Laura A. DeFelice
About Laura A. DeFelice
Laura A. DeFelice (born 1959) is the Non-Interested Chair of the Board of Trustees of DHY, serving as Chair since November 2023 and as Trustee since 2019; she is also a member of the Audit Committee and Nominating Committee . She is the founding principal of two companies (multi-family/commercial real estate and renewable energy project development), with over 25 years of financial services experience, including as a law firm partner specializing in structured finance . Her current term is Class I, expiring at the Fund’s 2027 Annual Meeting .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Acacia Properties LLC | Member (multi-family and commercial real estate ownership and operation) | 2008–present | Real estate operations; business management |
| Stonegate Advisors LLC | Managing Member (renewable energy and energy efficiency) | 2007–present | Energy project development; advisory leadership |
| Law firm (not named) | Partner specializing in structured finance | Over 25 years’ experience (historical) | Structured finance expertise |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Lyric Opera of Chicago | Director | 2021–present | Performing arts governance |
Board Governance
- Role and independence: Non-Interested Trustee; appointed Chair by the Board. As Chair, she presides at all Board meetings, acts as liaison with UBS AM (Americas), counsel and Trustees between meetings, and may perform other functions delegated by the Board . DHY’s committees (Audit and Nominating) are composed of independent Trustees per NYSE American standards; DeFelice is a member of both .
- Committee activity and attendance: Audit Committee convened six times; Nominating Committee met six times in FY ended October 31, 2024. The Board convened 11 times in FY2024, and each Trustee attended at least 75% of Board and committee meetings during their service period .
- Risk oversight: The Board oversees UBS AM (Americas) and service providers; risk oversight occurs through regular interaction with management, the CCO, external auditors, and counsel .
| Committee | Membership | Chair? | Meetings (FY2024) | Independence Standard |
|---|---|---|---|---|
| Audit Committee | Member | No (Chair: Mahendra R. Gupta) | 6 | NYSE American independent committee |
| Nominating Committee | Member | No (Chair: Samantha Kappagoda) | 6 | NYSE American independent committee |
| Board of Trustees | Chair | Chair role | 11 Board meetings (FY2024) | Majority independent Board |
Fixed Compensation
| Component | Amount | Period | Notes |
|---|---|---|---|
| Aggregate compensation from DHY | $38,688 | FY ended Oct 31, 2024 | Trustee-specific aggregate from the Fund |
| Total compensation from Fund Complex | $216,438 | FY ended Oct 31, 2024 | Across 7 funds in the complex |
| Annual Trustee fee | $23,100 | FY ended Oct 31, 2024 | Base annual non-interested Trustee fee |
| Per-meeting fee | $2,100 per Board meeting | FY ended Oct 31, 2024 | Paid for each Board meeting attended |
| Additional Chair fee | $4,764 | FY ended Dec 31, 2024 | Incremental annual fee for Chair |
| 2025 retainer (effective Jan 1, 2025) | $70,560 | Calendar 2025 | Covers four quarterly meetings and one special meeting |
The Fund discloses no bonus, profit-sharing, pension or retirement plans for Trustees; officers are employees of UBS AM (Americas) and compensated by UBS AM (Americas) .
Performance Compensation
| Item | Status | Metric Details |
|---|---|---|
| Bonus / profit sharing | None (not provided for Trustees) | No performance metrics disclosed |
| Equity awards (RSUs/PSUs) | Not disclosed in proxy | No grant dates, share counts, or fair values disclosed |
| Option awards | Not disclosed in proxy | No strike, expiration, or vesting schedules disclosed |
| Clawback / severance / change-of-control | Not disclosed in proxy | No triggers or terms disclosed |
Other Directorships & Interlocks
| Company/Entity | Role | Sector | Tenure | Potential Interlock/Conflict Considerations |
|---|---|---|---|---|
| Open-end Credit Suisse Funds (Fund Complex) | Trustee/Director | Investment funds | Trustee since 2017 across open-end funds | Same complex; standard multi-fund oversight |
| Another closed-end fund in Fund Complex | Director | Investment funds | Not specified | Same complex; potential information flow benefits |
| Lyric Opera of Chicago | Director | Performing arts (non-profit) | 2021–present | Non-commercial; low conflict risk |
Expertise & Qualifications
- Founding principal in real estate operations and renewable energy project development, bringing operational and capital allocation perspective .
- Over 25 years in financial services, with structured finance legal background (former law firm partner) .
- Multi-fund governance experience across the Credit Suisse/UBS AM fund complex, including service on another closed-end fund .
Equity Ownership
| Holding | Dollar Range | As-of Date | Notes |
|---|---|---|---|
| DHY (Fund) equity | E (over $100,000) | Feb 28, 2025 | Beneficial ownership per Rule 16a-1(a)(2) |
| Aggregate across Credit Suisse Family of Investment Companies | E (over $100,000) | Feb 28, 2025 | “Family” shares overseen with UBS AM (Americas) as adviser |
| Aggregate ownership (Trustees and officers) | <1% of outstanding equity | Feb 28, 2025 | Low insider concentration |
| Ownership in UBS AM (Americas) or affiliates | None held by Trustees/non-interested nominees or their immediate family members | Feb 28, 2025 | Reduces adviser-related conflicts |
Governance Assessment
- Independence and leadership: DeFelice serves as an independent Chair, overseeing meetings and acting as liaison with management—an appropriate structure that supports informed, independent Board judgment .
- Committee engagement: She serves on both Audit and Nominating Committees, which are composed of independent Trustees; Audit and Nominating each met six times in FY2024, indicating active governance cadence .
- Attendance and diligence: The Board met 11 times in FY2024; each Trustee attended at least 75% of Board and committee meetings, signaling minimum engagement thresholds met .
- Auditor oversight and independence: Audit Committee pre-approves services; non-audit fees billed to the Fund, UBS AM (Americas) or Covered Service Providers were $0 in FY2023 (PwC) and FY2024 (EY), a positive indicator for audit independence .
- Ownership alignment: DeFelice’s DHY ownership is in the top disclosed range (over $100,000), aligning with shareholder interests; aggregate insider ownership is <1%, limiting potential control concerns .
- Compensation mix: Cash-based structure (retainer, meeting fees, modest Chair premium) with no disclosed performance-based pay or equity awards; effective 2025 retainer increase to $70,560 may reflect workload or market adjustments without altering pay-for-performance alignment .
- Conflicts and related-party exposure: Proxy indicates no securities holdings in UBS AM (Americas) or affiliates by Trustees/non-interested nominees or immediate family, reducing adviser-related conflicts; Non-Interested Trustees retain independent legal counsel for oversight .
Overall signal: Independent Chair with active committee participation, documented meeting cadence, and meaningful personal fund ownership supports investor confidence; absence of performance-linked director pay is typical for closed-end funds, with audit independence reinforced by zero non-audit fees .