of potential loss exists due to changes in the market (market risk) or failure of the other party to a transaction to perform (credit risk). Similar to credit risk, the Fund may be exposed to counterparty risk, including with respect to securities lending, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default. The potential loss could exceed the value of the financial assets recorded in the financial statements. Financial assets, which potentially expose the Fund to credit risk, consist principally of cash due from counterparties and investments. The extent of the Fund's exposure to credit and counterparty risks in respect to these financial assets approximates their carrying value as recorded in the Fund's Statement of Assets and Liabilities.

Note 3. Transactions with affiliates and related parties

UBS AM (Americas) serves as the Fund's investment adviser and co-administrator. For its investment advisory and administration services, UBS AM (Americas) is entitled to receive a fee from the Fund at an annual rate of 0.79% of the Fund's average daily net assets less than or equal to $100 million and 0.59% of the Fund's average daily net assets greater than $100 million. For the six months ended April 30, 2025, investment advisory and administration fees earned and fees waived/expenses reimbursed by UBS AM (Americas) were $5,805,634 and $1,096,337, respectively. UBS AM (Americas) has contractually agreed to limit expenses so that the Fund's annual operating expenses do not exceed 0.70% of the Fund's average daily net assets for Class I shares, 0.95% of the Fund's average daily net assets for Class A shares and 1.70% of the Fund's average daily net assets for Class C shares. The Fund is authorized to reimburse UBS AM (Americas) for management fees previously waived and/or for expenses previously paid by UBS AM (Americas), provided, however, that any reimbursement must be paid at a date not more than thirty-six months following the applicable month during which such fees were waived or expenses were paid by UBS AM (Americas) and the reimbursement does not cause the applicable class's aggregate expenses, on an annualized basis, to exceed either (i) the applicable expense limitation in effect at the time such fees were waived or such expenses were paid by UBS AM (Americas) or (ii) the applicable expense limitation in effect at the time of such reimbursement. This contract may not be terminated before February 28, 2026.


30


Credit Suisse Floating Rate High Income Fund

Notes to Financial Statements

April 30, 2025 (unaudited)

The amounts waived and reimbursed by UBS AM (Americas), which are available for potential future recoupment by UBS AM (Americas), and the expiration schedule at April 30, 2025 are as follows:

    Fee waivers/
expense
reimbursements
subject to
recoupment
  Expires
October 31,
2025
  Expires
October 31,
2026
  Expires
October 31,
2027
  Expires
October 31,
2028
 

Class I

 

$

7,974,009

   

$

2,639,316

   

$

2,259,861

   

$

2,077,819

   

$

997,013

   

Class A

   

454,157

     

116,498

     

123,793

     

142,989

     

70,877

   

Class C

   

183,483

     

52,688

     

50,834

     

51,514

     

28,447

   

Totals

 

$

8,611,649

   

$

2,808,502

   

$

2,434,488

   

$

2,272,322

   

$

1,096,337

   

UBS AM (US) serves as the Fund's underwriter and distributor. Pursuant to a distribution plan adopted by the Fund pursuant to Rule 12b-1 under the 1940 Act, UBS AM (US) receives fees for its distribution services. These fees are calculated at an annual rate of 0.25% of the average daily net assets of the Class A shares. For the Class C shares, the fee is calculated at an annual rate of 1.00% of the average daily net assets. For the six months ended April 30, 2025, the Fund paid Rule 12b-1 distribution fees of $155,629 for Class A shares and $250,723 for Class C shares. Class I shares are not subject to Rule 12b-1 distribution fees.

For the six months ended April 30, 2025, UBS AM (US) and its affiliates advised the Fund that they retained $7,804 from commissions earned on the sale of the Fund's Class A shares. There were no commissions earned on the sale of Class C shares.

The Fund from time to time purchases or sells loan investments in the secondary market through UBS AM (Americas) or its affiliates acting in the capacity as broker-dealer. UBS AM (Americas) or its affiliates may have acted in some type of agent capacity to the initial loan offering prior to such loan trading in the secondary market.

