Form N-CSR - Certified Shareholder Report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File

No. 811-05012

 

 

CREDIT SUISSE ASSET MANAGEMENT INCOME FUND, INC.

 

 

(Exact Name of Registrant as Specified in Charter)

Eleven Madison Avenue, New York, New York 10010

 

 

(Address of Principal Executive Offices)   (Zip Code)

Omar Tariq

Credit Suisse Asset Management Income Fund, Inc.

Eleven Madison Avenue

New York, New York 10010

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

325-2000

Date of fiscal year end: December 31st

Date of reporting period: January 1, 2024 to December 31, 2024

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Item 1. Reports to Stockholders.

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Credit Suisse Asset Management Income Fund, Inc.

Eleven Madison Avenue

New York, NY 10010

 

 

Directors

Laura A. DeFelice

Chair of the Board

Charles W. Gerber

Mahendra R. Gupta

Samantha Kappagoda

John G. Popp

Steven N. Rappaport

Lee M. Shaiman

 

 

Officers

Omar Tariq

Chief Executive Officer and President

John G. Popp

Chief Investment Officer

Brandi Sinkovich

Chief Compliance Officer

Lou Anne McInnis

Chief Legal Officer

Rose Ann Bubloski

Chief Financial Officer and Treasurer

Karen Regan

Senior Vice President and Secretary

 

 

Investment Adviser

UBS Asset Management (Americas) LLC

Eleven Madison Avenue

New York, NY 10010

 

 

Administrator and Custodian

State Street Bank and Trust Co.

One Congress Street, Suite 1

Boston, MA 02114-2016

 

 

Shareholder Servicing Agent

Computershare Trust Company, N.A.

P.O. Box 43006

Providence, RI 02940-3078

 

 

Legal Counsel

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, NY 10017

 

 

Independent Registered Public Accounting Firm

Ernst & Young LLP

One Manhattan West

New York, NY 10001

 

 

 

 

Credit Suisse

Asset Management Income Fund, Inc.

 

 

ANNUAL REPORT

December 31, 2024

 

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Credit Suisse Asset Management Income Fund, Inc.

Annual Investment Adviser’s Report

December 31, 2024 (unaudited)

 

 

December 31, 2024

Dear Shareholder:

We are pleased to present this Annual Report covering the activities of the Credit Suisse Asset Management Income Fund, Inc. (the “Fund”) for the

12-month

period ended December 31, 2024 (the “Period”).

Performance Summary

1/1/2024 – 12/31/2024

 

Fund & Benchmark		Performance
Total Return (based on NAV) 1			9.86	%
Total Return (based on market value) 1			0.74	%
ICE BofA US High Yield Constrained Index (the “Index”) 2			8.20	%

 

1	Assuming reinvestment of distributions.

2

The ICE BofA US High Yield 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. The Index does not have transaction costs and investors cannot invest directly in the Index.

Market Review: A positive period for high yield assets

The Period was positive for the high yield asset class. Overall, the ICE BofA US High Yield Constrained Index, the Fund’s benchmark, gained 8.20% for the Period. Following a difficult cycle of tightening financial conditions in the prior year, 2024 saw modest disinflation and the realization of U.S. Federal Reserve (the “Fed”) rate cuts. Longer-term U.S. treasury yields were volatile, however, and had a negative impact on high yield returns in general. Still, high yield spreads tightened meaningfully throughout the year, helping overall returns to exceed the prevailing coupon levels. Thanks to a resilient U.S. economy, a shift in Fed policy, and favorable market technicals, the Index experienced only three months of negative returns during the Period. The

10-year

U.S. treasury yield got as low as 3.6% in September 2024, but finished the Period at 4.6%, 69 basis points wider than the prior year. Yields within the Index decreased and ended the Period at 7.41%—23 basis points tighter than on December 31, 2023—and spreads tightened to +308 basis points versus +362 basis points

.

For the Period,

CCC-rated

bonds significantly outperformed the Index, gaining 16.4%. Conversely,

B-rated

and

BB-rated

bonds underperformed the Index, returning 7.7% and 6.4%, respectively.

From an industry perspective, auto loans, pharmaceuticals, and trucking & delivery were the best performing sectors, returning 20.4%, 20.1% and 16.3%, respectively. In contrast, the worst performing sectors included managed care, media-diversified, and

non-electric

utilities, returning

-0.6%,

+3.6% and +3.7%, respectively.

Default rates were well below long-term historical averages in the high yield bond market. According to JP Morgan, the trailing

12-month

default rate, including distressed exchanges, ended the Period at 1.5%—down 141 basis points since the end of 2023. High yield default activity remains muted due to conservative balance sheets, active capital markets and limited near-term maturities for stressed companies

.

High yield market technicals have been favorable due to the limited net new supply of bonds, as well as a consistent reinvestment of coupons and positive fund flows. For the Period, high yield mutual funds saw inflows of $16.4 billion—which compares to $7.0 billion of outflows in 2023.

 

1

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Credit Suisse Asset Management Income Fund, Inc.

Annual Investment Adviser’s Report (continued)

December 31, 2024 (unaudited)

 

 

As referenced above, capital markets have been open and busy, but refinancings are the primary purposes for those deals. During the Period, new issue volume totaled $288.8 billion, with just $70.9 billion in

non-refinancing

activity. In comparison, 2023 saw $176.1 billion of total volume, of which $59.5 billion was

non-refinancing

activity.

Strategic review and outlook: Cautiously optimistic moving forward

For the Period, the Fund outperformed the Index on an

NAV-basis.

From an asset class perspective, an allocation to collateralized loan obligations contributed to relative returns while bank loans detracted. Industry-wise, security selection in basic industry, capital goods and healthcare added the most to relative returns, while selection in technology & electronics hurt returns. Within ratings, an overweight in

CCC-rated

positions and security selection in

BB-rated

issues both contributed to relative returns.

The high yield market has generated strong returns following the rate hike shock of 2022. While inflation metrics look better, the U.S. consumer has faced a tough few years of rising prices. It appears the economy is stable but may be vulnerable to a slowdown in consumer spending as well as the lagging impact of tight financial conditions—given that the general cost of capital remains high relative to the world after the great financial crisis. Still, within the high yield market, we see healthy balance sheets well-suited for a period of slower growth and few signs of broad deterioration in credit profiles.

We are cognizant of several other key risks to markets—namely geopolitical tensions and uncertainty from a new administration in Washington. However, the soundness of issuer capital structures gives us comfort, and, in our view, the high yield asset class offers attractive risk-adjusted return potential.

 

John G. Popp		Omar Tariq
Chief Investment Officer*		Chief Executive Officer and President**

 

*

John G. Popp is a Managing Director of UBS Asset Management (Americas) LLC (“UBS AM”) and Group Head and Chief Investment Officer of Credit Investments Group (“CIG”), with primary responsibility for making investment decisions and monitoring processes for CIG’s global investment strategies. Mr. Popp also serves as Trustee of the Credit Suisse open-end funds, as well as serving as Director and Chief Investment Officer for the Credit Suisse Asset Management Income Fund, Inc. and Trustee and Chief Investment Officer of the Credit Suisse High Yield Bond Fund.

**	Omar Tariq is an Executive Director of UBS AM. Mr. Tariq also serves as Chief Executive Officer and President of the Credit Suisse open-end funds, the Credit Suisse Asset Management Income Fund, Inc. and the Credit Suisse High Yield Bond Fund.

 

2

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Credit Suisse Asset Management Income Fund, Inc.

Annual Investment Adviser’s Report (continued)

December 31, 2024 (unaudited)

 

 

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

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

The views of the Fund’s management are as of the date of this letter and the Fund holdings described in this document are as of December 31, 2024; these views and Fund holdings may have changed subsequent to these dates. Nothing in this document is a recommendation to purchase or sell securities.

Comparison of Change in Value of $10,000 Investment in the

Credit Suisse Asset Management Income Fund

1

and the

ICE BofA US High Yield Constrained Index

2

For Ten Years

 

 

 

1	Assuming reinvestment of distributions.

2

The ICE BofA US High Yield 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. The Index does not have transaction costs and investors cannot invest directly in the Index.

 

3

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Credit Suisse Asset Management Income Fund, Inc.

Annual Investment Adviser’s Report (continued)

December 31, 2024 (unaudited)

 

 

Average Annual Returns

December 31, 2024 (unaudited)

 

 

		1 Year				3 Years				5 Years				10 Years
Net Asset Value (NAV)			9.86%				4.79%				6.18%				7.11%
Market Value			0.74%				3.72%				7.18%				7.81%

UBS AM may waive fees and/or reimburse expenses, without which performance would be lower. Returns represent past performance and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total investment return at NAV is based on the change in the NAV of Fund shares and assumes reinvestment of dividends, capital gains, and return of capital distributions, if any, at prices pursuant to the Fund’s dividend reinvestment program. Total investment return at market value is based on the change in the market price at which the Fund’s shares traded on the NYSE American during the period and assumes reinvestment of dividends, capital gains, and return of capital distributions, if any, at prices pursuant to the Fund’s dividend reinvestment program. Because the Fund’s shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on NAV and share price.

Past performance is no guarantee of future results.

The current performance of the Fund may be lower or higher than the figures shown. The Fund’s yield, return, NAV and market price will fluctuate. Performance information current to the most recent month end is available by calling

1-800-293-1232.

The annualized gross and net expense ratios are 2.96%.

Credit Quality Breakdown*

(% of Total Investments as of December 31, 2024)

 

S&P Ratings**

 

BBB			2.6	%
BB			38.9
B			34.5
CCC			13.7
CC			0.6
NR			8.1
Subtotal			98.4
Equity and Other			1.6
Total			100.0	%

 

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

**	Credit Quality is based on ratings provided by the S&P Global Ratings Division of S&P Global Inc. (“S&P”). S&P is a main provider of ratings for credit assets classes and is widely used amongst industry participants. The NR category consists of securities that have not been rated by S&P.

Derivatives are not reflected in amounts reported above.

 

4

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Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments

December 31, 2024

 

 

Par (000)						Ratings † (S&P/Moody’s)		Maturity				Rate%				Value
	CORPORATE BONDS (103.4%)
	Aerospace & Defense (2.7%)
$	400			AAR Escrow Issuer LLC, Rule 144A, Company Guaranteed Notes (Callable 03/15/26 @ 103.38) (1)		(BB, Ba2)			03/15/29				6.750			$	406,005
	1,600			Amentum Holdings, Inc., Rule 144A, Company Guaranteed Notes (Callable 08/01/27 @ 103.63) (1)		(B, B3)			08/01/32				7.250				1,613,949
	391			Bombardier, Inc., Rule 144A, Senior Unsecured Notes (Callable 02/01/26 @ 103.75) (1),(2)		(B+, B1)			02/01/29				7.500				407,157
	600			Bombardier, Inc., Rule 144A, Senior Unsecured Notes (Callable 11/15/26 @ 104.38) (1)		(B+, B1)			11/15/30				8.750				645,711
	840			TransDigm, Inc., Rule 144A, Senior Secured Notes (Callable 03/01/26 @ 103.19) (1)		(BB-, Ba3)			03/01/29				6.375				842,916
	440			TransDigm, Inc., Rule 144A, Senior Secured Notes (Callable 03/01/27 @ 103.31) (1)		(BB-, Ba3)			03/01/32				6.625				444,521
																	4,360,259
	Air Transportation (0.2%)
	369			VistaJet Malta Finance PLC/Vista Management Holding, Inc., Rule 144A, Senior Unsecured Notes (Callable 02/01/25 @ 103.19) (1),(2)		(B-, B3)			02/01/30				6.375				322,816
	Auto Parts & Equipment (5.4%)
	1,400			Adient Global Holdings Ltd., Rule 144A, Senior Secured Notes (Callable 04/15/25 @ 103.50) (1)		(BBB-, Ba2)			04/15/28				7.000				1,417,702
	1,405			Clarios Global LP/Clarios U.S. Finance Co., Rule 144A, Company Guaranteed Notes (Callable 01/31/25 @ 100.00) (1)		(B, B3)			05/15/27				8.500				1,409,538
	1,250			Cougar JV Subsidiary LLC, Rule 144A, Senior Unsecured Notes (Callable 05/15/27 @ 104.00) (1)		(B+, B2)			05/15/32				8.000				1,298,751
	1,825			Dealer Tire LLC/DT Issuer LLC, Rule 144A, Senior Unsecured Notes (Callable 01/31/25 @ 102.00) (1),(2)		(CCC, Caa1)			02/01/28				8.000				1,794,634
	1,530			Garrett Motion Holdings, Inc./Garrett LX I SARL, Rule 144A, Company Guaranteed Notes (Callable 05/31/27 @ 103.88) (1)		(B, B1)			05/31/32				7.750				1,554,059
	1,222			Phinia, Inc., Rule 144A, Senior Secured Notes (Callable 04/15/26 @ 103.38) (1)		(BB+, Baa3)			04/15/29				6.750				1,247,973
																	8,722,657
	Brokerage (1.1%)
	1,666			StoneX Group, Inc., Rule 144A, Senior Secured Notes (Callable 03/01/27 @ 103.94) (1)		(BB-, Ba3)			03/01/31				7.875				1,744,073
	Building & Construction (2.3%)
	1,066			MasTec, Inc., Rule 144A, Senior Unsecured Notes (Callable 01/11/25 @ 103.31) (1)		(BBB-, NR)			08/15/29				6.625				1,075,109
	1,774			Pike Corp., Rule 144A, Company Guaranteed Notes (Callable 01/31/25 @ 101.38) (1)		(B-, B3)			09/01/28				5.500				1,707,460
	200			Pike Corp., Rule 144A, Senior Unsecured Notes (Callable 01/31/27 @ 104.31) (1)		(B-, B3)			01/31/31				8.625				211,225
	705			Standard Building Solutions, Inc., Rule 144A, Senior Unsecured Notes (Callable 08/15/27 @ 103.25) (1)		(BB, Ba3)			08/15/32				6.500				706,735
																	3,700,529
	Building Materials (7.7%)
	377			Advanced Drainage Systems, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/15/25 @ 103.19) (1)		(BB-, Ba2)			06/15/30				6.375				378,743
	681			Cornerstone Building Brands, Inc., Rule 144A, Senior Secured Notes (Callable 08/15/26 @ 104.75) (1)		(B, B2)			08/15/29				9.500				663,505

 

See Accompanying Notes to Financial Statements.

 

5

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Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments (continued)

December 31, 2024

 

 

Par (000)						Ratings † (S&P/Moody’s)		Maturity				Rate%				Value
	CORPORATE BONDS (continued)
	Building Materials (continued)
$	1,750			Eco Material Technologies, Inc., Rule 144A, Senior Secured Notes (Callable 01/31/25 @ 101.97) (1)		(B, B2)			01/31/27				7.875			$	1,786,930
	1,658			Foundation Building Materials, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/31/25 @ 103.00) (1),(2)		(CCC+, Caa1)			03/01/29				6.000				1,463,597
	1,000			Installed Building Products, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/16/25 @ 101.44) (1)		(B+, Ba2)			02/01/28				5.750				984,329
	800			James Hardie International Finance DAC, Rule 144A, Company Guaranteed Notes (Callable 01/31/25 @ 100.83) (1)		(BB+, Ba1)			01/15/28				5.000				781,355
	700			Masterbrand, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/15/27 @ 103.50) (1)		(BB, Ba3)			07/15/32				7.000				705,699
	1,040			Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, Rule 144A, Senior Secured Notes (Callable 04/01/27 @ 103.38) (1)		(BB-, B1)			04/01/32				6.750				1,045,734
	1,775			Oscar AcquisitionCo LLC/Oscar Finance, Inc., Rule 144A, Senior Unsecured Notes (Callable 04/15/25 @ 104.75) (1),(2)		(CCC+, Caa1)			04/15/30				9.500				1,671,637
	400			Standard Industries, Inc., Rule 144A, Senior Unsecured Notes (Callable 07/15/25 @ 102.19) (1)		(BB, Ba3)			07/15/30				4.375				366,796
	800			Summit Materials LLC/Summit Materials Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 01/15/27 @ 103.63) (1)		(BB+, Ba3)			01/15/31				7.250				849,625
	1,831			White Cap Buyer LLC, Rule 144A, Senior Unsecured Notes (Callable 01/31/25 @ 101.72) (1)		(CCC+, Caa1)			10/15/28				6.875				1,820,235
																	12,518,185
	Cable & Satellite TV (1.6%)
	1,856			Altice France SA, Rule 144A, Senior Secured Notes (Callable 01/31/25 @ 101.28) (1)		(CCC, Caa1)			01/15/29				5.125				1,408,369
	200			Altice France SA, Rule 144A, Senior Secured Notes (Callable 01/31/25 @ 102.56) (1)		(CCC, Caa1)			07/15/29				5.125				149,988
	200			Altice France SA, Rule 144A, Senior Secured Notes (Callable 01/31/25 @ 102.75) (1)		(CCC, Caa1)			10/15/29				5.500				150,813
	800			Sunrise FinCo I BV, Rule 144A, Senior Secured Notes (Callable 07/15/26 @ 102.44) (1)		(BB-, B1)			07/15/31				4.875				726,616
	200			Telenet Finance Luxembourg Notes SARL, Rule 144A, Senior Secured Notes (Callable 01/11/25 @ 100.69) (1)		(BB-, B1)			03/01/28				5.500				194,742
																	2,630,528
	Chemicals (5.3%)
	477			Avient Corp., Rule 144A, Senior Unsecured Notes (Callable 08/01/25 @ 103.56) (1)		(BB-, Ba3)			08/01/30				7.125				489,350
	400			Avient Corp., Rule 144A, Senior Unsecured Notes (Callable 09/15/27 @ 103.13) (1)		(BB-, Ba3)			11/01/31				6.250				394,948
	600			Axalta Coating Systems Dutch Holding B BV, Rule 144A, Company Guaranteed Notes (Callable 11/15/26 @ 103.63) (1)		(BB, Ba3)			02/15/31				7.250				621,641
	600			Herens Holdco SARL, Rule 144A, Senior Secured Notes (Callable 01/31/25 @ 102.38) (1)		(B-, B2)			05/15/28				4.750				554,312
	800			Herens Midco SARL, Rule 144A, Company Guaranteed Notes (Callable 01/30/25 @ 102.63) (1),(3)		(CCC, Caa2)			05/15/29				5.250				690,642
	988			INEOS Finance PLC, Rule 144A, Senior Secured Notes (Callable 02/15/25 @ 103.38) (1)		(BB, Ba3)			05/15/28				6.750				998,688
	400			INEOS Quattro Finance 2 PLC, Rule 144A, Senior Secured Notes (Callable 11/15/25 @ 104.81) (1),(2)		(BB, B1)			03/15/29				9.625				422,884
	607			Methanex U.S. Operations, Inc., Rule 144A, Company Guaranteed Notes (Callable 09/15/31 @ 100.00) (1)		(BB, Ba2)			03/15/32				6.250				600,915

 

See Accompanying Notes to Financial Statements.

 

6

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Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments (continued)

December 31, 2024

 

 

Par (000)						Ratings † (S&P/Moody’s)		Maturity				Rate%				Value
	CORPORATE BONDS (continued)
	Chemicals (continued)
$	1,600			Tronox, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/31/25 @ 102.31) (1),(2)		(BB-, B1)			03/15/29				4.625			$	1,437,989
	1,915			Vibrantz Technologies, Inc., Rule 144A, Senior Unsecured Notes (Callable 02/15/25 @ 104.50) (1),(2)		(CCC+, Caa2)			02/15/30				9.000				1,760,647
	690			WR Grace Holdings LLC, Rule 144A, Senior Secured Notes (Callable 03/01/26 @ 103.69) (1)		(B-, B1)			03/01/31				7.375				709,183
																	8,681,199
	Consumer/Commercial/Lease Financing (1.3%)
	2,150			Cargo Aircraft Management, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/16/25 @ 101.19) (1)		(BB, Ba2)			02/01/28				4.750				2,134,522
	Diversified Capital Goods (1.5%)
	322			Atkore, Inc., Rule 144A, Senior Unsecured Notes (Callable 06/01/26 @ 102.13) (1)		(BB+, Ba2)			06/01/31				4.250				285,690
	1,400			Dornoch Debt Merger Sub, Inc., Rule 144A, Senior Unsecured Notes (Callable 01/31/25 @ 103.31) (1),(2)		(CCC, Caa2)			10/15/29				6.625				1,135,517
	600			EnerSys, Rule 144A, Company Guaranteed Notes (Callable 09/15/27 @ 100.00) (1)		(BB+, Ba3)			12/15/27				4.375				576,003
	500			EnerSys, Rule 144A, Company Guaranteed Notes (Callable 01/15/27 @ 103.31) (1)		(BB+, Ba3)			01/15/32				6.625				503,161
																	2,500,371
	Electronics (1.1%)
	800			Imola Merger Corp., Rule 144A, Senior Secured Notes (Callable 01/31/25 @ 102.38) (1)		(BB, Ba3)			05/15/29				4.750				759,296
	950			Sensata Technologies, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/15/27 @ 103.31) (1)		(BB+, Ba2)			07/15/32				6.625				953,322
																	1,712,618
	Energy - Exploration & Production (3.9%)
	425			Civitas Resources, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/01/25 @ 104.19) (1)		(BB-, B1)			07/01/28				8.375				441,923
	1,175			Civitas Resources, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/01/26 @ 104.38) (1)		(BB-, B1)			07/01/31				8.750				1,226,446
	1,000			CNX Midstream Partners LP, Rule 144A, Company Guaranteed Notes (Callable 04/15/25 @ 102.38) (1)		(BB, B1)			04/15/30				4.750				916,208
	200			Matador Resources Co., Rule 144A, Company Guaranteed Notes (Callable 04/15/25 @ 103.44) (1)		(BB-, B1)			04/15/28				6.875				203,052
	626			Matador Resources Co., Rule 144A, Company Guaranteed Notes (Callable 04/15/27 @ 103.25) (1)		(BB-, B1)			04/15/32				6.500				619,970
	2,284			Northern Oil & Gas, Inc., Rule 144A, Senior Unsecured Notes (Callable 01/31/25 @ 104.06) (1)		(B+, B2)			03/01/28				8.125				2,321,139
	720			TGNR Intermediate Holdings LLC, Rule 144A, Senior Unsecured Notes (Callable 01/31/25 @ 102.75) (1)		(B+, B3)			10/15/29				5.500				673,197
																	6,401,935
	Environmental (0.1%)
	223			Clean Harbors, Inc., Rule 144A, Company Guaranteed Notes (Callable 02/01/26 @ 103.19) (1)		(BB+, Ba3)			02/01/31				6.375				224,705

 

See Accompanying Notes to Financial Statements.

 

7

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Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments (continued)

December 31, 2024

 

 

Par (000)						Ratings † (S&P/Moody’s)		Maturity				Rate%				Value
	CORPORATE BONDS (continued)
	Food & Drug Retailers (0.3%)
$	550			Murphy Oil USA, Inc., Rule 144A, Company Guaranteed Notes (Callable 02/15/26 @ 101.88) (1)		(BB+, Ba2)			02/15/31				3.750			$	485,286
	Food - Wholesale (2.5%)
	500			Darling Ingredients, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/11/25 @ 100.00) (1)		(BB+, Ba2)			04/15/27				5.250				494,357
	1,533			Darling Ingredients, Inc., Rule 144A, Company Guaranteed Notes (Callable 06/15/25 @ 103.00) (1)		(BB+, Ba2)			06/15/30				6.000				1,513,617
	885			Performance Food Group, Inc., Rule 144A, Company Guaranteed Notes (Callable 09/15/27 @ 103.06) (1)		(BB, B1)			09/15/32				6.125				886,066
	800			Post Holdings, Inc., Rule 144A, Company Guaranteed Notes (Callable 09/01/27 @ 103.19) (1)		(B+, B2)			03/01/33				6.375				785,090
	400			Post Holdings, Inc., Rule 144A, Senior Unsecured Notes (Callable 10/15/29 @ 103.13) (1)		(B+, B2)			10/15/34				6.250				390,656
																	4,069,786
	Gaming (2.6%)
	325			Boyd Gaming Corp., Rule 144A, Company Guaranteed Notes (Callable 06/15/26 @ 102.38) (1)		(BB, B1)			06/15/31				4.750				300,898
	400			Caesars Entertainment, Inc., Rule 144A, Senior Secured Notes (Callable 02/15/26 @ 103.50) (1)		(BB-, Ba3)			02/15/30				7.000				407,712
	1,000			Caesars Entertainment, Inc., Rule 144A, Senior Secured Notes (Callable 02/15/27 @ 103.25) (1)		(BB-, Ba3)			02/15/32				6.500				1,005,329
	1,052			Light & Wonder International, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/16/25 @ 101.75) (1)		(B+, B2)			05/15/28				7.000				1,055,076
	1,500			Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Rule 144A, Company Guaranteed Notes (Callable 02/15/27 @ 100.00) (1)		(BB-, B1)			05/15/27				5.250				1,484,891
																	4,253,906
	Gas Distribution (2.8%)
	200			Blue Racer Midstream LLC/Blue Racer Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 07/15/26 @ 103.50) (1)		(B+, B2)			07/15/29				7.000				204,477
	200			Blue Racer Midstream LLC/Blue Racer Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 07/15/27 @ 103.63) (1)		(B+, B2)			07/15/32				7.250				205,661
	286			Genesis Energy LP/Genesis Energy Finance Corp., Global Company Guaranteed Notes (Callable 04/15/26 @ 104.44)		(B, B3)			04/15/30				8.875				291,298
	1,024			Hess Midstream Operations LP, Rule 144A, Company Guaranteed Notes (Callable 01/31/25 @ 101.71) (1)		(BB+, Ba2)			06/15/28				5.125				996,727
	400			Hess Midstream Operations LP, Rule 144A, Company Guaranteed Notes (Callable 10/15/25 @ 102.75) (1)		(BB+, Ba2)			10/15/30				5.500				388,697
	610			Rockies Express Pipeline LLC, Rule 144A, Senior Unsecured Notes (Callable 02/15/30 @ 100.00) (1)		(BB, Ba2)			05/15/30				4.800				574,160
	600			Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 12/31/25 @ 103.00) (1)		(B+, B1)			12/31/30				6.000				568,679
	1,300			Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 02/15/26 @ 103.69) (1)		(B+, B1)			02/15/29				7.375				1,305,370
																	4,535,069

 

See Accompanying Notes to Financial Statements.

 

8

---

Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments (continued)

December 31, 2024

 

 

Par (000)						Ratings † (S&P/Moody’s)		Maturity				Rate%				Value
	CORPORATE BONDS (continued)
	Health Services (2.6%)
$	1,107			AMN Healthcare, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/11/25 @ 102.00) (1),(2)		(B+, Ba3)			04/15/29				4.000			$	998,439
	1,530			AthenaHealth Group, Inc., Rule 144A, Senior Unsecured Notes (Callable 02/15/25 @ 103.25) (1)		(CCC, Caa2)			02/15/30				6.500				1,455,544
	800			Option Care Health, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/31/25 @ 102.19) (1)		(B, B2)			10/31/29				4.375				738,527
	1,046			Pediatrix Medical Group, Inc., Rule 144A, Company Guaranteed Notes (Callable 02/15/25 @ 102.69) (1),(2)		(BB-, Ba3)			02/15/30				5.375				999,496
																	4,192,006
	Hotels (0.5%)
	30			Hilton Domestic Operating Co., Inc., Rule 144A, Company Guaranteed Notes (Callable 04/01/26 @ 102.94) (1)		(BB+, Ba2)			04/01/29				5.875				29,971
	725			RHP Hotel Properties LP/RHP Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 04/01/27 @ 103.25) (1)		(BB-, Ba3)			04/01/32				6.500				729,251
																	759,222
	Insurance Brokerage (6.7%)
	880			Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Rule 144A, Senior Secured Notes (Callable 04/15/25 @ 103.38) (1)		(B, B2)			04/15/28				6.750				884,947
	648			Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Rule 144A, Senior Secured Notes (Callable 01/15/27 @ 103.50) (1)		(B, B2)			01/15/31				7.000				651,241
	333			Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Rule 144A, Senior Secured Notes (Callable 10/01/27 @ 103.69) (1)		(B, B2)			10/01/31				6.500				330,163
	400			AmWINS Group, Inc., Rule 144A, Senior Secured Notes (Callable 02/15/26 @ 103.19) (1)		(B+, Ba3)			02/15/29				6.375				402,703
	1,675			Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC, Rule 144A, Senior Secured Notes (Callable 02/15/27 @ 103.63) (1)		(B, B2)			02/15/31				7.250				1,704,089
	800			HUB International Ltd., Rule 144A, Senior Secured Notes (Callable 06/15/26 @ 103.63) (1)		(B, B1)			06/15/30				7.250				820,656
	1,000			Jones Deslauriers Insurance Management, Inc., Rule 144A, Senior Secured Notes (Callable 03/15/26 @ 104.25) (1)		(B-, B2)			03/15/30				8.500				1,057,465
	1,200			Jones Deslauriers Insurance Management, Inc., Rule 144A, Senior Unsecured Notes (Callable 12/15/25 @ 105.25) (1)		(CCC, Caa2)			12/15/30				10.500				1,299,426
	1,800			Panther Escrow Issuer LLC, Rule 144A, Senior Secured Notes (Callable 06/01/27 @ 103.56) (1)		(B, B2)			06/01/31				7.125				1,819,952
	800			Ryan Specialty LLC, Rule 144A, Senior Secured Notes (Callable 02/01/25 @ 102.19) (1)		(BB-, B1)			02/01/30				4.375				752,040
	1,125			Ryan Specialty LLC, Rule 144A, Senior Secured Notes (Callable 08/01/27 @ 102.94) (1)		(BB-, B1)			08/01/32				5.875				1,114,273
																	10,836,955
	Investments & Misc. Financial Services (7.8%)
	2,100			Armor Holdco, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/31/25 @ 104.25) (1)		(CCC+, Caa1)			11/15/29				8.500				2,130,927
	600			Block, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/15/27 @ 103.25) (1)		(BB+, Ba2)			05/15/32				6.500				606,542
	2,000			Boost Newco Borrower LLC, Rule 144A, Senior Secured Notes (Callable 01/15/27 @ 103.75) (1)		(BB, Ba3)			01/15/31				7.500				2,098,309

 

See Accompanying Notes to Financial Statements.

