0000810766falseRepresents the estimated commission with respect to the Fund’s Common Shares being sold in this offering, which the Fund will pay to JonesTrading in connection with the sales of Common Shares effected by JonesTrading in this offering. While JonesTrading is entitled to a commission of between 1.50% and 3.00% of the gross sales price for Common Shares sold, with the exact amount to be agreed upon by the parties, the Fund has assumed, for purposes of this offering, that JonesTrading will receive a commission of 1.50% of such gross sales price. This is the only sales load to be paid in connection with this offering.The Fund bears ongoing expenses associated with the Plan which are included in “Other Expenses.” There is no service fee payable by Plan participants for dividend reinvestments; however, shareholders are subject to other transaction costs associated with the Plan. Actual costs will vary for each participant depending on the return and number of transactions made. For Plan participants that elect to make voluntary cash purchases, 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 December 2023). In addition, if a Plan participant elects by written notice to the Plan administrator to have the plan administrator sell part or all of the shares held by the Plan administrator in the participant’s account and remit the proceeds to the participant, the participant will also be charged a service fee of $5.00 for each sale and brokerage commissions of $0.03 per share (as of December 2023). See “Dividend Reinvestment and Cash Purchase Plan.”Credit Suisse receives from the Fund, as compensation for its advisory services, a fee, computed weekly and payable quarterly at an annual rate of 0.50% of an average weekly base amount which, with respect to each quarter, is the average of the lower of (i) the stock price (market value) of the Fund’s outstanding shares and (ii) the Fund’s net assets, in each case determined as of the last trading day for each week during the relevant quarter.The Fund may use leverage through borrowings, the costs of which are borne by holders of Common Shares of the Fund. The Fund currently borrows under a credit facility.Asset coverage means the ratio that the value of the Fund’s total assets (including amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. 0000810766 2023-01-01 2023-12-31 0000810766 2023-12-31 0000810766 2022-12-31 0000810766 2021-12-31 0000810766 2020-12-31 0000810766 2019-12-31 0000810766 2018-12-31 0000810766 2017-12-31 0000810766 2016-12-31 0000810766 2015-12-31 0000810766 2014-12-31 0000810766 2013-12-31 0000810766 cik0000810766:CreditsRiskMember 2023-01-01 2023-12-31 0000810766 cik0000810766:InterestsRateRiskMember 2023-01-01 2023-12-31 0000810766 cik0000810766:LeverageRiskMember 2023-01-01 2023-12-31 0000810766 cik0000810766:InvestmentAndMarketRiskMember 2023-01-01 2023-12-31 0000810766 cik0000810766:LowerRatedSecuritiesRiskMember 2023-01-01 2023-12-31 0000810766 cik0000810766:DerivativesRiskMember 2023-01-01 2023-12-31 0000810766 cik0000810766:CreditDefaultSwapRiskMember 2023-01-01 2023-12-31 0000810766 cik0000810766:CounterpartyRiskMember 2023-01-01 2023-12-31 0000810766 cik0000810766:ValuationRiskMember 2023-01-01 2023-12-31 0000810766 cik0000810766:MarketRiskMember 2023-01-01 2023-12-31 0000810766 cik0000810766:AntiTakeoverProvisionsMember 2023-01-01 2023-12-31 0000810766 cik0000810766:PrepaymentsRiskMember 2023-01-01 2023-12-31 0000810766 cik0000810766:PreferredStockRiskMember 2023-01-01 2023-12-31 0000810766 cik0000810766:MortgageBackedSecuritiesRiskMember 2023-01-01 2023-12-31 0000810766 cik0000810766:SeniorLoansRiskMember 2023-01-01 2023-12-31 0000810766 cik0000810766:SecondLienAndOtherSecuredLoansRiskMember 2023-01-01 2023-12-31 0000810766 cik0000810766:ConflictOfInterestRiskMember 2023-01-01 2023-12-31 0000810766 cik0000810766:CorporateDebtRiskMember 2023-01-01 2023-12-31 0000810766 cik0000810766:ForeignSecuritiesRiskMember 2023-01-01 2023-12-31 0000810766 cik0000810766:EmergingMarketSecuritiesRiskMember 2023-01-01 2023-12-31 0000810766 cik0000810766:IlliquidSecuritiesRiskMember 2023-01-01 2023-12-31 0000810766 cik0000810766:CommonSharesMember 2023-01-01 2023-12-31 0000810766 cik0000810766:CommonSharesMember 2023-12-31 0000810766 cik0000810766:CommonSharesMember 2022-01-01 2022-03-31 0000810766 cik0000810766:CommonSharesMember 2022-04-01 2022-06-30 0000810766 cik0000810766:CommonSharesMember 2022-07-01 2022-09-30 0000810766 cik0000810766:CommonSharesMember 2022-10-01 2022-12-31 0000810766 cik0000810766:CommonSharesMember 2023-01-01 2023-03-31 0000810766 cik0000810766:CommonSharesMember 2023-04-01 2023-06-30 0000810766 cik0000810766:CommonSharesMember 2023-07-01 2023-09-30 0000810766 cik0000810766:CommonSharesMember 2023-10-01 2023-12-31 xbrli:pure iso4217:USD iso4217:USD xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File
No. 811-05012
 
 
CREDIT SUISSE ASSET MANAGEMENT INCOME FUND, INC.
 
 
(Exact Name of Registrant as Specified in Charter)
Eleven Madison Avenue, New York, New York 10010
 
 
(Address of Principal Executive Offices)    (Zip Code)
Omar Tariq
Credit Suisse Asset Management Income Fund, Inc.
Eleven Madison Avenue
New York, New York 10010
Registrant’s telephone number, including area code: (212)
325-2000
Date of fiscal year end: December 31st
Date of reporting period: January 1, 2023 to December 31, 2023

Item 1. Reports to Stockholders.

Credit Suisse Asset Management
Income Fund, Inc.
Eleven Madison Avenue
New York, NY 10010
 
 
Directors
Laura A. DeFelice
Chair of the Board
Mahendra R. Gupta
Samantha Kappagoda
Steven N. Rappaport
John G. Popp
 
 
Officers
Omar Tariq
Chief Executive Officer and President
John G. Popp
Chief Investment Officer
Brandi Sinkovich
Chief Compliance Officer
Lou Anne McInnis
Chief Legal Officer
Rose Ann Bubloski
Chief Financial Officer and Treasurer
Karen Regan
Senior Vice President and Secretary
 
 
Investment Adviser
Credit Suisse Asset Management, LLC
Eleven Madison Avenue
New York, NY 10010
 
 
Administrator and Custodian
State Street Bank and Trust Co.
One Congress Street, Suite 1
Boston, MA 02114-2016
 
 
Shareholder Servicing Agent
Computershare Trust Company, N.A.
P.O. Box 43006
Providence, RI 02940-3078
 
 
Legal Counsel
Willkie Farr & Gallagher LLP
787 7th Avenue
New York, NY 10019
 
 
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
300 Madison Avenue
New York, NY 10017
 
 
 
 
Credit Suisse Asset Management
Income Fund, Inc.
 
 
ANNUAL REPORT
December 31, 2023
 

Credit Suisse Asset Management Income Fund, Inc.
Annual Investment Adviser’s Report
December 31, 2023 (unaudited)
 
 
December 31, 2023
Dear Shareholder:
We are pleased to present this Annual Report covering the activities of the Credit Suisse Asset Management Income Fund, Inc. (the “Fund”) for the
12-month
period ended December 31, 2023 (the “Period”).
Performance Summary
1/1/2023 – 12/31/2023
 
Fund & Benchmark
  
Performance
 
Total Return (based on NAV)
1
     19.65
Total Return (based on market value)
1
     37.07
ICE BofA US High Yield Constrained Index
2
     13.47
 
1
 
Assuming reinvestment of distributions.
2
 
The ICE BofA US High Yield Constrained Index (the “Index”) is an unmanaged index that tracks the performance of below investment-grade U.S. dollar-denominated corporate bonds issued in the U.S. domestic market, where each issuer’s allocation is limited to 2% of the Index. The Index does not have transaction costs and investors cannot invest directly in the Index.
Market Review: Improving sentiment and economic resilience drive positive returns
The Period was positive for high yield bonds, reflecting a strong rebound from a very difficult year for fixed income securities in 2022. After extreme financial tightening, the U.S. economy proved resilient, and as inflationary pressure waned, the ICE BofA US High Yield Constrained Index (the “Index”), the Fund’s benchmark, gained 13.47% for the Period. Coming into 2023, investor sentiment improved dramatically and remained generally positive throughout the year as the Federal Reserve (the “Fed”) made more moderate tweaks to policy. While certain interest rate-sensitive and cyclical areas of the economy showed signs of cracking, there were no widespread signs of deterioration and, in fact, corporate balance sheets remained relatively strong. Treasury rates were volatile throughout the year, with the
10-year
U.S. treasury yield peaking around 5.00%. A significant bond rally in the fourth quarter, however, drove the yield to 3.88%, which is not quite one basis point higher than
year-end
2022. Overall, yields within the Index declined significantly and ended the Period at 7.64%—133 basis points tighter than on December 31, 2022, while spreads tightened to +362 basis points versus +490 basis points over the prior
year-end.
For the Period, all ratings categories posted positive returns.
CCC-rated
bonds outperformed the Index meaningfully with a 19.93% gain, as investors grew more comfortable in lower quality issuers.
B-rated
bonds modestly outperformed the Index, gaining 14.08%, while
BB-rated
bonds underperformed the Index with a return of 11.54%.
From an industry perspective, theaters & entertainment, leisure, and specialty retail were the best performing sectors during the Period, returning 30.60%, 21.30%, and 20.82%, respectively. In contrast, the worst performing sectors included discount stores, which returned
-20.47%,
as well as forestry/paper and P&C insurance, which returned 2.48% and 7.90%, respectively.
Default rates increased in 2023 and seem to be reverting to long-term averages. According to JPMorgan, default activity, including distressed exchanges, ended the Period at 2.84%—up 119 basis points from year-end 2022. We anticipate default activity to continue to inch higher due primarily to elevated borrowing costs and tougher lending standards.
Mutual fund flows throughout the high yield sector were negative in 2023, as rate volatility crimped demand. Outflows totaled $7.9 billion for the Period, which was far less than the significant outflows of $48.9 billion in 2022.
 
1

Credit Suisse Asset Management Income Fund, Inc.
Annual Investment Adviser’s Report (continued)
December 31, 2023 (unaudited)
 
 
New high yield issuance totaled $175.9 billion in 2023—up approximately 65% year-over-year. Issuance excluding refinancing activity, or “net” new issuance, was $59.5 billion, up 6% versus 2022. The primary market was still relatively slow compared to historical trends, as issuers hesitated to borrow at higher coupon rates and, relatedly, there was little M&A and leveraged buyout activity.
Strategic review and outlook: Credit selection is critical to capturing opportunity
For the Period, the Fund significantly outperformed the Index on both an NAV and market price basis. All assets within the Fund had returns over 15%—outperforming the Index across the board. From a sector perspective, the greatest contributors to relative performance included technology & electronics, capital goods, basic industry, and telecommunications, all largely due to positive security selection. In contrast, the retail sector detracted from relative performance versus the Index due to negative security selection. From a ratings perspective, CCC rated (Caa1, Caa2, Caa3), B1 and Ba3 all contributed to relative performance. The only ratings where the Fund lagged were C, due to an underweight versus the Index, and B2, due to a slight underperformance.
Risk assets finished 2023 on a remarkable rally. In fact, the high yield market returned over 7% in the fourth quarter of the Period. As we look to the new year and beyond, it is important to note that inflationary trends have lessened but not disappeared. The labor market remains tight, and we see higher wages impacting corporate profits for an extended period. Still, high yield issuers are broadly healthy, and we expect that to remain the case even if the prospect for near-term rate cuts diminishes.
There are, of course, other threats beyond inflation and interest rate risks. These include rising geopolitical tensions in the Middle East, weakening consumer spending in the U.S., and partisan gridlock in Washington D.C.. The soundness of issuer balance sheets gives us comfort amid the uncertainty, and, in our view, the high yield asset class offers a unique opportunity through improved carry return and price upside potential. We believe credit selection is paramount to capture that opportunity as the impacts of higher capital costs, among other risks, spread through the global economy.
 
  
John G. Popp
Chief Investment Officer*
  
Omar Tariq
Chief Executive Officer and President**
 
*
John G. 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 also serves as Trustee of the Credit Suisse open-end funds, as well as serving as Director for the Credit Suisse Asset Management Income Fund, Inc. and Trustee of the Credit Suisse High Yield Bond Fund. Mr. Popp has been associated with Credit Suisse since 1997.
**
Omar Tariq is a Director of Credit Suisse. Mr. Tariq also serves as Chief Executive Officer and President of the Credit Suisse open-end funds, as well as serving as Chief Executive Officer and President for the Credit Suisse Asset Management Income Fund, Inc. and Chief Executive Officer and President of the Credit Suisse High Yield Bond Fund. Mr. Tariq has been associated with Credit Suisse since 2019.
 
2

Credit Suisse Asset Management Income Fund, Inc.
Annual Investment Adviser’s Report (continued)
December 31, 2023 (unaudited)
 
 
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 markets, industry and economic trends and developments, and government regulation, and their potential impact on the Fund’s investments. These statements are subject to risks and uncertainties and actual trends, developments and regulations in the future, and their impact on the Fund could be materially different from those projected, anticipated or implied. The Fund has no obligation to update or revise forward-looking statements.
The views of the Fund’s management are as of the date of this letter and the Fund holdings described in this document are as of December 31, 2023; these views and Fund holdings may have changed subsequent to these dates. Nothing in this document is a recommendation to purchase or sell securities.
Comparison of Change in Value of $10,000 Investment in the
Credit Suisse Asset Management Income Fund
1
and the
ICE BofA US High Yield Constrained Index
2
For Ten Years
 
 
LOGO
 
1
 
Assuming reinvestment of distributions.
2
 
The ICE BofA US High Yield Constrained Index (the “Index”) is an unmanaged index that tracks the performance of below investment-grade U.S. dollar-denominated corporate bonds issued in the U.S. domestic market, where each issuer’s allocation is limited to 2% of the Index. The Index does not have transaction costs and investors cannot invest directly in the Index.
 
3

Credit Suisse Asset Management Income Fund, Inc.
Annual Investment Adviser’s Report (continued)
December 31, 2023 (unaudited)
 
 
Average Annual Returns
December 31, 2023 (unaudited)
 
 
      
1 Year
      
3 Years
      
5 Years
      
10 Years
 
Net Asset Value (NAV)
       19.65%          4.36%          7.74%          6.31%  
Market Value
       37.07%          9.28%          12.21%          7.72%  
Credit Suisse may waive fees and/or reimburse expenses, without which performance would be lower. Returns represent past performance and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total investment return at NAV is based on the change in the NAV of Fund shares and assumes reinvestment of dividends, capital gains, and return of capital distributions, if any, at prices pursuant to the Fund’s dividend reinvestment program. Total investment return at market value is based on the change in the market price at which the Fund’s shares traded on the NYSE American during the period and assumes reinvestment of dividends, capital gains, and return of capital distributions, if any, at prices pursuant to the Fund’s dividend reinvestment program. Because the Fund’s shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on NAV and share price.
Past performance is no guarantee of future results.
The current performance of the Fund may be lower or higher than the figures shown. The Fund’s yield, return, NAV and market price will fluctuate. Performance information current to the most recent month end is available by calling
1-800-293-1232.
The annualized gross and net expense ratios are 3.10%.
Credit Quality Breakdown*
(% of Total Investments as of December 31, 2023)
 
S&P Ratings**
 
BBB
     2.8
BB
     34.1  
B
     33.0  
CCC
     21.3  
D
     0.4  
NR
     7.3  
  
 
 
 
Subtotal
     98.9  
Equity and Other
     1.1  
  
 
 
 
Total
     100.0
  
 
 
 
 
*
Expressed as a percentage of total investments (excluding securities lending collateral, if applicable) and may vary over time.
**
Credit Quality is based on ratings provided by the S&P Global Ratings Division of S&P Global Inc. (“S&P”). S&P is a main provider of ratings for credit assets classes and is widely used amongst industry participants. The NR category consists of securities that have not been rated by S&P.
 
4

Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments
December 31, 2023
 
 
Par
(000)
        
Ratings

(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
CORPORATE BONDS
(98.9%)
           
 
Aerospace & Defense
(0.8%)
           
$
600
 
 
Bombardier, Inc., Rule 144A, Senior Unsecured Notes
(Callable 02/01/26 @ 103.75)
(1),(2)
  
(B, B2)
  
 
02/01/29
 
  
 
7.500
 
  
$
610,137
 
 
600
 
 
Bombardier, Inc., Rule 144A, Senior Unsecured Notes
(Callable 11/15/26 @ 104.38)
(1)
  
(B, B2)
  
 
11/15/30
 
  
 
8.750
 
  
 
639,724
 
             
 
 
 
             
 
1,249,861
 
             
 
 
 
 
Air Transportation
(0.1%)
           
 
267
 
 
VistaJet Malta Finance PLC/Vista Management Holding, Inc., Rule 144A, Senior Unsecured Notes (Callable 02/01/25 @ 103.19)
(1),(2)
  
(B-, B3)
  
 
02/01/30
 
  
 
6.375
 
  
 
186,532
 
             
 
 
 
 
Auto Parts & Equipment
(1.2%)
           
 
400
 
 
Adient Global Holdings Ltd., Rule 144A, Senior Secured Notes
(Callable 04/15/25 @ 103.50)
(1)
  
(BBB-, Ba3)
  
 
04/15/28
 
  
 
7.000
 
  
 
413,820
 
 
1,405
 
 
Clarios Global LP/Clarios U.S. Finance Co., Rule 144A, Company Guaranteed Notes
(Callable 01/29/24 @ 102.13)
(1)
  
(B-, B3)
  
 
05/15/27
 
  
 
8.500
 
  
 
1,412,491
 
             
 
 
 
             
 
1,826,311
 
             
 
 
 
 
Automakers
(0.1%)
           
 
147
 
 
Winnebago Industries, Inc., Rule 144A, Senior Secured Notes
(Callable 01/29/24 @ 103.13)
(1)
  
(BB+, Ba3)
  
 
07/15/28
 
  
 
6.250
 
  
 
144,594
 
             
 
 
 
 
Brokerage
(1.1%)
           
 
1,701
 
 
StoneX Group, Inc., Rule 144A, Senior Secured Notes (Callable 01/29/24 @ 102.16)
(1)
  
(BB-, Ba3)
  
 
06/15/25
 
  
 
8.625
 
  
 
1,726,073
 
             
 
 
 
 
Building & Construction
(2.2%)
           
 
434
 
 
Adams Homes, Inc., Rule 144A, Company Guaranteed Notes
(Callable 01/16/24 @ 101.88)
(1)
  
(BB-, B2)
  
 
02/15/25
 
  
 
7.500
 
  
 
430,496
 
 
666
 
 
MasTec, Inc., Rule 144A, Senior Unsecured Notes (Callable 08/15/24 @ 103.31)
(1)
  
(BBB-, NR)
  
 
08/15/29
 
  
 
6.625
 
  
 
603,579
 
 
1,774
 
 
Pike Corp., Rule 144A, Company Guaranteed Notes (Callable 01/29/24 @ 102.75)
(1)
  
(B-, B3)
  
 
09/01/28
 
  
 
5.500
 
  
 
1,692,236
 
 
200
 
 
Pike Corp., Rule 144A, Senior Unsecured Notes (Callable 01/31/27 @ 104.31)
(1)
  
(B-, B3)
  
 
01/31/31
 
  
 
8.625
 
  
 
210,436
 
 
350
 
 
TopBuild Corp., Rule 144A, Company Guaranteed Notes
(Callable 03/15/24 @ 101.81)
(1)
  
(BB+, Ba2)
  
 
03/15/29
 
  
 
3.625
 
  
 
317,512
 
 
200
 
 
TopBuild Corp., Rule 144A, Company Guaranteed Notes
(Callable 10/15/26 @ 102.06)
(1)
  
(BB+, Ba2)
  
 
02/15/32
 
  
 
4.125
 
  
 
178,196
 
             
 
 
 
             
 
3,432,455
 
             
 
 
 
 
Building Materials
(7.1%)
           
 
750
 
 
Advanced Drainage Systems, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/15/25 @ 103.19)
(1)
  
(BB-, Ba2)
  
 
06/15/30
 
  
 
6.375
 
  
 
756,100
 
 
200
 
 
Builders FirstSource, Inc., Rule 144A, Company Guaranteed Notes
(Callable 03/01/25 @ 102.50)
(1)
  
(BB-, Ba2)
  
 
03/01/30
 
  
 
5.000
 
  
 
193,362
 
 
1,000
 
 
Builders FirstSource, Inc., Rule 144A, Company Guaranteed Notes
(Callable 06/15/27 @ 103.19)
(1)
  
(BB-, Ba2)
  
 
06/15/32
 
  
 
6.375
 
  
 
1,022,489
 
 
750
 
 
Eco Material Technologies, Inc., Rule 144A, Senior Secured Notes
(Callable 01/31/24 @ 103.94)
(1)
  
(B, B2)
  
 
01/31/27
 
  
 
7.875
 
  
 
750,937
 
 
1,658
 
 
Foundation Building Materials, Inc., Rule 144A, Company Guaranteed Notes
(Callable 03/01/24 @ 103.00)
(1)
  
(CCC+, Caa1)
  
 
03/01/29
 
  
 
6.000
 
  
 
1,492,465
 
 
See Accompanying Notes to Financial Statements.
 
5

Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
December 31, 2023
 
 
Par
(000)
        
Ratings

(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
CORPORATE BONDS
(continued)
           
 
Building Materials
(continued)
           
$
700
 
 
GYP Holdings III Corp., Rule 144A, Company Guaranteed Notes
(Callable 05/01/24 @ 102.31)
(1)
  
(B, B1)
  
 
05/01/29
 
  
 
4.625
 
  
$
643,089
 
 
1,800
 
 
Interface, Inc., Rule 144A, Company Guaranteed Notes
(Callable 01/16/24 @ 102.75)
(1)
  
(B+, B1)
  
 
12/01/28
 
  
 
5.500
 
  
 
1,666,302
 
 
1,400
 
 
Masonite International Corp., Rule 144A, Company Guaranteed Notes
(Callable 01/29/24 @ 102.69)
(1)
  
(BB+, Ba2)
  
 
02/01/28
 
  
 
5.375
 
  
 
1,345,904
 
 
1,527
 
 
MIWD Holdco II LLC/MIWD Finance Corp., Rule 144A, Company Guaranteed Notes
(Callable 02/01/25 @ 102.75)
(1)
  
(B, B3)
  
 
02/01/30
 
  
 
5.500
 
  
 
1,353,182
 
 
1,175
 
 
Oscar AcquisitionCo LLC/Oscar Finance, Inc., Rule 144A, Senior Unsecured Notes
(Callable 04/15/25 @ 104.75)
(1),(2)
  
(CCC+, Caa1)
  
 
04/15/30
 
  
 
9.500
 
  
 
1,147,017
 
 
450
 
 
Park River Holdings, Inc., Rule 144A, Senior Unsecured Notes
(Callable 08/01/24 @ 103.38)
(1)
  
(CCC, Caa2)
  
 
08/01/29
 
  
 
6.750
 
  
 
369,125
 
 
400
 
 
Summit Materials LLC/Summit Materials Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 01/15/27 @ 103.63)
(1)
  
(BB, Ba3)
  
 
01/15/31
 
  
 
7.250
 
  
 
421,195
 
             
 
 
 
             
 
11,161,167
 
             
 
 
 
 
Cable & Satellite TV
(3.0%)
           
 
800
 
 
Altice Financing SA, Rule 144A, Senior Secured Notes (Callable 01/29/24 @ 101.25)
(1)
  
(B, B3)
  
 
01/15/28
 
  
 
5.000
 
  
 
725,354
 
 
685
 
 
CSC Holdings LLC, Global Senior Unsecured Notes
(2)
  
(CCC+, Caa2)
  
 
06/01/24
 
  
 
5.250
 
  
 
671,285
 
 
50
 
 
CSC Holdings LLC, Rule 144A, Company Guaranteed Notes
(Callable 01/29/24 @ 101.83)
(1)
  
(B, B2)
  
 
04/15/27
 
  
 
5.500
 
  
 
46,274
 
 
850
 
 
CSC Holdings LLC, Rule 144A, Company Guaranteed Notes
(Callable 01/29/24 @ 102.69)
(1)
  
(B, B2)
  
 
02/01/28
 
  
 
5.375
 
  
 
751,060
 
 
600
 
 
CSC Holdings LLC, Rule 144A, Company Guaranteed Notes
(Callable 11/15/26 @ 102.25)
(1)
  
(B, B2)
  
 
11/15/31
 
  
 
4.500
 
  
 
454,377
 
 
1,000
 
 
Telenet Finance Luxembourg Notes SARL, Rule 144A, Senior Secured Notes
(Callable 01/09/24 @ 101.38)
(1)
  
(BB-, Ba3)
  
 
03/01/28
 
  
 
5.500
 
  
 
939,600
 
 
1,200
 
 
UPC Broadband Finco BV, Rule 144A, Senior Secured Notes
(Callable 07/15/26 @ 102.44)
(1)
  
(BB-, B1)
  
 
07/15/31
 
  
 
4.875
 
  
 
1,057,584
 
             
 
 
 
             
 
4,645,534
 
             
 
 
 
 
Chemicals
(5.5%)
           
 
200
 
 
Avient Corp., Rule 144A, Senior Unsecured Notes (Callable 01/29/24 @ 101.44)
(1)
  
(BB-, Ba3)
  
 
05/15/25
 
  
 
5.750
 
  
 
200,206
 
 
477
 
 
Avient Corp., Rule 144A, Senior Unsecured Notes (Callable 08/01/25 @ 103.56)
(1)
  
(BB-, Ba3)
  
 
08/01/30
 
  
 
7.125
 
  
 
496,800
 
 
600
 
 
Axalta Coating Systems Dutch Holding B BV, Rule 144A, Company Guaranteed Notes (Callable 11/15/26 @ 103.63)
(1)
  
(BB-, B1)
  
 
02/15/31
 
  
 
7.250
 
  
 
632,250
 
 
229
 
 
HB Fuller Co., Global Senior Unsecured Notes (Callable 01/29/24 @ 102.13)
  
(BB-, Ba3)
  
 
10/15/28
 
  
 
4.250
 
  
 
214,386
 
 
600
 
 
Herens Holdco SARL, Rule 144A, Senior Secured Notes
(Callable 05/15/24 @ 102.38)
(1)
  
(B-, B2)
  
 
05/15/28
 
  
 
4.750
 
  
 
492,894
 
 
800
 
 
Herens Midco SARL, Rule 144A, Company Guaranteed Notes
(Callable 05/15/24 @ 102.63)
(1),(3)
  
(CCC, Caa2)
  
 
05/15/29
 
  
 
5.250
 
  
 
552,313
 
 
1,300
 
 
INEOS Finance PLC, Rule 144A, Senior Secured Notes
(Callable 02/15/25 @ 103.38)
(1),(2)
  
(BB, Ba2)
  
 
05/15/28
 
  
 
6.750
 
  
 
1,280,843
 
 
400
 
 
INEOS Quattro Finance 2 PLC, Rule 144A, Senior Secured Notes
(Callable 11/15/25 @ 104.81)
(1)
  
(BB, Ba3)
  
 
03/15/29
 
  
 
9.625
 
  
 
427,500
 
 
See Accompanying Notes to Financial Statements.
 
6

Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
December 31, 2023
 
 
Par
(000)
        
Ratings

(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
CORPORATE BONDS
(continued)
           
 
Chemicals
(continued)
           
$
350
 
 
Olympus Water U.S. Holding Corp., Rule 144A, Senior Unsecured Notes
(Callable 10/01/24 @ 103.13)
(1),(2)
  
(CCC+, Caa2)
  
 
10/01/29
 
  
 
6.250
 
  
$
311,140
 
 
1,400
 
 
Polar U.S. Borrower LLC/Schenectady International Group, Inc., Rule 144A, Senior Unsecured Notes (Callable 01/29/24 @ 103.38)
(1)
  
(CCC-, Caa3)
  
 
05/15/26
 
  
 
6.750
 
  
 
456,344
 
 
1,200
 
 
Tronox, Inc., Rule 144A, Company Guaranteed Notes (Callable 03/15/24 @ 102.31)
(1)
  
(BB-, B1)
  
 
03/15/29
 
  
 
4.625
 
  
 
1,063,332
 
 
2,215
 
 
Vibrantz Technologies, Inc., Rule 144A, Senior Unsecured Notes
(Callable 02/15/25 @ 104.50)
(1),(2)
  
(CCC+, Caa2)
  
 
02/15/30
 
  
 
9.000
 
  
 
1,741,300
 
 
789
 
 
WR Grace Holdings LLC, Rule 144A, Senior Secured Notes
(Callable 03/01/26 @ 103.69)
(1)
  
(B-, B1)
  
 
03/01/31
 
  
 
7.375
 
  
 
790,499
 
             
 
 
 
             
 
8,659,807
 
             
 
 
 
 
Consumer/Commercial/Lease Financing
(1.1%)
           
 
1,950
 
 
Cargo Aircraft Management, Inc., Rule 144A, Company Guaranteed Notes
(Callable 01/16/24 @ 102.38)
(1)
  
(BB, Ba2)
  
 
02/01/28
 
  
 
4.750
 
  
 
1,786,892
 
             
 
 
 
 
Diversified Capital Goods
(0.9%)
           
 
1,350
 
 
Atkore, Inc., Rule 144A, Senior Unsecured Notes (Callable 06/01/26 @ 102.13)
(1)
  
(BB, Ba2)
  
 
06/01/31
 
  
 
4.250
 
  
 
1,206,462
 
 
225
 
 
Vertiv Group Corp., Rule 144A, Senior Secured Notes (Callable 11/15/24 @ 102.06)
(1)
  
(BB, Ba3)
  
 
11/15/28
 
  
 
4.125
 
  
 
211,267
 
             
 
 
 
             
 
1,417,729
 
             
 
 
 
 
Electronics
(0.9%)
           
 
800
 
 
Coherent Corp., Rule 144A, Company Guaranteed Notes
(Callable 12/14/24 @ 102.50)
(1)
  
(B+, B2)
  
 
12/15/29
 
  
 
5.000
 
  
 
760,640
 
 
800
 
 
Synaptics, Inc., Rule 144A, Company Guaranteed Notes
(Callable 06/15/24 @ 102.00)
(1)
  
(B+, Ba3)
  
 
06/15/29
 
  
 
4.000
 
  
 
718,673
 
             
 
 
 
             
 
1,479,313
 
             
 
 
 
 
Energy - Exploration & Production
(3.4%)
           
 
425
 
 
Civitas Resources, Inc., Rule 144A, Company Guaranteed Notes
(Callable 07/01/25 @ 104.19)
(1)
  
(BB-, B1)
  
 
07/01/28
 
  
 
8.375
 
  
 
444,238
 
 
425
 
 
Civitas Resources, Inc., Rule 144A, Company Guaranteed Notes
(Callable 07/01/26 @ 104.38)
(1)
  
(BB-, B1)
  
 
07/01/31
 
  
 
8.750
 
  
 
453,099
 
 
40
 
 
CNX Resources Corp., Rule 144A, Company Guaranteed Notes
(Callable 01/29/24 @ 103.63)
(1)
  
(BB, B1)
  
 
03/14/27
 
  
 
7.250
 
  
 
40,436
 
 
550
 
 
CNX Resources Corp., Rule 144A, Company Guaranteed Notes
(Callable 01/29/24 @ 104.50)
(1)
  
(BB, B1)
  
 
01/15/29
 
  
 
6.000
 
  
 
527,872
 
 
1,200
 
 
CQP Holdco LP/BIP-V Chinook Holdco LLC, Rule 144A, Senior Secured Notes (Callable 12/15/28 @ 103.75)
(1)
  
(BB, B1)
  
 
12/15/33
 
  
 
7.500
 
  
 
1,245,334
 
 
200
 
 
Matador Resources Co., Rule 144A, Company Guaranteed Notes
(Callable 04/15/25 @ 103.44)
(1)
  
(BB-, B1)
  
 
04/15/28
 
  
 
6.875
 
  
 
203,194
 
 
1,684
 
 
Northern Oil & Gas, Inc., Rule 144A, Senior Unsecured Notes
(Callable 03/01/24 @ 104.06)
(1)
  
(B+, B2)
  
 
03/01/28
 
  
 
8.125
 
  
 
1,706,801
 
 
720
 
 
Rockcliff Energy II LLC, Rule 144A, Senior Unsecured Notes
(Callable 10/15/24 @ 102.75)
(1)
  
(B+, B3)
  
 
10/15/29
 
  
 
5.500
 
  
 
681,439
 
             
 
 
 
             
 
5,302,413
 
             
 
 
 
 
See Accompanying Notes to Financial Statements.
 
7

Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
December 31, 2023
 
 
Par
(000)
        
Ratings

(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
CORPORATE BONDS
(continued)
           
 
Environmental
(0.9%)
           
$
800
 
 
Darling Ingredients, Inc., Rule 144A, Company Guaranteed Notes
(Callable 06/15/25 @ 103.00)
(1)
  
(BB+, Ba2)
  
 
06/15/30
 
  
 
6.000
 
  
$
801,062
 
 
600
 
 
GFL Environmental, Inc., Rule 144A, Senior Secured Notes
(Callable 01/15/27 @ 103.38)
(1)
  
(BB-, Ba3)
  
 
01/15/31
 
  
 
6.750
 
  
 
619,034
 
             
 
 
 
             
 
1,420,096
 
             
 
 
 
 
Food - Wholesale
(0.5%)
           
 
800
 
 
U.S. Foods, Inc., Rule 144A, Company Guaranteed Notes
(Callable 06/01/25 @ 102.31)
(1)
  
(BB-, B2)
  
 
06/01/30
 
  
 
4.625
 
  
 
746,591
 
             
 
 
 
 
Gaming
(1.5%)
           
 
325
 
 
Boyd Gaming Corp., Rule 144A, Company Guaranteed Notes
(Callable 06/15/26 @ 102.38)
(1)
  
(BB, B1)
  
 
06/15/31
 
  
 
4.750
 
  
 
298,864
 
 
400
 
 
Caesars Entertainment, Inc., Rule 144A, Senior Secured Notes
(Callable 02/15/26 @ 103.50)
(1)
  
(B+, Ba3)
  
 
02/15/30
 
  
 
7.000
 
  
 
410,271
 
 
231
 
 
Churchill Downs, Inc., Rule 144A, Company Guaranteed Notes
(Callable 01/29/24 @ 101.58)
(1)
  
(B+, B1)
  
 
01/15/28
 
  
 
4.750
 
  
 
221,650
 
 
850
 
 
Churchill Downs, Inc., Rule 144A, Company Guaranteed Notes
(Callable 05/01/26 @ 103.38)
(1)
  
(B+, B1)
  
 
05/01/31
 
  
 
6.750
 
  
 
863,758
 
 
600
 
 
Jacobs Entertainment, Inc., Rule 144A, Senior Unsecured Notes
(Callable 02/15/25 @ 103.38)
(1)
  
(B, B2)
  
 
02/15/29
 
  
 
6.750
 
  
 
567,993
 
             
 
 
 
             
 
2,362,536
 
             
 
 
 
 
Gas Distribution
(4.4%)
           
 
1,000
 
 
CNX Midstream Partners LP, Rule 144A, Company Guaranteed Notes
(Callable 04/15/25 @ 102.38)
(1)
  
(BB, B1)
  
 
04/15/30
 
  
 
4.750
 
  
 
900,153
 
 
172
 
 
Genesis Energy LP/Genesis Energy Finance Corp., Company Guaranteed Notes (Callable 01/29/24 @ 101.56)
  
(B, B3)
  
 
05/15/26
 
  
 
6.250
 
  
 
171,995
 
 
286
 
 
Genesis Energy LP/Genesis Energy Finance Corp., Global Company Guaranteed Notes (Callable 04/15/26 @ 104.44)
  
(B, B3)
  
 
04/15/30
 
  
 
8.875
 
  
 
295,933
 
 
1,200
 
 
Hess Midstream Operations LP, Rule 144A, Company Guaranteed Notes
(Callable 01/29/24 @ 102.56)
(1)
  
(BB+, Ba2)
  
 
06/15/28
 
  
 
5.125
 
  
 
1,158,885
 
 
400
 
 
Hess Midstream Operations LP, Rule 144A, Company Guaranteed Notes
(Callable 10/15/25 @ 102.75)
(1)
  
(BB+, Ba2)
  
 
10/15/30
 
  
 
5.500
 
  
 
387,571
 
 
400
 
 
HF Sinclair Corp., Rule 144A, Senior Unsecured Notes (Callable 04/15/24 @ 103.19)
(1)
  
(BBB-, Baa3)
  
 
04/15/27
 
  
 
6.375
 
  
 
403,561
 
 
1,150
 
 
New Fortress Energy, Inc., Rule 144A, Senior Secured Notes
(Callable 01/29/24 @ 103.25)
(1)
  
(BB, B1)
  
 
09/30/26
 
  
 
6.500
 
  
 
1,105,287
 
 
1,380
 
 
Rockies Express Pipeline LLC, Rule 144A, Senior Unsecured Notes
(Callable 04/15/29 @ 100.00)
(1)
  
(BB+, Ba2)
  
 
07/15/29
 
  
 
4.950
 
  
 
1,320,067
 
 
610
 
 
Rockies Express Pipeline LLC, Rule 144A, Senior Unsecured Notes
(Callable 02/15/30 @ 100.00)
(1)
  
(BB+, Ba2)
  
 
05/15/30
 
  
 
4.800
 
  
 
558,937
 
 
500
 
 
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 01/29/24 @ 101.88)
(1)
  
(BB-, B1)
  
 
10/01/25
 
  
 
7.500
 
  
 
503,023
 
             
 
 
 
             
 
6,805,412
 
             
 
 
 
 
See Accompanying Notes to Financial Statements.
 