Note 4. Line of credit

The Fund, together with other funds/portfolios advised by UBS AM (Americas) (collectively, the "Participating Funds"), participates in a committed, unsecured line of credit facility ("Credit Facility"), with SSB in an aggregated amount of $250 million for temporary or emergency purposes on a first-come, first-served basis. Of the aggregate $250 million amount, $125 million is specifically designated for the Fund. The remaining $125 million is available to all Participating Funds, including the Fund. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee on the average unused amount of the Credit Facility, which is allocated among the Participating Funds in such manner as is determined by the governing boards of the Participating Funds. In addition, the Participating Funds pay interest on borrowings at either the Federal Funds Effective rate or the Overnight Bank Funding rate plus a spread. At April 30, 2025 and for the six months ended April 30, 2025, the Fund had no borrowings outstanding under the Credit Facility. Additionally, the Fund and another Participating Fund are parties to a joint uncommitted line of credit facility with SSB in an aggregated amount of $200 million. For the six months ended April 30, 2025, the line was not drawn upon and no fees were incurred.


31


Credit Suisse Floating Rate High Income Fund

Notes to Financial Statements

April 30, 2025 (unaudited)

Note 5. Purchases and sales of securities

For the six months ended April 30, 2025, purchases and sales of investment securities and U.S. Government and Agency Obligations (excluding short-term investments) were as follows:

Investment securities

  U.S. Government/
agency obligations
 
Purchases  

Sales

 

Purchases

 

Sales

 
$

427,265,516

   

$

569,288,423

   

$

0

   

$

0

   

Note 6. Capital share transactions

The Fund is authorized to issue an unlimited number of full and fractional shares of beneficial interest, $0.001 par value per share. The Fund offers Class I, Class A and Class C shares. Transactions in capital shares for each class of the Fund were as follows:

   

Class I

 
    For the six months ended
April 30, 2025 (unaudited)
  For the year ended
October 31, 2024
 
   

Shares

 

Value

 

Shares

 

Value

 

Shares sold

   

55,002,213

   

$

346,209,016

     

98,062,786

   

$

622,452,249

   

Shares issued in reinvestment of distributions

   

9,113,044

     

57,268,144

     

21,355,332

     

135,563,185

   

Shares redeemed

   

(84,556,257

)

   

(529,254,686

)

   

(123,972,329

)

   

(786,967,715

)

 

Net decrease

   

(20,441,000

)

 

$

(125,777,526

)

   

(4,554,211

)

 

$

(28,952,281

)

 

  

   

Class A

 
    For the six months ended
April 30, 2025 (unaudited)
  For the year ended
October 31, 2024
 
   

Shares

 

Value

 

Shares

 

Value

 

Shares sold

   

3,099,714

   

$

19,658,784

     

9,008,735

   

$

57,492,967

   

Shares issued in reinvestment of distributions

   

645,260

     

4,075,085

     

1,427,145

     

9,103,832

   

Shares redeemed

   

(5,791,136

)

   

(36,622,409

)

   

(7,615,414

)

   

(48,589,200

)

 

Net increase (decrease)

   

(2,046,162

)

 

$

(12,888,540

)

   

2,820,466

   

$

18,007,599

   

  

   

Class C

 
    For the six months ended
April 30, 2025 (unaudited)
  For the year ended
October 31, 2024
 
   

Shares

 

Value

 

Shares

 

Value

 

Shares sold

   

1,362,878

   

$

8,672,046

     

2,242,067

   

$

14,336,844

   

Shares issued in reinvestment of distributions

   

221,045

     

1,399,988

     

502,035

     

3,212,780

   

Shares redeemed

   

(950,472

)

   

(6,019,784

)

   

(2,364,190

)

   

(15,125,483

)

 

Net increase

   

633,451

   

$

4,052,250

     

379,912

   

$

2,424,141

   

  


32


Credit Suisse Floating Rate High Income Fund

Notes to Financial Statements

April 30, 2025 (unaudited)

On April 30, 2025, the number of shareholders that held 5% or more of the outstanding shares of each class of the Fund was as follows:

    Number of
shareholders
  Approximate percentage
of outstanding shares
 

Class I

   

7

     

62

%

 

Class A

   

6

     

80

%

 

Class C

   

4

     

74

%

 

The Fund's performance may be negatively impacted in the event one or more of the Fund's greater than 5% shareholders were to redeem at a given time. Some of the shareholders may be omnibus accounts, which hold shares on behalf of individual shareholders.

Note 7. Contingencies

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

Note 8. Subsequent events

In preparing the financial statements as of April 30, 2025, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements through the date of release of this report. No such events requiring recognition or disclosure were identified through the date of the release of this report.