 

9

---

Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments (continued)

December 31, 2024

 

 

Par (000)						Ratings † (S&P/Moody’s)		Maturity				Rate%				Value
	CORPORATE BONDS (continued)
	Investments & Misc. Financial Services (continued)
$	1,000			Compass Group Diversified Holdings LLC, Rule 144A, Company Guaranteed Notes (Callable 01/31/25 @ 102.63) (1)		(B+, B1)			04/15/29				5.250			$	960,609
	800			Compass Group Diversified Holdings LLC, Rule 144A, Senior Unsecured Notes (Callable 01/15/27 @ 102.50) (1)		(B+, B1)			01/15/32				5.000				736,069
	1,068			Focus Financial Partners LLC, Rule 144A, Senior Secured Notes (Callable 09/15/27 @ 103.38) (1)		(B+, B2)			09/15/31				6.750				1,064,931
	1,800			Jane Street Group/JSG Finance, Inc., Rule 144A, Senior Secured Notes (Callable 04/30/27 @ 103.56) (1)		(BB, Ba1)			04/30/31				7.125				1,851,294
	500			Jane Street Group/JSG Finance, Inc., Rule 144A, Senior Secured Notes (Callable 11/01/27 @ 103.06) (1)		(BB, Ba1)			11/01/32				6.125				495,700
	200			Paysafe Finance PLC/Paysafe Holdings U.S. Corp., Rule 144A, Senior Secured Notes (Callable 01/31/25 @ 102.00) (1),(2)		(B, B2)			06/15/29				4.000				186,321
	400			Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/31/25 @ 100.00) (1)		(NR, Ba3)			11/01/26				4.625				394,350
	400			Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., Rule 144A, Company Guaranteed Notes (Callable 08/15/27 @ 103.38) (1)		(NR, Ba3)			08/15/32				6.750				407,155
	1,680			VFH Parent LLC/Valor Co-Issuer, Inc., Rule 144A, Senior Secured Notes (Callable 06/15/27 @ 103.75) (1)		(B+, B1)			06/15/31				7.500				1,729,808
																	12,662,015
	Machinery (4.0%)
	1,500			Arcosa, Inc., Rule 144A, Company Guaranteed Notes (Callable 08/15/27 @ 103.44) (1)		(B+, Ba3)			08/15/32				6.875				1,525,897
	815			Chart Industries, Inc., Rule 144A, Senior Secured Notes (Callable 01/01/26 @ 103.75) (1)		(BB-, Ba3)			01/01/30				7.500				848,356
	2,042			Enviri Corp., Rule 144A, Company Guaranteed Notes (Callable 01/31/25 @ 100.00) (1)		(B, B3)			07/31/27				5.750				1,953,731
	1,278			Griffon Corp., Global Company Guaranteed Notes (Callable 01/31/25 @ 101.92)		(B, B1)			03/01/28				5.750				1,254,023
	800			Hillenbrand, Inc., Global Company Guaranteed Notes (Callable 02/15/26 @ 103.13)		(BB+, Ba1)			02/15/29				6.250				800,435
	151			Regal Rexnord Corp., Global Company Guaranteed Notes (Callable 01/15/33 @ 100.00)		(BB+, Baa3)			04/15/33				6.400				155,949
																	6,538,391
	Media - Diversified (0.1%)
	28			Tech 7 SAS Super Senior (3),(4) ,(12)		(NR, NR)			03/31/26				15.000				28,479
	46			Tech 7 SAS Super Senior (3),(4) ,(12)		(NR, NR)			03/31/26				18.682				47,464
	14			Tech 7 SAS Technicolor Creative Studios Super Senior (3),(4) ,(12)		(NR, NR)			04/01/26				15.000				14,239
	23			Technicolor Creative Studios SA (3),(4) ,(12)		(NR, NR)			03/31/26				15.000				23,733
	14			Technicolor Creative Studios SA (3),(4) ,(12)		(NR, NR)			04/01/26				15.000				14,239
																	128,154
	Media Content (0.2%)
	400			Sirius XM Radio LLC, Rule 144A, Company Guaranteed Notes (Callable 09/01/26 @ 101.94) (1),(2)		(BB+, Ba3)			09/01/31				3.875				335,212
	Metals & Mining - Excluding Steel (3.7%)
	1,306			Constellium SE, Rule 144A, Company Guaranteed Notes (Callable 08/15/27 @ 103.19) (1),(2)		(BB-, Ba3)			08/15/32				6.375				1,265,596

 

See Accompanying Notes to Financial Statements.

 

10

---

Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments (continued)

December 31, 2024

 

 

Par (000)						Ratings † (S&P/Moody’s)		Maturity				Rate%				Value
	CORPORATE BONDS (continued)
	Metals & Mining - Excluding Steel (continued)
$	1,800			ERO Copper Corp., Rule 144A, Company Guaranteed Notes (Callable 02/15/25 @ 103.25) (1)		(B, B1)			02/15/30				6.500			$	1,745,603
	1,400			First Quantum Minerals Ltd., Rule 144A, Secured Notes (Callable 03/01/26 @ 104.69) (1)		(B, NR)			03/01/29				9.375				1,490,580
	400			Kaiser Aluminum Corp., Rule 144A, Company Guaranteed Notes (Callable 01/31/25 @ 101.16) (1)		(BB-, B2)			03/01/28				4.625				376,542
	800			Kaiser Aluminum Corp., Rule 144A, Company Guaranteed Notes (Callable 06/01/26 @ 102.25) (1)		(BB-, B2)			06/01/31				4.500				706,153
	510			Novelis Corp., Rule 144A, Company Guaranteed Notes (Callable 01/31/25 @ 102.38) (1)		(BB, Ba3)			01/30/30				4.750				471,304
																	6,055,778
	Oil Field Equipment & Services (1.3%)
	2,050			CQP Holdco LP/BIP-V Chinook Holdco LLC, Rule 144A, Senior Secured Notes (Callable 12/15/28 @ 103.75) (1)		(BB, Ba2)			12/15/33				7.500				2,157,287
	Oil Refining & Marketing (1.3%)
	700			Global Partners LP/GLP Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 01/15/27 @ 104.13) (1)		(B+, B2)			01/15/32				8.250				720,432
	600			Sunoco LP, Rule 144A, Company Guaranteed Notes (Callable 05/01/27 @ 103.63) (1)		(BB+, Ba1)			05/01/32				7.250				620,259
	750			Sunoco LP/Sunoco Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 09/15/25 @ 103.50) (1)		(BB+, Ba1)			09/15/28				7.000				767,879
																	2,108,570
	Packaging (3.9%)
	460			Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, Rule 144A, Senior Unsecured Notes (Callable 01/30/25 @ 101.50) (1),(3)		(CCC, Caa2)			09/01/29				3.000				407,241
	400			Ball Corp., Global Company Guaranteed Notes (Callable 01/16/25 @ 103.44)		(BB+, Ba1)			03/15/28				6.875				409,458
	400			Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC, Rule 144A, Senior Secured Notes (Callable 01/31/25 @ 100.00) (1)		(B-, B2)			09/15/28				6.000				394,703
	1,700			Mauser Packaging Solutions Holding Co., Rule 144A, Senior Secured Notes (Callable 02/15/25 @ 103.94) (1)		(B, B2)			04/15/27				7.875				1,736,482
	279			Owens-Brockway Glass Container, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/15/26 @ 103.63) (1),(2)		(B+, B2)			05/15/31				7.250				271,877
	1,523			Trident TPI Holdings, Inc., Rule 144A, Company Guaranteed Notes (Callable 12/31/25 @ 106.38) (1)		(CCC+, Caa2)			12/31/28				12.750				1,681,876
	1,240			TriMas Corp., Rule 144A, Company Guaranteed Notes (Callable 01/31/25 @ 102.06) (1)		(BB-, Ba3)			04/15/29				4.125				1,144,075
	318			Veritiv Operating Co., Rule 144A, Senior Secured Notes (Callable 11/30/26 @ 105.25) (1)		(B+, B2)			11/30/30				10.500				342,877
																	6,388,589
	Personal & Household Products (0.4%)
	700			Amer Sports Co., Rule 144A, Senior Secured Notes (Callable 02/16/27 @ 103.38) (1),(2)		(BBB-, Ba3)			02/16/31				6.750				709,784
	Rail (0.6%)
	936			Genesee & Wyoming, Inc., Rule 144A, Senior Secured Notes (Callable 04/15/27 @ 103.13) (1)		(BB, Ba3)			04/15/32				6.250				942,803

 

See Accompanying Notes to Financial Statements.

 

11

---

Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments (continued)

December 31, 2024

 

 

Par (000)						Ratings † (S&P/Moody’s)		Maturity				Rate%				Value
	CORPORATE BONDS (continued)
	Real Estate Investment Trusts (1.1%)
$	750			Starwood Property Trust, Inc., Rule 144A, Senior Unsecured Notes (Callable 10/01/28 @ 100.00) (1)		(BB-, Ba3)			04/01/29				7.250			$	770,262
	1,093			Starwood Property Trust, Inc., Rule 144A, Senior Unsecured Notes (Callable 10/15/29 @ 100.00) (1)		(BB-, Ba3)			04/15/30				6.000				1,073,595
																	1,843,857
	Recreation & Travel (4.0%)
	1,200			Boyne USA, Inc., Rule 144A, Senior Unsecured Notes (Callable 01/31/25 @ 102.38) (1)		(B, B1)			05/15/29				4.750				1,138,398
	514			SeaWorld Parks & Entertainment, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/11/25 @ 102.63) (1),(2)		(B+, B2)			08/15/29				5.250				490,939
	1,692			Six Flags Entertainment Corp., Rule 144A, Company Guaranteed Notes (Callable 05/15/26 @ 103.63) (1),(2)		(BB-, B1)			05/15/31				7.250				1,729,906
	1,815			Speedway Motorsports LLC/Speedway Funding II, Inc., Rule 144A, Senior Unsecured Notes (Callable 01/31/25 @ 100.00) (1)		(BB+, B1)			11/01/27				4.875				1,774,295
	1,326			Vail Resorts, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/15/27 @ 103.25) (1)		(BB, Ba3)			05/15/32				6.500				1,341,969
																	6,475,507
	Restaurants (1.4%)
	400			1011778 BC ULC/New Red Finance, Inc., Rule 144A, Senior Secured Notes (Callable 06/15/26 @ 103.06) (1)		(BB+, Ba2)			06/15/29				6.125				401,796
	1,673			Raising Cane’s Restaurants LLC, Rule 144A, Senior Unsecured Notes (Callable 11/01/25 @ 104.69) (1)		(B, B3)			05/01/29				9.375				1,794,312
																	2,196,108
	Software - Services (5.9%)
	1,400			CA Magnum Holdings, Rule 144A, Senior Secured Notes (Callable 01/31/25 @ 101.34) (1)		(NR, B1)			10/31/26				5.375				1,367,611
	673			CommScope LLC, Rule 144A, Senior Secured Notes (Callable 06/15/26 @ 103.00) (1),(2)		(NR, NR)			12/15/31				9.500				698,466
	766			Elastic NV, Rule 144A, Senior Unsecured Notes (Callable 01/31/25 @ 102.06) (1)		(BB-, Ba3)			07/15/29				4.125				710,864
	2,150			Insight Enterprises, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/15/27 @ 103.31) (1)		(BB+, Ba3)			05/15/32				6.625				2,164,852
	135			Open Text Corp., Rule 144A, Company Guaranteed Notes (Callable 01/31/25 @ 101.94) (1)		(BB, Ba3)			12/01/29				3.875				122,317
	800			Open Text Corp., Rule 144A, Senior Secured Notes (Callable 11/01/27 @ 100.00) (1)		(BBB-, Ba1)			12/01/27				6.900				827,376
	825			Open Text Holdings, Inc., Rule 144A, Company Guaranteed Notes (Callable 12/01/26 @ 102.06) (1)		(BB, Ba3)			12/01/31				4.125				732,323
	800			UKG, Inc., Rule 144A, Senior Secured Notes (Callable 02/01/27 @ 103.44) (1)		(B-, B2)			02/01/31				6.875				812,486
	1,225			Virtusa Corp., Rule 144A, Senior Unsecured Notes (Callable 01/31/25 @ 101.78) (1)		(B-, Caa1)			12/15/28				7.125				1,171,560
	546			VT Topco, Inc., Rule 144A, Senior Secured Notes (Callable 08/15/26 @ 104.25) (1)		(B, B2)			08/15/30				8.500				578,973
	400			ZoomInfo Technologies LLC/ZoomInfo Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 01/11/25 @ 101.94) (1)		(B+, B1)			02/01/29				3.875				364,268
																	9,551,096

 

See Accompanying Notes to Financial Statements.

 

12

---

Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments (continued)

December 31, 2024

 

 

Par (000)						Ratings † (S&P/Moody’s)		Maturity				Rate%				Value
	CORPORATE BONDS (continued)
	Specialty Retail (3.0%)
$	1,850			Eagle Intermediate Global Holding BV/Eagle U.S. Finance LLC, Rule 144A, Senior Secured Notes (Callable 01/11/25 @ 100.00) (1)		(NR, Caa3)			05/01/25				7.500			$	1,172,021
	51			Eagle Intermediate Global Holding BV/Eagle U.S. Finance LLC, Rule 144A, Senior Secured Notes (Callable 01/11/25 @ 100.00) (1),(4) ,(12)		(NR, Caa3)			05/01/25				7.500				32,175
	68			Eagle Intermediate Global Holding BV/Ruyi U.S. Finance LLC (4) ,(11),(12)		(NR, NR)			05/01/25				0.000				41,881
	600			Group 1 Automotive, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/31/25 @ 101.33) (1)		(BB+, Ba2)			08/15/28				4.000				562,185
	1,350			Group 1 Automotive, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/15/26 @ 103.19) (1)		(BB+, Ba2)			01/15/30				6.375				1,356,072
	1,550			LCM Investments Holdings II LLC, Rule 144A, Senior Unsecured Notes (Callable 08/01/26 @ 104.13) (1)		(BB-, B2)			08/01/31				8.250				1,609,667
	198			Sonic Automotive, Inc., Rule 144A, Company Guaranteed Notes (Callable 11/15/26 @ 102.44) (1)		(BB-, B1)			11/15/31				4.875				177,834
																	4,951,835
	Steel Producers/Products (0.8%)
	1,400			TMS International Corp., Rule 144A, Senior Unsecured Notes (Callable 01/11/25 @ 103.13) (1)		(B, Caa1)			04/15/29				6.250				1,354,839
	Support - Services (5.3%)
	1,223			Allied Universal Holdco LLC/Allied Universal Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 01/31/25 @ 100.00) (1)		(CCC+, Caa2)			07/15/27				9.750				1,232,704
	935			Beacon Roofing Supply, Inc., Rule 144A, Senior Secured Notes (Callable 08/01/26 @ 103.25) (1)		(BB, Ba2)			08/01/30				6.500				949,501
	1,000			Belron U.K. Finance PLC, Rule 144A, Senior Secured Notes (Callable 10/15/26 @ 102.88) (1)		(BB-, Ba3)			10/15/29				5.750				990,580
	1,000			CoreLogic, Inc., Rule 144A, Senior Secured Notes (Callable 01/31/25 @ 102.25) (1)		(B-, B2)			05/01/28				4.500				935,759
	700			GYP Holdings III Corp., Rule 144A, Company Guaranteed Notes (Callable 01/31/25 @ 102.31) (1)		(B, Ba2)			05/01/29				4.625				660,840
	855			H&E Equipment Services, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/31/25 @ 100.97) (1)		(BB-, B1)			12/15/28				3.875				782,361
	500			WESCO Distribution, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/31/25 @ 102.42) (1)		(BB, Ba3)			06/15/28				7.250				508,805
	400			WESCO Distribution, Inc., Rule 144A, Company Guaranteed Notes (Callable 03/15/26 @ 103.19) (1)		(BB, Ba3)			03/15/29				6.375				405,846
	1,268			Williams Scotsman, Inc., Rule 144A, Senior Secured Notes (Callable 06/15/26 @ 103.31) (1)		(BB-, B2)			06/15/29				6.625				1,284,263
	900			ZipRecruiter, Inc., Rule 144A, Senior Unsecured Notes (Callable 01/15/25 @ 102.50) (1)		(B+, B2)			01/15/30				5.000				811,726
																	8,562,385
	Tech Hardware & Equipment (1.4%)
	1,250			Vertiv Group Corp., Rule 144A, Senior Secured Notes (Callable 01/31/25 @ 102.06) (1)		(BB+, Ba2)			11/15/28				4.125				1,180,940
	1,150			Zebra Technologies Corp., Rule 144A, Company Guaranteed Notes (Callable 06/01/27 @ 103.25) (1)		(BB, Ba2)			06/01/32				6.500				1,167,614
																	2,348,554

 

See Accompanying Notes to Financial Statements.

 

13

---

Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments (continued)

December 31, 2024

 

 

Par (000)						Ratings † (S&P/Moody’s)		Maturity				Rate%				Value
	CORPORATE BONDS (continued)
	Telecom - Wireline Integrated & Services (2.9%)
$	1,000			Altice Financing SA, Rule 144A, Senior Secured Notes (Callable 01/31/25 @ 100.00) (1),(2)		(B-, Caa1)			01/15/28				5.000			$	783,733
	799			LCPR Senior Secured Financing DAC, Rule 144A, Senior Secured Notes (Callable 01/31/25 @ 100.00) (1)		(B+, B2)			10/15/27				6.750				723,734
	1,000			Level 3 Financing, Inc., Rule 144A, Secured Notes (Callable 03/22/26 @ 102.13) (1)		(CCC+, Caa1)			04/01/30				4.500				834,153
	1,000			Level 3 Financing, Inc., Rule 144A, Secured Notes (Callable 03/22/25 @ 101.81) (1)		(CCC+, Caa1)			10/15/30				3.875				803,100
	500			Virgin Media Secured Finance PLC, Rule 144A, Senior Secured Notes (Callable 01/10/25 @ 100.63) (1),(5)		(B+, Ba3)			04/15/27				5.000				621,817
	200			Virgin Media Secured Finance PLC, Rule 144A, Senior Secured Notes (Callable 08/15/25 @ 102.25) (1),(2)		(B+, Ba3)			08/15/30				4.500				172,967
	400			Vmed O2 U.K. Financing I PLC, Rule 144A, Senior Secured Notes (Callable 01/31/26 @ 102.13) (1)		(B+, Ba3)			01/31/31				4.250				341,902
	550			Vmed O2 U.K. Financing I PLC, Rule 144A, Senior Secured Notes (Callable 07/15/26 @ 102.38) (1)		(B+, Ba3)			07/15/31				4.750				473,587
																	4,754,993
	Theaters & Entertainment (0.4%)
	600			Live Nation Entertainment, Inc., Rule 144A, Senior Secured Notes (Callable 01/31/25 @ 103.25) (1)		(BB, Ba2)			05/15/27				6.500				607,136
	Transport Infrastructure/Services (0.8%)
	200			XPO, Inc., Rule 144A, Company Guaranteed Notes (Callable 06/01/26 @ 103.56) (1)		(BB-, Ba3)			06/01/31				7.125				205,917
	400			XPO, Inc., Rule 144A, Company Guaranteed Notes (Callable 02/01/27 @ 103.56) (1)		(BB-, Ba3)			02/01/32				7.125				410,119
	694			XPO, Inc., Rule 144A, Senior Secured Notes (Callable 06/01/25 @ 103.13) (1)		(BBB-, Ba1)			06/01/28				6.250				699,546
																	1,315,582
	Trucking & Delivery (0.9%)
	1,400			RXO, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/31/25 @ 103.75) (1)		(BB, Baa3)			11/15/27				7.500				1,442,351
	TOTAL CORPORATE BONDS (Cost $167,945,533)																168,217,453
	BANK LOANS (19.4%)
	Aerospace & Defense (0.3%)
	581			Peraton Corp., 3 mo. USD Term SOFR + 7.750% (6)		(NR, NR)			02/01/29				12.364				475,288
	Auto Parts & Equipment (0.5%)
	187			First Brands Group LLC (2021 Term Loan), 3 mo. USD Term SOFR + 5.000% (6)		(B+, B1)			03/30/27				9.847				176,169
	452			First Brands Group LLC (2022 Incremental Term Loan), 3 mo. USD Term SOFR + 5.000% (6)		(B+, B1)			03/30/27				9.847				424,368
	328			Jason Group, Inc., 1 mo. USD Term SOFR + 6.000% (6),(8)		(NR, WR)			08/28/25				10.472				297,741
																	898,278

 

See Accompanying Notes to Financial Statements.

 

14

---

Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments (continued)

December 31, 2024

 

 

Par (000)						Ratings † (S&P/Moody’s)		Maturity				Rate%				Value
	BANK LOANS (continued)
	Building Materials (0.6%)
$	39			ARAMSCO, Inc. (2023 Delayed Draw Term Loan) (9)		(B-, Caa1)			10/10/30				0.000			$	36,686
	379			ARAMSCO, Inc. (2023 Term Loan B) (9)		(B-, Caa1)			10/10/30				0.000				356,061
	524			Cornerstone Building Brands, Inc., 1 mo. USD Term SOFR + 5.625% (6)		(B, B2)			08/01/28				10.022				515,936
																	908,683
	Chemicals (1.1%)
	268			Ascend Performance Materials Operations LLC, 6 mo. USD Term SOFR + 4.750% (6)		(B, B2)			08/27/26				9.095				231,686
	712			Polar U.S. Borrower LLC (2024 Term Loan B1A), 1 mo. USD Term SOFR + 5.500% (6),(8)		(CCC+, Caa1)			10/16/28				9.939				516,884
	1,172			Polar U.S. Borrower LLC (2024 Term Loan B1B), 1 mo. USD Term SOFR + 5.500% (6),(8)		(CCC+, Caa1)			10/16/28				9.939				851,010
	161			SK Neptune Husky Finance SARL (4),(8),(10),(11) ,(12)		(NR, WR)			04/30/25				0.000				125,152
	745			SK Neptune Husky Group SARL (8),(10),(11)		(NR, WR)			01/03/29				0.000				13,495
																	1,738,227
	Diversified Capital Goods (0.5%)
	819			Dynacast International LLC, 3 mo. USD Term SOFR + 9.250% (6),(12)		(CC, Caa2)			10/22/25				13.864				798,437
	Electronics (1.2%)
	398			Escape Velocity Holdings, Inc., 3 mo. USD Term SOFR + 4.250% (6)		(B, B3)			10/08/28				8.840				397,996
	1,499			Idemia Group, 3 mo. USD Term SOFR + 4.250% (6),(12)		(B, B2)			09/30/28				8.579				1,517,806
																	1,915,802
	Food & Drug Retailers (0.3%)
	1,000			WOOF Holdings, Inc., 3 mo. USD Term SOFR + 7.250% (6),(8)		(CC, Ca)			12/21/28				11.985				482,290
	Gas Distribution (0.6%)
	946			Traverse Midstream Partners LLC, 3 mo. USD Term SOFR + 3.500% (6)		(B+, B2)			02/16/28				7.854				952,375
	Health Facilities (0.5%)
	295			Carestream Health, Inc., 3 mo. USD Term SOFR + 7.500% (6)		(B-, Caa1)			09/30/27				11.929				226,291
	211			Sonrava Health Holdings LLC, 3 mo. USD Term SOFR + 6.500% (6)		(B-, B2)			05/18/28				11.499				212,623
	831			Sonrava Health Holdings LLC, 3 mo. USD Term SOFR + 1.000%, 5.500% PIK (6),(7),(8)		(NR, Caa2)			08/18/28				11.499				356,262
																	795,176
	Health Services (1.2%)
	57			MedAssets Software Intermediate Holdings, Inc., 1 mo. USD Term SOFR + 4.000% (6),(12)		(B, NR)			12/17/28				8.375				56,828
	561			MedAssets Software Intermediate Holdings, Inc., 1 mo. USD Term SOFR + 4.000% (6)		(CCC, NR)			12/17/28				8.490				488,083
	25			MedAssets Software Intermediate Holdings, Inc., 1 mo. USD Term SOFR + 5.250% (6)		(NR, NR)			12/17/28				9.625				24,917
	111			MedAssets Software Intermediate Holdings, Inc., 3 mo. USD Term SOFR + 6.750% (6),(12)		(CCC-, NR)			12/17/29				11.101				74,079
	587			Radiology Partners, Inc., 3 mo. USD Term SOFR + 3.500%, 1.500% PIK (6),(7)		(B-, B3)			01/31/29				9.775				581,082
	792			U.S. Radiology Specialists, Inc., 3 mo. USD Term SOFR + 4.750% (6)		(B-, B3)			12/15/27				9.079				798,057
																	2,023,046

 

See Accompanying Notes to Financial Statements.

 

15

---

Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments (continued)

December 31, 2024

 

 

Par (000)						Ratings † (S&P/Moody’s)		Maturity				Rate%				Value
	BANK LOANS (continued)
	Hotels (0.4%)
$	886			Aimbridge Acquisition Co., Inc., 3 mo. USD Term SOFR + 4.750% (6),(12)		(CCC, B3)			02/02/26				9.597			$	580,010
	Media - Diversified (0.5%)
	798			Cast & Crew Payroll LLC, 1 mo. USD Term SOFR + 3.750% (6)		(B, B3)			12/29/28				8.107				775,317
	214			Technicolor Creative Studios (3),(4),(10),(11) ,(12)		(NR, NR)			08/06/33				0.000				0
																	775,317
	Packaging (1.0%)
	1,630			Proampac PG Borrower LLC, 3 mo. USD Term SOFR + 4.000% (6)		(B-, B3)			09/15/28				8.524 - 8.656				1,636,686
	Personal & Household Products (0.7%)
	1,277			Serta Simmons Bedding LLC, 3 mo. USD Term SOFR + 7.500% (6)		(NR, NR)			06/29/28				11.943				1,085,602
	139			Serta Simmons Bedding LLC, 3 mo. USD Term SOFR + 7.500% (6),(12)		(NR, NR)			06/29/28				12.232				139,010
																	1,224,612
	Software - Services (5.5%)
	556			AQ Carver Buyer, Inc., 3 mo. USD Term SOFR + 5.500% (6)		(B, B2)			08/02/29				10.185				557,902
	1,970			Aston FinCo SARL, 1 mo. USD Term SOFR + 4.250% (6)		(CCC+, B3)			10/09/26				8.722				1,901,806
	283			Astra Acquisition Corp., 3 mo. USD Term SOFR + 6.750% (6),(8)		(CCC+, Caa1)			02/25/28				11.079				190,300
	834			Astra Acquisition Corp., 3 mo. USD Term SOFR + 5.250% (6)		(CC, C)			10/25/28				9.579				61,171
	860			Cloud Software Group, Inc., 3 mo. USD Term SOFR + 3.500% (6)		(NR, B2)			03/30/29				7.829				863,649
	600			CommerceHub, Inc., 3 mo. USD Term SOFR + 7.000% (6)		(CCC, Caa3)			12/29/28				11.797				504,000
	200			DCert Buyer, Inc., 1 mo. USD Term SOFR + 4.000% (6)		(B-, B2)			10/16/26				8.357				192,427
	906			EagleView Technology Corp., 3 mo. USD Term SOFR + 3.500% (6)		(CCC+, Caa1)			08/14/25				8.091				860,884
	332			Javelin Buyer, Inc. (9),(12)		(CCC+, Caa2)			12/06/32				0.000				331,743
	375			Polaris Newco LLC, 1 mo. GBP LIBOR + 5.250% (5),(6)		(B-, B2)			06/02/28				9.950				448,164
	1,049			Project Boost Purchaser LLC, 3 mo. USD Term SOFR + 3.500% (6)		(B-, B2)			07/16/31				8.147				1,057,631
	1,869			Quest Software U.S. Holdings, Inc., U.S. (Fed) Prime Rate + 3.400% (6)		(NR, NR)			02/01/29				10.900				1,218,176
	455			Redstone Holdco 2 LP, 3 mo. USD Term SOFR + 4.750% (6),(12)		(CCC+, B3)			04/27/28				9.177				321,109
	398			UKG, Inc., 3 mo. USD Term SOFR + 3.000% (6)		(B-, B2)			02/10/31				7.329				401,305
																	8,910,267
	Steel Producers/Products (0.6%)
	1,011			OPTA, Inc., 3 mo. USD Term SOFR + 6.750% (6),(8),(12)		(NR, NR)			11/09/28				11.601				995,948
	Support - Services (1.7%)
	497			CoreLogic, Inc., 1 mo. USD Term SOFR + 3.500% (6)		(B-, B2)			06/02/28				7.972				492,055
	597			Gloves Buyer, Inc., 1 mo. USD Term SOFR + 4.000% (6)		(B-, B3)			12/29/27				8.472				597,527
	337			LaserShip, Inc., 3 mo. USD Term SOFR + 7.000% (6)		(NR, Caa2)			01/02/29				11.778				271,122
	313			LaserShip, Inc., 3 mo. USD Term SOFR + 6.250% (6)		(B, B2)			01/02/29				11.028				327,282
	768			LaserShip, Inc., 3 mo. USD Term SOFR + 4.500% (6)		(CCC, Caa2)			08/10/29				9.278				587,288
	250			LaserShip, Inc., 3 mo. USD Term SOFR + 7.500% (6)		(NR, Caa3)			08/10/29				12.090				96,928
	400			TruGreen LP, 3 mo. USD Term SOFR + 8.500% (6)		(CCC, Caa3)			11/02/28				13.347				357,500
																	2,729,702

 

See Accompanying Notes to Financial Statements.

