Regulatory Filings • Sep 4, 2013
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Download Source FileN-CSRS 1 a13-16264_1ncsrs.htm N-CSRS
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
*FORM N-CSR*
*CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES*
| Investment Company Act file number | |
|---|---|
| CREDIT SUISSE ASSET MANAGEMENT INCOME FUND, INC. | |
| (Exact name of registrant as specified in charter) | |
| One Madison Avenue, New York, New York | 10010 |
| (Address of principal executive offices) | (Zip code) |
| John G. Popp Credit Suisse Asset Management Income Fund, Inc. One Madison Avenue New York, New York 10010 | |
| (Name and address of agent for service) | |
| Registrants telephone number, including area code: | (212) 325-2000 |
| Date of fiscal year end: | December 31 |
| Date of reporting period: | January 1, 2013 to June 30, 2013 |
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*Item 1. Reports to Stockholders.*
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Document name: 13-16264-2.aa
Credit Suisse Asset Management Income Fund, Inc. One Madison Avenue New York, NY 10010
Directors
Steven Rappaport
Chairman of the Board
Enrique R. Arzac
Terry Fires Bovarnick
James Cattano
Lawrence J. Fox
John Popp
Officers
John Popp
Chief Executive Officer and President
Thomas J. Flannery
Chief Investment Officer
Emidio Morizio
Chief Compliance Officer
Joanne Doldo
Chief Legal Officer
Bruce Rosenberg
Chief Financial Officer
Karen Regan
Senior Vice President and Secretary
Rocco DelGuercio
Treasurer
Investment Adviser
Credit Suisse Asset Management, LLC One Madison Avenue New York, NY 10010
Administrator and Custodian
State Street Bank and Trust Co. One Lincoln Street Boston, MA 02111
Shareholder Servicing Agent
Computershare Trust Company, N.A. P.O. Box 43078 Providence, RI 02940-3078
Legal Counsel
Willkie Farr & Gallagher LLP 787 7th Avenue New York, NY 10019
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP 300 Madison Avenue New York, NY 10017
Credit Suisse Asset Management Income Fund, Inc.
SEMIANNUAL REPORT June 30, 2013 (unaudited)
SEQ.=1,FOLIO='',FILE='13-16264-2.aa',USER='105037',CD='Aug 27 11:40 2013'
Document name: 13-16264-2.ba
Credit Suisse Asset Management Income Fund, Inc.
Semiannual Investment Adviser's Report
June 30, 2013 (unaudited)
July 29, 2013
Dear Shareholder:
We are pleased to present this Semiannual Report covering the activities of the Credit Suisse Asset Management Income Fund, Inc. for the six month period ended June 30, 2013.
Performance Summary
01/01/13 06/30/13
| Fund & Benchmark | |
|---|---|
| Total Return (based on NAV) 1 | 3.53 % |
| Total Return (based on market value) 1 | -1.61 % |
| BofA Merrill Lynch US High Yield Master II Constrained Index 2 | 1.50 % |
Market Review: A modestly positive period for high yield bonds
The semiannual period ended June 30, 2013 was modestly positive for high yield bonds, with the BofA Merrill Lynch High Yield Master II Constrained Index, the Fund's benchmark, registering a return of 1.50%. The Index saw positive returns in first four months of the year before entering a sell-off period in May and June, driven by outflows from high yield retail funds. Additionally, high yield spreads tightened by just one basis point versus Treasuries to end the period at +525 basis points, while yield for the High Yield market finished at 6.64%.
By credit quality, CCC-rated and CC-rated securities outperformed the Index, returning 5.43% and 9.53% for the period, respectively. Conversely, BB- and B-rated securities underperformed the Index with respective returns of 0.06% and 1.49%. Food & drug retail, insurance and broadcasting were the Index's best performers for the period, while cable TV, hotels and metals/mining were the lowest performers.
According to JP Morgan, the high yield default rate decreased in the first half, finishing the period at 1.09%, well below its historical average of 4.2%. Additionally, the percentage of U.S. high yield securities that are "distressed," defined as those trading at spreads of more than 1,000 basis points over Treasuries, fell to 7% in June (compared to 9.9% in December 2012).
JP Morgan reported that new issue volume for the six month period was $219.7 billion, compared with $161.7 billion for the first half of 2012. The first quarter new issue volume of $121.1 billion set new records, while the second quarter volume of $98.6 billion marked the first sub $100 billion quarter since 2Q of 2012. High-yield mutual funds saw outflows in three of the last six months and reported a total outflow of approximately $10.1 billion during the period, as reported by Lipper FMI.
Strategic Review and Outlook: Looking for pockets of opportunities
For the six month period ended June 30, 2013, the Fund outperformed its benchmark on an NAV basis, but underperformed on a market price basis. An allocation to CLOs and security selection in the energy exploration, metals/mining and building & construction sectors contributed positively to relative returns. Conversely, positions in electric generation detracted from returns.
As markets have become more volatile in the past two months, with increased rhetoric concerning the Fed's tapering of the quantitative easing program, we are maintaining our portfolio exposures and will continue to emphasize B-rated bonds that exhibit the most compelling risk-return profiles. Though we continue to focus on shorter duration bonds, recent weakness has improved some valuations and, subsequently, we have selectively added bonds with 8-10 year maturities. Additionally, we are maintaining an underweight to the most levered and aggressive CC-rated components of the Index, as they typically exhibit the most volatility and we do not believe current valuations adequately compensate investors on a relative basis. Lastly, we continue to focus on lower beta securities whose valuations are not as exposed to market fluctuations.
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Credit Suisse Asset Management Income Fund, Inc.
Semiannual Investment Adviser's Report (continued)
June 30, 2013 (unaudited)
Fundamentals have remained strong thus far in 2013, as balance sheet management remains a focus for high yield issuers. In turn, this has supported continued below-average default rates (which are expected to remain below average in 2013). High yield fund flows have been negative in recent weeks and we expect them to remain mixed versus the record pace of 2012. Additionally, while we remain cautious given headline risk and Fed policy uncertainty, with high yield credit spreads widening in June, valuations have become more compelling, leading us to recognize that there are more pockets of opportunities within the asset class.
Thomas J. Flannery Chief Investment Officer John Popp Chief Executive Officer and President*
High yield bonds are lower-quality bonds that are also known as "junk bonds." Such bonds entail greater risks than those found in higher-rated securities.
In addition to historical information, this report contains forward-looking statements, which may concern, among other things, domestic and foreign market, industry and economic trends and developments and government regulation and their potential impact on the Fund's investments. These statements are subject to risks and uncertainties and actual trends, developments and regulations in the future, and their impact on the Fund could be materially different from those projected, anticipated or implied. The Fund has no obligation to update or revise forward-looking statements.
The views of the Fund's management are as of the date of the letter and the Fund holdings described in this document are as of June 30, 2013; these views and Fund holdings may have changed subsequent to these dates. Nothing in this document is a recommendation to purchase or sell securities.
1 Assuming reinvestment of dividends of $0.16 per share.
2 The BofA Merrill Lynch US High Yield Master II Constrained Index is an unmanaged index that tracks the performance of below investment-grade U.S. dollar-denominated corporate bonds issued in the U.S. domestic market, where each issuer's allocation is limited to 2% of the Index. An index does not have transaction costs; investors cannot invest directly in an index.
** John Popp is a Managing Director of Credit Suisse and Group Head and Chief Investment Officer of the Credit Investments Group ("CIG"), with primary responsibility for making investment decisions and monitoring processes for CIG's global investment strategies. Mr. Popp is a Member of the Board of Directors of Credit Suisse Asset Management Securities, Inc. and serves on the Operating Committee of Credit Suisse Asset Management, LLC. Mr. Popp also serves as the Chief Executive Officer of the Credit Suisse Funds, as well as serving as Director, Chief Executive Officer and President for the Credit Suisse Asset Management Income Fund, Inc. and Trustee, Chief Executive Officer and President of the Credit Suisse High Yield Bond Fund. Mr. Popp has been associated with Credit Suisse since 1997.
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Credit Suisse Asset Management Income Fund, Inc.
Semiannual Investment Adviser's Report (continued)
June 30, 2013 (unaudited)
Credit Quality Breakdown*
(% of Total Investments as of June 30, 2013)
| S&P Ratings | |
|---|---|
| BBB | 3.6 % |
| BB | 22.4 |
| B | 56.2 |
| CCC | 10.6 |
| D | 0.3 |
| NR | 5.3 |
| Subtotal | 98.4 |
| Equity and Other | 0.2 |
| Short-Term Investments 1 | 1.4 |
| Total | 100.0 % |
1 Primarily reflects cash invested in State Street Bank and Trust Co. Euro Time Deposit, for which the purchases of securities have been executed but not yet settled at June 30, 2013.
Average Annual Returns
June 30, 2013 (unaudited)
| Net Asset Value (NAV) | 11.21 % | 11.48 % | 10.92 % | 8.92 % |
|---|---|---|---|---|
| Market Value | 5.52 % | 12.31 % | 13.76 % | 8.26 % |
Credit Suisse may waive fees and/or reimburse expenses, without which performance would be lower. Waivers and/or reimbursements are subject to change and may be discontinued at any time. Returns represent past performance. Total investment return at net asset value is based on changes in the net asset value of Fund shares and assumes reinvestment of dividends and distributions, if any. Total investment return at market value is based on changes in the market price at which the Fund's shares traded on the stock exchange during the period and assumes reinvestment of dividends and distributions, if any, at actual prices pursuant to the Fund's dividend reinvestment program. Because the Fund's shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on share price and NAV. Past performance is no guarantee of future results. The current performance of the Fund may be lower or higher than the figures shown. The Fund's yield, return and market price and NAV will fluctuate. Performance information current to the most recent month-end is available by calling 1-800-293-1232.
The annualized gross and net expense ratios are 0.75%.
