UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

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)

 

J. Kevin Gao, Esq.

Credit Suisse Asset Management Income Fund, Inc.

Eleven Madison Avenue

New York, New York  10010

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(212) 325-2000

 

 

Date of fiscal year end:

December 31

 

 

Date of reporting period:

January 1, 2009 to June 30, 2009

 

 



 

Item 1. Reports to Stockholders.

 



Credit Suisse Asset Management
Income Fund, Inc.
Eleven Madison Avenue
New York, NY 10010

Directors

Enrique R. Arzac

Chairman of the Board

Terry Fires Bovarnick

James Cattano

Lawrence J. Fox

Steven Rappaport

Officers

George Hornig

Chief Executive Officer and President

Martha B. Metcalf

Chief Investment Officer

J. Kevin Gao

Chief Legal Officer, Senior Vice President
and Secretary

Emidio Morizio

Chief Compliance Officer

Michael A. Pignataro

Chief Financial Officer

Cecilia Chau

Treasurer

Investment Adviser

Credit Suisse Asset Management, LLC
Eleven Madison Avenue
New York, NY 10010

Administrator and Custodian

State Street Bank and Trust Co.
225 Franklin Street
Boston, MA 02110

Shareholder Servicing Agent

Computershare Trust Company, N.A.
P.O. Box 43078
Providence, RI 02940-3078

Legal Counsel

Willkie Farr & Gallagher LLP
787 7th Avenue
New York, NY 10019

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP
125 High Street
Boston, MA 02110

Credit Suisse Asset Management
Income Fund, Inc.

SEMIANNUAL REPORT
June 30, 2009
(unaudited)




Credit Suisse Asset Management Income Fund, Inc.

Semiannual Investment Adviser's Report

June 30, 2009 (unaudited)

July 31, 2009

Dear Shareholder:

Performance Summary

1/1/09 – 6/30/09

Fund & Benchmark   Performance  
Total Return (based on NAV)1     28.96 %  
Total Return (based on market value)1     32.06 %  
Merrill Lynch US High Yield Master II Constrained Index2     29.88 %  

 

Market Review: A Slow Start, but Trending Upward

For the six-month period ended June 30, 2009, the high yield bond market trended higher. A combination of positive sentiment, better than expected economic news, and high yield mutual fund inflows helped the Merrill Lynch US High Yield Constrained Index gain 29.88%. Additionally, for the time period, high yield spreads tightened 745 basis points versus the Treasury to end the period at 1,038 basis points, while yields ended June at 13.06%.

Against this strong performance backdrop, a number of market indicators signaled that credit fundamentals remained under pressure. Default rates, as reported by Moody's Investor Services, continued to rise — ending June at 10.1%. Additionally, according to JP Morgan, five companies either defaulted or missed coupon payments during June alone. However, the pace of defaults has slowed from the previous average of 14 defaults per month for the prior six-month period. Similarly, Merrill Lynch's distress ratio (defined as the proportion of bonds trading at over 1,000 basis points over U.S. Treasuries) continued to improve, ending the period at 40.8% (down from its recent high of 83.6% in November 2008).

AMG Data Services reported that high yield mutual funds experienced positive flows for 15 of the last 16 weeks of the period. On a year-to-date basis, inflows have totaled almost $12 billion.

The new issue market began the year slowly, with only $10 billion in high yield debt issued during the first quarter. As the year progressed, however, activity picked up, and according to Merrill Lynch, more than $51 billion in high yield debt was issued in the second quarter. In addition, there has been a material increase in diversity among issuers — with lower rated and more cyclical companies able to access the market for the first time since summer of 2008.

Strategic Review and Outlook: Fundamental Backdrop Remains Challenging

For the six-month period ended June 30, 2009, the Fund was in line with the benchmark on an NAV basis and outperformed its benchmark on a market-price basis. Superior security selection in printing and publishing, packaging, aerospace and defense and gaming contributed positively to relative returns. Conversely, an underweight to automotive as well as an underweight to financials (due to an influx of downgraded securities that recently entered the High Yield Universe) hurt relative returns.

Despite the recent strength in the high yield market, the fundamental backdrop remains challenging. The new issue market has made capital available to a broader selection of issuers, but credit conditions remain tight and recent economic indicators have been mixed. For example, consumer confidence increased from 25.3 in February to 49.3 in June, while the unemployment rate continued to climb to 9.5%. Additionally, although we believe recent



Credit Suisse Asset Management Income Fund, Inc.

Semiannual Investment Adviser's Report (continued)

June 30, 2009 (unaudited)

government policy initiatives should ultimately stabilize the financial markets and the broader global economy, we expect conditions to stay volatile as liquidity remains limited and the recovery continues.

   
Martha Metcalf
Chief Investment Officer*
  George Hornig
Chief Exective Officer and President**
 

 

High yield bonds are lower-quality bonds that are also known as "junk bonds." Such bonds entail greater risks than those found in higher-rated securities.

International investing entails special risk considerations, including currency fluctuations, lower liquidity, economic and political risks, and differences in accounting methods; these risks are generally heightened for emerging-market investments. The Fund may involve a greater degree of risk than other funds that invest in larger, more developed markets.

In addition to historical information, this report contains forward-looking statements, which may concern, among other things, domestic and foreign market, industry and economic trends and developments and government regulation and their potential impact on the Fund's investments. These statements are subject to risks and uncertainties and actual trends, developments and regulations in the future, and their impact on the Fund could be materially different from those projected, anticipated or implied. The Fund has no obligation to update or revise forward-looking statements.

1  Assuming reinvestment of dividends of $0.15 per share.

2  The Merrill Lynch US High Yield Master II Constrained Index is an unmanaged index that tracks the performance of below-investment-grade U.S. dollar-denominated corporate bonds issued in the U.S. domestic market, where each issuer's allocation is limited to 2% of the index. Any individual issuer is capped at 2%. Investors cannot invest directly in an index.

*  Martha B. Metcalf is a Managing Director of Credit Suisse Asset Management, LLC ("Credit Suisse") and head of the U.S. High Yield Management Team. She has served in these capacities since 2005. From 2000 until 2005, she was a Managing Director and Portfolio Manager of Global High Yield bonds, and head of a global high yield business with responsibility for total return, as well as structured portfolios at Invesco. Prior to her tenure at Invesco, Ms. Metcalf served for over 10 years at JPMorgan Investment Management, where she was Vice President and Portfolio Manager for High Yield Corporate bonds.

**  George Hornig is a Managing Director of Credit Suisse. He is the Co-Chief Operating Officer of Asset Management and Head of Asset Management Americas. Mr. Hornig has been associated with Credit Suisse since 1999.



Credit Suisse Asset Management Income Fund, Inc.

Semiannual Investment Adviser's Report (continued)

June 30, 2009 (unaudited)

Top Ten Holdings

(% of net assets as of 6/30/09)

Security Description

1.
  Texas Competitive Electric Holdings Co.
10.250% 11/01/15
  1.42%
 
2.
  General Motors Acceptance Corp.
7.250% 03/02/11
  1.25%
 
3.
  Nextel Communications, Inc
5.950% 03/15/14
  1.20%
 
4.
  Intelsat Corp.
9.250% 08/15/14
  1.06%
 
5.
  Sprint Nextel Corp.
6.000% 12/01/16
  1.05%
 
6.
  Tenet Healthcare Corp.
8.875% 07/01/19
  1.04%
 
7.
  HCA, Inc.
9.250% 11/15/16
  1.02%
 
8.
  Ford Motor Credit Co. LLC
7.000% 10/01/13
  0.91%
 
9.
  Qwest Communications Crop
7.500% 02/15/14
  0.78%
 
10.
  El Paso Performance-Linked Trust
7.250% 06/01/18
  0.74%
 

 

Credit Quality Breakdown*

(% of total investments as of 6/30/09)

S&P Ratings  

 

BBB     1.4 %  
BB     26.5    
B     40.5    
CCC     21.3    
CC     1.2    
C     0.3    
D     3.3    
NR     2.3    
Subtotal     96.8    
Equities and Other     3.2    
Total     100.0 %  

 

*  Expressed as a percentage of total investments (excluding securities lending collateral if applicable) and may vary over time.


1



Credit Suisse Asset Management Income Fund, Inc.

Average Annual Returns

June 30, 2009 (unaudited)

    1 Year   3 Years   5 Years   10 Years  
Net Asset Value (NAV)     (4.73 )%     1.10 %     3.70 %     2.08 %  
Market Value     0.21 %     0.64 %     3.08 %     1.20 %  

 

Credit Suisse may waive fees and/or reimburse expenses, without which performance would be lower. Waivers and/or reimbursements are subject to change and may be discontinued at any time. Returns represent past performance. Total investment return at net asset value is based on changes in the net asset value of fund shares and assumes reinvestment of dividends and distributions, if any. Total investment return at market value is based on changes in the market price at which the fund's shares traded on the stock exchange during the period and assumes reinvestment of dividends and distributions, if any, at actual prices pursuant to the fund's dividend reinvestment program. Because the fund's shares trade in the stock market based on investor demand, the fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on share price and NAV. Past performance is no guarantee of future results. The current performance of the fund may be lower or higher than the figures shown. The fund's yield, return and market price and NAV will fluctuate. Performance information current to the most recent month-end is available by calling 1-800-293-1232.

The annualized gross and net expense ratios are 0.72%.


2




Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS (87.6%)      
Aerospace & Defense (1.0%)      
$ 800     BE Aerospace, Inc., Senior Unsecured Notes (Callable 07/01/13 @ $104.25)   (BB+, Ba3)   07/01/18     8.500     $ 756,000    
  1,200     Hawker Beechcraft Acquisition Co., Global Company Guaranteed Notes (Callable 04/01/11 @ $104.25)   (CCC-, Caa3)   04/01/15     8.500       624,000    
  475     Hawker Beechcraft Acquisition Co., Global Company Guaranteed Notes (Callable 04/01/12 @ $104.88)   (CCC-, Ca)   04/01/17     9.750       201,875    
                  1,581,875    
Agriculture (0.4%)      
  625     Southern States Cooperative, Inc., Rule 144A, Senior Notes (Callable 11/01/09 @ $100.00) ‡   (B-, B3)   11/01/11     11.000       578,125    
Auto Loans (1.9%)      
  750     Ford Motor Credit Co. LLC, Global Senior Unsecured Notes   (CCC+, Caa1)   06/15/10     7.875       712,553    
  1,725     Ford Motor Credit Co. LLC, Global Senior Unsecured Notes   (CCC+, Caa1)   10/01/13     7.000       1,388,151    
  425     Ford Motor Credit Co. LLC, Senior Unsecured Notes   (CCC+, Caa1)   08/10/11     9.875       393,326    
  525     Ford Motor Credit Co. LLC, Senior Unsecured Notes   (CCC+, Caa1)   12/15/16     8.000       401,893    
                  2,895,923    
Auto Parts & Equipment (2.2%)      
  675     Altra Industrial Motion, Inc., Global Senior Secured Notes (Callable 12/01/09 @ $102.25)   (B+, B1)   12/01/11     9.000       653,062    
  500     American Axle & Manufacturing, Inc., Company Guaranteed Notes (Callable 03/01/12 @ $103.94)   (CCC-, Ca)   03/01/17     7.875       157,500    
  800     American Tire Distributors, Inc., Global Company Guarnteed Notes (Callable 04/01/10 @ $102.69)   (CCC+, Caa1)   04/01/13     10.750       659,000    
  240     Lear Corp., Series B, Global Company Guaranteed Notes (Callable 12/01/10 @ $104.25) ø   (D, C)   12/01/13     8.500       63,600    
  800     Stanadyne Corp., Series 1, Global Senior Subordinated Notes (Callable 08/15/09 @ $105.00)   (CCC, Caa1)   08/15/14     10.000       628,000    
  375     Tenneco, Inc., Global Company Guaranteed Notes (Callable 11/15/09 @ $104.31)   (CCC, Caa2)   11/15/14     8.625       271,875    
  737     The Goodyear Tire & Rubber Co., Global Company Guaranteed Notes (Callable 07/01/10 @ $104.50)   (B+, B1)   07/01/15     9.000       733,315    
  150     The Goodyear Tire & Rubber Co., Senior Unsecured Notes (Callable 05/15/12 @ $107.88)   (B+, B1)   05/15/16     10.500       152,250    
                  3,318,602    
Banks (3.0%)      
  750     CIT Group, Inc., Senior Unsecured Notes #   (BB-, Ba2)   02/13/12     1.170       442,806    
  1,400     CIT Group, Inc., Senior Unsecured Notes   (BB-, Ba2)   02/13/12     5.400       952,666    
  2,073     GMAC LLC, Rule 144A, Company Guaranteed Notes ‡   (CCC, Ca)   03/02/11     7.250       1,917,525    
  474     GMAC LLC, Rule 144A, Company Guaranteed Notes ‡   (CCC, Ca)   04/01/11     6.000       419,490    
  47     GMAC LLC, Rule 144A, Company Guaranteed Notes ‡   (CCC, Ca)   12/15/11     6.000       40,655    
  65     GMAC LLC, Rule 144A, Company Guaranteed Notes ‡   (CCC, Ca)   12/31/13     7.500       51,025    
  933     GMAC LLC, Rule 144A, Company Guaranteed Notes ‡   (CCC, Ca)   12/01/14     6.750       741,735    
  78     GMAC LLC, Rule 144A, Subordinated Notes ‡   (CC, Ca)   12/31/18     8.000       50,310    
                  4,616,212    
Beverages (0.5%)      
  225     Constellation Brands, Inc., Company Guaranteed Notes   (BB-, Ba3)   12/15/14     8.375       226,688    
  525     Constellation Brands, Inc., Company Guaranteed Notes   (BB-, Ba3)   09/01/16     7.250       488,250    
                  714,938    
Brokerage (0.3%)      
  175     E*TRADE Financial Corp., Global Senior Notes (Callable 07/20/09 @ $102.00)   (CC, B3)   06/15/11     8.000       205,625    
  315     E*TRADE Financial Corp., Senior Unsecured Notes (Callable 12/01/10 @ $103.94)   (CCC-, B3)   12/01/15     7.875       250,425    
                  456,050    
Building & Construction (1.3%)      
  468     Ashton Woods Finance Co., Rule 144A, Senior Subordinated Notes (Callable 02/24/14 @ $105.50) +‡   (NR, NR)   06/30/15     0.000       88,920    
  150     D.R. Horton, Inc., Company Guaranteed Notes   (BB-, Ba3)   05/01/13     6.875       141,188    
  500     K Hovnanian Enterprises, Inc., Global Company Guaranteed Notes   (D, Caa2)   01/15/16     6.250       252,500    
  800     Meritage Homes Corp., Global Company Guaranteed Notes (Callable 03/15/10 @ $103.13)   (B+, B1)   03/15/15     6.250       632,000    
  925     Standard Pacific Corp., Company Guaranteed Notes   (CCC-, Caa1)   04/01/14     6.250       656,750    
  250     William Lyon Homes, Inc., Global Company Guaranteed Notes (Callable 02/15/10 @ $102.50)   (CC, Caa3)   02/15/14     7.500       85,000    
  350     William Lyon Homes, Inc., Global Company Guaranteed Notes (Callable 12/15/09 @ $101.91)   (CC, Caa3)   12/15/12     7.625       119,000    
                  1,975,358    