 

16

---

Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments (continued)

December 31, 2024

 

 

Par (000)						Ratings † (S&P/Moody’s)		Maturity				Rate%				Value
	BANK LOANS (continued)
	Tech Hardware & Equipment (0.4%)
$	898			Atlas CC Acquisition Corp., 3 mo. USD Term SOFR + 4.250% (6)		(B, Caa2)			05/25/28				9.026			$	607,812
	183			Atlas CC Acquisition Corp., 3 mo. USD Term SOFR + 4.250% (6)		(B, B1)			05/25/28				9.026				123,622
																	731,434
	Telecom - Wireline Integrated & Services (0.5%)
	978			Patagonia Holdco LLC, 3 mo. USD Term SOFR + 5.750% (6)		(NR, B1)			08/01/29				10.272				875,360
	Theaters & Entertainment (1.3%)
	2,075			William Morris Endeavor Entertainment LLC, 1 mo. USD Term SOFR + 2.750% (6)		(BB-, B3)			05/18/25				7.222				2,082,613
	TOTAL BANK LOANS (Cost $34,928,749)																31,529,551
	ASSET BACKED SECURITIES (7.2%)
	Collateralized Debt Obligations (7.2%)
	650			Anchorage Capital CLO 15 Ltd., 2020-15A, Rule 144A, 3 mo. USD Term SOFR + 7.662% (1),(6)		(NR, Ba3)			07/20/34				12.279				657,965
	1,000			Anchorage Capital CLO 25 Ltd., 2022-25A, Rule 144A, 3 mo. USD Term SOFR + 7.170% (1),(6)		(NR, Ba3)			04/20/35				11.787				1,010,524
	780			Anchorage Capital Europe CLO 6 DAC, Rule 144A, 3 mo. EURIBOR + 5.000% (1),(3),(6)		(BBB-, NR)			01/22/38				8.201				824,849
	500			Anchorage Credit Funding 4 Ltd., 2016-4A, Rule 144A (1)		(NR, Ba3)			04/27/39				6.659				462,922
	750			Battalion CLO 18 Ltd., 2020-18A, Rule 144A, 3 mo. USD Term SOFR + 6.972% (1),(6)		(BB-, NR)			10/15/36				11.628				688,839
	1,000			Battalion CLO XV Ltd., 2020-15A, Rule 144A, 3 mo. USD Term SOFR + 6.612% (1),(6)		(BB-, NR)			01/17/33				11.259				945,799
	1,000			Cedar Funding VI CLO Ltd., 2016-6A, Rule 144A, 3 mo. USD Term SOFR + 6.982% (1),(6)		(BB-, NR)			04/20/34				11.599				1,009,674
	1,000			KKR CLO 14 Ltd., Rule 144A, 3 mo. USD Term SOFR + 6.412% (1),(6)		(NR, B1)			07/15/31				11.068				1,006,701
	1,000			KKR CLO 16 Ltd., Rule 144A, 3 mo. USD Term SOFR + 7.372% (1),(6)		(BB-, NR)			10/20/34				11.989				996,557
	800			KKR CLO 45a Ltd., Rule 144A, 3 mo. USD Term SOFR + 7.300% (1),(6)		(NR, NR)			04/15/35				11.956				813,820
	1,000			Marble Point CLO XXIII Ltd., 2021-4A, Rule 144A, 3 mo. USD Term SOFR + 6.012% (1),(6)		(NR, Ba1)			01/22/35				10.643				1,011,264
	400			MP CLO III Ltd., 2013-1A, Rule 144A, 3 mo. USD Term SOFR + 3.312% (1),(6)		(NR, Baa3)			10/20/30				7.929				402,985
	1,000			Palmer Square Credit Funding Ltd., 2019-1A, Rule 144A (1)		(NR, Aa2)			04/20/37				5.459				993,587
	1,000			Venture 41 CLO Ltd., 2021-41A, Rule 144A, 3 mo. USD Term SOFR + 7.972% (1),(6)		(BB-, NR)			01/20/34				12.589				1,012,131
	TOTAL ASSET BACKED SECURITIES (Cost $11,792,703)															$	11,837,617
Shares
	COMMON STOCKS (0.5%)
	Auto Parts & Equipment (0.2%)
	38			Jason, Inc. (11)													281,850
	Chemicals (0.2%)
	46,574			Proppants Holdings LLC (4),(8) ,(12)													931
	10,028			UTEX Industries, Inc.													367,276
																	368,207

 

See Accompanying Notes to Financial Statements.

 

17

---

Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments (continued)

December 31, 2024

 

 

Shares																Value
	Personal & Household Products (0.1%)
$	22,719			Dream Well, Inc. (11)												$	136,314
	22,719			Serta Simmons Bedding Equipment Co. (4),(11) ,(12)													0
																	136,314
	Pharmaceuticals (0.0%)
	45,583			Akorn, Inc. (11)													1,367
	Private Placement (0.0%)
	69,511,940			Technicolor Creative Studios SA (4),(11),(12),(13)													0
	Specialty Retail (0.0%)
	69			Eagle Investments Holding Co. LLC, Class B (4),(11) ,(12)													1
	Support - Services (0.0%)
	800			LTR Holdings, Inc. (4),(8),(11) ,(12)													1,185
	TOTAL COMMON STOCKS (Cost $2,947,154)																788,924
	WARRANT (0.0%)
	Chemicals (0.0%)
	11,643			Project Investor Holdings LLC, expires 02/08/2026 (4),(8),(11) ,(12) (Cost $6,054)													0
	SHORT-TERM INVESTMENTS (10.3%)
	2,698,485			State Street Institutional U.S. Government Money Market Fund - Premier Class, 4.42%													2,698,485
	14,077,250			State Street Navigator Securities Lending Government Money Market Portfolio, 4.46% (14)													14,077,250
	TOTAL SHORT-TERM INVESTMENTS (Cost $16,775,735)																16,775,735
	TOTAL INVESTMENTS AT VALUE (140.8%) (Cost $234,395,928)																229,149,280
	LIABILITIES IN EXCESS OF OTHER ASSETS (-40.8%)																(66,429,594	)
	NET ASSETS (100.0%)															$	162,719,686

INVESTMENT ABBREVIATIONS

1 mo. = 1 month

3 mo. = 3 month

6 mo. = 6 month

EURIBOR = Euro Interbank Offered Rate

LIBOR = London Interbank Offered Rate

NR = Not Rated

SARL = société à responsabilité limitée

SOFR = Secured Overnight Financing Rate

WR = Withdrawn Rating

 

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

 

(1)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2024, these securities amounted to a value of $176,973,872 or 108.8% of net assets.

 

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

 

(3)	This security is denominated in Euro.

 

See Accompanying Notes to Financial Statements.

 

18

---

Credit Suisse Asset Management Income Fund, Inc.

Schedule of Investments (continued)

December 31, 2024

 

 

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

 

(5)	This security is denominated in British Pound.

 

(6)	Variable rate obligation - The interest rate shown is the rate in effect as of December 31, 2024. The rate may be subject to a cap and floor.

 

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

 

(8)	Illiquid security.

 

(9)

The rates on certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The interest rate shown is the rate in effect as of December 31, 2024.

 

(10)	Bond is currently in default.

 

(11)	Non-income producing security.

 

(12)	Security is valued using significant unobservable inputs.

 

(13)	Security is held through holdings of 100 shares of the CIG Special Purpose SPC - Credit Suisse Asset Management Income Fund Segregated Portfolio, an affiliated entity.

 

(14)	Represents security purchased with cash collateral received for securities on loan.

Forward Foreign Currency Contracts

 

Forward Currency to be Purchased						Forward Currency to be Sold						Settlement Date				Counterparty		Value on Settlement Date				Current Value/Notional				Unrealized Appreciation
USD			97,718			EUR			90,455				10/07/25			Deutsche Bank AG		$	(97,718	)		$	(95,072	)		$	2,646
USD			2,126,686			EUR			1,900,141				10/07/25			Morgan Stanley			(2,126,686	)			(1,997,135	)			129,551
USD			1,165,011			GBP			891,397				10/07/25			Morgan Stanley			(1,165,011	)			(1,114,040	)			50,971
Total Unrealized Appreciation																										$	183,168

Forward Foreign Currency Contracts

 

Forward Currency to be Purchased						Forward Currency to be Sold						Settlement Date				Counterparty		Value on Settlement Date				Current Value/Notional				Unrealized Depreciation
GBP			29,023			USD			37,698				10/07/25			Barclays Bank PLC		$	37,698			$	36,272			$	(1,426	)
Total Unrealized Depreciation																										$	(1,426	)
Total Net Unrealized Appreciation/(Depreciation)																										$	181,742

Currency Abbreviations:

EUR = Euro

GBP = British Pound

USD = United States Dollar

 

See Accompanying Notes to Financial Statements.

 

19

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Credit Suisse Asset Management Income Fund, Inc.

Statement of Assets and Liabilities

December 31, 2024

 

 

Assets
Investments at value, including collateral for securities on loan of $14,077,250 (Cost $234,395,928) (Note 2)		$	229,149,280	1
Cash			788
Foreign currency at value (Cost $32,547)			31,833
Interest receivable			3,984,954
Receivable for investments sold			2,062,879
Deferred offering costs (Note 7)			642,113
Unrealized appreciation on forward foreign currency contracts (Note 2)			183,168
Prepaid expenses and other assets			60,970
Total assets			236,115,985
Liabilities
Investment advisory fee payable (Note 3)			205,642
Administrative services fee payable			19,099
Loan payable (Note 4)			57,000,000
Payable upon return of securities loaned (Note 2)			14,077,250
Interest payable (Note 4)			965,608
Payable for investments purchased			919,156
Directors’ fee payable			20,955
Unrealized depreciation on forward foreign currency contracts (Note 2)			1,426
Commitment fees payable (Note 4)			45,361
Accrued expenses			141,802
Total liabilities			73,396,299
Net Assets
Applicable to 54,806,240 shares outstanding		$	162,719,686
Net Assets
Capital stock, $.001 par value (Note 6)			54,806
Paid-in capital (Note 6)			197,806,393
Total distributable earnings (loss)			(35,141,513	)
Net assets		$	162,719,686
Net Asset Value Per Share			$2.97
Market Price Per Share			$2.89

 

1	Includes $13,798,709 of securities on loan.

 

See Accompanying Notes to Financial Statements.

 

20

---

Credit Suisse Asset Management Income Fund, Inc.

Statement of Operations

For the Year Ended December 31, 2024

 

 

Investment Income
Interest		$	17,840,810
Dividends			41,961
Other income			4,021
Securities lending (net of rebates)			90,113
Total investment income			17,976,905
Expenses
Investment advisory fees (Note 3)			796,836
Administrative services fees			61,018
Interest expense (Note 4)			3,179,578
Directors’ fees			225,668
Commitment fees (Note 4)			116,980
Printing fees			93,032
Custodian fees			71,607
Audit and tax fees			60,800
Transfer agent fees			48,447
Legal fees			47,377
Stock exchange listing fees			16,875
Insurance expense			4,246
Miscellaneous expense			9,220
Total expenses			4,731,684
Net investment income			13,245,221
Net Realized and Unrealized Gain (Loss) from Investments, Foreign Currency and Forward Foreign Currency Contracts
Net realized loss from investments			(3,013,431	)
Net realized loss from foreign currency transactions			(24,144	)
Net realized loss from forward foreign currency contracts			(90,763	)
Net change in unrealized appreciation (depreciation) from investments			4,578,828
Net change in unrealized appreciation (depreciation) from foreign currency translations			(842	)
Net change in unrealized appreciation (depreciation) from forward foreign currency contracts			287,944
Net realized and unrealized gain from investments, foreign currency and forward foreign currency contracts			1,737,592
Net increase in net assets resulting from operations		$	14,982,813

 

See Accompanying Notes to Financial Statements.

 

21

---

Credit Suisse Asset Management Income Fund, Inc.

Statements of Changes in Net Assets

 

 

		For the Year Ended  December 31, 2024				For the Year Ended  December 31, 2023
From Operations
Net investment income		$	13,245,221			$	13,108,888
Net realized loss from investments, foreign currency transactions and forward foreign currency contracts			(3,128,338	)			(11,717,283	)
Net change in unrealized appreciation (depreciation) from investments, foreign currency translations and forward foreign currency contracts			4,865,930				24,611,831
Net increase in net assets resulting from operations			14,982,813				26,003,436
From Distributions
From distributable earnings			(13,249,216	)			(12,989,932	)
Return of capital			(1,267,716	)			(1,224,299	)
Net decrease in net assets resulting from distributions			(14,516,932	)			(14,214,231	)
From Capital Share Transactions (Note 6)
Net proceeds from at-the-market offering (Note 7)			5,933,483				369,408
Reinvestment of distributions			165,706				81,972
Net increase in net assets from capital share transactions			6,099,189				451,380
Net increase in net assets			6,565,070				12,240,585
Net Assets
Beginning of year			156,154,616				143,914,031
End of year		$	162,719,686			$	156,154,616

 

See Accompanying Notes to Financial Statements.

 

22

---

Credit Suisse Asset Management Income Fund, Inc.

Statement of Cash Flows

For the Year Ended December 31, 2024

 

 

Reconciliation of Net Increase in Net Assets from Operations to Net Cash Provided by Operating Activities
Net increase in net assets resulting from operations						$	14,982,813
Adjustments to Reconcile Net Increase in Net Assets from Operations to Net Cash Provided by Operating Activities
Increase in interest receivable		$	(349,910	)
Increase in accrued expenses			26,567
Increase in interest payable			740,583
Increase in commitment fees payable			33,288
Increase in prepaid expenses and other assets			(50,188	)
Increase in deferred offering costs			(55,196	)
Increase in investment advisory fee payable			26,302
Net amortization of a premium or accretion of a discount on investments			(1,610,084	)
Purchases of long-term securities, net of change in payable for investments purchased			(127,787,093	)
Sales of long-term securities, net of change in receivable for investments sold			121,142,832
Net proceeds from sales (purchases) of short-term securities			(1,642,077	)
Net change in unrealized (appreciation) depreciation from investments and forward foreign currency contracts			(4,866,772	)
Net realized loss from investments			3,013,431
Total adjustments							(11,378,317	)
Net cash provided by operating activities 1						$	3,604,496
Cash Flows From Financing Activities
Borrowings on revolving credit facility			7,500,000
Repayments of credit facility			(3,000,000	)
Proceeds from the sale of shares			6,084,366
Cash distributions paid			(14,351,226	)
Net cash used in financing activities							(3,766,860	)
Net decrease in cash							(162,364	)
Cash — beginning of year							194,985
Cash — end of year						$	32,621
Non-Cash Activity:
Issuance of shares through dividend reinvestments						$	165,706

 

 

1	Included in net cash provided by operating activities is cash of $2,438,995 paid for interest on borrowings.

 

See Accompanying Notes to Financial Statements.

 

23

---

Credit Suisse Asset Management Income Fund, Inc.

Financial Highlights

 

 

		For the Year Ended December 31,
		2024				2023				2022				2021				2020
Per share operating performance
Net asset value, beginning of year		$	2.96			$	2.73			$	3.43			$	3.42			$	3.48
INVESTMENT OPERATIONS
Net investment income 1			0.25				0.25				0.23				0.23				0.27
Net gain (loss) from investments, foreign currency transactions and forward foreign currency contracts (both realized and unrealized)			0.03				0.25				(0.66	)			0.05				(0.06	)
Total from investment activities			0.28				0.50				(0.43	)			0.28				0.21
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income			(0.25	)			(0.25	)			(0.23	)			(0.24	)			(0.27	)
Return of capital			(0.02	)			(0.02	)			(0.04	)			(0.03	)			—
Total dividends and distributions			(0.27	)			(0.27	)			(0.27	)			(0.27	)			(0.27	)
Net asset value, end of year		$	2.97			$	2.96			$	2.73			$	3.43			$	3.42
Per share market value, end of year		$	2.89			$	3.13			$	2.52			$	3.43			$	3.15
TOTAL INVESTMENT RETURN 2
Net asset value			9.86	%			19.65	%			(12.46	)%			8.51	%			8.08	%
Market value			0.74	%			37.07	%			(19.19	)%			17.82	%			7.58	%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted)		$	162,720			$	156,155			$	143,914			$	179,614			$	178,641
Ratio of net expenses to average net assets			2.96	%			3.10	%			1.91	%			1.07	%			1.25	%
Ratio of net expenses to average net assets excluding interest expense			0.97	%			0.88	%			0.89	%			0.80	%			0.75	%
Ratio of net investment income to average net assets			8.28	%			8.79	%			7.79	%			6.70	%			8.55	%
Asset Coverage per $1,000 of Indebtedness		$	3,855			$	3,974			$	3,379			$	4,070			$	4,162
Outstanding senior securities (000s omiited)		$	57,000			$	52,500			$	60,500			$	58,500			$	56,500
Portfolio turnover rate 3			60	%			39	%			42	%			53	%			36	%

 

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

2

Total investment return at net asset value is based on changes in the net asset value of Fund shares and assumes reinvestment of distributions, if any, at actual prices pursuant to the Fund’s dividend reinvestment program. Total investment return at market value is based on changes in the market price at which the Fund’s shares traded on the stock exchange during the period and assumes reinvestment of distributions, if any, at actual prices pursuant to the Fund’s dividend reinvestment program. Because the Fund’s shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on NAV and market price (See Note 6).

3

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

 

See Accompanying Notes to Financial Statements.

 

24

---

Credit Suisse Asset Management Income Fund, Inc.

Financial Highlights

 

 

		For the Year Ended December 31,
		2019				2018				2017				2016				2015
Per share operating performance
Net asset value, beginning of year		$	3.21			$	3.58			$	3.48			$	3.21			$	3.62
INVESTMENT OPERATIONS
Net investment income 1			0.26				0.27				0.24				0.25				0.25
Net gain (loss) on investments, foreign currency transactions and forward foreign currency contracts (both realized and unrealized)			0.28				(0.37	)			0.12				0.28				(0.40	)
Total from investment activities			0.54				(0.10	)			0.36				0.53				(0.15	)
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income			(0.27	)			(0.27	)			(0.24	)			(0.25	)			(0.26	)
Return of capital			(0.00	) 3			—				(0.02	)			(0.01	)			—
Total dividends and distributions			(0.27	)			(0.27	)			(0.26	)			(0.26	)			(0.26	)
Net asset value, end of year		$	3.48			$	3.21			$	3.58			$	3.48			$	3.21
Per share market value, end of year		$	3.22			$	2.77			$	3.31			$	3.16			$	2.78
TOTAL INVESTMENT RETURN 2
Net asset value			18.17	%			(2.39	)%			11.34	%			18.64	%			(3.35	)%
Market value			26.71	%			(8.89	)%			13.37	%			24.39	%			(7.90	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted)		$	182,030			$	167,897			$	187,472			$	182,019			$	167,848
Ratio of expenses to average net assets			1.92	%			1.82	%			1.06	%			0.74	%			0.66	%
Ratio of expenses to average net assets excluding interest expense			0.78	%			0.78	%			0.90	%			0.74	%			0.66	%
Ratio of net investment income to average net assets			7.59	%			7.83	%			6.75	%			7.66	%			7.21	%
Asset Coverage per $1,000 of Indebtedness		$	4,021			$	3,373			$	5,075			$	—			$	—
Outstanding senior securities (000s omitted)		$	60,250			$	70,750			$	46,000			$	—			$	—
Portfolio turnover rate 4			35	%			39	%			64	%			53	%			51	%

 

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

2

Total investment return at net asset value is based on the change in the net asset value of Fund shares and assumes reinvestment of distributions, if any, at actual prices pursuant to the Fund’s dividend reinvestment program. Total investment return at market value is based on the change in the market price at which the Fund’s shares traded on the stock exchange during the period and assumes reinvestment of distributions, if any, at actual prices pursuant to the Fund’s dividend reinvestment program. Because the Fund’s shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on NAV and market price (See Note 6).

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

4

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

 

See Accompanying Notes to Financial Statements.

 

25

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Credit Suisse Asset Management Income Fund, Inc.

Notes to Financial Statements

December 31, 2024

 

 

Note 1. Organization

Credit Suisse Asset Management Income Fund, Inc. (the “Fund”) was incorporated on February 11, 1987 and is registered as a diversified,

closed-end

management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The investment objective of the Fund is to provide current income consistent with the preservation of capital.

UBS Asset Management (Americas) LLC (“UBS AM” or the “Adviser”), the investment adviser to the Fund, is registered as an investment adviser with the Securities and Exchange Commission (“SEC”) and as a Commodity Pool Operator with the Commodity Futures Trading Commission. UBS Asset Management (US) Inc. (“UBS AM (US)”) serves as the principal underwriter for the Fund. UBS AM and UBS AM (US) are indirect wholly owned subsidiaries of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry.

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

Note 2. Significant Accounting Policies

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

A) SECURITY VALUATION — The Board of Directors (the “Board”) is responsible for the Fund’s valuation process. The Board has delegated the supervision of the daily valuation process to the Adviser, who has established a Pricing Committee and a Pricing Group, which, pursuant to the policies adopted by the Board, are responsible for making fair valuation determinations and overseeing the Fund’s pricing policies. The net asset value (“NAV”) of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the “Exchange”) on each day the Exchange is open for business. The valuations for fixed income securities (which may include, but are not limited

 

26

---

Credit Suisse Asset Management Income Fund, Inc.

Notes to Financial Statements (continued)

December 31, 2024

 

 

Note 2. Significant Accounting Policies

 (continued)

 

to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. These pricing services generally price fixed income securities assuming orderly transactions of an institutional “round lot” size, but some trades occur in smaller “odd lot” sizes which may be effected at lower prices than institutional round lot trades. Structured note agreements are valued in accordance with a dealer-supplied valuation based on changes in the value of the underlying index. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Forward contracts are valued at the London closing spot rates and the London closing forward point rates on a daily basis. The currency forward contract pricing model derives the differential in point rates to the expiration date of the forward and calculates its present value. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. Investments in open-ended mutual funds are valued at the NAV as reported on each business day and under normal circumstances. Securities for which market quotations are not readily available are valued at their fair value as determined in good faith by the Adviser, as the Board’s valuation designee (as defined in Rule

2a-5

under the 1940 Act), in accordance with the Adviser’s procedures. The Board oversees the Adviser in its role as valuation designee in accordance with the requirements of Rule

2a-5

under the 1940 Act. The Fund may utilize a service provided by an independent third party to fair value certain securities. When fair value pricing is employed, the prices of securities used by the Fund to calculate its NAV may differ from quoted or published prices for the same securities. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the Adviser to be unreliable, the market price may be determined by the Adviser using quotations from one or more brokers/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its NAV, these securities will be fair valued in good faith by the Pricing Group, in accordance with procedures established by the Adviser.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP established a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at each measurement date. These inputs are summarized in the three broad levels listed below:

 

•

Level 1 — quoted prices in active markets for identical investments

 

•

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

•

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

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

 

27

---

Credit Suisse Asset Management Income Fund, Inc.

Notes to Financial Statements (continued)

December 31, 2024

 

 

Note 2. Significant Accounting Policies

 (continued)

 

The following is a summary of the inputs used as of December 31, 2024 in valuing the Fund’s assets and liabilities carried at fair value:

 

Assets		Level 1				Level 2				Level 3				Total
Investments in Securities
Corporate Bonds		$	—			$	168,015,243			$	202,210			$	168,217,453
Bank Loans			—				26,589,429				4,940,122				31,529,551
Asset Backed Securities			—				11,837,617				—				11,837,617
Common Stocks			—				786,807				2,117				788,924
Warrants			—				0				0				0
Short-term Investments			16,775,735				—				—				16,775,735
		$	16,775,735			$	207,229,096			$	5,144,449			$	229,149,280
Other Financial Instruments*
Forward Foreign Currency Contracts		$	—			$	183,168			$	—			$	183,168
Liabilities
Other Financial Instruments*
Forward Foreign Currency Contracts		$	—			$	1,426			$	—			$	1,426

 

*

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

The following is a reconciliation of investments as of December 31, 2024 for which significant unobservable inputs were used in determining fair value.

 

		Corporate Bonds				Bank Loans				Asset Backed Securities				Common Stocks				Warrant				Total
Balance as of December 31, 2023		$	70,929			$	3,038,275			$	861,627			$	935,723			$	0			$	4,906,554
Accrued discounts (premiums)			—				36,878				—				—				—				36,878
Purchases			133,102				3,493,819				—				—				—				3,626,921
Sales			—				(2,678,068	)			—				(70	)			—				(2,678,138	)
Realized gain (loss)			—				(522,955	)			—				(9,011	)			—				(531,966	)
Change in unrealized appreciation (depreciation)			(1,821	)			193,727				(36,778	)			(275,399	)			—				(120,271	)
Transfers into Level 3			—				1,378,446				—				—				—				1,378,446
Transfers out of Level 3			—				—				(824,849	)			(649,126	)			—				(1,473,975	)
Balance as of December 31, 2024		$	202,210			$	4,940,122			$	0			$	2,117			$	0			$	5,144,449
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2024		$	(1,821	)		$	(34,748	)		$	—			$	—			$	—			$	(36,569	)

Quantitative Disclosure About Significant Unobservable Inputs

 

Asset Class

Fair Value At December 31, 2024

Valuation Technique

Unobservable Input

Price Range (Weighted Average)*

Bank Loans

$

4,814,970

Vendor pricing

Single Broker Quote

$

0.65 - $1.01 ($0.93)

125,152

Income Approach

Expected Remaining Distribution

0.00 - 0.78 (0.78)

Corporate Bonds

128,154

Recent Transactions

Trade Price

1.02 - 1.03 (1.03)

74,056

Income Approach

Expected Remaining Distribution

0.62 - 0.63 (0.62)

Common Stocks

2,117

Income Approach

Expected Remaining Distribution

0.00 - 1.48 (0.84)

Warrant

0

Income Approach

Expected Remaining Distribution

0.00 (N/A)

 

 

*

Weighted by relative fair value

 

28

---

Credit Suisse Asset Management Income Fund, Inc.

Notes to Financial Statements (continued)

December 31, 2024

 

 

Note 2. Significant Accounting Policies

 (continued)

 

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

For the year ended December 31, 2024, $1,378,446 was transferred from Level 2 to Level 3 due to a lack of a pricing source supported by observable inputs and $1,473,975 was transferred from Level 3 to Level 2 as a result of the availability of a pricing source supported by observable inputs. All transfers, if any, are assumed to occur at the end of the reporting period.

B) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES — The Fund adopted amendments to authoritative guidance on disclosures about derivative instruments and hedging activities which require that a fund disclose (a) how and why an entity uses derivative instruments, (b) how derivative instruments and hedging activities are accounted for and (c) how derivative instruments and related hedging activities affect a fund’s financial position, financial performance and cash flows.

The following table presents the fair value and the location of derivatives within the Statement of Assets and Liabilities at December 31, 2024 and the effect of these derivatives on the Statement of Operations for the year ended December 31, 2024.

 

Primary Underlying Risk		Derivative Assets				Derivative Liabilities				Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)
Foreign currency exchange rate forward contracts		$	183,168			$	1,426			$	(90,763	)		$	287,944

For the year ended December 31, 2024, the Fund held an average monthly value on a net basis of $3,927,333 in forward foreign currency contracts.

The Fund is a party to International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“Master Agreements”) with certain counterparties that govern

over-the-counter

derivative (including total return, credit default and interest rate swaps) and foreign exchange contracts entered into by the Fund. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Termination events

 

29

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Credit Suisse Asset Management Income Fund, Inc.

Notes to Financial Statements (continued)

December 31, 2024

 

 

Note 2. Significant Accounting Policies

 (continued)

 

applicable to the Fund may occur upon a decline in the Fund’s net assets below a specified threshold over a certain period of time.

The following table presents by counterparty the Fund’s derivative assets, net of related collateral held by the Fund, at December 31, 2024:

 

Counterparty		Gross Amount of Derivative Assets Presented in the Statement of Assets and Liabilities (a)				Financial Instruments and Derivatives Available for Offset				Non-Cash Collateral Received				Cash Collateral Received				Net Amount of Derivative Assets
Deutsche Bank AG		$	2,646			$	—			$	—			$	—			$	2,646
Morgan Stanley			180,522				—				—				—				180,522
		$	183,168			$	—			$	—			$	—			$	183,168

The following table presents by counterparty the Fund’s derivative liabilities, net of related collateral pledged by the Fund, at December 31, 2024:

 

Counterparty		Gross Amount of Derivative Liabilities Presented in the Statement of Assets and Liabilities (a)				Financial Instruments and Derivatives Available for Offset				Non-Cash Collateral Pledged				Cash Collateral Pledged				Net Amount of Derivative Liabilities
Barclays Bank PLC		$	1,426			$	—			$	—			$	—			$	1,426

 

(a)

Forward foreign currency contracts are included.

C) FOREIGN CURRENCY TRANSACTIONS — The books and records of the Fund are maintained in U.S. dollars. Transactions denominated in foreign currencies are recorded at the current prevailing exchange rates. All assets and liabilities denominated in foreign currencies, including purchases and sales of investments, and income and expenses, are translated into U.S. dollar amounts on the date of those transactions.

Reported net realized gain (loss) from foreign currency transactions arises from sales of foreign currencies; currency gains or losses realized between the trade and settlement dates on securities transactions; and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net change in unrealized gains and losses on translation of assets and liabilities denominated in foreign currencies arises from changes in the fair values of assets and liabilities, other than investments, at the end of the period, resulting from changes in exchange rates.

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of investments held. Such fluctuations are included with net realized and unrealized gain or loss from investments in the Statement of Operations.