1
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Document name: 13-16264-2.ca
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments
June 30, 2013 (unaudited)
| Par (000) | Ratings † (S&P/Moody's) | Maturity | Value | ||
|---|---|---|---|---|---|
| CORPORATE BONDS (81.4%) | |||||
| Aerospace & Defense (1.3%) | |||||
| $ 650 | AAR Corp., Rule 144A, Company Guaranteed Notes (Callable 01/15/17@ 103.63) ‡ | (BB, Ba3) | 01/15/22 | 7.250 | $ 700,375 |
| 1,750 | Ducommun, Inc., Global Company Guaranteed Notes (Callable 07/15/15@ 104.88) | (B-, B3) | 07/15/18 | 9.750 | 1,920,625 |
| 2,621,000 | |||||
| Airlines (0.4%) | |||||
| 500 | Continental Airlines 2012-3 Class C Pass Thru Certificates | (B+, B1) | 04/29/18 | 6.125 | 505,000 |
| 200 | United Continental Holdings, Inc., Company Guaranteed Notes | (B, B2) | 06/01/18 | 6.375 | 197,500 |
| 702,500 | |||||
| Auto Parts & Equipment (4.7%) | |||||
| 500 | IDQ Holdings, Inc., Rule 144A, Senior Secured Notes (Callable 10/01/14@ 108.63) ‡ | (B, B3) | 04/01/17 | 11.500 | 550,000 |
| 363 | Lear Corp., Company Guaranteed Notes (Callable 03/15/15@ 104.06) | (BB, Ba2) | 03/15/20 | 8.125 | 399,300 |
| 1,080 | Mark IV USA SCA, Rule 144A, Senior Secured Notes (Callable 12/15/13@ 106.66) ‡€ | (BB-, Ba3) | 12/15/17 | 8.875 | 1,488,067 |
| 675 | Meritor, Inc., Company Guaranteed Notes (Callable 03/15/14@ 105.31) | (B-, B3) | 03/15/18 | 10.625 | 734,063 |
| 500 | Meritor, Inc., Company Guaranteed Notes (Callable 06/15/16@ 105.06) § | (B-, B3) | 06/15/21 | 6.750 | 480,000 |
| 550 | Schaeffler Finance BV, Rule 144A, Senior Secured Notes ‡ | (B+, Ba3) | 02/15/17 | 7.750 | 610,500 |
| 1,000 | Schaeffler Finance BV, Rule 144A, Senior Secured Notes (Callable 02/15/15@ 106.38) ‡ | (B+, Ba3) | 02/15/19 | 8.500 | 1,120,000 |
| 1,575 | Stoneridge, Inc., Rule 144A, Secured Notes (Callable 10/15/14@ 104.75) ‡ | (BB-, B2) | 10/15/17 | 9.500 | 1,693,125 |
| 1,000 | Tomkins, Inc., Global Secured Notes (Callable 10/01/14@ 104.50) | (BB-, B1) | 10/01/18 | 9.000 | 1,095,000 |
| 1,000 | UCI International, Inc., Global Company Guaranteed Notes (Callable 02/15/15@ 104.31) | (CCC+, B3) | 02/15/19 | 8.625 | 1,025,000 |
| 9,195,055 | |||||
| Building & Construction (0.6%) | |||||
| 500 | K Hovnanian Enterprises, Inc., Global Senior Secured Notes | (CCC+, B3) | 11/01/21 | 2.000 | 342,500 |
| 750 | RSI Home Products, Inc., Rule 144A, Secured Notes (Callable 03/01/15@ 105.16) ‡ | (B+, B1) | 03/01/18 | 6.875 | 770,625 |
| 1,113,125 | |||||
| Building Materials (2.2%) | |||||
| 1,525 | Euramax International, Inc., Global Senior Secured Notes (Callable 04/01/14@ 107.13) | (B-, Caa2) | 04/01/16 | 9.500 | 1,467,813 |
| 1,850 | Headwaters, Inc., Global Secured Notes (Callable 04/01/15@ 103.81) | (B+, B2) | 04/01/19 | 7.625 | 1,942,500 |
| 900 | International Wire Group Holdings, Inc., Rule 144A, Senior Secured Notes (Callable 10/15/15@ 104.25) ‡ | (B, B3) | 10/15/17 | 8.500 | 918,000 |
| 4,328,313 | |||||
| Chemicals (3.7%) | |||||
| 1,000 | GrafTech International Ltd., Rule 144A, Company Guaranteed Notes (Callable 11/15/16@ 103.19) ठ| (BB+, Ba2) | 11/15/20 | 6.375 | 1,012,500 |
| 500 | INEOS Finance PLC, Rule 144A, Senior Secured Notes (Callable 05/01/15@ 105.63) ‡ | (BB-, B1) | 05/01/20 | 7.500 | 533,750 |
| 350 | INEOS Group Holdings SA, Rule 144A, Company Guaranteed Notes (Callable 05/15/15@ 103.25) ‡ | (B-, Caa1) | 08/15/18 | 6.125 | 335,125 |
| 600 | JM Huber Corp., Rule 144A, Senior Notes (Callable 11/01/15@ 104.94) ‡ | (BB, Ba3) | 11/01/19 | 9.875 | 675,000 |
| 1,814 | OXEA Finance & Cy SCA, Rule 144A, Senior Secured Notes (Callable 07/15/13@ 107.13) ‡ | (B+, B3) | 07/15/17 | 9.500 | 1,951,954 |
| 1,416 | Reichhold Industries, Inc. PIK, Rule 144A, Senior Secured Notes ‡ | (CCC+, NR) | 05/08/17 | 11.000 | 1,090,485 |
| 1,000 | Taminco Global Chemical Corp., Rule 144A, Secured Notes (Callable 03/31/15@ 107.31) ‡ | (B-, Caa1) | 03/31/20 | 9.750 | 1,118,750 |
| 600 | US Coatings Acquisition, Inc., Rule 144A, Company Guaranteed Notes (Callable 02/04/16@ 105.53) ठ| (B-, Caa1) | 05/01/21 | 7.375 | 614,250 |
| 7,331,814 | |||||
| Consumer Products (2.2%) | |||||
| 895 | Alphabet Holding Co., Inc. PIK, Global Senior Unsecured Notes (Callable 11/01/13@ 103.00) § | (B-, Caa1) | 11/01/17 | 7.750 | 921,850 |
| 1,375 | NBTY, Inc., Global Company Guaranteed Notes (Callable 10/01/14@ 104.50) § | (B, B3) | 10/01/18 | 9.000 | 1,502,188 |
| 400 | Prestige Brands, Inc., Global Company Guaranteed Notes (Callable 02/01/16@ 104.06) | (B-, B3) | 02/01/20 | 8.125 | 439,000 |
| 1,025 | Prestige Brands, Inc., Global Senior Secured Notes (Callable 04/01/14@ 104.13) § | (BB-, Ba3) | 04/01/18 | 8.250 | 1,096,750 |
| 450 | Wells Enterprises, Inc., Rule 144A, Senior Secured Notes (Callable 02/01/16@ 105.06) ‡ | (B+, B2) | 02/01/20 | 6.750 | 472,500 |
| 4,432,288 |
See Accompanying Notes to Financial Statements. 2
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Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2013 (unaudited)
| Par (000) | Ratings † (S&P/Moody's) | Maturity | Value | ||
|---|---|---|---|---|---|
| CORPORATE BONDS | |||||
| Consumer/Commercial/Lease Financing (1.3%) | |||||
| $ 750 | Cabot Financial Luxembourg SA, Rule 144A, Senior Secured Notes (Callable 10/01/15@ 107.78) ࣠| (BB, B1) | 10/01/19 | 10.375 | $ 1,252,700 |
| 450 | CNG Holdings, Inc., Rule 144A, Senior Secured Notes (Callable 05/15/16@ 104.69) ‡ | (B, B3) | 05/15/20 | 9.375 | 434,250 |
| 450 | Milestone Aviation Group LLC, Rule 144A, Senior Unsecured Notes (Callable 12/15/15@ 104.31) ‡ | (NR, NR) | 12/15/17 | 8.625 | 469,125 |
| 350 | PFG Finance Corp., Rule 144A, Senior Notes (Callable 02/15/15@ 105.06) ‡ | (B+, Ba3) | 02/15/19 | 10.125 | 388,500 |
| 2,544,575 | |||||
| Discount Stores (0.7%) | |||||
| 1,300 | 99 Cents Only Stores, Global Company Guaranteed Notes (Callable 12/15/14@ 108.25) | (CCC+, Caa1) | 12/15/19 | 11.000 | 1,475,500 |
| Diversified Capital Goods (1.1%) | |||||
| 600 | AM Castle & Co., Global Secured Notes (Callable 12/15/14@ 106.38) | (B, B3) | 12/15/16 | 12.750 | 693,000 |
| 1,000 | Belden, Inc., Rule 144A, Company Guaranteed Notes (Callable 09/01/17@ 102.75) ‡ | (B+, Ba2) | 09/01/22 | 5.500 | 987,500 |
| 4 | FCC Holdings, Inc., Rule 144A, Senior Unsecured Notes (Callable 12/15/13@ 105.00) ‡^ | (CCC+, Caa3) | 12/15/15 | 13.000 | 3,587 |
| 509 | Mueller Water Products, Inc., Global Company Guaranteed Notes (Callable 09/01/15@ 104.38) | (NR, B2) | 09/01/20 | 8.750 | 557,355 |
| 2,241,442 | |||||
| Electric - Generation (0.2%) | |||||
| 2,200 | TCEH Finance, Inc., LLC, Series A, Global Company Guaranteed Notes (Callable 11/01/13@ 100.00) | (D, C) | 11/01/15 | 10.250 | 220,000 |
| 1,275 | TCEH Finance, Inc., LLC, Series B, Global Company Guaranteed Notes (Callable 11/01/13@ 100.00) | (D, C) | 11/01/15 | 10.250 | 127,500 |
| 347,500 | |||||
| Electronics (0.4%) | |||||
| 500 | CPI International, Inc., Global Company Guaranteed Notes (Callable 02/15/15@ 104.00) | (CCC+, B3) | 02/15/18 | 8.000 | 517,500 |
| 260 | Freescale Semiconductor, Inc., Rule 144A, Senior Secured Notes (Callable 03/15/14@ 105.06) ठ| (B, B1) | 03/15/18 | 10.125 | 282,750 |
| 800,250 | |||||
| Energy - Exploration & Production (9.0%) | |||||
| 325 | Bonanza Creek Energy, Inc., Global Senior Unsecured Notes (Callable 04/15/17@ 103.38) | (B-, B3) | 04/15/21 | 6.750 | 325,000 |
| 1,250 | Comstock Resources, Inc., Company Guaranteed Notes (Callable 10/15/13@ 104.19) § | (B-, B3) | 10/15/17 | 8.375 | 1,306,250 |
| 600 | Energy XXI Gulf Coast, Inc., Global Company Guaranteed Notes (Callable 12/15/14@ 104.63) | (B+, B3) | 12/15/17 | 9.250 | 661,500 |
| 1,400 | EP Energy Finance, Inc., Global Senior Unsecured Notes (Callable 05/01/16@ 104.69) | (B, B2) | 05/01/20 | 9.375 | 1,589,000 |
| 1,725 | EPL Oil & Gas, Inc., Global Company Guaranteed Notes (Callable 02/15/15@ 104.13) | (B-, Caa1) | 02/15/18 | 8.250 | 1,785,375 |
| 350 | Everest Acquisition Finance, Inc., Global Senior Secured Notes (Callable 05/01/15@ 103.44) | (B+, Ba3) | 05/01/19 | 6.875 | 376,250 |
| 610 | Halcon Resources Corp., Global Company Guaranteed Notes (Callable 07/15/16@ 104.88) | (CCC+, Caa1) | 07/15/20 | 9.750 | 611,525 |
| 725 | Linn Energy Finance Corp., Global Company Guaranteed Notes (Callable 09/15/15@ 103.88) | (B, B2) | 02/01/21 | 7.750 | 730,437 |
| 2,100 | McMoRan Exploration Co., Company Guaranteed Notes (Callable 11/15/13@ 100.00) | (BBB, Baa3) | 11/15/14 | 11.875 | 2,184,225 |
| 550 | Oasis Petroleum, Inc., Global Company Guaranteed Notes (Callable 02/01/15@ 103.63) § | (B, B3) | 02/01/19 | 7.250 | 576,125 |
| 1,050 | PDC Energy, Inc., Rule 144A, Company Guaranteed Notes (Callable 10/15/17@ 103.88) ‡ | (B-, B3) | 10/15/22 | 7.750 | 1,089,375 |
| 950 | Safway Finance Corp., Rule 144A, Secured Notes (Callable 05/15/15@ 103.50) ‡ | (B, B3) | 05/15/18 | 7.000 | 933,375 |
| 1,000 | Shelf Drilling Holdings Ltd., Rule 144A, Senior Secured Notes (Callable 05/01/15@ 104.31) ठ| (B, B1) | 11/01/18 | 8.625 | 1,045,000 |
| 1,500 | Sidewinder Drilling, Inc., Rule 144A, Senior Unsecured Notes (Callable 11/15/16@ 104.88) ‡ | (B-, B3) | 11/15/19 | 9.750 | 1,526,250 |
| 700 | Stone Energy Corp., Company Guaranteed Notes (Callable 02/01/14@ 104.31) § | (B-, B3) | 02/01/17 | 8.625 | 733,250 |
| 525 | Swift Energy Co., Company Guaranteed Notes (Callable 06/01/14@ 101.19) | (B+, B3) | 06/01/17 | 7.125 | 517,125 |
| 500 | Swift Energy Co., Global Company Guaranteed Notes (Callable 03/01/17@ 103.94) | (B+, B3) | 03/01/22 | 7.875 | 500,000 |
| 1,124 | W&T Offshore, Inc., Global Company Guaranteed Notes (Callable 06/15/15@ 104.25) | (B, B3) | 06/15/19 | 8.500 | 1,166,150 |
| 17,656,212 | |||||
| Environmental (1.1%) | |||||
| 1,000 | EnergySolutions LLC, Global Company Guaranteed Notes (Callable 08/15/14@ 105.38) § | (B, Caa3) | 08/15/18 | 10.750 | 1,082,500 |
| 1,000 | Nuverra Environmental Solutions, Inc., Global Company Guaranteed Notes (Callable 04/15/15@ 104.94) § | (B, B3) | 04/15/18 | 9.875 | 1,055,000 |
| 2,137,500 | |||||
| Forestry & Paper (0.2%) | |||||
| 1,000 | Stone & Webster, Inc.* | (NR, NR) | 07/01/13 | 0.000 | 2,700 |
| 850 | Verso Paper, Inc., Global Secured Notes (Callable 02/01/15@ 104.38) § | (CCC, Caa2) | 02/01/19 | 8.750 | 380,375 |
| 383,075 |
See Accompanying Notes to Financial Statements. 3