 

See Accompanying Notes to Financial Statements.
3



Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Building Materials (1.6%)      
$ 750     AMH Holdings Inc., Global Senior Discount Notes (Callable 03/01/10 @ $103.75)   (CCC-, Caa2)   03/01/14     11.250     $ 333,750    
  575     Building Materials Corp. of America, Global Secured Notes (Callable 08/01/09 @ $103.88)   (B+, B3)   08/01/14     7.750       514,625    
  825     CPG International I, Inc., Global Company Guaranteed Notes (Callable 07/01/09 @ $105.25)   (B-, Caa1)   07/01/13     10.500       466,125    
  300     Dayton Superior Corp., Company Guaranteed Notes ø   (D, Caa3)   06/15/09     13.000       120,750    
  325     Norcraft Finance Corp., Global Company Guaranteed Notes (Callable 11/01/09 @ $100.00)   (B+, Ba3)   11/01/11     9.000       323,375    
  250     Norcraft Holdings, Global Senior Discount Notes (Callable 09/01/09 @ $102.44)   (CCC+, Caa1)   09/01/12     9.750       235,000    
  475     Nortek, Inc., Global Senior Subordinated Notes (Callable 09/01/09 @ $104.25)   (CC, Caa3)   09/01/14     8.500       137,750    
  750     NTK Holdings, Inc., Global Senior Discount Notes (Callable 09/01/09 @ $105.38) +   (C, Ca)   03/01/14     0.000       63,750    
  500     Ply Gem Industries, Inc., Global Senior Secured Notes (Callable 04/01/11 @ $105.88)   (CCC, Caa1)   06/15/13     11.750       325,000    
                  2,520,125    
Chemicals (2.3%)      
  275     Chemtura Corp., Company Guaranteed Notes ø   (D, NR)   06/01/16     6.875       200,750    
  650     Koppers Holdings, Inc., Global Senior Discount Notes (Callable 11/15/09 @ $104.94) +   (B-, B2)   11/15/14     0.000       586,625    
  425     Momentive Performance Materials, Inc., Global Company Guaranteed Notes (Callable 12/01/10 @ $104.88)   (C, Ca)   12/01/14     9.750       191,250    
  461     Momentive Performance Materials, Inc., Rule 144A, Company Guaranteed Notes
(Callable 12/15/11 @ $106.25) ‡
  (C, B3)   06/15/14     12.500       368,500    
  175     Nalco Co., Global Company Guaranteed Notes (Callable 11/15/09 @ $103.00)   (B, B2)   11/15/13     9.000       243,009    
  800     Nalco Finance Holdings, Inc., Global Senior Discounted Notes (Callable 02/01/10 @ $103.00)   (B, B2)   02/01/14     9.000       788,000    
  750     PolyOne Corp., Senior Unsecured Notes   (B-, B1)   05/01/12     8.875       633,750    
  750     Reichhold Industries, Inc., Rule 144A, Senior Notes (Callable 08/15/10 @ $104.50) ‡   (CCC+, Caa2)   08/15/14     9.000       266,250    
  200     Terra Capital, Inc., Series B, Global Company Guaranteed Notes (Callable 02/01/12 @ $103.50)   (BB, B1)   02/01/17     7.000       183,750    
                  3,461,884    
Computer Hardware (0.5%)      
  500     Activant Solutions, Inc., Global Company Guaranteed Notes (Callable 05/01/11 @ $104.75)   (CCC+, Caa1)   05/01/16     9.500       388,750    
  325     Seagate Technology International, Rule 144A, Secured Notes (Callable 05/01/13 @ $105.00) ‡   (BB+, Ba1)   05/01/14     10.000       336,781    
                  725,531    
Consumer Products (1.4%)      
  650     AAC Group Holding Corp., Rule 144A, Senior Unsecured Notes (Callable 10/01/09 @ $102.56) ‡   (CCC-, Caa2)   10/01/12     10.250       474,500    
  200     American Achievement Corp., Rule 144A, Company Guaranteed Notes ‡   (CCC+, B2)   04/01/12     8.250       188,000    
  825     Amscan Holdings, Inc., Global Senior Subordinated Notes (Callable 05/01/10 @ $102.92)   (CCC+, Caa1)   05/01/14     8.750       701,250    
  225     Jarden Corp., Company Guaranteed Notes (Callable 05/01/12 @ $103.75)   (B-, B3)   05/01/17     7.500       198,000    
  594     Prestige Brands, Inc., Global Senior Subordinated Notes (Callable 04/15/10 @ $100.00)   (B-, B3)   04/15/12     9.250       591,030    
                  2,152,780    
Diversified Capital Goods (2.8%)      
  425     Anixter, Inc., Company Guaranteed Notes   (BB+, Ba2)   03/15/14     10.000       425,000    
  375     Belden, Inc., Rule 144A, Company Guaranteed Notes (Callable 06/15/14 @ $104.62) ‡   (B+, Ba2)   06/15/19     9.250       365,156    
  725     Coleman Cable, Inc., Global Company Guaranteed Notes (Callable 10/01/09 @ $102.47)   (B+, B3)   10/01/12     9.875       588,156    
  575     Esco Corp., Rule 144A, Company Guaranteed Notes (Callable 12/15/09 @ $101.00) #‡   (B, B2)   12/15/13     4.504       452,094    
  475     Mueller Water Products, Inc., Global Company Guaranteed Notes (Callable 06/01/12 @ $103.69)   (CCC+, Caa1)   06/01/17     7.375       352,688    
  525     RBS Global & Rexnord Corp., Global Company Guaranteed Notes (Callable 08/01/10 @ $104.75)   (B-, Caa2)   08/01/14     9.500       451,500    
  450     Sensus Metering Systems, Inc., Global Senior Subordinated Notes (Callable 12/15/09 @ $102.87)   (B-, B3)   12/15/13     8.625       425,250    
  625     Titan International, Inc., Global Company Guaranteed Notes   (B-, Caa1)   01/15/12     8.000       568,750    
  694     TriMas Corp., Global Company Guaranteed Notes (Callable 06/15/10 @ $100.00)   (B-, Caa1)   06/15/12     9.875       600,310    
                  4,228,904    
Electric - Generation (6.2%)      
  200     Dynegy Holdings, Inc., Global Senior Unsecured Notes   (B, B3)   06/01/15     7.500       167,750    
  1,000     Dynegy Holdings, Inc., Global Senior Unsecured Notes   (B, B3)   05/01/16     8.375       852,500    
  1,075     Edison Mission Energy, Global Senior Unsecured Notes   (BB-, B2)   05/15/17     7.000       830,437    
  1,050     Edison Mission Energy, Global Senior Unsecured Notes   (BB-, B2)   05/15/19     7.200       787,500    
  1,200     Mirant Americas Generation LLC, Senior Unsecured Notes   (B-, B3)   10/01/21     8.500       954,000    
  268     Mirant Mid Atlantic LLC, Series B, Global Pass Thru Certificates   (BB, Ba1)   06/30/17     9.125       266,346    
  200     NRG Energy, Inc., Company Guaranteed Notes (Callable 01/15/12 @ $103.69)   (BB-, B1)   01/15/17     7.375       189,000    

 

See Accompanying Notes to Financial Statements.
4



Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Electric - Generation      
$ 425     NRG Energy, Inc., Company Guaranteed Notes (Callable 02/01/11 @ $103.69)   (BB-, B1)   02/01/16     7.375     $ 403,219    
  400     RRI Energy, Inc., Senior Unsecured Notes   (B+, B2)   06/15/14     7.625       368,000    
  3,450     Texas Competitive Electric Holdings Co., LLC, Series A, Global Company Guaranteed Notes
(Callable 11/01/11 @ $105.13)
  (CCC, Caa1)   11/01/15     10.250       2,164,875    
  1,300     Texas Competitive Electric Holdings Co., LLC, Series B, Global Company Guaranteed Notes
(Callable 11/01/11 @ $105.13)
  (CCC, Caa1)   11/01/15     10.250       815,750    
  1,000     The AES Corp., Global Senior Unsecured Notes   (BB-, B1)   10/15/17     8.000       935,000    
  200     The AES Corp., Rule 144A, Senior Unsecured Notes ‡   (BB-, B1)   04/15/16     9.750       203,500    
  550     The AES Corp., Senior Unsecured Notes   (BB-, B1)   03/01/14     7.750       523,875    
                  9,461,752    
Electronics (1.5%)      
  475     Amkor Technology, Inc., Global Senior Notes (Callable 05/15/10 @ $101.29)   (B+, B2)   05/15/13     7.750       437,594    
  68     Ampex Corp., Rule 144A, Secured Notes ^‡   (NR, NR)   09/30/09     12.000       66,389    
  700     Freescale Semiconductor, Inc., Company Guaranteed Notes (Callable 12/15/11 @ $105.06)   (CCC, Caa3)   12/15/16     10.125       241,500    
  175     Jabil Circuit, Inc., Global Senior Unsecured Notes   (BB+, Ba1)   03/15/18     8.250       158,375    
  675     Sanmina-SCI Corp., Global Company Guaranteed Notes (Callable 03/01/10 @ $101.69)   (CCC, B3)   03/01/13     6.750       526,500    
  150     Sanmina-SCI Corp., Senior Subordinated Notes (Callable 03/01/11 @ $104.06)   (CCC, B3)   03/01/16     8.125       110,062    
  775     Viasystems, Inc., Global Senior Unsecured Notes (Callable 01/15/10 @ $100.00)   (B+, Caa1)   01/15/11     10.500       693,625    
                  2,234,045    
Energy - Exploration & Production (5.3%)      
  475     Berry Petroleum Co., Senior Subordinated Notes (Callable 11/01/11 @ $104.13)   (B, B3)   11/01/16     8.250       409,688    
  600     Chesapeake Energy Corp., Company Guaranteed Notes   (BB, Ba3)   07/15/13     7.625       573,000    
  175     Chesapeake Energy Corp., Company Guaranteed Notes   (BB, Ba3)   12/15/18     7.250       153,125    
  1,175     Chesapeake Energy Corp., Global Company Guaranteed Notes (Callable 01/15/10 @ $102.29)   (BB, Ba3)   01/15/16     6.875       1,042,812    
  425     Denbury Resources, Inc., Company Guaranteed Notes (Callable 03/01/13 @ $104.88)   (BB, B1)   03/01/16     9.750       438,812    
  650     Encore Acquisition Co., Company Guaranteed Notes (Callable 12/01/10 @ $103.63)   (B, B1)   12/01/17     7.250       560,625    
  300     Forest Oil Corp., Global Company Guaranteed Notes (Callable 06/15/12 @ $103.63)   (BB-, B1)   06/15/19     7.250       270,000    
  600     Hilcorp Energy I, Rule 144A, Senior Unsecured Notes (Callable 06/01/11 @ $104.50) ‡   (BB-, B3)   06/01/16     9.000       525,000    
  550     Mariner Energy, Inc., Company Guaranteed Notes (Callable 05/15/12 @ $104.00)   (B+, B3)   05/15/17     8.000       459,250    
  425     Penn Virginia Corp., Senior Notes (Callable 06/15/13 @ 105.19)   (BB-, B2)   06/15/16     10.375       434,563    
  925     PetroHawk Energy Corp., Global Company Guaranteed Notes (Callable 06/01/12 @ $103.94)   (B, B3)   06/01/15     7.875       860,250    
  325     Pioneer Natural Resources Co., Senior Unsecured Notes   (BB+, Ba1)   03/15/17     6.650       286,115    
  625     Plains Exploration & Production Co., Company Guaranteed Notes (Callable 06/15/11 @ $103.88)   (BB, B1)   06/15/15     7.750       587,500    
  350     Range Resources Corp., Company Guaranteed Notes (Callable 10/01/12 @ $103.75)   (BB, Ba3)   10/01/17     7.500       334,250    
  550     Stone Energy Corp., Global Senior Unsecured Notes (Callable 12/15/09 @ $103.38)   (B, Caa1)   12/15/14     6.750       349,250    
  525     Swift Energy Co, Company Guaranteed Notes (Callable 06/01/12 @ $103.56)   (B+, B3)   06/01/17     7.125       372,750    
  450     Whiting Petroleum Corp., Global Company Guaranteed Notes   (BB-, B1)   02/01/14     7.000       419,625    
                  8,076,615    
Environmental (0.6%)      
  1,000     Waste Services, Inc., Global Senior Subordinated Notes (Callable 04/15/10 @ $103.17)   (B-, Caa1)   04/15/14     9.500       947,500    
Food & Drug Retailers (1.4%)      
  1,200     Duane Reade, Inc., Global Company Guaranteed Notes (Callable 08/01/09 @ $102.44)   (CCC-, Caa3)   08/01/11     9.750       1,026,000    
  350     Ingles Markets, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/15/13 @ $104.44) ‡   (BB-, B1)   05/15/17     8.875       345,625    
  425     Rite Aid Corp., Rule 144A, Senior Secured Notes (Callable Notes 06/12/13 @ $104.88) ‡   (B+, B3)   06/12/16     9.750       427,125    
  50     Stater Brothers Holdings, Inc., Global Company Guaranteed Notes (Callable 04/15/11 @ $103.88)   (B+, B2)   04/15/15     7.750       48,250    
  325     Stater Brothers Holdings, Inc., Global Company Guaranteed Notes (Callable 06/15/10 @ $100.00)   (B+, B2)   06/15/12     8.125       321,750    
                  2,168,750    
Food - Wholesale (0.4%)      
  250     Chiquita Brands International, Inc., Global Senior Unsecured Notes (Callable 11/01/09 @ $103.75)   (B-, Caa2)   11/01/14     7.500       211,250    
  75     Dole Food Co., Inc., Global Company Guaranteed Notes   (B-, Caa2)   03/15/11     8.875       73,500    
  375     Smithfield Foods, Inc., Rule 144A, Senior Secured Notes ‡   (BB-, Ba3)   07/15/14     10.000       372,188    
                  656,938    