D) SECURITY TRANSACTIONS AND INVESTMENT INCOME/EXPENSE — Security transactions are accounted for on a trade date basis. Interest income/expense is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method. Dividend income/expense is recorded on the

ex-dividend

date. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

 

30

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Credit Suisse Asset Management Income Fund, Inc.

Notes to Financial Statements (continued)

December 31, 2024

 

 

Note 2. Significant Accounting Policies

 (continued)

 

E) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — The Fund declares and pays dividends on a monthly basis and records them on ex-dividend date. Distributions of net realized capital gains, if any, are declared and paid at least annually. However, to the extent that a net realized capital gain can be reduced by a capital loss carryforward, such gain will not be distributed. Dividends and distributions to shareholders of the Fund are recorded on the

ex-dividend

date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

F) FEDERAL AND OTHER TAXES — No provision is made for federal taxes as it is the Fund’s intention to continue to qualify as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), and to make the requisite distributions to its shareholders, which will be sufficient to relieve it from federal income and excise taxes.

In order to qualify as a RIC under the Code, the Fund must meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income. One of these requirements is that the Fund derive at least 90% of its gross income for each taxable year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, other income derived with respect to its business of investing in such stock, securities or currencies or net income derived from interests in certain publicly-traded partnerships (“Qualifying Income”).

The Fund adopted the authoritative guidance for uncertainty in income taxes and recognizes a tax benefit or liability from an uncertain position only if it is more likely than not that the position is sustainable based solely on its technical merits and consideration of the relevant taxing authority’s widely understood administrative practices and procedures.

The Fund has reviewed its current tax positions and has determined that no provision for income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for each of the tax years in the four year period ended December 31, 2024, for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

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

H) CASH FLOW INFORMATION — Cash, as used in the Statement of Cash Flows, is the amount reported in the Statement of Assets and Liabilities, including domestic and foreign currencies. The Fund invests in securities and distributes dividends from net investment income and net realized gains, if any (which are either paid in cash or reinvested at the discretion of shareholders). These activities are reported in the Statement of Changes in Net Assets. Information on cash payments is presented in the Statement of Cash Flows. Accounting practices that do not affect reporting activities on a cash basis include unrealized gain or loss on investment securities and accretion or amortization income/expense recognized on investment securities.

 

31

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Credit Suisse Asset Management Income Fund, Inc.

Notes to Financial Statements (continued)

December 31, 2024

 

 

Note 2. Significant Accounting Policies

 (continued)

 

I) FORWARD FOREIGN CURRENCY CONTRACTS — A forward foreign currency exchange contract (“forward currency contract”) is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. The Fund will enter into forward currency contracts primarily for hedging foreign currency risk. Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and unrealized gain/loss is recorded daily. On the settlement date of the forward currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was closed. Certain risks may arise upon entering into forward currency contracts from the potential inability of counterparties to meet the terms of their contracts. The maximum counterparty credit risk to the Fund is measured by the unrealized gain on appreciated contracts. Additionally, when utilizing forward currency contracts to hedge, the Fund forgoes the opportunity to profit from favorable exchange rate movements during the term of the contract. The Fund’s open forward currency contracts at December 31, 2024 are disclosed in the Schedule of Investments.

J) UNFUNDED LOAN COMMITMENTS — The Fund enters into certain agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrowers’ discretion. Funded and unfunded portions of credit agreements are presented in the Schedule of Investments. As of December 31, 2024, the Fund had no unfunded loan commitments.

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

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

SSB has been engaged by the Fund to act as the Fund’s securities lending agent. As of December 31, 2024, the Fund had outstanding loans of securities to certain approved brokers for which the Fund received collateral:

 

Market Value of Loaned Securities				Market Value of Cash Collateral
$	13,798,709			$	14,077,250

 

32

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Credit Suisse Asset Management Income Fund, Inc.

Notes to Financial Statements (continued)

December 31, 2024

 

 

Note 2. Significant Accounting Policies

 (continued)

 

The following table presents financial instruments that are subject to enforceable netting arrangements as of December 31, 2024.

Gross Amounts Not Offset in the Statement of Assets and Liabilities

 

Gross Asset Amounts Presented in the Statement of Assets and Liabilities (a)				Collateral Received (b)				Net Amount
$	13,798,709			$	(13,798,709	)		$	—

 

(a)

Represents market value of loaned securities at year end.

(b)

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

The Fund’s securities lending arrangement provides that the Fund and SSB will share the net income earned from securities lending activities. Securities lending income is accrued as earned. For the year ended December 31, 2024, total earnings received in connection with securities lending arrangements was $567,030, of which $446,882 was rebated to borrowers (brokers). The Fund retained $90,113 in income, and SSB, as lending agent, was paid $30,035.

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

The United Kingdom’s Financial Conduct Authority (the “FCA”), which regulates LIBOR, has ceased publishing all LIBOR settings. In April 2023, however, the FCA announced that some USD LIBOR settings would continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. After September 30, 2024, the remaining synthetic LIBOR settings ceased to be published, and all LIBOR settings have permanently ceased. The Secured Overnight Financing Rate, or “SOFR,” is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the purchase agreement (“repo”) market and has been used increasingly on a voluntary basis in new instruments and transactions. On March 15, 2022, the Adjustable Interest Rate Act was signed into law, providing a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the Adjustable Interest Rate Act by identifying benchmark rates based on SOFR that replaced LIBOR in different categories of financial contracts after June 30, 2023. These regulations apply only to contracts governed by U.S. law, among other limitations. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Parties to contracts, securities or other instruments using LIBOR may disagree on transition rates or the application of applicable transition regulation, potentially resulting in uncertainty of performance and the possibility of litigation. The Fund may have instruments linked to other interbank offered rates that may also cease to be published in the future.

 

33

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Credit Suisse Asset Management Income Fund, Inc.

Notes to Financial Statements (continued)

December 31, 2024

 

 

Note 2. Significant Accounting Policies

 (continued)

 

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

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

Note 3. Transactions with Affiliates and Related Parties

UBS AM serves as investment adviser for the Fund. For its investment advisory services, UBS AM is entitled to receive a fee from the Fund at a rate per annum, computed weekly and paid quarterly as follows: 0.50% of an average weekly base amount which, with respect to each quarter, is the average of the lower of (i) the stock price (market value) of the Fund’s outstanding shares and (ii) the Fund’s net assets, in each case determined as of the last trading day for each week during the relevant quarter. For the year ended December 31, 2024, investment advisory fees earned were $796,836.

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

Note 4. Line of Credit

The Fund has a line of credit subject to annual renewal provided by SSB primarily to leverage its investment portfolio (the “Agreement”). The Fund may borrow the lesser of: a) $85,000,000; b) an amount that is no greater than 33 1/3% of the Fund’s total assets minus the sum of liabilities (other than aggregate indebtedness constituting leverage); and c) the Borrowing Base as defined in the Agreement. Under the terms of the Agreement, the Fund pays a commitment fee of 0.25% on the unused amount. In addition, the Fund pays interest on borrowings at a designated reference rate plus a spread. At December 31, 2024, the Fund had loans outstanding under the Agreement of $57,000,000. Unless renewed, the Agreement will terminate on June 4, 2025. During the year ended December 31, 2024, the Fund had borrowings under the Agreement as follows:

 

Average Daily Loan Balance				Weighted Average Interest Rate %				Maximum Daily Loan Outstanding				Interest Expense				Number of Days Outstanding
$	51,386,612				6.061	%		$	57,000,000			$	3,179,578				366

The use of leverage by the Fund creates an opportunity for increased net income and capital appreciation for the Fund, but, at the same time, creates special risks, and there can be no assurance that a leveraging strategy will be successful during any period in which it is employed. The Fund intends to utilize leverage to provide the shareholders with a potentially higher return. Leverage creates risks for shareholders including the likelihood of greater volatility of NAV and market price of the Fund’s shares and the risk that fluctuations in interest rates on borrowings and short-term debt may affect the return to shareholders. To the extent the income or capital

 

34

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Credit Suisse Asset Management Income Fund, Inc.

Notes to Financial Statements (continued)

December 31, 2024

 

 

Note 4. Line of Credit

 (continued)

 

appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the Fund’s return will be greater than if leverage had not been used. Conversely, if the income or capital appreciation from the securities purchased with such funds is not sufficient to cover the cost of leverage, the return to the Fund will be less than if leverage had not been used, and therefore the amount available for distribution to shareholders as dividends and other distributions will be reduced. In the latter case, UBS AM in its best judgment nevertheless may determine to maintain the Fund’s leveraged position if it deems such action to be appropriate under the circumstances.

Certain types of borrowings by the Fund may result in the Fund being subject to covenants in credit agreements, including those relating to asset coverage and portfolio composition requirements. The securities held by the Fund are subject to a lien granted to the lender, to the extent of the borrowing outstanding and any additional expenses. The Fund’s lenders may establish guidelines for borrowing which may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act. There is no guarantee that the Fund’s borrowing arrangements or other arrangements for obtaining leverage will continue to be available, or if available, will be available on terms and conditions acceptable to the Fund. Expiration or termination of available financing for leveraged positions can result in adverse effects to the Fund’s access to liquidity and its ability to maintain leverage positions, and may cause the Fund to incur losses. Unfavorable economic conditions also could increase funding costs, limit access to the capital markets or result in a decision by lenders not to extend credit to the Fund. In addition, a decline in market value of the Fund’s assets may have particular adverse consequences in instances where the Fund has borrowed money based on the market value of those assets. A decrease in market value of those assets may result in the lender requiring the Fund to sell assets at a time when it may not be in the Fund’s best interest to do so.

Note 5. Purchases and Sales of Securities

For the year ended December 31, 2024, purchases and sales of investment securities and U.S. Government and Agency Obligations (excluding short-term investments) were as follows:

 

Investment Securities								U.S. Government/ Agency Obligations
Purchases				Sales				Purchases				Sales
$	126,292,092			$	122,217,969			$	0			$	0

Note 6. Fund Shares

The Fund offers a Dividend Reinvestment Plan (the “Plan”) to its common stockholders. By participating in the Plan, dividends and distributions will be promptly paid to stockholders in additional shares of common stock of the Fund. The number of shares to be issued will be determined by dividing the total amount of the distribution payable by the greater of (i) the NAV of the Fund’s common stock on the payment date, or (ii) 95% of the market price per share of the Fund’s common stock on the payment date. If the NAV of the Fund’s common stock is greater than the market price (plus estimated brokerage commissions) on the payment date, Computershare Trust Company, N.A. (“Computershare”) (or a broker-dealer selected by Computershare) shall endeavor to apply the amount of such distribution to purchase shares of Fund common stock in the open market.

 

35

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Credit Suisse Asset Management Income Fund, Inc.

Notes to Financial Statements (continued)

December 31, 2024

 

 

Note 6. Fund Shares

 (continued)

 

The Fund has one class of shares of common stock, par value $0.001 per share; one hundred million shares are authorized. Transactions in shares of beneficial interest of the Fund were as follows:

 

		For the Year Ended December 31, 2024				For the Year Ended December 31, 2023
Shares issued through at-the-market offerings			1,966,284				122,441
Shares issued through reinvestment of dividends			55,585				28,627
Net increase			2,021,869				151,068

Note 7. Shelf Offering

The Fund has an effective “shelf” registration statement, which became effective with the SEC on November 17, 2021. The shelf registration statement enables the Fund to issue up to $250,000,000 in proceeds through one or more public offerings. Shares may be offered at prices and terms to be set forth in one or more supplements to the Fund’s prospectus included in the shelf registration statement. On November 19, 2021, the Fund filed a prospectus supplement relating to an

at-the-market

offering of the Fund’s shares of common stock. Any proceeds raised through such offering will be used for investment purposes.

Costs incurred by the Fund in connection with its shelf registration statement and prospectus supplement are recorded as a prepaid expense and recognized as “Deferred offering costs” on the Statement of Assets and Liabilities. These costs will be amortized pro rata as common shares are sold and will be recognized as a component of proceeds from the shelf offering on the Statement of Changes in Net Assets. Any deferred offering costs remaining after the effectiveness of the shelf registration statement will be expensed. Costs incurred by the Fund to keep the shelf registration current are expensed as incurred and recognized as a component of “Miscellaneous expense” on the Statement of Operations. Deferred offering costs amortized during the year ended December 31, 2024 were $23,968.

Note 8. Income Tax Information and Distributions to Shareholders

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

The tax character of dividends paid by the Fund during the fiscal years ended December 31, 2024 and 2023, respectively, was as follows:

 

Ordinary Income								Return of Capital
2024				2023				2024				2023
$	13,249,216			$	12,989,932			$	1,267,716			$	1,224,299

The tax basis components of distributable earnings differ from book basis by temporary book/tax differences. These differences are primarily due to differing treatments of wash sales, forward contracts marked to market, and premium amortization accruals.

 

36

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Credit Suisse Asset Management Income Fund, Inc.

Notes to Financial Statements (continued)

December 31, 2024

 

 

Note 8. Income Tax Information and Distributions to Shareholders

 (continued)

 

At December 31, 2024, the components of distributable earnings on a tax basis were as follows:

 

Accumulated net realized loss		$	(29,777,529	)
Unrealized depreciation			(5,363,984	)
		$	(35,141,513	)

At December 31, 2024, the Fund had $29,777,529 of unlimited long-term capital loss carryforwards available to offset possible future capital gains.

At December 31, 2024, the cost and net unrealized appreciation (depreciation) of investments and derivatives for income tax purposes were as follows:

 

Cost of Investments		$	234,512,708
Unrealized appreciation		$	3,823,711
Unrealized depreciation			(9,187,139	)
Net unrealized appreciation (depreciation)		$	(5,363,428	)

To adjust for current period permanent book/tax differences which arose principally from differing book/tax treatment due to a prior year defaulted bonds true-up adjustment, paid in capital was charged $85,208 and distributable earnings/loss was credited $85,208. Net assets were not affected by this reclassification.

Note 9. Contingencies

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

Note 10. Subsequent Events

In preparing the financial statements as of December 31, 2024, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements through the date of release of this report. No such events requiring recognition or disclosure were identified through the date of the release of this report.

 

37

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Credit Suisse Asset Management Income Fund, Inc.

Report of Independent Registered Public Accounting Firm

 

 

To the Shareholders and the Board of Directors of

Credit Suisse Asset Management Income Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Credit Suisse Asset Management Income Fund, Inc. (the “Fund”), including the schedule of investments, as of December 31, 2024, and the related statements of operations, cash flows and changes in net assets, and the financial highlights for the year then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at December 31, 2024, the results of its operations, its cash flows, the changes in its net assets and its financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.

The statement of changes in net assets for the year ended December 31, 2023, and the financial highlights for each of the years in the four year period then ended, were audited by another independent registered public accounting firm whose report, dated February 26, 2024, expressed an unqualified opinion on that statement of changes in net assets and those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

 

 

We have served as the auditor of one or more UBS investment companies since 1978.

New York, New York

February 24, 2025

 

38

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Credit Suisse Asset Management Income Fund, Inc.

Board Approval of Advisory Agreement (unaudited)

 

 

In approving the renewal of the current investment advisory agreement (the “Advisory Agreement”) for the Credit Suisse Asset Management Income Fund, Inc. (the “Fund”), the Board of Directors of the Fund (the “Board”), including all of the directors who are not “interested persons” of the Fund as defined in the Investment Company Act of 1940 (the “Independent Directors”), at a special Microsoft Teams meeting held on November 6, 2024 where the Board discussed information and materials previously provided to them in connection with the renewal of the Advisory Agreement, and at an

in-person

meeting held on November 11 and 12, 2024, considered the following factors:

Investment Advisory Fee Rates and Expenses

The Board reviewed and considered the contractual investment advisory fee rate of 0.50% (the “Contractual Advisory Fee”) for the Fund in light of the extent and quality of the advisory services provided by UBS Asset Management (Americas) LLC (“UBS AM (Americas)”), the Fund’s investment adviser. The Board noted that UBS AM (Americas) had contractually agreed to base its current investment advisory fee on an average weekly base amount which, with respect to each quarter, is the average of the lesser of (i) the stock price (market value) of the Fund’s outstanding shares and (ii) the Fund’s net assets, in each case determined as of the last trading day for each week during that quarter. The Board also noted that the Fund does not pay UBS AM (Americas) an advisory fee on the Fund’s leveraged assets. The Board noted that effective May 1, 2024, Credit Suisse Asset Management, LLC (“Credit Suisse”), the Fund’s previous investment adviser, merged into UBS AM (Americas) LLC, with UBS AM (Americas) as the surviving entity, and UBS AM (Americas) became the investment adviser to the Fund under the Advisory Agreement.

Additionally, the Board received and considered information comparing the Fund’s Contractual Advisory Fee and overall expenses with those of funds in both the relevant expense group (“Expense Group”) and universe of funds (“Expense Universe”) provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data. The Board was provided with a description of the methodology used to arrive at the funds included in the Expense Group and the Expense Universe. Each fund in the Expense Group and Expense Universe was placed in one of five quintiles for each relevant comparison period, with the first quintile including the funds with the lowest relative expenses and the fifth quintile including funds with the highest relative expenses during the period. The Board noted that, with respect to the Fund’s fees and expenses compared to its peers as presented in a report provided by Broadridge, the Fund’s Contractual Advisory Fee ranked in the first quintile relative to its Expense Group, and the Fund’s actual advisory fees (including and excluding leveraged assets) and total expenses fees (including and excluding leveraged assets) ranked in the first quintile relative to its Expense Group and Expense Universe.

Nature, Extent and Quality of the Services under the Advisory Agreement

The Board received and considered information regarding the nature, extent and quality of services provided to the Fund by UBS AM (Americas) under the Advisory Agreement. The Board also noted information received at regular meetings throughout the year related to the services rendered by UBS AM (Americas) which, in addition to the portfolio management and investment advisory services set forth in the Advisory Agreement, included credit analysis and research; supervising the

day-to-day

operations of the Fund’s

non-advisory

functions, which include accounting, administration, custody, transfer agent and other applicable third party service providers; overseeing and facilitating audits; overseeing the Fund’s credit facility; and supervising and/or preparing applicable Fund filings, disclosures and shareholder reports. The Board noted that the extensive investment advisory services provided by UBS AM (Americas) included broad supervisory responsibility and oversight over other service providers to the Fund. The Board also considered UBS AM (Americas)’s compliance program with

 

39

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Credit Suisse Asset Management Income Fund, Inc.

Board Approval of Advisory Agreement (unaudited) (continued)

 

 

respect to the Fund. The Board noted that UBS AM (Americas) reports to the Board about portfolio management and compliance matters on a periodic basis. The Board reviewed background information about UBS AM (Americas) including its Form ADV Part 2 – Disclosure Brochure and Brochure Supplement. The Board considered the background and experience of UBS AM (Americas)’s senior management and the expertise of, and the amount of attention given to the Fund by, senior personnel of UBS AM (Americas). In addition, the Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the

day-to-day

portfolio management of the Fund and the extent of the resources devoted to research and analysis of actual and potential investments, as well as the resources provided to them. The Board evaluated the ability of UBS AM (Americas), based on its resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel. The Board also received and considered information about the nature, extent and quality of services and fee rates offered to other UBS AM (Americas) clients for comparable services. The Board acknowledged UBS AM (Americas)’s representation that the services provided to the Fund are more extensive than the services provided in connection with other types of accounts, such as separate accounts, offered by UBS AM (Americas) and the services are also more extensive from those offered and provided to a

sub-advised

fund. The Board also considered that the services provided by UBS AM (Americas) have expanded over time as a result of regulatory and other developments.

Fund Performance

The Board received and considered performance results of the Fund over the previous year ended August 31, 2024 as well as over the

two-,

three-, four-, five- and

ten-year

periods ended August 31, 2024, along with comparisons both to the relevant performance group (“Performance Group”) and universe of funds (“Performance Universe”) for the Fund for the same time periods provided in the Broadridge report. The Board was provided with a description of the methodology used to arrive at the funds included in the Performance Group and the Performance Universe. Each fund in the Performance Universe was placed in one of five quintiles for each relevant comparison period, with the first quintile including the best performing funds and the fifth quintile including the worst performing funds during the period. The Board noted that, with respect to the Fund’s performance compared to its peers as presented in the Broadridge report, the Fund’s performance ranked in the first quintile relative to its Performance Universe for the

two-,

three-, four-, five-, and

ten-year

periods reported, and the Fund’s performance ranked in the third quintile relative to its Performance Universe for the

one-year

period reported. The Board considered that the Fund has continued to trade relatively well, at a small premium to net asset value, based on Lipper data provided by UBS AM (Americas) reflecting the Fund’s historical share price and net asset value. The Board also considered the investment performance of the Fund relative to its stated objectives.

Investment Adviser Profitability

The Board received and considered a profitability analysis of Credit Suisse, as the investment adviser to the Fund prior to May 1, 2024, based on the fees payable under the Advisory Agreement for the Fund, as well as other relationships between the Fund on the one hand and Credit Suisse affiliates on the other. The Board deliberations also reflected, in the context of Credit Suisse’s profitability, Credit Suisse’s methodology for allocating costs to the Fund, recognizing that cost allocation methodologies are inherently subjective. The Board also received net profitability information for the other funds in the Credit Suisse family of funds, which include both

open-end

and

closed-end

funds. The Board also reviewed Credit Suisse’s profit margin as reflected in the profitability analysis, as well as reviewing profitability in light of appropriate court cases and the services

 

40

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Credit Suisse Asset Management Income Fund, Inc.

Board Approval of Advisory Agreement (unaudited) (continued)

 

 

rendered to the Fund. The Board noted that UBS AM (Americas)’s profitability with respect to the Credit Suisse family of funds was expected to be in line with that of Credit Suisse.

Economies of Scale

The Board considered information regarding whether there have been economies of scale with respect to the management of the Fund, whether the Fund has appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale for the Fund. The Board considered that, if the Fund’s asset levels grow, further economies of scale potentially could be realized (although this is not guaranteed). The Board noted the current advisory fee structure and the fact that the Fund does not pay advisory fees on the Fund’s leveraged assets. Additionally, the Board noted the Fund has an effective shelf registration statement that permits it to conduct an

at-the-market

offering, whereby the Fund may issue additional shares when the Fund’s shares are trading at a premium to its net asset value, and that between November 17, 2021 and September 30, 2024, the Fund sold and issued approximately 2,366,214 new shares for a net increase in assets of approximately $7,247,852. The Board received information regarding UBS AM (Americas)’s profitability in connection with providing advisory services to the Fund, including UBS AM (Americas)’s costs in providing the services.

Other Benefits to UBS AM (Americas)

The Board considered other benefits received by UBS AM (Americas) and its affiliates as a result of their relationship with the Fund. Such benefits include, among others, benefits potentially derived from an increase in UBS AM (Americas)’s businesses and its reputation as a result of its relationship with the Fund (such as the ability to market its advisory services to other clients and investors including separate account or third party

sub-advised

mandates or other financial products offered by UBS AM (Americas) and its affiliates).

The Board considered the standards UBS AM (Americas) applied in seeking best execution and UBS AM (Americas)’s policies and practices regarding soft dollars and reviewed UBS AM (Americas)’s method for allocating portfolio investment opportunities among its advisory clients.

Other Factors and Broader Review

As discussed above, the Board reviewed detailed materials received from UBS AM (Americas) as part of the annual approval process. The Board also reviews and assesses the quality of the services that the Fund receives throughout the year and reviews reports of UBS AM (Americas) at least quarterly, which include, among other things, detailed portfolio and market reviews, detailed fund performance reports, and UBS AM (Americas)’s compliance procedures.

Conclusions

In selecting UBS AM (Americas), and approving the renewal of the Advisory Agreement and the investment advisory fee under such agreement, the Board concluded that:

 

•

The Contractual Advisory Fee, reviewed along with information provided by Broadridge for the funds in the Fund’s Expense Group and Expense Universe, was reasonable in relation to the services provided by UBS AM (Americas).

 

•

The Board was satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by UBS AM (Americas) and that, based on dialogue with management and counsel, the services provided by UBS AM (Americas) under the Advisory Agreement are typical of, and consistent with, those provided to similar mutual funds by other investment advisers.

 

41

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Credit Suisse Asset Management Income Fund, Inc.

Board Approval of Advisory Agreement (unaudited) (continued)

 

 

•

In light of the costs of providing investment advisory and other services to the Fund and UBS AM (Americas)’s ongoing commitment to the Fund and willingness to base the fee on an average weekly base amount which, with respect to each quarter, is the average of the lesser of (i) the stock price (market value) of the Fund’s outstanding shares and (ii) the Fund’s net assets, in each case determined as of the last trading day for each week during that quarter, UBS AM (Americas)’s net profitability based on fees payable under the Advisory Agreement, as well as other ancillary benefits that UBS AM (Americas) and its affiliates received, were considered reasonable.

 

•

In light of the information received and considered by the Board, the Fund’s current fee structure was considered reasonable.

No single factor reviewed by the Board was identified by the Board as the principal factor in determining whether to approve the renewal of the Advisory Agreement. The Independent Directors were advised by separate independent legal counsel throughout the process.

 

42

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Credit Suisse Asset Management Income Fund, Inc.

Fund Summary (unaudited)

December 31, 2024

 

 

Recent Changes

The following information is a summary of certain changes since that occurred since the close of the period covered by the previously transmitted annual shareholder report. This information may not reflect all of the changes that have occurred since you purchased the Fund.

During the Fund’s most recent fiscal year, there were no material changes in the Fund’s investment objective or policies that have not been approved by shareholders or in the principal risk factors associated with investment in the Fund.

Investment Objective and Policies

The investment objective of the Fund is to provide current income consistent with the preservation of capital. The Fund’s investment portfolio will not be managed for capital appreciation. The Fund’s investment objective is a fundamental policy and cannot be changed without the approval of the holders of a majority of the Fund’s outstanding voting securities. As used herein, a “majority of the Fund’s outstanding voting securities” means the lesser of (a) 67% of the shares represented at a meeting at which more than 50% of the outstanding shares are represented or (b) more than 50% of the outstanding shares. The Fund is not intended to be a complete investment program and there can be no assurance that the Fund will achieve its objectives.

Under normal circumstances, the Fund invests at least 75% of its total assets in fixed income securities, such as bonds, convertible securities and preferred stocks. The Fund’s investments in fixed income securities are not subject to any rating quality limitation. The Fund primarily invests in high yield fixed income securities that are in the lower rating categories of Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”), a division of S&P Global Inc., or another nationally recognized ratings service (commonly referred to as “junk bonds”). Lower-rated securities generally provide yields superior to those of more highly-rated securities, but involve greater risks and are speculative in nature. See “Risk Factors — Lower-Rated Securities.” The Fund may also invest in securities rated single A or higher by Moody’s or S&P and unrated corporate fixed income securities.

Differing yields on fixed income securities of the same maturity are a function of several factors. Higher yields are generally available from securities in the lower rating categories of recognized rating agencies, i.e., Baa or lower by Moody’s or BBB or lower by S&P. Securities ratings are based largely on the issuer’s historical financial information and the rating agencies’ investment analysis at the time of rating. Consequently, the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition, which may be better or worse than the rating would indicate. Although UBS AM considers security ratings when making investment decisions for high yield securities, it performs its own investment analysis and does not rely principally on the ratings assigned by the rating services. UBS AM’s analysis may include consideration of the issuer’s experience and managerial strength, changing financial condition, borrowing requirements or debt maturity schedules, and its responsiveness to changes in business conditions and interest rates. It also considers relative values based on anticipated cash flow, interest or dividend coverage, asset coverage and earnings prospects.

UBS AM bases its investment decisions in high yield securities on the results of issuer and security-specific credit analysis. UBS AM evaluates each issuer’s rating, cash flow, financial structure and business risk. UBS AM takes into account, among other things, the issuer’s financial resources, its sensitivity to economic conditions and trends, its operating history, the quality of the issuer’s management and regulatory matters. UBS AM evaluates the covenants of each security and pursues a strategy of broad issuer and industry diversification.

 

43

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Credit Suisse Asset Management Income Fund, Inc.

Fund Summary (unaudited) (continued)

December 31, 2024

 

 

The Fund currently utilizes and in the future expects to continue to utilize leverage through borrowings, including the issuance of debt securities, or through other transactions, such as reverse repurchase agreements, which have the effect of leverage. The Fund currently is leveraged through borrowings from a credit facility with SSB. The Fund may use leverage up to 33 1/3% of its total assets (including the amount obtained through leverage). There can be no guarantee that the Fund will be able to accurately predict when the use of leverage will be beneficial. Use of leverage creates an opportunity for increased income and capital appreciation for shareholders but, at the same time, creates special risks, and there can be no assurance that a leveraging strategy will be successful during any period in which it is employed.

The Fund may also invest in debt securities issued or guaranteed by the U.S. government, or by agencies or instrumentalities established or sponsored by the U.S. government, including mortgage-backed securities. Depending on market conditions, the Fund may invest a substantial portion of its assets in mortgage-backed securities. Mortgage-backed securities are collateralized by mortgages or interests in mortgages and may be issued by government or

non-government

entities. Mortgage-backed securities issued by government entities typically provide a monthly payment consisting of interest and principal payments, and additional payments will be made out of unscheduled payments of principal.

Non-government

issued mortgage-backed securities may offer higher yields than those issued by government entities, but may be subject to greater price fluctuations. To the extent that the Fund invests in the mortgage market, UBS AM will evaluate relevant economic, environmental and security-specific variables such as housing starts, coupon and age trends.

The Fund may invest in loans and loan participations (collectively, “Loans”), including senior secured floating Loans (“Senior Loans”), “second lien” secured floating rate Loans (“Second Lien Loans”), and other types of secured Loans with fixed and variable interest rates.

UBS AM may take full advantage of the entire range of maturities of fixed income securities and may adjust the average maturity of the investments held in the Fund’s portfolio from time to time, depending on its assessment of relative yields of securities of different maturities and its expectations of future changes in interest rates. It is expected that the average weighted maturity of the Fund’s investment portfolio will be 4 to 10 years.

