PAGE 1
000 B000000 10/31/2011
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.
PAGE 2
011 B000003 8-017822
011 C010003 NEW YORK
011 C020003 NY
011 C030003 10005
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
PAGE 3
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 3016376
022 D000001 0
022 A000002 CREDIT SUISSE FIRST BOSTON CORP.
022 B000002 13-5659985
022 C000002 64629
PAGE 4
022 D000002 44004
022 A000003 BARCLAYS CAPITAL INC.
022 B000003 06-1031656
022 C000003 30656
022 D000003 6268
022 A000004 CITIGROUP GLOBAL MARKETS INC.
022 B000004 13-3214963
022 C000004 27903
022 D000004 7710
022 A000005 GOLDMAN SACHS & CO.
022 B000005 13-5108880
022 C000005 19023
022 D000005 4686
022 A000006 BANK OF AMERICA SECURITIES LLC
022 B000006 13-4078651
022 C000006 19354
022 D000006 3531
022 A000007 DEUTSCHE BANK AG
022 B000007 13-2730828
022 C000007 19808
022 D000007 2020
022 A000008 UBS SECURITIES LLC
022 B000008 13-3873456
022 C000008 21400
022 D000008 0
022 A000009 JPMORGAN SECURITIES INC.
022 B000009 13-3224016
022 C000009 8730
022 D000009 8350
022 A000010 KNIGHT LIBERTAS LLC
022 C000010 14393
022 D000010 0
023 C000000 3278066
023 D000000 82379
024 000000 Y
025 A000001 STATE STREET BANK & TRUST COMPANY
025 B000001 13-3542950
025 C000001 D
025 D000001 3251
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
028 A010000 0
028 A020000 0
PAGE 5
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 1.250
PAGE 6
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 Y
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
PAGE 7
060 B000000 N
061 000000 2000
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 2.6
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 104.2
062 Q000000 23.8
062 R000000 0.0
063 A000000 0
063 B000000 6.1
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
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
PAGE 8
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
071 A000000 261690
071 B000000 85272
071 C000000 152774
071 D000000 56
072 A000000 10
072 B000000 9864
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 1601
072 G000000 134
072 H000000 0
072 I000000 7
072 J000000 121
072 K000000 0
072 L000000 28
072 M000000 74
072 N000000 22
072 O000000 0
072 P000000 390
072 Q000000 0
072 R000000 95
072 S000000 342
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 208
072 X000000 3022
072 Y000000 502
072 Z000000 7344
072AA000000 0
072BB000000 1174
072CC010000 0
072CC020000 13011
072DD010000 6682
072DD020000 0
072EE000000 0
PAGE 9
073 A010000 0.9100
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 86
074 B000000 3251
074 C000000 0
074 D000000 162133
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 3159
074 M000000 1347
074 N000000 169976
074 O000000 0
074 P000000 146
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 43243
074 S000000 0
074 T000000 126587
074 U010000 7351
074 U020000 0
074 V010000 17.22
074 V020000 0.00
074 W000000 0.0000
074 X000000 3937
074 Y000000 0
075 A000000 0
075 B000000 132480
076 000000 16.40
077 A000000 Y
077 B000000 Y
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 FEDERAL INSURANCE COMPANY
080 C000000 750
081 A000000 N
081 B000000 0
082 A000000 Y
082 B000000 10
083 A000000 N
083 B000000 0
PAGE 10
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 7332
086 A020000 139752
086 B010000 19
086 B020000 357
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
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