 

See Accompanying Notes to Financial Statements.
5



Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Forestry & Paper (1.9%)      
$ 313     Boise Cascade LLC, Global Company Guaranteed Notes (Callable 10/15/09 @ $103.56)   (B+, Caa1)   10/15/14     7.125     $ 166,672    
  700     Cellu Tissue Holdings, Inc., Global Secured Notes   (B, B2)   03/15/10     9.750       703,500    
  475     Georgia-Pacific Corp., Debentures   (B+, B2)   06/15/15     7.700       446,500    
  200     Georgia-Pacific Corp., Rule 144A, Company Guaranteed Notes (Callable 01/15/12 @ $103.56) ‡   (BB-, Ba3)   01/15/17     7.125       187,000    
  450     Georgia-Pacific LLC Rule 144A, Company Guaranteed Notes (Callable 05/01/13 @ $104.13) ‡   (BB-, Ba3)   05/01/16     8.250       438,750    
  375     Newark Group, Inc., Global Senior Unsecured Notes (Callable 03/15/10 @ $103.25) ø   (D, C)   03/15/14     9.750       9,844    
  450     NewPage Corp., Global Company Guaranteed Notes (Callable 05/01/10 @ $103.00)   (CCC, Caa3)   05/01/13     12.000       128,250    
  350     NewPage Corp., Global Senior Secured Notes (Callable 05/01/10 @ $103.00)   (CCC+, Caa2)   05/01/12     10.000       169,750    
  1,000     Smurfit-Stone Container Enterprises, Inc., Global Senior Unsecured Notes (Callable 07/01/09 @ $101.40) ø   (D, NR)   07/01/12     8.375       387,500    
  75     Verso Paper Holdings LLC, Series B, Global Senior Secured Notes (Callable 08/01/10 @ $104.56)   (B-, B2)   08/01/14     9.125       35,250    
  675     Verso Paper, Inc., Series B, Global Company Guaranteed Notes (Callable 08/01/11 @ $105.69)   (CCC, Caa1)   08/01/16     11.375       192,375    
                  2,865,391    
Gaming (4.5%)      
  775     Buffalo Thunder Development Authority, Rule 144A, Senior Secured Notes
(Callable 12/15/10 @ $104.69) ‡
  (NR, Caa3)   12/15/14     9.375       112,375    
  125     Caesars Entertainment, Inc., Global Company Guaranteed Notes   (CCC-, Ca)   03/15/10     7.875       115,000    
  1,225     Caesars Entertainment, Inc., Global Company Guaranteed Notes   (CCC-, Ca)   05/15/11     8.125       1,022,875    
  775     CCM Merger, Inc., Rule 144A, Notes (Callable 08/01/09 @ $104.00) ‡   (CCC, Caa3)   08/01/13     8.000       538,625    
  140     Choctaw Resort Development Enterprise, Rule 144A, Senior Notes (Callable 11/15/11 @ $103.63) ‡   (B, B1)   11/15/19     7.250       80,500    
  375     FireKeepers Development Authority, Rule 144A, Senior Secured Notes (Callable 05/01/12 @ $110.50) ‡   (B, B3)   05/01/15     13.875       347,813    
  375     Fontainebleau Las Vegas Capital Corp., Rule 144A, Second Mortgage Notes
(Callable 06/15/11 @ $105.13) ø‡
  (NR, NR)   06/15/15     11.000       15,938    
  650     Harrahs Escrow Corp., Rule 144A, Senior Secured Notes (Callable 06/01/13 @ $105.62) ‡   (B, Caa1)   06/01/17     11.250       617,500    
  125     Herbst Gaming, Inc., Global Company Guaranteed Notes (Callable 06/01/10 @ $100.00) ø   (D, NR)   06/01/12     8.125       625    
  475     Inn of the Mountain Gods Resort & Casino, Global Company Guaranteed Notes
(Callable 11/15/09 @ $100.00) ø
  (D, Ca)   11/15/10     12.000       192,375    
  825     Jacobs Entertainment, Inc., Global Company Guaranteed Notes (Callable 06/15/10 @ $104.88)   (B-, B3)   06/15/14     9.750       688,875    
  625     Majestic Star Casino Capital Corp., Senior Secured Notes (Callable 10/15/09 @ $100.00) ø   (D, Caa3)   10/15/10     9.500       381,250    
  850     Mashantucket Western Pequot Tribe, Rule 144A, Bonds (Callable 11/15/11 @ $104.25) ‡   (B+, B3)   11/15/15     8.500       429,250    
  550     MGM Mirage, Inc., Company Guaranteed Notes   (CCC+, Caa2)   04/01/16     6.875       361,625    
  725     MGM Mirage, Inc., Company Guaranteed Notes   (CCC+, Caa2)   06/01/16     7.500       473,969    
  150     MGM Mirage, Inc., Company Guaranteed Notes   (CCC+, Caa2)   01/15/17     7.625       97,875    
  650     MGM Mirage, Inc., Rule 144A, Senior Secured Notes (Callable 05/15/13 @ $105.56) ‡   (B, B1)   11/15/17     11.125       692,250    
  350     Peermont Global Proprietary, Ltd., Rule 144A, Senior Secured Notes (Callable 04/30/10 @ $105.81) ‡   (B, B3)   04/30/14     7.750       358,377    
  435     Tropicana Finance Corp., Global Senior Subordinated Notes (Callable 12/15/10 @ $104.81) ø   (NR, NR)   12/15/14     9.625       5,981    
  475     Turning Stone Resort Casino Enterprise, Rule 144A, Senior Notes (Callable 09/15/10 @ $104.56) ‡   (B+, B1)   09/15/14     9.125       407,312    
                  6,940,390    
Gas Distribution (2.9%)      
  600     Amerigas Partners LP, Global Senior Unsecured Notes (Callable 05/20/10 @ $103.63)   (NR, Ba3)   05/20/15     7.250       565,500    
  725     El Paso Corp., Senior Unsecured Notes   (BB-, Ba3)   06/01/18     7.250       673,007    
  1,150     El Paso Performance-Linked Trust, Rule 144A, Senior Unsecured Notes ‡   (BB, Ba3)   07/15/11     7.750       1,134,345    
  525     Inergy Finance Corp., Global Company Guaranteed Notes (Callable 03/01/11 @ $104.13)   (B+, B1)   03/01/16     8.250       502,687    
  200     Inergy Finance Corp., Global Company Guaranteed Notes (Callable 12/15/09 @ $103.44)   (B+, B1)   12/15/14     6.875       183,000    
  350     MarkWest Energy Finance Corp., Series B, Global Senior Notes (Callable 04/15/13 @ $104.38)   (B+, B2)   04/15/18     8.750       304,500    
  650     Targa Resources Partners Finance Corp., Global Company Guaranteed Notes
(Callable 07/01/12 @ $104.13)
  (B, B2)   07/01/16     8.250       554,125    
  650     The Williams Cos., Inc., Series A, Global Senior Unsecured Notes   (BB+, Baa3)   01/15/31     7.500       573,420    
                  4,490,584    
Health Services (7.0%)      
  875     Bausch & Lomb, Inc., Global Senior Unsecured Notes (Callable 11/01/11 @ $104.94)   (B, Caa1)   11/01/15     9.875       840,000    
  350     Biomet, Inc., Global Company Guaranteed Notes (Callable 10/15/12 @ $105.00)   (B-, B3)   10/15/17     10.000       357,875    
  350     Biomet, Inc., Global Company Guaranteed Notes (Callable 10/15/12 @ $105.81)   (B-, Caa1)   10/15/17     11.625       344,750    

 