The Fund invests in debt obligations and other fixed income securities denominated in U.S. dollars,

non-U.S.

currencies or composite currencies, including:

 

•

debt obligations issued or guaranteed by foreign national, provincial, state, municipal or other governments with taxing authority or by their agencies or instrumentalities;

 

•

debt obligations of supranational entities;

 

•

debt obligations of the U.S. government issued in non-dollar denominated securities; and

 

•

dollar and non-dollar denominated debt obligations and other fixed income securities of foreign and U.S. corporate issuers.

The Fund may invest a portion of its assets in the securities of issuers located in emerging markets. The Fund has a fundamental policy not to invest more than 5% of the value of its total assets in securities denominated in a currency other than the U.S. dollar.

In making investments in foreign and emerging market securities, UBS AM considers the relative growth and inflation rates of different countries. UBS AM considers expected changes in foreign currency exchange rates, including the prospects for central bank intervention, in determining the anticipated returns of securities

 

44

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Credit Suisse Asset Management Income Fund, Inc.

Fund Summary (unaudited) (continued)

December 31, 2024

 

 

denominated in foreign currencies. UBS AM further evaluates, among other things, foreign yield curves and regulatory and political factors, including the fiscal and monetary policies of such countries.

In the past, during periods of falling U.S. exchange rates, yields available from securities denominated in foreign currencies have often been higher, in U.S. dollar terms, than those of securities denominated in U.S. dollars. UBS AM considers expected changes in foreign currency exchange rates in determining the anticipated returns of securities denominated in foreign currencies. The obligations of foreign governmental entities, including supranational issuers, have various kinds of government support. Obligations of foreign governmental entities include obligations issued or guaranteed by national, provincial, state or other governments with taxing power or by their agencies. These obligations may or may not be supported by the full faith and credit of a foreign government.

The Fund may invest in credit default swap agreements. The Fund may enter into credit default swap agreements either as a buyer or a seller. The Fund may buy a credit default swap to attempt to mitigate the risk of default or credit quality deterioration in one or more individual holdings or in a segment of the fixed income securities market. The Fund may sell a credit default swap in an attempt to gain exposure to an underlying issuer’s credit quality characteristics without investing directly in that issuer. The “buyer” in a credit default swap is obligated to pay the “seller” an upfront payment or a periodic stream of payments over the term of the agreement, provided that no credit event on an underlying reference obligation has occurred. If a credit event occurs, the seller must pay the buyer the full notional value, or “par value,” of the reference obligation in exchange for the reference obligation. As a result of counterparty risk, certain credit default swap agreements may involve greater risks than if the Fund had invested in the reference obligation directly. There is no limit on the Fund’s ability to enter into credit default swap agreements.

Risk Factors

This section contains a discussion of the general risks of investing in the Fund. The net asset value and market price of, and dividends paid on, the Fund’s common shares of beneficial interest (the “Shares”) will fluctuate with and be affected by, among other things, the risks more fully described below. As with any fund, there can be no guarantee that the Fund will meet its investment objective or that the Fund’s performance will be positive for any period of time.

Investment and Market Risk.

An investment in the Shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in Shares represents an indirect investment in the securities owned by the Fund.

The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably, and these fluctuations are likely to have a greater impact on the value of the Shares during periods in which the Fund utilizes a leveraged capital structure. The value of the securities in which the Fund invests will affect the value of the Shares. Your Shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.

Lower-Rated Securities Risk.

At any time, all or substantially all of the Fund’s portfolio may be invested in medium-grade or below investment grade fixed income securities (commonly referred to as “junk bonds”) as determined by a nationally recognized rating service and in unrated securities of comparable quality. Lower-rated securities are regarded as being predominantly speculative as to the issuer’s ability to make payments of principal and interest. Investment in such securities involves substantial risk. Issuers of lower-rated securities may be highly leveraged and may not have available to them more traditional methods of financing. Therefore,

 

45

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Credit Suisse Asset Management Income Fund, Inc.

Fund Summary (unaudited) (continued)

December 31, 2024

 

 

the risks associated with acquiring the securities of such issuers generally are greater than is the case with higher-rated securities. For example, during an economic downturn or a sustained period of rising interest rates, issuers of lower-rated securities may be more likely to experience financial stress, especially if such issuers are highly leveraged. During periods of economic downturn, such issuers may not have sufficient revenues to meet their interest payment obligations. The issuer’s ability to service its debt obligations also may be adversely affected by specific issuer developments, the issuer’s inability to meet specific projected business forecasts or the unavailability of additional financing. The risk of loss due to default by the issuer is significantly greater for the holders of lower-rated securities because such securities may be unsecured and may be subordinate to other creditors of the issuer.

Credit Risk.

Credit risk is the risk that one or more of the Fund’s investments in debt securities or other instruments will decline in price, or fail to pay interest, liquidation value or principal when due, because the issuer of the obligation or the issuer of a reference security experiences an actual or perceived decline in its financial status. In addition to the credit risks associated with high yield securities, the Fund could also lose money if the issuer of other debt obligations, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or other obligation, is, or is perceived to be, unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The downgrade of a security may further decrease its value.

Interest Rate Risk.

Generally, when market interest rates rise, the prices of debt obligations fall, and vice versa. Interest rate risk is the risk that debt obligations and other instruments in the Fund’s portfolio will decline in value because of increases in market interest rates. The Fund may be subject to a greater risk of rising interest rates due to the recent period of historically low rates. The prices of long-term debt obligations generally fluctuate more than prices of short-term debt obligations as interest rates change. During periods of rising interest rates, the average life of certain types of securities may be extended due to slower than expected payments. This may lock in a below market yield, increase the security’s duration and reduce the security’s value. The Fund’s use of leverage will tend to increase interest rate risk.

Investments in floating rate debt instruments, although generally less sensitive to interest rate changes than longer duration fixed rate instruments, may nevertheless decline in value in response to rising interest rates if, for example, the rates at which they pay interest do not rise as much, or as quickly, as market interest rates in general. Conversely, floating rate instruments will not generally increase in value if interest rates decline. Inverse floating rate debt securities also may exhibit greater price volatility than a fixed rate debt obligation with similar credit quality. To the extent the Fund holds floating rate instruments, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund’s common shares.

Leverage Risk

. The Fund currently leverages through borrowings from a credit facility. The use of leverage, which can be described as exposure to changes in price at a ratio greater than the amount of equity invested, through borrowings or other forms of market exposure, magnifies both the favorable and unfavorable effects of price movements in the investments made by the Fund. Insofar as the Fund continues to employ leverage in its investment operations, the Fund will be subject to greater risk of loss than if it had not employed leverage.

Therefore, if the market value of the Fund’s investment portfolio declines, any leverage will result in a greater decrease in net asset value to common shareholders than if the Fund were not leveraged. Such greater net asset value decrease will also tend to cause a greater decline in the market price for the common shares.

 

46

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Credit Suisse Asset Management Income Fund, Inc.

Fund Summary (unaudited) (continued)

December 31, 2024

 

 

The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the 1940 Act and the rules thereunder. Further, if at any time while the Fund has leverage outstanding it does not meet applicable asset coverage requirements, it may be required to suspend distributions to common shareholders until the requisite asset coverage is restored. Any such suspension might impair the ability of the Fund to meet the regulated investment company distribution requirements and to avoid Fund-level U.S. federal income and/or excise taxes.

Under Rule

18f-4

under the 1940 Act, among other things, the Fund must either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on

value-at-risk.

Corporate Debt Risk.

The Fund may invest in debt securities of

non-governmental

issuers. Like all debt securities, corporate debt securities generally represent an issuer’s obligation to repay to the investor (or lender) the amount borrowed plus interest over a specified time period. A typical corporate bond specifies a fixed date when the amount borrowed (principal) is due in full, known as the maturity date, and specifies dates when periodic interest (coupon) payments will be made over the life of the security.

Prices of corporate debt securities fluctuate and, in particular, are subject to several key risks including, but not limited to, interest rate risk, credit risk and prepayment risk. The market value of a corporate bond may be affected by the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the market place. There is a risk that the issuers of the corporate debt securities in which the Fund may invest may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.

Foreign Securities Risk.

Investing in securities of foreign entities and securities denominated in foreign currencies involves certain risks not involved in domestic investments, including, but not limited to, fluctuations in foreign exchange rates, future foreign political and economic developments, different legal and accounting systems and the possible imposition of exchange controls or other foreign governmental laws or restrictions. Securities prices in different countries are subject to different economic, financial, political and social factors. Since the Fund may invest in securities denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect the value of securities in the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the value of securities denominated in such currencies. The Fund may, but is not obligated to, engage in certain transactions to hedge the currency-related risks of investing in

non-U.S.

dollar denominated securities. In addition, with respect to certain foreign countries, there is the possibility of expropriation of assets, confiscatory taxation, difficulty in obtaining or enforcing a court judgment, economic, political or social instability or diplomatic developments that could affect investments in those countries. Moreover, individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, capital reinvestment, resources, self-sufficiency and balance of payments position. Certain foreign investments also may be subject to foreign withholding taxes. These risks often are heightened for investments in smaller, emerging capital markets.

Emerging Market Securities Risk.

Investing in the securities of issuers located in emerging markets involves special considerations not typically associated with investing in the securities of U.S. issuers and other developed market issuers, including heightened risks of expropriation and/or nationalization, armed conflict, confiscatory taxation, restrictions on transfers of assets and market illiquidity, lack of uniform accounting and auditing standards, differences in regulatory and financial recordkeeping standards, difficulties in dividend withholding reclaims procedures, less publicly available financial and other information and potential difficulties in enforcing contractual obligations.

 

47

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Credit Suisse Asset Management Income Fund, Inc.

Fund Summary (unaudited) (continued)

December 31, 2024

 

 

The economies of individual emerging market countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, currency depreciation, capital reinvestment, resource self-sufficiency and balance of payments position. Governments of many developing and emerging market countries have exercised and continue to exercise substantial influence over many aspects of the private sector. In some cases, the government owns or controls many companies, including some of the largest in the country.

Accordingly, government actions could have a significant effect on economic conditions in an emerging market country and on market conditions, prices and yields of securities in the Fund’s portfolio. Moreover, the economies of emerging market countries generally are heavily dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade.

Illiquid Securities Risk.

The Fund may invest in securities for which no readily available market exists or are otherwise considered illiquid. The Fund may not be able readily to dispose of such securities at prices that approximate those at which the Fund could sell such securities if they were more widely traded and, as result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil. There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by the Fund. Regulatory changes have led to reduced liquidity in the marketplace, and the capacity of dealers to make markets in fixed income securities has been outpaced by the growth in the size of the fixed income markets. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed income funds may be higher than normal, due to the increased supply in the market that would result from selling activity. Illiquid securities generally trade at a discount.

Prepayment Risk.

If interest rates fall, the principal on bonds and loans held by the Fund may be paid earlier than expected. If this happens, the proceeds from a prepaid security may be reinvested by the Fund in securities bearing lower interest rates, resulting in a possible decline in the Fund’s income and distributions to shareholders.

Preferred Stock Risk.

Preferred stocks are unique securities that combine some of the characteristics of both common stocks and bonds. Preferred stocks generally pay a fixed rate of return and are sold on the basis of current yield, like bonds. However, because they are equity securities, preferred stocks provide equity ownership of a company, and the income is paid in the form of dividends. Preferred stocks typically have a yield advantage over common stocks as well as comparably-rated fixed income investments. Preferred stocks are typically subordinated to bonds and other debt instruments in a company’s capital structure, in terms of priority to corporate income, and therefore will be subject to greater credit risk than those debt instruments. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

Mortgage-Backed Securities Risk.

The Fund may invest a substantial portion of its total assets in mortgage-backed securities. The value of mortgage-backed securities is subject to change due to shifts in the market’s perception of issuers, and regulatory or tax changes may adversely affect the mortgage securities market as a whole. Foreclosures and prepayments, which occur when unscheduled or early payments are made on the underlying mortgages, may shorten the effective maturities on these securities. The Fund’s yield may be affected by reinvestment of prepayments at higher or lower rates than the original investment. Prepayments tend to increase

 

48

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Credit Suisse Asset Management Income Fund, Inc.

Fund Summary (unaudited) (continued)

December 31, 2024

 

 

due to refinancing of mortgages as interest rates decline. In addition, like other debt securities, the values of mortgage-backed securities will generally fluctuate in response to changes in interest rates

Senior Loans Risk.

The Fund’s investments in Senior Loans are expected to typically be below investment grade. These investments are considered speculative because of the credit risk of their issuers. Such companies are more likely to default on their payments of interest and principal owed to the Fund, and such defaults could reduce the Fund’s net asset value and income distributions. An economic downturn generally leads to a higher

non-payment

rate, and a debt obligation may lose significant value before a default occurs. Moreover, any specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan’s value.

Like other debt instruments, Senior Loans are subject to the risk of

non-payment

of scheduled interest or principal. Such

non-payment

would result in a reduction of income to the Fund, a reduction in the value of the investment and a potential decrease in the net asset value per share of the Fund. There can be no assurance that the liquidation of any collateral securing a loan would satisfy the borrower’s obligation in the event of

non-payment

of scheduled interest or principal payments, or that such collateral could be readily liquidated. This is particularly the case where a senior loan is not backed by collateral or sufficient collateral at the time such senior loan is issued. In the event of bankruptcy of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a senior loan. The collateral securing a senior loan may lose all or substantially all of its value in the event of bankruptcy of a borrower. Some Senior Loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate such Senior Loans to presently existing or future indebtedness of the borrower or take other action detrimental to the holders of Senior Loans including, in certain circumstances, invalidating such Senior Loans or causing interest previously paid to be refunded to the borrower. If interest were required to be refunded, it could negatively affect the Fund’s performance.

Transactions in Senior Loans may settle on a delayed basis, resulting in the proceeds from the sale of Senior Loans not being readily available to make additional investments or to meet the Fund’s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders.

Second Lien and Other Secured Loans Risk

. Second Lien Loans and other secured Loans are subject to the same risks associated with investment in Senior Loans and bonds rated below investment grade. However, because Second Lien Loans are second in right of payment to one or more Senior Loans of the related borrower, and other secured Loans rank lower in right of payment to Second Lien Loans, they are subject to the additional risk that the cash flow of the borrower and any property securing the Loan may be insufficient to meet scheduled payments after giving effect to the more senior secured obligations of the borrower. This risk is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest in any specific collateral. Second Lien Loans and other secured Loans are also expected to have greater price volatility than Senior Loans and may be less liquid. There is also a possibility that originators will not be able to sell participations in Second Lien Loans and other secured Loans, which would create greater credit risk exposure.

Conflict of Interest Risk.

Affiliates of UBS AM may act as underwriter, lead agent or administrative agent for loans and participate in the secondary market for loans. Because of limitations imposed by applicable law, the presence of Credit Suisse’s affiliates in the primary and secondary markets for loans may restrict the fund’s ability to acquire some loans or affect the timing or price of such acquisitions.

 

49

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Credit Suisse Asset Management Income Fund, Inc.

Fund Summary (unaudited) (continued)

December 31, 2024

 

 

Derivatives Risk.

The Fund may invest in derivatives, such as credit default swap agreements and interest rate futures and related options. The primary risk of derivatives is the same as the risk of the underlying asset, namely that the value of the underlying asset may increase or decrease. Adverse movements in the value of the underlying asset can expose the Fund to losses. In addition, risks in the use of derivatives include:

 

•

an imperfect correlation between the price of derivatives and the movement of the securities prices, interest rates or currency exchange rates being hedged or replicated;

 

•

the possible absence of a liquid secondary market for any particular derivative at any time;

 

•

the potential loss if the counterparty to the transaction does not perform as promised;

 

•

the possible need to defer closing out certain positions to avoid adverse tax consequences, as well as the possibility that derivative transactions may result in acceleration of gain, deferral of losses or a change in the character of gain realized;

 

•

the risk that the financial intermediary “manufacturing” the over-the-counter derivative, being the most active market maker and offering the best price for repurchase, will not continue to create a credible market in the derivative;

 

•

because certain derivatives are “manufactured” by financial institutions, the risk that the Fund may develop a substantial exposure to financial institution counterparties; and

 

•

the risk that a full and complete appreciation of the complexity of derivatives and how future value is affected by various factors including changing interest rates, exchange rates and credit quality is not attained.

There is no guarantee that derivatives will provide successful results and any success in their use depends on a variety of factors including the ability of UBS AM to predict correctly the direction of interest rates, securities prices, currency exchange rates and other factors.

Credit Default Swap Risk.

Credit default swap contracts, a type of derivative instrument, involve special risks and may result in losses to the Fund. Credit default swaps may in some cases be illiquid, and they increase credit risk since the Fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap. Swaps may be difficult to unwind or terminate. The swap market could be disrupted or limited as a result of recent legislation, and these changes could adversely affect the Fund.

Counterparty Risk.

The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts purchased or sold by the Fund. Recently, several broker-dealers and other financial institutions have experienced extreme financial difficulty, sometimes resulting in bankruptcy of the institution. Although the Investment Adviser monitors the creditworthiness of the Fund’s counterparties, there can be no assurance that the Fund’s counterparties will not experience similar difficulties, possibly resulting in losses to the Fund. If a counterparty becomes bankrupt, or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.

Valuation Risk.

Unlike publicly traded common stock which trades on national exchanges, there is no central place or exchange for bond trading. Bonds generally trade on an

“over-the-counter”

market which may be anywhere in the world where buyer and seller can settle on a price. Due to the lack of centralized information and

 

50

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Credit Suisse Asset Management Income Fund, Inc.

Fund Summary (unaudited) (continued)

December 31, 2024

 

 

trading, the valuation of bonds may carry more risk than that of common stock. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. As a result, the Fund may be subject to the risk that when a security is sold in the market, the amount received by the Fund is less than the value of such security carried on the Fund’s books.

Market Price, Discount and Net Asset Value of Shares.

As with any stock, the price of the Fund’s Shares fluctuates with market conditions and other factors. Shares of the Fund, a

closed-end

investment company, may trade in the market at a discount from their net asset value.

Potential Yield Reduction.

An offering of Shares is expected to present the opportunity to invest in high yielding securities. This expectation is based on the current market environment for high yield debt securities, which could change in response to interest rate levels, general economic conditions, specific industry conditions and other factors. If the market environment for high yield debt securities changes in a manner that adversely affects the yield of such securities, the offering of Shares could cause the Fund to invest in securities that are lower yielding than those in which it is currently invested. In addition, even if the market for high yield debt securities continues to present attractive investment opportunities, there is no assurance that the Fund will be able to invest the proceeds of an offering of Shares in high yielding securities or that other potential benefits of the offering will be realized. An offering of Shares could reduce the Fund’s current dividend yield if the Fund is unable to invest the proceeds of the offering in securities that provide a yield at least equal to the current dividend yield.

Market Risk

. The market value of an instrument may fluctuate, sometimes rapidly and unpredictably. These fluctuations, which are often referred to as “volatility,” may cause an instrument to be worth less than it was worth at an earlier time. Market risk may affect a single issuer, industry, commodity, sector of the economy, or the market as a whole. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on a fund and its investments. Market risk is common to most investments — including stocks, bonds and commodities — and the mutual funds that invest in them. The performance of “value” stocks and “growth” stocks may rise or decline under varying market conditions — for example, value stocks may perform well under circumstances in which growth stocks in general have fallen.

Bonds and other fixed income securities generally involve less market risk than stocks and commodities. However, the risk of bonds can vary significantly depending upon factors such as the issuer’s creditworthiness and a bond’s maturity. The bonds of some companies may be riskier than the stocks of others.

An outbreak of coronavirus (COVID-19) that was first detected in China in December 2019 developed into a global pandemic that has resulted in numerous disruptions in the market and has had significant economic impact leaving general concern and uncertainty. The

COVID-19

pandemic has affected, and other pandemics and epidemics that may arise in the future, could affect, the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. In addition, the effect of infectious diseases in developing or emerging market countries may be greater due to less established health care systems. Health crises caused by the

COVID-19

pandemic may exacerbate other

pre-existing

political, social and economic risks in certain countries. As a result, the extent to which the pandemic may negatively affect a fund’s performance or the duration of any potential business disruption is uncertain.

Anti-Takeover Provisions.

The Charter and

By-laws

contain provisions limiting the ability of other entities or persons to acquire control of the Fund. These provisions may be regarded as “anti-takeover” provisions. These

 

51

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Credit Suisse Asset Management Income Fund, Inc.

Fund Summary (unaudited) (continued)

December 31, 2024

 

 

provisions could have the effect of depriving the shareholders of opportunities to sell their Shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund in a tender offer or similar transaction.

Senior Securities

The following table sets forth information regarding the Fund’s outstanding senior securities as of the end of each of the Fund’s last ten fiscal years, as applicable.

 

Year Ended 12/31		Aggregate Amount Outstanding		Asset Coverage per $1,000 of Indebtedness 1
2024		$57,000,000		$3,855
2023		$52,500,000		$3,974
2022		$60,500,000		$3,379
2021		$58,500,000		$4,070
2020		$56,500,000		$4,162
2019		$60,250,000		$4,021
2018		$70,750,000		$3,373
2017		$46,000,000		$5,075
2016		—		—
2015		—		—
2014		—		—
2013		—		—

 

1

Asset coverage means the ratio that the value of the Fund’s total assets (including amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings.

Trading and Net Asset Value Information

The following table shows for the quarters indicated: (1) the high and low sale prices of the Fund’ shares of common stock (“Common Shares”) at the close of trading on the NYSE American; (2) the high and low NAV per Common Share; and (3) the high and low premium/(discount) to NAV at which the Fund’s Common Shares were trading at the close of trading (as a percentage of NAV).

 

		Price								Net Asset Value								Premium/(Discount) To Net Asset Value
Fiscal Quarter Ended		High				Low				High				Low				High				Low
March 31, 2022		$	3.50			$	2.94			$	3.43			$	3.18				2.04	%			(8.41	)%
June 30, 2022		$	3.07			$	2.59			$	3.24			$	2.79				(2.15	)%			(9.44	)%
September 30, 2022		$	3.00			$	2.65			$	3.01			$	2.69				3.15	%			(4.48	)%
December 31, 2022		$	2.80			$	2.41			$	2.81			$	2.67				1.82	%			(10.41	)%
March 31, 2023		$	2.80			$	2.46			$	2.90			$	2.73				0.00	%			(10.55	)%
June 30, 2023		$	3.05			$	2.57			$	2.85			$	2.79				8.16	%			(8.87	)%
September 30, 2023		$	3.05			$	2.59			$	2.89			$	2.82				6.27	%			(8.48	)%
December 31, 2023		$	3.13			$	2.51			$	2.96			$	2.75				5.74	%			(8.73	)%
March 31, 2024		$	3.09			$	2.95			$	2.98			$	2.93				4.07	%			(1.01	)%
June 30, 2024		$	3.09			$	2.84			$	2.98			$	2.91				4.04	%			(3.14	)%
September 30, 2024		$	3.12			$	2.90			$	3.03			$	2.96				3.65	%			(2.03	)%
December 31, 2024		$	3.09			$	2.85			$	3.03			$	2.96				2.49	%			(3.72	)%

On December 31, 2024, the per Common Share NAV was $2.97 and the per Common Share market price was $2.89, representing a 2.69% discount to such NAV.

 

52

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Credit Suisse Asset Management Income Fund, Inc.

Fund Summary (unaudited) (continued)

December 31, 2024

 

 

Common Shares of the Fund have historically t

rad

ed at both a premium and discount to NAV.

Shares of

closed-end

investment companies listed for trading on a securities exchange frequently trade at a discount from NAV, although in some cases they may trade at a premium. The market price may be affected by trading volume of the shares, general market and economic conditions and other factors beyond the control of the

closed-end

fund. The foregoing factors may result in the market price of the shares being greater than, less than or equal to NAV. The Board has reviewed the structure of the Fund in light of its investment objective and policies and has determined that the

closed-end

structure is in the best interests of the shareholders. As described above, however, the Board will review periodically the trading range and activity of the Fund’s Common Shares with respect to its NAV and the Board may take certain actions to seek to reduce or eliminate any such discount. Such actions may include open market repurchases or tender offers for the Common Shares at NAV or the possible conversion of the Fund to an

open-end

investment company. There can be no assurance that the Board will decide to undertake any of these actions or that, if undertaken, such actions would result in the Common Shares trading at a price equal to or close to net asset value per share.

Summary of Fund Expenses

The following table and example are intended to assist you in understanding the various costs and expenses directly or indirectly associated with investing in Common Shares of the Fund. Some of the percentages indicated in the table below are estimates and may vary.

 

Shareholder Transaction Expenses
Sales Load (as a percentage of offering price)			1.50	% (1)
Offering Expenses (as a percentage of offering price)			0.00	%
Dividend Reinvestment Plan Fees		$	5.00	(2)

 

Annual Operating Expenses (as a percentage of average net assets attributable to the Fund’s Common Shares)
Management Fees (3)			0.50	%
Interest Expense on Borrowed Funds (4)			1.99	%
Other Expenses			0.47	%
Total Annual Operating Expenses			2.96	%

 

(1)

Represents the estimated commission with respect to the Fund’s Common Shares being sold in this offering, which the Fund will pay to JonesTrading in connection with the sales of Common Shares effected by JonesTrading in this offering. While JonesTrading is entitled to a commission of between 1.50% and 3.00% of the gross sales price for Common Shares sold, with the exact amount to be agreed upon by the parties, the Fund has assumed, for purposes of this offering, that JonesTrading will receive a commission of 1.50% of such gross sales price. This is the only sales load to be paid in connection with this offering.

(2)

The Fund bears ongoing expenses associated with the Plan which are included in “Other Expenses.” There is no service fee payable by Plan participants for dividend reinvestments; however, shareholders are subject to other transaction costs associated with the Plan. Actual costs will vary for each participant depending on the return and number of transactions made. For Plan participants that elect to make voluntary cash purchases, Plan participants must pay a service fee of $5.00 per transaction. Plan participants will also be charged a pro rata share of the brokerage commissions for all open market purchases ($0.03 per share as of December 2024). In addition, if a Plan participant elects by written notice to the Plan administrator to have the plan administrator sell part or all of the shares held by the Plan administrator in the participant’s account and remit the proceeds to the participant, the participant will also be charged a service fee of $5.00 for each sale and brokerage commissions of $0.03 per share (as of December 2024). See “Dividend Reinvestment and Cash Purchase Plan.”

(3)

UBS AM receives from the Fund, as compensation for its advisory services, a fee, computed weekly and payable quarterly at an annual rate of 0.50% of an average weekly base amount which, with respect to each quarter, is the average of the lower of (i) the stock price (market value) of the Fund’s outstanding shares and (ii) the Fund’s net assets, in each case determined as of the last trading day for each week during the relevant quarter.

(4)

The Fund may use leverage through borrowings, the costs of which are borne by holders of Common Shares of the Fund. The Fund currently borrows under a credit facility.

 

53

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Credit Suisse Asset Management Income Fund, Inc.

Fund Summary (unaudited) (continued)

December 31, 2024

 

 

Example

An investor would pay the following expenses on a $1,000 investment in the Fund, assuming (1) Total Annual Operating Expenses of 2.96%, (2) a Sales Load (commission) of $15 and (3) a 5% annual return:

 

One Year				Three Years				Five Years				Ten Years
$	44			$	105			$	168			$	338

The “Example” assumes that all dividends and other distributions are reinvested at net asset value and that the percentage amounts listed in the table above under Total Annual Operating Expenses remain the same in the years shown. The above table and example and the assumption in the example of a 5% annual return are required by regulations of the SEC that are applicable to all investment companies; the assumed 5% annual return is not a prediction of, and does not represent, the projected or actual performance of the Fund’s Common Shares.

The example should not be considered a representation of past or future expenses, and the Fund’s actual expenses may be greater than or less than those shown. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.

 

54

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Credit Suisse Asset Management Income Fund, Inc.

Information Concerning Directors and Officers (unaudited)

 

 

Name, Address (Year of Birth)

Position(s) Held with Fund

Term of Office 1 and Length of Time Served

Principal Occupation(s) During Past Five Years

Number of Portfolios in Fund Complex Overseen by Director

Other Directorships Held by Director During Past Five Years

Independent Directors

Laura A. DeFelice c/o UBS Asset Management (Americas) LLC Attn: General Counsel Eleven Madison Avenue New York, New York 10010   (1959)

Chair of the Board (since November 14, 2023), Nominating Committee and Audit Committee Member

Since 2018; current term ends at the 2025 annual meeting

Managing Member of Acacia Properties LLC (multi- family and commercial real estate ownership and operation) from 2008 to present; member of Stonegate Advisors LLC (renewable energy and energy efficiency) from 2007 to present.

7

Director of the Lyric Opera of Chicago (performing arts) from December 2021 to present.

Samantha Kappagoda c/o UBS Asset Management (Americas) LLC Attn: General Counsel Eleven Madison Avenue New York, New York 10010   (1968)

Director, Nominating Committee Chair and Audit Committee Member

Since 2023; current term ends at the 2026 annual meeting

Chief Economist, Risk Economics, Inc. (Economic Analysis) from 2009 to present; Chief Data Scientist and Co-Managing Member, Numerati Partners LLC (Research & Development Technology) from 2012 to present; Affiliate of Analysis Group, Inc. (Economic Analysis) from 2023 to present.

7

Member, Business Board of Governing counsel at the University of Toronto from 2024 to present; Director of Girl Scouts of Greater New York (nonprofit) from 2014 to present; Visiting Scholar, Courant Institute of Mathematical Sciences, New York University (education) from 2011 to present; Member, Senior Editorial Advisory Board, Journal of Risk Finance, Emerald Publications (research) from 2005 to present; Director of Council for Economic Education (nonprofit) from 2014 to 2020.