8

Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
December 31, 2023
 
 
Par
(000)
        
Ratings

(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
CORPORATE BONDS
(continued)
           
 
Health Facility
(0.5%)
           
$
800
 
 
Option Care Health, Inc., Rule 144A, Company Guaranteed Notes
(Callable 10/31/24 @ 102.19)
(1)
  
(B, B2)
  
 
10/31/29
 
  
 
4.375
 
  
$
724,050
 
             
 
 
 
 
Health Services
(1.7%)
           
 
524
 
 
AMN Healthcare, Inc., Rule 144A, Company Guaranteed Notes
(Callable 04/15/24 @ 102.00)
(1)
  
(BB-, Ba3)
  
 
04/15/29
 
  
 
4.000
 
  
 
473,195
 
 
1,600
 
 
AthenaHealth Group, Inc., Rule 144A, Senior Unsecured Notes
(Callable 02/15/25 @ 103.25)
(1)
  
(CCC, Caa2)
  
 
02/15/30
 
  
 
6.500
 
  
 
1,454,651
 
 
846
 
 
Pediatrix Medical Group, Inc., Rule 144A, Company Guaranteed Notes
(Callable 02/15/25 @ 102.69)
(1),(2)
  
(BB-, Ba3)
  
 
02/15/30
 
  
 
5.375
 
  
 
754,135
 
             
 
 
 
             
 
2,681,981
 
             
 
 
 
 
Hotels
(0.3%)
           
 
400
 
 
Raising Cane’s Restaurants LLC, Rule 144A, Senior Unsecured Notes
(Callable 11/01/25 @ 104.69)
(1)
  
(B, B3)
  
 
05/01/29
 
  
 
9.375
 
  
 
427,393
 
             
 
 
 
 
Insurance Brokerage
(4.7%)
           
 
1,000
 
 
Acrisure LLC/Acrisure Finance, Inc., Rule 144A, Senior Unsecured Notes
(Callable 01/29/24 @ 105.06)
(1)
  
(CCC+, Caa2)
  
 
08/01/26
 
  
 
10.125
 
  
 
1,045,951
 
 
480
 
 
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Rule 144A, Senior Secured Notes (Callable 04/15/25 @ 103.38)
(1)
  
(B, B2)
  
 
04/15/28
 
  
 
6.750
 
  
 
491,356
 
 
576
 
 
GTCR AP Finance, Inc., Rule 144A, Senior Unsecured Notes
(Callable 01/29/24 @ 102.00)
(1)
  
(CCC+, Caa2)
  
 
05/15/27
 
  
 
8.000
 
  
 
582,630
 
 
600
 
 
Jones Deslauriers Insurance Management, Inc., Rule 144A, Senior Secured Notes (Callable 03/15/26 @ 104.25)
(1)
  
(B-, B2)
  
 
03/15/30
 
  
 
8.500
 
  
 
630,837
 
 
1,000
 
 
Jones Deslauriers Insurance Management, Inc., Rule 144A, Senior Unsecured Notes
(Callable 12/15/25 @ 105.25)
(1)
  
(CCC, Caa2)
  
 
12/15/30
 
  
 
10.500
 
  
 
1,055,567
 
 
2,712
 
 
NFP Corp., Rule 144A, Senior Unsecured Notes (Callable 01/29/24 @ 103.44)
(1)
  
(CCC+, Caa2)
  
 
08/15/28
 
  
 
6.875
 
  
 
2,758,374
 
 
800
 
 
Ryan Specialty LLC, Rule 144A, Senior Secured Notes (Callable 02/01/25 @ 102.19)
(1)
  
(BB-, B1)
  
 
02/01/30
 
  
 
4.375
 
  
 
743,000
 
             
 
 
 
             
 
7,307,715
 
             
 
 
 
 
Investments & Misc. Financial Services
(4.3%)
           
 
2,100
 
 
Armor Holdco, Inc., Rule 144A, Company Guaranteed Notes
(Callable 11/15/24 @ 104.25)
(1)
  
(CCC+, Caa1)
  
 
11/15/29
 
  
 
8.500
 
  
 
1,906,996
 
 
1,400
 
 
Compass Group Diversified Holdings LLC, Rule 144A, Company Guaranteed Notes (Callable 04/15/24 @ 102.63)
(1)
  
(B+, B1)
  
 
04/15/29
 
  
 
5.250
 
  
 
1,323,995
 
 
800
 
 
Compass Group Diversified Holdings LLC, Rule 144A, Senior Unsecured Notes (Callable 01/15/27 @ 102.50)
(1)
  
(B+, B1)
  
 
01/15/32
 
  
 
5.000
 
  
 
726,057
 
 
1,600
 
 
GTCR W-2 Merger Sub LLC, Rule 144A, Senior Secured Notes
(Callable 01/15/27 @ 103.75)
(1)
  
(BB, Ba3)
  
 
01/15/31
 
  
 
7.500
 
  
 
1,691,796
 
 
400
 
 
Paysafe Finance PLC/Paysafe Holdings U.S. Corp., Rule 144A, Senior Secured Notes (Callable 06/15/24 @ 102.00)
(1),(2)
  
(B, B2)
  
 
06/15/29
 
  
 
4.000
 
  
 
353,903
 
 
800
 
 
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/29/24 @ 101.16)
(1)
  
(NR, Ba3)
  
 
11/01/26
 
  
 
4.625
 
  
 
778,428
 
             
 
 
 
             
 
6,781,175
 
             
 
 
 
 
See Accompanying Notes to Financial Statements.
 
9

Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
December 31, 2023
 
 
Par
(000)
        
Ratings

(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
CORPORATE BONDS
(continued)
           
 
Machinery
(4.2%)
           
$
1,425
 
 
Arcosa, Inc., Rule 144A, Company Guaranteed Notes (Callable 04/15/24 @ 102.19)
(1)
  
(BB, Ba2)
  
 
04/15/29
 
  
 
4.375
 
  
$
1,328,741
 
 
1,080
 
 
ATS Corp., Rule 144A, Company Guaranteed Notes (Callable 01/29/24 @ 102.06)
(1)
  
(BB, B2)
  
 
12/15/28
 
  
 
4.125
 
  
 
994,065
 
 
1,400
 
 
Dornoch Debt Merger Sub, Inc., Rule 144A, Senior Unsecured Notes
(Callable 10/15/24 @ 103.31)
(1)
  
(CCC, Caa2)
  
 
10/15/29
 
  
 
6.625
 
  
 
1,263,947
 
 
1,638
 
 
Enviri Corp., Rule 144A, Company Guaranteed Notes (Callable 01/29/24 @ 101.44)
(1)
  
(B, B3)
  
 
07/31/27
 
  
 
5.750
 
  
 
1,529,166
 
 
250
 
 
Hillenbrand, Inc., Global Company Guaranteed Notes (Callable 01/09/24 @ 101.44)
  
(BB+, Ba1)
  
 
06/15/25
 
  
 
5.750
 
  
 
249,939
 
 
335
 
 
Regal Rexnord Corp., Rule 144A, Company Guaranteed Notes
(Callable 12/15/29 @ 100.00)
(1)
  
(BB+, Baa3)
  
 
02/15/30
 
  
 
6.300
 
  
 
344,425
 
 
735
 
 
Regal Rexnord Corp., Rule 144A, Company Guaranteed Notes
(Callable 01/15/33 @ 100.00)
(1)
  
(BB+, Baa3)
  
 
04/15/33
 
  
 
6.400
 
  
 
767,829
 
             
 
 
 
             
 
6,478,112
 
             
 
 
 
 
Managed Care
(0.3%)
           
 
505
 
 
HealthEquity, Inc., Rule 144A, Company Guaranteed Notes
(Callable 10/01/24 @ 102.25)
(1)
  
(B+, B2)
  
 
10/01/29
 
  
 
4.500
 
  
 
469,762
 
             
 
 
 
 
Media - Diversified
(0.1%)
           
 
200
 
 
News Corp., Rule 144A, Company Guaranteed Notes (Callable 02/15/27 @ 102.56)
(1)
  
(BB+, Ba1)
  
 
02/15/32
 
  
 
5.125
 
  
 
190,144
 
             
 
 
 
 
Media Content
(0.6%)
           
 
1,000
 
 
Sirius XM Radio, Inc., Rule 144A, Company Guaranteed Notes
(Callable 07/01/24 @ 102.75)
(1)
  
(BB, Ba3)
  
 
07/01/29
 
  
 
5.500
 
  
 
967,915
 
             
 
 
 
 
Metals & Mining - Excluding Steel
(5.6%)
           
 
800
 
 
Alcoa Nederland Holding BV, Rule 144A, Company Guaranteed Notes
(Callable 01/29/24 @ 102.75)
(1)
  
(BB+, Baa3)
  
 
12/15/27
 
  
 
5.500
 
  
 
780,627
 
 
250
 
 
Canpack SA/Canpack U.S. LLC, Rule 144A, Company Guaranteed Notes
(Callable 11/15/24 @ 101.94)
(1)
  
(BB-, NR)
  
 
11/15/29
 
  
 
3.875
 
  
 
214,571
 
 
1,800
 
 
ERO Copper Corp., Rule 144A, Company Guaranteed Notes
(Callable 02/15/25 @ 103.25)
(1)
  
(B, B1)
  
 
02/15/30
 
  
 
6.500
 
  
 
1,591,454
 
 
200
 
 
First Quantum Minerals Ltd., Rule 144A, Company Guaranteed Notes
(Callable 01/09/24 @ 100.00)
(1)
  
(B, WR)
  
 
04/01/25
 
  
 
7.500
 
  
 
191,265
 
 
1,500
 
 
First Quantum Minerals Ltd., Rule 144A, Company Guaranteed Notes
(Callable 01/09/24 @ 101.72)
(1)
  
(B, NR)
  
 
03/01/26
 
  
 
6.875
 
  
 
1,350,360
 
 
400
 
 
First Quantum Minerals Ltd., Rule 144A, Company Guaranteed Notes
(Callable 06/01/26 @ 104.31)
(1)
  
(B, NR)
  
 
06/01/31
 
  
 
8.625
 
  
 
339,652
 
 
400
 
 
Kaiser Aluminum Corp., Rule 144A, Company Guaranteed Notes
(Callable 01/29/24 @ 102.31)
(1)
  
(BB-, B2)
  
 
03/01/28
 
  
 
4.625
 
  
 
370,442
 
 
800
 
 
Kaiser Aluminum Corp., Rule 144A, Company Guaranteed Notes
(Callable 06/01/26 @ 102.25)
(1)
  
(BB-, B2)
  
 
06/01/31
 
  
 
4.500
 
  
 
690,926
 
 
110
 
 
Novelis Corp., Rule 144A, Company Guaranteed Notes
(Callable 01/30/25 @ 102.38)
(1)
  
(BB, Ba3)
  
 
01/30/30
 
  
 
4.750
 
  
 
103,629
 
 
1,729
 
 
SunCoke Energy, Inc., Rule 144A, Senior Secured Notes
(Callable 06/30/24 @ 102.44)
(1)
  
(BB, B1)
  
 
06/30/29
 
  
 
4.875
 
  
 
1,558,829
 
 
1,550
 
 
Taseko Mines Ltd., Rule 144A, Senior Secured Notes
(Callable 01/29/24 @ 103.50)
(1),(2)
  
(B-, B3)
  
 
02/15/26
 
  
 
7.000
 
  
 
1,471,789
 
             
 
 
 
             
 
8,663,544
 
             
 
 
 
 
See Accompanying Notes to Financial Statements.
 
10

Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
December 31, 2023
 
 
Par
(000)
        
Ratings

(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
CORPORATE BONDS
(continued)
           
 
Non - Electric Utilities
(0.2%)
           
$
314
 
 
Suburban Propane Partners LP/Suburban Energy Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 06/01/26 @ 102.50)
(1)
  
(BB-, B1)
  
 
06/01/31
 
  
 
5.000
 
  
$
287,495
 
             
 
 
 
 
Packaging
(4.2%)
           
 
460
 
 
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, Rule 144A, Senior Unsecured Notes (Callable 05/15/24 @ 101.50)
(1),(3)
  
(B, Caa1)
  
 
09/01/29
 
  
 
3.000
 
  
 
411,216
 
 
400
 
 
Ball Corp., Global Company Guaranteed Notes (Callable 11/15/24 @ 103.44)
  
(BB+, Ba1)
  
 
03/15/28
 
  
 
6.875
 
  
 
416,105
 
 
415
 
 
Chart Industries, Inc., Rule 144A, Senior Secured Notes
(Callable 01/01/26 @ 103.75)
(1)
  
(B+, Ba3)
  
 
01/01/30
 
  
 
7.500
 
  
 
434,754
 
 
400
 
 
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC, Rule 144A, Senior Secured Notes (Callable 01/29/24 @ 101.50)
(1)
  
(B-, B3)
  
 
09/15/28
 
  
 
6.000
 
  
 
373,628
 
 
1,700
 
 
Mauser Packaging Solutions Holding Co., Rule 144A, Senior Secured Notes
(Callable 08/15/24 @ 103.94)
(1)
  
(B, B2)
  
 
08/15/26
 
  
 
7.875
 
  
 
1,731,440
 
 
279
 
 
Owens-Brockway Glass Container, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/15/26 @ 103.63)
(1)
  
(B+, B2)
  
 
05/15/31
 
  
 
7.250
 
  
 
283,224
 
 
1,000
 
 
Trident TPI Holdings, Inc., Rule 144A, Company Guaranteed Notes
(Callable 12/31/25 @ 106.38)
(1)
  
(CCC+, Caa2)
  
 
12/31/28
 
  
 
12.750
 
  
 
1,071,250
 
 
2,040
 
 
TriMas Corp., Rule 144A, Company Guaranteed Notes (Callable 04/15/24 @ 102.06)
(1)
  
(BB-, Ba3)
  
 
04/15/29
 
  
 
4.125
 
  
 
1,835,362
 
             
 
 
 
             
 
6,556,979
 
             
 
 
 
 
Personal & Household Products
(1.8%)
           
 
1,600
 
 
MajorDrive Holdings IV LLC, Rule 144A, Senior Unsecured Notes
(Callable 06/01/24 @ 103.19)
(1)
  
(CCC+, Caa2)
  
 
06/01/29
 
  
 
6.375
 
  
 
1,381,632
 
 
1,400
 
 
Verde Purchaser LLC, Rule 144A, Senior Secured Notes
(Callable 11/30/26 @ 105.25)
(1)
  
(B+, B2)
  
 
11/30/30
 
  
 
10.500
 
  
 
1,412,460
 
             
 
 
 
             
 
2,794,092
 
             
 
 
 
 
Pharmaceuticals
(0.2%)
           
 
708
 
 
Emergent BioSolutions, Inc., Rule 144A, Company Guaranteed Notes
(Callable 01/29/24 @ 101.94)
(1)
  
(CCC+, Caa3)
  
 
08/15/28
 
  
 
3.875
 
  
 
290,432
 
             
 
 
 
 
Real Estate Investment Trusts
(1.4%)
           
 
1,175
 
 
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, Rule 144A, Company Guaranteed Notes (Callable 09/15/27 @ 100.00)
(1)
  
(BBB-, WR)
  
 
12/15/27
 
  
 
3.750
 
  
 
983,566
 
 
200
 
 
Starwood Property Trust, Inc., Rule 144A, Senior Unsecured Notes
(Callable 01/15/26 @ 100.00)
(1)
  
(BB-, Ba3)
  
 
07/15/26
 
  
 
3.625
 
  
 
189,632
 
 
1,000
 
 
Starwood Property Trust, Inc., Rule 144A, Senior Unsecured Notes
(Callable 07/15/26 @ 100.00)
(1)
  
(BB-, Ba3)
  
 
01/15/27
 
  
 
4.375
 
  
 
943,485
 
             
 
 
 
             
 
2,116,683
 
             
 
 
 
 
Recreation & Travel
(4.6%)
           
 
1,400
 
 
Boyne USA, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/15/24 @ 102.38)
(1)
  
(B, B1)
  
 
05/15/29
 
  
 
4.750
 
  
 
1,318,031
 
 
2,125
 
 
SeaWorld Parks & Entertainment, Inc., Rule 144A, Company Guaranteed Notes (Callable 08/15/24 @ 102.63)
(1)
  
(B, B2)
  
 
08/15/29
 
  
 
5.250
 
  
 
1,986,249
 
 
300
 
 
SeaWorld Parks & Entertainment, Inc., Rule 144A, Senior Secured Notes
(Callable 01/29/24 @ 102.19)
(1)
  
(BB, WR)
  
 
05/01/25
 
  
 
8.750
 
  
 
302,088
 
 
See Accompanying Notes to Financial Statements.
 
11

Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
December 31, 2023
 
 
Par
(000)
        
Ratings

(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
CORPORATE BONDS
(continued)
           
 
Recreation & Travel
(continued)
           
$
1,692
 
 
Six Flags Entertainment Corp., Rule 144A, Company Guaranteed Notes
(Callable 05/15/26 @ 103.63)
(1),(2)
  
(B, B3)
  
 
05/15/31
 
  
 
7.250
 
  
$
1,698,311
 
 
1,915
 
 
Speedway Motorsports LLC/Speedway Funding II, Inc., Rule 144A, Senior Unsecured Notes (Callable 01/29/24 @ 101.22)
(1)
  
(BB, B2)
  
 
11/01/27
 
  
 
4.875
 
  
 
1,803,848
 
             
 
 
 
             
 
7,108,527
 
             
 
 
 
 
Restaurants
(0.4%)
           
 
625
 
 
Yum! Brands, Inc., Global Senior Unsecured Notes (Callable 04/01/27 @ 102.69)
  
(BB, Ba3)
  
 
04/01/32
 
  
 
5.375
 
  
 
614,894
 
             
 
 
 
 
Software - Services
(5.9%)
           
 
1,700
 
 
Elastic NV, Rule 144A, Senior Unsecured Notes (Callable 07/15/24 @ 102.06)
(1)
  
(B+, B1)
  
 
07/15/29
 
  
 
4.125
 
  
 
1,562,822
 
 
1,375
 
 
Newfold Digital Holdings Group, Inc., Rule 144A, Senior Unsecured Notes
(Callable 02/15/24 @ 103.00)
(1)
  
(CCC+, Caa2)
  
 
02/15/29
 
  
 
6.000
 
  
 
1,040,230
 
 
635
 
 
Open Text Corp., Rule 144A, Company Guaranteed Notes
(Callable 12/01/24 @ 101.94)
(1)
  
(BB-, Ba3)
  
 
12/01/29
 
  
 
3.875
 
  
 
569,984
 
 
800
 
 
Open Text Corp., Rule 144A, Senior Secured Notes (Callable 11/01/27 @ 100.00)
(1)
  
(BBB-, Ba1)
  
 
12/01/27
 
  
 
6.900
 
  
 
832,304
 
 
825
 
 
Open Text Holdings, Inc., Rule 144A, Company Guaranteed Notes
(Callable 12/01/26 @ 102.06)
(1)
  
(BB-, Ba3)
  
 
12/01/31
 
  
 
4.125
 
  
 
731,090
 
 
1,107
 
 
Presidio Holdings, Inc., Rule 144A, Company Guaranteed Notes
(Callable 01/29/24 @ 104.13)
(1)
  
(CCC+, Caa1)
  
 
02/01/28
 
  
 
8.250
 
  
 
1,119,524
 
 
2,705
 
 
Virtusa Corp., Rule 144A, Senior Unsecured Notes (Callable 01/29/24 @ 103.56)
(1)
  
(CCC+, Caa1)
  
 
12/15/28
 
  
 
7.125
 
  
 
2,323,947
 
 
676
 
 
VT Topco, Inc., Rule 144A, Senior Secured Notes (Callable 08/15/26 @ 104.25)
(1)
  
(B, B2)
  
 
08/15/30
 
  
 
8.500
 
  
 
704,010
 
 
400
 
 
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 02/01/24 @ 101.94)
(1)
  
(B+, B1)
  
 
02/01/29
 
  
 
3.875
 
  
 
363,186
 
             
 
 
 
             
 
9,247,097
 
             
 
 
 
 
Specialty Retail
(4.0%)
           
 
40
 
 
Asbury Automotive Group, Inc., Global Company Guaranteed Notes
(Callable 01/09/24 @ 102.25)
  
(BB, B1)
  
 
03/01/28
 
  
 
4.500
 
  
 
38,024
 
 
491
 
 
Asbury Automotive Group, Inc., Global Company Guaranteed Notes
(Callable 03/01/25 @ 102.38)
  
(BB, B1)
  
 
03/01/30
 
  
 
4.750
 
  
 
459,177
 
 
200
 
 
Asbury Automotive Group, Inc., Rule 144A, Company Guaranteed Notes
(Callable 11/15/24 @ 102.31)
(1)
  
(BB, B1)
  
 
11/15/29
 
  
 
4.625
 
  
 
185,403
 
 
200
 
 
Asbury Automotive Group, Inc., Rule 144A, Company Guaranteed Notes
(Callable 11/15/26 @ 102.50)
(1)
  
(BB, B1)
  
 
02/15/32
 
  
 
5.000
 
  
 
182,104
 
 
51
 
 
Eagle Intermediate Global Holding BV/Eagle U.S. Finance LLC, Rule 144A, Senior Secured Notes (Callable 01/09/24 @ 101.88)
(1),(4),(5)
  
(NR, NR)
  
 
05/01/25
 
  
 
7.500
 
  
 
33,021
 
 
1,850
 
 
Eagle Intermediate Global Holding BV/Eagle U.S. Finance LLC, Rule 144A, Senior Secured Notes (Callable 01/09/24 @ 101.88)
(1)
  
(NR, Caa3)
  
 
05/01/25
 
  
 
7.500
 
  
 
1,223,347
 
 
68
 
 
Eagle Intermediate Global Holding BV/Ruyi U.S. Finance LLC
(4),(5)
  
(NR, NR)
  
 
05/01/25
 
  
 
0.000
 
  
 
37,908
 
 
600
 
 
Group 1 Automotive, Inc., Rule 144A, Company Guaranteed Notes
(Callable 01/29/24 @ 102.00)
(1)
  
(BB+, Ba2)
  
 
08/15/28
 
  
 
4.000
 
  
 
556,692
 
 
600
 
 
LCM Investments Holdings II LLC, Rule 144A, Senior Unsecured Notes
(Callable 05/01/24 @ 102.44)
(1)
  
(B+, B2)
  
 
05/01/29
 
  
 
4.875
 
  
 
558,003
 
 
800
 
 
LCM Investments Holdings II LLC, Rule 144A, Senior Unsecured Notes
(Callable 08/01/26 @ 104.13)
(1)
  
(B+, B2)
  
 
08/01/31
 
  
 
8.250
 
  
 
835,779
 
 
See Accompanying Notes to Financial Statements.
 
12

Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
December 31, 2023
 
 
Par
(000)
        
Ratings

(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
CORPORATE BONDS
(continued)
           
 
Specialty Retail
(continued)
           
$
400
 
 
Murphy Oil USA, Inc., Rule 144A, Company Guaranteed Notes
(Callable 02/15/26 @ 101.88)
(1)
  
(BB+, Ba2)
  
 
02/15/31
 
  
 
3.750
 
  
$
348,493
 
 
1,150
 
 
Sonic Automotive, Inc., Rule 144A, Company Guaranteed Notes
(Callable 11/15/26 @ 102.44)
(1),(2)
  
(BB-, B1)
  
 
11/15/31
 
  
 
4.875
 
  
 
1,026,364
 
 
750
 
 
Sunoco LP/Sunoco Finance Corp., Rule 144A, Company Guaranteed Notes
(Callable 09/15/25 @ 103.50)
(1)
  
(BB, Ba3)
  
 
09/15/28
 
  
 
7.000
 
  
 
774,089
 
             
 
 
 
             
 
6,258,404
 
             
 
 
 
 
Steel Producers/Products
(1.6%)
           
 
700
 
 
ATI, Inc., Senior Unsecured Notes (Callable 08/15/26 @ 103.63)
  
(B+, B1)
  
 
08/15/30
 
  
 
7.250
 
  
 
728,859
 
 
2,197
 
 
TMS International Corp., Rule 144A, Senior Unsecured Notes
(Callable 04/15/24 @ 103.13)
(1)
  
(B, Caa1)
  
 
04/15/29
 
  
 
6.250
 
  
 
1,815,502
 
             
 
 
 
             
 
2,544,361
 
             
 
 
 
 
Support - Services
(10.0%)
           
 
1,223
 
 
Allied Universal Holdco LLC/Allied Universal Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 01/29/24 @ 102.44)
(1)
  
(CCC+, Caa2)
  
 
07/15/27
 
  
 
9.750
 
  
 
1,199,799
 
 
1,300
 
 
Allied Universal Holdco LLC/Allied Universal Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 06/01/24 @ 103.00)
(1),(2)
  
(CCC+, Caa2)
  
 
06/01/29
 
  
 
6.000
 
  
 
1,060,924
 
 
400
 
 
ASGN, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/29/24 @ 102.31)
(1)
  
(BB-, Ba3)
  
 
05/15/28
 
  
 
4.625
 
  
 
380,252
 
 
2,400
 
 
CoreLogic, Inc., Rule 144A, Senior Secured Notes (Callable 05/01/24 @ 102.25)
(1)
  
(B-, B2)
  
 
05/01/28
 
  
 
4.500
 
  
 
2,104,764
 
 
2,735
 
 
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, Rule 144A, Senior Secured Notes (Callable 01/29/24 @ 101.78)
(1)
  
(B, B2)
  
 
07/31/26
 
  
 
7.125
 
  
 
2,694,358
 
 
1,355
 
 
H&E Equipment Services, Inc., Rule 144A, Company Guaranteed Notes
(Callable 01/29/24 @ 101.94)
(1)
  
(BB-, B1)
  
 
12/15/28
 
  
 
3.875
 
  
 
1,232,400
 
 
600
 
 
United Rentals North America, Inc., Rule 144A, Senior Secured Notes
(Callable 12/15/25 @ 103.00)
(1)
  
(BBB-, Baa3)
  
 
12/15/29
 
  
 
6.000
 
  
 
609,659
 
 
1,100
 
 
WESCO Distribution, Inc., Rule 144A, Company Guaranteed Notes
(Callable 01/29/24 @ 101.78)
(1)
  
(BB, Ba3)
  
 
06/15/25
 
  
 
7.125
 
  
 
1,108,986
 
 
500
 
 
WESCO Distribution, Inc., Rule 144A, Company Guaranteed Notes
(Callable 01/29/24 @ 103.63)
(1)
  
(BB, Ba3)
  
 
06/15/28
 
  
 
7.250
 
  
 
514,162
 
 
1,231
 
 
White Cap Buyer LLC, Rule 144A, Senior Unsecured Notes
(Callable 01/29/24 @ 103.44)
(1)
  
(CCC+, Caa1)
  
 
10/15/28
 
  
 
6.875
 
  
 
1,193,161
 
 
595
 
 
Williams Scotsman, Inc., Rule 144A, Senior Secured Notes
(Callable 01/29/24 @ 102.31)
(1)
  
(BB-, B2)
  
 
08/15/28
 
  
 
4.625
 
  
 
561,887
 
 
200
 
 
XPO, Inc., Rule 144A, Company Guaranteed Notes (Callable 06/01/26 @ 103.56)
(1)
  
(BB-, Ba3)
  
 
06/01/31
 
  
 
7.125
 
  
 
207,517
 
 
400
 
 
XPO, Inc., Rule 144A, Company Guaranteed Notes (Callable 02/01/27 @ 103.56)
(1)
  
(BB-, Ba3)
  
 
02/01/32
 
  
 
7.125
 
  
 
412,910
 
 
1,045
 
 
XPO, Inc., Rule 144A, Senior Secured Notes (Callable 06/01/25 @ 103.13)
(1)
  
(BBB-, Ba1)
  
 
06/01/28
 
  
 
6.250
 
  
 
1,059,461
 
 
1,500
 
 
ZipRecruiter, Inc., Rule 144A, Senior Unsecured Notes
(Callable 01/15/25 @ 102.50)
(1)
  
(BB-, B2)
  
 
01/15/30
 
  
 
5.000
 
  
 
1,314,293
 
             
 
 
 
             
 
15,654,533
 
             
 
 
 
 
Tech Hardware & Equipment
(2.4%)
           
 
900
 
 
CommScope Technologies LLC, Rule 144A, Company Guaranteed Notes
(Callable 01/09/24 @ 100.00)
(1)
  
(CCC-, Caa2)
  
 
06/15/25
 
  
 
6.000
 
  
 
734,346
 
 
See Accompanying Notes to Financial Statements.
 
13

Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
December 31, 2023
 
 
Par
(000)
        
Ratings

(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
CORPORATE BONDS
(continued)
           
 
Tech Hardware & Equipment
(continued)
           
$
340
 
 
CommScope Technologies LLC, Rule 144A, Company Guaranteed Notes
(Callable 01/09/24 @ 101.67)
(1)
  
(CCC-, Caa2)
  
 
03/15/27
 
  
 
5.000
 
  
$
141,843
 
 
1,350
 
 
Entegris Escrow Corp., Rule 144A, Senior Secured Notes
(Callable 01/15/29 @ 100.00)
(1)
  
(BB, Baa3)
  
 
04/15/29
 
  
 
4.750
 
  
 
1,301,682
 
 
1,600
 
 
Imola Merger Corp., Rule 144A, Senior Secured Notes
(Callable 05/15/24 @ 102.38)
(1)
  
(BB-, B1)
  
 
05/15/29
 
  
 
4.750
 
  
 
1,522,666
 
             
 
 
 
             
 
3,700,537
 
             
 
 
 
 
Telecom - Wireline Integrated & Services
(3.1%)
           
 
1,856
 
 
Altice France SA, Rule 144A, Senior Secured Notes (Callable 01/29/24 @ 102.56)
(1)
  
(B-, B2)
  
 
01/15/29
 
  
 
5.125
 
  
 
1,444,907
 
 
200
 
 
Altice France SA, Rule 144A, Senior Secured Notes (Callable 04/15/24 @ 102.56)
(1)
  
(B-, B2)
  
 
07/15/29
 
  
 
5.125
 
  
 
155,587
 
 
200
 
 
Altice France SA, Rule 144A, Senior Secured Notes (Callable 10/15/24 @ 102.75)
(1)
  
(B-, B2)
  
 
10/15/29
 
  
 
5.500
 
  
 
156,994
 
 
1,193
 
 
LCPR Senior Secured Financing DAC, Rule 144A, Senior Secured Notes
(Callable 01/29/24 @ 101.69)
(1)
  
(B+, B1)
  
 
10/15/27
 
  
 
6.750
 
  
 
1,169,695
 
 
200
 
 
LCPR Senior Secured Financing DAC, Rule 144A, Senior Secured Notes
(Callable 07/15/24 @ 102.56)
(1)
  
(B+, B1)
  
 
07/15/29
 
  
 
5.125
 
  
 
174,471
 
 
400
 
 
Level 3 Financing, Inc., Rule 144A, Company Guaranteed Notes
(Callable 01/29/24 @ 102.13)
(1),(4)
  
(CCC+, B3)
  
 
07/01/28
 
  
 
4.250
 
  
 
238,000
 
 
600
 
 
Level 3 Financing, Inc., Rule 144A, Company Guaranteed Notes
(Callable 01/15/24 @ 101.81)
(1),(4)
  
(CCC+, B3)
  
 
01/15/29
 
  
 
3.625
 
  
 
315,000
 
 
500
 
 
Virgin Media Secured Finance PLC, Rule 144A, Senior Secured Notes
(Callable 01/08/24 @ 101.25)
(1),(6)
  
(BB-, Ba3)
  
 
04/15/27
 
  
 
5.000
 
  
 
622,548
 
 
200
 
 
Virgin Media Secured Finance PLC, Rule 144A, Senior Secured Notes
(Callable 08/15/25 @ 102.25)
(1)
  
(BB-, Ba3)
  
 
08/15/30
 
  
 
4.500
 
  
 
178,322
 
 
400
 
 
Vmed O2 U.K. Financing I PLC, Rule 144A, Senior Secured Notes
(Callable 01/31/26 @ 102.13)
(1)
  
(BB-, Ba3)
  
 
01/31/31
 
  
 
4.250
 
  
 
349,752
 
             
 
 
 
             
 
4,805,276
 
             
 
 
 
 
Theaters & Entertainment
(1.2%)
           
 
1,025
 
 
Live Nation Entertainment, Inc., Rule 144A, Company Guaranteed Notes
(Callable 01/29/24 @ 100.00)
(1)
  
(B+, B2)
  
 
11/01/24
 
  
 
4.875
 
  
 
1,016,667
 
 
325
 
 
Live Nation Entertainment, Inc., Rule 144A, Company Guaranteed Notes
(Callable 01/29/24 @ 102.38)
(1)
  
(B+, B2)
  
 
10/15/27
 
  
 
4.750
 
  
 
311,902
 
 
600
 
 
Live Nation Entertainment, Inc., Rule 144A, Senior Secured Notes
(Callable 01/29/24 @ 104.88)
(1)
  
(BB, Ba3)
  
 
05/15/27
 
  
 
6.500
 
  
 
610,867
 
             
 
 
 
             
 
1,939,436
 
             
 
 
 
 
Trucking & Delivery
(0.9%)
           
 
1,400
 
 
RXO, Inc., Rule 144A, Company Guaranteed Notes (Callable 11/15/24 @ 103.75)
(1)
  
(BB+, Baa3)
  
 
11/15/27
 
  
 
7.500
 
  
 
1,445,962
 
             
 
 
 
 
TOTAL CORPORATE BONDS
(Cost $159,663,546)
           
 
154,409,815
 
             
 
 
 
 
BANK LOANS
(22.0%)
           
 
Advertising
(0.4%)
           
 
22
 
 
MH Sub I LLC (1st Lien Term Loan), 1 mo. USD Term SOFR + 3.750%
(7)
  
(B, B1)
  
 
09/13/24
 
  
 
9.220
 
  
 
22,508
 
 
551
 
 
MH Sub I LLC (Incremental Term Loan), 1 mo. USD Term SOFR + 3.750%
(7)
  
(B, B1)
  
 
09/13/24
 
  
 
9.220
 
  
 
552,797
 
             
 
 
 
             
 
575,305
 
             
 
 
 
 
See Accompanying Notes to Financial Statements.
 
