- Semi-Annual Report (management company) (NSAR-A)

000 A000000 04/30/2012
000 C000000 0001503290
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 Avenue Income Credit Strategies Fund
001 B000000 811-22485
001 C000000 2128783500
002 A000000 399 Park Avenue, 6th Floor
002 B000000 New York
002 C000000 NY
002 D010000 10022
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
008 A000001 AVENUE CAPITAL MANAGEMENT II, L.P.
008 B000001 A
008 C000001 801-57734
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10022
008 A000002 AVENUE EUROPE INTERNATIONAL MANAGEMENT, L.P.
008 B000002 S
008 C000002 801-63319
008 D010002 NEW YORK
008 D020002 NY
008 D030002 10022
010 A000001 STATE STREET BANK & TRUST COMPANY
010 B000001 85-05003
010 C010001 BOSTON
010 C020001 MA
010 C030001 02116
011 A000001 MORGAN STANLEY & CO. INCORPORATED
011 B000001 8-15869
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10036
011 A000002 CITIGROUP GLOBAL MARKETS INC.
011 B000002 8-8177
011 C010002 NEW YORK
011 C020002 NY
011 C030002 10013
011 A000003 DEUTSCHE BANK SECURITIES, INC.

011 B000003 8-017822
011 C010003 NEW YORK
011 C020003 NY
011 C030003 10005
011 A000004 UBS SECURITIES LLC
011 B000004 8-022651
011 C010004 New York
011 C020004 NY
011 C030004 10171
012 A000001 STATE STREET BANK & TRUST COMPANY
012 B000001 85-05003
012 C010001 BOSTON
012 C020001 MA
012 C030001 02116
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10017
014 A000001 MORGAN STANLEY & CO. INCORPORATED
014 B000001 8-15869
015 A000001 STATE STREET BANK & TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02116
015 E010001 X
015 A000002 CLEARSTREAM BANKING
015 B000002 S
015 C010002 LUXEMBOURG
015 D010002 LUXEMBOURG
015 E040002 X
015 A000003 CESKOSLOVENKSA OBCHODNI BANKA A.S.
015 B000003 S
015 C010003 PRAGUE
015 D010003 CZECH REPUBLIC
015 E040003 X
015 A000004 DEUTSCHE BANK OF FRANKFURT
015 B000004 S
015 C010004 FRANKFURT
015 D010004 GERMANY
015 E040004 X
015 A000005 DEUTSCHE BANK SPAIN
015 B000005 S
015 C010005 BARCELONA
015 D010005 SPAIN
015 E040005 X
015 A000006 STATE STREET BANK & TRUST COMPANY LONDON
015 B000006 S
015 C010006 LONDON
015 D010006 UNITED KINGDOM
015 E040006 X

015 A000007 BNP PARIBAS GREECE
015 B000007 S
015 C010007 ATHENS
015 D010007 GREECE
015 E040007 X
015 A000008 UNICREDIT BANK HUNGARY
015 B000008 S
015 C010008 BUDAPEST
015 D010008 HUNGARY
015 E040008 X
015 A000009 DEUTSCHE BANK AG
015 B000009 S
015 C010009 MILAN
015 D010009 ITALY
015 E040009 X
015 A000010 DEUTSCHE BANK AG
015 B000010 S
015 C010010 AMSTERDAM
015 D010010 NETHERLANDS
015 E040010 X
015 A000011 BANK HANDLOWY W WARSZAWIE S.A
015 B000011 S
015 C010011 WARSAW
015 D010011 POLAND
015 E040011 X
015 A000012 SKANDINAVINSKA ENSKILDA BANKEN
015 B000012 S
015 C010012 STOCKHOLM
015 D010012 SWEDEN
015 E040012 X
015 A000013 CITIBANK N.A.-TURKEY
015 B000013 S
015 C010013 ISTANBUL
015 D010013 TURKEY
015 E040013 X
015 A000014 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000014 S
015 C010014 JOHANNESBURG
015 D010014 SOUTH AFRICA
015 E040014 X
015 A000015 CREDIT SUISSE, ZURICH
015 B000015 S
015 C010015 ZURICH
015 D010015 SWITZERLAND
015 E040015 X
018 000000 Y
019 A000000 N
019 B000000 0
021 000000 0
022 A000001 STATE STREET BANK & TRUST COMPANY
022 B000001 13-3542950

022 C000001 826951
022 D000001 0
022 A000002 CREDIT SUISSE FIRST BOSTON CORP.
022 B000002 13-5659985
022 C000002 19905
022 D000002 21177
022 A000003 BARCLAYS CAPITAL INC.
022 B000003 06-1031656
022 C000003 12633
022 D000003 14097
022 A000004 CITIGROUP GLOBAL MARKETS INC.
022 B000004 13-3214963
022 C000004 22852
022 D000004 358
022 A000005 JPMORGAN SECURITIES INC.
022 B000005 13-3224016
022 C000005 6738
022 D000005 2720
022 A000006 DEUTSCHE BANK AG
022 B000006 13-2730828
022 C000006 7915
022 D000006 0
022 A000007 OPPENHEIMER & CO., INC.
022 B000007 13-2527171
022 C000007 0
022 D000007 5069
022 A000008 JEFFERIES & CO., INC.
022 B000008 95-2622900
022 C000008 5054
022 D000008 0
022 A000009 GOLDMAN SACHS & CO.
022 B000009 13-5108880
022 C000009 2869
022 D000009 2160
022 A000010 GLEACHER & CO.
022 B000010 22-2655804
022 C000010 4671
022 D000010 0
023 C000000 922759
023 D000000 45582
024 000000 Y
025 A000001 STATE STREET BANK & TRUST COMPANY
025 B000001 13-3542950
025 C000001 D
025 D000001 5867
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N

026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
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028 G030000 0
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028 H000000 0
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049 000000 N
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054 A000000 Y
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054 O000000 N
055 A000000 N

055 B000000 Y
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 2000
062 A000000 Y
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062 C000000 0.0
062 D000000 3.4
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062 O000000 0.0
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062 Q000000 13.9
062 R000000 0.0
063 A000000 0
063 B000000 5.4
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070 D020000 N
070 E010000 Y
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070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N

070 I010000 Y
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 Y
070 P010000 Y
070 P020000 N
070 Q010000 Y
070 Q020000 N
070 R010000 Y
070 R020000 Y
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071 B000000 50582
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072 S000000 211
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072 W000000 116
072 X000000 1988
072 Y000000 286
072 Z000000 5743
072AA000000 3162

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086 A010000 2450
086 A020000 35734
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086 D010000 0
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086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 Common Stock
087 A020000 05358E106
087 A030000 ACP
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE ROBERT OLLWERTHER
TITLE TREASURER/PFO