33


Credit Suisse Floating Rate High Income Fund

Notice of privacy and information practices (unaudited)

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

Categories of information we may collect:

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

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

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

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

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

•  We want our investors to be informed about additional products or services. We do not disclose nonpublic personal information relating to individual investors to our affiliates for marketing purposes, nor do we use such information received from our affiliates to solicit individual investors for such purposes. Whether you are an individual investor or an institutional investor, we may disclose information, including nonpublic personal information, regarding our transactions and experiences with you to our affiliates.

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


Credit Suisse Floating Rate High Income Fund

Notice of privacy and information practices (unaudited)

Confidentiality and security

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

Other disclosures

This notice is not intended to be incorporated in any offering materials, but is a statement of our current Notice of Privacy and Information Practices and may be amended from time to time. This notice is current as of May 13, 2025.


Credit Suisse Floating Rate High Income 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 1-877-870-2874

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

•  On the website of the Securities and Exchange Commission ("SEC") at www.sec.gov

The Fund files its complete schedule of portfolio holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.


UBS Asset Management (US) Inc., DISTRIBUTOR.

P.O. Box 219916, Kansas City, Mo 64121-9916
877-870-2874
www.credit-suisse.com/us

FLHI-SAR-0425


(b) Included as part of the financial statements to shareholders filed under Item 7(a) of this form.

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

Not applicable.

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

Not applicable.

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

(1) All board members and all members of any advisory board for regular compensation: $204,507

(2) Each board member and each member of an advisory board for special compensation: $32,000

(3) All officers: Not applicable.

(4) Each person of whom any officer or director of the registrant is an affiliated person: Not applicable.

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

CREDIT SUISSE FLOATING RATE HIGH INCOME FUND

In approving the renewal of the current investment management agreement (the "Investment Management Agreement") for the Credit Suisse Floating Rate High Income Fund (the "Fund"), a series of Credit Suisse Opportunity Funds (the "Trust"), the Board of Trustees of the Trust (the "Board"), including all of the trustees who are not "interested persons" of the Trust as defined in the Investment Company Act of 1940 (the "Independent Trustees"), at a special Microsoft Teams meeting held on November 6, 2024, where the Board discussed information and materials previously provided to them in connection with the renewal of the Investment Management Agreement, and at an in-person meeting held on November 11 and 12, 2024, considered the following factors:

Investment Management Fee Rates and Expenses

The Board reviewed and considered the contractual management fee rate of 0.79% of the Fund's average daily net assets less than or equal to $100 million and 0.59% of the Fund's average daily net assets greater than $100 million (collectively, the "Contractual Management Fee") for the Fund in light of the extent and quality of the management services provided by UBS Asset Management (Americas) LLC("UBS AM (Americas)"), the Fund's investment manager. The Board also considered that UBS AM (Americas) has entered into a contractual expense limitation agreement ("Expense Limitation Agreement") limiting the Fund's total net expenses to 0.95%, 1.70% and 0.70% of the average daily net assets of Class A, Class C and Class I shares, respectively, until February 28, 2026. The Board noted that effective May 1, 2024, Credit Suisse Asset Management, LLC ("Credit Suisse"), the Fund's previous investment manager, merged into UBS AM (Americas) LLC, with UBS AM (Americas) as the surviving entity, and UBS AM (Americas) became the investment manager to the Fund under the Investment Management Agreement.

Additionally, the Board received and considered information comparing the Fund's Contractual Management Fee, Contractual Management Fee less waivers and/or reimbursements ("Net Management Fee") and overall expenses with those of funds in both the relevant expense group ("Expense Group") and universe of funds ("Expense Universe") provided by Broadridge, an independent provider of investment company data. The Board was provided with a description of the methodology used to arrive at the funds included in the Expense Group and the Expense


Universe. Each fund in the Expense Group and Expense Universe was placed in one of five quintiles for each relevant comparison period, with the first quintile including the funds with the lowest relative expenses and the fifth quintile including funds with the highest relative expenses during the period. The Board noted that, with respect to the Fund's fees and expenses compared to its peers as presented in a report provided by Broadridge, the Fund's Contractual Management Fee ranked in the third quintile relative to its Expense Group, the Fund's actual management fees ranked in the first quintile and second quintile of its Expense Group and Expense Universe, respectively, and the Fund's total expenses ranked in the second quintile relative to its Expense Group and Expense Universe.