See Accompanying Notes to Financial Statements.
6



Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Health Services      
$ 725     Community Health Systems, Inc., Global Company Guaranteed Notes (Callable 07/15/11 @ $104.44)   (B, B3)   07/15/15     8.875     $ 714,125    
  1,575     HCA, Inc., Global Secured Notes (Callable 11/15/11 @ $104.63)   (BB-, B2)   11/15/16     9.250       1,555,312    
  475     HCA, Inc., Global Senior Unsecured Notes   (B-, Caa1)   01/15/15     6.375       388,313    
  475     HCA, Inc., Senior Unsecured Notes   (B-, Caa1)   10/01/12     6.300       438,187    
  325     HCA, Inc., Senior Unsecured Notes   (B-, Caa1)   02/15/13     6.250       286,000    
  375     HCA, Inc., Senior Unsecured Notes   (B-, Caa1)   07/15/13     6.750       331,875    
  625     Healthsouth Corp., Global Company Guaranteed Notes (Callable 06/15/11 @ $105.38)   (CCC+, Caa1)   06/15/16     10.750       631,250    
  450     Inverness Medical Innovations, Inc., Senior Subordinated Notes (Callable 05/15/13 @ $104.50)   (B-, B3)   05/15/16     9.000       436,500    
  400     OMEGA Healthcare Investors, Inc., Global Company Guaranteed Notes (Callable 01/15/11 @ $103.50)   (BB+, Ba3)   01/15/16     7.000       362,000    
  225     Rural/Metro Corp., Global Senior Discount Notes (Callable 03/15/10 @ $106.38) +   (CCC+, Caa1)   03/15/16     0.000       160,875    
  250     Service Corp International, Global Senior Unsecured Notes   (BB-, B1)   06/15/17     7.000       227,500    
  150     Service Corporation International, Global Senior Unsecured Notes   (BB-, B1)   10/01/18     7.625       139,875    
  550     Stewart Enterprises, Inc., Global Company Guaranteed Notes (Callable 02/15/10 @ $101.56)   (BB-, Ba3)   02/15/13     6.250       514,250    
  1,575     Tenet Healthcare Corp., Rule 144A, Senior Secured Notes (Callable 07/01/14 @ $104.37) ‡   (BB-, B1)   07/01/19     8.875       1,590,750    
  275     Universal Hospital Services, Inc., Global Senior Secured Notes (Callable 06/01/10 @ $101.00) #   (B+, B3)   06/01/15     4.635       222,750    
  175     Universal Hospital Services, Inc., Global Senior Secured Notes (Callable 06/01/11 @ $104.25)   (B+, B3)   06/01/15     8.500       165,813    
  475     Vanguard Health Holding Co., Global Senior Subordinated Notes (Callable 10/01/09 @ $104.50)   (CCC+, Caa1)   10/01/14     9.000       457,187    
  700     VWR Funding, Inc., Series B, Global Company Guaranteed Notes (Callable 07/15/11 @ $105.13)   (B-, Caa1)   07/15/15     10.250       556,500    
                  10,721,687    
Hotels (1.1%)      
  425     Felcor Lodging LP, Global Senior Secured Notes #   (B, B2)   12/01/11     3.135       344,250    
  425     Host Hotels & Resorts LP, Rule 144A, Senior Unsecured Notes (Callable 05/15/13 @ $104.50) ‡   (BB+, Ba1)   05/15/17     9.000       406,937    
  750     Host Hotels & Resorts LP, Series Q, Global Company Guaranteed Notes (Callable 06/01/11 @ $103.33)   (BB+, Ba1)   06/01/16     6.750       654,375    
  225     Starwood Hotels & Resorts Worldwide, Inc., Senior Unsecured Notes   (BB, Ba1)   10/15/14     7.875       211,723    
                  1,617,285    
Household & Leisure Products (0.3%)      
  550     ALH Finance Corp., Global Company Guaranteed Notes (Callable 01/15/10 @ 102.13)   (CCC+, Caa1)   01/15/13     8.500       484,000    
lnvestments & Misc. Financial Services (0.2%)      
  425     Nuveen Investments, Inc., Rule 144A, Senior Notes (Callable 11/15/11 @ $105.25) ‡   (CCC, Caa3)   11/15/15     10.500       295,375    
Leisure (0.3%)      
  472     Six Flags Operations, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/15/13 @ $106.12) ø‡   (D, Ca)   07/15/16     12.250       330,400    
  600     Six Flags, Inc., Global Senior Unsecured Notes (Callable 06/01/10 @ $103.21) ø   (D, C)   06/01/14     9.625       87,000    
                  417,400    
Machinery (0.5%)      
  700     Baldor Electric Co., Company Guaranteed Notes (Callable 02/15/12 @ $104.31)   (B, B3)   02/15/17     8.625       651,000    
  250     Terex Corp., Senior Subordinated Notes (Callable 11/15/12 @ $104.00)   (B, Caa1)   11/15/17     8.000       193,438    
                  844,438    
Media - Broadcast (1.0%)      
  475     Allbritton Communications Co., Global Senior Subordinated Notes (Callable 12/15/09 @ $101.29)   (B-, Caa1)   12/15/12     7.750       369,312    
  515     Barrington Broadcasting Capital Corp., Global Company Guaranteed Notes (Callable 08/15/10 @ $105.25)   (CCC-, Caa3)   08/15/14     10.500       177,675    
  775     Clear Channel Communications, Inc., Senior Unsecured Notes   (CC, Ca)   09/15/14     5.500       174,375    
  46     CMP Susquehanna Corp., Global Company Guranteed Notes (Callable 05/15/10 @ $104.94)   (NR, Ca)   05/15/14     9.875       13,800    
  550     Fisher Communications, Inc., Global Company Guaranteed Notes (Callable 09/15/09 @ $104.31)   (B-, B2)   09/15/14     8.625       485,375    
  420     Local TV Finance LLC, Rule 144A, Senior Unsecured Notes (Callable 06/15/11 @ $104.63) ‡   (CCC, Caa3)   06/15/15     9.250       73,500    
  320     Univision Communications, Inc., Rule 144A, Company Guaranteed Notes (Callable 03/15/11 @ $104.88) ‡   (CCC, Caa2)   03/15/15     9.750       188,000    
  80     Univision Communications, Inc., Rule 144A, Senior Secured Notes (Callable 07/01/11 @ $106.00) ‡   (B-, B2)   07/01/14     12.000       79,000    
  925     Young Broadcasting, Inc., Global Company Guaranteed Notes (Callable 01/15/10 @ $102.92) ø   (D, NR)   01/15/14     8.750       2,313    
                  1,563,350    

 

See Accompanying Notes to Financial Statements.
7



Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Media - Cable (4.8%)      
$ 1,165     Atlantic Broadband Finance LLC, Global Company Guaranteed Notes (Callable 01/15/10 @ $103.13)   (B-, Caa1)   01/15/14     9.375     $ 1,001,900    
  1,250     CCH I Capital Corp., Global Senior Secured Notes (Callable 10/01/10 @ $105.50) ø   (D, Ca)   10/01/15     11.000       156,250    
  950     CCH II Capital Corp., Series B, Global Senior Unsecured Notes (Callable 09/15/09 @ $100.00) ø   (D, Caa2)   09/15/10     10.250       1,002,250    
  495     Charter Communications Holdings Capital, Senior Unsecured Notes ø   (D, C)   04/01/11     9.920       3,960    
  325     Charter Communications Operating Capital, Rule 144A, Secured Notes ø‡   (D, B1)   04/30/12     10.000       314,438    
  450     CSC Holdings, Inc., Rule 144A, Senior Unsecured Notes ‡   (BB, Ba3)   04/15/14     8.500       448,312    
  1,050     CSC Holdings, Inc., Rule 144A, Senior Unsecured Notes ‡   (BB, Ba3)   02/15/19     8.625       1,026,375    
  250     CSC Holdings, Inc., Rule 144A, Senior Unsecured Notes (Callable 06/15/12 @ $104.25) ‡   (BB, Ba3)   06/15/15     8.500       246,875    
  425     DirecTV Financing Co., Global Company Guaranteed Notes (Callable 03/15/10 @ $101.40)   (BB, Ba2)   03/15/13     8.375       428,187    
  350     DirecTV Financing Co., Global Company Guaranteed Notes (Callable 05/15/12 @ $103.81)   (BB, Ba2)   05/15/16     7.625       342,125    
  125     EchoStar DBS Corp., Global Company Guaranteed Notes   (BB-, Ba3)   10/01/13     7.000       119,375    
  725     EchoStar DBS Corp., Global Company Guaranteed Notes   (BB-, Ba3)   10/01/14     6.625       670,625    
  600     EchoStar DBS Corp., Global Company Guaranteed Notes   (BB-, Ba3)   05/31/15     7.750       574,500    
  475     Mediacom Broadband Corp., Global Senior Unsecured Notes (Callable 10/15/10 @ $104.25)   (B-, B3)   10/15/15     8.500       429,875    
  525     Mediacom Capital Corp., Global Senior Unsecured Notes   (B-, B3)   02/15/11     7.875       514,500    
  25     Mediacom Capital Corp., Global Senior Unsecured Notes   (B-, B3)   01/15/13     9.500       23,938    
                  7,303,485    
Media - Services (1.0%)      
  250     Lamar Media Corp., Series C, Global Company Guaranteed Notes (Callable 08/15/10 @ $103.31)   (B, B2)   08/15/15     6.625       212,500    
  450     Nielsen Finance Co., Rule 144A, Senior Notes (Callable 05/01/13 @ $105.75) ‡   (B-, Caa1)   05/01/16     11.500       439,875    
  750     WMG Acquisition Corp., Global Company Guaranteed Notes (Callable 04/15/10 @ $102.46)   (B, B1)   04/15/14     7.375       638,438    
  250     WMG Acquisition Corp., Rule 144A, Senior Secured Notes (Callable 06/15/13 @ $104.75) ‡   (BB, Ba2)   06/15/16     9.500       250,000    
                  1,540,813    
Metals & Mining - Excluding Steel (2.3%)      
  175     Aleris International, Inc., Global Company Guaranteed Notes (Callable 12/15/10 @ $104.50) ø   (D, NR)   12/15/14     9.000       2,844    
  675     Aleris International, Inc., Global Company Guaranteed Notes (Callable 12/15/11 @ $105.00) ø   (D, NR)   12/15/16     10.000       17,719    
  600     Freeport-McMoRan Copper & Gold, Inc., Senior Unsecured Notes (Callable 04/01/11 @ $104.13)   (BBB-, Ba2)   04/01/15     8.250       606,684    
  625     Freeport-McMoRan Copper & Gold, Inc., Senior Unsecured Notes (Callable 04/01/12 @ $104.19)   (BBB-, Ba2)   04/01/17     8.375       630,574    
  1,089     Noranda Aluminium Acquisition Corp., Global Company Guaranteed Notes (Callable 05/15/10 @ $100.00) #   (D, Caa2)   05/15/15     5.413       605,512    
  425     Teck Resources, Ltd., Rule 144A, Senior Secured Notes ‡   (BB+, Ba3)   05/15/14     9.750       440,298    
  225     Teck Resources, Ltd., Rule 144A, Senior Secured Notes (Callable 05/15/13 @ $105.13) ‡   (BB+, Ba3)   05/15/16     10.250       235,977    
  850     Teck Resources, Ltd., Rule 144A, Senior Secured Notes (Callable 05/15/14 @ $105.38) ‡   (BB+, Ba3)   05/15/19     10.750       915,157    
                  3,454,765    
Non-Food & Drug Retailers (2.0%)      
  525     Asbury Automotive Group, Inc., Global Company Guaranteed Notes (Callable 03/15/12 @ $103.81)   (B-, Caa1)   03/15/17     7.625       375,375    
  825     Brookstone Company, Inc., Global Secured Notes (Callable 10/15/09 @ $106.00)   (CCC-, Caa3)   10/15/12     12.000       334,125    
  300     Michaels Stores, Inc., Global Company Guaranteed Notes (Callable 11/01/10 @ $105.00)   (CCC, Caa2)   11/01/14     10.000       253,500    
  500     Michaels Stores, Inc., Global Company Guaranteed Notes (Callable 11/01/11 @ $105.69)   (CCC, Caa3)   11/01/16     11.375       330,000    
  400     SGS International, Inc., Rule 144A, Global Senior Subordinated Notes (Callable 12/15/09 @ $106.00) ‡   (B-, B3)   12/15/13     12.000       264,000    
  655     Susser Holdings LLC, Global Company Guaranteed Notes (Callable 12/15/09 @ $105.31)   (B+, B3)   12/15/13     10.625       659,913    
  1,000     The Neiman Marcus Group, Inc., Global Company Guaranteed Notes (Callable 10/15/10 @ $105.19)   (CCC+, Caa3)   10/15/15     10.375       590,000    
  400     Yankee Acquisition Corp., Series B, Global Company Guaranteed Notes (Callable 02/15/11 @ $104.25)   (B-, B3)   02/15/15     8.500       339,000    
                  3,145,913    
Oil Field Equipment & Services (1.2%)      
  525     Bristow Group, Inc., Global Company Guaranteed Notes (Callable 09/15/12 @ $103.75)   (BB, Ba2)   09/15/17     7.500       479,062    
  350     Helix Energy Solutions Group, Inc., Rule 144A, Company Guaranteed Notes
(Callable 01/15/12 @ $104.75) ‡
  (B+, B3)   01/15/16     9.500       321,125    
  350     Hornbeck Offshore Services, Inc., Series B, Global Company Guaranteed Notes
(Callable 12/01/09 @ $103.06)
  (BB-, Ba3)   12/01/14     6.125       318,938    
  300     Key Energy Services, Inc., Global Company Guaranteed Notes (Callable 12/01/11 @ $104.19)   (BB, B1)   12/01/14     8.375       266,250    
  400     Pride International, Inc., Senior Unsecured Notes   (BBB-, Ba1)   06/15/19     8.500       397,000    
                  1,782,375    

 

