UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-05012 | ||||||||
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CREDIT SUISSE ASSET MANAGEMENT INCOME FUND, INC. | |||||||||
(Exact name of registrant as specified in charter) | |||||||||
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Eleven Madison Avenue, New York, New York |
| 10010 | |||||||
(Address of principal executive offices) |
| (Zip code) | |||||||
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J. Kevin Gao, Esq. Credit Suisse Asset Management Income Fund, Inc. Eleven Madison Avenue New York, New York 10010 | |||||||||
(Name and address of agent for service) | |||||||||
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Registrant’s telephone number, including area code: | (212) 325-2000 |
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Date of fiscal year end: | December 31 |
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Date of reporting period: | January 1, 2009 to June 30, 2009 |
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Item 1. Reports to Stockholders.
Credit Suisse Asset Management
Income Fund, Inc.
Eleven Madison Avenue
New York, NY 10010
Directors
Enrique R. Arzac
Chairman of the Board
Terry Fires Bovarnick
James Cattano
Lawrence J. Fox
Steven Rappaport
Officers
George Hornig
Chief Executive Officer and President
Martha B. Metcalf
Chief Investment Officer
J. Kevin Gao
Chief Legal Officer, Senior Vice President
and Secretary
Emidio Morizio
Chief Compliance Officer
Michael A. Pignataro
Chief Financial Officer
Cecilia Chau
Treasurer
Investment Adviser
Credit Suisse Asset Management, LLC
Eleven Madison Avenue
New York, NY 10010
Administrator and Custodian
State Street Bank and Trust Co.
225 Franklin Street
Boston, MA 02110
Shareholder Servicing Agent
Computershare Trust Company, N.A.
P.O. Box 43078
Providence, RI 02940-3078
Legal Counsel
Willkie Farr & Gallagher LLP
787 7th Avenue
New York, NY 10019
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
125 High Street
Boston, MA 02110
Credit Suisse Asset Management
Income Fund, Inc.
SEMIANNUAL REPORT
June 30, 2009
(unaudited)
Credit Suisse Asset Management Income Fund, Inc.
Semiannual Investment Adviser's Report
June 30, 2009 (unaudited)
July 31, 2009
Dear Shareholder:
Performance Summary
1/1/09 – 6/30/09
Fund & Benchmark | Performance | ||||||
Total Return (based on NAV)1 | 28.96 | % | |||||
Total Return (based on market value)1 | 32.06 | % | |||||
Merrill Lynch US High Yield Master II Constrained Index2 | 29.88 | % |
Market Review: A Slow Start, but Trending Upward
For the six-month period ended June 30, 2009, the high yield bond market trended higher. A combination of positive sentiment, better than expected economic news, and high yield mutual fund inflows helped the Merrill Lynch US High Yield Constrained Index gain 29.88%. Additionally, for the time period, high yield spreads tightened 745 basis points versus the Treasury to end the period at 1,038 basis points, while yields ended June at 13.06%.
Against this strong performance backdrop, a number of market indicators signaled that credit fundamentals remained under pressure. Default rates, as reported by Moody's Investor Services, continued to rise — ending June at 10.1%. Additionally, according to JP Morgan, five companies either defaulted or missed coupon payments during June alone. However, the pace of defaults has slowed from the previous average of 14 defaults per month for the prior six-month period. Similarly, Merrill Lynch's distress ratio (defined as the proportion of bonds trading at over 1,000 basis points over U.S. Treasuries) continued to improve, ending the period at 40.8% (down from its recent high of 83.6% in November 2008).
AMG Data Services reported that high yield mutual funds experienced positive flows for 15 of the last 16 weeks of the period. On a year-to-date basis, inflows have totaled almost $12 billion.
The new issue market began the year slowly, with only $10 billion in high yield debt issued during the first quarter. As the year progressed, however, activity picked up, and according to Merrill Lynch, more than $51 billion in high yield debt was issued in the second quarter. In addition, there has been a material increase in diversity among issuers — with lower rated and more cyclical companies able to access the market for the first time since summer of 2008.
Strategic Review and Outlook: Fundamental Backdrop Remains Challenging
For the six-month period ended June 30, 2009, the Fund was in line with the benchmark on an NAV basis and outperformed its benchmark on a market-price basis. Superior security selection in printing and publishing, packaging, aerospace and defense and gaming contributed positively to relative returns. Conversely, an underweight to automotive as well as an underweight to financials (due to an influx of downgraded securities that recently entered the High Yield Universe) hurt relative returns.
Despite the recent strength in the high yield market, the fundamental backdrop remains challenging. The new issue market has made capital available to a broader selection of issuers, but credit conditions remain tight and recent economic indicators have been mixed. For example, consumer confidence increased from 25.3 in February to 49.3 in June, while the unemployment rate continued to climb to 9.5%. Additionally, although we believe recent
Credit Suisse Asset Management Income Fund, Inc.
Semiannual Investment Adviser's Report (continued)
June 30, 2009 (unaudited)
government policy initiatives should ultimately stabilize the financial markets and the broader global economy, we expect conditions to stay volatile as liquidity remains limited and the recovery continues.
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Martha Metcalf Chief Investment Officer* | George Hornig Chief Exective Officer and President** | ||||||
High yield bonds are lower-quality bonds that are also known as "junk bonds." Such bonds entail greater risks than those found in higher-rated securities.
International investing entails special risk considerations, including currency fluctuations, lower liquidity, economic and political risks, and differences in accounting methods; these risks are generally heightened for emerging-market investments. The Fund may involve a greater degree of risk than other funds that invest in larger, more developed markets.
In addition to historical information, this report contains forward-looking statements, which may concern, among other things, domestic and foreign market, industry and economic trends and developments and government regulation and their potential impact on the Fund's investments. These statements are subject to risks and uncertainties and actual trends, developments and regulations in the future, and their impact on the Fund could be materially different from those projected, anticipated or implied. The Fund has no obligation to update or revise forward-looking statements.
1 Assuming reinvestment of dividends of $0.15 per share.
2 The Merrill Lynch US High Yield Master II Constrained Index is an unmanaged index that tracks the performance of below-investment-grade U.S. dollar-denominated corporate bonds issued in the U.S. domestic market, where each issuer's allocation is limited to 2% of the index. Any individual issuer is capped at 2%. Investors cannot invest directly in an index.
* Martha B. Metcalf is a Managing Director of Credit Suisse Asset Management, LLC ("Credit Suisse") and head of the U.S. High Yield Management Team. She has served in these capacities since 2005. From 2000 until 2005, she was a Managing Director and Portfolio Manager of Global High Yield bonds, and head of a global high yield business with responsibility for total return, as well as structured portfolios at Invesco. Prior to her tenure at Invesco, Ms. Metcalf served for over 10 years at JPMorgan Investment Management, where she was Vice President and Portfolio Manager for High Yield Corporate bonds.
** George Hornig is a Managing Director of Credit Suisse. He is the Co-Chief Operating Officer of Asset Management and Head of Asset Management Americas. Mr. Hornig has been associated with Credit Suisse since 1999.
Credit Suisse Asset Management Income Fund, Inc.
Semiannual Investment Adviser's Report (continued)
June 30, 2009 (unaudited)
Top Ten Holdings
(% of net assets as of 6/30/09)
Security Description
1. | Texas Competitive Electric Holdings Co. 10.250% 11/01/15 | 1.42% | |||||||||
2. | General Motors Acceptance Corp. 7.250% 03/02/11 | 1.25% | |||||||||
3. | Nextel Communications, Inc 5.950% 03/15/14 | 1.20% | |||||||||
4. | Intelsat Corp. 9.250% 08/15/14 | 1.06% | |||||||||
5. | Sprint Nextel Corp. 6.000% 12/01/16 | 1.05% | |||||||||
6. | Tenet Healthcare Corp. 8.875% 07/01/19 | 1.04% | |||||||||
7. | HCA, Inc. 9.250% 11/15/16 | 1.02% | |||||||||
8. | Ford Motor Credit Co. LLC 7.000% 10/01/13 | 0.91% | |||||||||
9. | Qwest Communications Crop 7.500% 02/15/14 | 0.78% | |||||||||
10. | El Paso Performance-Linked Trust 7.250% 06/01/18 | 0.74% |
Credit Quality Breakdown*
(% of total investments as of 6/30/09)
S&P Ratings |
BBB | 1.4 | % | |||||
BB | 26.5 | ||||||
B | 40.5 | ||||||
CCC | 21.3 | ||||||
CC | 1.2 | ||||||
C | 0.3 | ||||||
D | 3.3 | ||||||
NR | 2.3 | ||||||
Subtotal | 96.8 | ||||||
Equities and Other | 3.2 | ||||||
Total | 100.0 | % |
* Expressed as a percentage of total investments (excluding securities lending collateral if applicable) and may vary over time.
1
Credit Suisse Asset Management Income Fund, Inc.
Average Annual Returns
June 30, 2009 (unaudited)
1 Year | 3 Years | 5 Years | 10 Years | ||||||||||||||||
Net Asset Value (NAV) | (4.73 | )% | 1.10 | % | 3.70 | % | 2.08 | % | |||||||||||
Market Value | 0.21 | % | 0.64 | % | 3.08 | % | 1.20 | % |
Credit Suisse may waive fees and/or reimburse expenses, without which performance would be lower. Waivers and/or reimbursements are subject to change and may be discontinued at any time. Returns represent past performance. Total investment return at net asset value is based on changes in the net asset value of fund shares and assumes reinvestment of dividends and distributions, if any. Total investment return at market value is based on changes in the market price at which the fund's shares traded on the stock exchange during the period and assumes reinvestment of dividends and distributions, if any, at actual prices pursuant to the fund's dividend reinvestment program. Because the fund's shares trade in the stock market based on investor demand, the fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on share price and NAV. Past performance is no guarantee of future results. The current performance of the fund may be lower or higher than the figures shown. The fund's yield, return and market price and NAV will fluctuate. Performance information current to the most recent month-end is available by calling 1-800-293-1232.
The annualized gross and net expense ratios are 0.72%.
2
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments
June 30, 2009 (unaudited)
Par (000) | Ratings† (S&P/Moody's) | Maturity | Rate% | Value | |||||||||||||||||||
U.S. CORPORATE BONDS (87.6%) | |||||||||||||||||||||||
Aerospace & Defense (1.0%) | |||||||||||||||||||||||
$ | 800 | BE Aerospace, Inc., Senior Unsecured Notes (Callable 07/01/13 @ $104.25) | (BB+, Ba3) | 07/01/18 | 8.500 | $ | 756,000 | ||||||||||||||||
1,200 | Hawker Beechcraft Acquisition Co., Global Company Guaranteed Notes (Callable 04/01/11 @ $104.25) | (CCC-, Caa3) | 04/01/15 | 8.500 | 624,000 | ||||||||||||||||||
475 | Hawker Beechcraft Acquisition Co., Global Company Guaranteed Notes (Callable 04/01/12 @ $104.88) | (CCC-, Ca) | 04/01/17 | 9.750 | 201,875 | ||||||||||||||||||
1,581,875 | |||||||||||||||||||||||
Agriculture (0.4%) | |||||||||||||||||||||||
625 | Southern States Cooperative, Inc., Rule 144A, Senior Notes (Callable 11/01/09 @ $100.00) ‡ | (B-, B3) | 11/01/11 | 11.000 | 578,125 | ||||||||||||||||||
Auto Loans (1.9%) | |||||||||||||||||||||||
750 | Ford Motor Credit Co. LLC, Global Senior Unsecured Notes | (CCC+, Caa1) | 06/15/10 | 7.875 | 712,553 | ||||||||||||||||||
1,725 | Ford Motor Credit Co. LLC, Global Senior Unsecured Notes | (CCC+, Caa1) | 10/01/13 | 7.000 | 1,388,151 | ||||||||||||||||||
425 | Ford Motor Credit Co. LLC, Senior Unsecured Notes | (CCC+, Caa1) | 08/10/11 | 9.875 | 393,326 | ||||||||||||||||||
525 | Ford Motor Credit Co. LLC, Senior Unsecured Notes | (CCC+, Caa1) | 12/15/16 | 8.000 | 401,893 | ||||||||||||||||||
2,895,923 | |||||||||||||||||||||||
Auto Parts & Equipment (2.2%) | |||||||||||||||||||||||
675 | Altra Industrial Motion, Inc., Global Senior Secured Notes (Callable 12/01/09 @ $102.25) | (B+, B1) | 12/01/11 | 9.000 | 653,062 | ||||||||||||||||||
500 | American Axle & Manufacturing, Inc., Company Guaranteed Notes (Callable 03/01/12 @ $103.94) | (CCC-, Ca) | 03/01/17 | 7.875 | 157,500 | ||||||||||||||||||
800 | American Tire Distributors, Inc., Global Company Guarnteed Notes (Callable 04/01/10 @ $102.69) | (CCC+, Caa1) | 04/01/13 | 10.750 | 659,000 | ||||||||||||||||||
240 | Lear Corp., Series B, Global Company Guaranteed Notes (Callable 12/01/10 @ $104.25) ø | (D, C) | 12/01/13 | 8.500 | 63,600 | ||||||||||||||||||
800 | Stanadyne Corp., Series 1, Global Senior Subordinated Notes (Callable 08/15/09 @ $105.00) | (CCC, Caa1) | 08/15/14 | 10.000 | 628,000 | ||||||||||||||||||
375 | Tenneco, Inc., Global Company Guaranteed Notes (Callable 11/15/09 @ $104.31) | (CCC, Caa2) | 11/15/14 | 8.625 | 271,875 | ||||||||||||||||||
737 | The Goodyear Tire & Rubber Co., Global Company Guaranteed Notes (Callable 07/01/10 @ $104.50) | (B+, B1) | 07/01/15 | 9.000 | 733,315 | ||||||||||||||||||
150 | The Goodyear Tire & Rubber Co., Senior Unsecured Notes (Callable 05/15/12 @ $107.88) | (B+, B1) | 05/15/16 | 10.500 | 152,250 | ||||||||||||||||||
3,318,602 | |||||||||||||||||||||||
Banks (3.0%) | |||||||||||||||||||||||
750 | CIT Group, Inc., Senior Unsecured Notes # | (BB-, Ba2) | 02/13/12 | 1.170 | 442,806 | ||||||||||||||||||
1,400 | CIT Group, Inc., Senior Unsecured Notes | (BB-, Ba2) | 02/13/12 | 5.400 | 952,666 | ||||||||||||||||||
2,073 | GMAC LLC, Rule 144A, Company Guaranteed Notes ‡ | (CCC, Ca) | 03/02/11 | 7.250 | 1,917,525 | ||||||||||||||||||
474 | GMAC LLC, Rule 144A, Company Guaranteed Notes ‡ | (CCC, Ca) | 04/01/11 | 6.000 | 419,490 | ||||||||||||||||||
47 | GMAC LLC, Rule 144A, Company Guaranteed Notes ‡ | (CCC, Ca) | 12/15/11 | 6.000 | 40,655 | ||||||||||||||||||
65 | GMAC LLC, Rule 144A, Company Guaranteed Notes ‡ | (CCC, Ca) | 12/31/13 | 7.500 | 51,025 | ||||||||||||||||||
933 | GMAC LLC, Rule 144A, Company Guaranteed Notes ‡ | (CCC, Ca) | 12/01/14 | 6.750 | 741,735 | ||||||||||||||||||
78 | GMAC LLC, Rule 144A, Subordinated Notes ‡ | (CC, Ca) | 12/31/18 | 8.000 | 50,310 | ||||||||||||||||||
4,616,212 | |||||||||||||||||||||||
Beverages (0.5%) | |||||||||||||||||||||||
225 | Constellation Brands, Inc., Company Guaranteed Notes | (BB-, Ba3) | 12/15/14 | 8.375 | 226,688 | ||||||||||||||||||
525 | Constellation Brands, Inc., Company Guaranteed Notes | (BB-, Ba3) | 09/01/16 | 7.250 | 488,250 | ||||||||||||||||||
714,938 | |||||||||||||||||||||||
Brokerage (0.3%) | |||||||||||||||||||||||
175 | E*TRADE Financial Corp., Global Senior Notes (Callable 07/20/09 @ $102.00) | (CC, B3) | 06/15/11 | 8.000 | 205,625 | ||||||||||||||||||
315 | E*TRADE Financial Corp., Senior Unsecured Notes (Callable 12/01/10 @ $103.94) | (CCC-, B3) | 12/01/15 | 7.875 | 250,425 | ||||||||||||||||||
456,050 | |||||||||||||||||||||||
Building & Construction (1.3%) | |||||||||||||||||||||||
468 | Ashton Woods Finance Co., Rule 144A, Senior Subordinated Notes (Callable 02/24/14 @ $105.50) +‡ | (NR, NR) | 06/30/15 | 0.000 | 88,920 | ||||||||||||||||||
150 | D.R. Horton, Inc., Company Guaranteed Notes | (BB-, Ba3) | 05/01/13 | 6.875 | 141,188 | ||||||||||||||||||
500 | K Hovnanian Enterprises, Inc., Global Company Guaranteed Notes | (D, Caa2) | 01/15/16 | 6.250 | 252,500 | ||||||||||||||||||
800 | Meritage Homes Corp., Global Company Guaranteed Notes (Callable 03/15/10 @ $103.13) | (B+, B1) | 03/15/15 | 6.250 | 632,000 | ||||||||||||||||||
925 | Standard Pacific Corp., Company Guaranteed Notes | (CCC-, Caa1) | 04/01/14 | 6.250 | 656,750 | ||||||||||||||||||
250 | William Lyon Homes, Inc., Global Company Guaranteed Notes (Callable 02/15/10 @ $102.50) | (CC, Caa3) | 02/15/14 | 7.500 | 85,000 | ||||||||||||||||||
350 | William Lyon Homes, Inc., Global Company Guaranteed Notes (Callable 12/15/09 @ $101.91) | (CC, Caa3) | 12/15/12 | 7.625 | 119,000 | ||||||||||||||||||
1,975,358 |
See Accompanying Notes to Financial Statements.