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Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2013 (unaudited)
| Par (000) | Ratings † (S&P/Moody's) | Maturity | Value | ||
|---|---|---|---|---|---|
| CORPORATE BONDS | |||||
| Gaming (3.1%) | |||||
| $ 925 | Affinity Gaming Finance Corp., Global Company Guaranteed Notes (Callable 05/15/15@ 104.50) | (B, B3) | 05/15/18 | 9.000 | $ 959,687 |
| 775 | Buffalo Thunder Development Authority, Rule 144A, Senior Secured Notes ‡ø | (NR, NR) | 12/15/14 | 9.375 | 249,938 |
| 605 | Choctaw Resort Development Enterprise, Rule 144A, Senior Notes (Callable 11/15/13@ 101.21) ‡ | (B, Caa1) | 11/15/19 | 7.250 | 589,875 |
| 898 | Chukchansi Economic Development Authority, Rule 144A, Secured Notes (Callable 05/30/16@ 104.88) ‡ø | (NR, Ca) | 05/30/20 | 9.750 | 444,325 |
| 375 | Fontainebleau Las Vegas Holdings LLC, Rule 144A, Senior Secured Notes ‡ø | (NR, NR) | 06/15/15 | 10.250 | 703 |
| 1,300 | Greektown Superholdings, Inc., Series B, Global Secured Notes (Callable 01/01/14@ 103.50) | (NR, NR) | 07/01/15 | 13.000 | 1,384,500 |
| 241 | Majestic Star Casino LLC PIK, Rule 144A, Secured Notes ठ| (NR, NR) | 12/01/16 | 12.500 | 231,430 |
| 1,600 | Seminole Hard Rock International LLC, Rule 144A, Company Guaranteed Notes (Callable 05/15/16@ 104.41) ‡ | (BB-, B2) | 05/15/21 | 5.875 | 1,555,000 |
| 435 | Tropicana Finance Corp., Global Company Guaranteed Notes ø^ | (NR, NR) | 12/15/14 | 9.625 | 44 |
| 775 | Tunica-Biloxi Gaming Authority, Rule 144A, Senior Unsecured Notes (Callable 11/15/13@ 100.00) ‡ | (B+, B3) | 11/15/15 | 9.000 | 689,750 |
| 6,105,252 | |||||
| Gas Distribution (1.7%) | |||||
| 1,250 | Energy Transfer Equity LP, Senior Secured Notes | (BB, Ba2) | 10/15/20 | 7.500 | 1,371,875 |
| 1,300 | Genesis Energy LP, Global Company Guaranteed Notes (Callable 12/15/14@ 103.94) | (B, B1) | 12/15/18 | 7.875 | 1,397,500 |
| 500 | Holly Energy Finance Corp., Global Company Guaranteed Notes (Callable 03/01/16@ 103.25) | (BB-, B1) | 03/01/20 | 6.500 | 506,250 |
| 3,275,625 | |||||
| Health Facilities (1.1%) | |||||
| 277 | Bausch & Lomb, Inc., Global Senior Unsecured Notes (Callable 11/01/13@ 100.00) | (B, Caa1) | 11/01/15 | 9.875 | 286,003 |
| 600 | MPT Finance Corp., Global Company Guaranteed Notes (Callable 05/01/16@ 103.44) | (BB, Ba1) | 05/01/21 | 6.875 | 639,000 |
| 1,175 | Symbion, Inc., Global Senior Secured Notes (Callable 06/15/14@ 104.00) | (B, B2) | 06/15/16 | 8.000 | 1,227,875 |
| 2,152,878 | |||||
| Health Services (1.6%) | |||||
| 350 | Capsugel FinanceCo SCA, Rule 144A, Company Guaranteed Notes (Callable 08/01/14@ 107.41) ‡€ | (B, B3) | 08/01/19 | 9.875 | 505,446 |
| 400 | inVentiv Health, Inc., Rule 144A, Company Guaranteed Notes (Callable 08/15/14@ 105.00) ‡ | (CCC, Caa2) | 08/15/18 | 11.000 | 336,000 |
| 300 | Medi-Partenaires SAS, Rule 144A, Senior Secured Notes (Callable 05/15/16@ 105.25) ‡€ | (B, B3) | 05/15/20 | 7.000 | 374,357 |
| 550 | Service Corp. International, Senior Unsecured Notes | (BB-, B1) | 11/15/21 | 8.000 | 632,500 |
| 1,250 | STHI Holding Corp., Rule 144A, Secured Notes (Callable 03/15/14@ 106.00) ‡ | (B, B2) | 03/15/18 | 8.000 | 1,356,250 |
| 3,204,553 | |||||
| Insurance Brokerage (1.6%) | |||||
| 1,100 | A-S Merger Sub LLC, Rule 144A, Senior Unsecured Notes (Callable 12/15/15@ 103.94) ठ| (CCC, Caa2) | 12/15/20 | 7.875 | 1,111,000 |
| 1,500 | Hub International Ltd., Rule 144A, Company Guaranteed Notes (Callable 10/15/14@ 104.06) ‡ | (CCC+, Caa2) | 10/15/18 | 8.125 | 1,567,500 |
| 300 | Towergate Finance PLC, Rule 144A, Senior Secured Notes (Callable 05/15/14@ 101.00) ‡£# | (NR, B1) | 02/15/18 | 6.006 | 447,748 |
| 3,126,248 | |||||
| Investments & Misc. Financial Services (0.7%) | |||||
| 1,450 | Jefferies Finance LLC, Rule 144A, Senior Unsecured Notes (Callable 04/01/16@ 105.53) ‡ | (B+, B1) | 04/01/20 | 7.375 | 1,413,750 |
| Leisure (1.1%) | |||||
| 1,000 | Magnum Management Corp., Global Company Guaranteed Notes (Callable 08/01/14@ 104.56) | (B, B1) | 08/01/18 | 9.125 | 1,095,000 |
| 1,000 | Palace Entertainment Holdings Corp., Rule 144A, Senior Secured Notes (Callable 04/15/14@ 104.44) ‡ | (B-, B2) | 04/15/17 | 8.875 | 1,035,000 |
| 2,130,000 | |||||
| Media - Broadcast (0.9%) | |||||
| 1,725 | Mission Broadcasting, Inc., Global Secured Notes (Callable 04/15/14@ 104.44) | (B-, B3) | 04/15/17 | 8.875 | 1,854,375 |
| Media - Cable (2.9%) | |||||
| 150 | Cablevision Systems Corp., Senior Unsecured Notes | (B+, B1) | 04/15/18 | 7.750 | 162,000 |
| 600 | Cablevision Systems Corp., Senior Unsecured Notes § | (B+, B1) | 04/15/20 | 8.000 | 657,000 |
| 1,450 | CCO Holdings Capital Corp., Global Company Guaranteed Notes (Callable 04/30/15@ 104.06) | (BB-, B1) | 04/30/20 | 8.125 | 1,591,375 |
| 1,050 | CSC Holdings LLC, Global Senior Unsecured Notes | (BB+, Ba3) | 02/15/19 | 8.625 | 1,218,000 |
See Accompanying Notes to Financial Statements. 4
SEQ.=7,FOLIO='4',FILE='13-16264-2.ca',USER='105037',CD='Aug 27 11:40 2013'
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2013 (unaudited)
| Par (000) | Ratings † (S&P/Moody's) | Maturity | Value | ||
|---|---|---|---|---|---|
| CORPORATE BONDS | |||||
| Media - Cable | |||||
| $ 500 | Harron Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 04/01/16@ 104.56) ‡ | (B-, Caa1) | 04/01/20 | 9.125 | $ 542,500 |
| 1,200 | Lynx II Corp., Rule 144A, Senior Unsecured Notes (Callable 04/15/18@ 103.19) ठ| (B, B2) | 04/15/23 | 6.375 | 1,215,000 |
| 350 | Unitymedia NRW GmbH, Rule 144A, Senior Secured Notes (Callable 03/15/15@ 103.75) ‡ | (B+, Ba3) | 03/15/19 | 7.500 | 370,125 |
| 5,756,000 | |||||
| Media - Diversified (1.3%) | |||||
| 1,500 | Block Communications, Inc., Rule 144A, Senior Unsecured Notes (Callable 02/01/16@ 103.63) ‡ | (BB-, Ba3) | 02/01/20 | 7.250 | 1,582,500 |
| 450 | National CineMedia LLC, Global Senior Unsecured Notes (Callable 07/15/16@ 103.94) | (B, B2) | 07/15/21 | 7.875 | 490,500 |
| 421 | Quebecor Media, Inc., Global Senior Unsecured Notes (Callable 03/15/14@ 100.00) | (B+, B2) | 03/15/16 | 7.750 | 428,894 |
| 2,501,894 | |||||
| Media - Services (0.8%) | |||||
| 1,500 | Clear Channel Worldwide Holdings, Inc., Rule 144A, Company Guaranteed Notes (Callable 11/15/17@ 103.25) ‡ | (B, B1) | 11/15/22 | 6.500 | 1,550,375 |
| Medical Products (0.7%) | |||||
| 1,250 | Polymer Group, Inc., Global Senior Secured Notes (Callable 02/01/15@ 103.88) | (B, B1) | 02/01/19 | 7.750 | 1,306,250 |
| Metals & Mining - Excluding Steel (6.8%) | |||||
| 1,350 | Boart Longyear Management Pty Ltd., Rule 144A, Company Guaranteed Notes (Callable 04/01/16@ 103.50) ‡ | (BB-, Ba2) | 04/01/21 | 7.000 | 1,279,125 |
| 1,600 | Calcipar SA, Rule 144A, Senior Secured Notes (Callable 05/01/15@ 103.44) ठ| (BB, Ba3) | 05/01/18 | 6.875 | 1,648,000 |
| 1,150 | Eldorado Gold Corp., Rule 144A, Senior Unsecured Notes (Callable 12/15/16@ 103.06) ठ| (BB, Ba3) | 12/15/20 | 6.125 | 1,115,500 |
| 400 | FMG Resources August 2006 Pty Ltd., Rule 144A, Company Guaranteed Notes (Callable 11/01/15@ 104.13) ठ| (B+, B1) | 11/01/19 | 8.250 | 414,000 |
| 1,100 | Global Brass & Copper, Inc., Rule 144A, Senior Secured Notes (Callable 06/01/16@ 104.75) ‡ | (B, B3) | 06/01/19 | 9.500 | 1,182,500 |
| 1,000 | Kaiser Aluminum Corp., Global Company Guaranteed Notes (Callable 06/01/16@ 104.13) | (BB-, Ba3) | 06/01/20 | 8.250 | 1,112,500 |
| 1,000 | Molycorp, Inc., Global Senior Secured Notes (Callable 06/01/16@ 105.00) § | (CCC+, B3) | 06/01/20 | 10.000 | 975,000 |
| 1,500 | Noranda Aluminum Acquisition Corp., Rule 144A, Company Guaranteed Notes (Callable 03/01/16@ 105.50) ‡ | (CCC+, Caa1) | 06/01/19 | 11.000 | 1,432,500 |
| 175 | Old AII, Inc., Global Company Guaranteed Notes ø^ | (NR, NR) | 12/15/14 | 9.000 | 18 |
| 675 | Old AII, Inc., Global Company Guaranteed Notes (Callable 12/15/13@ 101.67) ø^ | (NR, NR) | 12/15/16 | 10.000 | 68 |
| 1,841 | Quadra FNX Mining Ltd., Rule 144A, Company Guaranteed Notes (Callable 06/15/15@ 103.88) ठ| (BB-, B1) | 06/15/19 | 7.750 | 1,877,820 |
| 1,450 | Taseko Mines Ltd., Company Guaranteed Notes (Callable 04/15/15@ 103.88) | (B, B3) | 04/15/19 | 7.750 | 1,439,125 |
| 1,500 | Xinergy Corp., Rule 144A, Senior Secured Notes (Callable 05/15/15@ 104.63) ठ| (NR, NR) | 05/15/19 | 9.250 | 1,035,000 |
| 13,511,156 | |||||
| Oil Field Equipment & Services (4.1%) | |||||
| 1,650 | Edgen Murray Corp., Rule 144A, Senior Secured Notes (Callable 11/01/15@ 106.56) ‡ | (B+, Caa1) | 11/01/20 | 8.750 | 1,650,000 |
| 721 | FTS International Bonds, Inc., Rule 144A, Company Guaranteed Notes (Callable 11/15/14@ 103.56) ‡ | (B+, Ba3) | 11/15/18 | 8.125 | 751,642 |
| 420 | Helix Energy Solutions Group, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/15/14@ 100.00) ‡ | (B, B3) | 01/15/16 | 9.500 | 431,865 |
| 1,750 | Parker Drilling Co., Global Company Guaranteed Notes (Callable 04/01/14@ 104.56) | (B+, B1) | 04/01/18 | 9.125 | 1,859,375 |
| 650 | Permian Holdings, Inc., Rule 144A, Senior Secured Notes (Callable 07/15/15@ 107.88) ‡ | (B-, B3) | 01/15/18 | 10.500 | 633,750 |
| 1,620 | Pioneer Energy Services Corp., Global Company Guaranteed Notes (Callable 03/15/14@ 104.94) | (B+, B2) | 03/15/18 | 9.875 | 1,745,550 |
| 1,000 | Trinidad Drilling, Ltd., Rule 144A, Senior Unsecured Notes (Callable 01/15/15@ 103.94) ‡ | (BB-, B1) | 01/15/19 | 7.875 | 1,055,000 |
| 8,127,182 | |||||
| Oil Refining & Marketing (1.9%) | |||||
| 1,750 | Coffeyville Finance, Inc., Rule 144A, Secured Notes (Callable 11/01/17@ 103.25) ‡ | (B+, B2) | 11/01/22 | 6.500 | 1,723,750 |
| 600 | Northern Tier Finance Corp., Rule 144A, Senior Secured Notes (Callable 11/15/15@ 105.34) ‡ | (BB-, B1) | 11/15/20 | 7.125 | 609,000 |
| 1,350 | PBF Finance Corp., Global Senior Secured Notes (Callable 02/15/16@ 104.13) | (BB+, Ba3) | 02/15/20 | 8.250 | 1,420,875 |
| 3,753,625 |
See Accompanying Notes to Financial Statements. 5
SEQ.=8,FOLIO='5',FILE='13-16264-2.ca',USER='105037',CD='Aug 27 11:40 2013'
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2013 (unaudited)
| Par (000) | Ratings † (S&P/Moody's) | Maturity | Value | ||
|---|---|---|---|---|---|
| CORPORATE BONDS | |||||
| Packaging (1.9%) | |||||
| $ 500 | Ardagh MP Holdings USA, Inc., Rule 144A, Senior Unsecured Notes (Callable 11/15/16@ 103.50) ठ| (CCC+, B3) | 11/15/20 | 7.000 | $ 483,125 |
