UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File No. 811-09054
(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
Item 1. Reports to Stockholders.
Credit Suisse Floating Rate High Income Fund |
|
Credit Suisse Floating Rate High Income Fund |
|
Credit Suisse Floating Rate High Income Fund |
|
April 30, 2025
The Fund seeks high current income and, secondarily, capital appreciation.
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:
FLHI-TSRARCLA-425
April 30, 2025
The Fund seeks high current income and, secondarily, capital appreciation.
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:
FLHI-TSRARCLC-425
April 30, 2025
The Fund seeks high current income and, secondarily, capital appreciation.
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:
FLHI-TSRARCLI-425
April 30, 2025
The Fund seeks total return.
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:
SIF-TSRARLCLA-425
April 30, 2025
The Fund seeks total return.
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:
SIF-TSRARLCLC-425
April 30, 2025
The Fund seeks total return.
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:
SIF-TSRARLCLI-425
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 |
Valuation |
Unobservable |
Price range |
|||||||||||||||
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 |
Valuation |
Unobservable |
Price range |
|||||||||||||||
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 |