3
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2009 (unaudited)
Par (000) | Ratings† (S&P/Moody's) | Maturity | Rate% | Value | |||||||||||||||||||
U.S. CORPORATE BONDS | |||||||||||||||||||||||
Building Materials (1.6%) | |||||||||||||||||||||||
$ | 750 | AMH Holdings Inc., Global Senior Discount Notes (Callable 03/01/10 @ $103.75) | (CCC-, Caa2) | 03/01/14 | 11.250 | $ | 333,750 | ||||||||||||||||
575 | Building Materials Corp. of America, Global Secured Notes (Callable 08/01/09 @ $103.88) | (B+, B3) | 08/01/14 | 7.750 | 514,625 | ||||||||||||||||||
825 | CPG International I, Inc., Global Company Guaranteed Notes (Callable 07/01/09 @ $105.25) | (B-, Caa1) | 07/01/13 | 10.500 | 466,125 | ||||||||||||||||||
300 | Dayton Superior Corp., Company Guaranteed Notes ø | (D, Caa3) | 06/15/09 | 13.000 | 120,750 | ||||||||||||||||||
325 | Norcraft Finance Corp., Global Company Guaranteed Notes (Callable 11/01/09 @ $100.00) | (B+, Ba3) | 11/01/11 | 9.000 | 323,375 | ||||||||||||||||||
250 | Norcraft Holdings, Global Senior Discount Notes (Callable 09/01/09 @ $102.44) | (CCC+, Caa1) | 09/01/12 | 9.750 | 235,000 | ||||||||||||||||||
475 | Nortek, Inc., Global Senior Subordinated Notes (Callable 09/01/09 @ $104.25) | (CC, Caa3) | 09/01/14 | 8.500 | 137,750 | ||||||||||||||||||
750 | NTK Holdings, Inc., Global Senior Discount Notes (Callable 09/01/09 @ $105.38) + | (C, Ca) | 03/01/14 | 0.000 | 63,750 | ||||||||||||||||||
500 | Ply Gem Industries, Inc., Global Senior Secured Notes (Callable 04/01/11 @ $105.88) | (CCC, Caa1) | 06/15/13 | 11.750 | 325,000 | ||||||||||||||||||
2,520,125 | |||||||||||||||||||||||
Chemicals (2.3%) | |||||||||||||||||||||||
275 | Chemtura Corp., Company Guaranteed Notes ø | (D, NR) | 06/01/16 | 6.875 | 200,750 | ||||||||||||||||||
650 | Koppers Holdings, Inc., Global Senior Discount Notes (Callable 11/15/09 @ $104.94) + | (B-, B2) | 11/15/14 | 0.000 | 586,625 | ||||||||||||||||||
425 | Momentive Performance Materials, Inc., Global Company Guaranteed Notes (Callable 12/01/10 @ $104.88) | (C, Ca) | 12/01/14 | 9.750 | 191,250 | ||||||||||||||||||
461 | Momentive Performance Materials, Inc., Rule 144A, Company Guaranteed Notes (Callable 12/15/11 @ $106.25) ‡ | (C, B3) | 06/15/14 | 12.500 | 368,500 | ||||||||||||||||||
175 | Nalco Co., Global Company Guaranteed Notes (Callable 11/15/09 @ $103.00) | (B, B2) | 11/15/13 | 9.000 | 243,009 | ||||||||||||||||||
800 | Nalco Finance Holdings, Inc., Global Senior Discounted Notes (Callable 02/01/10 @ $103.00) | (B, B2) | 02/01/14 | 9.000 | 788,000 | ||||||||||||||||||
750 | PolyOne Corp., Senior Unsecured Notes | (B-, B1) | 05/01/12 | 8.875 | 633,750 | ||||||||||||||||||
750 | Reichhold Industries, Inc., Rule 144A, Senior Notes (Callable 08/15/10 @ $104.50) ‡ | (CCC+, Caa2) | 08/15/14 | 9.000 | 266,250 | ||||||||||||||||||
200 | Terra Capital, Inc., Series B, Global Company Guaranteed Notes (Callable 02/01/12 @ $103.50) | (BB, B1) | 02/01/17 | 7.000 | 183,750 | ||||||||||||||||||
3,461,884 | |||||||||||||||||||||||
Computer Hardware (0.5%) | |||||||||||||||||||||||
500 | Activant Solutions, Inc., Global Company Guaranteed Notes (Callable 05/01/11 @ $104.75) | (CCC+, Caa1) | 05/01/16 | 9.500 | 388,750 | ||||||||||||||||||
325 | Seagate Technology International, Rule 144A, Secured Notes (Callable 05/01/13 @ $105.00) ‡ | (BB+, Ba1) | 05/01/14 | 10.000 | 336,781 | ||||||||||||||||||
725,531 | |||||||||||||||||||||||
Consumer Products (1.4%) | |||||||||||||||||||||||
650 | AAC Group Holding Corp., Rule 144A, Senior Unsecured Notes (Callable 10/01/09 @ $102.56) ‡ | (CCC-, Caa2) | 10/01/12 | 10.250 | 474,500 | ||||||||||||||||||
200 | American Achievement Corp., Rule 144A, Company Guaranteed Notes ‡ | (CCC+, B2) | 04/01/12 | 8.250 | 188,000 | ||||||||||||||||||
825 | Amscan Holdings, Inc., Global Senior Subordinated Notes (Callable 05/01/10 @ $102.92) | (CCC+, Caa1) | 05/01/14 | 8.750 | 701,250 | ||||||||||||||||||
225 | Jarden Corp., Company Guaranteed Notes (Callable 05/01/12 @ $103.75) | (B-, B3) | 05/01/17 | 7.500 | 198,000 | ||||||||||||||||||
594 | Prestige Brands, Inc., Global Senior Subordinated Notes (Callable 04/15/10 @ $100.00) | (B-, B3) | 04/15/12 | 9.250 | 591,030 | ||||||||||||||||||
2,152,780 | |||||||||||||||||||||||
Diversified Capital Goods (2.8%) | |||||||||||||||||||||||
425 | Anixter, Inc., Company Guaranteed Notes | (BB+, Ba2) | 03/15/14 | 10.000 | 425,000 | ||||||||||||||||||
375 | Belden, Inc., Rule 144A, Company Guaranteed Notes (Callable 06/15/14 @ $104.62) ‡ | (B+, Ba2) | 06/15/19 | 9.250 | 365,156 | ||||||||||||||||||
725 | Coleman Cable, Inc., Global Company Guaranteed Notes (Callable 10/01/09 @ $102.47) | (B+, B3) | 10/01/12 | 9.875 | 588,156 | ||||||||||||||||||
575 | Esco Corp., Rule 144A, Company Guaranteed Notes (Callable 12/15/09 @ $101.00) #‡ | (B, B2) | 12/15/13 | 4.504 | 452,094 | ||||||||||||||||||
475 | Mueller Water Products, Inc., Global Company Guaranteed Notes (Callable 06/01/12 @ $103.69) | (CCC+, Caa1) | 06/01/17 | 7.375 | 352,688 | ||||||||||||||||||
525 | RBS Global & Rexnord Corp., Global Company Guaranteed Notes (Callable 08/01/10 @ $104.75) | (B-, Caa2) | 08/01/14 | 9.500 | 451,500 | ||||||||||||||||||
450 | Sensus Metering Systems, Inc., Global Senior Subordinated Notes (Callable 12/15/09 @ $102.87) | (B-, B3) | 12/15/13 | 8.625 | 425,250 | ||||||||||||||||||
625 | Titan International, Inc., Global Company Guaranteed Notes | (B-, Caa1) | 01/15/12 | 8.000 | 568,750 | ||||||||||||||||||
694 | TriMas Corp., Global Company Guaranteed Notes (Callable 06/15/10 @ $100.00) | (B-, Caa1) | 06/15/12 | 9.875 | 600,310 | ||||||||||||||||||
4,228,904 | |||||||||||||||||||||||
Electric - Generation (6.2%) | |||||||||||||||||||||||
200 | Dynegy Holdings, Inc., Global Senior Unsecured Notes | (B, B3) | 06/01/15 | 7.500 | 167,750 | ||||||||||||||||||
1,000 | Dynegy Holdings, Inc., Global Senior Unsecured Notes | (B, B3) | 05/01/16 | 8.375 | 852,500 | ||||||||||||||||||
1,075 | Edison Mission Energy, Global Senior Unsecured Notes | (BB-, B2) | 05/15/17 | 7.000 | 830,437 | ||||||||||||||||||
1,050 | Edison Mission Energy, Global Senior Unsecured Notes | (BB-, B2) | 05/15/19 | 7.200 | 787,500 | ||||||||||||||||||
1,200 | Mirant Americas Generation LLC, Senior Unsecured Notes | (B-, B3) | 10/01/21 | 8.500 | 954,000 | ||||||||||||||||||
268 | Mirant Mid Atlantic LLC, Series B, Global Pass Thru Certificates | (BB, Ba1) | 06/30/17 | 9.125 | 266,346 | ||||||||||||||||||
200 | NRG Energy, Inc., Company Guaranteed Notes (Callable 01/15/12 @ $103.69) | (BB-, B1) | 01/15/17 | 7.375 | 189,000 |
See Accompanying Notes to Financial Statements.
4
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2009 (unaudited)
Par (000) | Ratings† (S&P/Moody's) | Maturity | Rate% | Value | |||||||||||||||||||
U.S. CORPORATE BONDS | |||||||||||||||||||||||
Electric - Generation | |||||||||||||||||||||||
$ | 425 | NRG Energy, Inc., Company Guaranteed Notes (Callable 02/01/11 @ $103.69) | (BB-, B1) | 02/01/16 | 7.375 | $ | 403,219 | ||||||||||||||||
400 | RRI Energy, Inc., Senior Unsecured Notes | (B+, B2) | 06/15/14 | 7.625 | 368,000 | ||||||||||||||||||
3,450 | Texas Competitive Electric Holdings Co., LLC, Series A, Global Company Guaranteed Notes (Callable 11/01/11 @ $105.13) | (CCC, Caa1) | 11/01/15 | 10.250 | 2,164,875 | ||||||||||||||||||
1,300 | Texas Competitive Electric Holdings Co., LLC, Series B, Global Company Guaranteed Notes (Callable 11/01/11 @ $105.13) | (CCC, Caa1) | 11/01/15 | 10.250 | 815,750 | ||||||||||||||||||
1,000 | The AES Corp., Global Senior Unsecured Notes | (BB-, B1) | 10/15/17 | 8.000 | 935,000 | ||||||||||||||||||
200 | The AES Corp., Rule 144A, Senior Unsecured Notes ‡ | (BB-, B1) | 04/15/16 | 9.750 | 203,500 | ||||||||||||||||||
550 | The AES Corp., Senior Unsecured Notes | (BB-, B1) | 03/01/14 | 7.750 | 523,875 | ||||||||||||||||||
9,461,752 | |||||||||||||||||||||||
Electronics (1.5%) | |||||||||||||||||||||||
475 | Amkor Technology, Inc., Global Senior Notes (Callable 05/15/10 @ $101.29) | (B+, B2) | 05/15/13 | 7.750 | 437,594 | ||||||||||||||||||
68 | Ampex Corp., Rule 144A, Secured Notes ^‡ | (NR, NR) | 09/30/09 | 12.000 | 66,389 | ||||||||||||||||||
700 | Freescale Semiconductor, Inc., Company Guaranteed Notes (Callable 12/15/11 @ $105.06) | (CCC, Caa3) | 12/15/16 | 10.125 | 241,500 | ||||||||||||||||||
175 | Jabil Circuit, Inc., Global Senior Unsecured Notes | (BB+, Ba1) | 03/15/18 | 8.250 | 158,375 | ||||||||||||||||||
675 | Sanmina-SCI Corp., Global Company Guaranteed Notes (Callable 03/01/10 @ $101.69) | (CCC, B3) | 03/01/13 | 6.750 | 526,500 | ||||||||||||||||||
150 | Sanmina-SCI Corp., Senior Subordinated Notes (Callable 03/01/11 @ $104.06) | (CCC, B3) | 03/01/16 | 8.125 | 110,062 | ||||||||||||||||||
775 | Viasystems, Inc., Global Senior Unsecured Notes (Callable 01/15/10 @ $100.00) | (B+, Caa1) | 01/15/11 | 10.500 | 693,625 | ||||||||||||||||||
2,234,045 | |||||||||||||||||||||||
Energy - Exploration & Production (5.3%) | |||||||||||||||||||||||
475 | Berry Petroleum Co., Senior Subordinated Notes (Callable 11/01/11 @ $104.13) | (B, B3) | 11/01/16 | 8.250 | 409,688 | ||||||||||||||||||
600 | Chesapeake Energy Corp., Company Guaranteed Notes | (BB, Ba3) | 07/15/13 | 7.625 | 573,000 | ||||||||||||||||||
175 | Chesapeake Energy Corp., Company Guaranteed Notes | (BB, Ba3) | 12/15/18 | 7.250 | 153,125 | ||||||||||||||||||
1,175 | Chesapeake Energy Corp., Global Company Guaranteed Notes (Callable 01/15/10 @ $102.29) | (BB, Ba3) | 01/15/16 | 6.875 | 1,042,812 | ||||||||||||||||||
425 | Denbury Resources, Inc., Company Guaranteed Notes (Callable 03/01/13 @ $104.88) | (BB, B1) | 03/01/16 | 9.750 | 438,812 | ||||||||||||||||||
650 | Encore Acquisition Co., Company Guaranteed Notes (Callable 12/01/10 @ $103.63) | (B, B1) | 12/01/17 | 7.250 | 560,625 | ||||||||||||||||||
300 | Forest Oil Corp., Global Company Guaranteed Notes (Callable 06/15/12 @ $103.63) | (BB-, B1) | 06/15/19 | 7.250 | 270,000 | ||||||||||||||||||
600 | Hilcorp Energy I, Rule 144A, Senior Unsecured Notes (Callable 06/01/11 @ $104.50) ‡ | (BB-, B3) | 06/01/16 | 9.000 | 525,000 | ||||||||||||||||||
550 | Mariner Energy, Inc., Company Guaranteed Notes (Callable 05/15/12 @ $104.00) | (B+, B3) | 05/15/17 | 8.000 | 459,250 | ||||||||||||||||||
425 | Penn Virginia Corp., Senior Notes (Callable 06/15/13 @ 105.19) | (BB-, B2) | 06/15/16 | 10.375 | 434,563 | ||||||||||||||||||
925 | PetroHawk Energy Corp., Global Company Guaranteed Notes (Callable 06/01/12 @ $103.94) | (B, B3) | 06/01/15 | 7.875 | 860,250 | ||||||||||||||||||
325 | Pioneer Natural Resources Co., Senior Unsecured Notes | (BB+, Ba1) | 03/15/17 | 6.650 | 286,115 | ||||||||||||||||||
625 | Plains Exploration & Production Co., Company Guaranteed Notes (Callable 06/15/11 @ $103.88) | (BB, B1) | 06/15/15 | 7.750 | 587,500 | ||||||||||||||||||
350 | Range Resources Corp., Company Guaranteed Notes (Callable 10/01/12 @ $103.75) | (BB, Ba3) | 10/01/17 | 7.500 | 334,250 | ||||||||||||||||||
550 | Stone Energy Corp., Global Senior Unsecured Notes (Callable 12/15/09 @ $103.38) | (B, Caa1) | 12/15/14 | 6.750 | 349,250 | ||||||||||||||||||
525 | Swift Energy Co, Company Guaranteed Notes (Callable 06/01/12 @ $103.56) | (B+, B3) | 06/01/17 | 7.125 | 372,750 | ||||||||||||||||||
450 | Whiting Petroleum Corp., Global Company Guaranteed Notes | (BB-, B1) | 02/01/14 | 7.000 | 419,625 | ||||||||||||||||||
8,076,615 | |||||||||||||||||||||||
Environmental (0.6%) | |||||||||||||||||||||||
1,000 | Waste Services, Inc., Global Senior Subordinated Notes (Callable 04/15/10 @ $103.17) | (B-, Caa1) | 04/15/14 | 9.500 | 947,500 | ||||||||||||||||||
Food & Drug Retailers (1.4%) | |||||||||||||||||||||||
1,200 | Duane Reade, Inc., Global Company Guaranteed Notes (Callable 08/01/09 @ $102.44) | (CCC-, Caa3) | 08/01/11 | 9.750 | 1,026,000 | ||||||||||||||||||
350 | Ingles Markets, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/15/13 @ $104.44) ‡ | (BB-, B1) | 05/15/17 | 8.875 | 345,625 | ||||||||||||||||||
425 | Rite Aid Corp., Rule 144A, Senior Secured Notes (Callable Notes 06/12/13 @ $104.88) ‡ | (B+, B3) | 06/12/16 | 9.750 | 427,125 | ||||||||||||||||||
50 | Stater Brothers Holdings, Inc., Global Company Guaranteed Notes (Callable 04/15/11 @ $103.88) | (B+, B2) | 04/15/15 | 7.750 | 48,250 | ||||||||||||||||||
325 | Stater Brothers Holdings, Inc., Global Company Guaranteed Notes (Callable 06/15/10 @ $100.00) | (B+, B2) | 06/15/12 | 8.125 | 321,750 | ||||||||||||||||||
2,168,750 | |||||||||||||||||||||||
Food - Wholesale (0.4%) | |||||||||||||||||||||||
250 | Chiquita Brands International, Inc., Global Senior Unsecured Notes (Callable 11/01/09 @ $103.75) | (B-, Caa2) | 11/01/14 | 7.500 | 211,250 | ||||||||||||||||||
75 | Dole Food Co., Inc., Global Company Guaranteed Notes | (B-, Caa2) | 03/15/11 | 8.875 | 73,500 | ||||||||||||||||||
375 | Smithfield Foods, Inc., Rule 144A, Senior Secured Notes ‡ | (BB-, Ba3) | 07/15/14 | 10.000 | 372,188 | ||||||||||||||||||
656,938 |
See Accompanying Notes to Financial Statements.