14

Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
December 31, 2023
 
 
Par
(000)
        
Ratings

(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
BANK LOANS
(continued)
           
 
Aerospace & Defense
(1.1%)
           
$
1,050
 
 
Amentum Government Services Holdings LLC, 1 mo. USD Term SOFR + 8.750%
(7)
  
(NR, NR)
  
 
01/31/28
 
  
 
14.220
 
  
$
1,046,063
 
 
296
 
 
Amentum Government Services Holdings LLC, 1 mo. USD Term SOFR + 4.000%
(7)
  
(B, B2)
  
 
02/15/29
 
  
 
9.358
 
  
 
296,165
 
 
376
 
 
Peraton Corp., 3 mo. USD Term SOFR + 7.750%
(7)
  
(NR, NR)
  
 
02/01/29
 
  
 
13.222
 
  
 
375,348
 
             
 
 
 
             
 
1,717,576
 
             
 
 
 
 
Auto Parts & Equipment
(0.2%)
           
 
331
 
 
Jason Group, Inc., 1 mo. USD Term SOFR + 6.000%, 0.000% PIK
(7),(8)
  
(NR, WR)
  
 
08/28/25
 
  
 
11.470
 
  
 
297,273
 
             
 
 
 
 
Building Materials
(0.3%)
           
 
529
 
 
Cornerstone Building Brands, Inc., 1 mo. USD Term SOFR + 5.625%
(7)
  
(B, B2)
  
 
08/01/28
 
  
 
10.987
 
  
 
535,863
 
             
 
 
 
 
Chemicals
(0.8%)
           
 
345
 
 
Ascend Performance Materials Operations LLC, 3 mo. USD Term SOFR + 4.750%
(7)
  
(B+, Ba3)
  
 
08/27/26
 
  
 
10.318
 
  
 
332,506
 
 
741
 
 
Luxembourg Investment Co. 428 SARL, 3 mo. USD Term SOFR + 5.000%
(7)
  
(D, Caa2)
  
 
01/03/29
 
  
 
10.434
 
  
 
346,953
 
 
568
 
 
Polar U.S. Borrower LLC, 3 mo. USD Term SOFR + 4.750%
(7)
  
(CCC, Caa1)
  
 
10/15/25
 
  
 
10.243 - 10.244
 
  
 
389,759
 
 
161
 
 
Sk Neptune Husky Finance SARL, 3 mo. USD Term SOFR + 10.000%
(5),(7)
  
(NR, NR)
  
 
04/30/24
 
  
 
15.375
 
  
 
158,265
 
             
 
 
 
             
 
1,227,483
 
             
 
 
 
 
Diversified Capital Goods
(1.0%)
           
 
743
 
 
Dynacast International LLC, 3 mo. USD Term SOFR + 9.000%
(7)
  
(CCC-, Caa2)
  
 
10/22/25
 
  
 
14.488
 
  
 
535,667
 
 
1,018
 
 
Electrical Components International, Inc., U.S. (Fed) Prime Rate + 7.500%
(5),(7)
  
(B-, B2)
  
 
06/26/25
 
  
 
16.000
 
  
 
977,587
 
             
 
 
 
             
 
1,513,254
 
             
 
 
 
 
Electric - Generation
(0.9%)
           
 
1,492
 
 
Brookfield WEC Holdings, Inc., 1 mo. USD Term SOFR + 2.750%
(7)
  
(B, B1)
  
 
08/01/25
 
  
 
8.220
 
  
 
1,497,971
 
             
 
 
 
 
Electronics
(1.0%)
           
 
1,510
 
 
Idemia Group, 3 mo. USD Term SOFR + 4.750%
(7)
  
(B, B2)
  
 
09/30/28
 
  
 
10.098
 
  
 
1,516,536
 
             
 
 
 
 
Food & Drug Retailers
(0.4%)
           
 
1,000
 
 
WOOF Holdings, Inc., 3 mo. USD Term SOFR + 7.250%
(7)
  
(CCC-, Ca)
  
 
12/21/28
 
  
 
12.749
 
  
 
622,000
 
             
 
 
 
 
Gas Distribution
(0.6%)
           
 
998
 
 
Traverse Midstream Partners LLC, 3 mo. USD Term SOFR + 3.750%
(7)
  
(B+, B2)
  
 
02/16/28
 
  
 
9.240
 
  
 
1,001,183
 
             
 
 
 
 
Health Facility (0.3%)
           
 
532
 
 
Carestream Health, Inc., 3 mo. USD Term SOFR + 7.500%
(7)
  
(B-, Caa1)
  
 
09/30/27
 
  
 
12.948
 
  
 
416,175
 
             
 
 
 
 
Health Services
(1.2%)
           
 
819
 
 
MedAssets Software Intermediate Holdings, Inc., 1 mo. USD Term SOFR + 6.750%
(7)
  
(D, Ca)
  
 
12/17/29
 
  
 
12.220
 
  
 
494,062
 
 
748
 
 
Radiology Partners, Inc., 1 mo. USD Term SOFR + 4.250%
(7)
  
(CCC+, Caa2)
  
 
07/09/25
 
  
 
10.179
 
  
 
607,038
 
 
See Accompanying Notes to Financial Statements.
 
15

Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
December 31, 2023
 
 
Par
(000)
        
Ratings

(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
BANK LOANS
(continued)
           
 
Health Services
(continued)
           
$
798
 
 
U.S. Radiology Specialists, Inc., 3 mo. USD Term SOFR + 5.250%
(7)
  
(B-, B3)
  
 
12/15/27
 
  
 
10.748
 
  
$
792,555
 
             
 
 
 
             
 
1,893,655
 
             
 
 
 
 
Hotels
(0.5%)
           
 
895
 
 
Aimbridge Acquisition Co., Inc., 1 mo. USD Term SOFR + 4.750%
(7)
  
(CCC+, B3)
  
 
02/02/26
 
  
 
10.220
 
  
 
836,592
 
             
 
 
 
 
Investments & Misc. Financial Services
(1.5%)
           
 
1,500
 
 
AqGen Ascensus, Inc., 3 mo. USD Term SOFR + 6.500%
(7)
  
(CCC, Caa2)
  
 
08/02/29
 
  
 
12.176
 
  
 
1,448,437
 
 
865
 
 
Deerfield Dakota Holding LLC, 3 mo. USD Term SOFR + 6.750%
(7)
  
(CCC, Caa2)
  
 
04/07/28
 
  
 
12.360
 
  
 
831,851
 
             
 
 
 
             
 
2,280,288
 
             
 
 
 
 
Machinery
(1.1%)
           
 
1,398
 
 
LTI Holdings, Inc., 1 mo. USD Term SOFR + 6.750%
(7),(9)
  
(CCC+, Caa2)
  
 
09/06/26
 
  
 
12.220
 
  
 
1,259,025
 
 
431
 
 
LTI Holdings, Inc., 1 mo. USD Term SOFR + 3.500%
(7)
  
(B-, B2)
  
 
09/06/25
 
  
 
8.970
 
  
 
416,775
 
             
 
 
 
             
 
1,675,800
 
             
 
 
 
 
Media - Diversified
(0.3%)
           
 
214
 
 
Technicolor Creative Studios, 3 mo. EUR EURIBOR + 5.000%
(3),(4),(5),(7)
  
(NR, NR)
  
 
06/05/30
 
  
 
8.795
 
  
 
 
 
36
 
 
Technicolor Creative Studios, 3 mo. EUR EURIBOR + 0.000%
(3),(4),(5),(7)
  
(NR, NR)
  
 
07/31/26
 
  
 
4.172
 
  
 
39,890
 
 
101
 
 
Technicolor Creative Studios, 6 mo. EUR EURIBOR + 0.500%
(3),(5),(7)
  
(NR, NR)
  
 
07/31/26
 
  
 
3.835
 
  
 
97,792
 
 
95
 
 
Technicolor Creative Studios, 6 mo. EUR EURIBOR + 0.500%
(3),(5),(7)
  
(NR, NR)
  
 
07/31/26
 
  
 
4.429
 
  
 
91,487
 
 
529
 
 
Technicolor Creative Studios, 3 mo. EUR EURIBOR + 5.000%
(3),(5),(7)
  
(NR, NR)
  
 
08/06/33
 
  
 
8.925
 
  
 
245,891
 
             
 
 
 
             
 
475,060
 
             
 
 
 
 
Medical Products
(1.5%)
           
 
374
 
 
Femur Buyer, Inc., 3 mo. USD Term SOFR + 4.500%
(7)
  
(CCC+, Caa1)
  
 
03/05/26
 
  
 
10.110
 
  
 
338,115
 
 
627
 
 
Femur Buyer, Inc., 3 mo. USD Term SOFR + 5.500%
(5),(7)
  
(CCC+, NR)
  
 
08/05/25
 
  
 
11.110
 
  
 
541,032
 
 
900
 
 
Viant Medical Holdings, Inc., 1 mo. USD Term SOFR + 7.750%
(7),(9)
  
(CCC, Caa3)
  
 
07/02/26
 
  
 
13.220
 
  
 
871,317
 
 
679
 
 
Viant Medical Holdings, Inc., 1 mo. USD LIBOR + 6.250%
(5),(7)
  
(B-, B3)
  
 
07/02/25
 
  
 
11.720
 
  
 
678,734
 
             
 
 
 
             
 
2,429,198
 
             
 
 
 
 
Packaging
(0.6%)
           
 
898
 
 
Proampac PG Borrower LLC, 3 mo. USD Term SOFR + 4.500%
(7)
  
(B-, B3)
  
 
09/15/28
 
  
 
9.868 - 9.887
 
  
 
900,515
 
 
540
 
 
Strategic Materials, Inc.
(9),(10),(11)
  
(NR, C)
  
 
10/31/25
 
  
 
0.000
 
  
 
12,285
 
             
 
 
 
             
 
912,800
 
             
 
 
 
 
Personal & Household Products
(0.8%)
           
 
1,277
 
 
Serta Simmons Bedding LLC, 3 mo. USD Term SOFR + 7.500%
(7)
  
(NR, NR)
  
 
06/29/28
 
  
 
12.963
 
  
 
1,218,914
 
             
 
 
 
 
Recreation & Travel
(1.7%)
           
 
763
 
 
Bulldog Purchaser, Inc., 3 mo. USD Term SOFR + 7.750%
(7)
  
(CCC-, Caa3)
  
 
09/04/26
 
  
 
13.238
 
  
 
687,879
 
 
961
 
 
Bulldog Purchaser, Inc., 3 mo. USD Term SOFR + 3.750%
(7)
  
(B-, B3)
  
 
09/05/25
 
  
 
9.238
 
  
 
936,521
 
 
773
 
 
Hornblower Sub LLC, U.S. (Fed) Prime Rate + 7.125%
(7)
  
(NR, NR)
  
 
11/10/25
 
  
 
15.625
 
  
 
774,166
 
 
200
 
 
Hornblower Sub LLC, U.S. (Fed) Prime Rate + 7.125%
(7)
  
(NR, NR)
  
 
11/20/25
 
  
 
15.625
 
  
 
200,251
 
             
 
 
 
             
 
2,598,817
 
             
 
 
 
 
See Accompanying Notes to Financial Statements.
 
16

Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
December 31, 2023
 
 
Par
(000)
        
Ratings

(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
BANK LOANS
(continued)
           
 
Restaurants
(0.1%)
           
$
200
 
 
Tacala LLC, 1 mo. USD Term SOFR + 8.000%
(7)
  
(CCC, Caa2)
  
 
02/04/28
 
  
 
13.470
 
  
$
200,063
 
             
 
 
 
 
Software - Services
(2.4%)
           
 
1,184
 
 
Aston FinCo SARL, 1 mo. USD Term SOFR + 4.250%
(7)
  
(CCC+, B3)
  
 
10/09/26
 
  
 
9.720
 
  
 
1,006,893
 
 
770
 
 
Astra Acquisition Corp., 3 mo. USD Term SOFR + 5.250%
(7)
  
(CCC+, Caa1)
  
 
10/25/28
 
  
 
10.860
 
  
 
502,218
 
 
600
 
 
CommerceHub, Inc., 3 mo. USD Term SOFR + 7.000%
(7)
  
(CCC, Caa2)
  
 
12/29/28
 
  
 
12.540
 
  
 
483,000
 
 
202
 
 
DCert Buyer, Inc.
(12)
  
(B-, B2)
  
 
10/16/26
 
  
 
0.000
 
  
 
200,511
 
 
1,544
 
 
Quest Software U.S. Holdings, Inc., 3 mo. USD Term SOFR + 4.250%
(7)
  
(CCC+, B2)
  
 
02/01/29
 
  
 
9.783
 
  
 
1,187,539
 
 
455
 
 
Redstone Holdco 2 LP, 1 mo. USD Term SOFR + 4.750%
(7)
  
(B-, B3)
  
 
04/27/28
 
  
 
10.220
 
  
 
347,121
 
             
 
 
 
             
 
3,727,282
 
             
 
 
 
 
Support - Services
(1.0%)
           
 
400
 
 
LaserShip, Inc., 2 mo. USD Term SOFR + 7.500%
(7)
  
(CCC-, Caa3)
  
 
05/07/29
 
  
 
13.396
 
  
 
336,000
 
 
791
 
 
LaserShip, Inc., 3 mo. USD Term SOFR + 4.500%
(7)
  
(CCC+, B3)
  
 
05/07/28
 
  
 
10.396
 
  
 
729,076
 
 
213
 
 
LaserShip, Inc., 3 mo. USD Term SOFR + 7.000%
(5),(7)
  
(NR, B3)
  
 
09/29/27
 
  
 
12.468
 
  
 
207,597
 
 
400
 
 
TruGreen Ltd. Partnership, 3 mo. USD Term SOFR + 8.500%
(7)
  
(CCC, Caa3)
  
 
11/02/28
 
  
 
14.145
 
  
 
308,334
 
             
 
 
 
             
 
1,581,007
 
             
 
 
 
 
Telecom - Wireline Integrated & Services
(1.2%)
           
 
1,042
 
 
Patagonia Holdco LLC, 3 mo. USD Term SOFR + 5.750%
(7)
  
(NR, B1)
  
 
08/01/29
 
  
 
11.116
 
  
 
951,388
 
 
875
 
 
TVC Albany, Inc., 1 mo. USD Term SOFR + 7.500%
(7),(9)
  
(CCC, Caa2)
  
 
07/23/26
 
  
 
12.970
 
  
 
861,875
 
             
 
 
 
             
 
1,813,263
 
             
 
 
 
 
Theaters & Entertainment
(1.1%)
           
 
497
 
 
UFC Holdings LLC, 3 mo. USD Term SOFR + 2.750%
(7)
  
(BB, Ba3)
  
 
04/29/26
 
  
 
8.399
 
  
 
499,627
 
 
1,266
 
 
William Morris Endeavor Entertainment LLC, 1 mo. USD Term SOFR + 2.750%
(7)
  
(BB-, B3)
  
 
05/18/25
 
  
 
8.220
 
  
 
1,271,374
 
             
 
 
 
             
 
1,771,001
 
             
 
 
 
 
TOTAL BANK LOANS
(Cost $36,622,097)
           
 
34,334,359
 
             
 
 
 
 
ASSET BACKED SECURITIES
(8.6%)
           
 
Collateralized Debt Obligations
(8.6%)
           
 
650
 
 
Anchorage Capital CLO 15 Ltd., 2020-15A, Rule 144A, 3 mo. USD Term SOFR + 7.662%
(1),(7)
  
(NR, Ba3)
  
 
07/20/34
 
  
 
13.077
 
  
 
629,091
 
 
1,000
 
 
Anchorage Capital CLO 25 Ltd., 2022-25A, Rule 144A, 3 mo. USD Term SOFR + 7.170%
(1),(7)
  
(NR, Ba3)
  
 
04/20/35
 
  
 
12.586
 
  
 
951,414
 
 
780
 
 
Anchorage Capital Europe CLO 6 DAC, Rule 144A, 3 mo. EUR EURIBOR + 5.000%
(1),(3),(4),(5),(7)
  
(BBB-, NR)
  
 
01/22/38
 
  
 
8.929
 
  
 
861,627
 
 
500
 
 
Anchorage Credit Funding 4 Ltd., 2016-4A, Rule 144A
(1)
  
(NR, Ba3)
  
 
04/27/39
 
  
 
6.659
 
  
 
416,310
 
 
750
 
 
Battalion CLO 18 Ltd., 2020-18A, Rule 144A, 3 mo. USD Term SOFR + 6.972%
(1),(7)
  
(BB-, NR)
  
 
10/15/36
 
  
 
12.366
 
  
 
681,450
 
 
1,000
 
 
Battalion CLO XV Ltd., 2020-15A, Rule 144A, 3 mo. USD Term SOFR + 6.612%
(1),(7)
  
(BB-, NR)
  
 
01/17/33
 
  
 
12.014
 
  
 
926,679
 
 
1,000
 
 
Cedar Funding VI CLO Ltd., 2016-6A, Rule 144A, 3 mo. USD Term SOFR + 6.982%
(1),(7)
  
(BB-, NR)
  
 
04/20/34
 
  
 
12.397
 
  
 
962,034
 
 
1,000
 
 
CIFC Funding Ltd., 2017-1A, Rule 144A, 3 mo. USD Term SOFR + 3.762%
(1),(7)
  
(NR, Baa2)
  
 
04/23/29
 
  
 
9.174
 
  
 
999,544
 
 
500
 
 
Generate CLO 5 Ltd., Rule 144A, 3 mo. USD Term SOFR + 6.272%
(1),(7)
  
(NR, Ba3)
  
 
10/22/31
 
  
 
11.684
 
  
 
485,400
 
 
See Accompanying Notes to Financial Statements.
 
17

Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
December 31, 2023
 
 
Par
(000)
        
Ratings

(S&P/Moody’s)
  
Maturity
    
Rate%
    
Value
 
 
ASSET BACKED SECURITIES
(continued)
           
 
Collateralized Debt Obligations
(continued)
           
$
1,000
 
 
KKR CLO Ltd., 14, Rule 144A, 3 mo. USD Term SOFR + 6.412%
(1),(7)
  
(NR, B1)
  
 
07/15/31
 
  
 
11.806
 
  
$
950,231
 
 
1,000
 
 
KKR CLO Ltd., 16, Rule 144A, 3 mo. USD Term SOFR + 7.372%
(1),(7)
  
(BB-, NR)
  
 
10/20/34
 
  
 
12.787
 
  
 
953,193
 
 
1,000
 
 
Marble Point CLO XXIII Ltd., 2021-4A, Rule 144A, 3 mo. USD Term SOFR + 6.012%
(1),(7)
  
(NR, Ba1)
  
 
01/22/35
 
  
 
11.424
 
  
 
949,544
 
 
400
 
 
MP CLO III Ltd., 2013-1A, Rule 144A, 3 mo. USD Term SOFR + 3.312%
(1),(7)
  
(NR, Ba1)
  
 
10/20/30
 
  
 
8.727
 
  
 
369,193
 
 
1,000
 
 
Oaktree CLO Ltd., 2019-4A, Rule 144A, 3 mo. USD Term SOFR + 7.492%
(1),(7)
  
(BB-, NR)
  
 
10/20/32
 
  
 
12.907
 
  
 
993,878
 
 
1,000
 
 
Palmer Square Credit Funding Ltd., 2019-1A, Rule 144A
(1)
  
(NR, Baa2)
  
 
04/20/37
 
  
 
5.459
 
  
 
901,854
 
 
1,000
 
 
Venture 41 CLO Ltd., 2021-41A, Rule 144A, 3 mo. USD Term SOFR + 7.972%
(1),(7)
  
(BB-, NR)
  
 
01/20/34
 
  
 
13.387
 
  
 
952,889
 
 
400
 
 
Vibrant CLO VII Ltd., 2017-7A, Rule 144A, 3 mo. USD Term SOFR + 3.862%
(1),(7)
  
(NR, Baa3)
  
 
09/15/30
 
  
 
9.277
 
  
 
391,002
 
             
 
 
 
 
TOTAL ASSET BACKED SECURITIES
(Cost $13,799,718)
           
 
13,375,333
 
             
 
 
 
             
Shares
                               
 
COMMON STOCKS
(0.7%)
           
 
Auto Parts & Equipment
(0.2%)
           
 
37,576
 
 
Jason, Inc.
(5),(11)
           
 
382,038
 
             
 
 
 
 
Chemicals
(0.4%)
           
 
2,794
 
 
Project Investor Holdings LLC
(4),(5),(9),(11)
           
 
28
 
 
46,574
 
 
Proppants Holdings LLC
(4),(5),(9),(11)
           
 
931
 
 
10,028
 
 
UTEX Industries, Inc.
(5),(11)
           
 
551,540
 
             
 
 
 
             
 
552,499
 
             
 
 
 
 
Personal & Household Products
(0.1%)
           
 
22,719
 
 
Serta Simmons Common
(11)
           
 
133,474
 
             
 
 
 
 
Pharmaceuticals
(0.0%)
 
 
45,583
 
 
Akorn, Inc.
(11)
           
 
22,792
 
             
 
 
 
 
Private Placement
(0.0%)
           
 
36,452
 
 
Technicolor Creative Studios SA
(11),(13)
           
 
65,635
 
             
 
 
 
 
Specialty Retail
(0.0%)
           
 
69
 
 
Eagle Investments Holding Co. LLC, Class B
(4),(5),(11)
           
 
1
 
             
 
 
 
 
Support - Services
(0.0%)
           
 
800
 
 
LTR Holdings, Inc.
(4),(5),(9),(11)
           
 
1,185
 
             
 
 
 
 
Theaters & Entertainment
(0.0%)
           
 
255,042
 
 
Vantiva SA
(3),(11)
           
 
32,890
 
             
 
 
 
 
TOTAL COMMON STOCKS
(Cost $3,044,082)
           
 
1,190,514
 
             
 
 
 
 
See Accompanying Notes to Financial Statements.
 
18

Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
December 31, 2023
 
 
Shares
                           
Value
 
 
WARRANT
(0.0%)
           
 
Chemicals
(0.0%)
           
 
11,643
 
 
Project Investor Holdings LLC, expires 02/20/2022
(4),(5),(9),(11)
(Cost $6,054)
           
$
0
 
             
 
 
 
 
SHORT-TERM INVESTMENTS
(5.3%)
           
 
1,056,408
 
 
State Street Institutional U.S. Government Money Market Fund - Premier Class, 5.32%
           
 
1,056,408
 
 
7,169,920
 
 
State Street Navigator Securities Lending Government Money Market Portfolio, 5.36%
(14)
           
 
7,169,920
 
             
 
 
 
 
TOTAL SHORT-TERM INVESTMENTS
(Cost $8,226,328)
           
 
8,226,328
 
             
 
 
 
 
TOTAL INVESTMENTS AT VALUE
(135.5%) (Cost $221,361,825)
           
 
211,536,349
 
 
LIABILITIES IN EXCESS OF OTHER ASSETS
(-35.5%)
           
 
(55,381,733
             
 
 
 
 
NET ASSETS
(100.0%)
           
$
156,154,616
 
             
 
 
 
INVESTMENT ABBREVIATIONS
1 mo. = 1 month
3 mo. = 3 month
6 mo. = 6 month
EURIBOR = Euro Interbank Offered Rate
LIBOR = London Interbank Offered Rate
NR = Not Rated
SARL = société à responsabilité limitée
SOFR = Secured Overnight Financing Rate
WR = Withdrawn Rating
 
 
Credit ratings given by the S&P Global Ratings Division of S&P Global Inc. (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s”) are unaudited.
 
(1)
 
Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2023, these securities amounted to a value of $163,886,643 or 105.0% of net assets.
 
(2)
 
Security or portion thereof is out on loan (See Note 2-K).
 
(3)
 
This security is denominated in Euro.
 
(4)
 
Not readily marketable security; security is valued at fair value as determined in good faith by Credit Suisse Asset Management, LLC as the Fund’s valuation designee under the oversight of the Board of Directors.
 
(5)
 
Security is valued using significant unobservable inputs.
 
(6)
 
This security is denominated in British Pound.
 
(7)
 
Variable rate obligation - The interest rate shown is the rate in effect as of December 31, 2023. The rate may be subject to a cap and floor.
 
(8)
 
PIK: Payment-in-kind security for which part of the income earned may be paid as additional principal.
 
(9)
 
Illiquid security.
 
(10)
 
Bond is currently in default.
 
(11)
 
Non-income producing security.
 
(12)
 
The rates on certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The interest rate shown is the rate in effect as of December 31, 2023.
 
(13)
 
Security is held through holdings of 100 shares of the CIG Special Purpose SPC - Credit Suisse Asset Management Income Fund Segregated Portfolio, an affiliated entity.
 
(14)
 
Represents security purchased with cash collateral received for securities on loan.
 
See Accompanying Notes to Financial Statements.
 
19

Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
December 31, 2023
 
 
Forward Foreign Currency Contracts
 
Forward
Currency to be
Purchased
    
Forward
Currency to be
Sold
    
Expiration
Date
    
  Counterparty  
  
Value on
Settlement
Date
    
Current
Value/
Notional
    
Unrealized
Appreciation
 
EUR
     34,924      USD      37,731        10/07/24      Deutsche Bank AG    $ 37,731      $ 39,034      $ 1,303  
GBP
     9,553      USD      11,687        10/07/24      Morgan Stanley      11,687        12,187        500  
                       
 
 
 
Total Unrealized Appreciation
 
   $ 1,803  
                       
 
 
 
Forward Foreign Currency Contracts
 
Forward
Currency to be
Purchased
    
Forward
Currency to be
Sold
    
Expiration
Date
    
Counterparty
  
Value on
Settlement
Date
    
Current
Value/
Notional
    
Unrealized
Depreciation
 
USD
     58,938      EUR      52,996        10/07/24      Barclays Bank PLC    $ (58,938    $ (59,234    $ (296
USD
     847,848      EUR      772,600        10/07/24      Deutsche Bank AG      (847,848      (863,537      (15,689
USD
     1,484,709      EUR      1,386,231        10/07/24      Morgan Stanley      (1,484,709      (1,549,394      (64,685
USD
     12,959      GBP      10,518        10/07/24      Barclays Bank PLC      (12,959      (13,417      (458
USD
     13,273      GBP      10,494        10/07/24      Deutsche Bank AG      (13,273      (13,386      (113
USD
     576,089      GBP      472,590        10/07/24      Morgan Stanley      (576,089      (602,853      (26,764
                       
 
 
 
Total Unrealized Depreciation
 
   $ (108,005
                       
 
 
 
Total Net Unrealized Appreciation/(Depreciation)
 
   $ (106,202
                       
 
 
 
Currency Abbreviations:
EUR = Euro
GBP = British Pound
USD = United States Dollar
 
See Accompanying Notes to Financial Statements.
 
20

Credit Suisse Asset Management Income Fund, Inc.
Statement of Assets and Liabilities
December 31, 2023
 
 
Assets
  
Investments at value, including collateral for securities on loan of $7,169,920
(Cost $221,361,825) (Note 2)
  
$
  211,536,349
1
 
Cash
  
 
194,724
 
Foreign currency at value (Cost $255)
  
 
261
 
Interest receivable
  
 
3,635,044
 
Receivable for investments sold
  
 
587,766
 
Deferred offering costs (Note 7)
  
 
586,917
 
Receivable for Fund shares sold
  
 
150,883
 
Unrealized appreciation on forward foreign currency contracts (Note 2)
  
 
1,803
 
Prepaid expenses and other assets
  
 
10,782
 
  
 
 
 
Total assets
  
 
216,704,529
 
  
 
 
 
Liabilities
  
Investment advisory fee payable (Note 3)
  
 
179,340
 
Administrative services fee payable (Note 3)
  
 
15,428
 
Loan payable (Note 4)
  
 
52,500,000
 
Payable upon return of securities loaned (Note 2)
  
 
7,169,920
 
Interest payable (Note 4)
  
 
225,025
 
Payable for investments purchased
  
 
200,261
 
Unrealized depreciation on forward foreign currency contracts (Note 2)
  
 
108,005
 
Commitment fees payable (Note 4)
  
 
12,073
 
Accrued expenses
  
 
139,861
 
  
 
 
 
Total liabilities
  
 
60,549,913
 
  
 
 
 
Net Assets
  
Applicable to 52,784,371 shares outstanding
  
$
156,154,616
 
  
 
 
 
Net Assets
  
Capital stock, $.001 par value (Note 6)
  
 
52,784
 
Paid-in capital (Note 6)
  
 
193,062,150
 
Total distributable earnings (loss)
  
 
(36,960,318
  
 
 
 
Net assets
  
$
156,154,616
 
  
 
 
 
Net Asset Value Per Share
  
 
$2.96
 
  
 
 
 
Market Price Per Share
  
 
$3.13
 
  
 
 
 
 
1
 
Includes $7,002,073 of securities on loan.
 
See Accompanying Notes to Financial Statements.
 
21

Credit Suisse Asset Management Income Fund, Inc.
Statement of Operations
For the Year Ended December 31, 2023
 
 
Investment Income
  
Interest
  
$
17,657,715
 
Other Income
  
 
3,619
 
Dividends
  
 
2,932
 
Securities lending (net of rebates)
  
 
70,998
 
  
 
 
 
Total investment income
  
 
17,735,264
 
  
 
 
 
Expenses
  
Investment advisory fees (Note 3)
  
 
717,162
 
Administrative services fees (Note 3)
  
 
64,967
 
Interest expense (Note 4)
  
 
3,308,174
 
Directors’ fees
  
 
137,019
 
Printing fees
  
 
78,405
 
Custodian fees
  
 
65,322
 
Commitment fees (Note 4)
  
 
62,692
 
Legal fees
  
 
57,868
 
Audit and tax fees
  
 
52,900
 
Transfer agent fees
  
 
50,268
 
Stock exchange listing fees
  
 
16,790
 
Insurance expense
  
 
3,307
 
Miscellaneous expense
  
 
11,502
 
  
 
 
 
Total expenses
  
 
4,626,376
 
  
 
 
 
Net investment income
  
 
13,108,888
 
  
 
 
 
Net Realized and Unrealized Gain (Loss) from Investments, Foreign Currency and Forward Foreign Currency Contracts
  
Net realized loss from investments
  
 
(11,556,682
Net realized gain from foreign currency transactions
  
 
6,238
 
Net realized loss from forward foreign currency contracts
  
 
(166,839
Net change in unrealized appreciation (depreciation) from investments
  
 
24,519,725
 
Net change in unrealized appreciation (depreciation) from foreign currency translations
  
 
(6,519
Net change in unrealized appreciation (depreciation) from forward foreign currency contracts
  
 
98,625
 
  
 
 
 
Net realized and unrealized gain from investments, foreign currency transactions and forward foreign currency contracts
  
 
12,894,548
 
  
 
 
 
Net increase in net assets resulting from operations
  
$
  26,003,436
 
  
 
 
 
 
See Accompanying Notes to Financial Statements.
 
22

Credit Suisse Asset Management Income Fund, Inc.
Statements of Changes in Net Assets
 
 
    
For the Year

Ended
 December 31, 2023 
    
For the Year

Ended
 December 31, 2022 
 
From Operations
     
Net investment income
  
$
13,108,888
 
  
$
12,209,827
 
Net realized loss from investments, foreign currency transactions and forward foreign currency contracts
  
 
(11,717,283
  
 
(2,734,929
Net change in unrealized appreciation (depreciation) from investments, foreign currency translations and forward foreign currency contracts
  
 
24,611,831
 
  
 
(31,873,386
  
 
 
    
 
 
 
Net increase (decrease) in net assets resulting from operations
  
 
26,003,436
 
  
 
(22,398,488
  
 
 
    
 
 
 
From Distributions
     
From distributable earnings
  
 
(12,989,932
  
 
(12,261,813
Return of capital
  
 
(1,224,299
  
 
(1,895,583
  
 
 
    
 
 
 
Net decrease in net assets resulting from distributions
  
 
(14,214,231
  
 
(14,157,396
  
 
 
    
 
 
 
From Capital Share Transactions
(Note 6)
     
Net proceeds from at-the-market offering (Note 7)
  
 
369,408
 
  
 
808,859
 
Reinvestment of distributions
  
 
81,972
 
  
 
47,275
 
  
 
 
    
 
 
 
Net increase in net assets from capital share transactions
  
 
451,380
 
  
 
856,134
 
  
 
 
    
 
 
 
Net increase (decrease) in net assets
  
 
12,240,585
 
  
 
(35,699,750
Net Assets
     
Beginning of year
  
 
143,914,031
 
  
 
179,613,781
 
  
 
 
    
 
 
 
End of year
  
$
  156,154,616
 
  
$
  143,914,031
 
  
 
 
    
 
 
 
 
See Accompanying Notes to Financial Statements.
 
23

Credit Suisse Asset Management Income Fund, Inc.
Statement of Cash Flows
For the Year Ended December 31, 2023
 
 
Reconciliation of Net Increase in Net Assets from Operations to Net Cash Provided by Operating Activities
     
Net increase in net assets resulting from operations
     
$
  26,003,436
 
     
 
 
 
Adjustments to Reconcile Net Increase in Net Assets from Operations to Net Cash Provided by Operating Activities
     
Increase in interest receivable
  
$
(112,635
  
Decrease in accrued expenses
  
 
(28,191
  
Increase in payable upon return of securities loaned
  
 
282,405
 
  
Increase in interest payable
  
 
93,302
 
  
Increase in commitment fees payable
  
 
12,073
 
  
Increase in prepaid expenses and other assets
  
 
(10,205
  
Increase in deferred offering cost
  
 
(15,412
  
Increase in investment advisory fee payable
  
 
6,232
 
  
Net amortization of a premium or accretion of a discount on investments
  
 
(1,141,615
  
Purchases of long-term securities, net of change in payable for investments purchased
  
 
(82,956,627
  
Sales of long-term securities, net of change in receivable for investments sold
  
 
89,873,102
 
  
Net proceeds from sales (purchases) of short-term securities
  
 
3,001,179
 
  
Net change in unrealized (appreciation) depreciation from investments and forward foreign currency contracts
  
 
(24,618,350
  
Net realized loss from investments
  
 
11,556,682
 
  
Total adjustments
     
 
(4,058,060
     
 
 
 
Net cash provided by operating activities
1
     
$
21,945,376
 
     
 
 
 
Cash Flows From Financing Activities
     
Borrowings on revolving credit facility
  
 
5,000,000
 
  
Repayments of credit facility
  
 
(13,000,000
  
Proceeds from the sale of shares
  
 
218,525
 
  
Cash distributions paid
  
 
(14,132,259
  
  
 
 
    
Net cash used in financing activities
     
 
(21,913,734
     
 
 
 
Net increase in cash
     
 
31,642
 
Cash — beginning of year
     
 
163,343
 
     
 
 
 
Cash — end of year
     
$
194,985
 
     
 
 
 
Non-Cash Activity:
     
Issuance of shares through dividend reinvestments
     
$
81,972
 
     
 
 
 
 
 
1
 
Included in net cash provided by operating activities is cash of $3,214,872 paid for interest on borrowings.
 
See Accompanying Notes to Financial Statements.
 