| 300 | Ardagh Packaging Finance PLC, Rule 144A, Company Guaranteed Notes (Callable 10/15/15@ 104.63) ‡€ | (CCC+, B3) | 10/15/20 | 9.250 | 410,427 |
| 1,000 | BWAY Holding Co., Global Company Guaranteed Notes (Callable 06/15/14@ 105.00) | (CCC+, Caa1) | 06/15/18 | 10.000 | 1,100,000 |
| 850 | Clondalkin Acquisition BV, Rule 144A, Secured Notes ‡# | (B-, B2) | 12/15/13 | 2.273 | 847,875 |
| 350 | Reynolds Group Issuer LLC, Global Company Guaranteed Notes (Callable 10/15/14@ 104.50) § | (CCC+, Caa2) | 04/15/19 | 9.000 | 363,125 |
| 300 | Reynolds Group Issuer LLC, Global Senior Secured Notes (Callable 10/15/14@ 103.56) | (B+, B1) | 04/15/19 | 7.125 | 318,375 |
| 250 | Sealed Air Corp., Rule 144A, Company Guaranteed Notes (Callable 09/15/16@ 104.19) ‡ | (BB-, B1) | 09/15/21 | 8.375 | 283,750 |
| 3,806,677 | |||||
| Pharmaceuticals (0.6%) | |||||
| 1,125 | Warner Chilcott Finance LLC, Global Company Guaranteed Notes (Callable 09/15/14@ 103.88) | (BB, B3) | 09/15/18 | 7.750 | 1,220,625 |
| Printing & Publishing (0.1%) | |||||
| 683 | The Reader's Digest Association, Inc., Global Senior Secured Notes (Callable 02/15/14@ 103.00) ø | (NR, NR) | 02/15/17 | 0.000 | 280,030 |
| Real Estate Investment Trusts (1.5%) | |||||
| 1,000 | CCRE Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 02/15/15@ 105.81) ‡ | (B, B1) | 02/15/18 | 7.750 | 1,010,000 |
| 1,850 | CNL Lifestyle Properties, Inc., Global Company Guaranteed Notes (Callable 04/15/15@ 103.63) § | (B, Ba3) | 04/15/19 | 7.250 | 1,854,625 |
| 2,864,625 | |||||
| Restaurants (0.1%) | |||||
| 128 | CKE Restaurants, Inc., Global Secured Notes (Callable 07/15/14@ 105.69) | (B-, B2) | 07/15/18 | 11.375 | 132,641 |
| Software/Services (5.3%) | |||||
| 1,850 | Epicor Software Corp., Global Company Guaranteed Notes (Callable 05/01/15@ 104.31) | (CCC+, Caa1) | 05/01/19 | 8.625 | 1,905,500 |
| 1,125 | First Data Corp., Rule 144A, Senior Secured Notes (Callable 06/15/15@ 103.69) ‡ | (B+, B1) | 06/15/19 | 7.375 | 1,161,563 |
| 650 | First Data Corp., Rule 144A, Senior Secured Notes (Callable 11/01/15@ 105.06) ‡ | (B+, B1) | 11/01/20 | 6.750 | 664,625 |
| 400 | Infor US, Inc., Global Company Guaranteed Notes (Callable 04/01/15@ 107.03) | (B-, Caa1) | 04/01/19 | 9.375 | 435,500 |
| 625 | Infor US, Inc., Global Company Guaranteed Notes (Callable 04/01/15@ 107.50) € | (B-, Caa1) | 04/01/19 | 10.000 | 883,491 |
| 1,523 | MedAssets, Inc., Global Company Guaranteed Notes (Callable 11/15/14@ 104.00) | (B-, B3) | 11/15/18 | 8.000 | 1,621,995 |
| 1,003 | Serena Software, Inc., Global Company Guaranteed Notes (Callable 03/15/14@ 100.00) | (CCC+, Caa1) | 03/15/16 | 10.375 | 992,970 |
| 400 | SSI Co-Issuer LLC, Global Company Guaranteed Notes (Callable 06/01/14@ 105.56) | (CCC+, Caa1) | 06/01/18 | 11.125 | 440,500 |
| 600 | SunGard Data Systems, Inc., Global Company Guaranteed Notes (Callable 11/15/13@ 105.53) | (B, Caa1) | 11/15/18 | 7.375 | 636,000 |
| 1,598 | Syniverse Holdings, Inc., Global Company Guaranteed Notes (Callable 01/15/15@ 104.56) | (B-, Caa1) | 01/15/19 | 9.125 | 1,713,855 |
| 10,455,999 | |||||
| Specialty Retail (2.2%) | |||||
| 1,350 | Brown Shoe Co., Inc., Global Company Guaranteed Notes (Callable 05/15/14@ 105.34) | (B, B3) | 05/15/19 | 7.125 | 1,417,500 |
| 1,000 | Claire's Stores, Inc., Rule 144A, Senior Secured Notes (Callable 03/15/15@ 106.75) ठ| (B-, B2) | 03/15/19 | 9.000 | 1,105,000 |
| 750 | Ontex IV SA, Rule 144A, Senior Secured Notes (Callable 04/15/14@ 103.25) ‡€ | (B, B1) | 04/15/18 | 7.500 | 1,007,546 |
| 750 | Tempur-Pedic International, Inc., Rule 144A, Global Company Guaranteed Notes (Callable 12/15/16@ 103.44) ‡ | (B+, B3) | 12/15/20 | 6.875 | 795,000 |
| 4,325,046 | |||||
| Steel Producers/Products (0.8%) | |||||
| 550 | JMC Steel Group, Rule 144A, Senior Notes (Callable 03/15/14@ 106.19) ठ| (B-, B3) | 03/15/18 | 8.250 | 540,375 |
| 1,000 | Tempel Steel Co., Rule 144A, Senior Secured Notes (Callable 02/15/14@ 109.00) ‡ | (B-, Caa1) | 08/15/16 | 12.000 | 955,000 |
| 1,495,375 | |||||
| Support-Services (3.5%) | |||||
| 500 | BC Mountain Finance, Inc., Rule 144A, Company Guaranteed Notes (Callable 02/01/16@ 105.25) ‡ | (B-, B3) | 02/01/21 | 7.000 | 511,250 |
| 1,100 | CoreLogic, Inc., Global Company Guaranteed Notes (Callable 06/01/16@ 103.63) | (B+, Ba3) | 06/01/21 | 7.250 | 1,177,000 |
| 500 | Emdeon, Inc., Global Company Guaranteed Notes (Callable 12/31/15@ 105.50) | (CCC+, Caa1) | 12/31/19 | 11.000 | 566,250 |
| 775 | Garda World Security Corp., Rule 144A, Senior Unsecured Notes (Callable 03/15/14@ 104.88) ‡ | (B, B2) | 03/15/17 | 9.750 | 827,312 |
| 459 | H&E Equipment Services, Inc., Global Company Guaranteed Notes (Callable 09/01/17@ 103.50) | (B+, B3) | 09/01/22 | 7.000 | 480,802 |
| 650 | NES Rentals Holdings, Inc., Rule 144A, Secured Notes (Callable 05/01/15@ 103.94) ठ| (CCC+, Caa2) | 05/01/18 | 7.875 | 643,500 |
See Accompanying Notes to Financial Statements. 6
SEQ.=9,FOLIO='6',FILE='13-16264-2.ca',USER='105037',CD=''
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2013 (unaudited)
| Par (000) | Ratings † (S&P/Moody's) | Maturity | Value | ||
|---|---|---|---|---|---|
| CORPORATE BONDS | |||||
| Support-Services | |||||
| 500 | Sabre, Inc., Rule 144A, Senior Secured Notes (Callable 05/15/15@ 106.38) ‡ | (B, B1) | 05/15/19 | 8.500 | $ 534,375 |
| 325 | The Geo Group, Inc., Global Company Guaranteed Notes (Callable 02/15/16@ 103.31) | (B+, B1) | 02/15/21 | 6.625 | 342,875 |
| 475 | The Geo Group, Inc., Rule 144A, Company Guaranteed Notes (Callable 04/01/18@ 102.56) ‡ | (B+, B1) | 04/01/23 | 5.125 | 454,813 |
| 1,200 | United Rentals North America, Inc., Global Company Guaranteed Notes (Callable 05/15/16@ 103.69) | (B+, B3) | 05/15/20 | 7.375 | 1,287,000 |
| 6,825,177 | |||||
| Telecom - Integrated/Services (1.8%) | |||||
| 350 | Hellas Telecommunications II S.C.A., Rule 144A, Subordinated Notes ‡ø^ | (NR, NR) | 01/15/15 | 0.000 | |
| 600 | Intelsat Jackson Holdings SA, Global Company Guaranteed Notes (Callable 04/01/15@ 103.63) | (B, B3) | 04/01/19 | 7.250 | 630,750 |
| 750 | Intelsat Jackson Holdings SA, Global Company Guaranteed Notes (Callable 04/01/16@ 103.75) | (B, B3) | 04/01/21 | 7.500 | 791,250 |
| 250 | Intelsat Luxembourg SA, Rule 144A, Company Guaranteed Notes (Callable 06/01/15@ 103.38) ‡ | (CCC+, Caa2) | 06/01/18 | 6.750 | 253,125 |
| 800 | Intelsat Luxembourg SA, Rule 144A, Company Guaranteed Notes (Callable 06/01/17@ 103.88) ‡ | (CCC+, Caa2) | 06/01/21 | 7.750 | 811,000 |
| 950 | Zayo Capital, Inc., Global Senior Secured Notes (Callable 07/01/15@ 104.06) § | (B, B1) | 01/01/20 | 8.125 | 1,035,500 |
| 3,521,625 | |||||
| Telecom - Wireless (0.6%) | |||||
| 400 | Telesat LLC, Rule 144A, Senior Unsecured Notes (Callable 05/15/14@ 103.00) ‡ | (B-, B3) | 05/15/17 | 6.000 | 409,500 |
| 600 | Wind Acquisition Finance SA, Rule 144A, Secured Notes (Callable 07/15/13@ 105.88) ‡€ | (B, B3) | 07/15/17 | 11.750 | 735,531 |
| 1,145,031 | |||||
| Telecommunications Equipment (1.4%) | |||||
| 1,200 | Avaya, Inc., Rule 144A, Senior Secured Notes (Callable 04/01/15@ 103.50) ठ| (B, B1) | 04/01/19 | 7.000 | 1,089,000 |
| 1,700 | Brightstar Corp., Rule 144A, Company Guaranteed Notes (Callable 12/01/14@ 104.75) ‡ | (BB-, B1) | 12/01/16 | 9.500 | 1,759,500 |
| 2,848,500 | |||||
| Textiles & Apparel (0.3%) | |||||
| 150 | IT Holding Finance SA, Rule 144A, Company Guaranteed Notes ‡€ø | (NR, NR) | 11/15/25 | 9.875 | 1,920 |
| 500 | Takko Luxembourg 2 S.C.A., Rule 144A, Senior Secured Notes (Callable 04/15/16@ 104.94) ‡€ | (B-, B3) | 04/15/19 | 9.875 | 597,931 |
| 599,851 | |||||
| Theaters & Entertainment (1.4%) | |||||
| 800 | AMC Entertainment, Inc., Global Company Guaranteed Notes (Callable 06/01/14@ 104.38) | (B-, B2) | 06/01/19 | 8.750 | 860,000 |
| 857 | AMC Entertainment, Inc., Global Company Guaranteed Notes (Callable 12/01/15@ 104.88) | (CCC+, Caa1) | 12/01/20 | 9.750 | 974,838 |
| 929 | Regal Entertainment Group, Company Guaranteed Notes (Callable 08/15/14@ 104.56) § | (B-, B3) | 08/15/18 | 9.125 | 1,026,545 |
| 2,861,383 | |||||
| Tobacco (0.3%) | |||||
| 650 | Vector Group Ltd., Global Senior Secured Notes (Callable 02/15/16@ 105.81) | (B+, Ba3) | 02/15/21 | 7.750 | 674,375 |
| Transportation - Excluding Air/Rail (0.2%) | |||||
| 400 | Navios Maritime Holdings Finance II U.S., Inc., Global Company Guaranteed Notes (Callable 02/15/15@ 104.06) | (B+, Caa1) | 02/15/19 | 8.125 | 381,000 |
| TOTAL CORPORATE BONDS (Cost $162,661,045) | 160,517,272 | ||||
| ASSET BACKED SECURITIES (9.5%) | |||||
| Collateralized Debt Obligations (9.5%) | |||||
| 1,000 | ALM VI Ltd., Rule 144A ‡# | (B, NR) | 06/14/23 | 6.273 | 899,323 |
| 1,000 | Anchorage Capital CLO Ltd., Rule 144A ‡# | (NR, Ba3) | 07/13/25 | 5.076 | 918,750 |
| 750 | Apidos CDO, Rule 144A ‡# | (BB, NR) | 04/15/25 | 4.675 | 674,400 |
| 1,000 | Carlyle Global Market Strategies CLO 2011-1 Ltd., Rule 144A ‡# | (BB, NR) | 08/10/21 | 5.725 | 935,750 |
| 1,000 | Carlyle Global Market Strategies CLO 2012-4 Ltd., Rule 144A ‡ | (NR, NR) | 01/20/25 | 0.000 | 985,000 |
| 1,000 | CIFC Funding 2011-1A Ltd., Rule 144A ‡# | (BBB, NR) | 01/19/23 | 3.376 | 933,814 |
| 2,000 | CIFC Funding 2012-2X Ltd. # | (BB-, NR) | 12/05/24 | 6.273 | 1,976,348 |
| 1,000 | ECP CLO Ltd., Rule 144A ‡# | (BB, NR) | 01/20/25 | 4.520 | 811,065 |
| 1,000 | Finn Square CLO Ltd., Rule 144A ‡# | (BB, NR) | 12/24/23 | 5.323 | 900,472 |
See Accompanying Notes to Financial Statements. 7
SEQ.=10,FOLIO='7',FILE='13-16264-2.ca',USER='105037',CD=''
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2013 (unaudited)
| Par (000) | Ratings † (S&P/Moody's) | Maturity | Value | ||
|---|---|---|---|---|---|
| ASSET BACKED SECURITIES | |||||
| Collateralized Debt Obligations | |||||
| $ 1,000 | Gale Force 4 CLO Ltd., Rule 144A ‡# | (BBB, Ba1) | 08/20/21 | 3.774 | $ 938,777 |
| 1,000 | Halcyon Loan Advisors Funding 2012-2 Ltd., Rule 144A ‡# | (BB, NR) | 12/20/24 | 5.672 | 891,027 |
| 1,000 | ING Investment Management CLO 2011-1A Ltd., Rule 144A ‡# | (BB, NR) | 06/22/21 | 4.773 | 879,482 |
| 600 | ING Investment Management CLO 2013-2A Ltd., Rule 144A ‡# | (B, NR) | 04/25/25 | 5.776 | 503,615 |
| 1,000 | JFIN CLO 2013 Ltd., Rule 144A ‡# | (BB, NR) | 01/20/25 | 5.070 | 858,703 |
| 1,000 | KVK CLO 2013-1 Ltd., Rule 144A ‡# | (BBB, NR) | 04/14/25 | 4.654 | 978,700 |