5
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2009 (unaudited)
Par (000) | Ratings† (S&P/Moody's) | Maturity | Rate% | Value | |||||||||||||||||||
U.S. CORPORATE BONDS | |||||||||||||||||||||||
Forestry & Paper (1.9%) | |||||||||||||||||||||||
$ | 313 | Boise Cascade LLC, Global Company Guaranteed Notes (Callable 10/15/09 @ $103.56) | (B+, Caa1) | 10/15/14 | 7.125 | $ | 166,672 | ||||||||||||||||
700 | Cellu Tissue Holdings, Inc., Global Secured Notes | (B, B2) | 03/15/10 | 9.750 | 703,500 | ||||||||||||||||||
475 | Georgia-Pacific Corp., Debentures | (B+, B2) | 06/15/15 | 7.700 | 446,500 | ||||||||||||||||||
200 | Georgia-Pacific Corp., Rule 144A, Company Guaranteed Notes (Callable 01/15/12 @ $103.56) ‡ | (BB-, Ba3) | 01/15/17 | 7.125 | 187,000 | ||||||||||||||||||
450 | Georgia-Pacific LLC Rule 144A, Company Guaranteed Notes (Callable 05/01/13 @ $104.13) ‡ | (BB-, Ba3) | 05/01/16 | 8.250 | 438,750 | ||||||||||||||||||
375 | Newark Group, Inc., Global Senior Unsecured Notes (Callable 03/15/10 @ $103.25) ø | (D, C) | 03/15/14 | 9.750 | 9,844 | ||||||||||||||||||
450 | NewPage Corp., Global Company Guaranteed Notes (Callable 05/01/10 @ $103.00) | (CCC, Caa3) | 05/01/13 | 12.000 | 128,250 | ||||||||||||||||||
350 | NewPage Corp., Global Senior Secured Notes (Callable 05/01/10 @ $103.00) | (CCC+, Caa2) | 05/01/12 | 10.000 | 169,750 | ||||||||||||||||||
1,000 | Smurfit-Stone Container Enterprises, Inc., Global Senior Unsecured Notes (Callable 07/01/09 @ $101.40) ø | (D, NR) | 07/01/12 | 8.375 | 387,500 | ||||||||||||||||||
75 | Verso Paper Holdings LLC, Series B, Global Senior Secured Notes (Callable 08/01/10 @ $104.56) | (B-, B2) | 08/01/14 | 9.125 | 35,250 | ||||||||||||||||||
675 | Verso Paper, Inc., Series B, Global Company Guaranteed Notes (Callable 08/01/11 @ $105.69) | (CCC, Caa1) | 08/01/16 | 11.375 | 192,375 | ||||||||||||||||||
2,865,391 | |||||||||||||||||||||||
Gaming (4.5%) | |||||||||||||||||||||||
775 | Buffalo Thunder Development Authority, Rule 144A, Senior Secured Notes (Callable 12/15/10 @ $104.69) ‡ | (NR, Caa3) | 12/15/14 | 9.375 | 112,375 | ||||||||||||||||||
125 | Caesars Entertainment, Inc., Global Company Guaranteed Notes | (CCC-, Ca) | 03/15/10 | 7.875 | 115,000 | ||||||||||||||||||
1,225 | Caesars Entertainment, Inc., Global Company Guaranteed Notes | (CCC-, Ca) | 05/15/11 | 8.125 | 1,022,875 | ||||||||||||||||||
775 | CCM Merger, Inc., Rule 144A, Notes (Callable 08/01/09 @ $104.00) ‡ | (CCC, Caa3) | 08/01/13 | 8.000 | 538,625 | ||||||||||||||||||
140 | Choctaw Resort Development Enterprise, Rule 144A, Senior Notes (Callable 11/15/11 @ $103.63) ‡ | (B, B1) | 11/15/19 | 7.250 | 80,500 | ||||||||||||||||||
375 | FireKeepers Development Authority, Rule 144A, Senior Secured Notes (Callable 05/01/12 @ $110.50) ‡ | (B, B3) | 05/01/15 | 13.875 | 347,813 | ||||||||||||||||||
375 | Fontainebleau Las Vegas Capital Corp., Rule 144A, Second Mortgage Notes (Callable 06/15/11 @ $105.13) ø‡ | (NR, NR) | 06/15/15 | 11.000 | 15,938 | ||||||||||||||||||
650 | Harrahs Escrow Corp., Rule 144A, Senior Secured Notes (Callable 06/01/13 @ $105.62) ‡ | (B, Caa1) | 06/01/17 | 11.250 | 617,500 | ||||||||||||||||||
125 | Herbst Gaming, Inc., Global Company Guaranteed Notes (Callable 06/01/10 @ $100.00) ø | (D, NR) | 06/01/12 | 8.125 | 625 | ||||||||||||||||||
475 | Inn of the Mountain Gods Resort & Casino, Global Company Guaranteed Notes (Callable 11/15/09 @ $100.00) ø | (D, Ca) | 11/15/10 | 12.000 | 192,375 | ||||||||||||||||||
825 | Jacobs Entertainment, Inc., Global Company Guaranteed Notes (Callable 06/15/10 @ $104.88) | (B-, B3) | 06/15/14 | 9.750 | 688,875 | ||||||||||||||||||
625 | Majestic Star Casino Capital Corp., Senior Secured Notes (Callable 10/15/09 @ $100.00) ø | (D, Caa3) | 10/15/10 | 9.500 | 381,250 | ||||||||||||||||||
850 | Mashantucket Western Pequot Tribe, Rule 144A, Bonds (Callable 11/15/11 @ $104.25) ‡ | (B+, B3) | 11/15/15 | 8.500 | 429,250 | ||||||||||||||||||
550 | MGM Mirage, Inc., Company Guaranteed Notes | (CCC+, Caa2) | 04/01/16 | 6.875 | 361,625 | ||||||||||||||||||
725 | MGM Mirage, Inc., Company Guaranteed Notes | (CCC+, Caa2) | 06/01/16 | 7.500 | 473,969 | ||||||||||||||||||
150 | MGM Mirage, Inc., Company Guaranteed Notes | (CCC+, Caa2) | 01/15/17 | 7.625 | 97,875 | ||||||||||||||||||
650 | MGM Mirage, Inc., Rule 144A, Senior Secured Notes (Callable 05/15/13 @ $105.56) ‡ | (B, B1) | 11/15/17 | 11.125 | 692,250 | ||||||||||||||||||
350 | Peermont Global Proprietary, Ltd., Rule 144A, Senior Secured Notes (Callable 04/30/10 @ $105.81) ‡ | (B, B3) | 04/30/14 | 7.750 | 358,377 | ||||||||||||||||||
435 | Tropicana Finance Corp., Global Senior Subordinated Notes (Callable 12/15/10 @ $104.81) ø | (NR, NR) | 12/15/14 | 9.625 | 5,981 | ||||||||||||||||||
475 | Turning Stone Resort Casino Enterprise, Rule 144A, Senior Notes (Callable 09/15/10 @ $104.56) ‡ | (B+, B1) | 09/15/14 | 9.125 | 407,312 | ||||||||||||||||||
6,940,390 | |||||||||||||||||||||||
Gas Distribution (2.9%) | |||||||||||||||||||||||
600 | Amerigas Partners LP, Global Senior Unsecured Notes (Callable 05/20/10 @ $103.63) | (NR, Ba3) | 05/20/15 | 7.250 | 565,500 | ||||||||||||||||||
725 | El Paso Corp., Senior Unsecured Notes | (BB-, Ba3) | 06/01/18 | 7.250 | 673,007 | ||||||||||||||||||
1,150 | El Paso Performance-Linked Trust, Rule 144A, Senior Unsecured Notes ‡ | (BB, Ba3) | 07/15/11 | 7.750 | 1,134,345 | ||||||||||||||||||
525 | Inergy Finance Corp., Global Company Guaranteed Notes (Callable 03/01/11 @ $104.13) | (B+, B1) | 03/01/16 | 8.250 | 502,687 | ||||||||||||||||||
200 | Inergy Finance Corp., Global Company Guaranteed Notes (Callable 12/15/09 @ $103.44) | (B+, B1) | 12/15/14 | 6.875 | 183,000 | ||||||||||||||||||
350 | MarkWest Energy Finance Corp., Series B, Global Senior Notes (Callable 04/15/13 @ $104.38) | (B+, B2) | 04/15/18 | 8.750 | 304,500 | ||||||||||||||||||
650 | Targa Resources Partners Finance Corp., Global Company Guaranteed Notes (Callable 07/01/12 @ $104.13) | (B, B2) | 07/01/16 | 8.250 | 554,125 | ||||||||||||||||||
650 | The Williams Cos., Inc., Series A, Global Senior Unsecured Notes | (BB+, Baa3) | 01/15/31 | 7.500 | 573,420 | ||||||||||||||||||
4,490,584 | |||||||||||||||||||||||
Health Services (7.0%) | |||||||||||||||||||||||
875 | Bausch & Lomb, Inc., Global Senior Unsecured Notes (Callable 11/01/11 @ $104.94) | (B, Caa1) | 11/01/15 | 9.875 | 840,000 | ||||||||||||||||||
350 | Biomet, Inc., Global Company Guaranteed Notes (Callable 10/15/12 @ $105.00) | (B-, B3) | 10/15/17 | 10.000 | 357,875 | ||||||||||||||||||
350 | Biomet, Inc., Global Company Guaranteed Notes (Callable 10/15/12 @ $105.81) | (B-, Caa1) | 10/15/17 | 11.625 | 344,750 |
See Accompanying Notes to Financial Statements.