24

Credit Suisse Asset Management Income Fund, Inc.
Financial Highlights
 
 
    
For the Year Ended December 31,
 
    
2023
    
2022
   
2021
    
2020
    
2019
 
Per share operating performance
             
Net asset value, beginning of year
  
$
2.73
 
  
$
3.43
 
 
$
3.42
 
  
$
3.48
 
  
$
3.21
 
  
 
 
    
 
 
   
 
 
    
 
 
    
 
 
 
INVESTMENT OPERATIONS
             
Net investment income
1
  
 
0.25
 
  
 
0.23
 
 
 
0.23
 
  
 
0.27
 
  
 
0.26
 
Net gain (loss) from investments, foreign currency transactions and forward foreign currency contracts (both realized and unrealized)
  
 
0.25
 
  
 
(0.66
 
 
0.05
 
  
 
(0.06
  
 
0.28
 
  
 
 
    
 
 
   
 
 
    
 
 
    
 
 
 
Total from investment activities
  
 
0.50
 
  
 
(0.43
 
 
0.28
 
  
 
0.21
 
  
 
0.54
 
  
 
 
    
 
 
   
 
 
    
 
 
    
 
 
 
LESS DIVIDENDS AND DISTRIBUTIONS
             
Dividends from net investment income
  
 
(0.25
  
 
(0.23
 
 
(0.24
  
 
(0.27
  
 
(0.27
Return of capital
  
 
(0.02
  
 
(0.04
 
 
(0.03
  
 
 
  
 
(0.00
)
2
 
  
 
 
    
 
 
   
 
 
    
 
 
    
 
 
 
Total dividends and distributions
  
 
(0.27
  
 
(0.27
 
 
(0.27
  
 
(0.27
  
 
(0.27
  
 
 
    
 
 
   
 
 
    
 
 
    
 
 
 
Net asset value, end of year
  
$
2.96
 
  
$
2.73
 
 
$
3.43
 
  
$
3.42
 
  
$
3.48
 
  
 
 
    
 
 
   
 
 
    
 
 
    
 
 
 
Per share market value, end of year
  
$
3.13
 
  
$
2.52
 
 
$
3.43
 
  
$
3.15
 
  
$
3.22
 
  
 
 
    
 
 
   
 
 
    
 
 
    
 
 
 
TOTAL INVESTMENT RETURN
3
             
Net asset value
  
 
19.65
  
 
(12.46
)% 
 
 
8.51
  
 
8.08
  
 
18.17
Market value
  
 
37.07
  
 
(19.19
)% 
 
 
17.82
  
 
7.58
  
 
26.71
RATIOS AND SUPPLEMENTAL DATA
             
Net assets, end of year (000s omitted)
  
$
156,155
 
  
$
143,914
 
 
$
179,614
 
  
$
178,641
 
  
$
182,030
 
Ratio of net expenses to average net assets
  
 
3.10
  
 
1.91
 
 
1.07
  
 
1.25
  
 
1.92
Ratio of net expenses to average net assets excluding interest expense
  
 
0.88
  
 
0.89
 
 
0.80
  
 
0.75
  
 
0.78
Ratio of net investment income to average net assets
  
 
8.79
  
 
7.79
 
 
6.70
  
 
8.55
  
 
7.59
Asset Coverage per $1,000 of Indebtedness
  
$
3,974
 
  
$
3,379
 
 
$
4,070
 
  
$
4,162
 
  
$
4,021
 
Outstanding senior securities (000s omitted)
  
$
52,500
 
  
$
60,500
 
 
$
58,500
 
  
$
56,500
 
  
$
60,250
 
Portfolio turnover rate
4
  
 
39
  
 
42
 
 
53
  
 
36
  
 
35
 
1
 
Per share information is calculated using the average shares outstanding method.
2
 
This amount represents less than $(0.01) per share.
3
 
Total investment return at net asset value is based on the change in the net asset value of Fund shares and assumes reinvestment of distributions, if any, at actual prices pursuant to the Fund’s dividend reinvestment program. Total investment return at market value is based on the change in the market price at which the Fund’s shares traded on the stock exchange during the period and assumes reinvestment of distributions, if any, at actual prices pursuant to the Fund’s dividend reinvestment program. Because the Fund’s shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on NAV and market price.
4
 
Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.
 
See Accompanying Notes to Financial Statements.
 
25

Credit Suisse Asset Management Income Fund, Inc.
Financial Highlights (continued)
 
 
    
For the Year Ended December 31,
 
    
2018
   
2017
    
2016
    
2015
   
2014
 
Per share operating performance
            
Net asset value, beginning of year
  
$
3.58
 
 
$
3.48
 
  
$
3.21
 
  
$
3.62
 
 
$
3.84
 
  
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
INVESTMENT OPERATIONS
            
Net investment income
1
  
 
0.27
 
 
 
0.24
 
  
 
0.25
 
  
 
0.25
 
 
 
0.25
 
Net gain (loss) on investments, foreign currency transactions and forward foreign currency contracts (both realized and unrealized)
  
 
(0.37
 
 
0.12
 
  
 
0.28
 
  
 
(0.40
 
 
(0.19
  
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
Total from investment activities
  
 
(0.10
 
 
0.36
 
  
 
0.53
 
  
 
(0.15
 
 
0.06
 
  
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
LESS DIVIDENDS AND DISTRIBUTIONS
            
Dividends from net investment income
  
 
(0.27
 
 
(0.24
  
 
(0.25
  
 
(0.26
 
 
(0.27
Return of capital
  
 
 
 
 
(0.02
  
 
(0.01
  
 
 
 
 
(0.01
  
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
Total dividends and distributions
  
 
(0.27
 
 
(0.26
  
 
(0.26
  
 
(0.26
 
 
(0.28
  
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
Net asset value, end of year
  
$
3.21
 
 
$
3.58
 
  
$
3.48
 
  
$
3.21
 
 
$
3.62
 
  
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
Per share market value, end of year
  
$
2.77
 
 
$
3.31
 
  
$
3.16
 
  
$
2.78
 
 
$
3.29
 
  
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
TOTAL INVESTMENT RETURN
2
            
Net asset value
  
 
(2.39
)% 
 
 
11.34
  
 
18.64
  
 
(3.35
)% 
 
 
1.92
Market value
  
 
(8.89
)% 
 
 
13.37
  
 
24.39
  
 
(7.90
)% 
 
 
(0.09
)% 
RATIOS AND SUPPLEMENTAL DATA
            
Net assets, end of year (000s omitted)
  
$
167,897
 
 
$
187,472
 
  
$
182,019
 
  
$
167,848
 
 
$
189,343
 
Ratio of expenses to average net assets
  
 
1.82
 
 
1.06
  
 
0.74
  
 
0.66
 
 
0.71
Ratio of expenses to average net assets excluding interest expense
  
 
0.78
 
 
0.90
  
 
0.74
  
 
0.66
 
 
0.71
%
3
 
Ratio of net investment income to average net assets
  
 
7.83
 
 
6.75
  
 
7.66
  
 
7.21
 
 
6.60
Asset Coverage per $1,000 of Indebtedness
  
$
3,373
 
 
$
5,075
 
  
$
 
  
$
 
 
$
 
Outstanding senior securities (000s omitted)
  
$
70,750
 
 
$
46,000
 
  
$
 
  
$
 
 
$
 
Portfolio turnover rate
4
  
 
39
 
 
64
  
 
53
  
 
51
 
 
67
 
1
 
Per share information is calculated using the average shares outstanding method.
2
 
Total investment return at net asset value is based on the change in the net asset value of Fund shares and assumes reinvestment of distributions, if any, at actual prices pursuant to the Fund’s dividend reinvestment program. Total investment return at market value is based on the change in the market price at which the Fund’s shares traded on the stock exchange during the period and assumes reinvestment of distributions, if any, at actual prices pursuant to the Fund’s dividend reinvestment program. Because the Fund’s shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on NAV and market price.
3
 
Presentation of 2014 adjusted to conform with current period presentation.
4
 
Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.
 
See Accompanying Notes to Financial Statements.
 
26

Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements
December 31, 2023
 
 
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 provide current income consistent with the preservation of capital.
Note 2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is considered an investment company for financial reporting purposes under GAAP and follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies.
A) SECURITY VALUATION — The Board of Directors (the “Board”) is responsible for the Fund’s valuation process. The Board has delegated the supervision of the daily valuation process to Credit Suisse Asset Management, LLC, the Fund’s investment adviser (“Credit Suisse” or the “Adviser”), who has established a Pricing Committee and a Pricing Group, which, pursuant to the policies adopted by the Board, are responsible for making fair valuation determinations and overseeing the Fund’s pricing policies. The net asset value of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the “Exchange”) on each day the Exchange is open for business. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. These pricing services generally price fixed income securities assuming orderly transactions of an institutional “round lot” size, but some trades occur in smaller “odd lot” sizes which may be effected at lower prices than institutional round lot trades. Structured note agreements are valued in accordance with a dealer-supplied valuation based on changes in the value of the underlying index. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Forward contracts are valued at the London closing spot rates and the London closing forward point rates on a daily basis. The currency forward contract pricing model derives the differential in point rates to the expiration date of the forward and calculates its present value. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. Investments in open-ended mutual funds are valued at the net asset value as reported on each business day and under normal circumstances. Securities for which market quotations are not readily available are valued at their fair value as determined in good faith by the Adviser, as the Board’s valuation designee (as defined in Rule
2a-5
under the 1940 Act), in accordance with the Adviser’s procedures. The Board oversees the Adviser in its role as valuation designee in accordance with the requirements of Rule
2a-5
under the 1940 Act. The Fund may utilize a service provided by an independent third party to fair value certain securities. When fair value pricing is employed, the prices of securities used by the Fund to calculate its net asset value may differ from quoted or published prices for the same securities. If independent third party pricing services are unable to
 
27

Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
December 31, 2023
 
 
Note 2. Significant Accounting Policies
 (continued)
 
supply prices for a portfolio investment, or if the prices supplied are deemed by the Adviser to be unreliable, the market price may be determined by the Adviser using quotations from one or more brokers/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, these securities will be fair valued in good faith by the Pricing Group, in accordance with procedures established by the Adviser.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
GAAP established a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at each measurement date. These inputs are summarized in the three broad levels listed below:
 
   
Level 1 — quoted prices in active markets for identical investments
 
   
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
 
   
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities carried at fair value:
 
Assets
  
Level 1
    
Level 2
    
Level 3
    
Total
 
Investments in Securities
           
Corporate Bonds
   $      $ 154,338,886      $ 70,929      $ 154,409,815  
Bank Loans
            31,296,084        3,038,275        34,334,359  
Asset Backed Securities
            12,513,706        861,627        13,375,333  
Common Stocks
     199,109        55,682        935,723        1,190,514  
Warrants
                   0
1
 
     0  
Short-term Investments
     8,226,328                      8,226,328  
  
 
 
    
 
 
    
 
 
    
 
 
 
   $ 8,425,437      $ 198,204,358      $ 4,906,554      $ 211,536,349  
  
 
 
    
 
 
    
 
 
    
 
 
 
Other Financial Instruments*
           
Forward Foreign Currency Contracts
   $      $ 1,803      $      $ 1,803  
  
 
 
    
 
 
    
 
 
    
 
 
 
Liabilities
                           
Other Financial Instruments*
           
Forward Foreign Currency Contracts
   $      $ 108,005      $      $ 108,005  
  
 
 
    
 
 
    
 
 
    
 
 
 
 
 
1
 
Included a zero valued security.
  *
Other financial instruments include unrealized appreciation (depreciation) on forward foreign currency contracts.
 
28

Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
December 31, 2023
 
 
Note 2. Significant Accounting Policies
 (continued)
 
The following is a reconciliation of investments as of December 31, 2023 for which significant unobservable inputs were used in determining fair value.
 
    
Corporate

Bonds
    
Bank

Loans
    
Asset

Backed

Securities
    
Common

Stocks
    
Warrant
   
Total
 
Balance as of December 31, 2022
   $ 94,488      $ 4,620,480      $      $ 302,487      $ 73
(1)
 
  $ 5,017,528  
Accrued discounts (premiums)
     (18,502      17,461                            (1,041
Purchases
            941,464        845,169                     1,786,633  
Sales
     (39,719      (596,457             (92,783            (728,959
Realized gain (loss)
     (218,058      (447,434             (2,594,920      (3,965     (3,264,377
Change in unrealized appreciation (depreciation)
     252,720        570,163        16,458        2,410,153        3,892       3,253,386  
Transfers into Level 3
                          933,578              933,578  
Transfers out of Level 3
            (2,067,402             (22,792            (2,090,194
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Balance as of December 31, 2023
   $ 70,929      $ 3,038,275      $ 861,627      $ 935,723      $ 0
(1)
 
  $ 4,906,554  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2023
   $ 7,170      $ (2,549    $ 16,458      $      $     $ 21,079  
 
 
(1)
Includes a zero valued security.
Quantitative Disclosure About Significant Unobservable Inputs
 
Asset Class
  
Fair Value

At December 31,

2023
    
Valuation

Technique
    
Unobservable

Input
    
Price Range

(Weighted Average)
*
 
Bank Loans
   $ 2,563,214        Vendor pricing        Single Broker Quote       
$0.86 - $1.00 ($0.95)
 
     475,061        Income Approach        Expected Remaining Distribution       
0.00 - 1.10 (0.72)
 
Corporate Bonds
     70,929        Income Approach        Expected Remaining Distribution       
0.56 - 0.65 (0.60)
 
Asset Backed Securities
     861,627        Recent Transactions        Trade Price        1.10 (N/A)  
Common Stocks
     2,145        Income Approach        Expected Remaining Distribution       
0.01 - 1.48 (0.83)
 
     933,578        Vendor Pricing        Single Broker Quote       
10.17 - 55.00 (36.65)
 
Warrant
     0        Income Approach        Expected Remaining Distribution        0.00 (N/A)  
 
  *
Weighted by relative fair value
Each fair value determination is based on a consideration of relevant factors, including both observable and unobservable inputs. Observable and unobservable inputs that Credit Suisse considers may include (i) the existence of any contractual restrictions on the disposition of securities; (ii) information obtained from the company, which may include an analysis of the company’s financial statements, the company’s products or intended markets or the company’s technologies; (iii) the price of the same or similar security negotiated at arm’s length in an issuer’s completed subsequent round of financing; (iv) the price and extent of public trading in similar securities of the issuer or of comparable companies; or (v) a probability and time value adjusted analysis of contractual term. Where available and appropriate, multiple valuation methodologies are applied to confirm fair value. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, determining fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for investments categorized in Level 3. In some circumstances, the inputs used to measure
 
29

Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
December 31, 2023
 
 
Note 2. Significant Accounting Policies
 (continued)
 
fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the least observable input that is significant to the fair value measurement. Additionally, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different from the valuations used at the date of these financial statements.
For the year ended December 31, 2023, $933,578 was transferred from Level 2 to Level 3 due to a lack of a pricing source supported by observable inputs and $2,090,194 was transferred from Level 3 to Level 2 as a result of the availability of a pricing source supported by observable inputs. All transfers, if any, are assumed to occur at the end of the reporting period.
B) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES — The Fund adopted amendments to authoritative guidance on disclosures about derivative instruments and hedging activities which require that a fund disclose (a) how and why an entity uses derivative instruments, (b) how derivative instruments and hedging activities are accounted for and (c) how derivative instruments and related hedging activities affect a fund’s financial position, financial performance and cash flows.
The following table presents the fair value and the location of derivatives within the Statement of Assets and Liabilities at December 31, 2023 and the effect of these derivatives on the Statement of Operations for the year ended December 31, 2023.
 
Primary Underlying Risk
  
Derivative

Assets
    
Derivative

Liabilities
    
Realized

Gain (Loss)
    
Net Change in

Unrealized

Appreciation

(Depreciation)
 
Foreign currency exchange rate Forward contracts
   $ 1,803      $ 108,005      $ (166,839    $ 98,625  
For the year ended December 31, 2023, the Fund held an average monthly value on a net basis of $4,357,456 in forward foreign currency contracts.
The Fund is a party to International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“Master Agreements”) with certain counterparties that govern
over-the-counter
derivative (including total return, credit default and interest rate swaps) and foreign exchange contracts entered into by the Fund. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Termination events applicable to the Fund may occur upon a decline in the Fund’s net assets below a specified threshold over a certain period of time.
The following table presents by counterparty the Fund’s derivative assets, net of related collateral held by the Fund, at December 31, 2023:
 
Counterparty
  
Gross Amount of

Derivative Assets

Presented in the

Statement of Assets

and Liabilities
(a)
    
Financial

Instruments

and Derivatives

Available for Offset
    
Non-Cash

Collateral

Received
    
Cash

Collateral

Received
    
Net Amount

of Derivative

Assets
 
Deutsche Bank AG
   $ 1,303      $ (1,303    $      $      $  
Morgan Stanley
     500        (500                     
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $ 1,803      $ (1,803    $      $      $  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
30

Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
December 31, 2023
 
 
Note 2. Significant Accounting Policies
 (continued)
 
The following table presents by counterparty the Fund’s derivative liabilities, net of related collateral pledged by the Fund, at December 31, 2023:
 
Counterparty
  
Gross Amount of

Derivative Liabilities

Presented in the

Statement of Assets

and Liabilities
(a)
    
Financial

Instruments

and Derivatives

Available for Offset
    
Non-Cash

Collateral

Pledged
    
Cash

Collateral

Pledged
    
Net Amount

of Derivative

Liabilities
 
Barclays Bank PLC
   $ 754      $      $      $      $ 754  
Deutsche Bank AG
     15,802        (1,303                    14,499  
Morgan Stanley
     91,449        (500                    90,949  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $ 108,005      $ (1,803    $      $      $ 106,202  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
 
(a)
Forward foreign currency contracts are included.
C) FOREIGN CURRENCY TRANSACTIONS — The books and records of the Fund are maintained in U.S. dollars. Transactions denominated in foreign currencies are recorded at the current prevailing exchange rates. All assets and liabilities denominated in foreign currencies, including purchases and sales of investments, and income and expenses, are translated into U.S. dollar amounts on the date of those transactions.
Reported net realized gain (loss) from foreign currency transactions arises from sales of foreign currencies; currency gains or losses realized between the trade and settlement dates on securities transactions; and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net change in unrealized gains and losses on translation of assets and liabilities denominated in foreign currencies arises from changes in the fair values of assets and liabilities, other than investments, at the end of the period, resulting from changes in exchange rates.
The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of investments held. Such fluctuations are included with net realized and unrealized gain or loss from investments in the Statement of Operations.
D) SECURITY TRANSACTIONS AND INVESTMENT INCOME/EXPENSE — Security transactions are accounted for on a trade date basis. Interest income/expense is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method. Dividend income/expense is recorded on the
ex-dividend
date. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.
E) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — The Fund declares and pays dividends on a monthly basis and records them on ex-dividend date. Distributions of net realized capital gains, if any, are declared and paid at least annually. However, to the extent that a net realized capital gain can be reduced by a capital loss carryforward, such gain will not be distributed. Dividends and distributions to shareholders of the Fund are recorded on the
ex-dividend
date and are determined in accordance with federal income tax regulations, which may differ from GAAP.
 
31

Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
December 31, 2023
 
 
Note 2. Significant Accounting Policies
 (continued)
 
The Fund’s dividend policy is to distribute substantially all of its net investment income to its shareholders on a monthly basis. However, in order to provide shareholders with a more consistent yield to the current trading price of shares of common stock of the Fund, the Fund may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the dividends paid by the Fund for any particular month may be more or less than the amount of net investment income earned by the Fund during such month.
F) FEDERAL AND OTHER TAXES — No provision is made for federal taxes as it is the Fund’s intention to continue to qualify as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), and to make the requisite distributions to its shareholders, which will be sufficient to relieve it from federal income and excise taxes.
In order to qualify as a RIC under the Code, the Fund must meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income. One of these requirements is that the Fund derive at least 90% of its gross income for each taxable year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, other income derived with respect to its business of investing in such stock, securities or currencies or net income derived from interests in certain publicly-traded partnerships (“Qualifying Income”).
The Fund adopted the authoritative guidance for uncertainty in income taxes and recognizes a tax benefit or liability from an uncertain position only if it is more likely than not that the position is sustainable based solely on its technical merits and consideration of the relevant taxing authority’s widely understood administrative practices and procedures.
 
The Fund has reviewed its current tax positions and has determined that no provision for income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
G) CASH — The Fund’s uninvested cash balance is held in an interest bearing variable rate demand deposit account at State Street Bank and Trust Company (“SSB”), the Fund’s custodian.
H) CASH FLOW INFORMATION — Cash, as used in the Statement of Cash Flows, is the amount reported in the Statement of Assets and Liabilities, including domestic and foreign currencies. The Fund invests in securities and distributes dividends from net investment income and net realized gains, if any (which are either paid in cash or reinvested at the discretion of shareholders). These activities are reported in the Statement of Changes in Net Assets. Information on cash payments is presented in the Statement of Cash Flows. Accounting practices that do not affect reporting activities on a cash basis include unrealized gain or loss on investment securities and accretion or amortization income/expense recognized on investment securities.
I) FORWARD FOREIGN CURRENCY CONTRACTS — A forward foreign currency exchange contract (“forward currency contract”) is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. The Fund will enter into forward currency contracts primarily for hedging foreign currency risk. Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and unrealized gain/loss is recorded daily. On the settlement date of the forward currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was closed. Certain risks may arise upon entering into forward currency
 
32

Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
December 31, 2023
 
 
Note 2. Significant Accounting Policies
 (continued)
 
contracts from the potential inability of counterparties to meet the terms of their contracts. The maximum counterparty credit risk to the Fund is measured by the unrealized gain on appreciated contracts. Additionally, when utilizing forward currency contracts to hedge, the Fund forgoes the opportunity to profit from favorable exchange rate movements during the term of the contract. The Fund’s open forward currency contracts at December 31, 2023 are disclosed in the Schedule of Investments.
J) UNFUNDED LOAN COMMITMENTS — The Fund enters into certain agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrowers’ discretion. Funded and unfunded portions of credit agreements are presented in the Schedule of Investments. As of December 31, 2023, the Fund has no unfunded loan commitments.
Unfunded loan commitments and funded portions of credit agreements are marked to market daily and any unrealized appreciation or depreciation is included in the Statement of Assets and Liabilities and the Statement of Operations.
K) SECURITIES LENDING — The initial collateral received by the Fund is required to have a value of at least 102% of the market value of domestic securities on loan (including any accrued interest thereon) and 105% of the market value of foreign securities on loan (including any accrued interest thereon). The collateral is maintained thereafter at a value equal to at least 102% of the current market value of the securities on loan. The market value of loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. Cash collateral received by the Fund in connection with securities lending activity may be pooled together with cash collateral for other funds/portfolios advised by 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. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.
SSB has been engaged by the Fund to act as the Fund’s securities lending agent. As of December 31, 2023, the Fund had outstanding loans of securities to certain approved brokers for which the Fund received collateral:
 
Market Value of

Loaned Securities
   
Market Value of

Cash Collateral
   
Total

Collateral
 
$ 7,002,073     $ 7,169,920     $ 7,169,920  
The following table presents financial instruments that are subject to enforceable netting arrangements as of December 31, 2023.
Gross Amounts Not Offset in the Statement of Assets and Liabilities
 
Gross Asset Amounts

Presented in

the Statement of Assets

and Liabilities
(a)
   
Collateral

Received
(b)
   
Net Amount
 
$ 7,002,073     $ (7,002,073   $  
 
 
(a)
Represents market value of loaned securities at year end.
 
(b)
The actual collateral received is greater than the amount shown here due to collateral requirements of the security lending agreement.
 
33

Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
December 31, 2023
 
 
Note 2. Significant Accounting Policies
 (continued)
 
The Fund’s securities lending arrangement provides that the Fund and SSB will share the net income earned from securities lending activities. Securities lending income is accrued as earned. For the year ended December 31, 2023, total earnings received in connection with securities lending arrangements was $497,358, of which $402,838 was rebated to borrowers (brokers). The Fund retained $70,998 in income, and SSB, as lending agent, was paid $23,522.
L) OTHER — Lower-rated debt securities (commonly known as “junk bonds”) possess speculative characteristics and are subject to greater market fluctuations and risk of lost income and principal than higher-rated debt securities for a variety of reasons. Also, during an economic downturn or substantial period of rising interest rates, highly leveraged issuers may experience financial stress which would adversely affect their ability to service their principal and interest payment obligations, to meet projected business goals and to obtain additional financing.
The United Kingdom’s Financial Conduct Authority (the “FCA”), which regulates LIBOR, has ceased publishing all LIBOR settings. In April 2023, however, the FCA announced that some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. The Secured Overnight Financing Rate, or “SOFR,” is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the purchase agreement (“repo”) market and has been used increasingly on a voluntary basis in new instruments and transactions. On March 15, 2022, the Adjustable Interest Rate Act was signed into law, providing a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the Adjustable Interest Rate Act by identifying benchmark rates based on SOFR that replaced LIBOR in different categories of financial contracts after June 30, 2023. These regulations apply only to contracts governed by U.S. law, among other limitations. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Parties to contracts, securities or other instruments using LIBOR may disagree on transition rates or the application of applicable transition regulation, potentially resulting in uncertainty of performance and the possibility of litigation. The Fund may have instruments linked to other interbank offered rates that may also cease to be published in the future.
In the normal course of business, the Fund trades financial instruments and enters into financial transactions for which risk of potential loss exists due to changes in the market (market risk) or failure of the other party to a transaction to perform (credit risk). Similar to credit risk, the Fund may be exposed to counterparty risk, including with respect to securities lending, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default. The potential loss could exceed the value of the financial assets recorded in the financial statements. Financial assets, which potentially expose the Fund to credit risk, consist principally of cash due from counterparties and investments. The extent of the Fund’s exposure to credit and counterparty risks in respect to these financial assets approximates their carrying value as recorded in the Fund’s Statement of Assets and Liabilities.
In addition, periods of economic uncertainty and changes can be expected to result in increased volatility of market prices of lower-rated debt securities and the Fund’s net asset value.
 
34

Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
December 31, 2023
 
 
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 an average weekly base amount which, with respect to each quarter, is the average of the lower of (i) the stock price (market value) of the Fund’s outstanding shares and (ii) the Fund’s net assets, in each case determined as of the last trading day for each week during the relevant quarter. For the year ended December 31, 2023, investment advisory fees earned were $717,162.
The Fund from time to time purchases or sells loan investments in the secondary market through Credit Suisse or its affiliates acting in the capacity as broker-dealer. Credit Suisse or its affiliates may have acted in some type of agent capacity to the initial loan offering prior to such loan trading in the secondary market.
Note 4. Line of Credit
The Fund has a line of credit subject to annual renewal provided by SSB primarily to leverage its investment portfolio (the “Agreement”). The Fund may borrow the lesser of: a) $85,000,000; b) an amount that is no greater than 33 1/3% of the Fund’s total assets minus the sum of liabilities (other than aggregate indebtedness constituting leverage); and c) the Borrowing Base as defined in the Agreement. Under the terms of the Agreement, the Fund pays a commitment fee of 0.25% on the unused amount. In addition, the Fund pays interest on borrowings at a designated reference rate plus a spread. At December 31, 2023, the Fund had loans outstanding under the Agreement of $52,500,000. Unless renewed, the Agreement will terminate on June 5, 2024. During the year ended December 31, 2023, the Fund had borrowings under the Agreement as follows:
 
Average Daily

Loan Balance
   
Weighted Average

Interest Rate %
   
Maximum Daily

Loan Outstanding
   
Interest Expense
   
Number of

Days

Outstanding
 
$ 55,256,164       5.905   $ 62,500,000     $ 3,308,174       365  
The use of leverage by the Fund creates an opportunity for increased net income and capital appreciation for the Fund, but, at the same time, creates special risks, and there can be no assurance that a leveraging strategy will be successful during any period in which it is employed. The Fund intends to utilize leverage to provide the shareholders with a potentially higher return. Leverage creates risks for shareholders including the likelihood of greater volatility of net asset value and market price of the Fund’s shares and the risk that fluctuations in interest rates on borrowings and short-term debt may affect the return to shareholders. To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the Fund’s return will be greater than if leverage had not been used. Conversely, if the income or capital appreciation from the securities purchased with such funds is not sufficient to cover the cost of leverage, the return to the Fund will be less than if leverage had not been used, and therefore the amount available for distribution to shareholders as dividends and other distributions will be reduced. In the latter case, Credit Suisse in its best judgment nevertheless may determine to maintain the Fund’s leveraged position if it deems such action to be appropriate under the circumstances.
Certain types of borrowings by the Fund may result in the Fund being subject to covenants in credit agreements, including those relating to asset coverage and portfolio composition requirements. The securities held by the Fund are subject to a lien granted to the lender, to the extent of the borrowing outstanding and any additional expenses. The Fund’s lenders may establish guidelines for borrowing which may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act. There is no guarantee that the Fund’s borrowing arrangements or other arrangements for obtaining leverage will
 
35

Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
December 31, 2023
 
 
Note 4. Line of Credit
 (continued)
 
continue to be available, or if available, will be available on terms and conditions acceptable to the Fund. Expiration or termination of available financing for leveraged positions can result in adverse effects to the Fund’s access to liquidity and its ability to maintain leverage positions, and may cause the Fund to incur losses. Unfavorable economic conditions also could increase funding costs, limit access to the capital markets or result in a decision by lenders not to extend credit to the Fund. In addition, a decline in market value of the Fund’s assets may have particular adverse consequences in instances where the Fund has borrowed money based on the market value of those assets. A decrease in market value of those assets may result in the lender requiring the Fund to sell assets at a time when it may not be in the Fund’s best interest to do so.
Note 5. Purchases and Sales of Securities
For the year ended December 31, 2023, purchases and sales of investment securities (excluding short-term investments) and U.S. Government and Agency Obligations were as follows:
 
Investment Securities
    
U.S. Government/

Agency Obligations
 
Purchases
   
Sales
    
Purchases
   
Sales
 
$ 77,371,726     $ 88,316,423      $ 0     $ 0  
Note 6. Fund Shares
The Fund offers a Dividend Reinvestment Plan (the “Plan”) to its common stockholders. By participating in the Plan, dividends and distributions will be promptly paid to stockholders in additional shares of common stock of the Fund. The number of shares to be issued will be determined by dividing the total amount of the distribution payable by the greater of (i) the 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, Computershare (or a broker-dealer selected by Computershare) shall endeavor to apply the amount of such distribution to purchase shares of Fund common stock in the open market.
The Fund has one class of shares of common stock, par value $0.001 per share; one hundred million shares are authorized. Transactions in shares of beneficial interest of the Fund were as follows:
 
    
For the Year Ended

December 31, 2023
    
For the Year Ended

December 31, 2022
 
Shares issued through
at-the-market
offerings
     122,441        277,489  
Shares issued through reinvestment of distributions
     28,627        16,822  
  
 
 
    
 
 
 
Net increase
     151,068        294,311  
  
 
 
    
 
 
 
Note 7. Shelf Offering
The Fund has an effective “shelf” registration statement, which became effective with the SEC on November 17, 2021. The shelf registration statement enables the Fund to issue up to $250,000,000 in proceeds 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 November 19, 2021, 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.
 
36

Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
December 31, 2023
 
 
Note 7. Shelf Offering
 (continued)
 
Costs incurred by the Fund in connection with its shelf registration statement and prospectus supplement are recorded as a prepaid expense and recognized as “Deferred offering costs” on the Statement of Assets and Liabilities. These costs will be amortized pro rata as common shares are sold and will be recognized as a component of proceeds from the shelf offering on the Statement of Changes in Net Assets. Any deferred offering costs remaining after the effectiveness of the shelf registration statement will be expensed. Costs incurred by the Fund to keep the shelf registration current are expensed as incurred and recognized as a component of “Miscellaneous expense” on the Statement of Operations. Deferred offering costs amortized during the year ended December 31, 2023 were $848.
Note 8. Income Tax Information and Distributions to Shareholders
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
The tax character of dividends paid by the Fund during the fiscal years ended December 31, 2023 and 2022, respectively, was as follows:
 
Ordinary Income
    
Return of Capital
 
2023
   
2022
    
2023
   
2022
 
$ 12,989,932     $ 12,261,813      $ 1,224,299     $ 1,895,583  
The tax basis components of distributable earnings differ from book basis by temporary book/tax differences. These differences are primarily due to differing treatments of wash sales, forward contracts marked to market, defaulted bond income accruals, and premium amortization accruals.
At December 31, 2023, the components of distributable earnings on a tax basis were as follows:
 
Accumulated net realized loss
   $ (27,010,018
Unrealized depreciation
     (9,950,300
  
 
 
 
   $ (36,960,318
  
 
 
 
At December 31, 2023, the Fund had $440,895 of unlimited short-term capital loss carryforwards and $26,569,123 of unlimited long-term capital loss carryforwards available to offset possible future capital gains.
At December 31, 2023, the cost and net unrealized appreciation (depreciation) of investments and derivatives for income tax purposes were as follows:
 
Cost of Investments
   $ 221,380,733  
  
 
 
 
Unrealized appreciation
   $ 3,857,429  
Unrealized depreciation
     (13,808,015
  
 
 
 
Net unrealized appreciation (depreciation)
   $ (9,950,586
  
 
 
 
To adjust for current period permanent book/tax differences which arose principally from differing book/tax treatment of foreign currency gain (loss), defaulted bonds, premium amortization adjustments, and return of capital, paid in capital was charged $1,224,299 and distributable earnings/loss was credited $1,224,299. Net assets were not affected by this reclassification.
 
37

Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
December 31, 2023
 
 
Note 9. Contingencies
In the normal course of business, the Fund may provide general indemnifications pursuant to certain contracts and organizational documents. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.
Note 10. UBS Merger and Section 9(a) Exemption
On June 12, 2023 (the “Closing Date”), Credit Suisse Group AG (“CS Group”) merged with and into UBS Group AG, a global financial services company (“UBS Group”), with UBS Group remaining as the surviving company (the “Transaction”), pursuant to a definitive merger agreement signed on March 19, 2023. CS Group was the ultimate parent company of Credit Suisse the Fund’s investment manager. As a result of the Transaction, Credit Suisse is now an indirect wholly-owned subsidiary of UBS Group.
The closing of the Transaction was deemed to result in an assignment of the Fund’s investment advisory agreement with Credit Suisse (the “Prior Advisory Agreement”), resulting in its automatic termination as of the Closing Date. Prior to the Closing Date, the Board approved a new investment advisory agreement with Credit Suisse (the “New Advisory Agreement”), which was then approved by shareholders at a joint special meeting of shareholders of the Fund and the other Credit Suisse funds held on August 24, 2023 and adjourned to September 26, 2023. In addition, prior to the Closing Date, the Board approved an interim investment advisory agreement with Credit Suisse (the “Interim Advisory Agreement”). The Interim Advisory Agreement did not require shareholder approval. The Interim Advisory Agreement took effect upon the Closing Date when the Prior Advisory Agreement was deemed to have terminated, so that Credit Suisse could continue to manage the Fund following the Closing Date. The Interim Advisory Agreement terminated upon the shareholder approval of the corresponding New Advisory Agreement. The Interim Advisory Agreement contained the same terms and conditions as the corresponding Prior Advisory Agreement except for the effective and termination dates, the termination and escrow provisions required by Rule
15a-4
under the 1940 Act and certain
non-material
changes. During the period that the Interim Advisory Agreement was in effect, Credit Suisse’s advisory fees were held in an interest-bearing escrow account, pursuant to Rule
15a-4.
In addition, on June 7, 2023, Credit Suisse and certain of its affiliates filed an application (the “Application”) for a waiver from disqualification under Section 9(a) of the 1940 Act from serving as investment adviser to registered investment companies, including the Fund, in connection with a consent order and final judgment (the “Consent Judgment”) filed in New Jersey Superior Court on October 24, 2022. The Consent Judgment was entered against certain of Credit Suisse’s affiliates, but did not involve the Fund or the services that Credit Suisse and its affiliates provided to the Fund. Because Credit Suisse is an affiliate of the entities subject to the Consent Judgment, it could also be subject to disqualification under Section 9(a), despite not being involved in the conduct underlying the Consent Judgment. As requested in the Application, the SEC granted a temporary waiver from Section 9(a) to Credit Suisse and its affiliates, as well as to UBS Group and its affiliates (“UBS”), on June 7, 2023. The temporary waiver became effective on the Closing Date. Credit Suisse and certain of its affiliates also applied for a permanent order, which the SEC granted on July 5, 2023. The permanent order grants (i) a time-limited exemption from Section 9(a) (the “Time-Limited Exemption”), which enables Credit Suisse to provide investment advisory services to the Fund until the
12-month
anniversary of the Closing Date (by which point such services are anticipated to be transitioned to one or more UBS asset management affiliates), and (ii) a permanent exemption from Section 9(a) for UBS.
 
