The independent trustees who oversee seven closed-end funds managed by Credit Suisse Asset Management of New York have changed their compensation program such that 50 percent of each trustee's annual compensation is in the form of fund shares and 50 percent is paid in cash. Previously, the Credit Suisse trustees were compensated under an all-cash arrangement.

Although the revised compensation plan originally went into effect on Oct. 1, details of the new plan were disclosed for the first time in a proxy filing Dec. 20 made on behalf of The First Israel Fund, one of the eight closed-end funds Credit Suisse manages. The funds have a total of $1 billion under management.

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