See Accompanying Notes to Financial Statements.
8



Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Oil Refining & Marketing (0.2%)      
$ 425     Western Refining, Inc., Rule 144A, Senior Secured Notes (Callable 12/15/11 @ $105.00) #‡   (BB-, B3)   06/15/14     10.750     $ 388,875    
Packaging (1.6%)      
  575     Berry Plastics Holding Corp., Global Company Guaranteed Notes (Callable 03/01/11 @ $105.13)   (CCC, Caa2)   03/01/16     10.250       414,000    
  565     Berry Plastics Holding Corp., Global Senior Secured Notes (Callable 09/15/10 @ $104.44)   (CCC+, Caa1)   09/15/14     8.875       478,837    
  225     Crown Cork & Seal Co., Inc., Debentures (Callable 04/15/10 @ $101.14)   (B+, B2)   04/15/23     8.000       194,625    
  825     Graham Packaging Co, Inc., Global Subordinated Notes (Callable 10/15/09 @ $104.94)   (CCC+, Caa1)   10/15/14     9.875       771,375    
  25     Graham Packaging Company, Inc., Global Company Guaranteed Notes (Callable 10/15/09 @ $102.13)   (CCC+, Caa1)   10/15/12     8.500       24,250    
  533     Pliant Corp., Global Senior Secured Notes ø   (D, NR)   06/15/09     11.625       358,412    
  200     Solo Cup Co., Rule 144A, Senior Secured Notes (Callable 05/01/11 @ $105.25) ‡   (NR, NR)   11/01/13     10.500       201,500    
                  2,442,999    
Printing & Publishing (1.1%)      
  925     Cengage Learning Acquisitions, Inc., Rule 144A, Senior Notes (Callable 07/15/11 @ $105.25) ‡   (CCC+, Caa2)   01/15/15     10.500       753,875    
  500     Cenveo Corp., Global Senior Subordinated Notes (Callable 12/01/09 @ $102.63)   (B-, Caa1)   12/01/13     7.875       352,500    
  1,125     Idearc, Inc., Global Company Guaranteed Notes (Callable 11/15/11 @ $104.00) ø   (D, NR)   11/15/16     8.000       35,156    
  2,000     Premier Graphics, Inc., Company Guaranteed Notes ø^   (NR, NR)   12/01/05     11.500       0    
  215     R.H. Donnelley, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/15/12 @ $105.88) ø‡   (D, B3)   05/15/15     11.750       99,975    
  1,215     The Reader's Digest Association, Inc., Global Company Guaranteed Notes (Callable 02/15/12 @ $104.50)   (CC, Ca)   02/15/17     9.000       60,750    
  525     Valassis Communications, Inc., Global Company Guaranteed Notes (Callable 03/01/11 @ $104.13)   (CCC+, B3)   03/01/15     8.250       381,282    
                  1,683,538    
Railroads (0.3%)      
  500     Kansas City Southern Railway, Company Guaranteed Notes (Callable 06/01/12 @ $104.00)   (B+, B2)   06/01/15     8.000       467,500    
Restaurants (0.3%)      
  475     Denny's Holdings, Inc., Global Company Guaranteed Notes (Callable 10/01/09 @ $102.50)   (B-, Caa1)   10/01/12     10.000       463,125    
Software/Services (1.9%)      
  900     First Data Corp., Global Company Guaranteed Notes (Callable 09/30/11 @ $104.94)   (B-, Caa1)   09/24/15     9.875       643,500    
  1,075     SunGard Data Systems, Inc., Global Company Guaranteed Notes (Callable 08/15/10 @ $105.13)   (B-, Caa1)   08/15/15     10.250       998,406    
  700     Unisys Corp., Senior Unsecured Notes (Callable 01/15/12 @ $106.25)   (CC, Caa1)   01/15/16     12.500       413,000    
  950     Vangent, Inc., Global Company Guaranteed Notes (Callable 02/15/11 @ $104.81)   (B-, Caa1)   02/15/15     9.625       793,250    
                  2,848,156    
Steel Producers/Products (1.2%)      
  575     AK Steel Corp., Global Company Guaranteed Notes (Callable 06/15/10 @ $100.00)   (BB-, Ba3)   06/15/12     7.750       560,625    
  350     Rathgibson, Inc., Global Company Guaranteed Notes (Callable 02/15/10 @ $105.62)   (C, Ca)   02/15/14     11.250       127,750    
  800     Ryerson, Inc., Global Senior Secured Notes (Callable 11/01/11 @ $106.00)   (B, Caa1)   11/01/15     12.000       656,000    
  550     Steel Dynamics, Inc., Rule 144A, Senior Unsecured Notes (Callable 04/15/12 @ $103.88) ‡   (BB+, Ba2)   04/15/16     8.250       521,125    
                  1,865,500    
Support-Services (4.0%)      
  200     ARAMARK Corp., Global Company Guaranteed Notes (Callable 02/01/10 @ $101.00) #   (B, B3)   02/01/15     4.528       163,500    
  225     ARAMARK Corp., Global Senior Unsecured Notes (Callable 02/01/11 @ $104.25)   (B, B3)   02/01/15     8.500       219,375    
  750     Ashtead Capital, Inc., Rule 144A, Secured Notes (Callable 08/15/11 @ $104.50) ‡   (B, B2)   08/15/16     9.000       639,375    
  550     Dyncorp International, Series B, Global Senior Subordinated Notes (Callable 02/15/10 @ $102.38)   (B+, B2)   02/15/13     9.500       530,750    
  325     Hertz Corp., Global Company Guaranteed Notes (Callable 01/01/10 @ $104.44)   (CCC+, B1)   01/01/14     8.875       300,625    
  400     Hertz Corp., Global Company Guaranteed Notes (Callable 01/01/11 @ $105.25)   (CCC+, B2)   01/01/16     10.500       358,000    
  350     Iron Mountain, Inc., Company Guaranteed Notes   (B+, B2)   04/01/13     8.625       350,875    
  125     Iron Mountain, Inc., Company Guaranteed Notes (Callable 06/15/13 @ $104.00)   (B+, B2)   06/15/20     8.000       116,875    
  850     JohnsonDiversey Holdings, Inc., Series B, Global Discount Notes (Callable 05/15/10 @ $100.00)   (CCC+, Caa1)   05/15/13     10.670       718,250    
  650     Mobile Services Group, Inc., Global Company Guaranteed Notes (Callable 08/01/10 @ $104.88)   (B+, B2)   08/01/14     9.750       625,625    
  525     Rental Service Corp., Global Company Guaranteed Notes (Callable 12/01/10 @ $104.75)   (B-, Caa2)   12/01/14     9.500       423,937    
  325     Sotheby's, Global Company Guaranteed Notes   (B, Ba3)   06/15/15     7.750       243,750    
  425     Ticketmaster Entertainment, Inc., Rule 144A, Company Guaranteed Notes (Callable 08/01/12 @ $105.38) ‡   (BB-, Ba3)   07/28/16     10.750       380,375    

 

See Accompanying Notes to Financial Statements.
9



Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
U.S. CORPORATE BONDS      
Support-Services      
$ 775     Travelport LLC, Global Company Guaranteed Notes (Callable 09/01/11 @ $105.94)   (CCC, Caa1)   09/01/16     11.875     $ 461,125    
  625     United Rentals North America, Inc., Rule 144A, Company Guaranteed Notes
(Callable 06/15/13 @ $105.44) ‡
  (B, B2)   06/15/16     10.875       603,125    
                  6,135,562    
Telecom - Integrated/Services (5.8%)      
  275     Cincinnati Bell, Inc., Global Company Guaranteed Notes (Callable 02/15/10 @ $103.50)   (B+, Ba3)   02/15/15     7.000       247,500    
  375     Cincinnati Bell, Inc., Global Senior Subordinated Notes (Callable 01/15/10 @ $102.79)   (B-, B2)   01/15/14     8.375       348,750    
  225     DigitalGlobe, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/01/12 @ $105.25) ‡   (BB, Ba3)   05/01/14     10.500       234,000    
  175     Frontier Communications Corp. Senior Unsecured Notes   (BB, Ba2)   05/01/14     8.250       166,250    
  1,200     Frontier Communications Corp., Global Senior Unsecured Notes   (BB, Ba2)   03/15/15     6.625       1,062,000    
  700     Hughes Network Systems LLC, Global Company Guaranteed Notes (Callable 04/15/10 @ $104.75)   (B, B1)   04/15/14     9.500       686,000    
  1,675     Intelsat Corp., Rule 144A, Senior Unsecured Notes (Callable 08/15/09 @ $104.63) ‡   (BB-, B3)   08/15/14     9.250       1,628,937    
  375     Intelsat Subsidiary Holding Co., Ltd., Rule 144A, Senior Unsecured Notes (Callable 01/15/10 @ $104.44) ‡   (BB-, B3)   01/15/15     8.875       363,750    
  850     Level 3 Financing, Inc., Global Company Guaranteed Notes (Callable 02/15/10 @ $101.00) #   (CCC, Caa1)   02/15/15     5.474       582,250    
  300     Level 3 Financing, Inc., Global Company Guaranteed Notes (Callable 03/15/10 @ $106.13)   (CCC, Caa1)   03/15/13     12.250       286,500    
  950     Paetec Holding Corp., Series WI, Global Company Guaranteed Notes (Callable 07/15/11 @ $104.75)   (CCC+, Caa1)   07/15/15     9.500       828,875    
  1,300     Qwest Communications International, Inc., Series B, Global Company Guaranteed Notes
(Callable 02/15/10 @ $102.50)
  (B+, Ba3)   02/15/14     7.500       1,192,750    
  150     Qwest Corp., Global Senior Unsecured Notes   (BBB-, Ba1)   06/15/15     7.625       141,750    
  325     Qwest Corp., Rule 144A, Senior Unsecured Notes ‡   (BBB-, Ba1)   05/01/16     8.375       315,250    
  225     Windstream Corp., Global Company Guaranteed Notes   (BB, Ba3)   08/01/13     8.125       218,813    
  675     Windstream Corp., Global Company Guaranteed Notes (Callable 08/01/11 @ $104.31)   (BB, Ba3)   08/01/16     8.625       649,687    
                  8,953,062    
Telecom - Wireless (3.6%)      
  375     Centennial Communications Corp., Global Company Guaranteed Notes (Callable 06/15/10 @ $101.69)   (B, B2)   06/15/13     10.125       388,594    
  675     Cricket Communications, Inc., Global Company Guaranteed Notes (Callable 11/01/10 @ $104.69)   (B-, B3)   11/01/14     9.375       668,250    
  200     Cricket Communications, Inc., Rule 144A, Senior Secured Notes (Callable 05/15/12 @ $105.81) ‡   (B+, Ba2)   05/15/16     7.750       193,500    
  200     Crown Castle International Corp., Senior Unsecured Notes (Callable 01/15/13 @ $105.62)   (B+, B2)   01/15/15     9.000       204,500    
  640     MetroPCS Wireless, Inc., Global Company Guaranteed Notes (Callable 11/01/10 @ $104.63)   (B, B3)   11/01/14     9.250       639,200    
  2,325     Nextel Communications, Inc., Series F, Company Guaranteed Notes (Callable 03/15/10 @ $101.49)   (BB, Ba2)   03/15/14     5.950       1,842,562    
  1,950     Sprint Nextel Corp., Senior Unsecured Notes   (BB, Ba2)   12/01/16     6.000       1,603,875    
                  5,540,481    
Textiles & Apparel (0.3%)      
  500     Levi Strauss & Co., Global Senior Notes (Callable 01/15/10 @ $104.88)   (B+, B2)   01/15/15     9.750       493,750    
Theaters & Entertainment (1.1%)      
  1,025     AMC Entertainment, Inc., Global Senior Subordinated Notes (Callable 03/01/10 @ $102.67)   (CCC+, Caa1)   03/01/14     8.000       878,938    
  825     AMC Entertainment, Inc., Rule 144A, Senior Notes (Callable 06/01/14 @ $104.38) ‡   (B-, B1)   06/01/19     8.750       779,625    
                  1,658,563    
Tobacco (0.6%)      
  950     Alliance One International, Inc., Rule 144A, Senior Unsecured Notes (Callable 07/15/13 @ $105.00) ‡   (B+, B2)   07/15/16     10.000       904,875    
TOTAL U.S. CORPORATE BONDS (Cost $162,101,975)                 134,085,144    
FOREIGN CORPORATE BONDS (6.8%)      
Aerospace & Defense (0.3%)      
  500     Bombardier, Inc., Rule 144A, Senior Unsecured Notes (Canada) ‡   (BB+, Ba2)   05/01/14     6.300       440,000    
Chemicals (0.9%)      
  1,125     Cognis GmbH, Rule 144A, Senior Secured Notes (Callable 08/15/09 @ $100.00) (Germany) #‡   (B-, B2)   09/15/13     2.629       855,000    
  1,575     Ineos Group Holdings PLC, Rule 144A, Secured Notes (Callable 02/15/11 @ $104.25) (United Kingdom) ‡   (CC, Ca)   02/15/16     8.500       496,125    
                  1,351,125    

 