| 1,000 | Shackleton I CLO Ltd., Rule 144A ‡# | (BBB, NR) | 08/14/23 | 5.025 | 1,004,960 |
| 1,000 | Shackleton I CLO Ltd., Rule 144A ‡# | (BB, NR) | 08/14/23 | 6.475 | 922,638 |
| 1,000 | Shackleton II CLO Ltd., Rule 144A ‡# | (BB, NR) | 10/20/23 | 5.476 | 913,744 |
| 1,000 | Symphony CLO VII Ltd., Rule 144A ‡# | (BBB, NR) | 07/28/21 | 3.476 | 965,409 |
| 1,000 | Venture X CLO Ltd., Rule 144A ‡# | (BB, NR) | 02/28/24 | 5.573 | 897,616 |
| TOTAL ASSET BACKED SECURITIES (Cost $19,100,304) | 18,789,593 | ||||
| BANK LOANS (7.1%) | |||||
| Aerospace & Defense (0.2%) | |||||
| 466 | Arinc, Inc. # | (B-, Caa1) | 10/25/15 | 8.250 | 457,371 |
| Consumer Products (0.8%) | |||||
| 1,500 | Ranpak Corp.# | (B-, Caa1) | 04/23/20 | 8.500 | 1,515,000 |
| Energy - Exploration & Production (0.6%) | |||||
| 1,001 | Delek Benelux BV€ # | (NR, NR) | 02/08/17 | 5.253 | 1,254,355 |
| Gaming (0.5%) | |||||
| 1,000 | CKX Entertainment, Inc.# | (B+, B1) | 06/21/17 | 9.000 | 905,000 |
| Health Services (0.5%) | |||||
| 1,000 | Catalent Pharma Solutions, Inc. # | (B, Caa1) | 12/31/17 | 6.500 | 995,630 |
| Hotels (0.6%) | |||||
| 1,250 | Four Seasons Holdings, Inc. # | (B-, Caa1) | 12/27/20 | 5.250 | 1,265,625 |
| Leisure (0.6%) | |||||
| 253 | Technicolor SA # | (B, NR) | 03/31/16 | 9.350 | 290,776 |
| 760 | Technicolor SA # | (B, NR) | 05/26/17 | 9.350 | 872,673 |
| 1,163,449 | |||||
| Machinery (0.6%) | |||||
| 1,250 | CPM Acquisition Corp. # | (B, Caa1) | 03/01/18 | 10.250 | 1,259,375 |
| Media - Diversified (0.5%) | |||||
| 584 | Flint Group Holdings Sarl # | (NR, NR) | 12/31/16 | 7.476 | 518,144 |
| 432 | Flint Group Holdings Sarl # | (NR, NR) | 06/30/18 | 7.476 | 412,093 |
| 930,237 | |||||
| Printing & Publishing (0.2%) | |||||
| 1,207 | Yell Group PLC # | (D, NR) | 07/31/14 | 3.945 | 286,883 |
| Software/Services (1.5%) | |||||
| 1,000 | Decision Insight Information Group # | (B, B1) | 01/04/17 | 7.000 | 997,500 |
| 980 | SafeNet, Inc. # | (B, B3) | 04/12/15 | 6.195 | 980,200 |
| 20 | SafeNet, Inc. # | (B-, Caa1) | 04/12/15 | 6.195 | 19,800 |
| 1,000 | Wall Street Systems Delaware, Inc. # | (NR, Caa2) | 10/25/20 | 9.250 | 1,008,750 |
| 3,006,250 | |||||
| Telecom - Integrated/Services (0.5%) | |||||
| 1,000 | Sidera Networks, Inc. # | (CCC+, Caa1) | 04/12/21 | 8.000 | 1,005,000 |
| TOTAL BANK LOANS (Cost $13,745,298) | 14,044,175 |
See Accompanying Notes to Financial Statements. 8
SEQ.=11,FOLIO='8',FILE='13-16264-2.ca',USER='105037',CD=''
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2013 (unaudited)
| Number of Shares | Value | |
|---|---|---|
| COMMON STOCKS (0.2%) | ||
| Automotive (0.0%) | ||
| 1,219 | Safelite Realty Corp.*^ | $ |
| Building & Construction (0.1%) | ||
| 14,400 | Ashton Woods USA LLC, Class B*^ | 190,368 |
| 1,558 | William Lyon Homes, Class A*§ | 39,277 |
| 229,645 | ||
| Building Materials (0.0%) | ||
| 372 | Dayton Superior Corp.*^ | |
| Chemicals (0.0%) | ||
| 4,893 | Huntsman Corp. | 81,028 |
| Gaming (0.0%) | ||
| 36,250 | Majestic Holdco LLC* | 29,453 |
| 1,500 | Progressive Gaming International Corp.* | 1 |
| 29,454 | ||
| Media - Broadcast (0.1%) | ||
| 26,986 | Cumulus Media, Inc., Class A*§ | 91,483 |
| TOTAL COMMON STOCKS (Cost $385,712) | 431,610 | |
| PREFERRED STOCK (0.0%) | ||
| Building Materials (0.0%) | ||
| 413 | Dayton Superior Corp. (Cost $156,000)*^ | |
| WARRANTS (0.0%) | ||
| Building Materials (0.0%) | ||
| 864 | Nortek, Inc., strike price $1.00, expires 12/07/14*§ | 16,416 |
| Printing & Publishing (0.0%) | ||
| 3,871 | The Readers Digest Association, Inc., strike price $0.00, expires 02/19/14*^ | |
| TOTAL WARRANTS (Cost $864) | 16,416 |
See Accompanying Notes to Financial Statements. 9
SEQ.=12,FOLIO='9',FILE='13-16264-2.ca',USER='105037',CD='Aug 27 11:40 2013'
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2013 (unaudited)
| Number of Shares | |||||
|---|---|---|---|---|---|
| SHORT-TERM INVESTMENTS (12.6%) | |||||
| 22,002,296 | State Street Navigator Prime Portfolio, 0.18% §§ | $ | 22,002,296 | ||
| Par (000) | Maturity | Rate% | |||
| $ 2,733 | State Street Bank and Trust Co. Euro Time Deposit | 07/01/13 | 0.010 | 2,733,000 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $24,735,296) | 24,735,296 | ||||
| TOTAL INVESTMENTS AT VALUE (110.8%) (Cost $220,784,519) | 218,534,362 | ||||
| LIABILITIES IN EXCESS OF OTHER ASSETS (-10.8%) | (21,368,365 | ) | |||
| NET ASSETS (100.0%) | $ | 197,165,997 |
INVESTMENT ABBREVIATIONS
NR = Not Rated PIK = Payment in Kind
† Credit ratings given by the Standard & Poor's Division of The McGraw-Hill Companies, Inc. ("S&P") and Moody's Investors Service, Inc. ("Moody's") are unaudited.
‡ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2013, these securities amounted to a value of $92,781,733 or 47.1% of net assets.
€ This security is denominated in Euro.
£ This security is denominated in British Pound.
ø Bond is currently in default.
^ Not readily marketable security; security is valued at fair value as determined in good faith by, or under the direction of, the Board of Directors.
§ Security or portion thereof is out on loan.
§§ Represents security purchased with cash collateral received for securities on loan. The rate shown is the annualized one-day yield at June 30, 2013.
See Accompanying Notes to Financial Statements. 10
SEQ.=13,FOLIO='10',FILE='13-16264-2.ca',USER='105037',CD='Aug 27 11:40 2013'
Document name: 13-16264-2.da
Credit Suisse Asset Management Income Fund, Inc.
Statement of Assets and Liabilities
June 30, 2013 (unaudited)
| Assets — Investments at value, including collateral for securities on loan of $22,002,296 (Cost $220,784,519) (Note 2) | $ 218,534,362 1 | |
|---|---|---|
| Cash | 845 | |
| Foreign currency at value (cost $11,436) | 11,396 | |
| Dividend and interest receivable | 3,436,555 | |
| Receivable for investments sold | 329,997 | |
| Unrealized appreciation on forward currency contracts (Note 2) | 220,177 | |
| Prepaid expenses and other assets | 25,267 | |
| Total Assets | 222,558,599 | |
| Liabilities | ||
| Advisory fee payable (Note 3) | 249,408 | |
| Administrative services fee payable (Note 3) | 15,225 | |
| Payable upon return of securities loaned (Note 2) | 22,002,296 | |
| Payable for investments purchased | 3,027,750 | |
| Unrealized depreciation on forward currency contracts (Note 2) | 44,851 | |
| Directors' fee payable | 41,550 | |
| Accrued expenses | 11,522 | |
| Total Liabilities | 25,392,602 | |
| Net Assets | ||
| Applicable to 52,219,224 shares outstanding | $ 197,165,997 | |
| Net Assets | ||
| Capital stock, $.001 par value (Note 6) | 52,219 | |
| Paid-in capital (Note 6) | 246,947,269 | |
| Accumulated net investment loss | (1,201,615 | ) |
| Accumulated net realized loss on investments and foreign currency transactions | (46,556,420 | ) |
| Net unrealized depreciation from investments and foreign currency translations | (2,075,456 | ) |
| Net Assets | $ 197,165,997 | |
| Net Asset Value Per Share ($197,165,997 / 52,219,224) | $ 3.78 | |
| Market Price Per Share | $ 3.81 |
1 Including $21,611,589 of securities on loan.
See Accompanying Notes to Financial Statements. 11
SEQ.=14,FOLIO='11',FILE='13-16264-2.da',USER='105037',CD=''
Credit Suisse Asset Management Income Fund, Inc.
Statement of Operations
For the Six Months Ended June 30, 2013 (unaudited)
| Investment Income (Note 2) — Interest | $ 8,072,984 | |
|---|---|---|
| Dividends | 1,223 | |
| Securities lending | 37,212 | |
| Total investment income | 8,111,419 | |
| Expenses | ||
| Investment advisory fees (Note 3) | 487,976 | |
| Administrative services fees (Note 3) | 29,769 | |
| Directors' fees | 60,517 | |
| Printing fees (Note 3) | 38,024 | |
| Legal fees | 25,331 | |
| Transfer agent fees | 25,306 | |
| Audit and tax fees | 25,229 | |
| Stock exchange listing fees | 10,399 | |
| Custodian fees | 9,079 | |
| Insurance expense | 3,614 | |
| Commitment fees (Note 4) | 329 | |
| Miscellaneous expense | 16,147 | |
| Total expenses | 731,720 | |
| Net investment income | 7,379,699 | |
| Net Realized and Unrealized Gain (Loss) from Investments and Foreign Currency Related Items | ||
| Net realized gain from investments | 1,806,384 | |
| Net realized gain from foreign currency transactions | 71,764 | |
| Net change in unrealized appreciation (depreciation) from investments | (3,283,714 | ) |
| Net change in unrealized appreciation (depreciation) from foreign currency translations | 224,145 | |
| Net realized and unrealized loss from investments and foreign currency related items | (1,181,421 | ) |
| Net increase in net assets resulting from operations | $ 6,198,278 |
See Accompanying Notes to Financial Statements. 12
SEQ.=15,FOLIO='12',FILE='13-16264-2.da',USER='105037',CD='Aug 27 11:40 2013'
Credit Suisse Asset Management Income Fund, Inc.
Statements of Changes in Net Assets
| For the Six Months Ended June 30, 2013 (unaudited) | For the Year Ended December 31, 2012 | |||
|---|---|---|---|---|
| From Operations | ||||
| Net investment income | $ 7,379,699 | $ 15,805,731 | ||
| Net realized gain from investments and foreign currency transactions | 1,878,148 | 3,417,267 | ||
| Net change in unrealized appreciation (depreciation) from investments and foreign currency translations | (3,059,569 | ) | 6,997,579 | |
| Net increase in net assets resulting from operations | 6,198,278 | 26,220,577 | ||
| From Dividends | ||||
| Dividends from net investment income | (7,989,031 | ) | (15,928,602 | ) |
| From Capital Share Transactions (Note 6) | ||||
| Issuance of 0 shares and 14,744 shares through the directors compensation plan (Note 3) | | 55,281 | ||
| Net proceeds from at-the-market offerings | 8,135,803 | | ||
| Reinvestment of dividends | 148,433 | 314,200 | ||
| Net increase in net assets from capital share transactions | 8,284,236 | 369,481 | ||
| Net increase in net assets | 6,493,483 | 10,661,456 | ||
| Net Assets | ||||
| Beginning of period | 190,672,514 | 180,011,058 | ||
| End of period | $ 197,165,997 | $ 190,672,514 | ||
| Accumulated net investment loss | $ (1,201,615 | ) | $ (592,283 | ) |
See Accompanying Notes to Financial Statements. 13
SEQ.=16,FOLIO='13',FILE='13-16264-2.da',USER='105037',CD='Aug 27 11:40 2013'
Credit Suisse Asset Management Income Fund, Inc.