38

Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
December 31, 2023
 
 
Note 10. UBS Merger and Section 9(a) Exemption
 (continued)
 
No changes to the investment objective, principal investment strategies and policies, principal risks, fundamental and
non-fundamental
investment policies, or portfolio managers (“Fund-specific changes”) (other than potential personnel changes outside of Credit Suisse’s control) of the Fund are currently contemplated as a result of the Transaction or the Time-Limited Exemption. Although no Fund-specific changes are currently contemplated as a result of the Transaction, shareholders should note that Credit Suisse is expected to transition the investment advisory services that its currently provides to the Fund to one or more registered investment advisers affiliated with UBS on or prior to June 12, 2024 (the “UBS Transition”). In connection with, or following the completion of, the UBS Transition, it is possible that there could be Fund-specific changes. In addition, subject to Board approval, one or more Fund service providers may change prior to the expiration of the Time-Limited Exemption in connection with the UBS Transition. However, the exact structure and timing of the UBS Transition and Fund-specific changes (if any) related to the UBS Transition have not yet been finalized. It is expected that any Fund-specific changes related to the UBS Transition will be implemented without shareholder approval except to the extent such approvals are required under the federal securities laws. Shareholders of the Fund will be promptly notified of any material Fund-specific changes.
On December 13, 2023, the U.S. Securities and Exchange Commission (the “SEC”) entered an administrative cease and desist order (the “Order”) against Credit Suisse Securities (USA) LLC (“CSSU”) and two affiliated Credit Suisse entities (collectively, the Credit Suisse Entities) alleging in the Order that the Credit Suisse Entities were ineligible to provide underwriting and investment advisory services to registered investment companies, including the Fund, during the period from October 24, 2022 to June 7, 2023 in violation of Section 9(a) of the 1940 Act as a result of the Consent Judgment. The Consent Judgment did not involve registered investment companies or the services that the Credit Suisse Entities provided to registered investments companies or the Fund. Without admitting or denying the findings in the SEC’s Order, the Credit Suisse Entities agreed to pay $10,080,220 in disgorgement, prejudgment interest and civil penalties and agree to cease and desist from committing or causing any violations or any future violations of Section 9(a) of the 1940 Act.
Note 11. Subsequent Events
In preparing the financial statements as of December 31, 2023, 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.
 
39

Credit Suisse Asset Management Income Fund, Inc.
Report of Independent Registered Public Accounting Firm
 
 
To
 
the
 
Board of Directors and Shareholders
 
of
Credit Suisse Asset Management Income Fund, Inc.
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of
 
Credit Suisse Asset Management Income Fund, Inc.
 
(the “Fund”) as of December 31, 2023, the related statements of operations and cash flows for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2023 and the year ended December 31, 2014 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the four years in the period ended December 31, 2023 and the year ended December 31, 2014 in conformity with accounting principles generally accepted in the United States of America.
The financial statements of the Fund as of and for the years ended December 31, 2019, 2018, 2017, 2016 and 2015 and the financial highlights for each of the years ended December 31, 2019, 2018, 2017, 2016, and 2015 (not presented herein, other than the financial highlights) were audited by other auditors whose reports dated February 14, 2020, February 28, 2019, February 20, 2018, February 22, 2017, and February 23, 2016, respectively, expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, transfer agent, agent banks and
 
brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits
 
provide a reasonable basis for our opinion.
/S/PricewaterhouseCoopers LLP
New York, New York
February 26, 2024
We have served as the auditor of one or more investment companies in the Credit Suisse Asset Management, LLC investment complex since 2020.
 
40

Credit Suisse Asset Management Income Fund, Inc.
Shareholder Meeting Results (unaudited)
 
 
A Joint Special Meeting of shareholders of Credit Suisse Asset Management Income Fund, Inc. (the “Fund”) was held at Eleven Madison Avenue, New York, NY 10010 on August 24, 2023 and adjourned to September 26, 2023. The following matter was voted upon by the shareholders of the Fund and the results are presented below.
1. Approval of a new Investment Advisory Agreement:
 
    
Shares
    
% of Total Shares
Outstanding
   
% of Total Shares
Voted
 
For
     23,577,841        44.79     87.29
Against
     926,254        1.79     3.43
Abstain
     2,505,669        4.79     9.28
 
41

Credit Suisse Asset Management Income Fund, Inc.
Fund Summary (unaudited)
December 31, 2023
 
 
Recent Changes
The following information is a summary of certain changes since December 31, 2023. This information may not reflect all of the changes that have occurred since you purchased the Fund.
During the Fund’s most recent fiscal year, there were no material changes in the Fund’s investment objective or policies that have not been approved by shareholders or in the principal risk factors associated with investment in the Fund.
Investment Objective and Policies
The investment objective of the Fund is to provide current income consistent with the preservation of capital. The Fund’s investment portfolio will not be managed for capital appreciation. The Fund’s investment objective is a fundamental policy and cannot be changed without the approval of the holders of a majority of the Fund’s outstanding voting securities. As used herein, a “majority of the Fund’s outstanding voting securities” means the lesser of (a) 67% of the shares represented at a meeting at which more than 50% of the outstanding shares are represented or (b) more than 50% of the outstanding shares. The Fund is not intended to be a complete investment program and there can be no assurance that the Fund will achieve its objectives.
Under normal circumstances, the Fund invests at least 75% of its total assets in fixed income securities, such as bonds, convertible securities and preferred stocks. The Fund’s investments in fixed income securities are not subject to any rating quality limitation. The Fund primarily invests in high yield fixed income securities that are in the lower rating categories of Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”), a division of S&P Global Inc., or another nationally recognized ratings service (commonly referred to as “junk bonds”). Lower-rated securities generally provide yields superior to those of more highly-rated securities, but involve greater risks and are speculative in nature. See “Risk Factors — Lower-Rated Securities.” The Fund may also invest in securities rated single A or higher by Moody’s or S&P and unrated corporate fixed income securities.
Differing yields on fixed income securities of the same maturity are a function of several factors. Higher yields are generally available from securities in the lower rating categories of recognized rating agencies, i.e., Baa or lower by Moody’s or BBB or lower by S&P. Securities ratings are based largely on the issuer’s historical financial information and the rating agencies’ investment analysis at the time of rating. Consequently, the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition, which may be better or worse than the rating would indicate. Although Credit Suisse considers security ratings when making investment decisions for high yield securities, it performs its own investment analysis and does not rely principally on the ratings assigned by the rating services. Credit Suisse’s analysis may include consideration of the issuer’s experience and managerial strength, changing financial condition, borrowing requirements or debt maturity schedules, and its responsiveness to changes in business conditions and interest rates. It also considers relative values based on anticipated cash flow, interest or dividend coverage, asset coverage and earnings prospects.
Credit Suisse bases its investment decisions in high yield securities on the results of issuer and security-specific credit analysis. Credit Suisse evaluates each issuer’s rating, cash flow, financial structure and business risk. Credit Suisse takes into account, among other things, the issuer’s financial resources, its sensitivity to economic conditions and trends, its operating history, the quality of the issuer’s management and regulatory matters. Credit Suisse evaluates the covenants of each security and pursues a strategy of broad issuer and industry diversification.
 
42

Credit Suisse Asset Management Income Fund, Inc.
Fund Summary (unaudited) (continued)
December 31, 2023
 
 
The Fund currently utilizes and in the future expects to continue to utilize leverage through borrowings, including the issuance of debt securities, or through other transactions, such as reverse repurchase agreements, which have the effect of leverage. The Fund currently is leveraged through borrowings from a credit facility with State Street Bank and Trust Company. The Fund may use leverage up to 33 1/3% of its total assets (including the amount obtained through leverage). There can be no guarantee that the Fund will be able to accurately predict when the use of leverage will be beneficial. Use of leverage creates an opportunity for increased income and capital appreciation for shareholders but, at the same time, creates special risks, and there can be no assurance that a leveraging strategy will be successful during any period in which it is employed.
The Fund may also invest in debt securities issued or guaranteed by the U.S. government, or by agencies or instrumentalities established or sponsored by the U.S. government, including mortgage-backed securities. Depending on market conditions, the Fund may invest a substantial portion of its assets in mortgage-backed securities. Mortgage-backed securities are collateralized by mortgages or interests in mortgages and may be issued by government or
non-government
entities. Mortgage-backed securities issued by government entities typically provide a monthly payment consisting of interest and principal payments, and additional payments will be made out of unscheduled payments of principal.
Non-government
issued mortgage-backed securities may offer higher yields than those issued by government entities, but may be subject to greater price fluctuations. To the extent that the Fund invests in the mortgage market, Credit Suisse will evaluate relevant economic, environmental and security-specific variables such as housing starts, coupon and age trends.
The Fund may invest in loans and loan participations (collectively, “Loans”), including senior secured floating Loans (“Senior Loans”), “second lien” secured floating rate Loans (“Second Lien Loans”), and other types of secured Loans with fixed and variable interest rates.
Credit Suisse may take full advantage of the entire range of maturities of fixed income securities and may adjust the average maturity of the investments held in the Fund’s portfolio from time to time, depending on its assessment of relative yields of securities of different maturities and its expectations of future changes in interest rates. It is expected that the average weighted maturity of the Fund’s investment portfolio will be 4 to 10 years.
The Fund invests in debt obligations and other fixed income securities denominated in U.S. dollars,
non-U.S.
currencies or composite currencies, including:
 
   
debt obligations issued or guaranteed by foreign national, provincial, state, municipal or other governments with taxing authority or by their agencies or instrumentalities;
 
   
debt obligations of supranational entities;
 
   
debt obligations of the U.S. government issued in
non-dollar
denominated securities; and
 
   
dollar and
non-dollar
denominated debt obligations and other fixed income securities of foreign and U.S. corporate issuers.
The Fund may invest a portion of its assets in the securities of issuers located in emerging markets. The Fund has a fundamental policy not to invest more than 5% of the value of its total assets in securities denominated in a currency other than the U.S. dollar.
In making investments in foreign and emerging market securities, Credit Suisse considers the relative growth and inflation rates of different countries. Credit Suisse considers expected changes in foreign currency exchange rates, including the prospects for central bank intervention, in determining the anticipated returns of securities
 
43

Credit Suisse Asset Management Income Fund, Inc.
Fund Summary (unaudited) (continued)
December 31, 2023
 
 
denominated in foreign currencies. Credit Suisse further evaluates, among other things, foreign yield curves and regulatory and political factors, including the fiscal and monetary policies of such countries.
In the past, during periods of falling U.S. exchange rates, yields available from securities denominated in foreign currencies have often been higher, in U.S. dollar terms, than those of securities denominated in U.S. dollars. Credit Suisse considers expected changes in foreign currency exchange rates in determining the anticipated returns of securities denominated in foreign currencies. The obligations of foreign governmental entities, including supranational issuers, have various kinds of government support. Obligations of foreign governmental entities include obligations issued or guaranteed by national, provincial, state or other governments with taxing power or by their agencies. These obligations may or may not be supported by the full faith and credit of a foreign government.
The Fund may invest in credit default swap agreements. The Fund may enter into credit default swap agreements either as a buyer or a seller. The Fund may buy a credit default swap to attempt to mitigate the risk of default or credit quality deterioration in one or more individual holdings or in a segment of the fixed income securities market. The Fund may sell a credit default swap in an attempt to gain exposure to an underlying issuer’s credit quality characteristics without investing directly in that issuer. The “buyer” in a credit default swap is obligated to pay the “seller” an upfront payment or a periodic stream of payments over the term of the agreement, provided that no credit event on an underlying reference obligation has occurred. If a credit event occurs, the seller must pay the buyer the full notional value, or “par value,” of the reference obligation in exchange for the reference obligation. As a result of counterparty risk, certain credit default swap agreements may involve greater risks than if the Fund had invested in the reference obligation directly. There is no limit on the Fund’s ability to enter into credit default swap agreements.
Risk Factors
This section contains a discussion of the general risks of investing in the Fund. The net asset value and market price of, and dividends paid on, the Fund’s common shares of beneficial interest (the “Shares”) will fluctuate with and be affected by, among other things, the risks more fully described below. As with any fund, there can be no guarantee that the Fund will meet its investment objective or that the Fund’s performance will be positive for any period of time.
Investment and Market Risk.
An investment in the Shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in Shares represents an indirect investment in the securities owned by the Fund.
The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably, and these fluctuations are likely to have a greater impact on the value of the Shares during periods in which the Fund utilizes a leveraged capital structure. The value of the securities in which the Fund invests will affect the value of the Shares. Your Shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
Lower-Rated Securities Risk.
At any time, all or substantially all of the Fund’s portfolio may be invested in medium-grade or below investment grade fixed income securities (commonly referred to as “junk bonds”) as determined by a nationally recognized rating service and in unrated securities of comparable quality. Lower-rated securities are regarded as being predominantly speculative as to the issuer’s ability to make payments of principal and interest. Investment in such securities involves substantial risk. Issuers of lower-rated securities may be highly leveraged and may not have available to them more traditional methods of financing. Therefore,
 
44

Credit Suisse Asset Management Income Fund, Inc.
Fund Summary (unaudited) (continued)
December 31, 2023
 
 
the risks associated with acquiring the securities of such issuers generally are greater than is the case with higher-rated securities. For example, during an economic downturn or a sustained period of rising interest rates, issuers of lower-rated securities may be more likely to experience financial stress, especially if such issuers are highly leveraged. During periods of economic downturn, such issuers may not have sufficient revenues to meet their interest payment obligations. The issuer’s ability to service its debt obligations also may be adversely affected by specific issuer developments, the issuer’s inability to meet specific projected business forecasts or the unavailability of additional financing. The risk of loss due to default by the issuer is significantly greater for the holders of lower-rated securities because such securities may be unsecured and may be subordinate to other creditors of the issuer.
Credit Risk.
Credit risk is the risk that one or more of the Fund’s investments in debt securities or other instruments will decline in price, or fail to pay interest, liquidation value or principal when due, because the issuer of the obligation or the issuer of a reference security experiences an actual or perceived decline in its financial status. In addition to the credit risks associated with high yield securities, the Fund could also lose money if the issuer of other debt obligations, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or other obligation, is, or is perceived to be, unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The downgrade of a security may further decrease its value.
Interest Rate Risk.
Generally, when market interest rates rise, the prices of debt obligations fall, and vice versa. Interest rate risk is the risk that debt obligations and other instruments in the Fund’s portfolio will decline in value because of increases in market interest rates. The Fund may be subject to a greater risk of rising interest rates due to the recent period of historically low rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address rising inflation. The prices of long-term debt obligations generally fluctuate more than prices of short-term debt obligations as interest rates change. During periods of rising interest rates, the average life of certain types of securities may be extended due to slower than expected payments. This may lock in a below market yield, increase the security’s duration and reduce the security’s value. The Fund’s use of leverage will tend to increase interest rate risk.
Investments in floating rate debt instruments, although generally less sensitive to interest rate changes than longer duration fixed rate instruments, may nevertheless decline in value in response to rising interest rates if, for example, the rates at which they pay interest do not rise as much, or as quickly, as market interest rates in general. Conversely, floating rate instruments will not generally increase in value if interest rates decline. Inverse floating rate debt securities also may exhibit greater price volatility than a fixed rate debt obligation with similar credit quality. To the extent the Fund holds floating rate instruments, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund’s common shares.
Leverage Risk
. The Fund currently leverages through borrowings from a credit facility. The use of leverage, which can be described as exposure to changes in price at a ratio greater than the amount of equity invested, through borrowings or other forms of market exposure, magnifies both the favorable and unfavorable effects of price movements in the investments made by the Fund. Insofar as the Fund continues to employ leverage in its investment operations, the Fund will be subject to greater risk of loss than if it had not employed leverage.
Therefore, if the market value of the Fund’s investment portfolio declines, any leverage will result in a greater decrease in net asset value to common shareholders than if the Fund were not leveraged. Such greater net asset value decrease will also tend to cause a greater decline in the market price for the common shares.
 
45

Credit Suisse Asset Management Income Fund, Inc.
Fund Summary (unaudited) (continued)
December 31, 2023
 
 
The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the Investment Company Act of 1940, as amended (the “Investment Company Act”), and the rules thereunder. Further, if at any time while the Fund has leverage outstanding it does not meet applicable asset coverage requirements, it may be required to suspend distributions to common shareholders until the requisite asset coverage is restored. Any such suspension might impair the ability of the Fund to meet the regulated investment company distribution requirements and to avoid Fund-level U.S. federal income and/or excise taxes.
Under Rule
18f-4
under the Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on
value-at-risk.
Corporate Debt Risk.
The Fund may invest in debt securities of
non-governmental
issuers. Like all debt securities, corporate debt securities generally represent an issuer’s obligation to repay to the investor (or lender) the amount borrowed plus interest over a specified time period. A typical corporate bond specifies a fixed date when the amount borrowed (principal) is due in full, known as the maturity date, and specifies dates when periodic interest (coupon) payments will be made over the life of the security.
Prices of corporate debt securities fluctuate and, in particular, are subject to several key risks including, but not limited to, interest rate risk, credit risk and prepayment risk. The market value of a corporate bond may be affected by the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the market place. There is a risk that the issuers of the corporate debt securities in which the Fund may invest may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.
Foreign Securities Risk.
Investing in securities of foreign entities and securities denominated in foreign currencies involves certain risks not involved in domestic investments, including, but not limited to, fluctuations in foreign exchange rates, future foreign political and economic developments, different legal and accounting systems and the possible imposition of exchange controls or other foreign governmental laws or restrictions. Securities prices in different countries are subject to different economic, financial, political and social factors. Since the Fund may invest in securities denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect the value of securities in the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the value of securities denominated in such currencies. The Fund may, but is not obligated to, engage in certain transactions to hedge the currency-related risks of investing in
non-U.S.
dollar denominated securities. In addition, with respect to certain foreign countries, there is the possibility of expropriation of assets, confiscatory taxation, difficulty in obtaining or enforcing a court judgment, economic, political or social instability or diplomatic developments that could affect investments in those countries. Moreover, individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, capital reinvestment, resources, self-sufficiency and balance of payments position. Certain foreign investments also may be subject to foreign withholding taxes. These risks often are heightened for investments in smaller, emerging capital markets.
Emerging Market Securities Risk.
Investing in the securities of issuers located in emerging markets involves special considerations not typically associated with investing in the securities of U.S. issuers and other developed market issuers, including heightened risks of expropriation and/or nationalization, armed conflict, confiscatory taxation, restrictions on transfers of assets and market illiquidity, lack of uniform accounting and auditing standards, differences in regulatory and financial recordkeeping standards, difficulties in dividend withholding reclaims procedures, less publicly available financial and other information and potential difficulties in enforcing contractual obligations.
 
46

Credit Suisse Asset Management Income Fund, Inc.
Fund Summary (unaudited) (continued)
December 31, 2023
 
 
The economies of individual emerging market countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, currency depreciation, capital reinvestment, resource self-sufficiency and balance of payments position. Governments of many developing and emerging market countries have exercised and continue to exercise substantial influence over many aspects of the private sector. In some cases, the government owns or controls many companies, including some of the largest in the country.
Accordingly, government actions could have a significant effect on economic conditions in an emerging market country and on market conditions, prices and yields of securities in the Fund’s portfolio. Moreover, the economies of emerging market countries generally are heavily dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade.
Illiquid Securities Risk.
The Fund may invest in securities for which no readily available market exists or are otherwise considered illiquid. The Fund may not be able readily to dispose of such securities at prices that approximate those at which the Fund could sell such securities if they were more widely traded and, as result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil. There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by the Fund. Regulatory changes have led to reduced liquidity in the marketplace, and the capacity of dealers to make markets in fixed income securities has been outpaced by the growth in the size of the fixed income markets. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed income funds may be higher than normal, due to the increased supply in the market that would result from selling activity. Illiquid securities generally trade at a discount.
Prepayment Risk.
If interest rates fall, the principal on bonds and loans held by the Fund may be paid earlier than expected. If this happens, the proceeds from a prepaid security may be reinvested by the Fund in securities bearing lower interest rates, resulting in a possible decline in the Fund’s income and distributions to shareholders.
Preferred Stock Risk.
Preferred stocks are unique securities that combine some of the characteristics of both common stocks and bonds. Preferred stocks generally pay a fixed rate of return and are sold on the basis of current yield, like bonds. However, because they are equity securities, preferred stocks provide equity ownership of a company, and the income is paid in the form of dividends. Preferred stocks typically have a yield advantage over common stocks as well as comparably-rated fixed income investments. Preferred stocks are typically subordinated to bonds and other debt instruments in a company’s capital structure, in terms of priority to corporate income, and therefore will be subject to greater credit risk than those debt instruments. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.
Mortgage-Backed Securities Risk.
The Fund may invest a substantial portion of its total assets in mortgage-backed securities. The value of mortgage-backed securities is subject to change due to shifts in the market’s perception of issuers, and regulatory or tax changes may adversely affect the mortgage securities market as a whole. Foreclosures and prepayments, which occur when unscheduled or early payments are made on the underlying mortgages, may shorten the effective maturities on these securities. The Fund’s yield may be affected by reinvestment of prepayments at higher or lower rates than the original investment. Prepayments tend to increase
 
47

Credit Suisse Asset Management Income Fund, Inc.
Fund Summary (unaudited) (continued)
December 31, 2023
 
 
due to refinancing of mortgages as interest rates decline. In addition, like other debt securities, the values of mortgage-backed securities will generally fluctuate in response to changes in interest rates
Senior Loans Risk.
The Fund’s investments in Senior Loans are expected to typically be below investment grade. These investments are considered speculative because of the credit risk of their issuers. Such companies are more likely to default on their payments of interest and principal owed to the Fund, and such defaults could reduce the Fund’s net asset value and income distributions. An economic downturn generally leads to a higher
non-payment
rate, and a debt obligation may lose significant value before a default occurs. Moreover, any specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan’s value.
Like other debt instruments, Senior Loans are subject to the risk of
non-payment
of scheduled interest or principal. Such
non-payment
would result in a reduction of income to the Fund, a reduction in the value of the investment and a potential decrease in the net asset value per share of the Fund. There can be no assurance that the liquidation of any collateral securing a loan would satisfy the borrower’s obligation in the event of
non-payment
of scheduled interest or principal payments, or that such collateral could be readily liquidated. This is particularly the case where a senior loan is not backed by collateral or sufficient collateral at the time such senior loan is issued. In the event of bankruptcy of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a senior loan. The collateral securing a senior loan may lose all or substantially all of its value in the event of bankruptcy of a borrower. Some Senior Loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate such Senior Loans to presently existing or future indebtedness of the borrower or take other action detrimental to the holders of Senior Loans including, in certain circumstances, invalidating such Senior Loans or causing interest previously paid to be refunded to the borrower. If interest were required to be refunded, it could negatively affect the Fund’s performance.
Transactions in Senior Loans may settle on a delayed basis, resulting in the proceeds from the sale of Senior Loans not being readily available to make additional investments or to meet the Fund’s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders.
Second Lien and Other Secured Loans Risk
. Second Lien Loans and other secured Loans are subject to the same risks associated with investment in Senior Loans and bonds rated below investment grade. However, because Second Lien Loans are second in right of payment to one or more Senior Loans of the related borrower, and other secured Loans rank lower in right of payment to Second Lien Loans, they are subject to the additional risk that the cash flow of the borrower and any property securing the Loan may be insufficient to meet scheduled payments after giving effect to the more senior secured obligations of the borrower. This risk is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest in any specific collateral. Second Lien Loans and other secured Loans are also expected to have greater price volatility than Senior Loans and may be less liquid. There is also a possibility that originators will not be able to sell participations in Second Lien Loans and other secured Loans, which would create greater credit risk exposure.
Conflict of Interest Risk.
Affiliates of Credit Suisse may act as underwriter, lead agent or administrative agent for loans and participate in the secondary market for loans. Because of limitations imposed by applicable law, the presence of Credit Suisse’s affiliates in the primary and secondary markets for loans may restrict the fund’s ability to acquire some loans or affect the timing or price of such acquisitions.
 
48

Credit Suisse Asset Management Income Fund, Inc.
Fund Summary (unaudited) (continued)
December 31, 2023
 
 
Derivatives Risk.
The Fund may invest in derivatives, such as credit default swap agreements and interest rate futures and related options. The primary risk of derivatives is the same as the risk of the underlying asset, namely that the value of the underlying asset may increase or decrease. Adverse movements in the value of the underlying asset can expose the Fund to losses. In addition, risks in the use of derivatives include:
 
   
an imperfect correlation between the price of derivatives and the movement of the securities prices, interest rates or currency exchange rates being hedged or replicated;
 
   
the possible absence of a liquid secondary market for any particular derivative at any time;
 
   
the potential loss if the counterparty to the transaction does not perform as promised;
 
   
the possible need to defer closing out certain positions to avoid adverse tax consequences, as well as the possibility that derivative transactions may result in acceleration of gain, deferral of losses or a change in the character of gain realized;
 
   
the risk that the financial intermediary “manufacturing” the
over-the-counter
derivative, being the most active market maker and offering the best price for repurchase, will not continue to create a credible market in the derivative;
 
   
because certain derivatives are “manufactured” by financial institutions, the risk that the Fund may develop a substantial exposure to financial institution counterparties; and
 
   
the risk that a full and complete appreciation of the complexity of derivatives and how future value is affected by various factors including changing interest rates, exchange rates and credit quality is not attained.
There is no guarantee that derivatives will provide successful results and any success in their use depends on a variety of factors including the ability of Credit Suisse to predict correctly the direction of interest rates, securities prices, currency exchange rates and other factors.
Credit Default Swap Risk.
Credit default swap contracts, a type of derivative instrument, involve special risks and may result in losses to the Fund. Credit default swaps may in some cases be illiquid, and they increase credit risk since the Fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap. Swaps may be difficult to unwind or terminate. The swap market could be disrupted or limited as a result of recent legislation, and these changes could adversely affect the Fund.
Counterparty Risk.
The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts purchased or sold by the Fund. Recently, several broker-dealers and other financial institutions have experienced extreme financial difficulty, sometimes resulting in bankruptcy of the institution. Although the Investment Adviser monitors the creditworthiness of the Fund’s counterparties, there can be no assurance that the Fund’s counterparties will not experience similar difficulties, possibly resulting in losses to the Fund. If a counterparty becomes bankrupt, or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.
Valuation Risk.
Unlike publicly traded common stock which trades on national exchanges, there is no central place or exchange for bond trading. Bonds generally trade on an
“over-the-counter”
market which may be anywhere in the world where buyer and seller can settle on a price. Due to the lack of centralized information and
 
49

Credit Suisse Asset Management Income Fund, Inc.
Fund Summary (unaudited) (continued)
December 31, 2023
 
 
trading, the valuation of bonds may carry more risk than that of common stock. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. As a result, the Fund may be subject to the risk that when a security is sold in the market, the amount received by the Fund is less than the value of such security carried on the Fund’s books.
Market Price, Discount and Net Asset Value of Shares.
As with any stock, the price of the Fund’s Shares fluctuates with market conditions and other factors. Shares of the Fund, a
closed-end
investment company, may trade in the market at a discount from their net asset value.
Potential Yield Reduction.
An offering of Shares is expected to present the opportunity to invest in high yielding securities. This expectation is based on the current market environment for high yield debt securities, which could change in response to interest rate levels, general economic conditions, specific industry conditions and other factors. If the market environment for high yield debt securities changes in a manner that adversely affects the yield of such securities, the offering of Shares could cause the Fund to invest in securities that are lower yielding than those in which it is currently invested. In addition, even if the market for high yield debt securities continues to present attractive investment opportunities, there is no assurance that the Fund will be able to invest the proceeds of an offering of Shares in high yielding securities or that other potential benefits of the offering will be realized. An offering of Shares could reduce the Fund’s current dividend yield if the Fund is unable to invest the proceeds of the offering in securities that provide a yield at least equal to the current dividend yield.
Market Risk
. The market value of an instrument may fluctuate, sometimes rapidly and unpredictably. These fluctuations, which are often referred to as “volatility,” may cause an instrument to be worth less than it was worth at an earlier time. Market risk may affect a single issuer, industry, commodity, sector of the economy, or the market as a whole. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on a fund and its investments. Market risk is common to most investments — including stocks, bonds and commodities — and the mutual funds that invest in them. The performance of “value” stocks and “growth” stocks may rise or decline under varying market conditions — for example, value stocks may perform well under circumstances in which growth stocks in general have fallen.
Bonds and other fixed income securities generally involve less market risk than stocks and commodities. However, the risk of bonds can vary significantly depending upon factors such as the issuer’s creditworthiness and a bond’s maturity. The bonds of some companies may be riskier than the stocks of others.
An outbreak of an infectious coronavirus
(COVID-19)
that was first detected in December 2019 and developed into a global pandemic. That has resulted in numerous disruptions in the market and has had significant economic impact leaving general concern and uncertainty. Although vaccines have been developed and approved for use by various governments, the duration and effect of the
COVID-19
pandemic cannot be predicted with certainty. The
COVID-19
pandemic has affected, and other pandemics and epidemics that may arise in the future, could affect, the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. In addition, the effect of infectious diseases in developing or emerging market countries may be greater due to less established health care systems. Health crises caused by the
COVID-19
pandemic may exacerbate other
pre-existing
political, social and economic risks in certain countries. As a result, the extent to which the pandemic may negatively affect a fund’s performance or the duration of any potential business disruption is uncertain.
 
50

Credit Suisse Asset Management Income Fund, Inc.
Fund Summary (unaudited) (continued)
December 31, 2023
 
 
Anti-Takeover Provisions.
The Charter and
By-laws
contain provisions limiting the ability of other entities or persons to acquire control of the Fund. These provisions may be regarded as “anti-takeover” provisions. These provisions could have the effect of depriving the shareholders of opportunities to sell their Shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund in a tender offer or similar transaction.
Senior Securities
The following table sets forth information regarding the Fund’s outstanding senior securities as of the end of each of the Fund’s last ten fiscal years, as applicable.
 
Year Ended 12/31   Aggregate Amount Outstanding  
Asset Coverage per $1,000 of
Indebtedness
1
2023
  $52,500,000   $3,974
2022
  $60,500,000   $3,379
2021
  $58,500,000   $4,070
2020
  $56,500,000   $4,162
2019
  $60,250,000   $4,021
2018
  $70,750,000   $3,373
2017
  $46,000,000   $5,075
2016
   
2015
   
2014
   
2013
   
 
 
1
 
Asset coverage means the ratio that the value of the Fund’s total assets (including amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings.
Trading and Net Asset Value Information
The following table shows for the quarters indicated: (1) the high and low sale prices of the Fund’ shares of common stock (“Common Shares”) at the close of trading on the NYSE American; (2) the high and low NAV per Common Share; and (3) the high and low premium/(discount) to NAV at which the Fund’s Common Shares were trading at the close of trading (as a percentage of NAV).
 
    
Price
    
Net Asset Value
    
 Premium/(Discount) To Net Asset Value 
 
Fiscal Quarter Ended
  
High
    
Low
    
High
    
Low
    
High
   
Low
 
March 31, 2022
   $ 3.50      $ 2.94      $ 3.43      $ 3.18        2.04     (8.41 )% 
June 30, 2022
   $ 3.07      $ 2.59      $ 3.24      $ 2.79        (2.15 )%      (9.44 )% 
September 30, 2022
   $ 3.00      $ 2.65      $ 3.01      $ 2.69        3.15     (4.48 )% 
December 31, 2022
   $ 2.80      $ 2.41      $ 2.81      $ 2.67        1.82     (10.41 )% 
March 31, 2023
   $ 2.80      $ 2.46      $ 2.90      $ 2.73        0.00     (10.55 )% 
June 30, 2023
   $ 3.05      $ 2.57      $ 2.85      $ 2.79        8.16     (8.87 )% 
September 30, 2023
   $ 3.05      $ 2.59      $ 2.89      $ 2.82        6.27     (8.48 )% 
December 31, 2023
   $ 3.13      $ 2.51      $ 2.96      $ 2.75        5.74     (8.73 )% 
On December 31, 2023, the per Common Share NAV was $2.96 and the per Common Share market price was $3.13, representing a 5.74% premium over such NAV.
Common Shares of the Fund have historically traded at both a premium and discount to NAV.
 
51

Credit Suisse Asset Management Income Fund, Inc.
Fund Summary (unaudited) (continued)
December 31, 2023
 
 
Shares of
closed-end
investment companies listed for trading on a securities exchange frequently trade at a discount from NAV, although in some cases they may trade at a premium. The market price may be affected by trading volume of the shares, general market and economic conditions and other factors beyond the control of the
closed-end
fund. The foregoing factors may result in the market price of the shares being greater than, less than or equal to NAV. The Board has reviewed the structure of the Fund in light of its investment objective and policies and has determined that the
closed-end
structure is in the best interests of the shareholders. As described above, however, the Board will review periodically the trading range and activity of the Fund’s Common Shares with respect to its NAV and the Board may take certain actions to seek to reduce or eliminate any such discount. Such actions may include open market repurchases or tender offers for the Common Shares at NAV or the possible conversion of the Fund to an
open-end
investment company. There can be no assurance that the Board will decide to undertake any of these actions or that, if undertaken, such actions would result in the Common Shares trading at a price equal to or close to net asset value per share.
Summary of Fund Expenses
The following table and example are intended to assist you in understanding the various costs and expenses directly or indirectly associated with investing in Common Shares of the Fund. Some of the percentages indicated in the table below are estimates and may vary.
 
Shareholder Transaction Expenses
  
Sales Load (as a percentage of offering price)
     1.50 %
(1)
 
Offering Expenses (as a percentage of offering price)
     0.00
Dividend Reinvestment Plan Fees
   $ 5.00
(2)
 
 
Annual Operating Expenses (as a percentage of average net assets attributable to the Fund’s Common Shares)
  
Management Fees
(3)
     0.48
Interest Expense on Borrowed Funds
(4)
     2.22
Other Expenses
     0.40
Total Annual Operating Expenses
  
 
3.10
 
 
(1)
 
Represents the estimated commission with respect to the Fund’s Common Shares being sold in this offering, which the Fund will pay to JonesTrading in connection with the sales of Common Shares effected by JonesTrading in this offering. While JonesTrading is entitled to a commission of between 1.50% and 3.00% of the gross sales price for Common Shares sold, with the exact amount to be agreed upon by the parties, the Fund has assumed, for purposes of this offering, that JonesTrading will receive a commission of 1.50% of such gross sales price. This is the only sales load to be paid in connection with this offering.
 
(2)
 
The Fund bears ongoing expenses associated with the Plan which are included in “Other Expenses.” There is no service fee payable by Plan participants for dividend reinvestments; however, shareholders are subject to other transaction costs associated with the Plan. Actual costs will vary for each participant depending on the return and number of transactions made. For Plan participants that elect to make voluntary cash purchases, 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 December 2023). In addition, if a Plan participant elects by written notice to the Plan administrator to have the plan administrator sell part or all of the shares held by the Plan administrator in the participant’s account and remit the proceeds to the participant, the participant will also be charged a service fee of $5.00 for each sale and brokerage commissions of $0.03 per share (as of December 2023). See “Dividend Reinvestment and Cash Purchase Plan.”
 
(3)
 
Credit Suisse receives from the Fund, as compensation for its advisory services, a fee, computed weekly and payable quarterly at an annual rate of 0.50% of an average weekly base amount which, with respect to each quarter, is the average of the lower of (i) the stock price (market value) of the Fund’s outstanding shares and (ii) the Fund’s net assets, in each case determined as of the last trading day for each week during the relevant quarter.
 
(4)
 
The Fund may use leverage through borrowings, the costs of which are borne by holders of Common Shares of the Fund. The Fund currently borrows under a credit facility.
 
52

Credit Suisse Asset Management Income Fund, Inc.
Fund Summary (unaudited) (continued)
December 31, 2023
 
 
Example
An investor would pay the following expenses on a $1,000 investment in the Fund, assuming (1) Total Annual Operating Expenses of 3.10%, (2) a Sales Load (commission) of $15 and (3) a 5% annual return:
 
One Year
   
Three Years
   
Five Years
   
Ten Years
 
$ 46     $ 109     $ 175     $ 351  
The “Example” assumes that all dividends and other distributions are reinvested at net asset value and that the percentage amounts listed in the table above under Total Annual Operating Expenses remain the same in the years shown. The above table and example and the assumption in the example of a 5% annual return are required by regulations of the SEC that are applicable to all investment companies; the assumed 5% annual return is not a prediction of, and does not represent, the projected or actual performance of the Fund’s Common Shares.
The example should not be considered a representation of past or future expenses, and the Fund’s actual expenses may be greater than or less than those shown. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.
 