See Accompanying Notes to Financial Statements.
10



Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
FOREIGN CORPORATE BONDS      
Electronics (0.8%)      
$ 775     Avago Technologies Finance, Global Company Guaranteed Notes
(Callable 12/01/10 @ $105.94) (Singapore)
  (B, B3)   12/01/15     11.875     $ 776,938    
  375     Celestica, Inc., Senior Subordinated Notes (Callable 07/01/09 @ $103.81) (Canada)   (B, B3)   07/01/13     7.625       367,500    
  94     NXP Funding LLC, Rule 144A, Senior Secured Notes (Netherlands) ‡   (B-, NR)   07/15/13     10.000       100,328    
  75     NXP Funding LLC, Series EXCH, Global Senior Secured Notes (Callable 10/15/10 @ $103.94) (Netherlands)   (CC, C)   10/15/14     7.875       34,500    
                  1,279,266    
Energy - Exploration & Production (0.2%)      
  550     OPTI Canada, Inc., Global Senior Secured Notes (Callable 12/15/10 @ $104.13) (Canada)   (B, Caa1)   12/15/14     8.250       365,750    
Forestry & Paper (0.5%)      
  1,450     Abitibi-Consolidated Co. of Canada, Global Company Guaranteed Notes (Canada) ø   (D, NR)   06/15/11     7.750       123,250    
  750     Smurfit Kappa Funding PLC, Global Senior Subordinated Notes (Callable 01/31/10 @ $103.88) (Ireland)   (B, B2)   04/01/15     7.750       583,125    
                  706,375    
Gaming (0.2%)      
  400     Codere Finance Luxembourg SA, Rule 144A, Senior Secured Notes
(Callable 06/15/10 @ $104.13) (Luxembourg) ‡
  (B, B2)   06/15/15     8.250       353,468    
Media - Cable (0.8%)      
  150     NTL Cable PLC, Global Senior Notes (Callable 08/15/11 @ $104.56) (United Kingdom)   (B-, B2)   08/15/16     9.125       145,125    
  400     Unitymedia GmbH, Rule 144A, Senior Secured Notes (Callable 02/15/10 @ $105.06) (Germany) ‡   (B+, B2)   02/15/15     10.125       577,892    
  350     Virgin Media Finance PLC, Global Company Guaranteed Notes
(Callable 04/15/10 @ $103.25) (United Kingdom)
  (B-, B2)   04/15/14     9.750       544,695    
                  1,267,712    
Media - Diversified (0.5%)      
  775     Quebecor Media, Inc., Global Senior Unsecured Notes (Callable 03/15/11 @ $103.88) (Canada)   (B, B2)   03/15/16     7.750       706,219    
Oil Field Equipment & Services (0.3%)      
  475     Cie Generale de Geophysique-Veritas, Global Company Guaranteed Notes
(Callable 05/15/10 @ $103.75) (France)
  (BB, Ba3)   05/15/15     7.500       438,188    
Packaging (0.1%)      
  175     Impress Holdings BV, Rule 144A, Company Guaranteed Notes
(Callable 09/15/09 @ $109.25) (Netherlands) ‡
  (B-, B3)   09/15/14     9.250       219,690    
Pharmaceuticals (0.4%)      
  75     Elan Finance Corp., Global Company Guaranteed Notes (Callable 11/15/09 @ $101.94) (Ireland)   (B, B3)   11/15/11     7.750       69,750    
  500     Elan Finance Corp., Global Company Guaranteed Notes (Callable 12/01/10 @ $104.44) (Ireland)   (B, B3)   12/01/13     8.875       460,000    
                  529,750    
Telecom - Integrated/Services (0.5%)      
  924     Global Crossing UK Finance, Global Company Guaranteed Notes
(Callable 12/15/09 @ $105.38) (United Kingdom)
  (B-, B3)   12/15/14     10.750       741,510    
  350     Hellas Telecommunications II SCA, Rule 144A, Subordinated Notes
(Callable 01/15/10 @ $100.00) (Luxembourg) #‡
  (CC, Caa3)   01/15/15     6.881       91,000    
                  832,510    
Telecommunications (0.1%)      
  400     Nortel Networks, Ltd., Global Company Guaranteed Notes (Callable 07/15/11 @ $105.38) (Canada) ø   (NR, NR)   07/15/16     10.750       140,000    
Textiles & Apparel (0.0%)      
  150     IT Holding Finance SA, Rule 144A, Company Guaranteed Notes (Luxembourg) ø‡   (NR, NR)   11/15/12     9.875       68,379    

 

See Accompanying Notes to Financial Statements.
11



Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments (continued)

June 30, 2009 (unaudited)

Par
(000)
 
  Ratings†
(S&P/Moody's)
  Maturity   Rate%   Value  
FOREIGN CORPORATE BONDS      
Transportation - Excluding Air/Rail (1.2%)      
$ 1,150     Navios Maritime Holdings, Inc., Global Company Guaranteed Notes
(Callable 12/15/10 @ $104.75) (Marshall Islands)
  (B+, B3)   12/15/14     9.500     $ 948,750    
  975     Ship Finance International, Ltd., Global Company Guaranteed Notes
(Callable 12/15/09 @ $102.83) (Bermuda)
  (B+, B1)   12/15/13     8.500       821,437    
                  1,770,187    
TOTAL FOREIGN CORPORATE BONDS (Cost $13,555,412)               10,468,619  
BANK LOANS (0.9%)      
Energy - Exploration & Production (0.3%)      
  575     ATP Oil & Gas   (NR, NR)   07/15/14     5.750       429,094    
Gaming (0.3%)      
  500     CCM Merger, Inc.   (NR, NR)   07/21/12     8.500       419,220    
Pharmaceuticals (0.3%)      
  475     Nycomed Holdings Aps   (NR, NR)   12/29/13     7.350       407,312    
TOTAL BANK LOANS (Cost $1,112,563)                 1,255,626    
Number
of Shares
                     
COMMON STOCKS (0.1%)      
Auto Components (0.0%)      
  1,219     Safelite Realty Corp. *^                     11,520    
Chemicals (0.0%)      
  4,893     Huntsman Corp.                     24,612    
Commercial Services & Supplies (0.0%)      
  10,652     Mail Well, Inc., Rule 144A *‡                     44,738    
Containers & Packaging (0.1%)      
  5,000     Constar International, Inc. *                     75,000    
Hotels, Restaurants & Leisure (0.0%)      
  1,500     Progressive Gaming International Corp. *                     45    
Media (0.0%)      
  7,500     Adelphia (Escrow Holding) *^                     0    
  750,000     Adelphia Recovery Trust *^                     0    
                  0    
TOTAL COMMON STOCKS (Cost $1,344,026)                 155,915    
PREFERRED STOCKS (0.1%)      
Diversified Financial Services (0.1%)      
  299     Preferred Blocker, Inc., Rule 144A (Callable 12/31/11 @ $1,000) ‡                     128,608    
Media (0.0%)      
  10,727     CMP Susquehanna Radio Holdings Corp. Series A *                     0    
TOTAL PREFERRED STOCKS (Cost $63,100)                 128,608    

 

See Accompanying Notes to Financial Statements.
12



Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments (continued)

June 30, 2009 (unaudited)

Number
of Shares
 
        Value  
WARRANTS (0.0%)  
Diversified Financial Services (0.0%)  
  12,259     CNB Capital Trust I, Rule 144A, expires 03/23/19 *‡
(Cost $0)
        $ 0    
Par
(000)
 
    Maturity   Rate%  
 
SHORT-TERM INVESTMENT (2.9%)  
$ 4,505     State Street Bank and Trust Co. Euro Time Deposit
(Cost $4,505,000)
      07/01/09     0.010       4,505,000    
TOTAL INVESTMENTS AT VALUE (98.4%)
(Cost $182,682,076)
    150,598,912    
OTHER ASSETS IN EXCESS OF LIABILITIES (1.6%)     2,394,707    
NET ASSETS (100.0%)   $ 152,993,619    

 

INVESTMENT ABBREVIATION

NR = Not Rated

†  Credit ratings given by the Standard & Poor's Division of The McGraw-Hill Companies, Inc. ("S&P") and Moody's Investors Service, Inc. ("Moody's") are unaudited.

‡  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2009, these securities amounted to a value of $32,888,712 or 21.5% of net assets.

+  Step Bond - The interest rate is as of June 30, 2009 and will reset at a future date.

ø  Bond is currently in default.

*  Non-income producing security.

^  Not readily marketable security; security is valued at fair value as determined in good faith by, or under the direction of, the Board of Directors.

#  Variable rate obligations - The interest rate is the rate as of June 30, 2009.

See Accompanying Notes to Financial Statements.
13




Credit Suisse Asset Management Income Fund, Inc.

Statement of Assets and Liabilities

June 30, 2009 (unaudited)

Assets  
Investments at value (Cost $182,682,076) (Note 2)   $ 150,598,912    
Cash     12,608    
Foreign currency at value (cost $36,413)     36,895    
Dividend and interest receivable     3,624,796    
Receivable for investments sold     1,593,551    
Prepaid expenses     2,275    
Total Assets     155,869,037    
Liabilities  
Advisory fee payable (Note 3)     163,170    
Administrative services fee payable (Note 3)     29,141    
Payable for investments purchased     2,421,153    
Unrealized depreciation on forward currency contracts (Note 2)     189,836    
Directors' fee payable     47,157    
Other accrued expenses payable     24,961    
Total Liabilities     2,875,418    
Net Assets  
Applicable to 49,938,727 shares outstanding   $ 152,993,619    
Net Assets  
Capital stock, $.001 par value (Note 6)   $ 49,939    
Paid-in capital (Note 6)     378,175,157    
Accumulated net investment loss     (2,828,077 )  
Accumulated net realized loss on investments and foreign currency transactions     (190,133,225 )  
Net unrealized depreciation on investments and foreign currency translations     (32,270,175 )  
Net Assets   $ 152,993,619    
Net Asset Value Per Share ($152,993,619 / 49,938,727)   $ 3.06    
Market Price Per Share   $ 2.86    

 

See Accompanying Notes to Financial Statements.
14



Credit Suisse Asset Management Income Fund, Inc.

Statement of Operations

For the Six Months Ended June 30, 2009 (unaudited)

Investment Income (Note 2)  
Interest   $ 8,292,187    
Dividends     13,956    
Total investment income     8,306,143    
Expenses  
Investment advisory fees (Note 3)     307,334    
Administrative services fees (Note 3)     73,587    
Directors' fees     58,921    
Audit and tax fees     20,991    
Transfer agent fees     10,187    
Custodian fees     4,209    
Insurance expense     3,113    
Commitment fees (Note 4)     2,633    
Miscellaneous expense     238    
Total expenses     481,213    
Net investment income     7,824,930    
Net Realized and Unrealized Gain (Loss) from Investments and Foreign Currency Related Items  
Net realized loss from investments     (12,976,438 )  
Net realized gain from foreign currency transactions     157,090    
Net change in unrealized appreciation (depreciation) from investments     40,057,467    
Net change in unrealized appreciation (depreciation) from foreign currency translations     (266,355 )  
Net realized and unrealized gain from investments and foreign currency related items     26,971,764    
Net increase in net assets resulting from operations   $ 34,796,694    

 

See Accompanying Notes to Financial Statements.
15



Credit Suisse Asset Management Income Fund, Inc.

Statements of Changes in Net Assets

    For the Six Months
Ended
June 30, 2009
(unaudited)
  For the Year
Ended
December 31, 2008
 
From Operations  
Net investment income   $ 7,824,930     $ 17,453,289    
Net realized loss from investments and foreign currency transactions     (12,819,348 )     (16,351,476 )  
Net change in unrealized appreciation (depreciation) from investments and foreign
currency translations
    39,791,112       (56,776,350 )  
Net increase (decrease) in net assets resulting from operations     34,796,694       (55,674,537 )  
From Dividends  
Dividends from net investment income     (7,490,809 )     (21,594,194 )  
Net decrease in net assets resulting from dividends     (7,490,809 )     (21,594,194 )  
From Capital Share Transactions (Note 6)  
Issuance of 0 shares and 14,376 shares through the directors
compensation plan (Note 3)
          42,895    
Net increase in net assets from capital share transactions           42,895    
Net increase (decrease) in net assets     27,305,885       (77,225,836 )  
Net Assets  
Beginning of period     125,687,734       202,913,570    
End of period   $ 152,993,619     $ 125,687,734    
Accumulated net investment loss   $ (2,828,077 )   $ (3,162,198 )  

 

See Accompanying Notes to Financial Statements.
16



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Credit Suisse Asset Management Income Fund, Inc.