Financial Highlights
| For the Six Months Ended June 30, 2013 | ||
|---|---|---|
| (unaudited) | ||
| Per share operating performance | ||
| Net asset value, beginning of period | $ 3.80 | |
| INVESTMENT OPERATIONS | ||
| Net investment income | 0.14 | |
| Net gain (loss) on investments, swap contracts, futures contracts and foreign currency related items (both realized and unrealized) | (0.01 | ) |
| Total from investment activities | 0.13 | |
| LESS DIVIDENDS AND DISTRIBUTIONS | ||
| Dividends from net investment income | (0.16 | ) |
| Return of capital | | |
| Total dividends and distributions | (0.16 | ) |
| CAPITAL SHARE TRANSACTIONS | ||
| Increase to Net Asset Value due to Shares Issued through at-the-market offerings | 0.01 | |
| Net asset value, end of period | $ 3.78 | |
| Per share market value, end of period | $ 3.81 | |
| TOTAL INVESTMENT RETURN 2 | ||
| Net asset value | 3.53 | % |
| Market value | (1.61 | )% |
| RATIOS AND SUPPLEMENTAL DATA | ||
| Net assets, end of period (000s omitted) | $ 197,166 | |
| Ratio of expenses to average net assets | 0.75 | % 3 |
| Ratio of net investment income to average net assets | 7.54 | % 3 |
| Portfolio turnover rate | 36.0 | % |
1 This amount represents less than $(0.01) per share.
2 Total investment return at net asset value is based on changes in the net asset value of Fund shares and assumes reinvestment of dividends and distributions, if any. Total investment return at market value is based on changes in the market price at which the Fund's shares traded on the stock exchange during the period and assumes reinvestment of dividends and distributions, if any, at actual prices pursuant to the Fund's dividend reinvestment program. Because the Fund's shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on share price and NAV. Total returns for periods less than one year are not annualized.
3 Annualized.
See Accompanying Notes to Financial Statements. 14
SEQ.=17,FOLIO='14',FILE='13-16264-2.da',USER='105037',CD=''
| For the Year Ended — 12/31/12 | 12/31/11 | 12/31/10 | 12/31/09 | 12/31/08 | 12/31/07 | 12/31/06 | 12/31/05 | 12/31/04 | 12/31/03 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share operating performance | ||||||||||||||||||||
| Net asset value, beginning of period | $ 3.60 | $ | 3.70 | $ | 3.56 | $ | 2.52 | $ | 4.06 | $ | 4.34 | $ | 4.24 | $ | 4.56 | $ | 4.41 | $ | 3.91 | |
| INVESTMENT OPERATIONS | ||||||||||||||||||||
| Net investment income | 0.32 | 0.30 | 0.32 | 0.31 | 0.35 | 0.36 | 0.36 | 0.36 | 0.35 | 0.37 | ||||||||||
| Net gain (loss) on investments, swap contracts, futures contracts and foreign currency related items (both realized and unrealized) | 0.20 | (0.11 | ) | 0.17 | 1.07 | (1.46 | ) | (0.31 | ) | 0.14 | (0.28 | ) | 0.22 | 0.58 | ||||||
| Total from investment activities | 0.52 | 0.19 | 0.49 | 1.38 | (1.11 | ) | 0.05 | 0.50 | 0.08 | 0.57 | 0.95 | |||||||||
| LESS DIVIDENDS AND DISTRIBUTIONS | ||||||||||||||||||||
| Dividends from net investment income | (0.32 | ) | (0.29 | ) | (0.35 | ) | (0.30 | ) | (0.43 | ) | (0.33 | ) | (0.40 | ) | (0.40 | ) | (0.40 | ) | (0.43 | ) |
| Return of capital | | | | (0.04 | ) | | | | (0.00 | ) 1 | (0.02 | ) | (0.02 | ) | ||||||
| Total dividends and distributions | (0.32 | ) | (0.29 | ) | (0.35 | ) | (0.34 | ) | (0.43 | ) | (0.33 | ) | (0.40 | ) | (0.40 | ) | (0.42 | ) | (0.45 | ) |
| CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
| Increase to Net Asset Value due to Shares Issued through at-the-market offerings | | | | | | | | | | | ||||||||||
| Net asset value, end of period | $ 3.80 | $ | 3.60 | $ | 3.70 | $ | 3.56 | $ | 2.52 | $ | 4.06 | $ | 4.34 | $ | 4.24 | $ | 4.56 | $ | 4.41 | |
| Per share market value, end of period | $ 4.03 | $ | 3.65 | $ | 3.56 | $ | 3.36 | $ | 2.30 | $ | 3.58 | $ | 4.38 | $ | 3.67 | $ | 4.45 | $ | 4.50 | |
| TOTAL INVESTMENT RETURN 2 | ||||||||||||||||||||
| Net asset value | 14.95 | % | 5.35 | % | 14.71 | % | 58.07 | % | (27.78 | )% | 1.59 | % | 12.73 | % | 1.74 | % | 13.55 | % | 24.59 | % |
| Market value | 20.24 | % | 11.02 | % | 16.94 | % | 63.46 | % | (25.25 | )% | (11.32 | )% | 31.44 | % | (9.76 | )% | 8.60 | % | 28.11 | % |
| RATIOS AND SUPPLEMENTAL DATA | ||||||||||||||||||||
| Net assets, end of period (000s omitted) | $ 190,673 | $ | 180,011 | $ | 184,943 | $ | 177,654 | $ | 125,688 | $ | 202,914 | $ | 216,318 | $ | 211,536 | $ | 227,374 | $ | 219,864 | |
| Ratio of expenses to average net assets | 0.75 | % | 0.73 | % | 0.76 | % | 0.73 | % | 0.73 | % | 0.78 | % | 0.74 | % | 0.82 | % | 0.78 | % | 0.78 | % |
| Ratio of net investment income to average net assets | 8.49 | % | 8.09 | % | 8.76 | % | 10.14 | % | 9.96 | % | 8.75 | % | 8.32 | % | 8.20 | % | 8.08 | % | 8.83 | % |
| Portfolio turnover rate | 67.0 | % | 57.0 | % | 86.0 | % | 54.0 | % | 32.1 | % | 49.7 | % | 58.0 | % | 61.5 | % | 57.8 | % | 77.8 | % |
See Accompanying Notes to Financial Statements. 15
SEQ.=18,FOLIO='15',FILE='13-16264-2.da',USER='105037',CD=''
Document name: 13-16264-2.ea
Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements
June 30, 2013 (unaudited)
Note 1. Organization
Credit Suisse Asset Management Income Fund, Inc. (the "Fund") was incorporated on February 11, 1987 and is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The investment objective of the Fund is to seek current income through investment primarily in debt securities.
Note 2. Significant Accounting Policies
A) SECURITY VALUATION The net asset value of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the "Exchange") on each day the Exchange is open for business. 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. Short-term fixed income securities that will mature in 60 days or less are valued at amortized cost unless it is determined that using this method would not reflect an investment's fair value. 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. 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. The Fund may utilize a service provided by an independent third party which has been approved by the Board of Trustees to fair value certain securities. When fair value pricing is employed, the prices of securities used by the Fund to calculate its net asset value 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 investment adviser to be unreliable, the market price may be determined by the investment adviser using quotations from one or more broker/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 net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Directors. At June 30, 2013, the Fund held 0.05% of its net assets in securities valued at fair value as determined in good faith under procedures established by the Board of Directors with an aggregate cost of $1,938,240 and fair value of $194,085. The Fund's estimate of fair value assumes a willing buyer and a willing seller neither acting under the compulsion to buy or sell. Although these securities may be resold in privately negotiated transactions, the prices realized on such sales could differ from the prices originally paid by the Fund or the current carrying values, and the difference could be material.
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.
16
SEQ.=19,FOLIO='16',FILE='13-16264-2.ea',USER='105037',CD=''
Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
June 30, 2013 (unaudited)
Accounting principles generally accepted in the United States of America ("GAAP") establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at 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.
The following is a summary of the inputs used as of June 30, 2013 in valuing the Fund's assets and liabilities carried at fair value:
| Level 1 | Level 2 | Level 3 | Total | |
|---|---|---|---|---|
| Investments in Securities | ||||
| Corporate Bonds | $ | $ 160,513,555 | $ 3,717 | $ 160,517,272 |
| Asset Backed Securities | | 18,789,593 | | 18,789,593 |
| Bank Loans | | 14,044,175 | | 14,044,175 |
| Common Stocks | 211,789 | 29,453 | 190,368 | 431,610 |
| Preferred Stock | | | | |
| Warrants | 16,416 | | | 16,416 |
| Short-Term Investments | 22,002,296 | 2,733,000 | | 24,735,296 |
| Other Financial Instruments* | ||||
| Forward Foreign Currency Contracts | | 175,326 | | 175,326 |
| $ 22,230,501 | $ 196,285,102 | $ 194,085 | $ 218,709,688 |
The following is a reconciliation of investments as of June 30, 2013 in which significant unobservable inputs (Level 3) were used in determining value. Transfers in or out of Level 3 represent the beginning value of any security or instrument where a change in the level has occurred from the beginning to the end of the period.
| Balance as of December 31, 2012 | Corporate Bonds — $ 130 | $ | 108,720 | Preferred Stock — $ 0 | Warrants — $ 0 | Total — $ 108,850 | |
|---|---|---|---|---|---|---|---|
| Accrued discounts/premiums | 845 | | | | 845 | ||
| Purchases | 3,898 | | | | 3,898 | ||
| Sales | (735,212 | ) | | | | (735,212 | ) |
| Realized Gain/(Loss) | (32,311 | ) | | | | (32,311 | ) |
| Change in Unrealized Appreciation/(Depreciation) | 122,329 | 81,648 | | | 203,977 | ||
| Transfers Into Level 3 | 644,038 | | | | 644,038 | ||
| Transfers Out of Level 3 | | | | | | ||
| Balance as of June 30, 2013 | $ 3,717 | $ | 190,368 | $ 0 | $ 0 | $ 194,085 | |
| Net change in unrealized Appreciation/(Depreciation) from investments still held as of June 30, 2013 | $ | $ | 190,368 | $ 0 | $ 0 | $ 194,085 |
The Fund adopted FASB amendments to authoritative guidance which require the Fund to disclose details of transfers in and out of Level 1 and Level 2 measurements and Level 2 and Level 3 measurements and the reasons for the transfers. For the six months ended June 30, 2013, there were no transfers in and out of Level 1, Level 2 and Level 3. All transfers are assumed to occur at the end of the reporting period.
17
SEQ.=20,FOLIO='17',FILE='13-16264-2.ea',USER='105037',CD=''
Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
June 30, 2013 (unaudited)
B) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Fund adopted amendments to authoritative guidance on disclosures about derivative instruments and hedging activities which require that the Fund disclose (a) how and why an entity uses derivative instruments, (b) how derivative instruments and hedging activities are accounted for, and (c) how derivative instruments and related hedging activities affect a fund's financial position, financial performance, and cash flows. For the six months ended June 30, 2013, the Fund's derivatives did not qualify for hedge accounting as they are held at fair value.
Fair Values of Derivative Instruments as of June 30, 2013
| Asset Derivatives — Balance Sheet Location | Fair Value | Liability Derivatives — Balance Sheet Location | Fair Value | |
|---|---|---|---|---|
| Currency Contracts | Unrealized appreciation on forward currency contracts | $ 220,177 | Unrealized depreciation on forward currency contracts | $ 44,851 |
Effect of Derivative Instruments on the Statement of Operations
| Location | Realized Gain/Loss | Location | Unrealized Appreciation/ (Depreciation) | |
|---|---|---|---|---|
| Currency Contracts | Net realized gain from forward currency contracts | $ 145,239 | Net change in unrealized appreciation (depreciation) from forward currency contracts | $ 228,181 |
The notional amount of forward foreign currency contracts at period ended are reflected in the Notes to Financial Statements. The notional amounts of forward foreign currency contracts at each month end throughout the reporting period averaged approximately 4.66% of net assets of the Fund.
The following table presents by counterparty, the Fund's derivative assets net of related collateral held by the Fund at June 30, 2013:
| Counterparty | Gross Amounts of Assets Presented in the Statement of Assets and Liabilities (a) | Financial Instruments and Derivatives Available for Offset | Collateral Received (b) | Net Amount of Derivative Assets | |
|---|---|---|---|---|---|
| Morgan Stanley | $ 220,177 | $ (44,851 | ) | $ | $ 175,326 |
The following table presents by counterparty, the Fund's derivative liabilities net of related collateral pledged by the Fund at June 30, 2013:
| Counterparty | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities (a) | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivative Liabilities | |
|---|---|---|---|---|---|
| Morgan Stanley | $ 44,851 | $ (44,851 | ) | $ | $ |
(a) Forward foreign currency exchange contracts are netted.
(b) The actual collateral received and/or pledged may be more than the amounts shown.
C) FOREIGN CURRENCY TRANSACTIONS The books and records of the Fund are maintained in U.S. dollars. Transactions denominated in foreign currencies are recorded at the current prevailing exchange rates. All assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the current exchange rate at the end of the period. Translation gains or losses resulting from changes in the exchange rate during the reporting period and realized gains and losses on the settlement of foreign currency transactions are
18
SEQ.=21,FOLIO='18',FILE='13-16264-2.ea',USER='105037',CD=''
Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
June 30, 2013 (unaudited)
reported in the results of operations for the current period. The Fund does not isolate that portion of realized gains and losses on investments in equity securities which is due to changes in the foreign exchange rate from that which is due to changes in market prices of equity securities. The Fund isolates that portion of realized gains and losses on investments in debt securities which is due to changes in the foreign exchange rate from that which is due to changes in market prices of debt securities.
D) SECURITY TRANSACTIONS AND INVESTMENT INCOME Security transactions are accounted for on a trade date basis. Interest income is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method. Dividends are recorded on the ex-dividend date. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes.
E) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS The Fund declares and pays dividends on a monthly basis and records them on ex-date. Distributions of net realized capital gains, if any, are declared and paid at least annually. However, to the extent that a net realized capital gain can be reduced by a capital loss carryforward, such gain will not be distributed. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
The Fund's dividend policy is to distribute substantially all of its net investment income to its shareholders on a monthly basis. However, in order to provide shareholders with a more consistent yield to the current trading price of shares of beneficial interest of the Fund, the Fund may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the dividends paid by the Fund for any particular month may be more or less than the amount of net investment income earned by the Fund during such month.