Charles W. Gerber c/o UBS Asset Management (Americas) LLC Eleven Madison Avenue New York, New York 10010   (1955)

Director, Nominating Committee and Audit Committee Member

Since 2024

Consultant, Canadian Imperial Bank of Commerce (financial services) from 2016 to present; Senior Adviser, Stoneturn Group, LLP (consulting ) from 2016 to present.

2 2

Director, MA Holdings, Inc. (real estate management) from 2023 to present.

 

1

Subject to the Fund’s retirement policy, no Director, Nominating Committee and Audit Committee Member shall be presented to shareholders of the Fund for election at any meeting that is scheduled to occur after he/she has reached the age of 74 and a Director shall automatically be deemed to retire from the Board at the next annual shareholders’ meeting following the date that he/she reaches the age of 75 years even if his/her term of office has not expired on that date. The requirements of the retirement policy may be waived with respect to an individual Director. Each Officer serves until his or her respective successor has been duly elected and qualified.

2	Mr. Gerber also serves on the advisory board of all of the open-end Credit Suisse Funds.

 

55

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Credit Suisse Asset Management Income Fund, Inc.

Information Concerning Directors and Officers (unaudited) (continued)

 

 

Name, Address (Year of Birth)		Position(s) Held with Fund		Term of Office  1 and Length of Time Served		Principal Occupation(s) During Past Five Years		Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director During Past Five Years
Mahendra R. Gupta c/o UBS Asset Management (Americas) LLC Attn: General Counsel Eleven Madison Avenue New York, New York 10010   (1956)		Director, Nominating Committee Member and Audit Committee Chairman		Since 2018 and Audit Committee Chairman since 2019; current term ends at the 2027 annual meeting		Professor, Washington University in St. Louis from 1990 to present; Partner, R.J. Mithaiwala (food manufacturing and retail, India) from 1977 to present; Partner, F.F.B. Corporation (agriculture, India) from 1977 to present; Partner, RPMG Research Corporation (benchmark research) from 2001 to present.		7		Director of Caleres Inc. (footwear) from 2012 to present; Director and Chair at the foundation of Barnes Jewish Hospital (healthcare) from 2018 to present and 2024 to present, respectively; Director of First Bank (finance) from 2023 to present; Director of ENDI Corporation (finance) from 2023 to present; Director of The Oasis Institute (not-for-profit) from 2022 to present; Director of the Consortium for Graduate Study in Management from 2017 to 2023; Director of Koch Development Corporation (Real Estate Developement) from 2017 to 2020; Director of the Guardian Angels of St. Louis (not-for-profit) from 2015 to 2021.

 

56

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Credit Suisse Asset Management Income Fund, Inc.

Information Concerning Directors and Officers (unaudited) (continued)

 

 

Name, Address (Year of Birth)

Position(s) Held with Fund

Term of Office 1 and Length of Time Served

Principal Occupation(s) During Past Five Years

Number of Portfolios in Fund Complex Overseen by Director

Other Directorships Held by Director During Past Five Years

Steven N. Rappaport c/o UBS Asset Management (Americas) LLC Attn: General Counsel Eleven Madison Avenue New York, New York 10010   (1948)

Director, Nominating Committee and Audit Committee Member

Chairman of the Board from 2012 through November 14, 2023 and Director since 2005; current term ends at the 2025 annual meeting

Partner of Lehigh Court, LLC and RZ Capital (private investment firms) from 2002 to present.

7

Director of abrdn Emerging Markets Equity Income Fund, Inc., (a closed-end investment company); Director of abrdn Funds (20 open-end portfolios) from 2016 to 2023.

Lee M. Shaiman c/o UBS Asset Management (Americas) LLC Attn: General Counsel Eleven Madison Avenue New York, New York 10010   (1956)

Director, Nominating Committee and Audit Committee Member

Since 2024

Executive Director, Loan Syndications and Trading Association (financial trade association) from 2018 to 2024.

7

Director of Investcorp Credit Management BDC, Inc. (financial services) from 2020 to present.

Interested Director

John G. Popp 2 UBS Asset Management (Americas) LLC Eleven Madison Avenue New York, New York 10010   (1956)

Director and Chief Investment Officer; Chief Executive Officer and President (2010-2024).

Director since 2012   Current term ends at the 2027 annual meeting

Managing Director of UBS AM (Americas); Global Head and Chief Investment Officer of the Credit Investments Group; Associated with Credit Suisse Asset Management, LLC (Credit Suisse) or its predecessor and UBS AM (Americas) since 1997; Officer of other Credit Suisse Funds.

7

None.

 

1

Subject to the Fund’s retirement policy, no Director shall be presented to shareholders of the Fund for election at any meeting that is scheduled to occur after he/she has reached the age of 74 and a Director shall automatically be deemed to retire from the Board at the next annual shareholders’ meeting following the date that he/she reaches the age of 75 years even if his/her term of office has not expired on that date. The requirements of the retirement policy may be waived with respect to an individual Director. The Board has approved a waiver of the policy with respect to Mr. Rappaport through the 2025 annual meeting but he will retire after December 31, 2024. Each Officer serves until his or her respective successor has been duly elected and qualified.

2	Mr. Popp is an “interested person” of the Fund as defined in the 1940 Act, by virtue of his current position as an officer of UBS AM (Americas).

 

57

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Credit Suisse Asset Management Income Fund, Inc.

Information Concerning Directors and Officers (unaudited) (continued)

 

 

Name, Address (Year of Birth)		Position(s) Held with Fund		Term of Office and Length of Time Served		Principal Occupation(s) During Past Five Years
Officers*
Omar Tariq UBS Asset Management (Americas) LLC Eleven Madison Avenue New York, New York 10010   (1983)		Chief Executive Officer and President since 2024		Since 2024		Executive Director of UBS AM (Americas) since May 2024; Director of Credit Suisse from March 2019 to May 2024; Chief Financial Officer and Treasurer of the Credit Suisse Funds from 2019 to 2024; Associated with Credit Suisse and UBS AM (Americas) since May 2019; Senior Manager of PriceWaterhouseCoopers, LLP from September 2010 to March 2019; Officer of other Credit Suisse Funds.
Brandi Sinkovich UBS Asset Management (Americas) LLC Eleven Madison Avenue New York, New York 10010   (1979)		Chief Compliance Officer		Since 2023		Executive Director of UBS AM (Americas) since May 2024; Director of Credit Suisse from January 2023 to May 2024; Vice President and Regulatory Counsel, Exos Financial from 2022 to 2023; Vice President and Compliance Officer, Neuberger Berman from 2019 to 2022; Vice President, Compliance, Goldman Sachs from 2017 to 2019; Associated with Credit Suisse and UBS AM (Americas) since January 2023; Officer of other Credit Suisse Funds.
Lou Anne McInnis UBS Asset Management (Americas) LLC Eleven Madison Avenue New York, New York 10010   (1959)		Chief Legal Officer		Since 2015		Executive Director of UBS AM (Americas) LLC since May 2024; Director of Credit Suisse from April 2015 to May 2024; Associated with Credit Suisse and UBS AM (Americas) since April 2015; Counsel at DLA Piper US LLP from 2011 to April 2015; Associated with Morgan Stanley Investment Management from 1997 to 2010; Officer of other Credit Suisse Funds.
Rose Ann Bubloski UBS Asset Management (Americas) LLC Eleven Madison Avenue New York, New York 10010   (1968)		Chief Financial Officer and Treasurer		Since 2024		Director and Senior Manager of UBS Asset Management (Americas) LLC since 2011; Associated with UBS since March 1994; Officer of other Credit Suisse Funds.
Karen Regan UBS Asset Management (Americas) LLC Eleven Madison Avenue New York, New York 10010   (1963)		Senior Vice President and Secretary since 2024		Since 2010		Director of UBS AM (Americas) since May 2024; Vice President of Credit Suisse from January 2008 to May 2024; Associated with Credit Suisse and UBS AM (Americas) since December 2004; Officer of other Credit Suisse Funds.

The Statement of Additional Information includes additional information about the Directors and is available, without charge, upon request, by calling

877-870-2874.

 

*	The officers of the Fund shown are officers that make policy decisions.

 

58

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Credit Suisse Asset Management Income Fund, Inc.

Recent Changes (unaudited)

 

 

During the period ended December 31, 2024, changes that occurred since the close of the period covered by the previously transmitted annual shareholder report there were: (i) no material changes in the fund’s investment objectives or policies that have not been approved by Stockholders, (ii) no changes in the fund’s charter or by-laws that would delay or prevent a change of control of the fund that have not been approved by Stockholders, (iii) no material changes to the principal risk factors associated with investment in the fund, and (iv) one change in the persons primarily responsible for the day-to-day management of the fund’s portfolio. Effective February 16, 2024, Thomas Flannery is no longer the Chief Investment Officer and Portfolio Manager.

 

59

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Credit Suisse Asset Management Income Fund, Inc.

Proxy Voting and Portfolio Holdings Information (unaudited)

 

 

Information regarding how the Fund voted proxies related to its portfolio securities during the

12-month

period ended June 30 of each year, as well as the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities are available:

 

•

By calling 1-800-293-1232

 

•

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

 

•

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

The Fund files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its reports on Form

N-PORT,

and for reporting periods ended prior to March 31, 2019, filed such information on Form

N-Q.

The Fund’s Forms

N-PORT

and

N-Q

are available on the SEC’s website at www.sec.gov.

Funds Managed by UBS Asset Management (Americas) LLC

 

CLOSED-END

FUNDS

Fixed Income

Credit Suisse Asset Management Income Fund, Inc. (NYSE American: CIK)

Credit Suisse High Yield Bond Fund (NYSE American: DHY)

Literature Request

— Call today for free descriptive information on the closed-ended funds listed above at

1-800-293-1232

or visit our website at www.credit-suisse.com/us/funds

 

 

OPEN-END

FUNDS

 

Credit Suisse Commodity Return Strategy Fund		Credit Suisse Strategic Income Fund
Credit Suisse Floating Rate High Income Fund		Credit Suisse Trust Commodity Return Strategy Portfolio

Fund shares are not deposits or other obligation of UBS Asset Management (Americas) LLC or any affiliate, are not FDIC-insured and are not guaranteed by UBS Asset Management (Americas) LLC or any affiliate. Fund investments are subject to investment risks, including loss of your investment. There are special risk considerations associated with international, global, emerging-markets, small-company, private equity, high-yield debt, single-industry, single-country and other special, aggressive or concentrated investment strategies. Past performance cannot guarantee future results.

More complete information about a fund, including charges and expenses, is provided in the Prospectus, which should be read carefully before investing. You may obtain copies by calling Credit Suisse Funds at

1-877-870-2874.

Performance information current to the most recent

month-end

is available at

www.credit-suisse.com/us/funds.

 

 

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Credit Suisse Asset Management Income Fund, Inc.

Dividend Reinvestment and Cash Purchase Plan (unaudited)

 

 

Credit Suisse Asset Management Income Fund, Inc. (the “Fund”) offers a Dividend Reinvestment and Cash Purchase Plan (the “Plan”) to its common stockholders. The Plan offers common stockholders a prompt and simple way to reinvest net investment income dividends and capital gains and other periodic distributions in shares of the Fund’s common stock. Computershare Trust Company, N.A. (“Computershare”) acts as Plan Agent for stockholders in administering the Plan.

If your shares of common stock of the Fund are registered in your own name, you will automatically participate in the Plan, unless you have indicated that you do not wish to participate and instead wish to receive dividends and capital gains distributions in cash. If you are a beneficial owner of the Fund having your shares registered in the name of a bank, broker or other nominee, you must first make arrangements with the organization in whose name your shares are registered to have the shares transferred into your own name. Registered shareholders can join the Plan via the Internet by going to www.computershare.com, authenticating your online account, agreeing to the Terms and Conditions of online “Account Access” and completing an online Plan Enrollment Form. Alternatively, you can complete the Plan Enrollment Form and return it to Computershare at the address below.

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

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

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

There is no service fee payable by Plan participants for dividend reinvestment. For voluntary cash payments, Plan participants must pay a service fee of $5.00 per transaction. Plan participants will also be charged a pro rata share of the brokerage commissions for all open market purchases ($0.03 per share as of December 2024). Participants will also be charged a service fee of $5.00 for each sale and brokerage commissions of $0.03 per share (as of December 2024).

You may terminate your participation in the Plan at any time by notifying Computershare or requesting a sale of your shares held in the Plan. Your withdrawal will be effective immediately if your notice is received by Computershare prior to any dividend or distribution record date; otherwise, such termination will be effective only with respect to any subsequent dividend or distribution. Your dividend participation option will remain the same unless you withdraw all of your whole and fractional Plan shares, in which case your participation in the Plan will be terminated and you will receive subsequent dividends and capital gains distributions in cash instead of shares.

 

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Credit Suisse Asset Management Income Fund, Inc.

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

 

 

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

 

By Internet:

www.computershare.com

 

By phone:

(800) 730-6001 (U.S. and Canada)

(781) 575-3100 (Outside U.S. and Canada)

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

 

By mail:

Credit Suisse Asset Management Income Fund, Inc.

c/o Computershare

P.O. Box 43006

Providence, RI 02940-3078

Overnight correspondence should be sent to:

Computershare

150 Royall St., Suite 101

Canton, MA 02021

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

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

 

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

 

 

CIK-AR-1224

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Item 2. Code of Ethics.

The registrant has adopted a code of ethics applicable to its Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions. A copy of the code is filed as Exhibit 19(a)(1) to this Form. There were no amendments to the code during the fiscal year ended December 31, 2024. There were no waivers or implicit waivers from the code granted by the registrant during the fiscal year ended December 31, 2024.

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Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

(a) through (d). The information in the table below is provided for services rendered to the registrant showing the amount of fees billed to the registrant during the registrant’s last two fiscal years by Ernst & Young LLP (“EY”), the registrant’s current independent registered public accounting firm, and the registrant’s former independent registered public accounting firm. The audit fees billed to the registrant for the fiscal year 2024 are the only fees that have been billed to the registrant by EY. All other fees listed in the tables below were billed to the registrant by the registrant’s former independent registered public accounting firm. For engagements with EY and by the registrant’s former independent registered public accounting firm the Audit Committee approved in advance all audit services and non-audit services that EY and the registrant’s former independent registered public accounting firm provided to the registrant for its fiscal years ended December 31, 2023 and December 31, 2024.

 

		2023		2024
Audit Fees		$53,900		$51,300
Audit-Related Fees		$-		$-
Tax Fees1		$4,500		$-
All Other Fees		$30,000		$-
Total		$88,400		$51,300

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

The information in the table below is provided with respect to non-audit services that directly relate to the registrant’s operations and financial reporting and that were rendered by the registrant’s former independent registered public accounting firm for the fiscal year ended December 31, 2023 and by EY for the fiscal year ended December 31, 2024 to the registrant’s investment adviser, UBS Asset Management (Americas) LLC (“UBS AM (“Americas”)), and any service provider to the registrant

 

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controlling, controlled by or under common control with UBS AM (Americas) that provided ongoing services to the registrant (“Covered Services Provider”).

 

		2023		2024
Audit-Related Fees		N/A		N/A
Tax Fees		N/A		N/A
All Other Fees		N/A		N/A
Total		N/A		N/A

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

(e)(2) The information in the table below sets forth the percentages of fees for services (other than audit, review or attest services) rendered by the registrant’s former independent registered public accounting firm for the fiscal year ended December 31, 2023 and by EY for the fiscal year ended December 31, 2024 to the registrant for which the pre-approval requirement was waived pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X:

 

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		2023		2024
Audit-Related Fees		N/A		N/A
Tax Fees		N/A		N/A
All Other Fees		N/A		N/A
Total		N/A		N/A

The information in the table below sets forth the percentages of fees for services (other than audit, review or attest services) rendered by the registrant’s former independent registered public accounting firm for the fiscal year ended December 31, 2023 and by EY for the fiscal year ended December 31, 2024 to UBS AM (Americas) and any Covered Services Provider required to be approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X:

 

		2023		2024
Audit-Related Fees		N/A		N/A
Tax Fees		N/A		N/A
All Other Fees		N/A		N/A
Total		N/A		N/A

(f) Not Applicable.

(g) For the fiscal ended December 31, 2023, the aggregate fees billed by the registrant’s former independent registered public accounting firm of $4,500, for non-audit services rendered on behalf of the registrant (“covered”), and for the fiscal year ended December 31, 2024, the aggregate fees billed by EY of $1,536,646 for non-audit services rendered on behalf of its investment adviser and any entity controlling, controlled by, or under common control with the adviser (“non-covered”) that provides ongoing services (or provided during the relevant fiscal period) to the registrant for each of the last two fiscal years of the registrant is shown in the table below:

 

		2023		2024
Covered Services		$4,500		$-
Non-Covered Services		$-		$1,536,646

 

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(h) Not Applicable.

(i) Not Applicable.

(j) Not Applicable.

Item 5. Audit Committee of Listed Registrants.

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

Item 6. Investments.

 

(a)

The complete schedule of investments for the Registrant is disclosed in the Registrant’s annual report, which is included in Item 1 of this Form N-CSR.

(b)

Not applicable to the Registrant.

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

Not applicable to the Registrant.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable to the Registrant.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable to the Registrant.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable to the Registrant.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Included as part of the Report to Stockholders filed under Item 1 of this Form N-CSR.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

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The Board believes that the voting of proxies on securities held by the Fund is an important element of the overall investment process. As such, the Board has delegated the responsibility to vote such proxies to UBS AM (Americas). Following is a summary of UBS AM (Americas)’s proxy voting policy.

You may obtain information about the Funds’ proxy voting decisions for the most recent 12-month period ended June 30, without charge, by calling the Fund toll-free at 1-877 870-2874 or on the EDGAR database on the SEC’s Web Site (www.sec.gov).

The proxy voting policy of UBS AM (Americas) is based on its belief that voting rights have economic value and should be treated accordingly. Good corporate governance should in the long term, lead towards better corporate performance and improved shareholder value. Generally, UBS AM (Americas) expects the boards of directors of companies issuing securities held by its clients to act in the service of the shareholders, view themselves as stewards of the company, exercise good judgment and practice diligent oversight of the management of the company. A commitment to acting in as transparent a manner as possible is fundamental to good governance. While there is no absolute set of rules that determine appropriate corporate governance under all circumstances and no set of rules will guarantee ethical board behavior, there are certain principles, which provide evidence of good corporate governance. UBS AM (Americas) may delegate to an independent proxy voting and research service the authority to exercise the voting rights associated with certain client holdings. Any such delegation shall be made with the direction that the votes be exercised in accordance with UBS AM (Americas)’s proxy voting policy.

When UBS AM (Americas)’s view of a company’s management is favorable, UBS AM (Americas) generally supports current management initiatives. When UBS AM (Americas)’s view is that changes to the management structure would probably increase shareholder value, UBS AM (Americas) may not support existing management proposals. In general, UBS AM (Americas) generally exercises voting rights in accordance with the following principles: (1) with respect to board structure, (a) an effective chairman is key, (b) the roles of chairman and chief executive generally should be separated, (c) board members should have appropriate and diverse experience and be capable of providing good judgment and diligent oversight of management of the company, (d) the board should include executive and non-executive members, and (e) the non-executive members should provide a challenging, but generally supportive environment; and (2) with respect to board responsibilities, (a) the whole board should be fully involved in endorsing strategy and in all major strategic decisions, and (b) the board should ensure that at all times (i) appropriate management succession plans are in place; (ii) the interests of executives and shareholders are aligned; and financial audit is independent and accurate; (iii) the brand and reputation of the company is protected and enhanced; (iv) a constructive dialogue with shareholders is encouraged; and (v) it receives all the information necessary to hold management accountable. In addition, UBS AM (Americas) focuses on the following areas of concern when voting its clients’ securities: economic value resulting from acquisitions or disposals; operational performance; quality of management; independent non-executive board directors not holding executive management accountable; quality of internal controls; lack of transparency; inadequate succession planning; poor approach to corporate social

 

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responsibility; inefficient management structure; and corporate activity designed to frustrate the ability of shareholders to hold the board accountable or realize the maximum value of their investment. UBS AM (Americas) exercises its voting rights in accordance with overarching rationales outlined by its proxy voting policies and procedures that are based on the principles described above.

The proxy voting policy includes guidelines regarding environmental, social, and corporate governance (“ESG”) factors during the exercise of voting rights on behalf of UBS AM’s clients, such as the Funds. Underlying UBS AM’s voting and ESG guidelines are two fundamental objectives: (1) acting in the best financial interest of clients and enhancing the long-term value of their investments; and (2) promoting best practice in corporate governance and ensuring that portfolio companies are sustainable and successful.

UBS AM (Americas) has implemented procedures designed to address a conflict of interest in voting a particular proxy proposal, which may arise as a result of its or its affiliates’ client relationships, marketing efforts or banking, investment banking and broker-dealer activities. To address such conflicts, UBS AM (Americas) has imposed information barriers between it and its affiliates who conduct banking, investment banking and broker-dealer activities and has implemented procedures to prevent business, sales and marketing issues from influencing its proxy votes. Whenever UBS AM (Americas) becomes aware of a conflict with respect to a particular proxy, and under certain circumstances, the relevant internal UBS AM (Americas) committee may be notified and determine the manner in which such proxy is voted.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

(a)

Information pertaining to the Chief Investment Officer and Portfolio Managers of the Credit Suisse High Yield Bond Fund, as of December 31, 2024, is set forth below.

 

John Popp Chief Investment Officer Year of Birth: 1956				Managing Director of UBS AM (Americas) and Group Head and Chief Investment Officer of the Credit Investments Group; Associated with UBS AM (Americas) or its predecessor since 1997
Wing Chan Portfolio Manager Year of Birth: 1976				Managing Director of UBS AM (Americas) and a member of the Credit Investments Group; Associated with UBS AM (Americas) or its predecessor since 2005
David Mechlin Portfolio Manager Year of Birth: 1984				Managing Director of UBS AM (Americas) and a member of the Credit Investments Group. Associated with UBS AM (Americas) or its predecessor since 2006.
Joshua Shedroff Portfolio Manager Year of Birth: 1978				Managing Director of UBS AM (Americas) and a member of the Credit Investments Group. Associated with UBS AM (Americas) or its predecessor since 2008.

 

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Michael Adelman Portfolio Manager Year of Birth: 1990				Executive Director of UBS AM (Americas) and a member of the Credit Investments Group. Associated with UBS AM (Americas) or its predecessor since 2012

Registered Investment Companies, Pooled Investment Vehicles and Other Accounts Managed

As reported to the Registrant, the information in the following table reflects the number of registered investment companies, pooled investment vehicles and other accounts managed by Messrs. Popp, Mechlin, Shedroff and Adelman and Ms. Chan and the total assets managed within each category as of December 31, 2024.

There have been no changes in any of the Portfolio Managers since the Registrant’s most recent annual report on Form N-CSR.

 

Registered Investment Companies

Other Pooled Investment Vehicles

Other Accounts

John Popp*

4

$3,463 million

59

$36,618 million

34

$12,232 million

Wing Chan*

4

$3,463 million

64

$36,144 million

34

$12,232 million

David Mechlin*

4

$3,463 million

64

$36,144 million

34

$12,232 million

Joshua Shedroff*

4

$3,463 million

64

$36,144 million

34

$12,232 million

Michael Adelman*

2

$532 million

64

$36,144 million

34

$12,232 million

*As of December 31, 2024, Messrs. Popp, Mechlin, Shedroff and Adelman, and Ms. Chan managed 65 accounts which have total assets under management of $36,186 million, of which have additional fees based on the performance of the accounts.

Potential Conflicts of Interest

It is possible that conflicts of interest may arise in connection with the portfolio managers’ management of the Funds’ investments on the one hand and the investments of other accounts on the other. For example, the portfolio managers may have conflicts of interest in allocating management time, resources and investment opportunities among the Funds and other accounts they advise. In addition due to differences in the investment strategies or restrictions between the Funds and the other accounts, the portfolio managers may take action with respect to another account that

 

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differs from the action taken with respect to the Funds. UBS AM (Americas) has adopted policies and procedures that are designed to minimize the effects of these conflicts.

If UBS AM (Americas) believes that the purchase or sale of a security is in the best interest of more than one client, it may (but is not obligated to) aggregate the orders to be sold or purchased to seek favorable execution or lower brokerage commissions, to the extent permitted by applicable laws and regulations. UBS AM (Americas) may aggregate orders if all participating client accounts benefit equally (i.e., all receive an average price of the aggregated orders). In the event UBS AM (Americas) aggregates an order for participating accounts, the method of allocation will generally be determined prior to the trade execution. Although no specific method of allocation of transactions (as well as expenses incurred in the transactions) is expected to be used, allocations will be designed to ensure that over time all clients receive fair treatment consistent with UBS AM (Americas)’s fiduciary duty to its clients (including its duty to seek to obtain best execution of client trades). The accounts aggregated may include registered and unregistered investment companies managed by UBS AM (Americas)’s affiliates and accounts in which UBS AM (Americas)’s officers, directors, agents, employees or affiliates own interests. UBS AM (Americas) may not be able to aggregate securities transactions for clients who direct the use of a particular broker-dealer, and the client also may not benefit from any improved execution or lower commissions that may be available for such transactions.

Compensation

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

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

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

Securities Ownership. The following table indicates the dollar range of equity securities in the Fund beneficially owned by the portfolio managers and the value of those shares as of December 31, 2024.

 

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Name of Portfolio Manager(s)		Dollar Range of Equity Securities in the Fund managed by the named Portfolio Manager*
John G. Popp		A
Wing Chan		B
David Mechlin		C
Joshua Shedroff		A
Michael Adelman		A

Ranges:

A. None

B. $1 - $10,000

C. $10,001 - $50,000

D. $50,001 - $100,000

E. Over $100,000

 

(b)

There has been one change to the Portfolio Managers since the Registrant’s most recent annual report on Form N-CSR. Effective February 16, 2024, Thomas Flannery is no longer the Chief Investment Officer and Portfolio Manager.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

None.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees 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 20, 2024.

Item 16. Controls and Procedures.

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

(b) There were no changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the most recent fiscal half-year covered by this report

 

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

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

During Credit Suisse Asset Management Income Fund, Inc.’s (the “Fund”) most recent fiscal year ending December 31, 2024, State Street Bank and Trust Company (“State Street”) served as the Fund’s securities lending agent.

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

 

●

lend available securities to institutions that are approved borrowers

 

●

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

 

●

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

 

●

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

 

●

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

 

●

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

 

●

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

 

●

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

 

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●

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

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

Credit Suisse Asset Management Income Fund, Inc.

Securities Lending Activities Income and Fees for Fiscal Year 2024

Gross income from securities lending activities
(including income from cash collateral reinvestment)			$570,640
Fees and/or compensation for securities lending activities and related services
Fees paid to securities lending agent from a revenue split			$30,034
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split			$3,611
Administrative fees not included in revenue split			--
Indemnification fee not included in revenue split			--
Rebate (paid to borrower)			$446,882
Other fees not included in revenue split			--
Aggregate fees/compensation for securities lending activities and related services			$480,527
Net income from securities lending activities			$90,113

 

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Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable to the Registrant.

Item 19. Exhibits.

(a)(1) Code of Ethics as required pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (and designated by registrant as a “Code of Conduct”) is filed herewith as Exhibit EX-99 CODE ETH.

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable to the registrant.

(a)(3) Certifications of principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX-99.CERT.

(a)(4) Written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to the registrant.

(b)(5) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.

(c)  Certifications of principal executive officer and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX 99.906.CERT.

(d)  Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934, as amended is attached hereto as Exhibit EX-99.IRANNOTICE.

(other) Consent of Independent Registered Public Accounting Firm is filed herewith as Exhibit (other).

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CREDIT SUISSE ASSET MANAGEMENT INCOME FUND, INC.

		/s/ Omar Tariq
		Name: Omar Tariq
		Title:  Chief Executive Officer and President
		Date:  March 7, 2025

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

 

		/s/ Omar Tariq
		Name: Omar Tariq
		Title:  Chief Executive Officer and President
		Date:  March 7, 2025
		/s/ Rose Ann Bubloski
		Name: Rose Ann Bubloski
		Title:  Chief Financial Officer and Treasurer
		Date:  March 7, 2025

 

14

EX-99.CODE ETHICS

EXHIBIT 19(a)(1)

CODE OF ETHICS

CREDIT SUISSE FUNDS

CODE OF ETHICS FOR SENIOR OFFICERS

Preamble

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

Statement of Policy

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

 

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

Covered Persons

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

Promotion of Honest and Ethical Conduct

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

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

 

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

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

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

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

No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Fund shareholders. No Covered Person shall conceal or fail

 

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to disclose information within the Covered Person’s possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to UBS AM (Americas)’s general counsel or Fund counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

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

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

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

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

 

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Promotion of Compliance with Applicable Government Laws, Rules and Regulations

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

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

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

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

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

 

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Promoting Prompt Internal Reporting of Violations

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

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

Sanctions

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

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

No Rights Created

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

 

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Recordkeeping

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

Amendments

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

Dated: May 14, 2024

 

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CODE OF ETHICS FOR SENIOR OFFICERS:

I HEREBY CERTIFY THAT:

 

(1)

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

 

(2)

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

 

(3)

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

 

(4)

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

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

 

                   

 

                   

 

                   

Name:       

Date:    

 

22

EX-99.CERT

EXHIBIT 19(a)(3)

CERTIFICATIONS

I, Rose Ann Bubloski, certify that:

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

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

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

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

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

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

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

(d)  Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected,

 

23

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or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

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

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

Date: March 7, 2025

 

/s/ Rose Ann Bubloski

Rose Ann Bubloski

Chief Financial Officer and Treasurer

(Principal Financial Officer)

 

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I, Omar Tariq, certify that:

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

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

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

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

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

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

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

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

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

 

25

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

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

Date: March 7, 2025

 

/s/ Omar Tariq

Omar Tariq

Chief Executive Officer and President

(Principal Executive Officer)

 

26

EX-99.906CERT

EXHIBIT 19(b)

SECTION 906 CERTIFICATIONS

SECTION 906 CERTIFICATION

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

(1)  The Fund’s periodic report on Form N-CSR for the period ended December 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

 

/s/ Omar Tariq		/s/ Rose Ann Bubloski
Omar Tariq		Rose Anne Bubloski
Chief Executive Officer and President		Chief Financial Officer and Treasurer
(Principal Executive Officer)		(Principal Financial Officer)
March 7, 2025		March 7, 2025

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

 

27

EX99.IRANNOTICE

Iran Related Activities Disclosure

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

The disclosure below does not relate to any activities conducted by the registrant and does not involve the registrant or the registrant’s management. The disclosure relates solely to activities conducted by UBS Group AG.