6
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2009 (unaudited)
Par (000) | Ratings† (S&P/Moody's) | Maturity | Rate% | Value | |||||||||||||||||||
U.S. CORPORATE BONDS | |||||||||||||||||||||||
Health Services | |||||||||||||||||||||||
$ | 725 | Community Health Systems, Inc., Global Company Guaranteed Notes (Callable 07/15/11 @ $104.44) | (B, B3) | 07/15/15 | 8.875 | $ | 714,125 | ||||||||||||||||
1,575 | HCA, Inc., Global Secured Notes (Callable 11/15/11 @ $104.63) | (BB-, B2) | 11/15/16 | 9.250 | 1,555,312 | ||||||||||||||||||
475 | HCA, Inc., Global Senior Unsecured Notes | (B-, Caa1) | 01/15/15 | 6.375 | 388,313 | ||||||||||||||||||
475 | HCA, Inc., Senior Unsecured Notes | (B-, Caa1) | 10/01/12 | 6.300 | 438,187 | ||||||||||||||||||
325 | HCA, Inc., Senior Unsecured Notes | (B-, Caa1) | 02/15/13 | 6.250 | 286,000 | ||||||||||||||||||
375 | HCA, Inc., Senior Unsecured Notes | (B-, Caa1) | 07/15/13 | 6.750 | 331,875 | ||||||||||||||||||
625 | Healthsouth Corp., Global Company Guaranteed Notes (Callable 06/15/11 @ $105.38) | (CCC+, Caa1) | 06/15/16 | 10.750 | 631,250 | ||||||||||||||||||
450 | Inverness Medical Innovations, Inc., Senior Subordinated Notes (Callable 05/15/13 @ $104.50) | (B-, B3) | 05/15/16 | 9.000 | 436,500 | ||||||||||||||||||
400 | OMEGA Healthcare Investors, Inc., Global Company Guaranteed Notes (Callable 01/15/11 @ $103.50) | (BB+, Ba3) | 01/15/16 | 7.000 | 362,000 | ||||||||||||||||||
225 | Rural/Metro Corp., Global Senior Discount Notes (Callable 03/15/10 @ $106.38) + | (CCC+, Caa1) | 03/15/16 | 0.000 | 160,875 | ||||||||||||||||||
250 | Service Corp International, Global Senior Unsecured Notes | (BB-, B1) | 06/15/17 | 7.000 | 227,500 | ||||||||||||||||||
150 | Service Corporation International, Global Senior Unsecured Notes | (BB-, B1) | 10/01/18 | 7.625 | 139,875 | ||||||||||||||||||
550 | Stewart Enterprises, Inc., Global Company Guaranteed Notes (Callable 02/15/10 @ $101.56) | (BB-, Ba3) | 02/15/13 | 6.250 | 514,250 | ||||||||||||||||||
1,575 | Tenet Healthcare Corp., Rule 144A, Senior Secured Notes (Callable 07/01/14 @ $104.37) ‡ | (BB-, B1) | 07/01/19 | 8.875 | 1,590,750 | ||||||||||||||||||
275 | Universal Hospital Services, Inc., Global Senior Secured Notes (Callable 06/01/10 @ $101.00) # | (B+, B3) | 06/01/15 | 4.635 | 222,750 | ||||||||||||||||||
175 | Universal Hospital Services, Inc., Global Senior Secured Notes (Callable 06/01/11 @ $104.25) | (B+, B3) | 06/01/15 | 8.500 | 165,813 | ||||||||||||||||||
475 | Vanguard Health Holding Co., Global Senior Subordinated Notes (Callable 10/01/09 @ $104.50) | (CCC+, Caa1) | 10/01/14 | 9.000 | 457,187 | ||||||||||||||||||
700 | VWR Funding, Inc., Series B, Global Company Guaranteed Notes (Callable 07/15/11 @ $105.13) | (B-, Caa1) | 07/15/15 | 10.250 | 556,500 | ||||||||||||||||||
10,721,687 | |||||||||||||||||||||||
Hotels (1.1%) | |||||||||||||||||||||||
425 | Felcor Lodging LP, Global Senior Secured Notes # | (B, B2) | 12/01/11 | 3.135 | 344,250 | ||||||||||||||||||
425 | Host Hotels & Resorts LP, Rule 144A, Senior Unsecured Notes (Callable 05/15/13 @ $104.50) ‡ | (BB+, Ba1) | 05/15/17 | 9.000 | 406,937 | ||||||||||||||||||
750 | Host Hotels & Resorts LP, Series Q, Global Company Guaranteed Notes (Callable 06/01/11 @ $103.33) | (BB+, Ba1) | 06/01/16 | 6.750 | 654,375 | ||||||||||||||||||
225 | Starwood Hotels & Resorts Worldwide, Inc., Senior Unsecured Notes | (BB, Ba1) | 10/15/14 | 7.875 | 211,723 | ||||||||||||||||||
1,617,285 | |||||||||||||||||||||||
Household & Leisure Products (0.3%) | |||||||||||||||||||||||
550 | ALH Finance Corp., Global Company Guaranteed Notes (Callable 01/15/10 @ 102.13) | (CCC+, Caa1) | 01/15/13 | 8.500 | 484,000 | ||||||||||||||||||
lnvestments & Misc. Financial Services (0.2%) | |||||||||||||||||||||||
425 | Nuveen Investments, Inc., Rule 144A, Senior Notes (Callable 11/15/11 @ $105.25) ‡ | (CCC, Caa3) | 11/15/15 | 10.500 | 295,375 | ||||||||||||||||||
Leisure (0.3%) | |||||||||||||||||||||||
472 | Six Flags Operations, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/15/13 @ $106.12) ø‡ | (D, Ca) | 07/15/16 | 12.250 | 330,400 | ||||||||||||||||||
600 | Six Flags, Inc., Global Senior Unsecured Notes (Callable 06/01/10 @ $103.21) ø | (D, C) | 06/01/14 | 9.625 | 87,000 | ||||||||||||||||||
417,400 | |||||||||||||||||||||||
Machinery (0.5%) | |||||||||||||||||||||||
700 | Baldor Electric Co., Company Guaranteed Notes (Callable 02/15/12 @ $104.31) | (B, B3) | 02/15/17 | 8.625 | 651,000 | ||||||||||||||||||
250 | Terex Corp., Senior Subordinated Notes (Callable 11/15/12 @ $104.00) | (B, Caa1) | 11/15/17 | 8.000 | 193,438 | ||||||||||||||||||
844,438 | |||||||||||||||||||||||
Media - Broadcast (1.0%) | |||||||||||||||||||||||
475 | Allbritton Communications Co., Global Senior Subordinated Notes (Callable 12/15/09 @ $101.29) | (B-, Caa1) | 12/15/12 | 7.750 | 369,312 | ||||||||||||||||||
515 | Barrington Broadcasting Capital Corp., Global Company Guaranteed Notes (Callable 08/15/10 @ $105.25) | (CCC-, Caa3) | 08/15/14 | 10.500 | 177,675 | ||||||||||||||||||
775 | Clear Channel Communications, Inc., Senior Unsecured Notes | (CC, Ca) | 09/15/14 | 5.500 | 174,375 | ||||||||||||||||||
46 | CMP Susquehanna Corp., Global Company Guranteed Notes (Callable 05/15/10 @ $104.94) | (NR, Ca) | 05/15/14 | 9.875 | 13,800 | ||||||||||||||||||
550 | Fisher Communications, Inc., Global Company Guaranteed Notes (Callable 09/15/09 @ $104.31) | (B-, B2) | 09/15/14 | 8.625 | 485,375 | ||||||||||||||||||
420 | Local TV Finance LLC, Rule 144A, Senior Unsecured Notes (Callable 06/15/11 @ $104.63) ‡ | (CCC, Caa3) | 06/15/15 | 9.250 | 73,500 | ||||||||||||||||||
320 | Univision Communications, Inc., Rule 144A, Company Guaranteed Notes (Callable 03/15/11 @ $104.88) ‡ | (CCC, Caa2) | 03/15/15 | 9.750 | 188,000 | ||||||||||||||||||
80 | Univision Communications, Inc., Rule 144A, Senior Secured Notes (Callable 07/01/11 @ $106.00) ‡ | (B-, B2) | 07/01/14 | 12.000 | 79,000 | ||||||||||||||||||
925 | Young Broadcasting, Inc., Global Company Guaranteed Notes (Callable 01/15/10 @ $102.92) ø | (D, NR) | 01/15/14 | 8.750 | 2,313 | ||||||||||||||||||
1,563,350 |
See Accompanying Notes to Financial Statements.
7
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2009 (unaudited)
Par (000) | Ratings† (S&P/Moody's) | Maturity | Rate% | Value | |||||||||||||||||||
U.S. CORPORATE BONDS | |||||||||||||||||||||||
Media - Cable (4.8%) | |||||||||||||||||||||||
$ | 1,165 | Atlantic Broadband Finance LLC, Global Company Guaranteed Notes (Callable 01/15/10 @ $103.13) | (B-, Caa1) | 01/15/14 | 9.375 | $ | 1,001,900 | ||||||||||||||||
1,250 | CCH I Capital Corp., Global Senior Secured Notes (Callable 10/01/10 @ $105.50) ø | (D, Ca) | 10/01/15 | 11.000 | 156,250 | ||||||||||||||||||
950 | CCH II Capital Corp., Series B, Global Senior Unsecured Notes (Callable 09/15/09 @ $100.00) ø | (D, Caa2) | 09/15/10 | 10.250 | 1,002,250 | ||||||||||||||||||
495 | Charter Communications Holdings Capital, Senior Unsecured Notes ø | (D, C) | 04/01/11 | 9.920 | 3,960 | ||||||||||||||||||
325 | Charter Communications Operating Capital, Rule 144A, Secured Notes ø‡ | (D, B1) | 04/30/12 | 10.000 | 314,438 | ||||||||||||||||||
450 | CSC Holdings, Inc., Rule 144A, Senior Unsecured Notes ‡ | (BB, Ba3) | 04/15/14 | 8.500 | 448,312 | ||||||||||||||||||
1,050 | CSC Holdings, Inc., Rule 144A, Senior Unsecured Notes ‡ | (BB, Ba3) | 02/15/19 | 8.625 | 1,026,375 | ||||||||||||||||||
250 | CSC Holdings, Inc., Rule 144A, Senior Unsecured Notes (Callable 06/15/12 @ $104.25) ‡ | (BB, Ba3) | 06/15/15 | 8.500 | 246,875 | ||||||||||||||||||
425 | DirecTV Financing Co., Global Company Guaranteed Notes (Callable 03/15/10 @ $101.40) | (BB, Ba2) | 03/15/13 | 8.375 | 428,187 | ||||||||||||||||||
350 | DirecTV Financing Co., Global Company Guaranteed Notes (Callable 05/15/12 @ $103.81) | (BB, Ba2) | 05/15/16 | 7.625 | 342,125 | ||||||||||||||||||
125 | EchoStar DBS Corp., Global Company Guaranteed Notes | (BB-, Ba3) | 10/01/13 | 7.000 | 119,375 | ||||||||||||||||||
725 | EchoStar DBS Corp., Global Company Guaranteed Notes | (BB-, Ba3) | 10/01/14 | 6.625 | 670,625 | ||||||||||||||||||
600 | EchoStar DBS Corp., Global Company Guaranteed Notes | (BB-, Ba3) | 05/31/15 | 7.750 | 574,500 | ||||||||||||||||||
475 | Mediacom Broadband Corp., Global Senior Unsecured Notes (Callable 10/15/10 @ $104.25) | (B-, B3) | 10/15/15 | 8.500 | 429,875 | ||||||||||||||||||
525 | Mediacom Capital Corp., Global Senior Unsecured Notes | (B-, B3) | 02/15/11 | 7.875 | 514,500 | ||||||||||||||||||
25 | Mediacom Capital Corp., Global Senior Unsecured Notes | (B-, B3) | 01/15/13 | 9.500 | 23,938 | ||||||||||||||||||
7,303,485 | |||||||||||||||||||||||
Media - Services (1.0%) | |||||||||||||||||||||||
250 | Lamar Media Corp., Series C, Global Company Guaranteed Notes (Callable 08/15/10 @ $103.31) | (B, B2) | 08/15/15 | 6.625 | 212,500 | ||||||||||||||||||
450 | Nielsen Finance Co., Rule 144A, Senior Notes (Callable 05/01/13 @ $105.75) ‡ | (B-, Caa1) | 05/01/16 | 11.500 | 439,875 | ||||||||||||||||||
750 | WMG Acquisition Corp., Global Company Guaranteed Notes (Callable 04/15/10 @ $102.46) | (B, B1) | 04/15/14 | 7.375 | 638,438 | ||||||||||||||||||
250 | WMG Acquisition Corp., Rule 144A, Senior Secured Notes (Callable 06/15/13 @ $104.75) ‡ | (BB, Ba2) | 06/15/16 | 9.500 | 250,000 | ||||||||||||||||||
1,540,813 | |||||||||||||||||||||||
Metals & Mining - Excluding Steel (2.3%) | |||||||||||||||||||||||
175 | Aleris International, Inc., Global Company Guaranteed Notes (Callable 12/15/10 @ $104.50) ø | (D, NR) | 12/15/14 | 9.000 | 2,844 | ||||||||||||||||||
675 | Aleris International, Inc., Global Company Guaranteed Notes (Callable 12/15/11 @ $105.00) ø | (D, NR) | 12/15/16 | 10.000 | 17,719 | ||||||||||||||||||
600 | Freeport-McMoRan Copper & Gold, Inc., Senior Unsecured Notes (Callable 04/01/11 @ $104.13) | (BBB-, Ba2) | 04/01/15 | 8.250 | 606,684 | ||||||||||||||||||
625 | Freeport-McMoRan Copper & Gold, Inc., Senior Unsecured Notes (Callable 04/01/12 @ $104.19) | (BBB-, Ba2) | 04/01/17 | 8.375 | 630,574 | ||||||||||||||||||
1,089 | Noranda Aluminium Acquisition Corp., Global Company Guaranteed Notes (Callable 05/15/10 @ $100.00) # | (D, Caa2) | 05/15/15 | 5.413 | 605,512 | ||||||||||||||||||
425 | Teck Resources, Ltd., Rule 144A, Senior Secured Notes ‡ | (BB+, Ba3) | 05/15/14 | 9.750 | 440,298 | ||||||||||||||||||
225 | Teck Resources, Ltd., Rule 144A, Senior Secured Notes (Callable 05/15/13 @ $105.13) ‡ | (BB+, Ba3) | 05/15/16 | 10.250 | 235,977 | ||||||||||||||||||
850 | Teck Resources, Ltd., Rule 144A, Senior Secured Notes (Callable 05/15/14 @ $105.38) ‡ | (BB+, Ba3) | 05/15/19 | 10.750 | 915,157 | ||||||||||||||||||
3,454,765 | |||||||||||||||||||||||
Non-Food & Drug Retailers (2.0%) | |||||||||||||||||||||||
525 | Asbury Automotive Group, Inc., Global Company Guaranteed Notes (Callable 03/15/12 @ $103.81) | (B-, Caa1) | 03/15/17 | 7.625 | 375,375 | ||||||||||||||||||
825 | Brookstone Company, Inc., Global Secured Notes (Callable 10/15/09 @ $106.00) | (CCC-, Caa3) | 10/15/12 | 12.000 | 334,125 | ||||||||||||||||||
300 | Michaels Stores, Inc., Global Company Guaranteed Notes (Callable 11/01/10 @ $105.00) | (CCC, Caa2) | 11/01/14 | 10.000 | 253,500 | ||||||||||||||||||
500 | Michaels Stores, Inc., Global Company Guaranteed Notes (Callable 11/01/11 @ $105.69) | (CCC, Caa3) | 11/01/16 | 11.375 | 330,000 | ||||||||||||||||||
400 | SGS International, Inc., Rule 144A, Global Senior Subordinated Notes (Callable 12/15/09 @ $106.00) ‡ | (B-, B3) | 12/15/13 | 12.000 | 264,000 | ||||||||||||||||||
655 | Susser Holdings LLC, Global Company Guaranteed Notes (Callable 12/15/09 @ $105.31) | (B+, B3) | 12/15/13 | 10.625 | 659,913 | ||||||||||||||||||
1,000 | The Neiman Marcus Group, Inc., Global Company Guaranteed Notes (Callable 10/15/10 @ $105.19) | (CCC+, Caa3) | 10/15/15 | 10.375 | 590,000 | ||||||||||||||||||
400 | Yankee Acquisition Corp., Series B, Global Company Guaranteed Notes (Callable 02/15/11 @ $104.25) | (B-, B3) | 02/15/15 | 8.500 | 339,000 | ||||||||||||||||||
3,145,913 | |||||||||||||||||||||||
Oil Field Equipment & Services (1.2%) | |||||||||||||||||||||||
525 | Bristow Group, Inc., Global Company Guaranteed Notes (Callable 09/15/12 @ $103.75) | (BB, Ba2) | 09/15/17 | 7.500 | 479,062 | ||||||||||||||||||
350 | Helix Energy Solutions Group, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/15/12 @ $104.75) ‡ | (B+, B3) | 01/15/16 | 9.500 | 321,125 | ||||||||||||||||||
350 | Hornbeck Offshore Services, Inc., Series B, Global Company Guaranteed Notes (Callable 12/01/09 @ $103.06) | (BB-, Ba3) | 12/01/14 | 6.125 | 318,938 | ||||||||||||||||||
300 | Key Energy Services, Inc., Global Company Guaranteed Notes (Callable 12/01/11 @ $104.19) | (BB, B1) | 12/01/14 | 8.375 | 266,250 | ||||||||||||||||||
400 | Pride International, Inc., Senior Unsecured Notes | (BBB-, Ba1) | 06/15/19 | 8.500 | 397,000 | ||||||||||||||||||
1,782,375 |
See Accompanying Notes to Financial Statements.