F) FEDERAL INCOME TAXES No provision is made for federal taxes as it is the Fund's intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies ("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 tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
G) USE OF ESTIMATES The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and
19
SEQ.=22,FOLIO='19',FILE='13-16264-2.ea',USER='105037',CD=''
Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
June 30, 2013 (unaudited)
disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates.
H) SHORT-TERM INVESTMENTS The Fund, together with other funds/portfolios advised by Credit Suisse Asset Management, LLC ("Credit Suisse"), an indirect, wholly-owned subsidiary of Credit Suisse Group AG, pools available cash into a short-term variable rate time deposit issued by State Street Bank and Trust Company ("SSB"), the Fund's custodian. The short-term time deposit issued by SSB is a variable rate account classified as a short-term investment.
I) FORWARD FOREIGN CURRENCY CONTRACTS The Fund may enter into forward foreign currency contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency. The Fund will enter into forward foreign currency contracts primarily for hedging foreign currency risk. Forward foreign currency contracts are adjusted by the daily forward exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the contract settlement date or an offsetting position is entered into. At June 30, 2013, the Fund had the following open forward foreign currency contracts:
| Forward Foreign Currency to be Purchased (Local) — EUR | 1,800,000 | Forward Foreign Currency to be Sold (Local) — USD | 2,378,763 | Expiration Date — 07/15/13 | Counterparties — Morgan Stanley | Value on Settlement Date — $ 2,378,763 | $ | 2,339,849 | $ | (38,914 | ) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| GBP | 650,000 | USD | 991,705 | 07/15/13 | Morgan Stanley | 991,705 | 985,768 | (5,937 | ) | ||
| USD | 1,608,421 | EUR | 1,200,000 | 07/15/13 | Morgan Stanley | (1,608,421 | ) | (1,559,899 | ) | 48,522 | |
| USD | 8,580,000 | EUR | 6,500,000 | 07/15/13 | Morgan Stanley | (8,580,000 | ) | (8,449,456 | ) | 130,544 | |
| USD | 391,965 | EUR | 300,000 | 07/15/13 | Morgan Stanley | (391,965 | ) | (389,975 | ) | 1,990 | |
| USD | 2,302,950 | GBP | 1,500,000 | 07/15/13 | Morgan Stanley | (2,302,950 | ) | (2,274,849 | ) | 28,101 | |
| USD | 465,990 | GBP | 300,000 | 07/15/13 | Morgan Stanley | (465,990 | ) | (454,970 | ) | 11,020 | |
| $ | 175,326 |
Currency Abbreviations:
EUR = Euro
GBP = British Pound
USD = United States Dollar
J) SECURITIES LENDING Loans of securities are required at all times to be secured by collateral at least equal to 102% of the market value of domestic securities on loan (including any accrued interest thereon) and 105% of the market value of foreign securities on loan (including any accrued interest thereon). Cash collateral received by the Fund in connection with securities lending activity may be pooled together with cash collateral for other funds/portfolios advised by Credit Suisse and may be invested in a variety of investments, including funds advised by SSB, the Fund's securities lending agent, or money market instruments. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings.
SSB has been engaged by the Fund to act as the Fund's securities lending agent. As of June 30, 2013, the Fund had investment securities on loan with a fair value of $21,611,589 and a related liability of $22,002,296 for collateral received on securities loaned, both of which are presented gross on the Statement of Assets and Liabilities. The carrying value of the collateral for securities loaned approximates fair value which would have been considered level 2 under the fair value hierarchy if the collateral for securities loaned were carried at fair value.
20
SEQ.=23,FOLIO='20',FILE='13-16264-2.ea',USER='105037',CD=''
Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
June 30, 2013 (unaudited)
The Fund's securities lending arrangement provides that the Fund and SSB will share the net income earned from securities lending activities. During the six months ended June 30, 2013, total earnings from the Fund's investment in cash collateral received in connection with securities lending arrangements was $48,493, of which $4,668 was rebated to borrowers (brokers). The Fund retained $37,212 in income from the cash collateral investment, and SSB, as lending agent, was paid $6,613. Securities lending income is accrued as earned.
K) OTHER Lower-rated debt securities (commonly known as "junk bonds") possess speculative characteristics and are subject to greater market fluctuations and risk of lost income and principal than higher-rated debt securities for a variety of reasons. Also, during an economic downturn or substantial period of rising interest rates, highly leveraged issuers may experience financial stress which would adversely affect their ability to service their principal and interest payment obligations, to meet projected business goals and to obtain additional financing.
In addition, periods of economic uncertainty and changes can be expected to result in increased volatility of market prices of lower-rated debt securities and the Fund's net asset value.
L) SUBSEQUENT EVENTS In preparing the financial statements as of June 30, 2013, 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.
Note 3. Transactions with Affiliates and Related Parties
Credit Suisse serves as investment adviser for the Fund. For its investment advisory services, Credit Suisse is entitled to receive a fee from the Fund at a rate per annum, computed weekly and paid quarterly as follows: 0.50% of the lower of the weekly stock price (market value) of the Fund's outstanding shares or its average weekly net assets. For the six months ended June 30, 2013, investment advisory fees earned were $487,976.
SSB serves as Accounting and Administrative Agent for the Fund. For its administrative services, SSB receives a fee, exclusive of out-of-pocket expenses, calculated in total for all the Credit Suisse funds/portfolios co-administered by SSB and allocated based upon the relative average net assets of each fund/portfolio, subject to an annual minimum fee. For the six months ended June 30, 2013, administrative services fees earned by SSB (including out-of-pocket expenses) with respect to the Fund were $29,769.
The Independent Directors have the option to elect 50% or 100% of their annual retainer in shares of the Fund. During the six months ended June 30, 2013, no shares were issued through the Directors's compensation plan. Directors as a group own less than 1% of the Fund's outstanding shares.
Merrill Corporation ("Merrill"), an affiliate of Credit Suisse, has been engaged by the Fund to provide certain financial printing services. For the six months ended June 30, 2013, Merrill was paid $13,905 for its services by the Fund.
Note 4. Line of Credit
The Fund, together with other funds/portfolios advised by Credit Suisse (collectively, the "Participating Funds"), participates in a committed, unsecured line of credit facility ("Credit Facility"), in an aggregated amount of $20 million for temporary or emergency purposes with SSB. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee on the average unused amount of the Credit Facility, which is allocated among the Participating Funds in such manner as is determined by the governing Boards of the Participating Funds. In addition, the Participating Funds pay interest on borrowings at either the Overnight
21
SEQ.=24,FOLIO='21',FILE='13-16264-2.ea',USER='105037',CD=''
Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
June 30, 2013 (unaudited)
Federal Funds rate or the Overnight LIBOR rate plus a spread. At June 30, 2013, and during the six months ended June 30, 2013, the Fund had no borrowings outstanding under the Credit Facility.
Note 5. Purchases and Sales of Securities
For the six months ended June 30, 2013, purchases and sales of investment securities (excluding short-term investments) were $79,519,533 and $67,938,904, respectively.
At June 30, 2013, the cost of investments (excluding foreign currency related transactions) and net unrealized appreciation (depreciation) for income tax purposes were as follows:
| Cost of Investments | $ | |
|---|---|---|
| Unrealized appreciation | $ 7,698,869 | |
| Unrealized depreciation | (9,949,026 | ) |
| Net unrealized appreciation (depreciation) | $ (2,250,157 | ) |
Note 6. Fund Shares
The Fund has one class of shares of common stock, par value $.001 per share; one hundred million shares are authorized. Transactions in shares of common stock were as follows:
| Shares issued through the Directors compensation plan | | 14,744 |
|---|---|---|
| Shares issued through at-the-market offerings | 2,034,748 | |
| Shares issued through reinvestment of dividends | 38,117 | 84,475 |
| Net increase | 2,072,865 | 99,219 |
Note 7. Shelf Offering
On January 22, 2013, the Fund's "shelf" registration was declared effective by the SEC. The shelf registration statement enables the Fund to issue up to $40 million in shares of common stock through one or more public offerings. Shares may be offered at prices and terms to be set forth in one or more supplements to the Fund's prospectus included in the shelf registration statement. On February 1, 2013, the Fund filed a prospectus supplement relating to an at-the-market offering of the Fund's shares of common stock. Any proceeds raised through such offering will be used for investment purposes. As of June 30, 2013, the Fund had offered and sold 2,034,748 shares of common stock in at-the-market offerings, resulting in proceeds (net of all fees, commissions and offering costs) of $8,300,803.
Note 8. Contingencies
In the normal course of business, the Fund may provide general indemnifications pursuant to certain contracts and organizational documents. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.
22
SEQ.=25,FOLIO='22',FILE='13-16264-2.ea',USER='105037',CD=''
Credit Suisse Asset Management Income Fund, Inc.
Results of Annual Meeting of Shareholders (unaudited)
On May 9, 2013, the Annual Meeting of shareholders of the Fund was held.
Robert Wilson, in his capacity as Inspector, reported that, with respect to the proposal 1 relating to the election of three Directors, the following number of Shares were voted for Messrs. Arzac and Popp and Ms. Bovarnick:
| Nominee — Enrique R. Arzac | 27,494,384 | 2,043,873 |
|---|---|---|
| Terry F. Bovarnick | 27,684,838 | 1,853,419 |
| John G. Popp | 27,649,065 | 1,889,192 |
Robert Wilson, in his capacity as Inspector, reported that, with respect to the proposal 2 relating to the approval of the amendment or elimination of certain of the Fund's fundamental investment restrictions, the number of shares set below were voted with respect to each of the following proposals:
2-A. To amend the fundamental investment restriction regarding diversification.
| For | 20,857,167 | 40.88 % | 70.61 % |
|---|---|---|---|
| Against | 2,976,987 | 5.83 % | 10.08 % |
| Abstain | 1,060,942 | 2.08 % | 3.59 % |
| Broker Non-votes | 4,643,162 | 9.10 % | 9.10 % |
2-B. To amend the fundamental investment restriction regarding borrowing.
| For | 20,114,456 | 39.42 % | 68.10 % |
|---|---|---|---|
| Against | 3,668,402 | 7.19 % | 12,42 % |
| Abstain | 1,112,236 | 2.18 % | 3.77 % |
| Broker Non-votes | 4,643,162 | 9.10 % | 9.10 % |
2-C. To amend the fundamental investment restriction regarding investing in commodities.
| For | 20,200,171 | 39.59 % | 68.39 % |
|---|---|---|---|
| Against | 3,618,893 | 7.09 % | 12.25 % |
| Abstain | 1,076,030 | 2.11 % | 3.64 % |
| Broker Non-votes | 4,643,162 | 9.10 % | 9.10 % |
2-D. To amend the fundamental investment restriction regarding lending.
| For | 20,221,186 | 39.63 % | 68.46 % |
|---|---|---|---|
| Against | 3,557,483 | 6.97 % | 12.04 % |
| Abstain | 1,116,425 | 2.19 % | 3.78 % |
| Broker Non-votes | 4,643,162 | 9.10 % | 9.10 % |
23
SEQ.=26,FOLIO='23',FILE='13-16264-2.ea',USER='105037',CD=''
Credit Suisse Asset Management Income Fund, Inc.
Results of Annual Meeting of Shareholders (unaudited) (continued)
2-E. To amend the fundamental investment restriction regarding investing in real estate.
| For | 20,775,391 | 40.72 % | 70.33 % |
|---|---|---|---|
| Against | 3,046,698 | 5.97 % | 10.31 % |
| Abstain | 1,073,006 | 2.10 % | 3.63 % |
| Broker Non-votes | 4,643,162 | 9.10 % | 9.10 % |
2-F. To amend the fundamental investment restriction regarding concentration.
| For | 20,223,512 | 39.64 % | 68.47 % |
|---|---|---|---|
| Against | 3,527,346 | 6.91 % | 11.94 % |
| Abstain | 1,144,237 | 2.24 % | 3.87 % |
| Broker Non-votes | 4,643,162 | 9.10 % | 9.10 % |
2-G. To amend the fundamental investment restriction regarding the issuance of senior securities.
| For | 20,288,414 | 39.76 % | 68.69 % |
|---|---|---|---|
| Against | 3,422,794 | 6.71 % | 11.59 % |
| Abstain | 1,183,884 | 2.32 % | 4.01 % |
| Broker Non-votes | 4,643,162 | 9.10 % | 9.10 % |
2-H. To eliminate the fundamental investment restriction regarding investing in other investment companies.
| For | 20,385,865 | 39.96 % | 69.02 % |
|---|---|---|---|
| Against | 3,394,231 | 6.65 % | 11.49 % |
| Abstain | 1,114,998 | 2.19 % | 3.77 % |
| Broker Non-votes | 4,643,162 | 9.10 % | 9.10 % |
2-I. To eliminate the fundamental investment restriction regarding purchasing securities on margin.
| For | 19,862,539 | 38.93 % | 67.24 % |
|---|---|---|---|
| Against | 3,936,991 | 7.72 % | 13.33 % |
| Abstain | 1,095,563 | 2.15 % | 3.71 % |
| Broker Non-votes | 4,643,162 | 9.10 % | 9.10 % |
24
SEQ.=27,FOLIO='24',FILE='13-16264-2.ea',USER='105037',CD=''
Credit Suisse Asset Management Income Fund, Inc.