53

Credit Suisse Asset Management Income Fund, Inc.
Information Concerning Directors and Officers (unaudited)
 
 
Name, Address
(Year of Birth)
  
Position(s)
Held with Fund
  
Term
of Office
1

and
Length
of Time
Served
  
Principal
Occupation(s)
During
Past Five Years
  
Number of
Portfolios in
Fund
Complex
Overseen by
Director
    
Other
Directorships
Held by Director
During Past Five Years
Independent Directors
        
Laura A. DeFelice
c/o Credit Suisse Asset
Management, LLC
Attn: General Counsel
Eleven Madison Avenue
New York, New York
10010
 
(1959)
   Chair of the Board (since November 14, 2023). Nominating Committee and Audit Committee Member    Since 2018; current term ends at the 2025 annual meeting    Managing Member of Acacia Properties LLC (multi- family and commercial real estate ownership and operation) from 2008 to present; member of Stonegate Advisors LLC (renewable energy and energy efficiency) from 2007 to present.      9      Director of the Lyric Opera of Chicago (performing arts) from December 2021 to present.
Samantha Kappagoda
c/o Credit Suisse Asset
Management, LLC
Attn: General Counsel
Eleven Madison Avenue
New York, New York
10010
 
(1968)
  
Director, Nominating Committee Chair and Audit Committee Member
  
Since 2023; current term ends at the 2026 annual meeting
  
Chief Economist, Risk Economics, Inc. (Economic Analysis) from 2009 to present; Co-Managing Member, Numerati Partners LLC (Research & Development Technology) from 2012 to present. Affiliate of Analysis Group, Inc. (Economic Analysis) from 2023 to present.
  
 
9
 
  
Director of Girl Scouts of Greater New York (nonprofit) from 2014 to present; Visiting Scholar, Courant Institute of Mathematical Sciences, New York University (education) from 2011 to present; Director of Council for Economic Education (nonprofit) from 2014 to 2020; Director of Glynwood Center, Inc. (nonprofit) from 2010 to 2019.
 
1
 
Subject to the Fund’s retirement policy, no Director shall be presented to shareholders of the Fund for election at any meeting that is scheduled to occur after he/she has reached the age of 74 and a Director shall automatically be deemed to retire from the Board at the next annual shareholders’ meeting following the date that he/she reaches the age of 75 years even if his/her term of office has not expired on that date. The requirements of the retirement policy may be waived with respect to an individual Director. Each Officer serves until his or her respective successor has been duly elected and qualified.
 
54

Credit Suisse Asset Management Income Fund, Inc.
Information Concerning Directors and Officers (unaudited) (continued)
 
 
Name, Address
(Year of Birth)
  
Position(s)
Held with Fund
  
Term
of Office
and
Length
of Time
Served
  
Principal
Occupation(s)
During
Past Five Years
  
Number of
Portfolios in
Fund
Complex
Overseen by
Director
  
Other
Directorships
Held by Director
During Past Five Years
Mahendra R. Gupta
c/o Credit Suisse Asset
Management, LLC
Attn: General Counsel
Eleven Madison Avenue
New York, New York
10010
 
(1956)
   Director, Nominating Committee Member and Audit Committee Chairman    Director since 2018 and Audit Committee Chairman since 2019; current term ends at the 2024 annual meeting    Professor, Washington University in St. Louis from July 1990 to present; Partner, R.J. Mithaiwala (food manufacturing and retail, India) from March 1977 to present; Partner, F.F.B. Corporation (agriculture, India) from March 1977 to present; Partner, RPMG Research Corporation (benchmark research) from July 2001 to present.    9    Director of Caleres Inc. (footwear) from May 2012 to present; Director and Chair of the finance committee at the foundation of Barnes Jewish Hospital (healthcare) from January 2018 to present; Director of First Bank (finance) from February 2022 to present; Director of ENDI Corporation (finance) from April 2022 to present; Director of The Oasis Institute (not-for-profit) from February 2022 to present; Director of the Consortium for Graduate Study in Management from November 2017 to 2023; Director of Koch Development Corporation (Real Estate Developement) from November 2017 to December 2020; Director of the Guardian Angels of St. Louis (not-for-profit) from July 2015 to December 2021.
 
55

Credit Suisse Asset Management Income Fund, Inc.
Information Concerning Directors and Officers (unaudited) (continued)
 
 
Name, Address
(Year of Birth)
  
Position(s)
Held with Fund
  
Term
of Office
1

and
Length
of Time
Served
  
Principal
Occupation(s)
During
Past Five Years
  
Number of
Portfolios in
Fund
Complex
Overseen by
Director
    
Other
Directorships
Held by Director
During Past Five Years
Steven N. Rappaport
c/o Credit Suisse Asset
Management, LLC
Attn: General Counsel
Eleven Madison Avenue
New York, New York
10010
 
(1948)
   Director, Nominating Committee and Audit Committee Member    Chairman of the Board from 2012 through November 14, 2023 and Director since 2005; current term ends at the 2026 annual meeting    Partner of Lehigh Court, LLC and RZ Capital (private investment firms) from July 2002 to present.      9      Director of abrdn Emerging Markets Equity Income Fund, Inc., (a closed-end investment company); Director of abrdn Funds (20 open-end portfolios) from 2016 to 2023.
Interested Director
           
John G. Popp
2
Credit Suisse Asset
Management, LLC
Eleven Madison Avenue
New York, New York
10010
 
(1956)
  
Director and Chief Investment Officer; Chief Executive Officer and President (2010-2024).
  
Director since 2013
 
Current term ends at the 2024 annual meeting
   Managing Director of Credit Suisse; Global Head and Chief Investment Officer of the Credit Investments Group; Associated with Credit Suisse or its predecessor since 1997; Officer of other Credit Suisse Funds.      9      None.
 
1
 
Subject to the Fund’s retirement policy, no Director shall be presented to shareholders of the Fund for election at any meeting that is scheduled to occur after he/she has reached the age of 74 and a Director shall automatically be deemed to retire from the Board at the next annual shareholders’ meeting following the date that he/she reaches the age of 75 years even if his/her term of office has not expired on that date. The requirements of the retirement policy may be waived with respect to an individual Director. The Board has approved a waiver of the policy with respect to Mr. Rappaport through the 2025 annual meeting. Each Officer serves until his or her respective successor has been duly elected and qualified.
2
 
Mr. Popp is an “interested person” of the Fund as defined in the 1940 Act, by virtue of his current position as an officer of Credit Suisse.
 
56

Credit Suisse Asset Management Income Fund, Inc.
Information Concerning Directors and Officers (unaudited) (continued)
 
 
Name, Address
(Year of Birth)
    
Position(s)
Held with Fund
    
Term
of Office
and Length
of Time
Served
    
Principal Occupation(s) During Past Five Years
Officers*
              
Omar Tariq
Credit Suisse Asset Management, LLC
Eleven Madison Avenue
New York, New York
10010
 
(1983)
    
Chief Executive Officer and President since 2024
     Since 2024     
Director of Credit Suisse since March 2019; Senior Manager of PriceWaterhouseCoopers, LLP from September 2010 to March 2019; Officer of other Credit Suisse Funds.
Brandi Sinkovich
Credit Suisse Asset
Management, LLC
Eleven Madison Avenue
New York, New York 10010
 
(1979)
     Chief Compliance Officer      Since 2023      Director of Credit Suisse since 2023; Vice President and Regulatory Counsel, Exos Financial from 2022 to 2023; Vice President and Compliance Officer, Neuberger Berman from 2019 to 2022; Vice President, Compliance, Goldman Sachs from 2017 to 2019; Associated with Credit Suisse since 2023; Officer of other Credit Suisse Funds.
Lou Anne McInnis
Credit Suisse Asset
Management, LLC
Eleven Madison Avenue
New York, New York
10010
 
(1959)
     Chief Legal Officer      Since 2015      Director of Credit Suisse; Associated with Credit Suisse since April 2015; Counsel at DLA Piper US LLP from 2011 to April 2015; Associated with Morgan Stanley Investment Management from 1997 to 2010; Officer of other Credit Suisse Funds.
Rose Ann Bubloski Credit Suisse Asset
Management, LLC
Eleven Madison Avenue
New York, New York
10010
 
(1968)
     Chief Financial Officer and Treasurer      Since 2024     
Director and Senior Manager of UBS Asset Management (Americas) Inc. since 2011; Officer of other Credit Suisse Funds.
Karen Regan
Credit Suisse Asset
Management, LLC
Eleven Madison Avenue
New York, New York
10010
 
(1963)
     Senior Vice President and Secretary since 2024      Since 2010      Vice President of Credit Suisse; Associated with Credit Suisse since December 2004; Officer of other Credit Suisse Funds.
The Statement of Additional Information includes additional information about the Directors and is available, without charge, upon request, by calling
877-870-2874.
 
*
The officers of the Fund shown are officers that make policy decisions.
 
57

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 as an exhibit to its reports on Form
N-PORT,
and for reporting periods ended prior to March 31, 2019, filed such information on Form
N-Q.
The Fund’s Forms
N-PORT
and
N-Q
are available on the SEC’s website at www.sec.gov.
Funds Managed by Credit Suisse Asset Management, LLC
 
CLOSED-END
FUNDS
Fixed Income
Credit Suisse Asset Management Income Fund, Inc. (NYSE American: CIK)
Credit Suisse High Yield Bond Fund (NYSE American: DHY)
Literature Request
— Call today for free descriptive information on the closed-ended funds listed above at
1-800-293-1232
or visit our website at www.credit-suisse.com/us/funds
 
 
OPEN-END
FUNDS
 
Credit Suisse Commodity Return Strategy Fund    Credit Suisse Strategic Income Fund
Credit Suisse Floating Rate High Income Fund    Credit Suisse Managed Futures Strategy Fund
Credit Suisse Multialternative Strategy Fund    Credit Suisse Trust Commodity Return Strategy Portfolio
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.
 
58

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 December 2023). Participants will also be charged a service fee of $5.00 for each sale and brokerage commissions of $0.03 per share (as of December 2023).
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.
 
59

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 43006
 
Providence, RI 02940-3078
Overnight correspondence should be sent to:
 
Computershare
 
150 Royall St., Suite 101
 
Canton, MA 02021
All notices, correspondence, questions or other communications sent by mail should be sent by registered or certified mail, return receipt requested.
The Plan may be terminated by the Fund or Computershare upon notice in writing mailed to each participant at least 30 days prior to any record date for the payment of any dividend or distribution.
 
60

This report, including the financial statements herein, is sent to the shareholders of the Fund for their information. It is not a prospectus, circular or representation intended for use in the purchase or sale of shares of the Fund or of any securities mentioned in this report.
 
 
CIK-AR-1223


Item 2. Code of Ethics.

The registrant has adopted a code of ethics applicable to its Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions. A copy of the code is filed as Exhibit 13(a)(1) to this Form. There were no amendments to the code during the fiscal year ended December 31, 2023. There were no waivers or implicit waivers from the code granted by the registrant during the fiscal year ended December 31, 2023.


Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

a) through (d). The information in the table below is provided for services rendered to the registrant by its independent registered public accounting firm, PricewaterhouseCoopers LLP (“PwC”) for its fiscal years ended December 31, 2022 and December 31, 2023.

 

    

2022

 

  

2023

Audit Fees

  

$47,900

 

  

$53,900

Audit-Related Fees

  

$-

 

  

$-

Tax Fees1

  

$4,500

 

  

$4,500

All Other Fees2

  

$28,000

 

  

$30,000

Total

  

$80,400

 

  

$88,400

 

1 

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

 

2 

Represents payments to PwC for the issuance of a consent letter and comfort letter in connection with the Fund’s registration statement on Form N-2 and prospectus supplement.

The information in the table below is provided with respect to non-audit services that directly relate to the registrant’s operations and financial reporting and that were rendered by PwC to the registrant’s investment adviser, Credit Suisse Asset Management, LLC (“Credit Suisse”), and any service provider to the registrant controlling, controlled by or under common control with Credit Suisse that provided ongoing services to the registrant (“Covered Services Provider”), for the registrant’s fiscal years ended December 31, 2022 and December 31, 2023.

 

2


    

2022

 

  

2023

Audit-Related Fees

  

N/A

 

  

N/A

Tax Fees

  

N/A

 

  

N/A

All Other Fees

  

N/A

 

  

N/A

Total

  

N/A

 

  

N/A

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

(e)(2) The information in the table below sets forth the percentages of fees for services (other than audit, review or attest services) rendered by PwC to the registrant for which the pre-approval requirement was waived pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X:

 

    

2022

 

  

2023

Audit-Related Fees

  

N/A

 

  

N/A

Tax Fees

  

N/A

 

  

N/A

All Other Fees

  

N/A

 

  

N/A

Total

  

N/A

 

  

N/A

 

3


The information in the table below sets forth the percentages of fees for services (other than audit, review or attest services) rendered by to Credit Suisse and any Covered Services Provider required to be approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X, for the registrant’s fiscal years ended December 31, 2022 and December 31, 2023:

 

    

2022

 

  

2023

Audit-Related Fees

  

N/A

 

  

N/A

Tax Fees

  

N/A

 

  

N/A

All Other Fees

  

N/A

 

  

N/A

Total

  

N/A

 

  

N/A

(f) Not Applicable.

(g) The aggregate fees billed by PwC for non-audit services rendered to the registrant, Credit Suisse and Covered Service Providers for the fiscal years ended December 31, 2022 and December 31, 2023 were $32,500 and $4,500, respectively.

(h) Not Applicable.

(i) Not Applicable.

(j) Not Applicable.

Item 5. Audit Committee of Listed Registrants.

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

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.

 

4


CREDIT SUISSE ASSET MANAGEMENT, LLC

CREDIT SUISSE FUNDS

PROXY VOTING PROCEDURES

Introduction

Credit Suisse Asset Management, LLC (“Credit Suisse”) is a fiduciary that owes each of its clients a duty of care with respect to proxy voting. The duty of care requires Credit Suisse to monitor corporate events and to vote proxies unless otherwise notified by a client. To satisfy its duty, Credit Suisse must cast proxy votes in the best interests of its clients.

Credit Suisse forms a reasonable belief that votes are cast in the best interest of its clients and not based on materially inaccurate or incomplete information by: (a) monitoring the performance of the third-party tasked with voting on behalf of Credit Suisse, (b) providing an annual review of the proxy voting procedures, and (c) preparing contingencies for determining how to vote matters which may require a more detailed analysis than called for in its proxy voting procedures.

The Credit Suisse Funds (the “Funds”), which have engaged Credit Suisse Asset Management, LLC as their investment adviser, are of the belief that the proxy voting process is a means of addressing corporate governance issues and encouraging corporate actions, both of which can enhance shareholder value. Credit Suisse’s voting policy is designed with the uniform objective of enhancing the value of all its clients’ investments.

Procedures

The Proxy Voting Procedures (the “Procedures”) set forth below are designed to ensure that proxies are voted in the best interests of Credit Suisse’s clients. The Procedures address particular issues and give a general indication of how Credit Suisse will vote proxies. The Procedures are not exhaustive and do not include all potential issues.

Proxy Voting Committee

The Proxy Voting Committee will consist of a representative of First Line of Defense Support, a member of the Settlements and Executive Group, a member of the Oversight and Governance Group, a member of the General Counsel Department, a member of the Compliance Department, and a non-voting member of a business unit’s Chief Operating Officer’s team. The purpose of the Proxy Voting Committee is to administer the voting of all clients’ proxies in accordance with the Procedures. The Proxy Voting Committee will review the Procedures as necessary to ensure that it is designed to promote the best interests of Credit Suisse’s clients.

 

5


For the reasons disclosed below under “Conflicts,” the Proxy Voting Committee has engaged the services of an independent third party – Institutional Shareholder Services Inc. (“ISS”) to assist in issue analysis and vote recommendation for proxy proposals for all of the Funds except Credit Suisse Commodity Return Strategy Fund and Credit Suisse Trust – Commodity Return Strategy Portfolio. Proxy proposals addressed by the Procedures will be voted in accordance with the Procedures. Proxy proposals addressed by the Procedures that require a case-by-case analysis will be voted in accordance with the vote recommendation of ISS. Proxy proposals not addressed by the Procedures will also be voted in accordance with the vote recommendation of ISS. To the extent that the Proxy Voting Committee proposes to deviate from the Procedures or the ISS vote recommendation, the Committee shall obtain client consent as described below.

Credit Suisse investment professionals may submit a written recommendation to the Proxy Voting Committee to vote in a manner inconsistent with the Procedures and/or the recommendation of ISS. Such recommendation will set forth its basis and rationale. In addition, the investment professional must confirm in writing that he/she is not aware of any conflicts of interest concerning the proxy matter or provide a full and complete description of the conflict.

In the event a Portfolio Manager (“PM”) desires to deviate from the stated voting parameters outlined in the Procedures, the PM is required to submit a memo detailing the request and rationale for the deviation to the Chair of the Proxy Voting Committee. The Chair of the Proxy Voting Committee (“Committee”) will convene a meeting where the PM will present their recommendation. In the event an in person or telephonic meeting cannot be organized, the Chair of the Committee will circulate the PM’s request for an exception to the Proxy Voting Committee for consideration.

Should such Procedures exception be approved by the Proxy Voting Committee, the Committee will forward the instructions to ISS for processing and will minute the meeting.

Conflicts

Credit Suisse is the part of the asset management business of Credit Suisse, one of the world’s leading banks. As part of a global, full service investment-bank, broker-dealer, and wealth-management organization, Credit Suisse and its affiliates and personnel may have multiple advisory, transactional, financial, and other interests in securities, instruments, and companies that may be purchased or sold by Credit Suisse for its clients’ accounts. The interests of Credit Suisse and/or its affiliates and personnel may conflict with the interests of Credit Suisse’s clients in connection with any proxy issue. In addition, Credit Suisse may not be able to identify all of the conflicts of interest relating to any proxy matter.

Consent

In each and every instance in which the Proxy Voting Committee favors voting in a manner that is inconsistent with the Procedures or the vote recommendation of ISS (including proxy proposals addressed and not addressed by the Procedures), it shall disclose to the client conflicts of interest information and obtain client consent to vote. Where the client is a Fund, disclosure shall be made to any one director who is not an “interested person,” as that term is defined under the Investment Company Act of 1940, as amended, of the Fund.

 

6


Recordkeeping

Credit Suisse is required to maintain in an easily accessible place for six years all records relating to proxy voting.

These records include the following:

 

   

a copy of the Procedures;

   

a copy of each proxy statement received on behalf of Credit Suisse clients;

   

a record of each vote cast on behalf of Credit Suisse clients;

   

a copy of all documents created by Credit Suisse personnel that were material to making a decision on a vote or that memorializes the basis for the decision; and

   

a copy of each written request by a client for information on how Credit Suisse voted proxies, as well as a copy of any written response.

Credit Suisse reserves the right to maintain certain required proxy records with ISS in accordance with all applicable regulations.

Disclosure

Credit Suisse will describe the Procedures to each client. Upon request, Credit Suisse will provide any client with a copy of the Procedures. Credit Suisse will also disclose to its clients how they can obtain information on their proxy votes.

ISS will capture data necessary for Funds to file Form N-PX on an annual basis concerning their proxy voting record in accordance with applicable law.

A description of the Procedures is contained in each Fund’s Statement of Additional Information the telephone number for more information must be disclosed in each Fund’s Form N-CSR.

Procedures

The Proxy Voting Committee will administer the voting of all client proxies. Credit Suisse has engaged ISS as an independent third party proxy voting service to assist in the voting of client proxies. ISS will coordinate with each client’s custodian to ensure that proxy materials reviewed by the custodians are processed in a timely fashion. ISS will provide Credit Suisse with an analysis of proxy issues and a vote recommendation for proxy proposals. ISS will refer proxies to the Proxy Voting Committee for instructions when the application of the Procedures is not clear. The Proxy Voting Committee will notify ISS of any changes to the Procedures or deviating thereof.

 

7


PROXY VOTING PROCEDURES

Operational Items

Adjourn Meeting

Proposals to provide management with the authority to adjourn an annual or special meeting will be determined on a case-by-case basis.

Amend Quorum Requirements

Proposals to reduce quorum requirements for shareholder meetings below a majority of the shares outstanding will be determined on a case-by-case basis.

Amend Minor Bylaws

Generally vote for bylaw or charter changes that are of a housekeeping nature.

Change Date, Time, or Location of Annual Meeting

Generally vote for management proposals to change the date/time/location of the annual meeting unless the proposed change is unreasonable. Generally vote against shareholder proposals to change the date/time/location of the annual meeting unless the current scheduling or location is unreasonable.

Ratify Auditors

Generally vote for proposals to ratify auditors unless: (1) an auditor has a financial interest in or association with the company, and is therefore not independent; (2) fees for non-audit services are excessive, or (3) there is reason to believe that the independent auditor has rendered an opinion, which is neither accurate nor indicative of the company’s financial position. Generally vote on a case-by-case basis on shareholder proposals asking companies to prohibit their auditors from engaging in non-audit services (or capping the level of non-audit services). Generally vote on a case-by-case basis on auditor rotation proposals taking into consideration: (1) tenure of audit firm; (2) establishment and disclosure of a renewal process whereby the auditor is regularly evaluated for both audit quality and competitive price; (3) length of the rotation period advocated in the proposal, and (4) significant audit related issues.

 

8


Board of Directors

Voting on Director Nominees in Uncontested Elections

Generally votes on director nominees on a case-by-case basis. Votes may be withheld: from directors who (1) attended less than 75% of the board and committee meetings without a valid reason for the absences; (2) implemented or renewed a dead-hand poison pill; (3) ignored a shareholder proposal that was approved by a majority of the votes cast for two consecutive years; (4) ignored a shareholder proposal approved by a majority of the shares outstanding; (5) have failed to act on takeover offers where the majority of the shareholders have tendered their shares; (6) are inside directors or affiliated outside directors and sit on the audit, compensation, or nominating committee; (7) are inside directors or affiliated outside directors and the full board serves as the audit, compensation, or nominating committee or the company does not have one of these committees; or (8) are audit committee members and the non-audit fees paid to the auditor are excessive.

Cumulative Voting

Proposals to eliminate cumulative voting will be determined on a case-by-case basis. Proposals to restore or provide for cumulative voting in the absence of sufficient good governance provisions and/or poor relative shareholder returns will be determined on a case-by-case basis.

Director and Officer Indemnification and Liability Protection

Proposals on director and officer indemnification and liability protection generally evaluated on a case-by-case basis. Generally vote against proposals that would: (1) eliminate entirely directors’ and officers’ liability for monetary damages for violating the duty of care; or (2) expand coverage beyond just legal expenses to acts, such as negligence, that are more serious violations of fiduciary obligation than mere carelessness. Generally vote for only those proposals providing such expanded coverage in cases when a director’s or officer’s legal defense was unsuccessful if: (1) the director was found to have acted in good faith and in a manner that he reasonably believed was in the best interests of the company, and (2) only if the director’s legal expenses would be covered.

Filling Vacancies/Removal of Directors

Generally vote against proposals that provide that directors may be removed only for cause. Generally vote for proposals to restore shareholder ability to remove directors with or without cause. Proposals that provide that only continuing directors may elect replacements to fill board vacancies will be determined on a case-by-case basis. Generally vote for proposals that permit shareholders to elect directors to fill board vacancies.

 

9


Independent Chairman (Separate Chairman/CEO)

Generally vote for shareholder proposals requiring the position of chairman be filled by an independent director unless there are compelling reasons to recommend against the proposal, including: (1) designated lead director, elected by and from the independent board members with clearly delineated duties; (2) 2/3 independent board; (3) all independent key committees; or (4) established governance guidelines.

Majority of Independent Directors

Generally vote for shareholder proposals requiring that the board consist of a majority or substantial majority (two-thirds) of independent directors unless the board composition already meets the adequate threshold. Generally vote for shareholder proposals requiring the board audit, compensation, and/or nominating committees be composed exclusively of independent directors if they currently do not meet that standard. Generally withhold votes from insiders and affiliated outsiders sitting on the audit, compensation, or nominating committees. Generally withhold votes from insiders and affiliated outsiders on boards that are lacking any of these three panels. Generally withhold votes from insiders and affiliated outsiders on boards that are not at least majority independent.

Term Limits

Generally vote against shareholder proposals to limit the tenure of outside directors.

Proxy Contests

Voting on Director Nominees in Contested Elections

Votes in a contested election of directors should be decided on a case-by-case basis, with shareholders determining which directors are best suited to add value for shareholders. The major decision factors are: (1) company performance relative to its peers; (2) strategy of the incumbents versus the dissidents; (3) independence of directors/nominees; (4) experience and skills of board candidates; (5) governance profile of the company; (6) evidence of management entrenchment; (7) responsiveness to shareholders; or (8) whether takeover offer has been rebuffed.

Amend Bylaws without Shareholder Consent

Proposals giving the board exclusive authority to amend the bylaws will be determined on a case-by-case basis. Proposals giving the board the ability to amend the bylaws in addition to shareholders will be determined on a case-by-case basis.

 

10


Confidential Voting

Generally vote for shareholder proposals requesting that corporations adopt confidential voting, use independent vote tabulators and use independent inspectors of election, as long as the proposal includes a provision for proxy contests as follows: In the case of a contested election, management should be permitted to request that the dissident group honor its confidential voting policy. If the dissidents agree, the policy may remain in place. If the dissidents will not agree, the confidential voting policy may be waived. Generally vote for management proposals to adopt confidential voting.

Cumulative Voting

Proposals to eliminate cumulative voting will be determined on a case-by-case basis. Proposals to restore or provide for cumulative voting in the absence of sufficient good governance provisions and/or poor relative shareholder returns will be determined on a case-by-case basis.

Antitakeover Defenses and Voting Related Issues

Advance Notice Requirements for Shareholder Proposals/Nominations

Votes on advance notice proposals are determined on a case-by-case basis.

Amend Bylaws without Shareholder Consent

Proposals giving the board exclusive authority to amend the bylaws will be determined on a case-by-case basis. Generally vote for proposals giving the board the ability to amend the bylaws in addition to shareholders.

Poison Pills (Shareholder Rights Plans)

Generally vote for shareholder proposals requesting that the company submit its poison pill to a shareholder vote or redeem it. Votes regarding management proposals to ratify a poison pill should be determined on a case-by-case basis. Plans should embody the following attributes: (1) 20% or higher flip-in or flip-over; (2) two to three year sunset provision; (3) no dead-hand or no-hand features; or (4) shareholder redemption feature.

Shareholders’ Ability to Act by Written Consent

Generally vote against proposals to restrict or prohibit shareholders’ ability to take action by written consent. Generally vote for proposals to allow or make easier shareholder action by written consent.

Shareholders’ Ability to Call Special Meetings

Proposals to restrict or prohibit shareholders’ ability to call special meetings or that remove restrictions on the right of shareholders to act independently of management will be determined on a case-by-case basis.

 

11


Supermajority Vote Requirements

Proposals to require a supermajority shareholder vote will be determined on a case-by-case basis. Proposals to lower supermajority vote requirements will be determined on a case-by-case basis.

Merger and Corporate Restructuring

Appraisal Rights

Generally vote for proposals to restore, or provide shareholders with, rights of appraisal.

Asset Purchases

Generally vote case-by-case on asset purchase proposals, taking into account: (1) purchase price, including earn out and contingent payments; (2) fairness opinion; (3) financial and strategic benefits; (4) how the deal was negotiated; (5) conflicts of interest; (6) other alternatives for the business; or (7) noncompletion risk (company’s going concern prospects, possible bankruptcy).

Asset Sales

Votes on asset sales should be determined on a case-by-case basis after considering: (1) impact on the balance sheet/working capital; (2) potential elimination of diseconomies; (3) anticipated financial and operating benefits; (4) anticipated use of funds; (5) value received for the asset; fairness opinion (if any); (6) how the deal was negotiated; or (6) conflicts of interest

Conversion of Securities

Votes on proposals regarding conversion of securities are determined on a case-by-case basis. When evaluating these proposals, should review (1) dilution to existing shareholders’ position; (2) conversion price relative to market value; (3) financial issues: company’s financial situation and degree of need for capital; effect of the transaction on the company’s cost of capital; (4) control issues: change in management; change in control; standstill provisions and voting agreements; guaranteed contractual board and committee seats for investor; veto power over certain corporate actions; (5) termination penalties; (6) conflict of interest: arm’s length transactions, managerial incentives. Generally vote for the conversion if it is expected that the company will be subject to onerous penalties or will be forced to file for bankruptcy if the transaction is not approved.

 

12


Corporate Reorganization

Votes on proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan are determined on a case-by-case basis, after evaluating: (1) dilution to existing shareholders’ position; (2) terms of the offer; (3) financial issues; (4) management’s efforts to pursue other alternatives; (5) control issues; (6) conflict of interest. Generally vote for the debt restructuring if it is expected that the company will file for bankruptcy if the transaction is not approved.

Reverse Leveraged Buyouts

Votes on proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan are determined on a case-by-case basis, after evaluating: (1) dilution to existing shareholders’ position; (2) terms of the offer; (3) financial issues; (4) management’s efforts to pursue other alternatives; (5) control issues; (6) conflict of interest. Generally vote for the debt restructuring if it is expected that the company will file for bankruptcy if the transaction is not approved.

Formation of Holding Company

Votes on proposals regarding the formation of a holding company should be determined on a case-by-case basis taking into consideration: (1) the reasons for the change; (2) any financial or tax benefits; (3) regulatory benefits; (4) increases in capital structure; (5) changes to the articles of incorporation or bylaws of the company. Absent compelling financial reasons to recommend the transaction, generally vote against the formation of a holding company if the transaction would include either of the following: (1) increases in common or preferred stock in excess of the allowable maximum as calculated a model capital structure; (2) adverse changes in shareholder rights; (3) going private transactions; (4) votes going private transactions on a case-by-case basis, taking into account: (a) offer price/premium; (b) fairness opinion; (c) how the deal was negotiated; (d) conflicts of interest; (e) other alternatives/offers considered; (f) noncompletion risk.

Joint Ventures

Vote on a case-by-case basis on proposals to form joint ventures, taking into account: (1) percentage of assets/business contributed; (2) percentage ownership; (3) financial and strategic benefits; (4) governance structure; (5) conflicts of interest; (6) other alternatives; (7) noncompletion risk; (8) liquidations. Votes on liquidations should be determined on a case-by-case basis after reviewing: (1) management’s efforts to pursue other alternatives such as mergers; (2) appraisal value of the assets (including any fairness opinions); (3) compensation plan for executives managing the liquidation. Generally vote for the liquidation if the company will file for bankruptcy if the proposal is not approved.

 

13


Mergers and Acquisitions

Votes on mergers and acquisitions should be considered on a case-by-case basis, determining whether the transaction enhances shareholder value by giving consideration to: (1) prospects of the combined companies; (2) anticipated financial and operating benefits; (3) offer price; (4) fairness opinion; (5) how the deal was negotiated; (6) changes in corporate governance and their impact on shareholder rights; (7) change in the capital structure; (8) conflicts of interest.

Private Placements

Votes on proposals regarding private placements should be determined on a case-by-case basis. When evaluating these proposals, should review: (1) dilution to existing shareholders’ position; (2) terms of the offer; (3) financial issues; (4) management’s efforts to pursue alternatives such as mergers; (5) control issues; (6) conflict of interest. Generally vote for the private placement if it is expected that the company will file for bankruptcy if the transaction is not approved.

Prepackaged Bankruptcy Plans

Votes on proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan are determined on a case-by-case basis, after evaluating: (1) dilution to existing shareholders’ position; (2) terms of the offer; (3) financial issues; (4) management’s efforts to pursue other alternatives; (5) control issues; (6) conflict of interest. Generally vote for the debt restructuring if it is expected that the company will file for bankruptcy if the transaction is not approved.

Recapitalization

Votes case-by-case on recapitalizations (reclassifications of securities), taking into account: (1) more simplified capital structure; (2) enhanced liquidity; (3) fairness of conversion terms, including fairness opinion; (4) impact on voting power and dividends; (5) reasons for the reclassification; (6) conflicts of interest; (7) other alternatives considered.

Reverse Stock Splits

Generally vote for management proposals to implement a reverse stock split when the number of authorized shares will be proportionately reduced. Generally vote for management proposals to implement a reverse stock split to avoid delisting. Votes on proposals to implement a reverse stock split that do not proportionately reduce the number of shares authorized for issue should be determined on a case-by-case basis.

 

14


Spinoffs

Votes on spinoffs should be considered on a case-by-case basis depending on: (1) tax and regulatory advantages; (2) planned use of the sale proceeds; (3) valuation of spinoff; fairness opinion; (3) benefits that the spinoff may have on the parent company including improved market focus; (4) conflicts of interest; managerial incentives; (5) any changes in corporate governance and their impact on shareholder rights; (6) change in the capital structure.

Value Maximization Proposals

Vote case-by-case on shareholder proposals seeking to maximize shareholder value.

Capital Structure

Adjustments to Par Value of Common Stock

Generally vote for management proposals to reduce the par value of common stock unless the action is being taken to facilitate an antitakeover device or some other negative corporate governance action. Generally vote for management proposals to eliminate par value.

Common Stock Authorization

Votes on proposals to increase the number of shares of common stock authorized for issuance are determined on a case-by-case basis. Generally vote against proposals at companies with dual-class capital structures to increase the number of authorized shares of the class of stock that has superior voting rights. Generally vote for proposals to approve increases beyond the allowable increase when a company’s shares are in danger of being delisted or if a company’s ability to continue to operate as a going concern is uncertain.

Dual-class Stock

Generally vote against proposals to create a new class of common stock with superior voting rights. Generally vote for proposals to create a new class of nonvoting or subvoting common stock if: (1) it is intended for financing purposes with minimal or no dilution to current shareholders; (2) it is not designed to preserve the voting power of an insider or significant shareholder.

Issue Stock for Use with Rights Plan

Generally vote against proposals that increase authorized common stock for the explicit purpose of implementing a shareholder rights plan.

 

15


Preemptive Rights

Votes regarding shareholder proposals seeking preemptive rights should be determined on a case-by-case basis after evaluating: (1) the size of the company; (2) the shareholder base; (3) the liquidity of the stock.

Preferred Stock

Generally vote against proposals authorizing the creation of new classes of preferred stock with unspecified voting, conversion, dividend distribution, and other rights (“blank check” preferred stock). Generally vote for proposals to create “declawed” blank check preferred stock (stock that cannot be used as a takeover defense). Generally vote for proposals to authorize preferred stock in cases where the company specifies the voting, dividend, conversion, and other rights of such stock and the terms of the preferred stock appear reasonable. Generally vote against proposals to increase the number of blank check preferred stock authorized for issuance when no shares have been issued or reserved for a specific purpose. Generally vote case-by-case on proposals to increase the number of blank check preferred shares after analyzing the number of preferred shares available for issue given a company’s industry and performance in terms of shareholder returns.

Recapitalization

Vote case-by-case on recapitalizations (reclassifications of securities), taking into account: (1) more simplified capital structure; (2) enhanced liquidity; (3) fairness of conversion terms, including fairness opinion; (4) impact on voting power and dividends; (5) reasons for the reclassification; (6) conflicts of interest; (7) other alternatives considered.

Reverse Stock Splits

Generally vote for management proposals to implement a reverse stock split when the number of authorized shares will be proportionately reduced. Generally vote for management proposals to implement a reverse stock split to avoid delisting. Votes on proposals to implement a reverse stock split that do not proportionately reduce the number of shares authorized for issue should be determined on a case-by-case basis.

Share Repurchase Programs

Generally vote for management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms.

 

16


Stock Distributions: Splits and Dividends

Generally vote for management proposals to increase the common share authorization for a stock split or share dividend, provided that the increase in authorized shares would not result in an excessive number of shares available for issuance.