Section 219 of the U.S. Iran Threat Reduction and Syria Human Rights Act of 2012 (“ITRA”) added new Section 13(r) to the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”) requiring each SEC reporting issuer to disclose in its annual and, if applicable, quarterly reports whether it or any of its affiliates have knowingly engaged in certain activities, transactions or dealings relating to Iran or with the Government of Iran or certain designated natural persons or entities involved in terrorism or the proliferation of weapons of mass destruction during the period covered by the report. The required disclosure includes disclosure of activities not prohibited by U.S. or other law even if conducted outside the U.S. by non-U.S. affiliates in compliance with local law. The registrant’s investment adviser and/or administrator, UBS Asset Management (Americas) LLC, is an indirect subsidiary of UBS Group AG. As a result, it appears that registrant is required to provide the disclosures set forth below pursuant to Section 219 of ITRA and Section 13(r) of the Exchange Act. It should therefore be noted that the Annual Report on Form 20-F for the year ended December 31, 2023 filed by UBS Group AG with the Securities and Exchange Commission on April 2, 2024 contained the disclosure set forth below (with all references contained therein to “UBS” being references to UBS Group AG and its consolidated subsidiaries). By providing this disclosure, the registrant does not admit that it is an affiliate of UBS Group AG or UBS Asset Management (Americas) LLC.

The disclosure relates solely to activities conducted by UBS AG and its consolidated subsidiaries.

Disclosure Pursuant To Section 219 of the Iran Threat Reduction And Syrian Human Rights Act

Section 219 of the US Iran Threat Reduction and Syria Human Rights Act of 2012 (“ITRA”) added Section 13(r) to the US Securities Exchange Act of 1934, as amended (the “Exchange Act”) requiring each SEC reporting issuer to disclose in its annual and, if applicable, quarterly reports whether it or any of its affiliates have knowingly engaged in certain activities, transactions or dealings relating to Iran or with the Government of Iran or certain designated natural persons or entities involved in terrorism or the proliferation of weapons of mass destruction during the period covered by the report. The required disclosure may include reporting of activities not prohibited by US or other law, even if conducted outside the US by non-US affiliates in compliance with local law. Pursuant to Section 13(r) of the Exchange Act, we note the following for the period covered by this annual report:

UBS has a Group Sanctions Policy that prohibits transactions involving sanctioned countries, including Iran, and sanctioned individuals and entities. However, UBS maintains one account involving the Iranian government under the auspices of the United Nations in Geneva after agreeing with the Swiss government that it would do so only under certain conditions. These conditions include

 

28

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that payments involving the account must: (1) be made within Switzerland; (2) be consistent with paying rent, salaries, telephone and other expenses necessary for its operations in Geneva; and (3) not involve any Specially Designated Nationals (SDNs) blocked or otherwise restricted under US or Swiss law. In 2023, the gross revenues for this UN-related account were approximately USD 5,731,46. We do not allocate expenses to specific client accounts in a way that enables us to calculate net profits with respect to any individual account. UBS AG intends to continue maintaining this account pursuant to the conditions it has established with the Swiss Government and consistent with its Group Sanctions Policy.

As previously reported, UBS had certain outstanding legacy trade finance arrangements issued on behalf of Swiss client exporters in favor of their Iranian counterparties. In February 2012 UBS ceased accepting payments on these outstanding export trade finance arrangements and worked with the Swiss government who insured these contracts (Swiss Export Risk Insurance “SERV”). On December 21, 2012, UBS and the SERV entered into certain Transfer and Assignment Agreements under which SERV purchased all of UBS’s remaining receivables under or in connection with Iran-related export finance transactions. Hence, the SERV is the sole beneficiary of said receivables. There was no financial activity involving Iran in connection with these trade finance arrangements in 2023, and no gross revenue or net profit.

In connection with these trade finance arrangements, UBS has maintained one existing account relationship with an Iranian bank. This account was established prior to the US designation of this bank and maintained due to the existing trade finance arrangements. In 2007, following the designation of the bank pursuant to sanctions issued by the US, UN and Switzerland, the account was blocked under Swiss law and remained subject to blocking requirements until January 2016. Client assets as of 31 December 2023 were CHF 3,097.40. Gross revenues were USD 3.69 equivalent.

In addition to the above, during 2023, Credit Suisse AG processed a small number of de minimis payments related to the operation of Iranian diplomatic missions in Switzerland and related to fees for ministerial government functions such as issuing passports and visas. Processing these payments is permitted under Swiss law, and Credit Suisse AG intends to continue processing such payments. Revenues and profits from these activities are not calculated but would be negligible.

 

29

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference of our report dated February 24, 2025, with respect to the financial statements and financial highlights of Credit Suisse Asset Management Income Fund, Inc. included in this Annual Report (Form N-CSR) for the year ended December 31, 2024, into the Registration Statement (Form N-2, File No. 811-05012), filed with the Securities and Exchange Commission.

