DEF: Credit Suisse High Yield Bond Fund Announces Annual Meeting of Shareholders

Credit Suisse High Yield Bond Fund will hold its annual meeting on April 22, 2025, to elect four trustees and address other business matters.

Summary

• Credit Suisse High Yield Bond Fund (DHY) is holding its Annual Meeting of Shareholders on April 22, 2025, at the offices of UBS Asset Management (Americas) LLC in New York.
• The primary purpose of the meeting is to elect four Trustees to the Fund's Board.
• The Board recommends a vote FOR the election of the nominated Trustees.
• Shareholders of record as of March 13, 2025, are entitled to vote at the meeting.
• Proxy materials are being mailed to shareholders starting on or about March 20, 2025.
• The Fund has retained EQ Fund Solutions, LLC for proxy solicitation services, with fees not to exceed $1,500 plus expenses.
• The Fund's Annual Report for the fiscal year ended October 31, 2024, has been furnished to shareholders but is not considered proxy-soliciting material.
• The election of each Trustee requires a plurality of votes cast.
• As of March 13, 2025, there were 103,587,239 Shares outstanding, each entitled to one vote.
• The proxy materials are available online at www.credit-suisse.com/us.
• The nominees for Trustee are Mahendra R. Gupta, John G. Popp, Charles W. Gerber, and Lee M. Shaiman.
• The Audit Committee recommended the inclusion of the Fund's audited financial statements in the 2024 Annual Report.
• PricewaterhouseCoopers LLP (PwC) was dismissed as the independent registered public accounting firm on April 23, 2024, and Ernst & Young LLP (EY) was engaged on June 19, 2024.
• For the fiscal year ended October 31, 2024, Audit fees totaled $43,700.
• Shareholder proposals for the 2026 annual meeting must be delivered by November 20, 2025.
• First Trust Advisors L.P. beneficially owns 23,554,870 shares, representing 22.74% of the share class as of March 14, 2025.

Sentiment

Score: 7

Explanation: The document is primarily informational and procedural, with a neutral to slightly positive sentiment due to the Board's recommendation to vote for the proposed Trustees and the overall focus on corporate governance.

Positives

• The Board is actively engaged in overseeing the Fund's operations and risk management.
• The Audit Committee is composed of independent trustees.
• Shareholders have multiple avenues to communicate with the Board and submit proposals.
• The Fund provides detailed information regarding Trustee qualifications and ownership.
• The Fund is providing shareholders with access to proxy materials online and via mail.

Negatives

• The Fund incurred expenses for proxy solicitation.
• The dismissal of PwC as the independent registered public accounting firm may raise concerns, although a replacement was promptly engaged.
• The presence of a large shareholder like First Trust Advisors L.P. could potentially influence Fund decisions.

Risks

• The Fund is subject to investment, compliance, operational, and valuation risks.
• The proxy statement notes that it is not possible to identify all risks that may affect the Fund.
• The Fund relies on UBS AM (Americas) and other service providers for risk management, which may have their own independent interests.
• The Fund's performance and shareholder value could be affected by the decisions of major shareholders.

Future Outlook

The document outlines the process for the upcoming Annual Meeting and provides information for shareholders to participate in the election of Trustees and other matters.

Management Comments

• The Board of Trustees has determined that it is in the best interest of shareholders and the Fund to vote FOR the proposal to elect the nominated Trustees.
• The Funds Board of Trustees, including the Non-Interested Trustees, recommends that the shareholders vote for the Funds nominees for Trustee.

Industry Context

This announcement is a standard regulatory filing for registered investment companies, ensuring transparency and shareholder participation in corporate governance. The merger of Credit Suisse with UBS is likely the reason for the change in the fund's service providers.

Comparison to Industry Standards

• The structure of the Board, with a mix of interested and non-interested trustees, is typical for investment companies.
• The process for shareholder proposals and proxy solicitation aligns with SEC regulations and industry best practices.
• The fees paid to the proxy solicitation firm and independent auditors appear to be within a reasonable range for a fund of this size.
• The level of detail provided in the proxy statement is consistent with industry standards for transparency and disclosure.

Management Changes

Stakeholder Impact

• Shareholders have the opportunity to participate in the election of Trustees and influence the Fund's governance.
• The Fund's performance and decisions can impact shareholder value.
• The engagement of service providers like UBS AM (Americas) and EQ Fund Solutions, LLC affects their business operations.
• The Fund's activities are subject to regulatory oversight by the SEC.

Next Steps

• Shareholders should review the proxy materials and vote on the proposed matters.
• The Fund will hold its Annual Meeting on April 22, 2025.
• The Board will continue to oversee the Fund's operations and risk management.
• Shareholders can submit proposals for the 2026 annual meeting by November 20, 2025.

Key Dates