Tracking Stock

Votes on the creation of tracking stock are determined on a case-by-case basis, weighing the strategic value of the transaction against such factors as: (1) adverse governance changes; (2) excessive increases in authorized capital stock; (3) unfair method of distribution; (4) diminution of voting rights; (5) adverse conversion features; (6) negative impact on stock option plans; (7) other alternatives such as a spinoff.

Executive and Director Compensation

Executive and Director Compensation

Votes on compensation plans for directors are determined on a case-by-case basis.

Stock Plans in Lieu of Cash

Votes for plans which provide participants with the option of taking all or a portion of their cash compensation in the form of stock are determined on a case-by-case basis. Generally vote for plans which provide a dollar-for-dollar cash for stock exchange. Votes for plans which do not provide a dollar-for-dollar cash for stock exchange should be determined on a case-by-case basis.

Director Retirement Plans

Generally vote against retirement plans for nonemployee directors. Generally vote for shareholder proposals to eliminate retirement plans for nonemployee directors.

Management Proposals Seeking Approval to Reprice Options

Votes on management proposals seeking approval to reprice options are evaluated on a case-by-case basis giving consideration to the following: (1) historic trading patterns; (2) rationale for the repricing; (3) value-for-value exchange; (4) option vesting; (5) term of the option; (6) exercise price; (7) participants; (8) employee stock purchase plans. Votes on employee stock purchase plans should be determined on a case-by-case basis. Generally vote for employee stock purchase plans where: (1) purchase price is at least 85 percent of fair market value; (2) offering period is 27 months or less, and (3) potential voting power dilution (VPD) is ten percent or less. Generally vote against employee stock purchase plans where either: (1) purchase price is less than 85 percent of fair market value; (2) Offering period is greater than 27 months, or (3) VPD is greater than ten percent.

 

17


Incentive Bonus Plans and Tax Deductibility Proposals

Generally vote for proposals that simply amend shareholder-approved compensation plans to include administrative features or place a cap on the annual grants any one participant may receive. Generally vote for proposals to add performance goals to existing compensation plans. Votes to amend existing plans to increase shares reserved and to qualify for favorable tax treatment considered on a case-by-case basis. Generally vote for cash or cash and stock bonus plans that are submitted to shareholders for the purpose of exempting compensation from taxes if no increase in shares is requested.

Employee Stock Ownership Plans (ESOPs)

Generally vote for proposals to implement an ESOP or increase authorized shares for existing ESOPs, unless the number of shares allocated to the ESOP is excessive (more than five percent of outstanding shares.)

401(k) Employee Benefit Plans

Generally vote for proposals to implement a 401(k) savings plan for employees.

Shareholder Proposals Regarding Executive and Director Pay

Generally vote for shareholder proposals seeking additional disclosure of executive and director pay information, provided the information requested is relevant to shareholders’ needs, would not put the company at a competitive disadvantage relative to its industry, and is not unduly burdensome to the company. Generally vote against shareholder proposals seeking to set absolute levels on compensation or otherwise dictate the amount or form of compensation. Generally vote against shareholder proposals requiring director fees be paid in stock only. Generally vote for shareholder proposals to put option repricings to a shareholder vote. Vote for shareholders proposals to exclude pension fund income in the calculation of earnings used in determining executive bonuses/compensation. Vote on a case-by-case basis for all other shareholder proposals regarding executive and director pay, taking into account company performance, pay level versus peers, pay level versus industry, and long term corporate outlook.

Performance-Based Option Proposals

Generally vote for shareholder proposals advocating the use of performance-based equity awards (indexed, premium-priced, and performance-vested options), unless: (1) the proposal is overly restrictive; or (2) the company demonstrates that it is using a substantial portion of performance-based awards for its top executives.

 

18


Stock Option Expensing

Generally vote for shareholder proposals asking the company to expense stock options unless the company has already publicly committed to start expensing by a specific date.

Golden and Tin Parachutes

Generally vote for shareholder proposals to require golden and tin parachutes to be submitted for shareholder ratification, unless the proposal requires shareholder approval prior to entering into employment contracts. Vote on a case-by-case basis on proposals to ratify or cancel golden or tin parachutes.

May 16, 2023

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Information pertaining to the Chief Investment Officer and Portfolio Managers of the Credit Suisse Asset Management Income Fund, as of December 31, 2023, is set forth below.

 

Wing Chan

Portfolio Manager

Year of Birth: 1976

     Managing Director of Credit Suisse and a Portfolio Manager and a member of the US High Yield Management Team; Associated with Credit Suisse since 2005

David Mechlin

Portfolio Manager

Year of Birth: 1984

     Managing Director of Credit Suisse and a Portfolio Manager and a member of the US High Yield Management Team. Associated with Credit Suisse since 2006.

Joshua Shedroff

Portfolio Manager

Year of Birth: 1978

     Managing Director of Credit Suisse and a Portfolio Manager and a member of the US High Yield Management Team. Associated with Credit Suisse since 2008.

Michael Adelman

Portfolio Manager

Year of Birth: 1990

     Director of Credit Suisse and a member of the US High Yield Management Team. Associated with Credit Suisse since 2012

 

19


Registered Investment Companies, Pooled Investment Vehicles and Other Accounts Managed

As reported to the Registrant, the information in the following table reflects the number of registered investment companies, pooled investment vehicles and other accounts managed by Messrs. Mechlin, Shedroff and Adelman and Ms. Chan and the total assets managed within each category as of December 31, 2023.

 

  

Registered Investment

Companies

 

  

Other Pooled Investment

Vehicles

 

  

Other Accounts

 

Wing Chan*    4   

$3,021

million

   57   

$36,816

million

   29    $7,309 million
             
David Mechlin*    4   

$3,021

million

   57   

$36,816

million

   29    $7,309 million
             

Joshua Shedroff*

   4   

$3,021

million

   57   

$36,816

million

   29    $7,309 million
             

Michael Adelman*

   2   

$515

million

   57   

$36,816

million

   29    $7,309 million

* As of December 31, 2023, Messrs. Mechlin, Shedroff and Adelman and Ms. Chan managed 48 accounts which have total assets under management of $30,490 million, of which have additional fees based on the performance of the accounts.

Potential Conflicts of Interest

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

If Credit Suisse believes that the purchase or sale of a security is in the best interest of more than one client, it may (but is not obligated to) aggregate the orders to be sold or purchased to seek favorable execution or lower brokerage commissions, to the extent permitted by applicable laws and regulations. Credit Suisse may aggregate orders if all participating client accounts benefit equally (i.e., all receive an average price of the aggregated orders). In the event Credit Suisse aggregates an order for participating accounts, the method of allocation will generally be determined prior to the trade execution. Although no specific method of allocation of transactions (as well as expenses incurred in the transactions) is expected to be used, allocations will be designed to ensure that over

 

20


time all clients receive fair treatment consistent with Credit Suisse’s fiduciary duty to its clients (including its duty to seek to obtain best execution of client trades). The accounts aggregated may include registered and unregistered investment companies managed by Credit Suisse’s affiliates and accounts in which Credit Suisse’s officers, directors, agents, employees or affiliates own interests. Credit Suisse may not be able to aggregate securities transactions for clients who direct the use of a particular broker-dealer, and the client also may not benefit from any improved execution or lower commissions that may be available for such transactions.

Compensation

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

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

Like all employees of Credit Suisse, portfolio managers participate in UBS Group AG’s profit sharing and 401 (k) plans.

 

21


Securities Ownership. The following table indicates the dollar range of equity securities in the Fund beneficially owned by the portfolio managers and the value of those shares as of December 31, 2023.

 

Name of Portfolio Manager(s)

  

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

    

Wing Chan

   B   

David Mechlin

   C   

Joshua Shedroff

   A   

Michael Adelman

  

A

  

Ranges:

A. None

B. $1 - $10,000

C. $10,001 - $50,000

D. $50,001 - $100,000

E. Over $100,000

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 registrant’s 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 17, 2023.

Item 11. Controls and Procedures.

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

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

 

22


Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

During Credit Suisse Asset Management Income Fund, Inc.’s (the “Fund”) most recent fiscal year ending December 31, 2023, State Street Bank and Trust Company (“State Street”) served as the Fund’s securities lending agent.

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

 

   

lend available securities to institutions that are approved borrowers

 

   

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

 

   

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

 

   

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

 

   

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

 

   

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

 

   

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

 

   

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

 

   

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

 

23


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

Credit Suisse Asset Management Income Fund, Inc.

Securities Lending Activities Income and Fees for Fiscal Year 2023

   

Gross income from securities lending activities

  

(including income from cash collateral reinvestment)

 

     $500,670  
   

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

 

        

Fees paid to securities lending agent from a revenue split

 

     $23,626  

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

 

     $3,312  

Administrative fees not included in revenue split

 

      

Indemnification fee not included in revenue split

 

      

Rebate (paid to borrower)

 

     $402,734  

Other fees not included in revenue split

 

      

Aggregate fees/compensation for securities lending activities and related services

 

     $429,672  

Net income from securities lending activities

 

     $70,998  

 

24


Item 13. Exhibits.

(a)(1) Registrant’s Code of Ethics is an exhibit to this report.

(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.

(c) Consent of Independent Registered Public Accounting Firm.

(other) Iran related activities disclosure requirement.

 

 

25


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/ Omar Tariq
   Name: Omar Tariq
   Title:  Chief Executive Officer and President
   Date:  March 8, 2024

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

 

   /s/ Omar Tariq
   Name: Omar Tariq
         Title:  Chief Executive Officer and President
   Date:  March 8, 2024
   /s/ Rose Ann Bubloski
   Name: Rose Ann Bubloski
   Title:  Chief Financial Officer and Treasurer
   Date:  March 8, 2024

 

26

EX-99.CODE ETHICS

EXHIBIT 13(a)(1)

CODE OF ETHICS

CREDIT SUISSE FUNDS

CODE OF ETHICS FOR SENIOR OFFICERS

Preamble

Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The Securities and Exchange Commission (the “SEC”) has adopted rules requiring annual disclosure of an investment company’s code of ethics applicable to the company’s principal executive as well as principal financial officers, if such a code has been adopted. In response, the above Funds (each a “Fund”, and together the “Funds”) have adopted this Code of Ethics.

Statement of Policy

It is the obligation of the senior officers of the Funds to provide full, fair, timely and comprehensible disclosure—financial and otherwise--to Fund shareholders, regulatory authorities and the general public. In fulfilling that obligation, senior officers must act ethically, honestly and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve the Funds in senior officerships. No Code can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules and regulations, and to provide the type of clear and complete disclosure and information Fund shareholders have a right to expect.


The purpose of this Code of Ethics is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Funds, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Funds and their adviser have adopted or may adopt in the future with which Fund officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).

Covered Persons

This Code of Ethics applies to those persons appointed by the Fund’s Board of Directors as Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions. It is recognized that each of such persons currently is a full-time employee of Credit Suisse Asset Management LLC (“Credit Suisse”), each Fund’s investment adviser.

Promotion of Honest and Ethical Conduct

In serving as an officer of the Funds, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Funds, whether directly or indirectly, to do the same.

Each Covered Person understands that as an officer of a Fund, he has a duty to act in the best interests of the Fund and its shareholders. The interests of other Credit Suisse clients or Credit Suisse itself or the Covered Person’s personal interests should not be allowed to compromise the Covered Person’s fulfilling his duties as an officer of the Fund. The governing Boards of the Funds recognize that the Covered Persons are also officers or employees of Credit


Suisse. Furthermore, the governing Boards of the Funds recognize that, subject to the Covered Person’s fiduciary duties to the Funds, the Covered Persons will in the normal course of their duties (whether formally for the Funds or for Credit Suisse, or for both) be involved in establishing policies and implementing decisions that will have different effects on Credit Suisse and the Funds. The governing Boards of the Funds recognize that the participation of the Covered Persons in such activities is inherent in the contractual relationship between the Funds and Credit Suisse and/or its affiliates, and is consistent with the expectation of the governing Boards of the performance by the Covered Persons of their duties as officers of the Funds.

If a Covered Person believes that his responsibilities as an officer or employee of Credit Suisse are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of the Funds, he should consult with Credit Suisse ‘s general counsel, the Funds’ chief legal officer or outside counsel, or counsel to the independent Directors/Trustees of the relevant Fund or Funds. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Directors/Trustees of the relevant Fund or Funds or a committee thereof.

No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to a Fund give a gift or an economic benefit of any kind to him in connection with the person’s retention or the provision of services.

Promotion of Full, Fair, Accurate, Timely and Understandable Disclosure

No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Fund shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person’s possession legally required to be disclosed or


necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Credit Suisse’s general counsel or Fund counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist, relevant Fund service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Fund reports reveal, rather than conceal, the relevant Fund’s financial condition.

Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Funds to provide full, fair and accurate financial information and other disclosure to regulators and Fund shareholders.

Each Covered Person shall inquire of other Fund officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language.

Each Covered Person shall diligently perform his services to the Funds, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications.


Promotion of Compliance with Applicable Government Laws, Rules and Regulations

Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Funds and their operations and shall act with competence and due care in serving as an officer of the Funds. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments.

Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Funds, recognizing that he will devote substantial time to providing services to other Credit Suisse clients and will perform other activities as an employee of Credit Suisse.

Each Covered Person shall cooperate with a Fund’s independent auditors, regulatory agencies and internal auditors in their review or inspection of the Fund and its operations.

No Covered Person shall knowingly violate any law or regulation relating to the Funds or their operations or seek to illegally circumvent any such law or regulation.

No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit or misrepresentation involving the Funds or their operations.


Promoting Prompt Internal Reporting of Violations

Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the relevant Fund’s Audit Committee.

Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the relevant Fund’s Audit Committee. All waivers and amendments shall be disclosed as required by law.

Sanctions

Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension or termination of position as an officer of the Fund. Sanctions shall be imposed by the relevant Fund’s Audit Committee, subject to review by the entire Board of Directors/Trustees of the Fund.

Each Covered Person shall be required to certify annually whether he has complied with this Code.

No Rights Created

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern the Funds’ senior officers in the conduct of the Funds’ business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.


Recordkeeping

The Funds will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board (1) that provided the basis for any amendment or waiver to this Code and (2) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the relevant Board.

Amendments

The Directors/Trustees will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.

Dated: May 16, 2023


CODE OF ETHICS FOR SENIOR OFFICERS:

I HEREBY CERTIFY THAT:

 

  (1)

I have read and I understand the Code of Ethics for Senior Officers adopted by the Credit Suisse Funds and the Credit Suisse Closed-End Funds (the “Code of Ethics”);

 

  (2)

I recognize that I am subject to the Code of Ethics;

 

  (3)

I have complied with the requirements of the Code of Ethics during the calendar year ending December 31, _______; and

 

  (4)

I have reported all violations of the Code of Ethics required to be reported pursuant to the requirements of the Code during the calendar year ending December 31, _______ .

Set forth below exceptions to items (3) and (4), if any:

 

                   

 

                   

 

                   

Name:     

Date:    

 

EX-99.CERT

EXHIBIT 13(a)(2)

CERTIFICATIONS

I, Rose Ann Bubloski, certify that:

1. I have reviewed this report on Form N-CSR of Credit Suisse Asset Management Income Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 8, 2024

 

/s/ Rose Ann Bubloski

Rose Ann Bubloski

Chief Financial Officer and Treasurer


I, Omar Tariq, certify that:

1. I have reviewed this report on Form N-CSR of Credit Suisse Asset Management Income Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: March 8, 2024

/s/ Omar Tariq

Omar Tariq

Chief Executive Officer and President

EX-99.906CERT

EXHIBIT 13(b)

SECTION 906 CERTIFICATIONS

SECTION 906 CERTIFICATION

Omar Tariq, Chief Executive Officer and President, and Rose Bubloski, Chief Financial Officer and Treasurer, of Credit Suisse Asset Management Income Fund, Inc. (the “Fund”), each certify to his or her knowledge that:

(1) The Fund’s periodic report on Form N-CSR for the period ended December 31, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

 

  /s/ Omar Tariq

  

/s/ Rose Ann Bubloski

  Omar Tariq

  

Rose Ann Bubloski

  Chief Executive Officer and President

  

Chief Financial Officer and Treasurer

  March 8, 2024

  

March 8, 2024

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

LOGO

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statement on Form N-2 (No. 811-05012) of Credit Suisse Asset Management Income Fund, Inc. of our report dated February 26, 2024 relating to the financial statements and financial highlights, which appears in this Form N-CSR.

 

/s/ PricewaterhouseCoopers LLP

New York, NY

February 26, 2024

 

 

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, New York 10017-6204

T: (646) 471 3000, www.pwc.com/us

Iran Related Activities Disclosure

Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934

During 2022, Credit Suisse AG processed a small number of de minimis payments related to the operation of Iranian diplomatic missions in Switzerland and related to fees for ministerial government functions such as issuing passports and visas. Processing these payments is permitted under Swiss law, and Credit Suisse AG intends to continue processing such payments. Revenues and profits from these activities are not calculated but would be negligible.

v3.24.0.1
N-2 - USD ($)
3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cover [Abstract]                                    
Entity Central Index Key                 0000810766                  
Amendment Flag                 false                  
Document Type                 N-CSR                  
Entity Registrant Name                 CREDIT SUISSE ASSET MANAGEMENT INCOME FUND, INC.                  
Fee Table [Abstract]                                    
Shareholder Transaction Expenses [Table Text Block]                
 
Shareholder Transaction Expenses
  
Sales Load (as a percentage of offering price)
     1.50 %
(1)
 
Offering Expenses (as a percentage of offering price)
     0.00
Dividend Reinvestment Plan Fees
   $ 5.00
(2)
 
 
 
(1)
 
Represents the estimated commission with respect to the Fund’s Common Shares being sold in this offering, which the Fund will pay to JonesTrading in connection with the sales of Common Shares effected by JonesTrading in this offering. While JonesTrading is entitled to a commission of between 1.50% and 3.00% of the gross sales price for Common Shares sold, with the exact amount to be agreed upon by the parties, the Fund has assumed, for purposes of this offering, that JonesTrading will receive a commission of 1.50% of such gross sales price. This is the only sales load to be paid in connection with this offering.
 
(2)
 
The Fund bears ongoing expenses associated with the Plan which are included in “Other Expenses.” There is no service fee payable by Plan participants for dividend reinvestments; however, shareholders are subject to other transaction costs associated with the Plan. Actual costs will vary for each participant depending on the return and number of transactions made. For Plan participants that elect to make voluntary cash purchases, 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 December 2023). In addition, if a Plan participant elects by written notice to the Plan administrator to have the plan administrator sell part or all of the shares held by the Plan administrator in the participant’s account and remit the proceeds to the participant, the participant will also be charged a service fee of $5.00 for each sale and brokerage commissions of $0.03 per share (as of December 2023). See “Dividend Reinvestment and Cash Purchase Plan.”
                 
Sales Load [Percent] [1]                 1.50%                  
Dividend Reinvestment and Cash Purchase Fees [2]                 $ 5                  
Other Transaction Expenses [Abstract]                                    
Other Transaction Expenses [Percent]                 0.00%                  
Annual Expenses [Table Text Block]                
Annual Operating Expenses (as a percentage of average net assets attributable to the Fund’s Common Shares)
  
Management Fees
(3)
     0.48
Interest Expense on Borrowed Funds
(4)
     2.22
Other Expenses
     0.40
Total Annual Operating Expenses
  
 
3.10
 
(3)
 
Credit Suisse receives from the Fund, as compensation for its advisory services, a fee, computed weekly and payable quarterly at an annual rate of 0.50% of an average weekly base amount which, with respect to each quarter, is the average of the lower of (i) the stock price (market value) of the Fund’s outstanding shares and (ii) the Fund’s net assets, in each case determined as of the last trading day for each week during the relevant quarter.
 
(4)
 
The Fund may use leverage through borrowings, the costs of which are borne by holders of Common Shares of the Fund. The Fund currently borrows under a credit facility.
                 
Management Fees [Percent] [3]                 0.48%                  
Interest Expenses on Borrowings [Percent] [4]                 2.22%                  
Other Annual Expenses [Abstract]                                    
Other Annual Expenses [Percent]                 0.40%                  
Total Annual Expenses [Percent]                 3.10%                  
Expense Example [Table Text Block]                
Example
An investor would pay the following expenses on a $1,000 investment in the Fund, assuming (1) Total Annual Operating Expenses of 3.10%, (2) a Sales Load (commission) of $15 and (3) a 5% annual return:
 
One Year
   
Three Years
   
Five Years
   
Ten Years
 
$ 46     $ 109     $ 175     $ 351  
The “Example” assumes that all dividends and other distributions are reinvested at net asset value and that the percentage amounts listed in the table above under Total Annual Operating Expenses remain the same in the years shown. The above table and example and the assumption in the example of a 5% annual return are required by regulations of the SEC that are applicable to all investment companies; the assumed 5% annual return is not a prediction of, and does not represent, the projected or actual performance of the Fund’s Common Shares.
The example should not be considered a representation of past or future expenses, and the Fund’s actual expenses may be greater than or less than those shown. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.
 
                 
Expense Example, Year 01                 $ 46                  
Expense Example, Years 1 to 3                 109                  
Expense Example, Years 1 to 5                 175                  
Expense Example, Years 1 to 10                 $ 351                  
Purpose of Fee Table , Note [Text Block]                 The following table and example are intended to assist you in understanding the various costs and expenses directly or indirectly associated with investing in Common Shares of the Fund. Some of the percentages indicated in the table below are estimates and may vary.                  
Basis of Transaction Fees, Note [Text Block]                 as a percentage of offering price                  
Other Transaction Fees Basis, Note [Text Block]                 Credit Suisse receives from the Fund, as compensation for its advisory services, a fee, computed weekly and payable quarterly at an annual rate of 0.50% of an average weekly base amount which, with respect to each quarter, is the average of the lower of (i) the stock price (market value) of the Fund’s outstanding shares and (ii) the Fund’s net assets, in each case determined as of the last trading day for each week during the relevant quarter.                  
Management Fee not based on Net Assets, Note [Text Block]                 The Fund may use leverage through borrowings, the costs of which are borne by holders of Common Shares of the Fund. The Fund currently borrows under a credit facility.                  
Financial Highlights [Abstract]                                    
Senior Securities [Table Text Block]                
Year Ended 12/31   Aggregate Amount Outstanding  
Asset Coverage per $1,000 of
Indebtedness
1
2023
  $52,500,000   $3,974
2022
  $60,500,000   $3,379
2021
  $58,500,000   $4,070
2020
  $56,500,000   $4,162
2019
  $60,250,000   $4,021
2018
  $70,750,000   $3,373
2017
  $46,000,000   $5,075
2016
   
2015
   
2014
   
2013
   
 
 
1
 
Asset coverage means the ratio that the value of the Fund’s total assets (including amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings.
                 
Senior Securities Amount $ 52,500,000       $ 60,500,000       $ 52,500,000 $ 58,500,000 $ 56,500,000 $ 60,250,000 $ 70,750,000 $ 46,000,000 $ 0 $ 0 $ 0 $ 0
Senior Securities Coverage per Unit [5] $ 3,974       $ 3,379       $ 3,974 $ 4,070 $ 4,162 $ 4,021 $ 3,373 $ 5,075 $ 0 $ 0 $ 0 $ 0
Senior Securities, Note [Text Block]                
Senior Securities
The following table sets forth information regarding the Fund’s outstanding senior securities as of the end of each of the Fund’s last ten fiscal years, as applicable.
 
Year Ended 12/31   Aggregate Amount Outstanding  
Asset Coverage per $1,000 of
Indebtedness
1
2023
  $52,500,000   $3,974
2022
  $60,500,000   $3,379
2021
  $58,500,000   $4,070
2020
  $56,500,000   $4,162
2019
  $60,250,000   $4,021
2018
  $70,750,000   $3,373
2017
  $46,000,000   $5,075
2016
   
2015
   
2014
   
2013
   
 
 
1
 
Asset coverage means the ratio that the value of the Fund’s total assets (including amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings.
                 
General Description of Registrant [Abstract]                                    
Investment Objectives and Practices [Text Block]                
Investment Objective and Policies
The investment objective of the Fund is to provide current income consistent with the preservation of capital. The Fund’s investment portfolio will not be managed for capital appreciation. The Fund’s investment objective is a fundamental policy and cannot be changed without the approval of the holders of a majority of the Fund’s outstanding voting securities. As used herein, a “majority of the Fund’s outstanding voting securities” means the lesser of (a) 67% of the shares represented at a meeting at which more than 50% of the outstanding shares are represented or (b) more than 50% of the outstanding shares. The Fund is not intended to be a complete investment program and there can be no assurance that the Fund will achieve its objectives.
Under normal circumstances, the Fund invests at least 75% of its total assets in fixed income securities, such as bonds, convertible securities and preferred stocks. The Fund’s investments in fixed income securities are not subject to any rating quality limitation. The Fund primarily invests in high yield fixed income securities that are in the lower rating categories of Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”), a division of S&P Global Inc., or another nationally recognized ratings service (commonly referred to as “junk bonds”). Lower-rated securities generally provide yields superior to those of more highly-rated securities, but involve greater risks and are speculative in nature. See “Risk Factors — Lower-Rated Securities.” The Fund may also invest in securities rated single A or higher by Moody’s or S&P and unrated corporate fixed income securities.
Differing yields on fixed income securities of the same maturity are a function of several factors. Higher yields are generally available from securities in the lower rating categories of recognized rating agencies, i.e., Baa or lower by Moody’s or BBB or lower by S&P. Securities ratings are based largely on the issuer’s historical financial information and the rating agencies’ investment analysis at the time of rating. Consequently, the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition, which may be better or worse than the rating would indicate. Although Credit Suisse considers security ratings when making investment decisions for high yield securities, it performs its own investment analysis and does not rely principally on the ratings assigned by the rating services. Credit Suisse’s analysis may include consideration of the issuer’s experience and managerial strength, changing financial condition, borrowing requirements or debt maturity schedules, and its responsiveness to changes in business conditions and interest rates. It also considers relative values based on anticipated cash flow, interest or dividend coverage, asset coverage and earnings prospects.
Credit Suisse bases its investment decisions in high yield securities on the results of issuer and security-specific credit analysis. Credit Suisse evaluates each issuer’s rating, cash flow, financial structure and business risk. Credit Suisse takes into account, among other things, the issuer’s financial resources, its sensitivity to economic conditions and trends, its operating history, the quality of the issuer’s management and regulatory matters. Credit Suisse evaluates the covenants of each security and pursues a strategy of broad issuer and industry diversification.
 
 
The Fund currently utilizes and in the future expects to continue to utilize leverage through borrowings, including the issuance of debt securities, or through other transactions, such as reverse repurchase agreements, which have the effect of leverage. The Fund currently is leveraged through borrowings from a credit facility with State Street Bank and Trust Company. The Fund may use leverage up to 33 1/3% of its total assets (including the amount obtained through leverage). There can be no guarantee that the Fund will be able to accurately predict when the use of leverage will be beneficial. Use of leverage creates an opportunity for increased income and capital appreciation for shareholders but, at the same time, creates special risks, and there can be no assurance that a leveraging strategy will be successful during any period in which it is employed.
The Fund may also invest in debt securities issued or guaranteed by the U.S. government, or by agencies or instrumentalities established or sponsored by the U.S. government, including mortgage-backed securities. Depending on market conditions, the Fund may invest a substantial portion of its assets in mortgage-backed securities. Mortgage-backed securities are collateralized by mortgages or interests in mortgages and may be issued by government or
non-government
entities. Mortgage-backed securities issued by government entities typically provide a monthly payment consisting of interest and principal payments, and additional payments will be made out of unscheduled payments of principal.
Non-government
issued mortgage-backed securities may offer higher yields than those issued by government entities, but may be subject to greater price fluctuations. To the extent that the Fund invests in the mortgage market, Credit Suisse will evaluate relevant economic, environmental and security-specific variables such as housing starts, coupon and age trends.
The Fund may invest in loans and loan participations (collectively, “Loans”), including senior secured floating Loans (“Senior Loans”), “second lien” secured floating rate Loans (“Second Lien Loans”), and other types of secured Loans with fixed and variable interest rates.
Credit Suisse may take full advantage of the entire range of maturities of fixed income securities and may adjust the average maturity of the investments held in the Fund’s portfolio from time to time, depending on its assessment of relative yields of securities of different maturities and its expectations of future changes in interest rates. It is expected that the average weighted maturity of the Fund’s investment portfolio will be 4 to 10 years.
The Fund invests in debt obligations and other fixed income securities denominated in U.S. dollars,
non-U.S.
currencies or composite currencies, including:
 
   
debt obligations issued or guaranteed by foreign national, provincial, state, municipal or other governments with taxing authority or by their agencies or instrumentalities;
 
   
debt obligations of supranational entities;
 
   
debt obligations of the U.S. government issued in
non-dollar
denominated securities; and
 
   
dollar and
non-dollar
denominated debt obligations and other fixed income securities of foreign and U.S. corporate issuers.
The Fund may invest a portion of its assets in the securities of issuers located in emerging markets. The Fund has a fundamental policy not to invest more than 5% of the value of its total assets in securities denominated in a currency other than the U.S. dollar.
In making investments in foreign and emerging market securities, Credit Suisse considers the relative growth and inflation rates of different countries. Credit Suisse considers expected changes in foreign currency exchange rates, including the prospects for central bank intervention, in determining the anticipated returns of securities
 
 
denominated in foreign currencies. Credit Suisse further evaluates, among other things, foreign yield curves and regulatory and political factors, including the fiscal and monetary policies of such countries.
In the past, during periods of falling U.S. exchange rates, yields available from securities denominated in foreign currencies have often been higher, in U.S. dollar terms, than those of securities denominated in U.S. dollars. Credit Suisse considers expected changes in foreign currency exchange rates in determining the anticipated returns of securities denominated in foreign currencies. The obligations of foreign governmental entities, including supranational issuers, have various kinds of government support. Obligations of foreign governmental entities include obligations issued or guaranteed by national, provincial, state or other governments with taxing power or by their agencies. These obligations may or may not be supported by the full faith and credit of a foreign government.
The Fund may invest in credit default swap agreements. The Fund may enter into credit default swap agreements either as a buyer or a seller. The Fund may buy a credit default swap to attempt to mitigate the risk of default or credit quality deterioration in one or more individual holdings or in a segment of the fixed income securities market. The Fund may sell a credit default swap in an attempt to gain exposure to an underlying issuer’s credit quality characteristics without investing directly in that issuer. The “buyer” in a credit default swap is obligated to pay the “seller” an upfront payment or a periodic stream of payments over the term of the agreement, provided that no credit event on an underlying reference obligation has occurred. If a credit event occurs, the seller must pay the buyer the full notional value, or “par value,” of the reference obligation in exchange for the reference obligation. As a result of counterparty risk, certain credit default swap agreements may involve greater risks than if the Fund had invested in the reference obligation directly. There is no limit on the Fund’s ability to enter into credit default swap agreements.
                 
Risk Factors [Table Text Block]                
Risk Factors
This section contains a discussion of the general risks of investing in the Fund. The net asset value and market price of, and dividends paid on, the Fund’s common shares of beneficial interest (the “Shares”) will fluctuate with and be affected by, among other things, the risks more fully described below. As with any fund, there can be no guarantee that the Fund will meet its investment objective or that the Fund’s performance will be positive for any period of time.
Investment and Market Risk.
An investment in the Shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in Shares represents an indirect investment in the securities owned by the Fund.
The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably, and these fluctuations are likely to have a greater impact on the value of the Shares during periods in which the Fund utilizes a leveraged capital structure. The value of the securities in which the Fund invests will affect the value of the Shares. Your Shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
Lower-Rated Securities Risk.
At any time, all or substantially all of the Fund’s portfolio may be invested in medium-grade or below investment grade fixed income securities (commonly referred to as “junk bonds”) as determined by a nationally recognized rating service and in unrated securities of comparable quality. Lower-rated securities are regarded as being predominantly speculative as to the issuer’s ability to make payments of principal and interest. Investment in such securities involves substantial risk. Issuers of lower-rated securities may be highly leveraged and may not have available to them more traditional methods of financing. Therefore,
 
the risks associated with acquiring the securities of such issuers generally are greater than is the case with higher-rated securities. For example, during an economic downturn or a sustained period of rising interest rates, issuers of lower-rated securities may be more likely to experience financial stress, especially if such issuers are highly leveraged. During periods of economic downturn, such issuers may not have sufficient revenues to meet their interest payment obligations. The issuer’s ability to service its debt obligations also may be adversely affected by specific issuer developments, the issuer’s inability to meet specific projected business forecasts or the unavailability of additional financing. The risk of loss due to default by the issuer is significantly greater for the holders of lower-rated securities because such securities may be unsecured and may be subordinate to other creditors of the issuer.
Credit Risk.
Credit risk is the risk that one or more of the Fund’s investments in debt securities or other instruments will decline in price, or fail to pay interest, liquidation value or principal when due, because the issuer of the obligation or the issuer of a reference security experiences an actual or perceived decline in its financial status. In addition to the credit risks associated with high yield securities, the Fund could also lose money if the issuer of other debt obligations, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or other obligation, is, or is perceived to be, unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The downgrade of a security may further decrease its value.
Interest Rate Risk.
Generally, when market interest rates rise, the prices of debt obligations fall, and vice versa. Interest rate risk is the risk that debt obligations and other instruments in the Fund’s portfolio will decline in value because of increases in market interest rates. The Fund may be subject to a greater risk of rising interest rates due to the recent period of historically low rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address rising inflation. The prices of long-term debt obligations generally fluctuate more than prices of short-term debt obligations as interest rates change. During periods of rising interest rates, the average life of certain types of securities may be extended due to slower than expected payments. This may lock in a below market yield, increase the security’s duration and reduce the security’s value. The Fund’s use of leverage will tend to increase interest rate risk.
Investments in floating rate debt instruments, although generally less sensitive to interest rate changes than longer duration fixed rate instruments, may nevertheless decline in value in response to rising interest rates if, for example, the rates at which they pay interest do not rise as much, or as quickly, as market interest rates in general. Conversely, floating rate instruments will not generally increase in value if interest rates decline. Inverse floating rate debt securities also may exhibit greater price volatility than a fixed rate debt obligation with similar credit quality. To the extent the Fund holds floating rate instruments, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund’s common shares.
Leverage Risk
. The Fund currently leverages through borrowings from a credit facility. The use of leverage, which can be described as exposure to changes in price at a ratio greater than the amount of equity invested, through borrowings or other forms of market exposure, magnifies both the favorable and unfavorable effects of price movements in the investments made by the Fund. Insofar as the Fund continues to employ leverage in its investment operations, the Fund will be subject to greater risk of loss than if it had not employed leverage.
Therefore, if the market value of the Fund’s investment portfolio declines, any leverage will result in a greater decrease in net asset value to common shareholders than if the Fund were not leveraged. Such greater net asset value decrease will also tend to cause a greater decline in the market price for the common shares.
 