8
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2009 (unaudited)
Par (000) | Ratings† (S&P/Moody's) | Maturity | Rate% | Value | |||||||||||||||||||
U.S. CORPORATE BONDS | |||||||||||||||||||||||
Oil Refining & Marketing (0.2%) | |||||||||||||||||||||||
$ | 425 | Western Refining, Inc., Rule 144A, Senior Secured Notes (Callable 12/15/11 @ $105.00) #‡ | (BB-, B3) | 06/15/14 | 10.750 | $ | 388,875 | ||||||||||||||||
Packaging (1.6%) | |||||||||||||||||||||||
575 | Berry Plastics Holding Corp., Global Company Guaranteed Notes (Callable 03/01/11 @ $105.13) | (CCC, Caa2) | 03/01/16 | 10.250 | 414,000 | ||||||||||||||||||
565 | Berry Plastics Holding Corp., Global Senior Secured Notes (Callable 09/15/10 @ $104.44) | (CCC+, Caa1) | 09/15/14 | 8.875 | 478,837 | ||||||||||||||||||
225 | Crown Cork & Seal Co., Inc., Debentures (Callable 04/15/10 @ $101.14) | (B+, B2) | 04/15/23 | 8.000 | 194,625 | ||||||||||||||||||
825 | Graham Packaging Co, Inc., Global Subordinated Notes (Callable 10/15/09 @ $104.94) | (CCC+, Caa1) | 10/15/14 | 9.875 | 771,375 | ||||||||||||||||||
25 | Graham Packaging Company, Inc., Global Company Guaranteed Notes (Callable 10/15/09 @ $102.13) | (CCC+, Caa1) | 10/15/12 | 8.500 | 24,250 | ||||||||||||||||||
533 | Pliant Corp., Global Senior Secured Notes ø | (D, NR) | 06/15/09 | 11.625 | 358,412 | ||||||||||||||||||
200 | Solo Cup Co., Rule 144A, Senior Secured Notes (Callable 05/01/11 @ $105.25) ‡ | (NR, NR) | 11/01/13 | 10.500 | 201,500 | ||||||||||||||||||
2,442,999 | |||||||||||||||||||||||
Printing & Publishing (1.1%) | |||||||||||||||||||||||
925 | Cengage Learning Acquisitions, Inc., Rule 144A, Senior Notes (Callable 07/15/11 @ $105.25) ‡ | (CCC+, Caa2) | 01/15/15 | 10.500 | 753,875 | ||||||||||||||||||
500 | Cenveo Corp., Global Senior Subordinated Notes (Callable 12/01/09 @ $102.63) | (B-, Caa1) | 12/01/13 | 7.875 | 352,500 | ||||||||||||||||||
1,125 | Idearc, Inc., Global Company Guaranteed Notes (Callable 11/15/11 @ $104.00) ø | (D, NR) | 11/15/16 | 8.000 | 35,156 | ||||||||||||||||||
2,000 | Premier Graphics, Inc., Company Guaranteed Notes ø^ | (NR, NR) | 12/01/05 | 11.500 | 0 | ||||||||||||||||||
215 | R.H. Donnelley, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/15/12 @ $105.88) ø‡ | (D, B3) | 05/15/15 | 11.750 | 99,975 | ||||||||||||||||||
1,215 | The Reader's Digest Association, Inc., Global Company Guaranteed Notes (Callable 02/15/12 @ $104.50) | (CC, Ca) | 02/15/17 | 9.000 | 60,750 | ||||||||||||||||||
525 | Valassis Communications, Inc., Global Company Guaranteed Notes (Callable 03/01/11 @ $104.13) | (CCC+, B3) | 03/01/15 | 8.250 | 381,282 | ||||||||||||||||||
1,683,538 | |||||||||||||||||||||||
Railroads (0.3%) | |||||||||||||||||||||||
500 | Kansas City Southern Railway, Company Guaranteed Notes (Callable 06/01/12 @ $104.00) | (B+, B2) | 06/01/15 | 8.000 | 467,500 | ||||||||||||||||||
Restaurants (0.3%) | |||||||||||||||||||||||
475 | Denny's Holdings, Inc., Global Company Guaranteed Notes (Callable 10/01/09 @ $102.50) | (B-, Caa1) | 10/01/12 | 10.000 | 463,125 | ||||||||||||||||||
Software/Services (1.9%) | |||||||||||||||||||||||
900 | First Data Corp., Global Company Guaranteed Notes (Callable 09/30/11 @ $104.94) | (B-, Caa1) | 09/24/15 | 9.875 | 643,500 | ||||||||||||||||||
1,075 | SunGard Data Systems, Inc., Global Company Guaranteed Notes (Callable 08/15/10 @ $105.13) | (B-, Caa1) | 08/15/15 | 10.250 | 998,406 | ||||||||||||||||||
700 | Unisys Corp., Senior Unsecured Notes (Callable 01/15/12 @ $106.25) | (CC, Caa1) | 01/15/16 | 12.500 | 413,000 | ||||||||||||||||||
950 | Vangent, Inc., Global Company Guaranteed Notes (Callable 02/15/11 @ $104.81) | (B-, Caa1) | 02/15/15 | 9.625 | 793,250 | ||||||||||||||||||
2,848,156 | |||||||||||||||||||||||
Steel Producers/Products (1.2%) | |||||||||||||||||||||||
575 | AK Steel Corp., Global Company Guaranteed Notes (Callable 06/15/10 @ $100.00) | (BB-, Ba3) | 06/15/12 | 7.750 | 560,625 | ||||||||||||||||||
350 | Rathgibson, Inc., Global Company Guaranteed Notes (Callable 02/15/10 @ $105.62) | (C, Ca) | 02/15/14 | 11.250 | 127,750 | ||||||||||||||||||
800 | Ryerson, Inc., Global Senior Secured Notes (Callable 11/01/11 @ $106.00) | (B, Caa1) | 11/01/15 | 12.000 | 656,000 | ||||||||||||||||||
550 | Steel Dynamics, Inc., Rule 144A, Senior Unsecured Notes (Callable 04/15/12 @ $103.88) ‡ | (BB+, Ba2) | 04/15/16 | 8.250 | 521,125 | ||||||||||||||||||
1,865,500 | |||||||||||||||||||||||
Support-Services (4.0%) | |||||||||||||||||||||||
200 | ARAMARK Corp., Global Company Guaranteed Notes (Callable 02/01/10 @ $101.00) # | (B, B3) | 02/01/15 | 4.528 | 163,500 | ||||||||||||||||||
225 | ARAMARK Corp., Global Senior Unsecured Notes (Callable 02/01/11 @ $104.25) | (B, B3) | 02/01/15 | 8.500 | 219,375 | ||||||||||||||||||
750 | Ashtead Capital, Inc., Rule 144A, Secured Notes (Callable 08/15/11 @ $104.50) ‡ | (B, B2) | 08/15/16 | 9.000 | 639,375 | ||||||||||||||||||
550 | Dyncorp International, Series B, Global Senior Subordinated Notes (Callable 02/15/10 @ $102.38) | (B+, B2) | 02/15/13 | 9.500 | 530,750 | ||||||||||||||||||
325 | Hertz Corp., Global Company Guaranteed Notes (Callable 01/01/10 @ $104.44) | (CCC+, B1) | 01/01/14 | 8.875 | 300,625 | ||||||||||||||||||
400 | Hertz Corp., Global Company Guaranteed Notes (Callable 01/01/11 @ $105.25) | (CCC+, B2) | 01/01/16 | 10.500 | 358,000 | ||||||||||||||||||
350 | Iron Mountain, Inc., Company Guaranteed Notes | (B+, B2) | 04/01/13 | 8.625 | 350,875 | ||||||||||||||||||
125 | Iron Mountain, Inc., Company Guaranteed Notes (Callable 06/15/13 @ $104.00) | (B+, B2) | 06/15/20 | 8.000 | 116,875 | ||||||||||||||||||
850 | JohnsonDiversey Holdings, Inc., Series B, Global Discount Notes (Callable 05/15/10 @ $100.00) | (CCC+, Caa1) | 05/15/13 | 10.670 | 718,250 | ||||||||||||||||||
650 | Mobile Services Group, Inc., Global Company Guaranteed Notes (Callable 08/01/10 @ $104.88) | (B+, B2) | 08/01/14 | 9.750 | 625,625 | ||||||||||||||||||
525 | Rental Service Corp., Global Company Guaranteed Notes (Callable 12/01/10 @ $104.75) | (B-, Caa2) | 12/01/14 | 9.500 | 423,937 | ||||||||||||||||||
325 | Sotheby's, Global Company Guaranteed Notes | (B, Ba3) | 06/15/15 | 7.750 | 243,750 | ||||||||||||||||||
425 | Ticketmaster Entertainment, Inc., Rule 144A, Company Guaranteed Notes (Callable 08/01/12 @ $105.38) ‡ | (BB-, Ba3) | 07/28/16 | 10.750 | 380,375 |
See Accompanying Notes to Financial Statements.
9
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2009 (unaudited)
Par (000) | Ratings† (S&P/Moody's) | Maturity | Rate% | Value | |||||||||||||||||||
U.S. CORPORATE BONDS | |||||||||||||||||||||||
Support-Services | |||||||||||||||||||||||
$ | 775 | Travelport LLC, Global Company Guaranteed Notes (Callable 09/01/11 @ $105.94) | (CCC, Caa1) | 09/01/16 | 11.875 | $ | 461,125 | ||||||||||||||||
625 | United Rentals North America, Inc., Rule 144A, Company Guaranteed Notes (Callable 06/15/13 @ $105.44) ‡ | (B, B2) | 06/15/16 | 10.875 | 603,125 | ||||||||||||||||||
6,135,562 | |||||||||||||||||||||||
Telecom - Integrated/Services (5.8%) | |||||||||||||||||||||||
275 | Cincinnati Bell, Inc., Global Company Guaranteed Notes (Callable 02/15/10 @ $103.50) | (B+, Ba3) | 02/15/15 | 7.000 | 247,500 | ||||||||||||||||||
375 | Cincinnati Bell, Inc., Global Senior Subordinated Notes (Callable 01/15/10 @ $102.79) | (B-, B2) | 01/15/14 | 8.375 | 348,750 | ||||||||||||||||||
225 | DigitalGlobe, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/01/12 @ $105.25) ‡ | (BB, Ba3) | 05/01/14 | 10.500 | 234,000 | ||||||||||||||||||
175 | Frontier Communications Corp. Senior Unsecured Notes | (BB, Ba2) | 05/01/14 | 8.250 | 166,250 | ||||||||||||||||||
1,200 | Frontier Communications Corp., Global Senior Unsecured Notes | (BB, Ba2) | 03/15/15 | 6.625 | 1,062,000 | ||||||||||||||||||
700 | Hughes Network Systems LLC, Global Company Guaranteed Notes (Callable 04/15/10 @ $104.75) | (B, B1) | 04/15/14 | 9.500 | 686,000 | ||||||||||||||||||
1,675 | Intelsat Corp., Rule 144A, Senior Unsecured Notes (Callable 08/15/09 @ $104.63) ‡ | (BB-, B3) | 08/15/14 | 9.250 | 1,628,937 | ||||||||||||||||||
375 | Intelsat Subsidiary Holding Co., Ltd., Rule 144A, Senior Unsecured Notes (Callable 01/15/10 @ $104.44) ‡ | (BB-, B3) | 01/15/15 | 8.875 | 363,750 | ||||||||||||||||||
850 | Level 3 Financing, Inc., Global Company Guaranteed Notes (Callable 02/15/10 @ $101.00) # | (CCC, Caa1) | 02/15/15 | 5.474 | 582,250 | ||||||||||||||||||
300 | Level 3 Financing, Inc., Global Company Guaranteed Notes (Callable 03/15/10 @ $106.13) | (CCC, Caa1) | 03/15/13 | 12.250 | 286,500 | ||||||||||||||||||
950 | Paetec Holding Corp., Series WI, Global Company Guaranteed Notes (Callable 07/15/11 @ $104.75) | (CCC+, Caa1) | 07/15/15 | 9.500 | 828,875 | ||||||||||||||||||
1,300 | Qwest Communications International, Inc., Series B, Global Company Guaranteed Notes (Callable 02/15/10 @ $102.50) | (B+, Ba3) | 02/15/14 | 7.500 | 1,192,750 | ||||||||||||||||||
150 | Qwest Corp., Global Senior Unsecured Notes | (BBB-, Ba1) | 06/15/15 | 7.625 | 141,750 | ||||||||||||||||||
325 | Qwest Corp., Rule 144A, Senior Unsecured Notes ‡ | (BBB-, Ba1) | 05/01/16 | 8.375 | 315,250 | ||||||||||||||||||
225 | Windstream Corp., Global Company Guaranteed Notes | (BB, Ba3) | 08/01/13 | 8.125 | 218,813 | ||||||||||||||||||
675 | Windstream Corp., Global Company Guaranteed Notes (Callable 08/01/11 @ $104.31) | (BB, Ba3) | 08/01/16 | 8.625 | 649,687 | ||||||||||||||||||
8,953,062 | |||||||||||||||||||||||
Telecom - Wireless (3.6%) | |||||||||||||||||||||||
375 | Centennial Communications Corp., Global Company Guaranteed Notes (Callable 06/15/10 @ $101.69) | (B, B2) | 06/15/13 | 10.125 | 388,594 | ||||||||||||||||||
675 | Cricket Communications, Inc., Global Company Guaranteed Notes (Callable 11/01/10 @ $104.69) | (B-, B3) | 11/01/14 | 9.375 | 668,250 | ||||||||||||||||||
200 | Cricket Communications, Inc., Rule 144A, Senior Secured Notes (Callable 05/15/12 @ $105.81) ‡ | (B+, Ba2) | 05/15/16 | 7.750 | 193,500 | ||||||||||||||||||
200 | Crown Castle International Corp., Senior Unsecured Notes (Callable 01/15/13 @ $105.62) | (B+, B2) | 01/15/15 | 9.000 | 204,500 | ||||||||||||||||||
640 | MetroPCS Wireless, Inc., Global Company Guaranteed Notes (Callable 11/01/10 @ $104.63) | (B, B3) | 11/01/14 | 9.250 | 639,200 | ||||||||||||||||||
2,325 | Nextel Communications, Inc., Series F, Company Guaranteed Notes (Callable 03/15/10 @ $101.49) | (BB, Ba2) | 03/15/14 | 5.950 | 1,842,562 | ||||||||||||||||||
1,950 | Sprint Nextel Corp., Senior Unsecured Notes | (BB, Ba2) | 12/01/16 | 6.000 | 1,603,875 | ||||||||||||||||||
5,540,481 | |||||||||||||||||||||||
Textiles & Apparel (0.3%) | |||||||||||||||||||||||
500 | Levi Strauss & Co., Global Senior Notes (Callable 01/15/10 @ $104.88) | (B+, B2) | 01/15/15 | 9.750 | 493,750 | ||||||||||||||||||
Theaters & Entertainment (1.1%) | |||||||||||||||||||||||
1,025 | AMC Entertainment, Inc., Global Senior Subordinated Notes (Callable 03/01/10 @ $102.67) | (CCC+, Caa1) | 03/01/14 | 8.000 | 878,938 | ||||||||||||||||||
825 | AMC Entertainment, Inc., Rule 144A, Senior Notes (Callable 06/01/14 @ $104.38) ‡ | (B-, B1) | 06/01/19 | 8.750 | 779,625 | ||||||||||||||||||
1,658,563 | |||||||||||||||||||||||
Tobacco (0.6%) | |||||||||||||||||||||||
950 | Alliance One International, Inc., Rule 144A, Senior Unsecured Notes (Callable 07/15/13 @ $105.00) ‡ | (B+, B2) | 07/15/16 | 10.000 | 904,875 | ||||||||||||||||||
TOTAL U.S. CORPORATE BONDS (Cost $162,101,975) | 134,085,144 | ||||||||||||||||||||||
FOREIGN CORPORATE BONDS (6.8%) | |||||||||||||||||||||||
Aerospace & Defense (0.3%) | |||||||||||||||||||||||
500 | Bombardier, Inc., Rule 144A, Senior Unsecured Notes (Canada) ‡ | (BB+, Ba2) | 05/01/14 | 6.300 | 440,000 | ||||||||||||||||||
Chemicals (0.9%) | |||||||||||||||||||||||
1,125 | Cognis GmbH, Rule 144A, Senior Secured Notes (Callable 08/15/09 @ $100.00) (Germany) #‡ | (B-, B2) | 09/15/13 | 2.629 | 855,000 | ||||||||||||||||||
1,575 | Ineos Group Holdings PLC, Rule 144A, Secured Notes (Callable 02/15/11 @ $104.25) (United Kingdom) ‡ | (CC, Ca) | 02/15/16 | 8.500 | 496,125 | ||||||||||||||||||
1,351,125 |
See Accompanying Notes to Financial Statements.