/s/ Ernst & Young, LLP

New York, NY

February 24, 2025

N-2 - USD ($)		3 Months Ended												12 Months Ended
		Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cover [Abstract]
Entity Central Index Key														0000810766
Amendment Flag														false
Document Type														N-CSR
Entity Registrant Name														CREDIT SUISSE ASSET MANAGEMENT INCOME FUND, INC.
Fee Table [Abstract]
Shareholder Transaction Expenses [Table Text Block]														Shareholder Transaction Expenses    Sales Load (as a percentage of offering price)      1.50 % (1)   Offering Expenses (as a percentage of offering price)      0.00 %  Dividend Reinvestment Plan Fees    $ 5.00 (2)     (1)   Represents the estimated commission with respect to the Fund’s Common Shares being sold in this offering, which the Fund will pay to JonesTrading in connection with the sales of Common Shares effected by JonesTrading in this offering. While JonesTrading is entitled to a commission of between 1.50% and 3.00% of the gross sales price for Common Shares sold, with the exact amount to be agreed upon by the parties, the Fund has assumed, for purposes of this offering, that JonesTrading will receive a commission of 1.50% of such gross sales price. This is the only sales load to be paid in connection with this offering.   (2)   The Fund bears ongoing expenses associated with the Plan which are included in “Other Expenses.” There is no service fee payable by Plan participants for dividend reinvestments; however, shareholders are subject to other transaction costs associated with the Plan. Actual costs will vary for each participant depending on the return and number of transactions made. For Plan participants that elect to make voluntary cash purchases, Plan participants must pay a service fee of $5.00 per transaction. Plan participants will also be charged a pro rata share of the brokerage commissions for all open market purchases ($0.03 per share as of December 2024). In addition, if a Plan participant elects by written notice to the Plan administrator to have the plan administrator sell part or all of the shares held by the Plan administrator in the participant’s account and remit the proceeds to the participant, the participant will also be charged a service fee of $5.00 for each sale and brokerage commissions of $0.03 per share (as of December 2024). See “Dividend Reinvestment and Cash Purchase Plan.”
Sales Load [Percent]	[1]													1.50%
Dividend Reinvestment and Cash Purchase Fees	[2]													$ 5
Other Transaction Expenses [Abstract]
Other Transaction Expenses [Percent]														0.00%
Annual Expenses [Table Text Block]														Annual Operating Expenses (as a percentage of average net assets attributable to the Fund’s Common Shares)    Management Fees (3)      0.50 %  Interest Expense on Borrowed Funds (4)      1.99 %  Other Expenses      0.47 %  Total Annual Operating Expenses      2.96 %    (3)   UBS AM receives from the Fund, as compensation for its advisory services, a fee, computed weekly and payable quarterly at an annual rate of 0.50% of an average weekly base amount which, with respect to each quarter, is the average of the lower of (i) the stock price (market value) of the Fund’s outstanding shares and (ii) the Fund’s net assets, in each case determined as of the last trading day for each week during the relevant quarter.   (4)   The Fund may use leverage through borrowings, the costs of which are borne by holders of Common Shares of the Fund. The Fund currently borrows under a credit facility.
Management Fees [Percent]	[2]													0.50%
Interest Expenses on Borrowings [Percent]	[3]													1.99%
Other Annual Expenses [Abstract]
Other Annual Expenses [Percent]														0.47%
Total Annual Expenses [Percent]														2.96%
Expense Example [Table Text Block]														Example An investor would pay the following expenses on a $1,000 investment in the Fund, assuming (1) Total Annual Operating Expenses of 2.96%, (2) a Sales Load (commission) of $15 and (3) a 5% annual return:   One Year     Three Years     Five Years     Ten Years   $ 44     $ 105     $ 168     $ 338   The “Example” assumes that all dividends and other distributions are reinvested at net asset value and that the percentage amounts listed in the table above under Total Annual Operating Expenses remain the same in the years shown. The above table and example and the assumption in the example of a 5% annual return are required by regulations of the SEC that are applicable to all investment companies; the assumed 5% annual return is not a prediction of, and does not represent, the projected or actual performance of the Fund’s Common Shares. The example should not be considered a representation of past or future expenses, and the Fund’s actual expenses may be greater than or less than those shown. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.
Expense Example, Year 01														$ 44
Expense Example, Years 1 to 3														105
Expense Example, Years 1 to 5														168
Expense Example, Years 1 to 10														$ 338
Purpose of Fee Table , Note [Text Block]														The following table and example are intended to assist you in understanding the various costs and expenses directly or indirectly associated with investing in Common Shares of the Fund. Some of the percentages indicated in the table below are estimates and may vary.
Basis of Transaction Fees, Note [Text Block]														as a percentage of offering price
Other Transaction Fees Basis, Note [Text Block]														The Fund may use leverage through borrowings, the costs of which are borne by holders of Common Shares of the Fund. The Fund currently borrows under a credit facility.
Management Fee not based on Net Assets, Note [Text Block]														UBS AM receives from the Fund, as compensation for its advisory services, a fee, computed weekly and payable quarterly at an annual rate of 0.50% of an average weekly base amount which, with respect to each quarter, is the average of the lower of (i) the stock price (market value) of the Fund’s outstanding shares and (ii) the Fund’s net assets, in each case determined as of the last trading day for each week during the relevant quarter.
Financial Highlights [Abstract]
Senior Securities [Table Text Block]														Year Ended 12/31   Aggregate Amount Outstanding   Asset Coverage per $1,000 of Indebtedness 1 2024   $57,000,000   $3,855 2023   $52,500,000   $3,974 2022   $60,500,000   $3,379 2021   $58,500,000   $4,070 2020   $56,500,000   $4,162 2019   $60,250,000   $4,021 2018   $70,750,000   $3,373 2017   $46,000,000   $5,075 2016   —   — 2015   —   — 2014   —   — 2013   —   —     1   Asset coverage means the ratio that the value of the Fund’s total assets (including amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings.
Senior Securities Amount		$ 57,000,000				$ 52,500,000				$ 60,500,000				$ 57,000,000	$ 58,500,000	$ 56,500,000	$ 60,250,000	$ 70,750,000	$ 46,000,000	$ 0	$ 0	$ 0
Senior Securities Coverage per Unit	[4]	$ 3,855				$ 3,974				$ 3,379				$ 3,855	$ 4,070	$ 4,162	$ 4,021	$ 3,373	$ 5,075	$ 0	$ 0	$ 0
Senior Securities, Note [Text Block]														Senior Securities The following table sets forth information regarding the Fund’s outstanding senior securities as of the end of each of the Fund’s last ten fiscal years, as applicable.   Year Ended 12/31   Aggregate Amount Outstanding   Asset Coverage per $1,000 of Indebtedness 1 2024   $57,000,000   $3,855 2023   $52,500,000   $3,974 2022   $60,500,000   $3,379 2021   $58,500,000   $4,070 2020   $56,500,000   $4,162 2019   $60,250,000   $4,021 2018   $70,750,000   $3,373 2017   $46,000,000   $5,075 2016   —   — 2015   —   — 2014   —   — 2013   —   —     1   Asset coverage means the ratio that the value of the Fund’s total assets (including amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings.
General Description of Registrant [Abstract]
Investment Objectives and Practices [Text Block]														Investment Objective and Policies The investment objective of the Fund is to provide current income consistent with the preservation of capital. The Fund’s investment portfolio will not be managed for capital appreciation. The Fund’s investment objective is a fundamental policy and cannot be changed without the approval of the holders of a majority of the Fund’s outstanding voting securities. As used herein, a “majority of the Fund’s outstanding voting securities” means the lesser of (a) 67% of the shares represented at a meeting at which more than 50% of the outstanding shares are represented or (b) more than 50% of the outstanding shares. The Fund is not intended to be a complete investment program and there can be no assurance that the Fund will achieve its objectives. Under normal circumstances, the Fund invests at least 75% of its total assets in fixed income securities, such as bonds, convertible securities and preferred stocks. The Fund’s investments in fixed income securities are not subject to any rating quality limitation. The Fund primarily invests in high yield fixed income securities that are in the lower rating categories of Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”), a division of S&P Global Inc., or another nationally recognized ratings service (commonly referred to as “junk bonds”). Lower-rated securities generally provide yields superior to those of more highly-rated securities, but involve greater risks and are speculative in nature. See “Risk Factors — Lower-Rated Securities.” The Fund may also invest in securities rated single A or higher by Moody’s or S&P and unrated corporate fixed income securities. Differing yields on fixed income securities of the same maturity are a function of several factors. Higher yields are generally available from securities in the lower rating categories of recognized rating agencies, i.e., Baa or lower by Moody’s or BBB or lower by S&P. Securities ratings are based largely on the issuer’s historical financial information and the rating agencies’ investment analysis at the time of rating. Consequently, the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition, which may be better or worse than the rating would indicate. Although UBS AM considers security ratings when making investment decisions for high yield securities, it performs its own investment analysis and does not rely principally on the ratings assigned by the rating services. UBS AM’s analysis may include consideration of the issuer’s experience and managerial strength, changing financial condition, borrowing requirements or debt maturity schedules, and its responsiveness to changes in business conditions and interest rates. It also considers relative values based on anticipated cash flow, interest or dividend coverage, asset coverage and earnings prospects. UBS AM bases its investment decisions in high yield securities on the results of issuer and security-specific credit analysis. UBS AM evaluates each issuer’s rating, cash flow, financial structure and business risk. UBS AM takes into account, among other things, the issuer’s financial resources, its sensitivity to economic conditions and trends, its operating history, the quality of the issuer’s management and regulatory matters. UBS AM evaluates the covenants of each security and pursues a strategy of broad issuer and industry diversification. The Fund currently utilizes and in the future expects to continue to utilize leverage through borrowings, including the issuance of debt securities, or through other transactions, such as reverse repurchase agreements, which have the effect of leverage. The Fund currently is leveraged through borrowings from a credit facility with SSB. The Fund may use leverage up to 33 1/3% of its total assets (including the amount obtained through leverage). There can be no guarantee that the Fund will be able to accurately predict when the use of leverage will be beneficial. Use of leverage creates an opportunity for increased income and capital appreciation for shareholders but, at the same time, creates special risks, and there can be no assurance that a leveraging strategy will be successful during any period in which it is employed. The Fund may also invest in debt securities issued or guaranteed by the U.S. government, or by agencies or instrumentalities established or sponsored by the U.S. government, including mortgage-backed securities. Depending on market conditions, the Fund may invest a substantial portion of its assets in mortgage-backed securities. Mortgage-backed securities are collateralized by mortgages or interests in mortgages and may be issued by government or non-government entities. Mortgage-backed securities issued by government entities typically provide a monthly payment consisting of interest and principal payments, and additional payments will be made out of unscheduled payments of principal. Non-government issued mortgage-backed securities may offer higher yields than those issued by government entities, but may be subject to greater price fluctuations. To the extent that the Fund invests in the mortgage market, UBS AM will evaluate relevant economic, environmental and security-specific variables such as housing starts, coupon and age trends. The Fund may invest in loans and loan participations (collectively, “Loans”), including senior secured floating Loans (“Senior Loans”), “second lien” secured floating rate Loans (“Second Lien Loans”), and other types of secured Loans with fixed and variable interest rates. UBS AM may take full advantage of the entire range of maturities of fixed income securities and may adjust the average maturity of the investments held in the Fund’s portfolio from time to time, depending on its assessment of relative yields of securities of different maturities and its expectations of future changes in interest rates. It is expected that the average weighted maturity of the Fund’s investment portfolio will be 4 to 10 years. The Fund invests in debt obligations and other fixed income securities denominated in U.S. dollars, non-U.S. currencies or composite currencies, including:     •   debt obligations issued or guaranteed by foreign national, provincial, state, municipal or other governments with taxing authority or by their agencies or instrumentalities;     •   debt obligations of supranational entities;     •   debt obligations of the U.S. government issued in non-dollar denominated securities; and     •   dollar and non-dollar denominated debt obligations and other fixed income securities of foreign and U.S. corporate issuers. The Fund may invest a portion of its assets in the securities of issuers located in emerging markets. The Fund has a fundamental policy not to invest more than 5% of the value of its total assets in securities denominated in a currency other than the U.S. dollar. In making investments in foreign and emerging market securities, UBS AM considers the relative growth and inflation rates of different countries. UBS AM considers expected changes in foreign currency exchange rates, including the prospects for central bank intervention, in determining the anticipated returns of securities   denominated in foreign currencies. UBS AM further evaluates, among other things, foreign yield curves and regulatory and political factors, including the fiscal and monetary policies of such countries. In the past, during periods of falling U.S. exchange rates, yields available from securities denominated in foreign currencies have often been higher, in U.S. dollar terms, than those of securities denominated in U.S. dollars. UBS AM considers expected changes in foreign currency exchange rates in determining the anticipated returns of securities denominated in foreign currencies. The obligations of foreign governmental entities, including supranational issuers, have various kinds of government support. Obligations of foreign governmental entities include obligations issued or guaranteed by national, provincial, state or other governments with taxing power or by their agencies. These obligations may or may not be supported by the full faith and credit of a foreign government. The Fund may invest in credit default swap agreements. The Fund may enter into credit default swap agreements either as a buyer or a seller. The Fund may buy a credit default swap to attempt to mitigate the risk of default or credit quality deterioration in one or more individual holdings or in a segment of the fixed income securities market. The Fund may sell a credit default swap in an attempt to gain exposure to an underlying issuer’s credit quality characteristics without investing directly in that issuer. The “buyer” in a credit default swap is obligated to pay the “seller” an upfront payment or a periodic stream of payments over the term of the agreement, provided that no credit event on an underlying reference obligation has occurred. If a credit event occurs, the seller must pay the buyer the full notional value, or “par value,” of the reference obligation in exchange for the reference obligation. As a result of counterparty risk, certain credit default swap agreements may involve greater risks than if the Fund had invested in the reference obligation directly. There is no limit on the Fund’s ability to enter into credit default swap agreements.
Risk Factors [Table Text Block]														Risk Factors This section contains a discussion of the general risks of investing in the Fund. The net asset value and market price of, and dividends paid on, the Fund’s common shares of beneficial interest (the “Shares”) will fluctuate with and be affected by, among other things, the risks more fully described below. As with any fund, there can be no guarantee that the Fund will meet its investment objective or that the Fund’s performance will be positive for any period of time. Investment and Market Risk. An investment in the Shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in Shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably, and these fluctuations are likely to have a greater impact on the value of the Shares during periods in which the Fund utilizes a leveraged capital structure. The value of the securities in which the Fund invests will affect the value of the Shares. Your Shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions. Lower-Rated Securities Risk. At any time, all or substantially all of the Fund’s portfolio may be invested in medium-grade or below investment grade fixed income securities (commonly referred to as “junk bonds”) as determined by a nationally recognized rating service and in unrated securities of comparable quality. Lower-rated securities are regarded as being predominantly speculative as to the issuer’s ability to make payments of principal and interest. Investment in such securities involves substantial risk. Issuers of lower-rated securities may be highly leveraged and may not have available to them more traditional methods of financing. Therefore,   the risks associated with acquiring the securities of such issuers generally are greater than is the case with higher-rated securities. For example, during an economic downturn or a sustained period of rising interest rates, issuers of lower-rated securities may be more likely to experience financial stress, especially if such issuers are highly leveraged. During periods of economic downturn, such issuers may not have sufficient revenues to meet their interest payment obligations. The issuer’s ability to service its debt obligations also may be adversely affected by specific issuer developments, the issuer’s inability to meet specific projected business forecasts or the unavailability of additional financing. The risk of loss due to default by the issuer is significantly greater for the holders of lower-rated securities because such securities may be unsecured and may be subordinate to other creditors of the issuer. Credit Risk. Credit risk is the risk that one or more of the Fund’s investments in debt securities or other instruments will decline in price, or fail to pay interest, liquidation value or principal when due, because the issuer of the obligation or the issuer of a reference security experiences an actual or perceived decline in its financial status. In addition to the credit risks associated with high yield securities, the Fund could also lose money if the issuer of other debt obligations, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or other obligation, is, or is perceived to be, unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The downgrade of a security may further decrease its value. Interest Rate Risk. Generally, when market interest rates rise, the prices of debt obligations fall, and vice versa. Interest rate risk is the risk that debt obligations and other instruments in the Fund’s portfolio will decline in value because of increases in market interest rates. The Fund may be subject to a greater risk of rising interest rates due to the recent period of historically low rates. The prices of long-term debt obligations generally fluctuate more than prices of short-term debt obligations as interest rates change. During periods of rising interest rates, the average life of certain types of securities may be extended due to slower than expected payments. This may lock in a below market yield, increase the security’s duration and reduce the security’s value. The Fund’s use of leverage will tend to increase interest rate risk. Investments in floating rate debt instruments, although generally less sensitive to interest rate changes than longer duration fixed rate instruments, may nevertheless decline in value in response to rising interest rates if, for example, the rates at which they pay interest do not rise as much, or as quickly, as market interest rates in general. Conversely, floating rate instruments will not generally increase in value if interest rates decline. Inverse floating rate debt securities also may exhibit greater price volatility than a fixed rate debt obligation with similar credit quality. To the extent the Fund holds floating rate instruments, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund’s common shares. Leverage Risk . The Fund currently leverages through borrowings from a credit facility. The use of leverage, which can be described as exposure to changes in price at a ratio greater than the amount of equity invested, through borrowings or other forms of market exposure, magnifies both the favorable and unfavorable effects of price movements in the investments made by the Fund. Insofar as the Fund continues to employ leverage in its investment operations, the Fund will be subject to greater risk of loss than if it had not employed leverage. Therefore, if the market value of the Fund’s investment portfolio declines, any leverage will result in a greater decrease in net asset value to common shareholders than if the Fund were not leveraged. Such greater net asset value decrease will also tend to cause a greater decline in the market price for the common shares.   The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the 1940 Act and the rules thereunder. Further, if at any time while the Fund has leverage outstanding it does not meet applicable asset coverage requirements, it may be required to suspend distributions to common shareholders until the requisite asset coverage is restored. Any such suspension might impair the ability of the Fund to meet the regulated investment company distribution requirements and to avoid Fund-level U.S. federal income and/or excise taxes. Under Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. Corporate Debt Risk. The Fund may invest in debt securities of non-governmental issuers. Like all debt securities, corporate debt securities generally represent an issuer’s obligation to repay to the investor (or lender) the amount borrowed plus interest over a specified time period. A typical corporate bond specifies a fixed date when the amount borrowed (principal) is due in full, known as the maturity date, and specifies dates when periodic interest (coupon) payments will be made over the life of the security. Prices of corporate debt securities fluctuate and, in particular, are subject to several key risks including, but not limited to, interest rate risk, credit risk and prepayment risk. The market value of a corporate bond may be affected by the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the market place. There is a risk that the issuers of the corporate debt securities in which the Fund may invest may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. Foreign Securities Risk. Investing in securities of foreign entities and securities denominated in foreign currencies involves certain risks not involved in domestic investments, including, but not limited to, fluctuations in foreign exchange rates, future foreign political and economic developments, different legal and accounting systems and the possible imposition of exchange controls or other foreign governmental laws or restrictions. Securities prices in different countries are subject to different economic, financial, political and social factors. Since the Fund may invest in securities denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect the value of securities in the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the value of securities denominated in such currencies. The Fund may, but is not obligated to, engage in certain transactions to hedge the currency-related risks of investing in non-U.S. dollar denominated securities. In addition, with respect to certain foreign countries, there is the possibility of expropriation of assets, confiscatory taxation, difficulty in obtaining or enforcing a court judgment, economic, political or social instability or diplomatic developments that could affect investments in those countries. Moreover, individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, capital reinvestment, resources, self-sufficiency and balance of payments position. Certain foreign investments also may be subject to foreign withholding taxes. These risks often are heightened for investments in smaller, emerging capital markets. Emerging Market Securities Risk. Investing in the securities of issuers located in emerging markets involves special considerations not typically associated with investing in the securities of U.S. issuers and other developed market issuers, including heightened risks of expropriation and/or nationalization, armed conflict, confiscatory taxation, restrictions on transfers of assets and market illiquidity, lack of uniform accounting and auditing standards, differences in regulatory and financial recordkeeping standards, difficulties in dividend withholding reclaims procedures, less publicly available financial and other information and potential difficulties in enforcing contractual obligations. The economies of individual emerging market countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, currency depreciation, capital reinvestment, resource self-sufficiency and balance of payments position. Governments of many developing and emerging market countries have exercised and continue to exercise substantial influence over many aspects of the private sector. In some cases, the government owns or controls many companies, including some of the largest in the country. Accordingly, government actions could have a significant effect on economic conditions in an emerging market country and on market conditions, prices and yields of securities in the Fund’s portfolio. Moreover, the economies of emerging market countries generally are heavily dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. Illiquid Securities Risk. The Fund may invest in securities for which no readily available market exists or are otherwise considered illiquid. The Fund may not be able readily to dispose of such securities at prices that approximate those at which the Fund could sell such securities if they were more widely traded and, as result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil. There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by the Fund. Regulatory changes have led to reduced liquidity in the marketplace, and the capacity of dealers to make markets in fixed income securities has been outpaced by the growth in the size of the fixed income markets. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed income funds may be higher than normal, due to the increased supply in the market that would result from selling activity. Illiquid securities generally trade at a discount. Prepayment Risk. If interest rates fall, the principal on bonds and loans held by the Fund may be paid earlier than expected. If this happens, the proceeds from a prepaid security may be reinvested by the Fund in securities bearing lower interest rates, resulting in a possible decline in the Fund’s income and distributions to shareholders. Preferred Stock Risk. Preferred stocks are unique securities that combine some of the characteristics of both common stocks and bonds. Preferred stocks generally pay a fixed rate of return and are sold on the basis of current yield, like bonds. However, because they are equity securities, preferred stocks provide equity ownership of a company, and the income is paid in the form of dividends. Preferred stocks typically have a yield advantage over common stocks as well as comparably-rated fixed income investments. Preferred stocks are typically subordinated to bonds and other debt instruments in a company’s capital structure, in terms of priority to corporate income, and therefore will be subject to greater credit risk than those debt instruments. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions. Mortgage-Backed Securities Risk. The Fund may invest a substantial portion of its total assets in mortgage-backed securities. The value of mortgage-backed securities is subject to change due to shifts in the market’s perception of issuers, and regulatory or tax changes may adversely affect the mortgage securities market as a whole. Foreclosures and prepayments, which occur when unscheduled or early payments are made on the underlying mortgages, may shorten the effective maturities on these securities. The Fund’s yield may be affected by reinvestment of prepayments at higher or lower rates than the original investment. Prepayments tend to increase due to refinancing of mortgages as interest rates decline. In addition, like other debt securities, the values of mortgage-backed securities will generally fluctuate in response to changes in interest rates Senior Loans Risk. The Fund’s investments in Senior Loans are expected to typically be below investment grade. These investments are considered speculative because of the credit risk of their issuers. Such companies are more likely to default on their payments of interest and principal owed to the Fund, and such defaults could reduce the Fund’s net asset value and income distributions. An economic downturn generally leads to a higher non-payment rate, and a debt obligation may lose significant value before a default occurs. Moreover, any specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan’s value. Like other debt instruments, Senior Loans are subject to the risk of non-payment of scheduled interest or principal. Such non-payment would result in a reduction of income to the Fund, a reduction in the value of the investment and a potential decrease in the net asset value per share of the Fund. There can be no assurance that the liquidation of any collateral securing a loan would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated. This is particularly the case where a senior loan is not backed by collateral or sufficient collateral at the time such senior loan is issued. In the event of bankruptcy of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a senior loan. The collateral securing a senior loan may lose all or substantially all of its value in the event of bankruptcy of a borrower. Some Senior Loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate such Senior Loans to presently existing or future indebtedness of the borrower or take other action detrimental to the holders of Senior Loans including, in certain circumstances, invalidating such Senior Loans or causing interest previously paid to be refunded to the borrower. If interest were required to be refunded, it could negatively affect the Fund’s performance. Transactions in Senior Loans may settle on a delayed basis, resulting in the proceeds from the sale of Senior Loans not being readily available to make additional investments or to meet the Fund’s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders. Second Lien and Other Secured Loans Risk . Second Lien Loans and other secured Loans are subject to the same risks associated with investment in Senior Loans and bonds rated below investment grade. However, because Second Lien Loans are second in right of payment to one or more Senior Loans of the related borrower, and other secured Loans rank lower in right of payment to Second Lien Loans, they are subject to the additional risk that the cash flow of the borrower and any property securing the Loan may be insufficient to meet scheduled payments after giving effect to the more senior secured obligations of the borrower. This risk is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest in any specific collateral. Second Lien Loans and other secured Loans are also expected to have greater price volatility than Senior Loans and may be less liquid. There is also a possibility that originators will not be able to sell participations in Second Lien Loans and other secured Loans, which would create greater credit risk exposure. Conflict of Interest Risk. Affiliates of UBS AM may act as underwriter, lead agent or administrative agent for loans and participate in the secondary market for loans. Because of limitations imposed by applicable law, the presence of Credit Suisse’s affiliates in the primary and secondary markets for loans may restrict the fund’s ability to acquire some loans or affect the timing or price of such acquisitions.     Derivatives Risk. The Fund may invest in derivatives, such as credit default swap agreements and interest rate futures and related options. The primary risk of derivatives is the same as the risk of the underlying asset, namely that the value of the underlying asset may increase or decrease. Adverse movements in the value of the underlying asset can expose the Fund to losses. In addition, risks in the use of derivatives include:     •   an imperfect correlation between the price of derivatives and the movement of the securities prices, interest rates or currency exchange rates being hedged or replicated;     •   the possible absence of a liquid secondary market for any particular derivative at any time;     •   the potential loss if the counterparty to the transaction does not perform as promised;     •   the possible need to defer closing out certain positions to avoid adverse tax consequences, as well as the possibility that derivative transactions may result in acceleration of gain, deferral of losses or a change in the character of gain realized;     •   the risk that the financial intermediary “manufacturing” the over-the-counter derivative, being the most active market maker and offering the best price for repurchase, will not continue to create a credible market in the derivative;     •   because certain derivatives are “manufactured” by financial institutions, the risk that the Fund may develop a substantial exposure to financial institution counterparties; and     •   the risk that a full and complete appreciation of the complexity of derivatives and how future value is affected by various factors including changing interest rates, exchange rates and credit quality is not attained. There is no guarantee that derivatives will provide successful results and any success in their use depends on a variety of factors including the ability of UBS AM to predict correctly the direction of interest rates, securities prices, currency exchange rates and other factors. Credit Default Swap Risk. Credit default swap contracts, a type of derivative instrument, involve special risks and may result in losses to the Fund. Credit default swaps may in some cases be illiquid, and they increase credit risk since the Fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap. Swaps may be difficult to unwind or terminate. The swap market could be disrupted or limited as a result of recent legislation, and these changes could adversely affect the Fund. Counterparty Risk. The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts purchased or sold by the Fund. Recently, several broker-dealers and other financial institutions have experienced extreme financial difficulty, sometimes resulting in bankruptcy of the institution. Although the Investment Adviser monitors the creditworthiness of the Fund’s counterparties, there can be no assurance that the Fund’s counterparties will not experience similar difficulties, possibly resulting in losses to the Fund. If a counterparty becomes bankrupt, or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances. Valuation Risk. Unlike publicly traded common stock which trades on national exchanges, there is no central place or exchange for bond trading. Bonds generally trade on an “over-the-counter” market which may be anywhere in the world where buyer and seller can settle on a price. Due to the lack of centralized information and trading, the valuation of bonds may carry more risk than that of common stock. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. As a result, the Fund may be subject to the risk that when a security is sold in the market, the amount received by the Fund is less than the value of such security carried on the Fund’s books. Market Price, Discount and Net Asset Value of Shares. As with any stock, the price of the Fund’s Shares fluctuates with market conditions and other factors. Shares of the Fund, a closed-end investment company, may trade in the market at a discount from their net asset value. Potential Yield Reduction. An offering of Shares is expected to present the opportunity to invest in high yielding securities. This expectation is based on the current market environment for high yield debt securities, which could change in response to interest rate levels, general economic conditions, specific industry conditions and other factors. If the market environment for high yield debt securities changes in a manner that adversely affects the yield of such securities, the offering of Shares could cause the Fund to invest in securities that are lower yielding than those in which it is currently invested. In addition, even if the market for high yield debt securities continues to present attractive investment opportunities, there is no assurance that the Fund will be able to invest the proceeds of an offering of Shares in high yielding securities or that other potential benefits of the offering will be realized. An offering of Shares could reduce the Fund’s current dividend yield if the Fund is unable to invest the proceeds of the offering in securities that provide a yield at least equal to the current dividend yield. Market Risk . The market value of an instrument may fluctuate, sometimes rapidly and unpredictably. These fluctuations, which are often referred to as “volatility,” may cause an instrument to be worth less than it was worth at an earlier time. Market risk may affect a single issuer, industry, commodity, sector of the economy, or the market as a whole. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on a fund and its investments. Market risk is common to most investments — including stocks, bonds and commodities — and the mutual funds that invest in them. The performance of “value” stocks and “growth” stocks may rise or decline under varying market conditions — for example, value stocks may perform well under circumstances in which growth stocks in general have fallen. Bonds and other fixed income securities generally involve less market risk than stocks and commodities. However, the risk of bonds can vary significantly depending upon factors such as the issuer’s creditworthiness and a bond’s maturity. The bonds of some companies may be riskier than the stocks of others. An outbreak of coronavirus (COVID-19) that was first detected in China in December 2019 developed into a global pandemic that has resulted in numerous disruptions in the market and has had significant economic impact leaving general concern and uncertainty. The COVID-19 pandemic has affected, and other pandemics and epidemics that may arise in the future, could affect, the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. In addition, the effect of infectious diseases in developing or emerging market countries may be greater due to less established health care systems. Health crises caused by the COVID-19 pandemic may exacerbate other pre-existing political, social and economic risks in certain countries. As a result, the extent to which the pandemic may negatively affect a fund’s performance or the duration of any potential business disruption is uncertain. Anti-Takeover Provisions. The Charter and By-laws contain provisions limiting the ability of other entities or persons to acquire control of the Fund. These provisions may be regarded as “anti-takeover” provisions. These   provisions could have the effect of depriving the shareholders of opportunities to sell their Shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund in a tender offer or similar transaction.
Share Price [Table Text Block]														Trading and Net Asset Value Information The following table shows for the quarters indicated: (1) the high and low sale prices of the Fund’ shares of common stock (“Common Shares”) at the close of trading on the NYSE American; (2) the high and low NAV per Common Share; and (3) the high and low premium/(discount) to NAV at which the Fund’s Common Shares were trading at the close of trading (as a percentage of NAV).        Price      Net Asset Value       Premium/(Discount) To Net Asset Value    Fiscal Quarter Ended    High      Low      High      Low      High     Low   March 31, 2022    $ 3.50      $ 2.94      $ 3.43      $ 3.18        2.04 %      (8.41 )%  June 30, 2022    $ 3.07      $ 2.59      $ 3.24      $ 2.79        (2.15 )%      (9.44 )%  September 30, 2022    $ 3.00      $ 2.65      $ 3.01      $ 2.69        3.15 %      (4.48 )%  December 31, 2022    $ 2.80      $ 2.41      $ 2.81      $ 2.67        1.82 %      (10.41 )%  March 31, 2023    $ 2.80      $ 2.46      $ 2.90      $ 2.73        0.00 %      (10.55 )%  June 30, 2023    $ 3.05      $ 2.57      $ 2.85      $ 2.79        8.16 %      (8.87 )%  September 30, 2023    $ 3.05      $ 2.59      $ 2.89      $ 2.82        6.27 %      (8.48 )%  December 31, 2023    $ 3.13      $ 2.51      $ 2.96      $ 2.75        5.74 %      (8.73 )%  March 31, 2024    $ 3.09      $ 2.95      $ 2.98      $ 2.93        4.07 %      (1.01 )%  June 30, 2024    $ 3.09      $ 2.84      $ 2.98      $ 2.91        4.04 %      (3.14 )%  September 30, 2024    $ 3.12      $ 2.90      $ 3.03      $ 2.96        3.65 %      (2.03 )%  December 31, 2024    $ 3.09      $ 2.85      $ 3.03      $ 2.96        2.49 %      (3.72 )%  On December 31, 2024, the per Common Share NAV was $2.97 and the per Common Share market price was $2.89, representing a 2.69% discount to such NAV.
Investment and Market Risk [Member]
General Description of Registrant [Abstract]
Risk [Text Block]														Investment and Market Risk. An investment in the Shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in Shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably, and these fluctuations are likely to have a greater impact on the value of the Shares during periods in which the Fund utilizes a leveraged capital structure. The value of the securities in which the Fund invests will affect the value of the Shares. Your Shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
Lower Rated Securities Risk [Member]
General Description of Registrant [Abstract]
Risk [Text Block]														Lower-Rated Securities Risk. At any time, all or substantially all of the Fund’s portfolio may be invested in medium-grade or below investment grade fixed income securities (commonly referred to as “junk bonds”) as determined by a nationally recognized rating service and in unrated securities of comparable quality. Lower-rated securities are regarded as being predominantly speculative as to the issuer’s ability to make payments of principal and interest. Investment in such securities involves substantial risk. Issuers of lower-rated securities may be highly leveraged and may not have available to them more traditional methods of financing. Therefore,   the risks associated with acquiring the securities of such issuers generally are greater than is the case with higher-rated securities. For example, during an economic downturn or a sustained period of rising interest rates, issuers of lower-rated securities may be more likely to experience financial stress, especially if such issuers are highly leveraged. During periods of economic downturn, such issuers may not have sufficient revenues to meet their interest payment obligations. The issuer’s ability to service its debt obligations also may be adversely affected by specific issuer developments, the issuer’s inability to meet specific projected business forecasts or the unavailability of additional financing. The risk of loss due to default by the issuer is significantly greater for the holders of lower-rated securities because such securities may be unsecured and may be subordinate to other creditors of the issuer.
Credit Risks [Member]
General Description of Registrant [Abstract]
Risk [Text Block]														Credit Risk. Credit risk is the risk that one or more of the Fund’s investments in debt securities or other instruments will decline in price, or fail to pay interest, liquidation value or principal when due, because the issuer of the obligation or the issuer of a reference security experiences an actual or perceived decline in its financial status. In addition to the credit risks associated with high yield securities, the Fund could also lose money if the issuer of other debt obligations, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or other obligation, is, or is perceived to be, unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The downgrade of a security may further decrease its value.
Leverage Risk [Member]
General Description of Registrant [Abstract]
Risk [Text Block]														Leverage Risk . The Fund currently leverages through borrowings from a credit facility. The use of leverage, which can be described as exposure to changes in price at a ratio greater than the amount of equity invested, through borrowings or other forms of market exposure, magnifies both the favorable and unfavorable effects of price movements in the investments made by the Fund. Insofar as the Fund continues to employ leverage in its investment operations, the Fund will be subject to greater risk of loss than if it had not employed leverage. Therefore, if the market value of the Fund’s investment portfolio declines, any leverage will result in a greater decrease in net asset value to common shareholders than if the Fund were not leveraged. Such greater net asset value decrease will also tend to cause a greater decline in the market price for the common shares.   The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the 1940 Act and the rules thereunder. Further, if at any time while the Fund has leverage outstanding it does not meet applicable asset coverage requirements, it may be required to suspend distributions to common shareholders until the requisite asset coverage is restored. Any such suspension might impair the ability of the Fund to meet the regulated investment company distribution requirements and to avoid Fund-level U.S. federal income and/or excise taxes. Under Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk.
Corporate Debt Risk [Member]
General Description of Registrant [Abstract]
Risk [Text Block]														Corporate Debt Risk. The Fund may invest in debt securities of non-governmental issuers. Like all debt securities, corporate debt securities generally represent an issuer’s obligation to repay to the investor (or lender) the amount borrowed plus interest over a specified time period. A typical corporate bond specifies a fixed date when the amount borrowed (principal) is due in full, known as the maturity date, and specifies dates when periodic interest (coupon) payments will be made over the life of the security. Prices of corporate debt securities fluctuate and, in particular, are subject to several key risks including, but not limited to, interest rate risk, credit risk and prepayment risk. The market value of a corporate bond may be affected by the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the market place. There is a risk that the issuers of the corporate debt securities in which the Fund may invest may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.
Foreign Securities Risk [Member]
General Description of Registrant [Abstract]
Risk [Text Block]														Foreign Securities Risk. Investing in securities of foreign entities and securities denominated in foreign currencies involves certain risks not involved in domestic investments, including, but not limited to, fluctuations in foreign exchange rates, future foreign political and economic developments, different legal and accounting systems and the possible imposition of exchange controls or other foreign governmental laws or restrictions. Securities prices in different countries are subject to different economic, financial, political and social factors. Since the Fund may invest in securities denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect the value of securities in the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the value of securities denominated in such currencies. The Fund may, but is not obligated to, engage in certain transactions to hedge the currency-related risks of investing in non-U.S. dollar denominated securities. In addition, with respect to certain foreign countries, there is the possibility of expropriation of assets, confiscatory taxation, difficulty in obtaining or enforcing a court judgment, economic, political or social instability or diplomatic developments that could affect investments in those countries. Moreover, individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, capital reinvestment, resources, self-sufficiency and balance of payments position. Certain foreign investments also may be subject to foreign withholding taxes. These risks often are heightened for investments in smaller, emerging capital markets.
Emerging Market Securities Risk [Member]
General Description of Registrant [Abstract]
Risk [Text Block]														Emerging Market Securities Risk. Investing in the securities of issuers located in emerging markets involves special considerations not typically associated with investing in the securities of U.S. issuers and other developed market issuers, including heightened risks of expropriation and/or nationalization, armed conflict, confiscatory taxation, restrictions on transfers of assets and market illiquidity, lack of uniform accounting and auditing standards, differences in regulatory and financial recordkeeping standards, difficulties in dividend withholding reclaims procedures, less publicly available financial and other information and potential difficulties in enforcing contractual obligations. The economies of individual emerging market countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, currency depreciation, capital reinvestment, resource self-sufficiency and balance of payments position. Governments of many developing and emerging market countries have exercised and continue to exercise substantial influence over many aspects of the private sector. In some cases, the government owns or controls many companies, including some of the largest in the country. Accordingly, government actions could have a significant effect on economic conditions in an emerging market country and on market conditions, prices and yields of securities in the Fund’s portfolio. Moreover, the economies of emerging market countries generally are heavily dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade.
Illiquid Securities Risk [Member]
General Description of Registrant [Abstract]
Risk [Text Block]														Illiquid Securities Risk. The Fund may invest in securities for which no readily available market exists or are otherwise considered illiquid. The Fund may not be able readily to dispose of such securities at prices that approximate those at which the Fund could sell such securities if they were more widely traded and, as result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil. There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by the Fund. Regulatory changes have led to reduced liquidity in the marketplace, and the capacity of dealers to make markets in fixed income securities has been outpaced by the growth in the size of the fixed income markets. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed income funds may be higher than normal, due to the increased supply in the market that would result from selling activity. Illiquid securities generally trade at a discount.
Prepayment Risks [Member]
General Description of Registrant [Abstract]
Risk [Text Block]														Prepayment Risk. If interest rates fall, the principal on bonds and loans held by the Fund may be paid earlier than expected. If this happens, the proceeds from a prepaid security may be reinvested by the Fund in securities bearing lower interest rates, resulting in a possible decline in the Fund’s income and distributions to shareholders.
Mortgage Backed Securities Risk [Member]
General Description of Registrant [Abstract]
Risk [Text Block]														Mortgage-Backed Securities Risk. The Fund may invest a substantial portion of its total assets in mortgage-backed securities. The value of mortgage-backed securities is subject to change due to shifts in the market’s perception of issuers, and regulatory or tax changes may adversely affect the mortgage securities market as a whole. Foreclosures and prepayments, which occur when unscheduled or early payments are made on the underlying mortgages, may shorten the effective maturities on these securities. The Fund’s yield may be affected by reinvestment of prepayments at higher or lower rates than the original investment. Prepayments tend to increase due to refinancing of mortgages as interest rates decline. In addition, like other debt securities, the values of mortgage-backed securities will generally fluctuate in response to changes in interest rates
Senior Loans Risk [Member]
General Description of Registrant [Abstract]
Risk [Text Block]														Senior Loans Risk. The Fund’s investments in Senior Loans are expected to typically be below investment grade. These investments are considered speculative because of the credit risk of their issuers. Such companies are more likely to default on their payments of interest and principal owed to the Fund, and such defaults could reduce the Fund’s net asset value and income distributions. An economic downturn generally leads to a higher non-payment rate, and a debt obligation may lose significant value before a default occurs. Moreover, any specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan’s value. Like other debt instruments, Senior Loans are subject to the risk of non-payment of scheduled interest or principal. Such non-payment would result in a reduction of income to the Fund, a reduction in the value of the investment and a potential decrease in the net asset value per share of the Fund. There can be no assurance that the liquidation of any collateral securing a loan would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated. This is particularly the case where a senior loan is not backed by collateral or sufficient collateral at the time such senior loan is issued. In the event of bankruptcy of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a senior loan. The collateral securing a senior loan may lose all or substantially all of its value in the event of bankruptcy of a borrower. Some Senior Loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate such Senior Loans to presently existing or future indebtedness of the borrower or take other action detrimental to the holders of Senior Loans including, in certain circumstances, invalidating such Senior Loans or causing interest previously paid to be refunded to the borrower. If interest were required to be refunded, it could negatively affect the Fund’s performance. Transactions in Senior Loans may settle on a delayed basis, resulting in the proceeds from the sale of Senior Loans not being readily available to make additional investments or to meet the Fund’s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders.
Second Lien and Other Secured Loans Risk [Member]
General Description of Registrant [Abstract]
Risk [Text Block]														Second Lien and Other Secured Loans Risk . Second Lien Loans and other secured Loans are subject to the same risks associated with investment in Senior Loans and bonds rated below investment grade. However, because Second Lien Loans are second in right of payment to one or more Senior Loans of the related borrower, and other secured Loans rank lower in right of payment to Second Lien Loans, they are subject to the additional risk that the cash flow of the borrower and any property securing the Loan may be insufficient to meet scheduled payments after giving effect to the more senior secured obligations of the borrower. This risk is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest in any specific collateral. Second Lien Loans and other secured Loans are also expected to have greater price volatility than Senior Loans and may be less liquid. There is also a possibility that originators will not be able to sell participations in Second Lien Loans and other secured Loans, which would create greater credit risk exposure.
Conflict of Interest Risk [Member]
General Description of Registrant [Abstract]
Risk [Text Block]														Conflict of Interest Risk. Affiliates of UBS AM may act as underwriter, lead agent or administrative agent for loans and participate in the secondary market for loans. Because of limitations imposed by applicable law, the presence of Credit Suisse’s affiliates in the primary and secondary markets for loans may restrict the fund’s ability to acquire some loans or affect the timing or price of such acquisitions.
Derivatives Risk [Member]
General Description of Registrant [Abstract]
Risk [Text Block]														Derivatives Risk. The Fund may invest in derivatives, such as credit default swap agreements and interest rate futures and related options. The primary risk of derivatives is the same as the risk of the underlying asset, namely that the value of the underlying asset may increase or decrease. Adverse movements in the value of the underlying asset can expose the Fund to losses. In addition, risks in the use of derivatives include:     •   an imperfect correlation between the price of derivatives and the movement of the securities prices, interest rates or currency exchange rates being hedged or replicated;     •   the possible absence of a liquid secondary market for any particular derivative at any time;     •   the potential loss if the counterparty to the transaction does not perform as promised;     •   the possible need to defer closing out certain positions to avoid adverse tax consequences, as well as the possibility that derivative transactions may result in acceleration of gain, deferral of losses or a change in the character of gain realized;     •   the risk that the financial intermediary “manufacturing” the over-the-counter derivative, being the most active market maker and offering the best price for repurchase, will not continue to create a credible market in the derivative;     •   because certain derivatives are “manufactured” by financial institutions, the risk that the Fund may develop a substantial exposure to financial institution counterparties; and     •   the risk that a full and complete appreciation of the complexity of derivatives and how future value is affected by various factors including changing interest rates, exchange rates and credit quality is not attained. There is no guarantee that derivatives will provide successful results and any success in their use depends on a variety of factors including the ability of UBS AM to predict correctly the direction of interest rates, securities prices, currency exchange rates and other factors.
Credit Default Swap Risk [Member]
General Description of Registrant [Abstract]
Risk [Text Block]														Credit Default Swap Risk. Credit default swap contracts, a type of derivative instrument, involve special risks and may result in losses to the Fund. Credit default swaps may in some cases be illiquid, and they increase credit risk since the Fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap. Swaps may be difficult to unwind or terminate. The swap market could be disrupted or limited as a result of recent legislation, and these changes could adversely affect the Fund.
Counterparty Risk [Member]
General Description of Registrant [Abstract]
Risk [Text Block]														Counterparty Risk. The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts purchased or sold by the Fund. Recently, several broker-dealers and other financial institutions have experienced extreme financial difficulty, sometimes resulting in bankruptcy of the institution. Although the Investment Adviser monitors the creditworthiness of the Fund’s counterparties, there can be no assurance that the Fund’s counterparties will not experience similar difficulties, possibly resulting in losses to the Fund. If a counterparty becomes bankrupt, or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.
Valuation Risk [Member]
General Description of Registrant [Abstract]
Risk [Text Block]														Valuation Risk. Unlike publicly traded common stock which trades on national exchanges, there is no central place or exchange for bond trading. Bonds generally trade on an “over-the-counter” market which may be anywhere in the world where buyer and seller can settle on a price. Due to the lack of centralized information and trading, the valuation of bonds may carry more risk than that of common stock. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. As a result, the Fund may be subject to the risk that when a security is sold in the market, the amount received by the Fund is less than the value of such security carried on the Fund’s books.
Market Price Discount and Net Asset Value of Shares [Member]
General Description of Registrant [Abstract]
Risk [Text Block]														Market Price, Discount and Net Asset Value of Shares. As with any stock, the price of the Fund’s Shares fluctuates with market conditions and other factors. Shares of the Fund, a closed-end investment company, may trade in the market at a discount from their net asset value.
Market Risk [Member]
General Description of Registrant [Abstract]
Risk [Text Block]														Market Risk . The market value of an instrument may fluctuate, sometimes rapidly and unpredictably. These fluctuations, which are often referred to as “volatility,” may cause an instrument to be worth less than it was worth at an earlier time. Market risk may affect a single issuer, industry, commodity, sector of the economy, or the market as a whole. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on a fund and its investments. Market risk is common to most investments — including stocks, bonds and commodities — and the mutual funds that invest in them. The performance of “value” stocks and “growth” stocks may rise or decline under varying market conditions — for example, value stocks may perform well under circumstances in which growth stocks in general have fallen. Bonds and other fixed income securities generally involve less market risk than stocks and commodities. However, the risk of bonds can vary significantly depending upon factors such as the issuer’s creditworthiness and a bond’s maturity. The bonds of some companies may be riskier than the stocks of others. An outbreak of coronavirus (COVID-19) that was first detected in China in December 2019 developed into a global pandemic that has resulted in numerous disruptions in the market and has had significant economic impact leaving general concern and uncertainty. The COVID-19 pandemic has affected, and other pandemics and epidemics that may arise in the future, could affect, the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. In addition, the effect of infectious diseases in developing or emerging market countries may be greater due to less established health care systems. Health crises caused by the COVID-19 pandemic may exacerbate other pre-existing political, social and economic risks in certain countries. As a result, the extent to which the pandemic may negatively affect a fund’s performance or the duration of any potential business disruption is uncertain.
Anti Takeover Provisions [Member]
General Description of Registrant [Abstract]
Risk [Text Block]														Anti-Takeover Provisions. The Charter and By-laws contain provisions limiting the ability of other entities or persons to acquire control of the Fund. These provisions may be regarded as “anti-takeover” provisions. These   provisions could have the effect of depriving the shareholders of opportunities to sell their Shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund in a tender offer or similar transaction.
Potential Yield Reduction [Member]
General Description of Registrant [Abstract]
Risk [Text Block]														Potential Yield Reduction. An offering of Shares is expected to present the opportunity to invest in high yielding securities. This expectation is based on the current market environment for high yield debt securities, which could change in response to interest rate levels, general economic conditions, specific industry conditions and other factors. If the market environment for high yield debt securities changes in a manner that adversely affects the yield of such securities, the offering of Shares could cause the Fund to invest in securities that are lower yielding than those in which it is currently invested. In addition, even if the market for high yield debt securities continues to present attractive investment opportunities, there is no assurance that the Fund will be able to invest the proceeds of an offering of Shares in high yielding securities or that other potential benefits of the offering will be realized. An offering of Shares could reduce the Fund’s current dividend yield if the Fund is unable to invest the proceeds of the offering in securities that provide a yield at least equal to the current dividend yield.
Preferred Stock Risk [Member]
General Description of Registrant [Abstract]
Risk [Text Block]														Preferred Stock Risk. Preferred stocks are unique securities that combine some of the characteristics of both common stocks and bonds. Preferred stocks generally pay a fixed rate of return and are sold on the basis of current yield, like bonds. However, because they are equity securities, preferred stocks provide equity ownership of a company, and the income is paid in the form of dividends. Preferred stocks typically have a yield advantage over common stocks as well as comparably-rated fixed income investments. Preferred stocks are typically subordinated to bonds and other debt instruments in a company’s capital structure, in terms of priority to corporate income, and therefore will be subject to greater credit risk than those debt instruments. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.
Interest Rate Risk [Member]
General Description of Registrant [Abstract]
Risk [Text Block]														Interest Rate Risk. Generally, when market interest rates rise, the prices of debt obligations fall, and vice versa. Interest rate risk is the risk that debt obligations and other instruments in the Fund’s portfolio will decline in value because of increases in market interest rates. The Fund may be subject to a greater risk of rising interest rates due to the recent period of historically low rates. The prices of long-term debt obligations generally fluctuate more than prices of short-term debt obligations as interest rates change. During periods of rising interest rates, the average life of certain types of securities may be extended due to slower than expected payments. This may lock in a below market yield, increase the security’s duration and reduce the security’s value. The Fund’s use of leverage will tend to increase interest rate risk. Investments in floating rate debt instruments, although generally less sensitive to interest rate changes than longer duration fixed rate instruments, may nevertheless decline in value in response to rising interest rates if, for example, the rates at which they pay interest do not rise as much, or as quickly, as market interest rates in general. Conversely, floating rate instruments will not generally increase in value if interest rates decline. Inverse floating rate debt securities also may exhibit greater price volatility than a fixed rate debt obligation with similar credit quality. To the extent the Fund holds floating rate instruments, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund’s common shares.
Common Shares [Member]
Other Annual Expenses [Abstract]
Basis of Transaction Fees, Note [Text Block]														as a percentage of average net assets attributable to the Fund’s Common Shares
General Description of Registrant [Abstract]
Lowest Price or Bid		2.85	$ 2.9	$ 2.84	$ 2.95	2.51	$ 2.59	$ 2.57	$ 2.46	2.41	$ 2.65	$ 2.59	$ 2.94
Highest Price or Bid		3.09	3.12	3.09	3.09	3.13	3.05	3.05	2.8	2.8	3	3.07	3.5
Lowest Price or Bid, NAV		2.96	2.96	2.91	2.93	2.75	2.82	2.79	2.73	2.67	2.69	2.79	3.18
Highest Price or Bid, NAV		$ 3.03	$ 3.03	$ 2.98	$ 2.98	$ 2.96	$ 2.89	$ 2.85	$ 2.9	$ 2.81	$ 3.01	$ 3.24	$ 3.43
Highest Price or Bid, Premium (Discount) to NAV [Percent]		2.49%	3.65%	4.04%	4.07%	5.74%	6.27%	8.16%	0.00%	1.82%	3.15%	(2.15%)	2.04%
Lowest Price or Bid, Premium (Discount) to NAV [Percent]		(3.72%)	(2.03%)	(3.14%)	(1.01%)	(8.73%)	(8.48%)	(8.87%)	(10.55%)	(10.41%)	(4.48%)	(9.44%)	(8.41%)
Share Price		$ 2.89												$ 2.89
NAV Per Share		$ 2.97												$ 2.97
Latest Premium (Discount) to NAV [Percent]														2.69%
[1] Represents the estimated commission with respect to the Fund’s Common Shares being sold in this offering, which the Fund will pay to JonesTrading in connection with the sales of Common Shares effected by JonesTrading in this offering. While JonesTrading is entitled to a commission of between 1.50% and 3.00% of the gross sales price for Common Shares sold, with the exact amount to be agreed upon by the parties, the Fund has assumed, for purposes of this offering, that JonesTrading will receive a commission of 1.50% of such gross sales price. This is the only sales load to be paid in connection with this offering. [2] The Fund bears ongoing expenses associated with the Plan which are included in “Other Expenses.” There is no service fee payable by Plan participants for dividend reinvestments; however, shareholders are subject to other transaction costs associated with the Plan. Actual costs will vary for each participant depending on the return and number of transactions made. For Plan participants that elect to make voluntary cash purchases, Plan participants must pay a service fee of $5.00 per transaction. Plan participants will also be charged a pro rata share of the brokerage commissions for all open market purchases ($0.03 per share as of December 2024). In addition, if a Plan participant elects by written notice to the Plan administrator to have the plan administrator sell part or all of the shares held by the Plan administrator in the participant’s account and remit the proceeds to the participant, the participant will also be charged a service fee of $5.00 for each sale and brokerage commissions of $0.03 per share (as of December 2024). See “Dividend Reinvestment and Cash Purchase Plan.” [3] The Fund may use leverage through borrowings, the costs of which are borne by holders of Common Shares of the Fund. The Fund currently borrows under a credit facility. [4] Asset coverage means the ratio that the value of the Fund’s total assets (including amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings.

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