Lou Anne McInnis
About Lou Anne McInnis
Lou Anne McInnis serves as Chief Legal Officer of DHY and has held this position since 2015. She is currently an Executive Director of UBS Asset Management (Americas) LLC (since May 2024), and previously served as a Director at Credit Suisse from April 2015 to May 2024. Year of birth: 1959. Her prior experience includes Counsel at DLA Piper US LLP (2011–April 2015) and roles at Morgan Stanley Investment Management (1997–2010). As a fund officer, she is an employee of the adviser (UBS AM (Americas)), and DHY does not disclose fund-paid officer compensation or performance pay metrics in its proxy.
Past Roles
| Organization | Role | Years | Strategic impact/notes |
|---|---|---|---|
| UBS Asset Management (Americas) LLC | Executive Director | May 2024–present | Adviser to DHY; officer role for the fund is employed by the adviser |
| Credit Suisse (Asset Management) | Director | Apr 2015–May 2024 | Adviser to the Credit Suisse/UBS AM funds complex; officer of other Credit Suisse Funds |
| DLA Piper US LLP | Counsel | 2011–Apr 2015 | Legal counsel experience prior to joining Credit Suisse |
| Morgan Stanley Investment Management | Various (associated with MSIM) | 1997–2010 | Buy-side legal/compliance experience |
External Roles
- Not disclosed in DHY’s proxy statements reviewed. Officer biography references service as “Officer of other Credit Suisse Funds,” which are internal to the fund complex rather than external board roles.
Fixed Compensation
| Item | Disclosure for DHY |
|---|---|
| Officer compensation paid by DHY | None. “All officers of the Fund are employees of and are compensated by UBS AM (Americas). None of the Fund’s executive officers…received any compensation from the Fund.” The Fund has no bonus, profit sharing, pension or retirement plans. |
Implication: DHY does not disclose base salary, bonus, or equity awards for fund officers; compensation is set and paid by UBS AM (Americas), outside the fund-level proxy.
Performance Compensation
- Not disclosed by DHY. DHY’s proxy does not include target/actual performance metrics, weighting, vesting schedules, or award details for fund officers because officers are compensated by UBS AM (Americas) and not by the Fund.
Equity Ownership & Alignment
| Item | Disclosure |
|---|---|
| Aggregate insider ownership | “The Fund’s Trustees and officers, in the aggregate, own less than 1% of the Fund’s outstanding equity securities.” |
| Individual officer (McInnis) holding detail | Not individually reported in DHY proxy; dollar-range tables are provided for Trustees/nominees only. |
| Pledging/hedging | No pledging/hedging disclosures specific to officers are provided in the proxy sections reviewed. |
| Adviser/affiliate cross-ownership | As of Feb 28, 2025, none of the nominees for Trustee or Non‑Interested Trustees or their immediate family members owned any class of securities in UBS AM (Americas) or affiliates; officers are not covered by this table. |
Employment Terms
| Term | Disclosure |
|---|---|
| Role and tenure | Chief Legal Officer; serving since 2015. |
| Employment relationship | Officers are employees of UBS AM (Americas) (the adviser), not DHY. |
| Officer election cycle | “The current terms of office of the Fund’s officers will end at the Board’s meeting next following the Meeting,” when the Board is expected to elect officers for an additional term. |
| Employment contracts/severance/CoC | No employment agreement, severance multiple, change‑of‑control, or accelerated vesting terms for officers are presented in the DHY proxy sections reviewed. Officers are adviser employees, and such terms (if any) would typically be in adviser HR documents, not fund filings. |
Investment Implications
- Pay-for-performance visibility: Because McInnis is paid by UBS AM (Americas) and DHY does not disclose officer pay or performance metrics, investors have limited transparency into her cash/equity mix, performance targets, vesting schedules, or clawbacks. This constrains direct pay-for-performance assessment at the fund level.
- Alignment via ownership: Aggregate insider ownership (trustees+officers) is below 1% of shares outstanding, with no individual officer ownership detail disclosed—suggesting limited direct economic alignment via DHY equity for officers and neutralizing insider-selling pressure signals.
- Retention risk: McInnis has served as Chief Legal Officer since 2015 and continued through the Credit Suisse to UBS AM (Americas) transition (now an Executive Director at UBS AM (Americas)), indicating stability and continuity in the fund complex’s legal function.
- Governance mechanics: Officers are elected by the Board following the annual meeting; no DHY-level employment or parachute provisions are disclosed, implying that retention and incentives are governed by the adviser (UBS AM) rather than the fund.
Bottom line: For DHY, McInnis’s compensation, severance, and vesting levers are housed at UBS AM (Americas) and not reported in DHY’s proxy, resulting in limited fund-level signals on compensation alignment or insider selling pressure. Tenure and continuity through organizational changes support low execution risk in the legal function, but ownership alignment at the fund level appears minimal based on aggregate holdings.