10
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2009 (unaudited)
Par (000) | Ratings† (S&P/Moody's) | Maturity | Rate% | Value | |||||||||||||||||||
FOREIGN CORPORATE BONDS | |||||||||||||||||||||||
Electronics (0.8%) | |||||||||||||||||||||||
$ | 775 | Avago Technologies Finance, Global Company Guaranteed Notes (Callable 12/01/10 @ $105.94) (Singapore) | (B, B3) | 12/01/15 | 11.875 | $ | 776,938 | ||||||||||||||||
375 | Celestica, Inc., Senior Subordinated Notes (Callable 07/01/09 @ $103.81) (Canada) | (B, B3) | 07/01/13 | 7.625 | 367,500 | ||||||||||||||||||
94 | NXP Funding LLC, Rule 144A, Senior Secured Notes (Netherlands) ‡ | (B-, NR) | 07/15/13 | 10.000 | 100,328 | ||||||||||||||||||
75 | NXP Funding LLC, Series EXCH, Global Senior Secured Notes (Callable 10/15/10 @ $103.94) (Netherlands) | (CC, C) | 10/15/14 | 7.875 | 34,500 | ||||||||||||||||||
1,279,266 | |||||||||||||||||||||||
Energy - Exploration & Production (0.2%) | |||||||||||||||||||||||
550 | OPTI Canada, Inc., Global Senior Secured Notes (Callable 12/15/10 @ $104.13) (Canada) | (B, Caa1) | 12/15/14 | 8.250 | 365,750 | ||||||||||||||||||
Forestry & Paper (0.5%) | |||||||||||||||||||||||
1,450 | Abitibi-Consolidated Co. of Canada, Global Company Guaranteed Notes (Canada) ø | (D, NR) | 06/15/11 | 7.750 | 123,250 | ||||||||||||||||||
750 | Smurfit Kappa Funding PLC, Global Senior Subordinated Notes (Callable 01/31/10 @ $103.88) (Ireland) | (B, B2) | 04/01/15 | 7.750 | 583,125 | ||||||||||||||||||
706,375 | |||||||||||||||||||||||
Gaming (0.2%) | |||||||||||||||||||||||
400 | Codere Finance Luxembourg SA, Rule 144A, Senior Secured Notes (Callable 06/15/10 @ $104.13) (Luxembourg) ‡ | (B, B2) | 06/15/15 | 8.250 | 353,468 | ||||||||||||||||||
Media - Cable (0.8%) | |||||||||||||||||||||||
150 | NTL Cable PLC, Global Senior Notes (Callable 08/15/11 @ $104.56) (United Kingdom) | (B-, B2) | 08/15/16 | 9.125 | 145,125 | ||||||||||||||||||
400 | Unitymedia GmbH, Rule 144A, Senior Secured Notes (Callable 02/15/10 @ $105.06) (Germany) ‡ | (B+, B2) | 02/15/15 | 10.125 | 577,892 | ||||||||||||||||||
350 | Virgin Media Finance PLC, Global Company Guaranteed Notes (Callable 04/15/10 @ $103.25) (United Kingdom) | (B-, B2) | 04/15/14 | 9.750 | 544,695 | ||||||||||||||||||
1,267,712 | |||||||||||||||||||||||
Media - Diversified (0.5%) | |||||||||||||||||||||||
775 | Quebecor Media, Inc., Global Senior Unsecured Notes (Callable 03/15/11 @ $103.88) (Canada) | (B, B2) | 03/15/16 | 7.750 | 706,219 | ||||||||||||||||||
Oil Field Equipment & Services (0.3%) | |||||||||||||||||||||||
475 | Cie Generale de Geophysique-Veritas, Global Company Guaranteed Notes (Callable 05/15/10 @ $103.75) (France) | (BB, Ba3) | 05/15/15 | 7.500 | 438,188 | ||||||||||||||||||
Packaging (0.1%) | |||||||||||||||||||||||
175 | Impress Holdings BV, Rule 144A, Company Guaranteed Notes (Callable 09/15/09 @ $109.25) (Netherlands) ‡ | (B-, B3) | 09/15/14 | 9.250 | 219,690 | ||||||||||||||||||
Pharmaceuticals (0.4%) | |||||||||||||||||||||||
75 | Elan Finance Corp., Global Company Guaranteed Notes (Callable 11/15/09 @ $101.94) (Ireland) | (B, B3) | 11/15/11 | 7.750 | 69,750 | ||||||||||||||||||
500 | Elan Finance Corp., Global Company Guaranteed Notes (Callable 12/01/10 @ $104.44) (Ireland) | (B, B3) | 12/01/13 | 8.875 | 460,000 | ||||||||||||||||||
529,750 | |||||||||||||||||||||||
Telecom - Integrated/Services (0.5%) | |||||||||||||||||||||||
924 | Global Crossing UK Finance, Global Company Guaranteed Notes (Callable 12/15/09 @ $105.38) (United Kingdom) | (B-, B3) | 12/15/14 | 10.750 | 741,510 | ||||||||||||||||||
350 | Hellas Telecommunications II SCA, Rule 144A, Subordinated Notes (Callable 01/15/10 @ $100.00) (Luxembourg) #‡ | (CC, Caa3) | 01/15/15 | 6.881 | 91,000 | ||||||||||||||||||
832,510 | |||||||||||||||||||||||
Telecommunications (0.1%) | |||||||||||||||||||||||
400 | Nortel Networks, Ltd., Global Company Guaranteed Notes (Callable 07/15/11 @ $105.38) (Canada) ø | (NR, NR) | 07/15/16 | 10.750 | 140,000 | ||||||||||||||||||
Textiles & Apparel (0.0%) | |||||||||||||||||||||||
150 | IT Holding Finance SA, Rule 144A, Company Guaranteed Notes (Luxembourg) ø‡ | (NR, NR) | 11/15/12 | 9.875 | 68,379 |
See Accompanying Notes to Financial Statements.
11
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2009 (unaudited)
Par (000) | Ratings† (S&P/Moody's) | Maturity | Rate% | Value | |||||||||||||||||||
FOREIGN CORPORATE BONDS | |||||||||||||||||||||||
Transportation - Excluding Air/Rail (1.2%) | |||||||||||||||||||||||
$ | 1,150 | Navios Maritime Holdings, Inc., Global Company Guaranteed Notes (Callable 12/15/10 @ $104.75) (Marshall Islands) | (B+, B3) | 12/15/14 | 9.500 | $ | 948,750 | ||||||||||||||||
975 | Ship Finance International, Ltd., Global Company Guaranteed Notes (Callable 12/15/09 @ $102.83) (Bermuda) | (B+, B1) | 12/15/13 | 8.500 | 821,437 | ||||||||||||||||||
1,770,187 | |||||||||||||||||||||||
TOTAL FOREIGN CORPORATE BONDS (Cost $13,555,412) | 10,468,619 | ||||||||||||||||||||||
BANK LOANS (0.9%) | |||||||||||||||||||||||
Energy - Exploration & Production (0.3%) | |||||||||||||||||||||||
575 | ATP Oil & Gas | (NR, NR) | 07/15/14 | 5.750 | 429,094 | ||||||||||||||||||
Gaming (0.3%) | |||||||||||||||||||||||
500 | CCM Merger, Inc. | (NR, NR) | 07/21/12 | 8.500 | 419,220 | ||||||||||||||||||
Pharmaceuticals (0.3%) | |||||||||||||||||||||||
475 | Nycomed Holdings Aps | (NR, NR) | 12/29/13 | 7.350 | 407,312 | ||||||||||||||||||
TOTAL BANK LOANS (Cost $1,112,563) | 1,255,626 | ||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||
COMMON STOCKS (0.1%) | |||||||||||||||||||||||
Auto Components (0.0%) | |||||||||||||||||||||||
1,219 | Safelite Realty Corp. *^ | 11,520 | |||||||||||||||||||||
Chemicals (0.0%) | |||||||||||||||||||||||
4,893 | Huntsman Corp. | 24,612 | |||||||||||||||||||||
Commercial Services & Supplies (0.0%) | |||||||||||||||||||||||
10,652 | Mail Well, Inc., Rule 144A *‡ | 44,738 | |||||||||||||||||||||
Containers & Packaging (0.1%) | |||||||||||||||||||||||
5,000 | Constar International, Inc. * | 75,000 | |||||||||||||||||||||
Hotels, Restaurants & Leisure (0.0%) | |||||||||||||||||||||||
1,500 | Progressive Gaming International Corp. * | 45 | |||||||||||||||||||||
Media (0.0%) | |||||||||||||||||||||||
7,500 | Adelphia (Escrow Holding) *^ | 0 | |||||||||||||||||||||
750,000 | Adelphia Recovery Trust *^ | 0 | |||||||||||||||||||||
0 | |||||||||||||||||||||||
TOTAL COMMON STOCKS (Cost $1,344,026) | 155,915 | ||||||||||||||||||||||
PREFERRED STOCKS (0.1%) | |||||||||||||||||||||||
Diversified Financial Services (0.1%) | |||||||||||||||||||||||
299 | Preferred Blocker, Inc., Rule 144A (Callable 12/31/11 @ $1,000) ‡ | 128,608 | |||||||||||||||||||||
Media (0.0%) | |||||||||||||||||||||||
10,727 | CMP Susquehanna Radio Holdings Corp. Series A * | 0 | |||||||||||||||||||||
TOTAL PREFERRED STOCKS (Cost $63,100) | 128,608 |
See Accompanying Notes to Financial Statements.
12
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2009 (unaudited)
Number of Shares | Value | ||||||||||||||||||||||
WARRANTS (0.0%) | |||||||||||||||||||||||
Diversified Financial Services (0.0%) | |||||||||||||||||||||||
12,259 | CNB Capital Trust I, Rule 144A, expires 03/23/19 *‡ (Cost $0) | $ | 0 | ||||||||||||||||||||
Par (000) | Maturity | Rate% | |||||||||||||||||||||
SHORT-TERM INVESTMENT (2.9%) | |||||||||||||||||||||||
$ | 4,505 | State Street Bank and Trust Co. Euro Time Deposit (Cost $4,505,000) | 07/01/09 | 0.010 | 4,505,000 | ||||||||||||||||||
TOTAL INVESTMENTS AT VALUE (98.4%) (Cost $182,682,076) | 150,598,912 | ||||||||||||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES (1.6%) | 2,394,707 | ||||||||||||||||||||||
NET ASSETS (100.0%) | $ | 152,993,619 |
INVESTMENT ABBREVIATION
NR = Not Rated
† Credit ratings given by the Standard & Poor's Division of The McGraw-Hill Companies, Inc. ("S&P") and Moody's Investors Service, Inc. ("Moody's") are unaudited.
‡ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2009, these securities amounted to a value of $32,888,712 or 21.5% of net assets.
+ Step Bond - The interest rate is as of June 30, 2009 and will reset at a future date.
ø Bond is currently in default.
* Non-income producing security.
^ Not readily marketable security; security is valued at fair value as determined in good faith by, or under the direction of, the Board of Directors.
# Variable rate obligations - The interest rate is the rate as of June 30, 2009.
See Accompanying Notes to Financial Statements.
13
Credit Suisse Asset Management Income Fund, Inc.
Statement of Assets and Liabilities
June 30, 2009 (unaudited)
Assets | |||||||
Investments at value (Cost $182,682,076) (Note 2) | $ | 150,598,912 | |||||
Cash | 12,608 | ||||||
Foreign currency at value (cost $36,413) | 36,895 | ||||||
Dividend and interest receivable | 3,624,796 | ||||||
Receivable for investments sold | 1,593,551 | ||||||
Prepaid expenses | 2,275 | ||||||
Total Assets | 155,869,037 | ||||||
Liabilities | |||||||
Advisory fee payable (Note 3) | 163,170 | ||||||
Administrative services fee payable (Note 3) | 29,141 | ||||||
Payable for investments purchased | 2,421,153 | ||||||
Unrealized depreciation on forward currency contracts (Note 2) | 189,836 | ||||||
Directors' fee payable | 47,157 | ||||||
Other accrued expenses payable | 24,961 | ||||||
Total Liabilities | 2,875,418 | ||||||
Net Assets | |||||||
Applicable to 49,938,727 shares outstanding | $ | 152,993,619 | |||||
Net Assets | |||||||
Capital stock, $.001 par value (Note 6) | $ | 49,939 | |||||
Paid-in capital (Note 6) | 378,175,157 | ||||||
Accumulated net investment loss | (2,828,077 | ) | |||||
Accumulated net realized loss on investments and foreign currency transactions | (190,133,225 | ) | |||||
Net unrealized depreciation on investments and foreign currency translations | (32,270,175 | ) | |||||
Net Assets | $ | 152,993,619 | |||||
Net Asset Value Per Share ($152,993,619 / 49,938,727) | $ | 3.06 | |||||
Market Price Per Share | $ | 2.86 |
See Accompanying Notes to Financial Statements.
14
Credit Suisse Asset Management Income Fund, Inc.
Statement of Operations
For the Six Months Ended June 30, 2009 (unaudited)
Investment Income (Note 2) | |||||||
Interest | $ | 8,292,187 | |||||
Dividends | 13,956 | ||||||
Total investment income | 8,306,143 | ||||||
Expenses | |||||||
Investment advisory fees (Note 3) | 307,334 | ||||||
Administrative services fees (Note 3) | 73,587 | ||||||
Directors' fees | 58,921 | ||||||
Audit and tax fees | 20,991 | ||||||
Transfer agent fees | 10,187 | ||||||
Custodian fees | 4,209 | ||||||
Insurance expense | 3,113 | ||||||
Commitment fees (Note 4) | 2,633 | ||||||
Miscellaneous expense | 238 | ||||||
Total expenses | 481,213 | ||||||
Net investment income | 7,824,930 | ||||||
Net Realized and Unrealized Gain (Loss) from Investments and Foreign Currency Related Items | |||||||
Net realized loss from investments | (12,976,438 | ) | |||||
Net realized gain from foreign currency transactions | 157,090 | ||||||
Net change in unrealized appreciation (depreciation) from investments | 40,057,467 | ||||||
Net change in unrealized appreciation (depreciation) from foreign currency translations | (266,355 | ) | |||||
Net realized and unrealized gain from investments and foreign currency related items | 26,971,764 | ||||||
Net increase in net assets resulting from operations | $ | 34,796,694 |
See Accompanying Notes to Financial Statements.
15
Credit Suisse Asset Management Income Fund, Inc.
Statements of Changes in Net Assets
For the Six Months Ended June 30, 2009 (unaudited) | For the Year Ended December 31, 2008 | ||||||||||
From Operations | |||||||||||
Net investment income | $ | 7,824,930 | $ | 17,453,289 | |||||||
Net realized loss from investments and foreign currency transactions | (12,819,348 | ) | (16,351,476 | ) | |||||||
Net change in unrealized appreciation (depreciation) from investments and foreign currency translations | 39,791,112 | (56,776,350 | ) | ||||||||
Net increase (decrease) in net assets resulting from operations | 34,796,694 | (55,674,537 | ) | ||||||||
From Dividends | |||||||||||
Dividends from net investment income | (7,490,809 | ) | (21,594,194 | ) | |||||||
Net decrease in net assets resulting from dividends | (7,490,809 | ) | (21,594,194 | ) | |||||||
From Capital Share Transactions (Note 6) | |||||||||||
Issuance of 0 shares and 14,376 shares through the directors compensation plan (Note 3) | — | 42,895 | |||||||||
Net increase in net assets from capital share transactions | — | 42,895 | |||||||||
Net increase (decrease) in net assets | 27,305,885 | (77,225,836 | ) | ||||||||
Net Assets | |||||||||||
Beginning of period | 125,687,734 | 202,913,570 | |||||||||
End of period | $ | 152,993,619 | $ | 125,687,734 | |||||||
Accumulated net investment loss | $ | (2,828,077 | ) | $ | (3,162,198 | ) |
See Accompanying Notes to Financial Statements.
16
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Credit Suisse Asset Management Income Fund, Inc.
Financial Highlights
For the Six Months Ended 6/30/09 | For the Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Per share operating performance | (unaudited) | 12/31/08 | 12/31/07 | 12/31/06 | 12/31/05 | 12/31/04 | 12/31/03 | 12/31/02 | 12/31/011 | 12/31/00 | 12/31/99 | ||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 2.52 | $ | 4.06 | $ | 4.34 | $ | 4.24 | $ | 4.56 | $ | 4.41 | $ | 3.91 | $ | 4.74 | $ | 5.70 | $ | 7.34 | $ | 7.77 | |||||||||||||||||||||||||
INVESTMENT ACTIVITIES | |||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.16 | 0.35 | 0.36 | 0.36 | 0.36 | 0.35 | 0.37 | 0.42 | 0.612 | 0.67 | 0.75 | ||||||||||||||||||||||||||||||||||||
Net gain (loss) on investments, swap contracts, futures contracts and foreign currency related items (both realized and unrealized) | 0.53 | (1.46 | ) | (0.31 | ) | 0.14 | (0.28 | ) | 0.22 | 0.58 | (0.55 | ) | (0.85 | ) | (1.55 | ) | (0.46 | ) | |||||||||||||||||||||||||||||
Total from investment activities | 0.69 | (1.11 | ) | 0.05 | 0.50 | 0.08 | 0.57 | 0.95 | (0.13 | ) | (0.24 | ) | (0.88 | ) | 0.29 | ||||||||||||||||||||||||||||||||
LESS DIVIDENDS AND DISTRIBUTIONS | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends from net investment income | (0.15 | ) | (0.43 | ) | (0.33 | ) | (0.40 | ) | (0.40 | ) | (0.40 | ) | (0.43 | ) | (0.62 | ) | (0.72 | ) | (0.76 | ) | (0.72 | ) | |||||||||||||||||||||||||
Return of capital | — | — | — | — | (0.00 | )3 | (0.02 | ) | (0.02 | ) | (0.08 | ) | — | — | — | ||||||||||||||||||||||||||||||||
Total dividends and distributions | (0.15 | ) | (0.43 | ) | (0.33 | ) | (0.40 | ) | (0.40 | ) | (0.42 | ) | (0.45 | ) | (0.70 | ) | (0.72 | ) | (0.76 | ) | (0.72 | ) | |||||||||||||||||||||||||
Net asset value, end of period | $ | 3.06 | $ | 2.52 | $ | 4.06 | $ | 4.34 | $ | 4.24 | $ | 4.56 | $ | 4.41 | $ | 3.91 | $ | 4.74 | $ | 5.70 | $ | 7.34 | |||||||||||||||||||||||||
Per share market value, end of period | $ | 2.86 | $ | 2.30 | $ | 3.58 | $ | 4.38 | $ | 3.67 | $ | 4.45 | $ | 4.50 | $ | 3.88 | $ | 4.98 | $ | 5.56 | $ | 6.06 | |||||||||||||||||||||||||
TOTAL INVESTMENT RETURN | |||||||||||||||||||||||||||||||||||||||||||||||
Net asset value4 | 28.96 | % | (27.78 | )% | 1.59 | % | 12.73 | % | 1.74 | % | 13.55 | % | 24.59 | % | (5.26 | )% | (6.04 | )% | (12.37 | )% | 4.50 | % | |||||||||||||||||||||||||
Market value | 32.06 | % | (25.25 | )% | (11.32 | )% | 31.44 | % | (9.76 | )% | 8.60 | % | 28.11 | % | (10.52 | )% | 1.15 | % | 3.55 | % | (11.32 | )% | |||||||||||||||||||||||||
RATIOS AND SUPPLEMENTAL DATA | |||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000s omitted) | $ | 152,994 | $ | 125,688 | $ | 202,914 | $ | 216,318 | $ | 211,536 | $ | 227,374 | $ | 219,864 | $ | 195,089 | $ | 236,652 | $ | 197,817 | $ | 254,857 | |||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.72 | % | 0.73 | % | 0.78 | % | 0.74 | % | 0.82 | % | 0.78 | % | 0.78 | % | 0.79 | % | 1.07 | % | 0.78 | % | 0.78 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets | 11.64 | % | 9.96 | % | 8.75 | % | 8.32 | % | 8.20 | % | 8.08 | % | 8.83 | % | 9.93 | % | 11.66 | % | 10.10 | % | 9.90 | % | |||||||||||||||||||||||||
Portfolio turnover rate | 34.0 | % | 32.1 | % | 49.7 | % | 58.0 | % | 61.5 | % | 57.8 | % | 77.8 | % | 61.1 | % | 50.1 | %5 | 39.1 | % | 43.5 | % |
1 As required, effective January 1, 2001 the Fund has adopted provisions of AICPA Audit and Accounting Guide for Investment Companies and has begun amortizing premium on debt securities. The effect of this change for the year ended December 31, 2001 was a decrease to net investment income per share by $0.004 and increase to net realized and unrealized gains and losses per share by $0.004 and a decrease to the net ratio of investment income to average net assets from 11.73% to 11.66%. Per share ratio and supplemental data for prior periods have not been restated to reflect this change.