Financial Highlights

    For the
Six Months
Ended
6/30/09
  For the Year Ended  
Per share operating performance   (unaudited)   12/31/08   12/31/07   12/31/06   12/31/05   12/31/04   12/31/03   12/31/02   12/31/011    12/31/00   12/31/99  
Net asset value, beginning of period   $ 2.52     $ 4.06     $ 4.34     $ 4.24     $ 4.56     $ 4.41     $ 3.91     $ 4.74     $ 5.70     $ 7.34     $ 7.77    
INVESTMENT ACTIVITIES  
Net investment income     0.16       0.35       0.36       0.36       0.36       0.35       0.37       0.42       0.612       0.67       0.75    
Net gain (loss) on investments, swap contracts, futures contracts
and foreign currency related items (both realized and unrealized)
    0.53       (1.46 )     (0.31 )     0.14       (0.28 )     0.22       0.58       (0.55 )     (0.85 )     (1.55 )     (0.46 )  
Total from investment activities     0.69       (1.11 )     0.05       0.50       0.08       0.57       0.95       (0.13 )     (0.24 )     (0.88 )     0.29    
LESS DIVIDENDS AND DISTRIBUTIONS  
Dividends from net investment income     (0.15 )     (0.43 )     (0.33 )     (0.40 )     (0.40 )     (0.40 )     (0.43 )     (0.62 )     (0.72 )     (0.76 )     (0.72 )  
Return of capital                             (0.00 )3     (0.02 )     (0.02 )     (0.08 )                    
Total dividends and distributions     (0.15 )     (0.43 )     (0.33 )     (0.40 )     (0.40 )     (0.42 )     (0.45 )     (0.70 )     (0.72 )     (0.76 )     (0.72 )  
Net asset value, end of period   $ 3.06     $ 2.52     $ 4.06     $ 4.34     $ 4.24     $ 4.56     $ 4.41     $ 3.91     $ 4.74     $ 5.70     $ 7.34    
Per share market value, end of period   $ 2.86     $ 2.30     $ 3.58     $ 4.38     $ 3.67     $ 4.45     $ 4.50     $ 3.88     $ 4.98     $ 5.56     $ 6.06    
TOTAL INVESTMENT RETURN  
Net asset value4     28.96 %     (27.78 )%     1.59 %     12.73 %     1.74 %     13.55 %     24.59 %     (5.26 )%     (6.04 )%     (12.37 )%     4.50 %  
Market value     32.06 %     (25.25 )%     (11.32 )%     31.44 %     (9.76 )%     8.60 %     28.11 %     (10.52 )%     1.15 %     3.55 %     (11.32 )%  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of period (000s omitted)   $ 152,994     $ 125,688     $ 202,914     $ 216,318     $ 211,536     $ 227,374     $ 219,864     $ 195,089     $ 236,652     $ 197,817     $ 254,857    
Ratio of expenses to average net assets     0.72 %     0.73 %     0.78 %     0.74 %     0.82 %     0.78 %     0.78 %     0.79 %     1.07 %     0.78 %     0.78 %  
Ratio of net investment income to average net assets     11.64 %     9.96 %     8.75 %     8.32 %     8.20 %     8.08 %     8.83 %     9.93 %     11.66 %     10.10 %     9.90 %  
Portfolio turnover rate     34.0 %     32.1 %     49.7 %     58.0 %     61.5 %     57.8 %     77.8 %     61.1 %     50.1 %5     39.1 %     43.5 %  

 

1  As required, effective January 1, 2001 the Fund has adopted provisions of AICPA Audit and Accounting Guide for Investment Companies and has begun amortizing premium on debt securities. The effect of this change for the year ended December 31, 2001 was a decrease to net investment income per share by $0.004 and increase to net realized and unrealized gains and losses per share by $0.004 and a decrease to the net ratio of investment income to average net assets from 11.73% to 11.66%. Per share ratio and supplemental data for prior periods have not been restated to reflect this change.

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

3  This amount represents less than $(0.01) per share.

4  Total investment return based on per share net asset value reflects the effects of change in net asset value on the performance of the Fund during each period, and assumes dividends and capital gains distributions, if any, were reinvested. These percentages are not an indication of the performance of a shareholder's investment in the Fund based on market value, due to differences between the market price of the stock and the net asset value of the Fund.

5  Due to the realignment of the Fund's portfolio in connection with the combination with Credit Suisse Strategic Global Income Fund, Inc., the cost of purchases of $30,040,944 and proceeds from sales of $37,801,151 have been excluded from the Portfolio Turnover calculations.

Note: Current Year permanent book-tax differences, if any, are not included in the calculation of net investment income per share.

See Accompanying Notes to Financial Statements.
18



See Accompanying Notes to Financial Statements.
19




Credit Suisse Asset Management Income Fund, Inc.

Notes to Financial Statements

June 30, 2009 (unaudited)

Note 1. Organization

Credit Suisse Asset Management Income Fund, Inc. (the "Fund") was incorporated on February 11, 1987 and is registered as a diversified, closed-end investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The investment objective of the Fund is to seek current income through investment primarily in debt securities.

Note 2. Significant Accounting Policies

A) SECURITY VALUATION — The net asset value of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the "Exchange") on each day the Exchange is open for business. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that using this method would not represent fair value. Equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation (the "Valuation Time"). If no sales are reported, equity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest asked quotation in the case of a short sale of securities. Investments in mutual funds are valued at the mutual fund's closing net asset value per share on the day of valuation. Securities and other assets for which market quotations are not readily available, or whose values have been materially affected by events occurring before the Fund's Valuation Time but after the close of the securities' primary markets, are valued at fair value as determined in good faith by, or under the direction of, the Board of Directors under procedures established by the Board of Directors.

The Fund may invest up to 10% of its total assets in securities which are not readily marketable, including those which are restricted as to disposition under securities law ("restricted securities") (excludes 144A securities that have been determined to be liquid under procedures established by the Board of Directors). These securities are valued pursuant to the valuation procedures noted above.

The Fund adopted Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is 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.)


20



Credit Suisse Asset Management Income Fund, Inc.

Notes to Financial Statements (continued)

June 30, 2009 (unaudited)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2009 in valuing the Fund's investments carried at value:

    Level 1   Level 2   Level 3   Total  
Investments in Securities  
U.S. Corporate Bonds                          
Aerospace & Defense   $     $ 1,581,875     $     $ 1,581,875    
Agriculture           578,125             578,125    
Auto Loans           2,895,923             2,895,923    
Auto Parts & Equipment           3,318,602             3,318,602    
Banks           4,616,212             4,616,212    
Beverages           714,938             714,938    
Brokerage           456,050             456,050    
Building & Construction           1,975,358             1,975,358    
Building Materials           2,520,125             2,520,125    
Chemicals           3,461,884             3,461,884    
Computer Hardware           725,531             725,531    
Consumer Products           2,152,780             2,152,780    
Diversified Capital Goods           4,228,904             4,228,904    
Electric - Generation           9,461,752             9,461,752    
Electronics           2,167,656       66,389       2,234,045    
Energy - Exploration & Production           8,076,615             8,076,615    
Environmental           947,500             947,500    
Food & Drug Retailers           2,168,750             2,168,750    
Food - Wholesale           656,938             656,938    
Forestry & Paper           2,865,391             2,865,391    
Gaming           6,940,390             6,940,390    
Gas Distribution           4,490,584             4,490,584    
Health Services           10,721,687             10,721,687    
Hotels           1,617,285             1,617,285    
Household & Leisure Products           484,000             484,000    
Investments & Misc. Financial Services           295,375             295,375    
Leisure           417,400             417,400    
Machinery           844,438             844,438    
Media - Broadcast           1,563,350             1,563,350    
Media - Cable           7,303,485             7,303,485    
Media - Services           1,540,813             1,540,813    
Metals & Mining - Excluding Steel           3,454,765             3,454,765    
Non-Food & Drug Retailers           3,145,913             3,145,913    
Oil Field Equipment & Services           1,782,375             1,782,375    
Oil Refining & Marketing           388,875             388,875    
Packaging           2,442,999             2,442,999    
Printing & Publishing           1,683,538             1,683,538    
Railroads           467,500             467,500    
Restaurants           463,125             463,125    
Software/Services           2,848,156             2,848,156    
Steel Producers/Products           1,865,500             1,865,500    
Support-Services           6,135,562             6,135,562    
Telecom - Integrated/Services           8,953,062             8,953,062    
Telecom - Wireless           5,540,481             5,540,481    
Textiles & Apparel           493,750             493,750    

 


21



Credit Suisse Asset Management Income Fund, Inc.

Notes to Financial Statements (continued)

June 30, 2009 (unaudited)

    Level 1   Level 2   Level 3   Total  
Theaters & Entertainment   $     $ 1,658,563     $     $ 1,658,563    
Tobacco           904,875             904,875    
Foreign Corporate Bonds                          
Aerospace & Defense           440,000             440,000    
Chemicals           1,351,125             1,351,125    
Electronics           1,279,266             1,279,266    
Energy - Exploration & Production           365,750             365,750    
Forestry & Paper           706,375             706,375    
Gaming           353,468             353,468    
Media - Cable           1,267,712             1,267,712    
Media - Diversified           706,219             706,219    
Oil Field Equipment & Services           438,188             438,188    
Packaging           219,690             219,690    
Pharmaceuticals           529,750             529,750    
Telecom - Integrated/Services           832,510             832,510    
Telecommunications Equipment           140,000             140,000    
Textiles & Apparel           68,379             68,379    
Transportation - Excluding Air/Rail           1,770,187             1,770,187    
Bank Loans                          
Energy - Exploration & Production           429,094             429,094    
Gaming           419,220             419,220    
Pharmaceuticals           407,312             407,312    
Common Stocks                          
Auto Components                 11,520       11,520    
Chemicals     24,612                   24,612    
Commercial Services & Supplies     44,738                   44,738    
Containers & Packaging     75,000                   75,000    
Hotels, Restaurants & Leisure     45                   45    
Media                          
Preferred Stocks                          
Diversified Financial Services     128,608                   128,608    
Media                          
Warrants                          
Diversified Financial Services                          
Short-Term Investments           4,505,000             4,505,000    
Other Financial Instruments*  
Forward Foreign Currency Contracts     (189,836 )                 (189,836 )  
    $ 83,167     $ 150,248,000     $ 77,909     $ 150,409,076    

 

*  Other financial instruments include futures, forwards and swap contracts.

As of June 30, 2009, the amounts shown by the Fund as being Level 3 securities that were measured at fair value amounted to 0.05% of net assets.

B) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES — In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities ("FAS 161"), an amendment of FASB Statement No. 133. FAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. FAS 161 requires enhanced disclosures about how and why a fund uses derivative instruments, how these affect a fund's financial position and results of operations.


22



Credit Suisse Asset Management Income Fund, Inc.

Notes to Financial Statements (continued)

June 30, 2009 (unaudited)

Fair Values of Derivative Instruments as of June 30, 2009

    Asset Derivatives   Liability Derivatives  
    Balance
Sheet Location
  Fair Value   Balance
Sheet Location
  Fair Value  
Forward Foreign
Currency Contracts
  Net Assets - Unrealized
Appreciation
  $ 0     Liabilities - Unrealized
Depreciation
  $ 189,836 *  

 

*  Includes cumulative appreciation/depreciation of forward foreign currency contracts as reported in the Statement of Assets and Liabilities and Notes to Financial Statements.

Effect of Derivative Instruments on the Statement of Operations

Amount of Realized Gain (Loss) on Derivatives Recognized in Income  
Forward Foreign Currency Contracts   $ 163,629    
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income  
Forward Foreign Currency Contracts   $ (272,957 )  

 

The notional amount of forward foreign currency contracts at period end are reflected in the Notes to Financial Statements and the volume of these open positions relative to the net assets of the Fund is generally representative of open positions throughout the reporting period for the Fund.

C) SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on a trade date basis. Interest income is accrued as earned. The Fund amortizes premiums and accretes discounts using the effective yield method. Dividends are recorded on the ex-dividend date. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes. Discount or premium on mortgage backed securities is recorded upon receipt of principal payments on the underlying mortgage pools.

D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income are declared and paid monthly. Distributions of net realized capital gains, if any, are declared and paid at least annually. However, to the extent that a net realized capital gain can be reduced by a capital loss carryforward, such gain will not be distributed. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP").

The Fund's dividend policy is to distribute substantially all of its net investment income to its shareholders on a monthly basis. However, in order to provide shareholders with a more consistent yield to the current trading price of shares of beneficial interest of the Fund, the Fund may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the dividends paid by the Fund for any particular month may be more or less than the amount of net investment income earned by the Fund during such month.

E) FEDERAL INCOME TAXES — No provision is made for federal taxes as it is the Fund's intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under the Internal Revenue


23



Credit Suisse Asset Management Income Fund, Inc.

Notes to Financial Statements (continued)

June 30, 2009 (unaudited)

Code of 1986, as amended, and to make the requisite distributions to its shareholders, which will be sufficient to relieve it from federal income and excise taxes.

During June 2006, the FASB issued Interpretation 48 ("FIN 48" or the "Interpretation"), Accounting for Uncertainty in Income Taxes — an interpretation of FASB statement 109. The Fund has reviewed its current tax positions and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

F) USE OF ESTIMATES — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates.

G) SHORT-TERM INVESTMENTS — The Fund, together with other funds/portfolios advised by Credit Suisse Asset Management, LLC ("Credit Suisse"), an indirect, wholly-owned subsidiary of Credit Suisse Group AG, pools available cash into a short-term variable rate time deposit issued by State Street Bank and Trust Company ("SSB"), the Fund's custodian. The short-term time deposit issued by SSB is a variable rate account classified as a short-term investment.

H) DELAYED DELIVERY COMMITMENTS — The Fund may purchase or sell securities on a when-issued or forward commitment basis. Payment and delivery may take place a month or more after the date of the transaction. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated.

I) FUTURES — The Fund may enter into futures contracts to the extent permitted by its investment policies and objectives. The Fund may use futures contracts to gain exposure to, or hedge against changes in interest rates. Upon entering into a futures contract, the Fund is required to deposit cash and/or pledge U.S. Government securities as initial margin. Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying instrument, are made or received by the Fund each day (daily variation margin) and are recorded as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund's basis in the contract. Risks of entering into futures contracts for hedging purposes include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. In addition, the purchase of a futures contract involves the risk that the Fund could lose more than the original margin deposit and subsequent payments may be required for a futures transaction. At June 30, 2009, the Fund had no open futures contracts.

J) FORWARD FOREIGN CURRENCY CONTRACTS — The Fund may enter into forward foreign currency contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency. The Fund will enter into forward foreign currency contracts primarily for hedging purposes. Forward foreign currency contracts are adjusted by the daily forward exchange rate of the underlying currency and any gains or losses are recorded for financial statement


24



Credit Suisse Asset Management Income Fund, Inc.