Nature, Extent and Quality of the Services Under the Investment Management Agreement

The Board received and considered information regarding the nature, extent and quality of services provided to the Fund by UBS AM (Americas) under the Investment Management Agreement. The Board also noted information received at regular meetings throughout the year related to the services rendered by UBS AM (Americas) which, in addition to portfolio management and investment management services set forth in the Investment Management Agreement, included credit analysis and research, supervising the day-to-day operations of the Fund's non-advisory functions, which include accounting, administration, custody, transfer agent and other applicable third party service providers; overseeing and facilitating audits; overseeing the Fund's credit facility; and supervising and/or preparing applicable Fund filings, disclosures and shareholder reports. The Board noted that the extensive investment management services provided by UBS AM (Americas) included broad supervisory responsibility and oversight over other service providers to the Fund. The Board also considered UBS AM (Americas)'s compliance program with respect to the Fund. The Board noted that UBS AM (Americas) reports to the Board about portfolio management and compliance matters on a periodic basis. The Board reviewed background information about UBS AM (Americas) including its Form ADV Part 2—Disclosure Brochure and Brochure Supplement. The Board considered the background and experience of UBS AM (Americas)'s senior management and the expertise of, and the amount of attention given to the Fund by, senior personnel of UBS AM (Americas). In addition, the Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day portfolio management of the Fund and the extent of the resources devoted to research and analysis of actual and potential investments, as well as the resources provided to them. The Board evaluated the ability of UBS AM (Americas), based on its resources, reputation and other attributes, to attract and retain qualified investment professionals including research, advisory, and supervisory personnel. The Board also received and considered information about the nature, extent and quality of services and fee rates offered to other UBS AM (Americas) clients for comparable services. The Board acknowledged UBS AM (Americas)'s representation that the services provided to the Fund are more extensive than the services provided in connection with other types of accounts, such as separate accounts, offered by UBS AM (Americas) and the services are also more extensive from those offered and provided to a sub-advised fund. The Board also considered that the services provided by UBS AM (Americas) have expanded over time as a result of regulatory and other developments.

Fund Performance

The Board received and considered performance results of the Fund over the previous year ended August 31, 2024 as well as over the two-, three-, four-, five- and ten-year periods ended August 31, 2024, along with comparisons both to the relevant performance group ("Performance Group") and universe of funds ("Performance Universe") for the Fund for the same time periods provided in the Broadridge report. The Board was provided with a description of the methodology used to arrive at the funds included in the Performance Group and the Performance Universe. Each fund in the Performance Universe was placed in one of five quintiles for each relevant comparison period, with the first quintile including the best performing funds and the fifth quintile including the worst performing funds during the period. The Board noted that, with respect to the Fund's performance compared to its peers as presented in the Broadridge report, the Fund's performance ranked in the first quintile relative to its Performance Universe for the four-, five-, and ten-year periods reported, the Fund's performance ranked in the second quintile relative to its Performance Universe for the two- and three-year periods reported, and the Fund's performance ranked in the third quintile relative to its Performance Universe for the one-year period reported. The Board also considered the investment performance of the Fund relative to its stated objectives.


Investment Manager Profitability

The Board received and considered a profitability analysis of Credit Suisse, as the investment manager to the Fund prior to May 1, 2024, based on the fees payable under the Investment Management Agreement for the Fund, including any fee waivers, as well as other relationships between the Fund on the one hand and Credit Suisse affiliates on the other. The Board deliberations also reflected, in the context of Credit Suisse's profitability, Credit Suisse's methodology for allocating costs to the Fund, recognizing that cost allocation methodologies are inherently subjective. The Board also received net profitability information for the other funds in the Credit Suisse family of funds, which include both open-end and closed-end funds. The Board also reviewed Credit Suisse's profit margin as reflected in the profitability analysis, as well as reviewing profitability in light of appropriate court cases and the services rendered to the Fund. The Board noted that UBS AM (Americas)'s profitability with respect to the Credit Suisse family of funds was expected to be in line with that of Credit Suisse.

Economies of Scale

The Board considered information regarding whether there have been economies of scale with respect to the management of the Fund, whether the Fund has appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Board noted that the Fund's Contractual Management Fee had breakpoints that would allow investors to benefit directly in the form of lower fees as Fund assets grow. The Board also noted the Expense Limitation Agreement currently in place between the Fund and UBS AM (Americas). The Board received information regarding UBS AM (Americas)'s profitability in connection with providing investment management services to the Fund, including UBS AM (Americas)'s costs in providing the services.