2 Per share information is calculated using the average shares outstanding method.
3 This amount represents less than $(0.01) per share.
4 Total investment return based on per share net asset value reflects the effects of change in net asset value on the performance of the Fund during each period, and assumes dividends and capital gains distributions, if any, were reinvested. These percentages are not an indication of the performance of a shareholder's investment in the Fund based on market value, due to differences between the market price of the stock and the net asset value of the Fund.
5 Due to the realignment of the Fund's portfolio in connection with the combination with Credit Suisse Strategic Global Income Fund, Inc., the cost of purchases of $30,040,944 and proceeds from sales of $37,801,151 have been excluded from the Portfolio Turnover calculations.
Note: Current Year permanent book-tax differences, if any, are not included in the calculation of net investment income per share.
See Accompanying Notes to Financial Statements.
18
See Accompanying Notes to Financial Statements.
19
Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements
June 30, 2009 (unaudited)
Note 1. Organization
Credit Suisse Asset Management Income Fund, Inc. (the "Fund") was incorporated on February 11, 1987 and is registered as a diversified, closed-end investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The investment objective of the Fund is to seek current income through investment primarily in debt securities.
Note 2. Significant Accounting Policies
A) SECURITY VALUATION — The net asset value of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the "Exchange") on each day the Exchange is open for business. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that using this method would not represent fair value. Equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation (the "Valuation Time"). If no sales are reported, equ ity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest asked quotation in the case of a short sale of securities. Investments in mutual funds are valued at the mutual fund's closing net asset value per share on the day of valuation. Securities and other assets for which market quotations are not readily available, or whose values have been materially affected by events occurring before the Fund's Valuation Time but after the close of the securities' primary markets, are valued at fair value as determined in good faith by, or under the direction of, the Board of Directors under procedures established by the Board of Directors.
The Fund may invest up to 10% of its total assets in securities which are not readily marketable, including those which are restricted as to disposition under securities law ("restricted securities") (excludes 144A securities that have been determined to be liquid under procedures established by the Board of Directors). These securities are valued pursuant to the valuation procedures noted above.
The Fund adopted Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation tec hnique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
• Level 1 — quoted prices in active markets for identical investments
• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
20
Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
June 30, 2009 (unaudited)
• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of June 30, 2009 in valuing the Fund's investments carried at value:
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Investments in Securities | |||||||||||||||||||
U.S. Corporate Bonds | |||||||||||||||||||
Aerospace & Defense | $ | — | $ | 1,581,875 | $ | — | $ | 1,581,875 | |||||||||||
Agriculture | — | 578,125 | — | 578,125 | |||||||||||||||
Auto Loans | — | 2,895,923 | — | 2,895,923 | |||||||||||||||
Auto Parts & Equipment | — | 3,318,602 | — | 3,318,602 | |||||||||||||||
Banks | — | 4,616,212 | — | 4,616,212 | |||||||||||||||
Beverages | — | 714,938 | — | 714,938 | |||||||||||||||
Brokerage | — | 456,050 | — | 456,050 | |||||||||||||||
Building & Construction | — | 1,975,358 | — | 1,975,358 | |||||||||||||||
Building Materials | — | 2,520,125 | — | 2,520,125 | |||||||||||||||
Chemicals | — | 3,461,884 | — | 3,461,884 | |||||||||||||||
Computer Hardware | — | 725,531 | — | 725,531 | |||||||||||||||
Consumer Products | — | 2,152,780 | — | 2,152,780 | |||||||||||||||
Diversified Capital Goods | — | 4,228,904 | — | 4,228,904 | |||||||||||||||
Electric - Generation | — | 9,461,752 | — | 9,461,752 | |||||||||||||||
Electronics | — | 2,167,656 | 66,389 | 2,234,045 | |||||||||||||||
Energy - Exploration & Production | — | 8,076,615 | — | 8,076,615 | |||||||||||||||
Environmental | — | 947,500 | — | 947,500 | |||||||||||||||
Food & Drug Retailers | — | 2,168,750 | — | 2,168,750 | |||||||||||||||
Food - Wholesale | — | 656,938 | — | 656,938 | |||||||||||||||
Forestry & Paper | — | 2,865,391 | — | 2,865,391 | |||||||||||||||
Gaming | — | 6,940,390 | — | 6,940,390 | |||||||||||||||
Gas Distribution | — | 4,490,584 | — | 4,490,584 | |||||||||||||||
Health Services | — | 10,721,687 | — | 10,721,687 | |||||||||||||||
Hotels | — | 1,617,285 | — | 1,617,285 | |||||||||||||||
Household & Leisure Products | — | 484,000 | — | 484,000 | |||||||||||||||
Investments & Misc. Financial Services | — | 295,375 | — | 295,375 | |||||||||||||||
Leisure | — | 417,400 | — | 417,400 | |||||||||||||||
Machinery | — | 844,438 | — | 844,438 | |||||||||||||||
Media - Broadcast | — | 1,563,350 | — | 1,563,350 | |||||||||||||||
Media - Cable | — | 7,303,485 | — | 7,303,485 | |||||||||||||||
Media - Services | — | 1,540,813 | — | 1,540,813 | |||||||||||||||
Metals & Mining - Excluding Steel | — | 3,454,765 | — | 3,454,765 | |||||||||||||||
Non-Food & Drug Retailers | — | 3,145,913 | — | 3,145,913 | |||||||||||||||
Oil Field Equipment & Services | — | 1,782,375 | — | 1,782,375 | |||||||||||||||
Oil Refining & Marketing | — | 388,875 | — | 388,875 | |||||||||||||||
Packaging | — | 2,442,999 | — | 2,442,999 | |||||||||||||||
Printing & Publishing | — | 1,683,538 | — | 1,683,538 | |||||||||||||||
Railroads | — | 467,500 | — | 467,500 | |||||||||||||||
Restaurants | — | 463,125 | — | 463,125 | |||||||||||||||
Software/Services | — | 2,848,156 | — | 2,848,156 | |||||||||||||||
Steel Producers/Products | — | 1,865,500 | — | 1,865,500 | |||||||||||||||
Support-Services | — | 6,135,562 | — | 6,135,562 | |||||||||||||||
Telecom - Integrated/Services | — | 8,953,062 | — | 8,953,062 | |||||||||||||||
Telecom - Wireless | — | 5,540,481 | — | 5,540,481 | |||||||||||||||
Textiles & Apparel | — | 493,750 | — | 493,750 |
21
Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
June 30, 2009 (unaudited)
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Theaters & Entertainment | $ | — | $ | 1,658,563 | $ | — | $ | 1,658,563 | |||||||||||
Tobacco | — | 904,875 | — | 904,875 | |||||||||||||||
Foreign Corporate Bonds | |||||||||||||||||||
Aerospace & Defense | — | 440,000 | — | 440,000 | |||||||||||||||
Chemicals | — | 1,351,125 | — | 1,351,125 | |||||||||||||||
Electronics | — | 1,279,266 | — | 1,279,266 | |||||||||||||||
Energy - Exploration & Production | — | 365,750 | — | 365,750 | |||||||||||||||
Forestry & Paper | — | 706,375 | — | 706,375 | |||||||||||||||
Gaming | — | 353,468 | — | 353,468 | |||||||||||||||
Media - Cable | — | 1,267,712 | — | 1,267,712 | |||||||||||||||
Media - Diversified | — | 706,219 | — | 706,219 | |||||||||||||||
Oil Field Equipment & Services | — | 438,188 | — | 438,188 | |||||||||||||||
Packaging | — | 219,690 | — | 219,690 | |||||||||||||||
Pharmaceuticals | — | 529,750 | — | 529,750 | |||||||||||||||
Telecom - Integrated/Services | — | 832,510 | — | 832,510 | |||||||||||||||
Telecommunications Equipment | — | 140,000 | — | 140,000 | |||||||||||||||
Textiles & Apparel | — | 68,379 | — | 68,379 | |||||||||||||||
Transportation - Excluding Air/Rail | — | 1,770,187 | — | 1,770,187 | |||||||||||||||
Bank Loans | |||||||||||||||||||
Energy - Exploration & Production | — | 429,094 | — | 429,094 | |||||||||||||||
Gaming | — | 419,220 | — | 419,220 | |||||||||||||||
Pharmaceuticals | — | 407,312 | — | 407,312 | |||||||||||||||
Common Stocks | |||||||||||||||||||
Auto Components | — | — | 11,520 | 11,520 | |||||||||||||||
Chemicals | 24,612 | — | — | 24,612 | |||||||||||||||
Commercial Services & Supplies | 44,738 | — | — | 44,738 | |||||||||||||||
Containers & Packaging | 75,000 | — | — | 75,000 | |||||||||||||||
Hotels, Restaurants & Leisure | 45 | — | — | 45 | |||||||||||||||
Media | — | — | — | — | |||||||||||||||
Preferred Stocks | |||||||||||||||||||
Diversified Financial Services | 128,608 | — | — | 128,608 | |||||||||||||||
Media | — | — | — | — | |||||||||||||||
Warrants | |||||||||||||||||||
Diversified Financial Services | — | — | — | — | |||||||||||||||
Short-Term Investments | 4,505,000 | — | 4,505,000 | ||||||||||||||||
Other Financial Instruments* | |||||||||||||||||||
Forward Foreign Currency Contracts | (189,836 | ) | — | — | (189,836 | ) | |||||||||||||
$ | 83,167 | $ | 150,248,000 | $ | 77,909 | $ | 150,409,076 |
* Other financial instruments include futures, forwards and swap contracts.
As of June 30, 2009, the amounts shown by the Fund as being Level 3 securities that were measured at fair value amounted to 0.05% of net assets.
B) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES — In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities ("FAS 161"), an amendment of FASB Statement No. 133. FAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. FAS 161 requires enhanced disclosures about how and why a fund uses derivative instruments, how these affect a fund's financial position and results of operations.
22
Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
June 30, 2009 (unaudited)
Fair Values of Derivative Instruments as of June 30, 2009
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||
Forward Foreign Currency Contracts | Net Assets - Unrealized Appreciation | $ | 0 | Liabilities - Unrealized Depreciation | $ | 189,836 | * |
* Includes cumulative appreciation/depreciation of forward foreign currency contracts as reported in the Statement of Assets and Liabilities and Notes to Financial Statements.
Effect of Derivative Instruments on the Statement of Operations
Amount of Realized Gain (Loss) on Derivatives Recognized in Income | |||||||
Forward Foreign Currency Contracts | $ | 163,629 | |||||
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | |||||||
Forward Foreign Currency Contracts | $ | (272,957 | ) |
The notional amount of forward foreign currency contracts at period end are reflected in the Notes to Financial Statements and the volume of these open positions relative to the net assets of the Fund is generally representative of open positions throughout the reporting period for the Fund.
C) SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on a trade date basis. Interest income is accrued as earned. The Fund amortizes premiums and accretes discounts using the effective yield method. Dividends are recorded on the ex-dividend date. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes. Discount or premium on mortgage backed securities is recorded upon receipt of principal payments on the underlying mortgage pools.
D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income are declared and paid monthly. Distributions of net realized capital gains, if any, are declared and paid at least annually. However, to the extent that a net realized capital gain can be reduced by a capital loss carryforward, such gain will not be distributed. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP").
The Fund's dividend policy is to distribute substantially all of its net investment income to its shareholders on a monthly basis. However, in order to provide shareholders with a more consistent yield to the current trading price of shares of beneficial interest of the Fund, the Fund may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the dividends paid by the Fund for any particular month may be more or less than the amount of net investment income earned by the Fund during such month.
E) FEDERAL INCOME TAXES — No provision is made for federal taxes as it is the Fund's intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under the Internal Revenue
23
Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
June 30, 2009 (unaudited)
Code of 1986, as amended, and to make the requisite distributions to its shareholders, which will be sufficient to relieve it from federal income and excise taxes.
During June 2006, the FASB issued Interpretation 48 ("FIN 48" or the "Interpretation"), Accounting for Uncertainty in Income Taxes — an interpretation of FASB statement 109. The Fund has reviewed its current tax positions and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
F) USE OF ESTIMATES — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates.
G) SHORT-TERM INVESTMENTS — The Fund, together with other funds/portfolios advised by Credit Suisse Asset Management, LLC ("Credit Suisse"), an indirect, wholly-owned subsidiary of Credit Suisse Group AG, pools available cash into a short-term variable rate time deposit issued by State Street Bank and Trust Company ("SSB"), the Fund's custodian. The short-term time deposit issued by SSB is a variable rate account classified as a short-term investment.
H) DELAYED DELIVERY COMMITMENTS — The Fund may purchase or sell securities on a when-issued or forward commitment basis. Payment and delivery may take place a month or more after the date of the transaction. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated.
I) FUTURES — The Fund may enter into futures contracts to the extent permitted by its investment policies and objectives. The Fund may use futures contracts to gain exposure to, or hedge against changes in interest rates. Upon entering into a futures contract, the Fund is required to deposit cash and/or pledge U.S. Government securities as initial margin. Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying instrument, are made or received by the Fund each day (daily variation margin) and are recorded as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund's basis in the contract. Risks of entering into futures contracts for hedging purposes include the possibility that a change in the value of the contract may not c orrelate with the changes in the value of the underlying instruments. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. In addition, the purchase of a futures contract involves the risk that the Fund could lose more than the original margin deposit and subsequent payments may be required for a futures transaction. At June 30, 2009, the Fund had no open futures contracts.
J) FORWARD FOREIGN CURRENCY CONTRACTS — The Fund may enter into forward foreign currency contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency. The Fund will enter into forward foreign currency contracts primarily for hedging purposes. Forward foreign currency contracts are adjusted by the daily forward exchange rate of the underlying currency and any gains or losses are recorded for financial statement
24
Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
June 30, 2009 (unaudited)
purposes as unrealized until the contract settlement date or an offsetting position is entered into. At June 30, 2009, the Fund had the following open forward foreign currency contracts:
Forward Foreign Currency to be Purchased (Local) | Forward Foreign Currency to be Sold (Local) | Expiration Date | Value on Settlement Date | Current Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
Open Forward Foreign Currency Contracts with Unrealized Depreciation | |||||||||||||||||||||||
EUR | 454,950 | USD | 646,379 | 07/16/09 | $ | 646,379 | $ | 638,141 | $ | (8,238 | ) | ||||||||||||
USD | 2,598,092 | EUR | 1,945,000 | 07/16/09 | 2,598,092 | 2,728,181 | (130,089 | ) | |||||||||||||||
USD | 467,243 | GBP | 315,000 | 07/16/09 | 467,243 | 518,752 | (51,509 | ) | |||||||||||||||
Total | $ | (189,836 | ) |
Currency Abbreviations:
EUR — Euro Currency
GBP — British Pound
USD — United States Dollar
K) SECURITIES LENDING — Loans of securities are required at all times to be secured by collateral at least equal to 102% of the market value of domestic securities on loan (including any accrued interest thereon) and 105% of the market value of foreign securities on loan (including any accrued interest thereon). Cash collateral received by the Fund in connection with securities lending activity may be pooled together with cash collateral for other funds/portfolios advised by Credit Suisse and may be invested in a variety of investments, including funds advised by SSB, the Fund's securities lending agent, or money market instruments. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings.