Notes to Financial Statements (continued)

June 30, 2009 (unaudited)

purposes as unrealized until the contract settlement date or an offsetting position is entered into. At June 30, 2009, the Fund had the following open forward foreign currency contracts:

Forward Foreign
Currency to be
Purchased (Local)
  Forward Foreign
Currency to be
Sold (Local)
  Expiration
Date
  Value on
Settlement Date
  Current
Value
  Unrealized
Appreciation/
(Depreciation)
 
    Open Forward Foreign Currency Contracts with Unrealized Depreciation  
EUR 454,950     USD 646,379     07/16/09   $ 646,379     $ 638,141     $ (8,238 )  
USD 2,598,092     EUR 1,945,000     07/16/09     2,598,092       2,728,181       (130,089 )  
USD 467,243     GBP 315,000     07/16/09     467,243       518,752       (51,509 )  
Total   $ (189,836 )  

 

Currency Abbreviations:

EUR — Euro Currency

GBP — British Pound

USD — United States Dollar

K) SECURITIES LENDING — Loans of securities are required at all times to be secured by collateral at least equal to 102% of the market value of domestic securities on loan (including any accrued interest thereon) and 105% of the market value of foreign securities on loan (including any accrued interest thereon). Cash collateral received by the Fund in connection with securities lending activity may be pooled together with cash collateral for other funds/portfolios advised by Credit Suisse and may be invested in a variety of investments, including funds advised by SSB, the Fund's securities lending agent, or money market instruments. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings.

SSB has been engaged by the Fund to act as the Fund's securities lending agent. The Fund's securities lending arrangement provides that the Fund and SSB will share the net income earned from securities lending activities. The Fund had no securities out on loan during the six months ended June 30, 2009. Securities lending income is accrued as earned.

L) CREDIT DEFAULT SWAPS — The Fund may enter into credit default swap agreements either as a buyer or 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 Fund bears the risk of loss of the amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. The Fund will enter into swap agreements only with counterparties that meet certain standards of creditworthiness (generally, such counterparties would have to be eligible counterparties under the terms of the Fund's repurchase agreement guidelines). Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. At June 30, 2009, the Fund had no outstanding credit default swap contracts.

M) OTHER — The Fund may invest in securities of foreign countries and governments which involve certain risks in addition to those inherent in domestic investments. Such risks generally include, among others, currency risk (fluctuations in currency exchange rates), information risk (key information may be inaccurate or unavailable) and political risk (expropriation, nationalization or the imposition of capital or currency controls or punitive taxes). Other risks of investing in foreign securities include liquidity and valuation risks.


25



Credit Suisse Asset Management Income Fund, Inc.

Notes to Financial Statements (continued)

June 30, 2009 (unaudited)

The Fund may be subject to taxes imposed by countries in which it invests with respect to its investments in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Fund accrues such taxes when the related income is earned or gains are realized.

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

In addition, periods of economic uncertainty and changes can be expected to result in increased volatility of market prices of lower-rated debt securities and (to the extent the Fund invests in junk bonds) the Fund's net asset value.

Note 3. Transactions with Affiliates and Related Parties

Credit Suisse serves as investment adviser for the Fund. For its investment advisory services, Credit Suisse is entitled to receive a fee from the Fund at a rate per annum, computed weekly and paid quarterly as follows: 0.50% of the lower of the weekly stock price (market value) of the Fund's outstanding shares or its average weekly net assets. For the six months ended June 30, 2009, investment advisory fees earned were $307,334.

SSB serves as accounting and administrative agent to the Fund. For its administrative services, SSB receives a fee, exclusive of out-of-pocket expenses, calculated in total for all the Credit Suisse funds/portfolios co-administered by SSB and allocated based upon the relative average net assets of each fund/portfolio, subject to an annual minimum fee. For the six months ended June 30, 2009, administrative services fees earned by SSB (including out-of-pocket expenses) were $73,587.

The Independent Directors receive fifty percent (50%) of their annual retainer in the form of shares. Beginning in 2008, the Independent Directors can elect to receive up to 100% of their annual retainer in shares of the Fund. Directors as a group own less than 1% of the Fund's outstanding shares.

Merrill Corporation ("Merrill"), an affiliate of Credit Suisse, has been engaged by the Fund to provide certain financial printing and fulfillment services. For the six months ended June 30, 2009, Merrill was paid $18,055 for its services by the Fund.

Note 4. Line of Credit

The Fund, together with other funds/portfolios advised by Credit Suisse (collectively, the "Participating Funds"), participates in a $50 million committed, unsecured line of credit facility ("Credit Facility") for temporary or emergency purposes with SSB. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee on the average unused amount of the Credit Facility, which is allocated among the Participating Funds in such manner as is determined by the governing Boards of the Participating Funds. In addition, the Participating Funds pay interest on borrowings at either the Overnight Federal Funds rate or the Overnight LIBOR rate plus a spread. At June 30, 2009, and during the six months ended June 30, 2009, the Fund had no borrowings under the Credit Facility.

Note 5. Purchases and Sales of Securities

For the six months ended June 30, 2009, purchases and sales of investment securities (excluding short-term investments) were $43,951,553 and $43,637,612, respectively.


26



Credit Suisse Asset Management Income Fund, Inc.

Notes to Financial Statements (continued)

June 30, 2009 (unaudited)

At June 30, 2009, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized depreciation from investments were $182,682,076, $3,354,940, $(35,438,104) and $(32,083,164), respectively.

Note 6. Fund Shares

The Fund has one class of shares of common stock, par value $.001 per share; one hundred million shares are authorized. Transactions in shares of common stock were as follows:

    For the Six Months Ended
June 30, 2009 (unaudited)
  For the Year Ended
December 31, 2008
 
Shares issued through the directors compensation plan           14,376    
Net increase           14,376    

 

Note 7. Contingencies

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

Note 8. Subsequent Events

In accordance with the provisions set forth in FASB Statement of Financial Accounting Standards No. 165 "Subsequent Events", adopted by the Fund as of June 30, 2009, management has evaluated the possibility of subsequent events existing in the Fund's financial statements through August 24, 2009. Management has determined that there are no material events that would require disclosure in the Fund's financial statements through this date.


27



Credit Suisse Asset Management Income Fund, Inc.

Notice of Privacy and Information Practices (unaudited)

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

Categories of information we may collect:

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

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

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

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

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

•  We want our investors to be informed about additional products or services. Whether you are an individual investor or an institutional investor, we may disclose information, including nonpublic personal information, regarding our transactions and experiences with you to our affiliates.

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


28



Credit Suisse Asset Management Income Fund, Inc.

Notice of Privacy and Information Practices (unaudited) (continued)

Confidentiality and security

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

Other Disclosures

This notice is not intended to be incorporated in any offering materials, but is a statement of our current Notice of Privacy and Information Practices and may be amended from time to time. This notice is current as of May 13, 2009.


29



Credit Suisse Asset Management Income Fund, Inc.

Results of Annual Meeting of Shareholders (unaudited)

On April 14, 2009, the Annual Meeting of Shareholders of the Credit Suisse Asset Management Income Fund, Inc. (the "Fund") was held and the following matter was voted upon:

(1) To re-elect one director to the Board of Directors of the Fund:

Name of Director   For   Withheld  
Lawrence J. Fox     42,707,176       1,419,566    

 

In addition to the director elected at the meeting, Enrique R. Arzac, James Cattano, Steven Rappaport and Terry Fires Bovarnick continue to serve as Directors of the Fund.


30



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

• On the website of the Securities and Exchange Commission, www.sec.gov.

The Fund files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund's Forms N-Q are available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling 1-202-551-8090.

Other Funds Managed by Credit Suisse Asset Management, LLC

OPEN-END FUNDS

Credit Suisse Commodity Return Strategy Fund

Credit Suisse High Income Fund

Credit Suisse Large Cap Blend Fund

Credit Suisse Large Cap Growth Fund

Credit Suisse Large Cap Value Fund

Credit Suisse Mid-Cap Core Fund

Credit Suisse Small Cap Core Fund

Fund shares are not deposits or other obligation of Credit Suisse Asset Management, LLC or any affiliate, are not FDIC-insured and are not guaranteed by Credit Suisse Asset Management, LLC or any affiliate. Fund investments are subject to investment risks, including loss of your investment. There are special risk considerations associated with international, global, emerging-market, 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 877-870-2874. Performance information current to the most recent month-end is available at www.credit-suisse.com/us.

Credit Suisse Asset Management Securities, Inc., Distributor.


31



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.

Participation in the Plan is voluntary. In order to participate in the Plan, you must be a registered holder of at least one share of stock of the Fund. If you are a beneficial owner of the Fund having your shares registered in the name of a bank, broker or other nominee, you must first make arrangements with the organization in whose name your shares are registered to have the shares transferred into your own name. Registered shareholders can join the Plan via the Internet by going to www.computershare.com, authenticating your online account, agreeing to the Terms and Conditions of online "Account Access" and completing an online Plan Enrollment Form. Alternatively, you can complete the Plan Enrollment Form and return it to Computershare at the address below.

By participating in the Plan, your dividends and distributions will be promptly paid to you in additional shares of common stock of the Fund. The number of shares to be issued to you will be determined by dividing the total amount of the distribution payable to you by the greater of (i) the net asset value per share ("NAV") of the Fund's common stock on the payment date, or (ii) 95% of the market price per share of the Fund's common stock on the payment date. If the NAV of the Fund's common stock is greater than the market price (plus estimated brokerage commissions) on the payment date, then Computershare (or a broker-dealer selected by Computershare) shall endeavor to apply the amount of such distribution on your shares to purchase shares of Fund common stock in the open market.

You should be aware that all net investment income dividends and capital gain distributions are taxable to you as ordinary income and capital gain, respectively, whether received in cash or reinvested in additional shares of the Fund's common stock.

The Plan also permits participants to purchase shares of the Fund through Computershare. You may invest $100 or more monthly, with a maximum of $100,000 in any annual period. Computershare will purchase shares for you on the open market on the 25th of each month or the next trading day if the 25th is not a trading day.

There is no service fee payable by Plan participants for dividend reinvestment. For voluntary cash payments, Plan participants must pay a service fee of $5.00 per transaction. Plan participants will also be charged a pro rata share of the brokerage commissions for all open market purchases ($0.03 per share as of October 2006). Participants will also be charged a service fee of $5.00 for each sale and brokerage commissions of $0.03 per share (as of October 2006).

You may terminate your participation in the Plan at any time by requesting a certificate or 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.


32



Credit Suisse Asset Management Income Fund, Inc.

Dividend Reinvestment and Cash Purchase Plan (unaudited) (continued)

If you want further information about the Plan, including a brochure describing the Plan in greater detail, please contact Computershare as follows:

By Internet:  www.computershare.com

By phone:  (800) 730-6001 (U.S. and Canada)
  (781) 575-3100 (Outside U.S. and Canada)

Customer service associates are available from 9:00 a.m. to 5:00 p.m. Eastern time, Monday through Friday

By mail:  Credit Suisse Asset Management Income Fund, Inc.
  c/o Computershare
  P.O. Box 43078
  Providence, Rhode Island 02940-3078

All notices, correspondence, questions or other communications sent by mail should be sent by registered or certified mail, return receipt requested.

The Plan may be terminated by the Fund or Computershare upon notice in writing mailed to each participant at least 30 days prior to any record date for the payment of any dividend or distribution.

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Credit Suisse Asset Management Income Fund, Inc. may from time to time purchase shares of its capital stock in the open market.


33



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This report, including the financial statements herein, is sent to the shareholders of the Fund for their information. The financial information herein is taken from the records of the Fund without examination by independent registered public accountants who do not express an opinion thereon. It is not a prospectus, circular or representation intended for use in the purchase or sale of shares of the Fund or of any securities mentioned in this report.

  CIK-SAR-0609




 

Item 2. Code of Ethics.

 

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

 

Item 3. Audit Committee Financial Expert.

 

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

 

Item 4. Principal Accountant Fees and Services.

 

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

 

Item 5. Audit Committee of Listed Registrants.

 

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

 

Item 6. Schedule of Investments.

 

Included as part of the report to shareholders filed under Item 1 of this Form.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

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

 

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

 

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

 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

None.

 

Item 10. Submission of Matters to a Vote of Security Holders.

 

There have been no material changes to the procedures by which shareholders may recommend nominees to the 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 16, 2009.

 

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 registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12. Exhibits.

 

(a)(1)                    Not applicable.

 



 

(a)(2)                    The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this report.

 

(a)(3)                    Not applicable.

 

(b)                                 The certifications of the registrant as required by Rule 30a-2(b) under the Act are an exhibit to this report.

 



 

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/George R. Hornig

 

Name:

George R. Hornig

 

Title:

Chief Executive Officer

 

Date:

September 1, 2009

 

 

 

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/George R. Hornig

 

Name:

George R. Hornig

 

Title:

Chief Executive Officer

 

Date:

September 1, 2009

 

 

/s/Michael A. Pignataro

 

Name:

Michael A. Pignataro

 

Title:

Chief Financial Officer

 

Date:

September 1, 2009