The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the Investment Company Act of 1940, as amended (the “Investment Company Act”), and the rules thereunder. Further, if at any time while the Fund has leverage outstanding it does not meet applicable asset coverage requirements, it may be required to suspend distributions to common shareholders until the requisite asset coverage is restored. Any such suspension might impair the ability of the Fund to meet the regulated investment company distribution requirements and to avoid Fund-level U.S. federal income and/or excise taxes.
Under Rule
18f-4
under the Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on
value-at-risk.
Corporate Debt Risk.
The Fund may invest in debt securities of
non-governmental
issuers. Like all debt securities, corporate debt securities generally represent an issuer’s obligation to repay to the investor (or lender) the amount borrowed plus interest over a specified time period. A typical corporate bond specifies a fixed date when the amount borrowed (principal) is due in full, known as the maturity date, and specifies dates when periodic interest (coupon) payments will be made over the life of the security.
Prices of corporate debt securities fluctuate and, in particular, are subject to several key risks including, but not limited to, interest rate risk, credit risk and prepayment risk. The market value of a corporate bond may be affected by the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the market place. There is a risk that the issuers of the corporate debt securities in which the Fund may invest may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.
Foreign Securities Risk.
Investing in securities of foreign entities and securities denominated in foreign currencies involves certain risks not involved in domestic investments, including, but not limited to, fluctuations in foreign exchange rates, future foreign political and economic developments, different legal and accounting systems and the possible imposition of exchange controls or other foreign governmental laws or restrictions. Securities prices in different countries are subject to different economic, financial, political and social factors. Since the Fund may invest in securities denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect the value of securities in the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the value of securities denominated in such currencies. The Fund may, but is not obligated to, engage in certain transactions to hedge the currency-related risks of investing in
non-U.S.
dollar denominated securities. In addition, with respect to certain foreign countries, there is the possibility of expropriation of assets, confiscatory taxation, difficulty in obtaining or enforcing a court judgment, economic, political or social instability or diplomatic developments that could affect investments in those countries. Moreover, individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, capital reinvestment, resources, self-sufficiency and balance of payments position. Certain foreign investments also may be subject to foreign withholding taxes. These risks often are heightened for investments in smaller, emerging capital markets.
Emerging Market Securities Risk.
Investing in the securities of issuers located in emerging markets involves special considerations not typically associated with investing in the securities of U.S. issuers and other developed market issuers, including heightened risks of expropriation and/or nationalization, armed conflict, confiscatory taxation, restrictions on transfers of assets and market illiquidity, lack of uniform accounting and auditing standards, differences in regulatory and financial recordkeeping standards, difficulties in dividend withholding reclaims procedures, less publicly available financial and other information and potential difficulties in enforcing contractual obligations.
 
 
The economies of individual emerging market countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, currency depreciation, capital reinvestment, resource self-sufficiency and balance of payments position. Governments of many developing and emerging market countries have exercised and continue to exercise substantial influence over many aspects of the private sector. In some cases, the government owns or controls many companies, including some of the largest in the country.
Accordingly, government actions could have a significant effect on economic conditions in an emerging market country and on market conditions, prices and yields of securities in the Fund’s portfolio. Moreover, the economies of emerging market countries generally are heavily dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade.
Illiquid Securities Risk.
The Fund may invest in securities for which no readily available market exists or are otherwise considered illiquid. The Fund may not be able readily to dispose of such securities at prices that approximate those at which the Fund could sell such securities if they were more widely traded and, as result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil. There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by the Fund. Regulatory changes have led to reduced liquidity in the marketplace, and the capacity of dealers to make markets in fixed income securities has been outpaced by the growth in the size of the fixed income markets. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed income funds may be higher than normal, due to the increased supply in the market that would result from selling activity. Illiquid securities generally trade at a discount.
Prepayment Risk.
If interest rates fall, the principal on bonds and loans held by the Fund may be paid earlier than expected. If this happens, the proceeds from a prepaid security may be reinvested by the Fund in securities bearing lower interest rates, resulting in a possible decline in the Fund’s income and distributions to shareholders.
Preferred Stock Risk.
Preferred stocks are unique securities that combine some of the characteristics of both common stocks and bonds. Preferred stocks generally pay a fixed rate of return and are sold on the basis of current yield, like bonds. However, because they are equity securities, preferred stocks provide equity ownership of a company, and the income is paid in the form of dividends. Preferred stocks typically have a yield advantage over common stocks as well as comparably-rated fixed income investments. Preferred stocks are typically subordinated to bonds and other debt instruments in a company’s capital structure, in terms of priority to corporate income, and therefore will be subject to greater credit risk than those debt instruments. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.
Mortgage-Backed Securities Risk.
The Fund may invest a substantial portion of its total assets in mortgage-backed securities. The value of mortgage-backed securities is subject to change due to shifts in the market’s perception of issuers, and regulatory or tax changes may adversely affect the mortgage securities market as a whole. Foreclosures and prepayments, which occur when unscheduled or early payments are made on the underlying mortgages, may shorten the effective maturities on these securities. The Fund’s yield may be affected by reinvestment of prepayments at higher or lower rates than the original investment. Prepayments tend to increase
 
 
due to refinancing of mortgages as interest rates decline. In addition, like other debt securities, the values of mortgage-backed securities will generally fluctuate in response to changes in interest rates
Senior Loans Risk.
The Fund’s investments in Senior Loans are expected to typically be below investment grade. These investments are considered speculative because of the credit risk of their issuers. Such companies are more likely to default on their payments of interest and principal owed to the Fund, and such defaults could reduce the Fund’s net asset value and income distributions. An economic downturn generally leads to a higher
non-payment
rate, and a debt obligation may lose significant value before a default occurs. Moreover, any specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan’s value.
Like other debt instruments, Senior Loans are subject to the risk of
non-payment
of scheduled interest or principal. Such
non-payment
would result in a reduction of income to the Fund, a reduction in the value of the investment and a potential decrease in the net asset value per share of the Fund. There can be no assurance that the liquidation of any collateral securing a loan would satisfy the borrower’s obligation in the event of
non-payment
of scheduled interest or principal payments, or that such collateral could be readily liquidated. This is particularly the case where a senior loan is not backed by collateral or sufficient collateral at the time such senior loan is issued. In the event of bankruptcy of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a senior loan. The collateral securing a senior loan may lose all or substantially all of its value in the event of bankruptcy of a borrower. Some Senior Loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate such Senior Loans to presently existing or future indebtedness of the borrower or take other action detrimental to the holders of Senior Loans including, in certain circumstances, invalidating such Senior Loans or causing interest previously paid to be refunded to the borrower. If interest were required to be refunded, it could negatively affect the Fund’s performance.
Transactions in Senior Loans may settle on a delayed basis, resulting in the proceeds from the sale of Senior Loans not being readily available to make additional investments or to meet the Fund’s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders.
Second Lien and Other Secured Loans Risk
. Second Lien Loans and other secured Loans are subject to the same risks associated with investment in Senior Loans and bonds rated below investment grade. However, because Second Lien Loans are second in right of payment to one or more Senior Loans of the related borrower, and other secured Loans rank lower in right of payment to Second Lien Loans, they are subject to the additional risk that the cash flow of the borrower and any property securing the Loan may be insufficient to meet scheduled payments after giving effect to the more senior secured obligations of the borrower. This risk is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest in any specific collateral. Second Lien Loans and other secured Loans are also expected to have greater price volatility than Senior Loans and may be less liquid. There is also a possibility that originators will not be able to sell participations in Second Lien Loans and other secured Loans, which would create greater credit risk exposure.
Conflict of Interest Risk.
Affiliates of Credit Suisse may act as underwriter, lead agent or administrative agent for loans and participate in the secondary market for loans. Because of limitations imposed by applicable law, the presence of Credit Suisse’s affiliates in the primary and secondary markets for loans may restrict the fund’s ability to acquire some loans or affect the timing or price of such acquisitions.
 
 
Derivatives Risk.
The Fund may invest in derivatives, such as credit default swap agreements and interest rate futures and related options. The primary risk of derivatives is the same as the risk of the underlying asset, namely that the value of the underlying asset may increase or decrease. Adverse movements in the value of the underlying asset can expose the Fund to losses. In addition, risks in the use of derivatives include:
 
   
an imperfect correlation between the price of derivatives and the movement of the securities prices, interest rates or currency exchange rates being hedged or replicated;
 
   
the possible absence of a liquid secondary market for any particular derivative at any time;
 
   
the potential loss if the counterparty to the transaction does not perform as promised;
 
   
the possible need to defer closing out certain positions to avoid adverse tax consequences, as well as the possibility that derivative transactions may result in acceleration of gain, deferral of losses or a change in the character of gain realized;
 
   
the risk that the financial intermediary “manufacturing” the
over-the-counter
derivative, being the most active market maker and offering the best price for repurchase, will not continue to create a credible market in the derivative;
 
   
because certain derivatives are “manufactured” by financial institutions, the risk that the Fund may develop a substantial exposure to financial institution counterparties; and
 
   
the risk that a full and complete appreciation of the complexity of derivatives and how future value is affected by various factors including changing interest rates, exchange rates and credit quality is not attained.
There is no guarantee that derivatives will provide successful results and any success in their use depends on a variety of factors including the ability of Credit Suisse to predict correctly the direction of interest rates, securities prices, currency exchange rates and other factors.
Credit Default Swap Risk.
Credit default swap contracts, a type of derivative instrument, involve special risks and may result in losses to the Fund. Credit default swaps may in some cases be illiquid, and they increase credit risk since the Fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap. Swaps may be difficult to unwind or terminate. The swap market could be disrupted or limited as a result of recent legislation, and these changes could adversely affect the Fund.
Counterparty Risk.
The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts purchased or sold by the Fund. Recently, several broker-dealers and other financial institutions have experienced extreme financial difficulty, sometimes resulting in bankruptcy of the institution. Although the Investment Adviser monitors the creditworthiness of the Fund’s counterparties, there can be no assurance that the Fund’s counterparties will not experience similar difficulties, possibly resulting in losses to the Fund. If a counterparty becomes bankrupt, or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.
Valuation Risk.
Unlike publicly traded common stock which trades on national exchanges, there is no central place or exchange for bond trading. Bonds generally trade on an
“over-the-counter”
market which may be anywhere in the world where buyer and seller can settle on a price. Due to the lack of centralized information and
 
 
trading, the valuation of bonds may carry more risk than that of common stock. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. As a result, the Fund may be subject to the risk that when a security is sold in the market, the amount received by the Fund is less than the value of such security carried on the Fund’s books.
Market Price, Discount and Net Asset Value of Shares.
As with any stock, the price of the Fund’s Shares fluctuates with market conditions and other factors. Shares of the Fund, a
closed-end
investment company, may trade in the market at a discount from their net asset value.
Potential Yield Reduction.
An offering of Shares is expected to present the opportunity to invest in high yielding securities. This expectation is based on the current market environment for high yield debt securities, which could change in response to interest rate levels, general economic conditions, specific industry conditions and other factors. If the market environment for high yield debt securities changes in a manner that adversely affects the yield of such securities, the offering of Shares could cause the Fund to invest in securities that are lower yielding than those in which it is currently invested. In addition, even if the market for high yield debt securities continues to present attractive investment opportunities, there is no assurance that the Fund will be able to invest the proceeds of an offering of Shares in high yielding securities or that other potential benefits of the offering will be realized. An offering of Shares could reduce the Fund’s current dividend yield if the Fund is unable to invest the proceeds of the offering in securities that provide a yield at least equal to the current dividend yield.
Market Risk
. The market value of an instrument may fluctuate, sometimes rapidly and unpredictably. These fluctuations, which are often referred to as “volatility,” may cause an instrument to be worth less than it was worth at an earlier time. Market risk may affect a single issuer, industry, commodity, sector of the economy, or the market as a whole. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on a fund and its investments. Market risk is common to most investments — including stocks, bonds and commodities — and the mutual funds that invest in them. The performance of “value” stocks and “growth” stocks may rise or decline under varying market conditions — for example, value stocks may perform well under circumstances in which growth stocks in general have fallen.
Bonds and other fixed income securities generally involve less market risk than stocks and commodities. However, the risk of bonds can vary significantly depending upon factors such as the issuer’s creditworthiness and a bond’s maturity. The bonds of some companies may be riskier than the stocks of others.
An outbreak of an infectious coronavirus
(COVID-19)
that was first detected in December 2019 and developed into a global pandemic. That has resulted in numerous disruptions in the market and has had significant economic impact leaving general concern and uncertainty. Although vaccines have been developed and approved for use by various governments, the duration and effect of the
COVID-19
pandemic cannot be predicted with certainty. The
COVID-19
pandemic has affected, and other pandemics and epidemics that may arise in the future, could affect, the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. In addition, the effect of infectious diseases in developing or emerging market countries may be greater due to less established health care systems. Health crises caused by the
COVID-19
pandemic may exacerbate other
pre-existing
political, social and economic risks in certain countries. As a result, the extent to which the pandemic may negatively affect a fund’s performance or the duration of any potential business disruption is uncertain.
 
 
Anti-Takeover Provisions.
The Charter and
By-laws
contain provisions limiting the ability of other entities or persons to acquire control of the Fund. These provisions may be regarded as “anti-takeover” provisions. These provisions could have the effect of depriving the shareholders of opportunities to sell their Shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund in a tender offer or similar transaction.
                 
Share Price [Table Text Block]                
Trading and Net Asset Value Information
The following table shows for the quarters indicated: (1) the high and low sale prices of the Fund’ shares of common stock (“Common Shares”) at the close of trading on the NYSE American; (2) the high and low NAV per Common Share; and (3) the high and low premium/(discount) to NAV at which the Fund’s Common Shares were trading at the close of trading (as a percentage of NAV).
 
    
Price
    
Net Asset Value
    
 Premium/(Discount) To Net Asset Value 
 
Fiscal Quarter Ended
  
High
    
Low
    
High
    
Low
    
High
   
Low
 
March 31, 2022
   $ 3.50      $ 2.94      $ 3.43      $ 3.18        2.04     (8.41 )% 
June 30, 2022
   $ 3.07      $ 2.59      $ 3.24      $ 2.79        (2.15 )%      (9.44 )% 
September 30, 2022
   $ 3.00      $ 2.65      $ 3.01      $ 2.69        3.15     (4.48 )% 
December 31, 2022
   $ 2.80      $ 2.41      $ 2.81      $ 2.67        1.82     (10.41 )% 
March 31, 2023
   $ 2.80      $ 2.46      $ 2.90      $ 2.73        0.00     (10.55 )% 
June 30, 2023
   $ 3.05      $ 2.57      $ 2.85      $ 2.79        8.16     (8.87 )% 
September 30, 2023
   $ 3.05      $ 2.59      $ 2.89      $ 2.82        6.27     (8.48 )% 
December 31, 2023
   $ 3.13      $ 2.51      $ 2.96      $ 2.75        5.74     (8.73 )% 
On December 31, 2023, the per Common Share NAV was $2.96 and the per Common Share market price was $3.13, representing a 5.74% premium over such NAV.
Common Shares of the Fund have historically traded at both a premium and discount to NAV.
                 
Investment and Market Risk [Member]                                    
General Description of Registrant [Abstract]                                    
Risk [Text Block]                
Investment and Market Risk.
An investment in the Shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in Shares represents an indirect investment in the securities owned by the Fund.
The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably, and these fluctuations are likely to have a greater impact on the value of the Shares during periods in which the Fund utilizes a leveraged capital structure. The value of the securities in which the Fund invests will affect the value of the Shares. Your Shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
                 
Lower Rated Securities Risk [Member]                                    
General Description of Registrant [Abstract]                                    
Risk [Text Block]                
Lower-Rated Securities Risk.
At any time, all or substantially all of the Fund’s portfolio may be invested in medium-grade or below investment grade fixed income securities (commonly referred to as “junk bonds”) as determined by a nationally recognized rating service and in unrated securities of comparable quality. Lower-rated securities are regarded as being predominantly speculative as to the issuer’s ability to make payments of principal and interest. Investment in such securities involves substantial risk. Issuers of lower-rated securities may be highly leveraged and may not have available to them more traditional methods of financing. Therefore,
 
the risks associated with acquiring the securities of such issuers generally are greater than is the case with higher-rated securities. For example, during an economic downturn or a sustained period of rising interest rates, issuers of lower-rated securities may be more likely to experience financial stress, especially if such issuers are highly leveraged. During periods of economic downturn, such issuers may not have sufficient revenues to meet their interest payment obligations. The issuer’s ability to service its debt obligations also may be adversely affected by specific issuer developments, the issuer’s inability to meet specific projected business forecasts or the unavailability of additional financing. The risk of loss due to default by the issuer is significantly greater for the holders of lower-rated securities because such securities may be unsecured and may be subordinate to other creditors of the issuer.
                 
Credits Risk [Member]                                    
General Description of Registrant [Abstract]                                    
Risk [Text Block]                
Credit Risk.
Credit risk is the risk that one or more of the Fund’s investments in debt securities or other instruments will decline in price, or fail to pay interest, liquidation value or principal when due, because the issuer of the obligation or the issuer of a reference security experiences an actual or perceived decline in its financial status. In addition to the credit risks associated with high yield securities, the Fund could also lose money if the issuer of other debt obligations, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or other obligation, is, or is perceived to be, unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The downgrade of a security may further decrease its value.
                 
Interests Rate Risk [Member]                                    
General Description of Registrant [Abstract]                                    
Risk [Text Block]                
Interest Rate Risk.
Generally, when market interest rates rise, the prices of debt obligations fall, and vice versa. Interest rate risk is the risk that debt obligations and other instruments in the Fund’s portfolio will decline in value because of increases in market interest rates. The Fund may be subject to a greater risk of rising interest rates due to the recent period of historically low rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address rising inflation. The prices of long-term debt obligations generally fluctuate more than prices of short-term debt obligations as interest rates change. During periods of rising interest rates, the average life of certain types of securities may be extended due to slower than expected payments. This may lock in a below market yield, increase the security’s duration and reduce the security’s value. The Fund’s use of leverage will tend to increase interest rate risk.
Investments in floating rate debt instruments, although generally less sensitive to interest rate changes than longer duration fixed rate instruments, may nevertheless decline in value in response to rising interest rates if, for example, the rates at which they pay interest do not rise as much, or as quickly, as market interest rates in general. Conversely, floating rate instruments will not generally increase in value if interest rates decline. Inverse floating rate debt securities also may exhibit greater price volatility than a fixed rate debt obligation with similar credit quality. To the extent the Fund holds floating rate instruments, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund’s common shares.
                 
Leverage Risk [Member]                                    
General Description of Registrant [Abstract]                                    
Risk [Text Block]                
Leverage Risk
. The Fund currently leverages through borrowings from a credit facility. The use of leverage, which can be described as exposure to changes in price at a ratio greater than the amount of equity invested, through borrowings or other forms of market exposure, magnifies both the favorable and unfavorable effects of price movements in the investments made by the Fund. Insofar as the Fund continues to employ leverage in its investment operations, the Fund will be subject to greater risk of loss than if it had not employed leverage.
Therefore, if the market value of the Fund’s investment portfolio declines, any leverage will result in a greater decrease in net asset value to common shareholders than if the Fund were not leveraged. Such greater net asset value decrease will also tend to cause a greater decline in the market price for the common shares.
 
The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the Investment Company Act of 1940, as amended (the “Investment Company Act”), and the rules thereunder. Further, if at any time while the Fund has leverage outstanding it does not meet applicable asset coverage requirements, it may be required to suspend distributions to common shareholders until the requisite asset coverage is restored. Any such suspension might impair the ability of the Fund to meet the regulated investment company distribution requirements and to avoid Fund-level U.S. federal income and/or excise taxes.
Under Rule
18f-4
under the Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on
value-at-risk.
                 
Corporate Debt Risk [Member]                                    
General Description of Registrant [Abstract]                                    
Risk [Text Block]                
Corporate Debt Risk.
The Fund may invest in debt securities of
non-governmental
issuers. Like all debt securities, corporate debt securities generally represent an issuer’s obligation to repay to the investor (or lender) the amount borrowed plus interest over a specified time period. A typical corporate bond specifies a fixed date when the amount borrowed (principal) is due in full, known as the maturity date, and specifies dates when periodic interest (coupon) payments will be made over the life of the security.
Prices of corporate debt securities fluctuate and, in particular, are subject to several key risks including, but not limited to, interest rate risk, credit risk and prepayment risk. The market value of a corporate bond may be affected by the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the market place. There is a risk that the issuers of the corporate debt securities in which the Fund may invest may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.
                 
Foreign Securities Risk [Member]                                    
General Description of Registrant [Abstract]                                    
Risk [Text Block]                
Foreign Securities Risk.
Investing in securities of foreign entities and securities denominated in foreign currencies involves certain risks not involved in domestic investments, including, but not limited to, fluctuations in foreign exchange rates, future foreign political and economic developments, different legal and accounting systems and the possible imposition of exchange controls or other foreign governmental laws or restrictions. Securities prices in different countries are subject to different economic, financial, political and social factors. Since the Fund may invest in securities denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect the value of securities in the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the value of securities denominated in such currencies. The Fund may, but is not obligated to, engage in certain transactions to hedge the currency-related risks of investing in
non-U.S.
dollar denominated securities. In addition, with respect to certain foreign countries, there is the possibility of expropriation of assets, confiscatory taxation, difficulty in obtaining or enforcing a court judgment, economic, political or social instability or diplomatic developments that could affect investments in those countries. Moreover, individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, capital reinvestment, resources, self-sufficiency and balance of payments position. Certain foreign investments also may be subject to foreign withholding taxes. These risks often are heightened for investments in smaller, emerging capital markets.
                 
Emerging Market Securities Risk [Member]                                    
General Description of Registrant [Abstract]                                    
Risk [Text Block]                
Emerging Market Securities Risk.
Investing in the securities of issuers located in emerging markets involves special considerations not typically associated with investing in the securities of U.S. issuers and other developed market issuers, including heightened risks of expropriation and/or nationalization, armed conflict, confiscatory taxation, restrictions on transfers of assets and market illiquidity, lack of uniform accounting and auditing standards, differences in regulatory and financial recordkeeping standards, difficulties in dividend withholding reclaims procedures, less publicly available financial and other information and potential difficulties in enforcing contractual obligations.
 
 
The economies of individual emerging market countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, currency depreciation, capital reinvestment, resource self-sufficiency and balance of payments position. Governments of many developing and emerging market countries have exercised and continue to exercise substantial influence over many aspects of the private sector. In some cases, the government owns or controls many companies, including some of the largest in the country.
Accordingly, government actions could have a significant effect on economic conditions in an emerging market country and on market conditions, prices and yields of securities in the Fund’s portfolio. Moreover, the economies of emerging market countries generally are heavily dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade.
                 
Illiquid Securities Risk [Member]                                    
General Description of Registrant [Abstract]                                    
Risk [Text Block]                
Illiquid Securities Risk.
The Fund may invest in securities for which no readily available market exists or are otherwise considered illiquid. The Fund may not be able readily to dispose of such securities at prices that approximate those at which the Fund could sell such securities if they were more widely traded and, as result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil. There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by the Fund. Regulatory changes have led to reduced liquidity in the marketplace, and the capacity of dealers to make markets in fixed income securities has been outpaced by the growth in the size of the fixed income markets. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed income funds may be higher than normal, due to the increased supply in the market that would result from selling activity. Illiquid securities generally trade at a discount.
                 
Prepayments Risk [Member]                                    
General Description of Registrant [Abstract]                                    
Risk [Text Block]                
Prepayment Risk.
If interest rates fall, the principal on bonds and loans held by the Fund may be paid earlier than expected. If this happens, the proceeds from a prepaid security may be reinvested by the Fund in securities bearing lower interest rates, resulting in a possible decline in the Fund’s income and distributions to shareholders.
                 
Preferred Stock Risk [Member]                                    
General Description of Registrant [Abstract]                                    
Risk [Text Block]                
Preferred Stock Risk.
Preferred stocks are unique securities that combine some of the characteristics of both common stocks and bonds. Preferred stocks generally pay a fixed rate of return and are sold on the basis of current yield, like bonds. However, because they are equity securities, preferred stocks provide equity ownership of a company, and the income is paid in the form of dividends. Preferred stocks typically have a yield advantage over common stocks as well as comparably-rated fixed income investments. Preferred stocks are typically subordinated to bonds and other debt instruments in a company’s capital structure, in terms of priority to corporate income, and therefore will be subject to greater credit risk than those debt instruments. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.
                 
Mortgage Backed Securities Risk [Member]                                    
General Description of Registrant [Abstract]                                    
Risk [Text Block]                
Mortgage-Backed Securities Risk.
The Fund may invest a substantial portion of its total assets in mortgage-backed securities. The value of mortgage-backed securities is subject to change due to shifts in the market’s perception of issuers, and regulatory or tax changes may adversely affect the mortgage securities market as a whole. Foreclosures and prepayments, which occur when unscheduled or early payments are made on the underlying mortgages, may shorten the effective maturities on these securities. The Fund’s yield may be affected by reinvestment of prepayments at higher or lower rates than the original investment. Prepayments tend to increase
 
 
due to refinancing of mortgages as interest rates decline. In addition, like other debt securities, the values of mortgage-backed securities will generally fluctuate in response to changes in interest rates
                 
Senior Loans Risk [Member]                                    
General Description of Registrant [Abstract]                                    
Risk [Text Block]                
Senior Loans Risk.
The Fund’s investments in Senior Loans are expected to typically be below investment grade. These investments are considered speculative because of the credit risk of their issuers. Such companies are more likely to default on their payments of interest and principal owed to the Fund, and such defaults could reduce the Fund’s net asset value and income distributions. An economic downturn generally leads to a higher
non-payment
rate, and a debt obligation may lose significant value before a default occurs. Moreover, any specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan’s value.
Like other debt instruments, Senior Loans are subject to the risk of
non-payment
of scheduled interest or principal. Such
non-payment
would result in a reduction of income to the Fund, a reduction in the value of the investment and a potential decrease in the net asset value per share of the Fund. There can be no assurance that the liquidation of any collateral securing a loan would satisfy the borrower’s obligation in the event of
non-payment
of scheduled interest or principal payments, or that such collateral could be readily liquidated. This is particularly the case where a senior loan is not backed by collateral or sufficient collateral at the time such senior loan is issued. In the event of bankruptcy of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a senior loan. The collateral securing a senior loan may lose all or substantially all of its value in the event of bankruptcy of a borrower. Some Senior Loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate such Senior Loans to presently existing or future indebtedness of the borrower or take other action detrimental to the holders of Senior Loans including, in certain circumstances, invalidating such Senior Loans or causing interest previously paid to be refunded to the borrower. If interest were required to be refunded, it could negatively affect the Fund’s performance.
Transactions in Senior Loans may settle on a delayed basis, resulting in the proceeds from the sale of Senior Loans not being readily available to make additional investments or to meet the Fund’s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders.
                 
Second Lien and Other Secured Loans Risk [Member]                                    
General Description of Registrant [Abstract]                                    
Risk [Text Block]                
Second Lien and Other Secured Loans Risk
. Second Lien Loans and other secured Loans are subject to the same risks associated with investment in Senior Loans and bonds rated below investment grade. However, because Second Lien Loans are second in right of payment to one or more Senior Loans of the related borrower, and other secured Loans rank lower in right of payment to Second Lien Loans, they are subject to the additional risk that the cash flow of the borrower and any property securing the Loan may be insufficient to meet scheduled payments after giving effect to the more senior secured obligations of the borrower. This risk is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest in any specific collateral. Second Lien Loans and other secured Loans are also expected to have greater price volatility than Senior Loans and may be less liquid. There is also a possibility that originators will not be able to sell participations in Second Lien Loans and other secured Loans, which would create greater credit risk exposure.
                 
Conflict of Interest Risk [Member]                                    
General Description of Registrant [Abstract]                                    
Risk [Text Block]                
Conflict of Interest Risk.
Affiliates of Credit Suisse may act as underwriter, lead agent or administrative agent for loans and participate in the secondary market for loans. Because of limitations imposed by applicable law, the presence of Credit Suisse’s affiliates in the primary and secondary markets for loans may restrict the fund’s ability to acquire some loans or affect the timing or price of such acquisitions.
                 
Derivatives Risk [Member]                                    
General Description of Registrant [Abstract]                                    
Risk [Text Block]                
Derivatives Risk.
The Fund may invest in derivatives, such as credit default swap agreements and interest rate futures and related options. The primary risk of derivatives is the same as the risk of the underlying asset, namely that the value of the underlying asset may increase or decrease. Adverse movements in the value of the underlying asset can expose the Fund to losses. In addition, risks in the use of derivatives include:
 
   
an imperfect correlation between the price of derivatives and the movement of the securities prices, interest rates or currency exchange rates being hedged or replicated;
 
   
the possible absence of a liquid secondary market for any particular derivative at any time;
 
   
the potential loss if the counterparty to the transaction does not perform as promised;
 
   
the possible need to defer closing out certain positions to avoid adverse tax consequences, as well as the possibility that derivative transactions may result in acceleration of gain, deferral of losses or a change in the character of gain realized;
 
   
the risk that the financial intermediary “manufacturing” the
over-the-counter
derivative, being the most active market maker and offering the best price for repurchase, will not continue to create a credible market in the derivative;
 
   
because certain derivatives are “manufactured” by financial institutions, the risk that the Fund may develop a substantial exposure to financial institution counterparties; and
 
   
the risk that a full and complete appreciation of the complexity of derivatives and how future value is affected by various factors including changing interest rates, exchange rates and credit quality is not attained.
There is no guarantee that derivatives will provide successful results and any success in their use depends on a variety of factors including the ability of Credit Suisse to predict correctly the direction of interest rates, securities prices, currency exchange rates and other factors.
                 
Credit Default Swap Risk [Member]                                    
General Description of Registrant [Abstract]                                    
Risk [Text Block]                
Credit Default Swap Risk.
Credit default swap contracts, a type of derivative instrument, involve special risks and may result in losses to the Fund. Credit default swaps may in some cases be illiquid, and they increase credit risk since the Fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap. Swaps may be difficult to unwind or terminate. The swap market could be disrupted or limited as a result of recent legislation, and these changes could adversely affect the Fund.
                 
Counterparty Risk [Member]                                    
General Description of Registrant [Abstract]                                    
Risk [Text Block]                
Counterparty Risk.
The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts purchased or sold by the Fund. Recently, several broker-dealers and other financial institutions have experienced extreme financial difficulty, sometimes resulting in bankruptcy of the institution. Although the Investment Adviser monitors the creditworthiness of the Fund’s counterparties, there can be no assurance that the Fund’s counterparties will not experience similar difficulties, possibly resulting in losses to the Fund. If a counterparty becomes bankrupt, or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.
                 
Valuation Risk [Member]                                    
General Description of Registrant [Abstract]                                    
Risk [Text Block]                
Valuation Risk.
Unlike publicly traded common stock which trades on national exchanges, there is no central place or exchange for bond trading. Bonds generally trade on an
“over-the-counter”
market which may be anywhere in the world where buyer and seller can settle on a price. Due to the lack of centralized information and
 
 
trading, the valuation of bonds may carry more risk than that of common stock. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. As a result, the Fund may be subject to the risk that when a security is sold in the market, the amount received by the Fund is less than the value of such security carried on the Fund’s books.
Market Price, Discount and Net Asset Value of Shares.
As with any stock, the price of the Fund’s Shares fluctuates with market conditions and other factors. Shares of the Fund, a
closed-end
investment company, may trade in the market at a discount from their net asset value.
Potential Yield Reduction.
An offering of Shares is expected to present the opportunity to invest in high yielding securities. This expectation is based on the current market environment for high yield debt securities, which could change in response to interest rate levels, general economic conditions, specific industry conditions and other factors. If the market environment for high yield debt securities changes in a manner that adversely affects the yield of such securities, the offering of Shares could cause the Fund to invest in securities that are lower yielding than those in which it is currently invested. In addition, even if the market for high yield debt securities continues to present attractive investment opportunities, there is no assurance that the Fund will be able to invest the proceeds of an offering of Shares in high yielding securities or that other potential benefits of the offering will be realized. An offering of Shares could reduce the Fund’s current dividend yield if the Fund is unable to invest the proceeds of the offering in securities that provide a yield at least equal to the current dividend yield.
                 
Market Risk [Member]                                    
General Description of Registrant [Abstract]                                    
Risk [Text Block]                
Market Risk
. The market value of an instrument may fluctuate, sometimes rapidly and unpredictably. These fluctuations, which are often referred to as “volatility,” may cause an instrument to be worth less than it was worth at an earlier time. Market risk may affect a single issuer, industry, commodity, sector of the economy, or the market as a whole. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on a fund and its investments. Market risk is common to most investments — including stocks, bonds and commodities — and the mutual funds that invest in them. The performance of “value” stocks and “growth” stocks may rise or decline under varying market conditions — for example, value stocks may perform well under circumstances in which growth stocks in general have fallen.
Bonds and other fixed income securities generally involve less market risk than stocks and commodities. However, the risk of bonds can vary significantly depending upon factors such as the issuer’s creditworthiness and a bond’s maturity. The bonds of some companies may be riskier than the stocks of others.
An outbreak of an infectious coronavirus
(COVID-19)
that was first detected in December 2019 and developed into a global pandemic. That has resulted in numerous disruptions in the market and has had significant economic impact leaving general concern and uncertainty. Although vaccines have been developed and approved for use by various governments, the duration and effect of the
COVID-19
pandemic cannot be predicted with certainty. The
COVID-19
pandemic has affected, and other pandemics and epidemics that may arise in the future, could affect, the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. In addition, the effect of infectious diseases in developing or emerging market countries may be greater due to less established health care systems. Health crises caused by the
COVID-19
pandemic may exacerbate other
pre-existing
political, social and economic risks in certain countries. As a result, the extent to which the pandemic may negatively affect a fund’s performance or the duration of any potential business disruption is uncertain.
                 
Anti Takeover Provisions [Member]                                    
General Description of Registrant [Abstract]                                    
Risk [Text Block]                
 
Anti-Takeover Provisions.
The Charter and
By-laws
contain provisions limiting the ability of other entities or persons to acquire control of the Fund. These provisions may be regarded as “anti-takeover” provisions. These provisions could have the effect of depriving the shareholders of opportunities to sell their Shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund in a tender offer or similar transaction.
                 
Common Shares [Member]                                    
Other Annual Expenses [Abstract]                                    
Basis of Transaction Fees, Note [Text Block]                 as a percentage of average net assets attributable to the Fund’s Common Shares                  
General Description of Registrant [Abstract]                                    
Lowest Price or Bid 2.51 $ 2.59 $ 2.57 $ 2.46 2.41 $ 2.65 $ 2.59 $ 2.94                    
Highest Price or Bid 3.13 3.05 3.05 2.8 2.8 3 3.07 3.5                    
Lowest Price or Bid, NAV 2.75 2.82 2.79 2.73 2.67 2.69 2.79 3.18                    
Highest Price or Bid, NAV $ 2.96 $ 2.89 $ 2.85 $ 2.9 $ 2.81 $ 3.01 $ 3.24 $ 3.43                    
Highest Price or Bid, Premium (Discount) to NAV [Percent] 5.74% 6.27% 8.16% 0.00% 1.82% 3.15% (2.15%) 2.04%                    
Lowest Price or Bid, Premium (Discount) to NAV [Percent] (8.73%) (8.48%) (8.87%) (10.55%) (10.41%) (4.48%) (9.44%) (8.41%)                    
Share Price $ 3.13               $ 3.13                  
NAV Per Share $ 2.96               $ 2.96                  
Latest Premium (Discount) to NAV [Percent]                 5.74%                  
[1] Represents the estimated commission with respect to the Fund’s Common Shares being sold in this offering, which the Fund will pay to JonesTrading in connection with the sales of Common Shares effected by JonesTrading in this offering. While JonesTrading is entitled to a commission of between 1.50% and 3.00% of the gross sales price for Common Shares sold, with the exact amount to be agreed upon by the parties, the Fund has assumed, for purposes of this offering, that JonesTrading will receive a commission of 1.50% of such gross sales price. This is the only sales load to be paid in connection with this offering.
[2] The Fund bears ongoing expenses associated with the Plan which are included in “Other Expenses.” There is no service fee payable by Plan participants for dividend reinvestments; however, shareholders are subject to other transaction costs associated with the Plan. Actual costs will vary for each participant depending on the return and number of transactions made. For Plan participants that elect to make voluntary cash purchases, 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 December 2023). In addition, if a Plan participant elects by written notice to the Plan administrator to have the plan administrator sell part or all of the shares held by the Plan administrator in the participant’s account and remit the proceeds to the participant, the participant will also be charged a service fee of $5.00 for each sale and brokerage commissions of $0.03 per share (as of December 2023). See “Dividend Reinvestment and Cash Purchase Plan.”
[3] Credit Suisse receives from the Fund, as compensation for its advisory services, a fee, computed weekly and payable quarterly at an annual rate of 0.50% of an average weekly base amount which, with respect to each quarter, is the average of the lower of (i) the stock price (market value) of the Fund’s outstanding shares and (ii) the Fund’s net assets, in each case determined as of the last trading day for each week during the relevant quarter.
[4] The Fund may use leverage through borrowings, the costs of which are borne by holders of Common Shares of the Fund. The Fund currently borrows under a credit facility.
[5] Asset coverage means the ratio that the value of the Fund’s total assets (including amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings.

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