Other Benefits to UBS AM (Americas)

The Board considered other benefits received by UBS AM (Americas) and its affiliates as a result of their relationship with the Fund. Such benefits include, among others, benefits potentially derived from an increase in UBS AM (Americas)'s businesses and its reputation as a result of its relationship with the Fund (such as the ability to market its advisory services to other clients and investors including separate account or third party sub-advised mandates or other financial products offered by UBS AM (Americas) and its affiliates), as well as the fees paid to an affiliate of UBS AM (Americas) for distribution services.

The Board considered the standards UBS AM (Americas) applied in seeking best execution and UBS AM (Americas)'s policies and practices regarding soft dollars and reviewed UBS AM (Americas)'s method for allocating portfolio investment opportunities among its advisory clients.

Other Factors and Broader Review

As discussed above, the Board reviewed detailed materials received from UBS AM (Americas) as part of the annual approval process. The Board also reviews and assesses the quality of the services that the Fund receives throughout the year and reviews reports of UBS AM (Americas) at least quarterly, which include, among other things, detailed portfolio and market reviews, detailed fund performance reports, and UBS AM (Americas)'s compliance procedures.

Conclusions

In selecting UBS AM (Americas), and approving the renewal of the Investment Management Agreement and the investment management fee under such agreement, the Board concluded that:

•  The Contractual Management Fee and Net Management Fee, reviewed along with information provided by Broadridge for the funds in the Fund's Expense Group and Expense Universe, were reasonable in relation to the services provided by UBS AM (Americas).

•  The Board was satisfied with the nature, extent and quality of the investment management services provided to the Fund by UBS AM (Americas) and that, based on dialogue with management and counsel, the


services provided by UBS AM (Americas) under the Investment Management Agreement are typical of, and consistent with, those provided to similar mutual funds by other investment managers.

•  In light of the costs of providing investment management and other services to the Fund and UBS AM (Americas)'s ongoing commitment to the Fund and willingness to waive fees (by agreeing to a contractual expense limitation),UBS AM (Americas)'s net profitability based on fees payable under the Investment Management Agreement, as well as other ancillary benefits that UBS AM (Americas) and its affiliates received, were considered reasonable.

•  In light of the information received and considered by the Board, the Fund's current fee structure was considered reasonable.

No single factor reviewed by the Board was identified by the Board as the principal factor in determining whether to approve the renewal of the Investment Management Agreement. The Independent Trustees were advised by separate independent legal counsel throughout the process.

CREDIT SUISSE STRATEGIC INCOME FUND

In approving the renewal of the current investment management agreement (the "Investment Management Agreement") for the Credit Suisse Strategic Income Fund (the "Fund"), a series of Credit Suisse Opportunity Funds (the "Trust"), the Board of Trustees of the Trust (the "Board"), including all of the trustees who are not "interested persons" of the Trust as defined in the Investment Company Act of 1940 (the "Independent Trustees"), at a special Microsoft Teams meeting held on November 6, 2024 where the Board discussed information and materials previously provided to them in connection with the renewal of the Investment Management Agreement, and at an in-person meeting held on November 11 and 12, 2024, considered the following factors:

Investment Management Fee Rates and Expenses

The Board reviewed and considered the contractual management fee rate of 0.84% of the Fund's average daily net assets (the "Contractual Management Fee") for the Fund in light of the extent and quality of the management services provided by UBS Asset Management (Americas) LLC ("UBS AM (Americas)"), as investment manager. The Board also considered that UBS AM (Americas) has entered into a contractual expense limitation agreement ("Expense Limitation Agreement") limiting the Fund's total net expenses to 1.04%, 1.79% and 0.79% of the average daily net assets of Class A, Class C and Class I shares, respectively, until February 28, 2026. The Board noted that effective May 1, 2024, Credit Suisse Asset Management, LLC ("Credit Suisse"), the Fund's previous investment manager, merged into UBS AM (Americas) LLC, with UBS AM (Americas) as the surviving entity, and UBS AM (Americas) became the investment manager to the Fund under the Investment Management Agreement.