SSB has been engaged by the Fund to act as the Fund's securities lending agent. The Fund's securities lending arrangement provides that the Fund and SSB will share the net income earned from securities lending activities. The Fund had no securities out on loan during the six months ended June 30, 2009. Securities lending income is accrued as earned.
L) CREDIT DEFAULT SWAPS — The Fund may enter into credit default swap agreements either as a buyer or seller. The Fund may buy a credit default swap to attempt to mitigate the risk of default or credit quality deterioration in one or more individual holdings or in a segment of the fixed income securities market. The Fund may sell a credit default swap in an attempt to gain exposure to an underlying issuer's credit quality characteristics without investing directly in that issuer.
The Fund bears the risk of loss of the amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. The Fund will enter into swap agreements only with counterparties that meet certain standards of creditworthiness (generally, such counterparties would have to be eligible counterparties under the terms of the Fund's repurchase agreement guidelines). Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. At June 30, 2009, the Fund had no outstanding credit default swap contracts.
M) OTHER — The Fund may invest in securities of foreign countries and governments which involve certain risks in addition to those inherent in domestic investments. Such risks generally include, among others, currency risk (fluctuations in currency exchange rates), information risk (key information may be inaccurate or unavailable) and political risk (expropriation, nationalization or the imposition of capital or currency controls or punitive taxes). Other risks of investing in foreign securities include liquidity and valuation risks.
25
Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
June 30, 2009 (unaudited)
The Fund may be subject to taxes imposed by countries in which it invests with respect to its investments in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Fund accrues such taxes when the related income is earned or gains are realized.
Lower-rated debt securities (commonly known as "junk bonds") possess speculative characteristics and are subject to greater market fluctuations and risk of lost income and principal than higher-rated debt securities for a variety of reasons. Also, during an economic downturn or substantial period of rising interest rates, highly leveraged issuers may experience financial stress which would adversely affect their ability to service their principal and interest payment obligations, to meet projected business goals and to obtain additional financing.
In addition, periods of economic uncertainty and changes can be expected to result in increased volatility of market prices of lower-rated debt securities and (to the extent the Fund invests in junk bonds) the Fund's net asset value.
Note 3. Transactions with Affiliates and Related Parties
Credit Suisse serves as investment adviser for the Fund. For its investment advisory services, Credit Suisse is entitled to receive a fee from the Fund at a rate per annum, computed weekly and paid quarterly as follows: 0.50% of the lower of the weekly stock price (market value) of the Fund's outstanding shares or its average weekly net assets. For the six months ended June 30, 2009, investment advisory fees earned were $307,334.
SSB serves as accounting and administrative agent to the Fund. For its administrative services, SSB receives a fee, exclusive of out-of-pocket expenses, calculated in total for all the Credit Suisse funds/portfolios co-administered by SSB and allocated based upon the relative average net assets of each fund/portfolio, subject to an annual minimum fee. For the six months ended June 30, 2009, administrative services fees earned by SSB (including out-of-pocket expenses) were $73,587.
The Independent Directors receive fifty percent (50%) of their annual retainer in the form of shares. Beginning in 2008, the Independent Directors can elect to receive up to 100% of their annual retainer in shares of the Fund. Directors as a group own less than 1% of the Fund's outstanding shares.
Merrill Corporation ("Merrill"), an affiliate of Credit Suisse, has been engaged by the Fund to provide certain financial printing and fulfillment services. For the six months ended June 30, 2009, Merrill was paid $18,055 for its services by the Fund.
Note 4. Line of Credit
The Fund, together with other funds/portfolios advised by Credit Suisse (collectively, the "Participating Funds"), participates in a $50 million committed, unsecured line of credit facility ("Credit Facility") for temporary or emergency purposes with SSB. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee on the average unused amount of the Credit Facility, which is allocated among the Participating Funds in such manner as is determined by the governing Boards of the Participating Funds. In addition, the Participating Funds pay interest on borrowings at either the Overnight Federal Funds rate or the Overnight LIBOR rate plus a spread. At June 30, 2009, and during the six months ended June 30, 2009, the Fund had no borrowings under the Credit Facility.
Note 5. Purchases and Sales of Securities
For the six months ended June 30, 2009, purchases and sales of investment securities (excluding short-term investments) were $43,951,553 and $43,637,612, respectively.
26
Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
June 30, 2009 (unaudited)
At June 30, 2009, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized depreciation from investments were $182,682,076, $3,354,940, $(35,438,104) and $(32,083,164), respectively.
Note 6. Fund Shares
The Fund has one class of shares of common stock, par value $.001 per share; one hundred million shares are authorized. Transactions in shares of common stock were as follows:
For the Six Months Ended June 30, 2009 (unaudited) | For the Year Ended December 31, 2008 | ||||||||||
Shares issued through the directors compensation plan | — | 14,376 | |||||||||
Net increase | — | 14,376 |
Note 7. Contingencies
In the normal course of business, the Fund may provide general indemnifications pursuant to certain contracts and organizational documents. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.
Note 8. Subsequent Events
In accordance with the provisions set forth in FASB Statement of Financial Accounting Standards No. 165 "Subsequent Events", adopted by the Fund as of June 30, 2009, management has evaluated the possibility of subsequent events existing in the Fund's financial statements through August 24, 2009. Management has determined that there are no material events that would require disclosure in the Fund's financial statements through this date.
27
Credit Suisse Asset Management Income Fund, Inc.
Notice of Privacy and Information Practices (unaudited)
At Credit Suisse, we know that you are concerned with how we protect and handle nonpublic personal information that identifies you. This notice is designed to help you understand what nonpublic personal information we collect from you and from other sources, and how we use that information in connection with your investments and investment choices that may be available to you. Except where otherwise noted, this notice is applicable only to consumers who are current or former investors, meaning individual persons whose investments are primarily for household, family or personal use ("individual investors"). Specified sections of this notice, however, also apply to other types of investors (called "institutional investors"). Where the notice applies to institutional investors, the notice expressly states so. This notice is being provided by Credit Suisse Funds, Credit Suisse Institutional Funds, and Credit Suisse Closed-End Funds. This notice applies solely to U.S. registered investment companies advised by Credit Suisse Asset Management, LLC.
Categories of information we may collect:
We may collect information about you, including nonpublic personal information, such as
• Information we receive from you on applications, forms, agreements, questionnaires, Credit Suisse websites and other websites that are part of our investment program, or in the course of establishing or maintaining a customer relationship, such as your name, address, e-mail address, Social Security number, assets, income, financial situation; and
• Information we obtain from your transactions and experiences with us, our affiliates, or others, such as your account balances or other investment information assets purchased and sold, and other parties to a transaction, where applicable.
Categories of information we disclose and parties to whom we disclose it:
• We do not disclose nonpublic personal information about our individual investors, except as permitted or required by law or regulation. Whether you are an individual investor or institutional investor, we may share the information described above with our affiliates that perform services on our behalf, and with our asset management and private banking affiliates; as well as with unaffiliated third parties that perform services on our behalf, such as our accountants, auditors, attorneys, broker-dealers, fund administrators, and other service providers.
• We want our investors to be informed about additional products or services. Whether you are an individual investor or an institutional investor, we may disclose information, including nonpublic personal information, regarding our transactions and experiences with you to our affiliates.
• In addition, whether you are an individual investor or an institutional investor, we reserve the right to disclose information, including nonpublic personal information, about you to any person or entity, including without limitation any governmental agency, regulatory authority or self-regulatory organization having jurisdiction over us or our affiliates, if (i) we determine in our discretion that such disclosure is necessary or advisable pursuant to or in connection with any United States federal, state or local, or non-U.S., court order (or other legal process), law, rule, regulation, or executive order or policy, including without limitation any anti-money laundering law or the USA PATRIOT Act of 2001; and (ii) such disclosure is not otherwise prohibited by law, rule, regulation, or executive order or policy.
28
Credit Suisse Asset Management Income Fund, Inc.
Notice of Privacy and Information Practices (unaudited) (continued)
Confidentiality and security
• To protect nonpublic personal information about individual investors, we restrict access to those employees and agents who need to know that information to provide products or services to us and to our investors. We maintain physical, electronic, and procedural safeguards to protect nonpublic personal information.
Other Disclosures
This notice is not intended to be incorporated in any offering materials, but is a statement of our current Notice of Privacy and Information Practices and may be amended from time to time. This notice is current as of May 13, 2009.
29
Credit Suisse Asset Management Income Fund, Inc.
Results of Annual Meeting of Shareholders (unaudited)
On April 14, 2009, the Annual Meeting of Shareholders of the Credit Suisse Asset Management Income Fund, Inc. (the "Fund") was held and the following matter was voted upon:
(1) To re-elect one director to the Board of Directors of the Fund:
Name of Director | For | Withheld | |||||||||
Lawrence J. Fox | 42,707,176 | 1,419,566 |
In addition to the director elected at the meeting, Enrique R. Arzac, James Cattano, Steven Rappaport and Terry Fires Bovarnick continue to serve as Directors of the Fund.
30
Credit Suisse Asset Management Income Fund, Inc.
Proxy Voting and Portfolio Holdings Information (unaudited)
Information regarding how the Fund voted proxies related to its portfolio securities during the 12 month period ended June 30 of each year, as well as the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities are available:
• By calling 1-800-293-1232
• On the Fund's website, www.credit-suisse.com/us
• On the website of the Securities and Exchange Commission, www.sec.gov.
The Fund files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund's Forms N-Q are available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling 1-202-551-8090.
Other Funds Managed by Credit Suisse Asset Management, LLC
OPEN-END FUNDS
Credit Suisse Commodity Return Strategy Fund
Credit Suisse High Income Fund
Credit Suisse Large Cap Blend Fund
Credit Suisse Large Cap Growth Fund
Credit Suisse Large Cap Value Fund
Credit Suisse Mid-Cap Core Fund
Credit Suisse Small Cap Core Fund
Fund shares are not deposits or other obligation of Credit Suisse Asset Management, LLC or any affiliate, are not FDIC-insured and are not guaranteed by Credit Suisse Asset Management, LLC or any affiliate. Fund investments are subject to investment risks, including loss of your investment. There are special risk considerations associated with international, global, emerging-market, small-company, private equity, high-yield debt, single-industry, single-country and other special, aggressive or concentrated investment strategies. Past performance cannot guarantee future results.
More complete information about a fund, including charges and expenses, is provided in the Prospectus, which should be read carefully before investing. You may obtain copies by calling Credit Suisse Funds at 877-870-2874. Performance information current to the most recent month-end is available at www.credit-suisse.com/us.
Credit Suisse Asset Management Securities, Inc., Distributor.
31
Credit Suisse Asset Management Income Fund, Inc.
Dividend Reinvestment and Cash Purchase Plan (unaudited)
Credit Suisse Asset Management Income Fund, Inc. (the "Fund") offers a Dividend Reinvestment and Cash Purchase Plan (the "Plan") to its common stockholders. The Plan offers common stockholders a prompt and simple way to reinvest net investment income dividends and capital gains and other periodic distributions in shares of the Fund's common stock. Computershare Trust Company, N.A. ("Computershare") acts as Plan Agent for stockholders in administering the Plan.
Participation in the Plan is voluntary. In order to participate in the Plan, you must be a registered holder of at least one share of stock of the Fund. If you are a beneficial owner of the Fund having your shares registered in the name of a bank, broker or other nominee, you must first make arrangements with the organization in whose name your shares are registered to have the shares transferred into your own name. Registered shareholders can join the Plan via the Internet by going to www.computershare.com, authenticating your online account, agreeing to the Terms and Conditions of online "Account Access" and completing an online Plan Enrollment Form. Alternatively, you can complete the Plan Enrollment Form and return it to Computershare at the address below.
By participating in the Plan, your dividends and distributions will be promptly paid to you in additional shares of common stock of the Fund. The number of shares to be issued to you will be determined by dividing the total amount of the distribution payable to you by the greater of (i) the net asset value per share ("NAV") of the Fund's common stock on the payment date, or (ii) 95% of the market price per share of the Fund's common stock on the payment date. If the NAV of the Fund's common stock is greater than the market price (plus estimated brokerage commissions) on the payment date, then Computershare (or a broker-dealer selected by Computershare) shall endeavor to apply the amount of such distribution on your shares to purchase shares of Fund common stock in the open market.
You should be aware that all net investment income dividends and capital gain distributions are taxable to you as ordinary income and capital gain, respectively, whether received in cash or reinvested in additional shares of the Fund's common stock.
The Plan also permits participants to purchase shares of the Fund through Computershare. You may invest $100 or more monthly, with a maximum of $100,000 in any annual period. Computershare will purchase shares for you on the open market on the 25th of each month or the next trading day if the 25th is not a trading day.
There is no service fee payable by Plan participants for dividend reinvestment. For voluntary cash payments, Plan participants must pay a service fee of $5.00 per transaction. Plan participants will also be charged a pro rata share of the brokerage commissions for all open market purchases ($0.03 per share as of October 2006). Participants will also be charged a service fee of $5.00 for each sale and brokerage commissions of $0.03 per share (as of October 2006).
You may terminate your participation in the Plan at any time by requesting a certificate or a sale of your shares held in the Plan. Your withdrawal will be effective immediately if your notice is received by Computershare prior to any dividend or distribution record date; otherwise, such termination will be effective only with respect to any subsequent dividend or distribution. Your dividend participation option will remain the same unless you withdraw all of your whole and fractional Plan shares, in which case your participation in the Plan will be terminated and you will receive subsequent dividends and capital gains distributions in cash instead of shares.
32
Credit Suisse Asset Management Income Fund, Inc.
Dividend Reinvestment and Cash Purchase Plan (unaudited) (continued)
If you want further information about the Plan, including a brochure describing the Plan in greater detail, please contact Computershare as follows:
By Internet: www.computershare.com
By phone: (800) 730-6001 (U.S. and Canada)
(781) 575-3100 (Outside U.S. and Canada)
Customer service associates are available from 9:00 a.m. to 5:00 p.m. Eastern time, Monday through Friday
By mail: Credit Suisse Asset Management Income Fund, Inc.
c/o Computershare
P.O. Box 43078
Providence, Rhode Island 02940-3078
All notices, correspondence, questions or other communications sent by mail should be sent by registered or certified mail, return receipt requested.
The Plan may be terminated by the Fund or Computershare upon notice in writing mailed to each participant at least 30 days prior to any record date for the payment of any dividend or distribution.
Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Credit Suisse Asset Management Income Fund, Inc. may from time to time purchase shares of its capital stock in the open market.
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This report, including the financial statements herein, is sent to the shareholders of the Fund for their information. The financial information herein is taken from the records of the Fund without examination by independent registered public accountants who do not express an opinion thereon. It is not a prospectus, circular or representation intended for use in the purchase or sale of shares of the Fund or of any securities mentioned in this report.
CIK-SAR-0609
Item 2. Code of Ethics.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 3. Audit Committee Financial Expert.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 4. Principal Accountant Fees and Services.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 6. Schedule of Investments.
Included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
None.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors since the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(g) of Schedule 14A in its definitive proxy statement dated March 16, 2009.
Item 11. Controls and Procedures.
(a) As of a date within 90 days from the filing date of this report, the principal executive officer and principal financial officer concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) were effective based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.
(b) There were no changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Not applicable.
(a)(2) The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this report.
(a)(3) Not applicable.
(b) The certifications of the registrant as required by Rule 30a-2(b) under the Act are an exhibit to this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CREDIT SUISSE ASSET MANAGEMENT INCOME FUND, INC. |
/s/George R. Hornig |
| |
Name: | George R. Hornig |
|
Title: | Chief Executive Officer |
|
Date: | September 1, 2009 |
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
/s/George R. Hornig |
| |
Name: | George R. Hornig |
|
Title: | Chief Executive Officer |
|
Date: | September 1, 2009 |
|
/s/Michael A. Pignataro |
| |
Name: | Michael A. Pignataro |
|
Title: | Chief Financial Officer |
|
Date: | September 1, 2009 |
|