Results of Annual Meeting of Shareholders (unaudited) (continued)
2-J. To eliminate the fundamental investment restriction regarding short sales.
| For | 20,154,522 | 39.50 % | 68.23 % |
|---|---|---|---|
| Against | 3,609,996 | 7.08 % | 12.22 % |
| Abstain | 1,130,574 | 2.22 % | 3.83 % |
| Broker Non-votes | 4,643,162 | 9.10 % | 9.10 % |
2-K. To eliminate the fundamental investment restriction regarding investing for the purpose of exercising control over management of a company.
| For | 20,559,756 | 40.30 % | 69.60 % |
|---|---|---|---|
| Against | 3,133,025 | 6.14 % | 10.61 % |
| Abstain | 1,202,313 | 2.36 % | 4.07 % |
| Broker Non-votes | 4,643,162 | 9.10 % | 9.10 % |
2-L. To eliminate the fundamental investment restriction regarding investing in restricted securities.
| For | 20,011,656 | 39.22 % | 67.75 % |
|---|---|---|---|
| Against | 3,695,228 | 7.24 % | 12.51 % |
| Abstain | 1,188,208 | 2.33 % | 4.02 % |
| Broker Non-votes | 4,643,162 | 9.10 % | 9.10 % |
2-M. To eliminate the fundamental investment restriction regarding investing in interests in oil, gas or other mineral exploration development programs.
| For | 20,834,022 | 40.83 % | 70.53 % |
|---|---|---|---|
| Against | 2,945,770 | 5.77 % | 9.97 % |
| Abstain | 1,115,305 | 2.19 % | 3.78 % |
| Broker Non-votes | 4,643,162 | 9.10 % | 9.10 % |
2-N. To eliminate the fundamental investment restriction regarding investing in securities denominated in a foreign currency.
| For | 20,828,714 | 40.82 % | 70.51 % |
|---|---|---|---|
| Against | 2,892,262 | 5.67 % | 9.79 % |
| Abstain | 1,174,118 | 2.30 % | 3.97 % |
| Broker Non-votes | 4,643,162 | 9.10 % | 9.10 % |
25
SEQ.=28,FOLIO='25',FILE='13-16264-2.ea',USER='105037',CD=''
Credit Suisse Asset Management Income Fund, Inc.
Results of Annual Meeting of Shareholders (unaudited) (continued)
2-O. To eliminate the fundamental investment restriction regarding investing in non-dividend paying equity securities.
| For | 19,954,158 | 39.11 % | 67.55 % |
|---|---|---|---|
| Against | 3,807,904 | 7.46 % | 12.89 % |
| Abstain | 1,133,030 | 2.22 % | 3.84 % |
| Broker Non-votes | 4,643,162 | 9.10 % | 9.10 % |
26
SEQ.=29,FOLIO='26',FILE='13-16264-2.ea',USER='105037',CD=''
Credit Suisse Asset Management Income Fund, Inc.
Notice of Privacy and Information Practices (unaudited)
At Credit Suisse, we know that you are concerned with how we protect and handle nonpublic personal information that identifies you. This notice is designed to help you understand what nonpublic personal information we collect from you and from other sources, and how we use that information in connection with your investments and investment choices that may be available to you. Except where otherwise noted, this notice is applicable only to consumers who are current or former investors, meaning individual persons whose investments are primarily for household, family or personal use ("individual investors"). Specified sections of this notice, however, also apply to other types of investors (called "institutional investors"). Where the notice applies to institutional investors, the notice expressly states so. This notice is being provided by Credit Suisse Funds and Credit Suisse Closed-End Funds. This notice applies solely to U.S. registered investment companies advised by Credit Suisse Asset Management, LLC.
Categories of information we may collect:
We may collect information about you, including nonpublic personal information, such as
• Information we receive from you on applications, forms, agreements, questionnaires, Credit Suisse websites and other websites that are part of our investment program, or in the course of establishing or maintaining a customer relationship, such as your name, address, e-mail address, Social Security number, assets, income, financial situation; and
• Information we obtain from your transactions and experiences with us, our affiliates, or others, such as your account balances or other investment information, assets purchased and sold, and other parties to a transaction, where applicable.
Categories of information we disclose and parties to whom we disclose it:
• We do not disclose nonpublic personal information about our individual investors, except as permitted or required by law or regulation. Whether you are an individual investor or institutional investor, we may share the information described above with our affiliates that perform services on our behalf, and with our asset management and private banking affiliates; as well as with unaffiliated third parties that perform services on our behalf, such as our accountants, auditors, attorneys, broker-dealers, fund administrators, and other service providers.
• 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.
27
SEQ.=30,FOLIO='27',FILE='13-16264-2.ea',USER='105037',CD=''
Credit Suisse Asset Management Income Fund, Inc.
Notice of Privacy and Information Practices (unaudited) (continued)
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 6, 2013.
28
SEQ.=31,FOLIO='28',FILE='13-16264-2.ea',USER='105037',CD=''
Credit Suisse Asset Management Income Fund, Inc.
Proxy Voting and Portfolio Holdings Information (unaudited)
Information regarding how the Fund voted proxies related to its portfolio securities during the 12 month period ended June 30 of each year, as well as the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities are available:
• By calling 1-800-293-1232
• On the Fund's website, www.credit-suisse.com/us/funds
• On the website of the Securities and Exchange Commission, www.sec.gov.
The Fund files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund's Forms N-Q are available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling 1-202-551-8090.
Other Funds Managed by Credit Suisse Asset Management, LLC
CLOSED-END FUNDS
Fixed Income Credit Suisse Asset Management Income Fund, Inc. (NYSE Amex: CIK) Credit Suisse High Yield Bond Fund (NYSE Amex: DHY)
Literature Request Call today for free descriptive information on the closed-ended funds listed above at 1-800-293-1232 or visit our website at www.credit-suisse.com/us/funds.
OPEN-END FUNDS
Credit Suisse Commodity Return Strategy Fund
Credit Suisse Floating Rate High Income Fund
Credit Suisse Multialternative Strategy Fund
Credit Suisse Strategic Income Fund
Credit Suisse Commodity ACCESS Strategy Fund
Credit Suisse Managed Futures Strategy Fund
Fund shares are not deposits or other obligation of Credit Suisse Asset Management, LLC or any affiliate, are not FDIC-insured and are not guaranteed by Credit Suisse Asset Management, LLC or any affiliate. Fund investments are subject to investment risks, including loss of your investment. There are special risk considerations associated with international, global, emerging-markets, small-company, private equity, high-yield debt, single-industry, single-country and other special, aggressive or concentrated investment strategies. Past performance cannot guarantee future results.
More complete information about a fund, including charges and expenses, is provided in the Prospectus, which should be read carefully before investing. You may obtain copies by calling Credit Suisse Funds at 1-877-870-2874. Performance information current to the most recent month-end is available at www.credit-suisse.com/us/funds.
Credit Suisse Securities (USA) LLC, Distributor.
29
SEQ.=32,FOLIO='29',FILE='13-16264-2.ea',USER='105037',CD=''
Credit Suisse Asset Management Income Fund, Inc.
Dividend Reinvestment and Cash Purchase Plan (unaudited)
Credit Suisse Asset Management Income Fund, Inc. (the "Fund") offers a Dividend Reinvestment and Cash Purchase Plan (the "Plan") to its common stockholders. The Plan offers common stockholders a prompt and simple way to reinvest net investment income dividends and capital gains and other periodic distributions in shares of the Fund's common stock. Computershare Trust Company, N.A. ("Computershare") acts as Plan Agent for stockholders in administering the Plan.
If your shares of common stock of the Fund are registered in your own name, you will automatically participate in the Plan, unless you have indicated that you do not wish to participate and instead wish to receive dividends and capital gains distributions in cash. If you are a beneficial owner of the Fund having your shares registered in the name of a bank, broker or other nominee, you must first make arrangements with the organization in whose name your shares are registered to have the shares transferred into your own name. Registered shareholders can join the Plan via the Internet by going to www.computershare.com, authenticating your online account, agreeing to the Terms and Conditions of online "Account Access" and completing an online Plan Enrollment Form. Alternatively, you can complete the Plan Enrollment Form and return it to Computershare at the address below.
By participating in the Plan, your dividends and distributions will be promptly paid to you in additional shares of common stock of the Fund. The number of shares to be issued to you will be determined by dividing the total amount of the distribution payable to you by the greater of (i) the net asset value per share ("NAV") of the Fund's common stock on the payment date, or (ii) 95% of the market price per share of the Fund's common stock on the payment date. If the NAV of the Fund's common stock is greater than the market price (plus estimated brokerage commissions) on the payment date, then Computershare (or a broker-dealer selected by Computershare) shall endeavor to apply the amount of such distribution on your shares to purchase shares of Fund common stock in the open market.
You should be aware that all net investment income dividends and capital gain distributions are taxable to you as ordinary income and capital gain, respectively, whether received in cash or reinvested in additional shares of the Fund's common stock.
The Plan also permits participants to purchase shares of the Fund through Computershare. You may invest $100 or more monthly, with a maximum of $100,000 in any annual period. Computershare will purchase shares for you on the open market on the 25th of each month or the next trading day if the 25th is not a trading day.
There is no service fee payable by Plan participants for dividend reinvestment. For voluntary cash payments, Plan participants must pay a service fee of $5.00 per transaction. Plan participants will also be charged a pro rata share of the brokerage commissions for all open market purchases ($0.03 per share as of October 2006). Participants will also be charged a service fee of $5.00 for each sale and brokerage commissions of $0.03 per share (as of October 2006).
You may terminate your participation in the Plan at any time by notifying Computershare or requesting a sale of your shares held in the Plan. Your withdrawal will be effective immediately if your notice is received by Computershare prior to any dividend or distribution record date; otherwise, such termination will be effective only with respect to any subsequent dividend or distribution. Your dividend participation option will remain the same unless you withdraw all of your whole and fractional Plan shares, in which case your participation in the Plan will be terminated and you will receive subsequent dividends and capital gains distributions in cash instead of shares.
30
SEQ.=33,FOLIO='30',FILE='13-16264-2.ea',USER='105037',CD=''
Credit Suisse Asset Management Income Fund, Inc.
Dividend Reinvestment and Cash Purchase Plan (unaudited) (continued)
If you want further information about the Plan, including a brochure describing the Plan in greater detail, please contact Computershare as follows:
By Internet: www.computershare.com
By phone: (800) 730-6001 (U.S. and Canada) (781) 575-3100 (Outside U.S. and Canada)
Customer service associates are available from 9:00 a.m. to 5:00 p.m. Eastern time, Monday through Friday
By mail: Credit Suisse Asset Management Income Fund, Inc. c/o Computershare P.O. Box 43078 Providence, Rhode Island 02940-3078
All notices, correspondence, questions or other communications sent by mail should be sent by registered or certified mail, return receipt requested.
The Plan may be terminated by the Fund or Computershare upon notice in writing mailed to each participant at least 30 days prior to any record date for the payment of any dividend or distribution.
Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Credit Suisse Asset Management Income Fund, Inc. may from time to time purchase shares of its capital stock in the open market.
31
SEQ.=34,FOLIO='31',FILE='13-16264-2.ea',USER='105037',CD=''
Document name: 13-16264-2.za
This report, including the financial statements herein, is sent to the shareholders of the Fund for their information. The financial information herein is taken from the records of the Fund without examination by independent registered public accountants who do not express an opinion thereon. It is not a prospectus, circular or representation intended for use in the purchase or sale of shares of the Fund or of any securities mentioned in this report.
CIK-SAR-0613
SEQ.=35,FOLIO='',FILE='13-16264-2.za',USER='105037',CD='Aug 27 11:40 2013'
*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 inapplicable to a semi-annual report on Form N-CSR.
*Item 6. Schedule of Investments.*
Included as part of the report to shareholders filed under Item 1 of this Form.
*Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.*
This item is inapplicable to a semi-annual report on Form N-CSR.
*Item 8. Portfolio Managers of Closed-End Management Investment Companies.*
This item is inapplicable to a semi-annual report on Form N-CSR.
*Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.*
None.
*Item 10. 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 registrants board of directors since the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(g) of Schedule 14A in its definitive proxy statement dated March 25, 2013.
*Item 11. Controls and Procedures.*
(a) As of a date within 90 days from the filing date of this report, the principal executive officer and principal financial officer concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the Act)) were effective based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.
(b) There were no changes in registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrants second fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
SEQ.=1,FOLIO='',FILE='C:\JMS\C901547\13-16264-1\task6226072\16264-1-ga.htm',USER='C901547',CD='Aug 27 18:46 2013'
*Item 12. Exhibits.*
(a)(1) Not applicable.
(a)(2) The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this report.
(a)(3) Not applicable.
(b) The certifications of the registrant as required by Rule 30a-2(b) under the Act are an exhibit to this report.
SEQ.=1,FOLIO='',FILE='C:\JMS\C901547\13-16264-1\task6226072\16264-1-ga.htm',USER='C901547',CD='Aug 27 18:46 2013'
*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 ASSET MANAGEMENT INCOME FUND, INC.
| /s/John G. Popp | |
|---|---|
| Name: | John G. Popp |
| Title: | Chief Executive Officer |
| Date: | September 4, 2013 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| /s/John G. Popp | |
|---|---|
| Name: | John G. Popp |
| Title: | Chief Executive Officer |
| Date: | September 4, 2013 |
| /s/Bruce S. Rosenberg | |
| Name: | Bruce S. Rosenberg |
| Title: | Chief Financial Officer |
| Date: | September 4, 2013 |
SEQ.=1,FOLIO='',FILE='C:\JMS\C901547\13-16264-1\task6226072\16264-1-jc.htm',USER='C901547',CD='Aug 27 18:53 2013'
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