Additionally, the Board received and considered information comparing the Fund's Contractual Management Fee, Contractual Management Fee less waivers and/or reimbursements ("Net Management Fee") and overall expenses with those of funds in both the relevant expense group ("Expense Group") and universe of funds ("Expense Universe") provided by Broadridge, an independent provider of investment company data. The Board was provided with a description of the methodology used to arrive at the funds included in the Expense Group and the Expense Universe. Each fund in the Expense Group and Expense Universe was placed in one of five quintiles for each relevant comparison period, with the first quintile including the funds with the lowest relative expenses and the fifth quintile including funds with the highest relative expenses during the period. The Board noted that, with respect to the Fund's fees and expenses compared to its peers as presented in a report provided by Broadridge, the Fund's Contractual Management Fee ranked in the fifth quintile relative to its Expense Group, and the Fund's actual management fees and total expenses ranked in the fourth quintile of its Expense Group and Expense Universe.


Nature, Extent and Quality of the Services Under the Investment Management Agreement

The Board received and considered information regarding the nature, extent and quality of services provided to the Fund by UBS AM (Americas) under the Investment Management Agreement. The Board also noted information received at regular meetings throughout the year related to the services rendered by UBS AM (Americas) which, in addition to portfolio management and investment management services set forth in the Investment Management Agreement, included credit analysis and research, supervising the day-to-day operations of the Fund's non-advisory functions, which include accounting, administration, custody, transfer agent and other applicable third party service providers; overseeing and facilitating audits; overseeing the Fund's credit facility; and supervising and/or preparing applicable Fund filings, disclosures and shareholder reports. The Board noted that the extensive investment management services provided by UBS AM (Americas) included broad supervisory responsibility and oversight over other service providers to the Fund. The Board also considered UBS AM (Americas)'s compliance program with respect to the Fund. The Board noted that UBS AM (Americas) reports to the Board about portfolio management and compliance matters on a periodic basis. The Board reviewed background information about UBS AM (Americas), including its Form ADV Part 2—Disclosure Brochure and Brochure Supplement. The Board considered the background and experience of UBS AM (Americas)'s senior management and the expertise of, and the amount of attention given to the Fund by, senior personnel of UBS AM (Americas). In addition, the Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day portfolio management of the Fund and the extent of the resources devoted to research and analysis of actual and potential investments, as well as the resources provided to them. The Board evaluated the ability of UBS AM (Americas), based on its resources, reputation and other attributes, to attract and retain qualified investment professionals including research, advisory, and supervisory personnel. The Board also received and considered information about the nature, extent and quality of services and fee rates offered to other UBS AM (Americas) clients for comparable services. The Board acknowledged UBS AM (Americas)'s representation that the services provided to the Fund are more extensive than the services provided in connection with other types of accounts, such as separate accounts, offered by UBS AM (Americas) and the services are also more extensive from those offered and provided to a sub-advised fund. The Board also considered that the services provided by UBS AM (Americas) have expanded over time as a result of regulatory and other developments.

Fund Performance

The Board received and considered performance results of the Fund over the previous year ended August 31, 2024 as well as over the two-, three-, four-, five- and ten-year periods ended August 31, 2024, along with comparisons both to the relevant performance group ("Performance Group") and universe of funds ("Performance Universe") for the Fund for the same time periods provided in the Broadridge report. The Board was provided with a description of the methodology used to arrive at the funds included in the Performance Group and the Performance Universe. Each fund in the Performance Universe was placed in one of five quintiles for each relevant comparison period, with the first quintile including the best performing funds and the fifth quintile including the worst performing funds during the period. The Board noted that, with respect to the Fund's performance compared to its peers as presented in the Broadridge report, the Fund's performance ranked in the first quintile relative to its Performance Universe for the two-, three-, four-, five-, and ten-year periods reported, and the Fund's performance ranked in the second quintile relative to its Performance Universe for the one-year period reported. The Board also considered the investment performance of the Fund relative to its stated objectives.

Investment Manager Profitability

The Board received and considered a profitability analysis of Credit Suisse, as the investment manager to the Fund prior to May 1, 2024, based on the fees payable under the Investment Management Agreement for the Fund, including any fee waivers, as well as other relationships between the Fund on the one hand and Credit Suisse affiliates on the other. The Board deliberations also reflected, in the context of Credit Suisse's profitability, Credit Suisse's methodology for allocating costs to the Fund, recognizing that cost allocation methodologies are inherently subjective. The Board also received net profitability information for the other funds in the Credit Suisse family of funds,


which include both open-end and closed-end funds. The Board also reviewed Credit Suisse's profit margin as reflected in the profitability analysis, as well as reviewing profitability in light of appropriate court cases and the services rendered to the Fund. The Board noted that UBS AM (Americas)'s profitability with respect to the Credit Suisse family of funds was expected to be in line with that of Credit Suisse.

Economies of Scale

The Board considered information regarding whether there have been economies of scale with respect to the management of the Fund, whether the Fund has appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Board noted that if the Fund grows, additional efficiencies and economies of scale potentially could be realized (although this is not guaranteed). The Board also noted the Expense Limitation Agreement currently in place between the Fund and UBS AM (Americas). The Board received information regarding UBS AM (Americas)'s profitability in connection with providing investment management services to the Fund, including UBS AM (Americas)'s costs in providing the services.

Other Benefits to UBS AM (Americas)

The Board considered other benefits received by UBS AM (Americas)and its affiliates as a result of its relationship with the Fund. Such benefits include, among others, benefits potentially derived from an increase in UBS AM (Americas)'s businesses and its reputation as a result of their relationship with the Fund (such as the ability to market its advisory services to other clients and investors including separate account or third party sub-advised mandates or other financial products offered by UBS AM (Americas) and its affiliates), as well as the fees paid to an affiliate of UBS AM (Americas) for distribution services.

The Board considered the standards UBS AM (Americas) applied in seeking best execution and its policies and practices regarding soft dollars and reviewed UBS AM (Americas)'s method for allocating portfolio investment opportunities among its advisory clients.

Other Factors and Broader Review

As discussed above, the Board reviewed detailed materials received from UBS AM (Americas) as part of the annual approval process. The Board also reviews and assesses the quality of the services that the Fund receives throughout the year and reviews reports of UBS AM (Americas) at least quarterly, which include, among other things, detailed portfolio and market reviews, detailed fund performance reports, and UBS AM (Americas)'s compliance procedures.

Conclusions

In selecting UBS AM (Americas), and approving the renewal of the Investment Management Agreement and the investment management fee under such agreement, the Board concluded that:

•  The Contractual Management Fee and Net Management Fee, reviewed along with information provided by Broadridge for the funds in the Fund's Expense Group and Expense Universe, were reasonable in relation to the services provided by UBS AM (Americas).

•  The Board was satisfied with the nature, extent and quality of the investment management services provided to the Fund by UBS AM (Americas) and that, based on dialogue with management and counsel, the services provided by UBS AM (Americas) under the Investment Management Agreement are typical of, and consistent with, those provided to similar mutual funds by other investment managers.

•  In light of the costs of providing investment management and other services to the Fund and UBS AM (Americas)'s ongoing commitment to the Fund and willingness to waive fees (by agreeing to a contractual expense limitation), UBS AM (Americas)'s net profitability based on fees payable under the Investment Management Agreement, as well as other ancillary benefits that UBS AM (Americas) and its affiliates received, were considered reasonable.


•  In light of the information received and considered by the Board, the Fund's current fee structure was considered reasonable.

No single factor reviewed by the Board was identified by the Board as the principal factor in determining whether to approve the renewal of the Investment Management Agreement. The Independent Trustees were advised by separate independent legal counsel throughout the process.


 

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

 

Not applicable.

 

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

 

Not applicable.

 

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

 

Not applicable.

 

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 that would require disclosure herein.

 

Item 16. Controls and Procedures.

 

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

 

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

 

 

 

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

 

Not applicable.

 

Item 18. Recovery of Erroneously Awarded Compensation.

 

Not applicable.

 

Item 19. Exhibits.

 

(a)(1) Not applicable.
   
(a)(2) Not applicable.
   
(a)(3) The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this report.
   
(a)(4) Not applicable.
   
(a)(5) Not applicable
   
(b) The certifications of the registrant as required by Rule 30a-2(b) under the Act are an exhibit to this report.
   
(c) Not applicable

 

 

 

 

SIGNATURES

 

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

 

  CREDIT SUISSE OPPORTUNITY FUNDS  
     
  /s/ Omar Tariq  
  Name: Omar Tariq  
 

Title: Chief Executive Officer and President

(Principal Executive Officer)

 
  Date: July 2, 2025  

 

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

 

  /s/ Omar Tariq  
  Name: Omar Tariq  
 

Title: Chief Executive Officer and President

(Principal Executive Officer)

 
  Date: July 2, 2025  
     
  /s/ Rose Ann Bubloski  
  Name: Rose Ann Bubloski  
 

Title: Chief Financial Officer and Treasurer

(Principal Financial Officer)

 
  Date: July 2, 2025  

 

 

 


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