Donald Burke
About Donald C. Burke
Donald C. Burke (YOB: 1960) is an Independent Trustee of AIO since 2023 (Class II; term expires at the 2027 Annual Meeting). A certified public accountant and designated “audit committee financial expert,” Burke is a former President & CEO of BlackRock U.S. Funds and Managing Director at BlackRock and Merrill Lynch Investment Managers; he has been a private investor since 2009. He currently serves as a director and Audit Committee Chairman of Avista Corp.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BlackRock U.S. Funds | President & CEO | 2007–2009 | Led accounting, tax, and regulatory reporting for 300+ funds |
| BlackRock, Inc. | Managing Director | 2006–2009 | Trustee for numerous global funds |
| Merrill Lynch Investment Managers | Managing Director | 1990–2006 | Senior leadership across investment management functions |
| Deloitte & Touche (formerly Deloitte Haskins & Sells) | Early career; CPA | — | Accounting/audit foundation; CPA credential |
External Roles
| Organization | Role | Tenure | Notes/Committees |
|---|---|---|---|
| Avista Corp. (NYSE: AVA) | Director; Audit Committee Chairman | Since 2011 | Public utility; chairs Audit Committee |
| Duff & Phelps Utility and Corporate Bond Trust Inc. | Director | 2014–2021 | Closed-end fund board experience |
| Goldman Sachs Fund Complex | Trustee | 2010–2014 | Oversight of large mutual fund complex |
| BlackRock Luxembourg & Cayman Funds | Director | 2006–2010 | Global fund governance |
Board Governance
- Independence and leadership: Burke is an Independent Trustee of AIO and is designated an Audit Committee financial expert. Effective April 1, 2025, he serves as Chair of the Audit Committee; AIO’s Audit Committee is composed entirely of Independent Trustees. The Board Chair across funds is Connie D. McDaniel (Independent).
- Committee assignments (AIO and fund family):
- Audit Committee: Chair (effective Apr 1, 2025); 6 meetings (FY ended Jan 31, 2025)
- Compliance Committee: Member; 4 meetings (FY ended Jan 31, 2025)
- Governance & Nominating Committee: Member; 3 meetings (FY ended Jan 31, 2025)
- Contracts Committee: Member; 4 meetings (FY ended Jan 31, 2025)
- Attendance: Each Trustee attended at least 75% of Board and committee meetings in AIO’s fiscal year ended Jan 31, 2025.
- Board structure: Super-majority Independent Trustees; Board Chair coordinates agendas and acts as liaison; standing committees support oversight; structure deemed appropriate for independent judgment.
Fixed Compensation
Aggregate compensation (FY ended Jan 31, 2025):
| Fund | Fiscal Year Ended | Aggregate Compensation ($) |
|---|---|---|
| AIO | Jan 31, 2025 | $5,998 |
| NCV | Jan 31, 2025 | $2,719 |
| NCZ | Jan 31, 2025 | $2,039 |
| ACV | Jan 31, 2025 | $1,810 |
| NFJ | Jan 31, 2025 | $11,058 |
| NIE | Jan 31, 2025 | $5,573 |
| Total from Funds and Fund Complex | — | $539,758 |
Notes:
- Trustees do not receive pension or retirement benefits from the Funds or other funds in the Fund Complex.
Performance Compensation
| Element | Detail |
|---|---|
| Equity awards (RSUs/PSUs), options | Not applicable for Independent Trustees (no equity or options disclosed) |
| Performance metrics tied to pay (revenue, EBITDA, TSR, ESG) | Not applicable for Independent Trustees (no performance-based compensation disclosed) |
| Bonuses, retention/sign-on, severance/CoC, clawbacks, tax gross-ups | Not disclosed/not applicable for Independent Trustees |
Other Directorships & Interlocks
| Company | Relationship to AIO | Potential Interlock/Conflict Consideration |
|---|---|---|
| Avista Corp. | Unrelated operating company | No supplier/customer/adviser relationship to AIO disclosed; governance expertise beneficial; low conflict risk |
| Prior fund boards (Duff & Phelps, Goldman Sachs, BlackRock funds) | Industry boards | Enhances fund governance expertise; no current AIO service-provider interlock indicated |
Expertise & Qualifications
- CPA; extensive investment company accounting, tax, and reporting experience; designated “audit committee financial expert.”
- Senior leadership at BlackRock and Merrill Lynch Investment Managers; oversight of 300+ funds’ reporting.
- Broad fund governance experience across U.S. and global fund complexes; current public company audit chair (Avista).
Equity Ownership
| Holder | AIO Dollar Range Owned | As-of Date | Notes |
|---|---|---|---|
| Donald C. Burke | $10,001 – $50,000 | Apr 2, 2025 | Trustees and officers as a group own <1% of outstanding shares; individual % not disclosed |
Governance Assessment
- Strengths: Independent trustee; Audit Committee Chair and financial expert with deep RIC accounting experience; solid attendance and active participation across key committees; independent Board leadership (Chair McDaniel) and super-majority independence support robust oversight.
- Alignment: Holds $10k–$50k in AIO shares, showing some skin-in-the-game; however, trustee compensation is cash-based without performance linkage, which is standard for CEF trustees but offers limited pay-for-performance alignment.
- Conflicts/Red flags: No related-party transactions, pledging/hedging, or perquisite programs disclosed for trustees; auditor independence monitored via Audit Committee pre-approval policies. Attendance meets policy thresholds. No red flags identified in proxy.
Overall: Burke’s audit depth, independence, and leadership as Audit Chair are positives for investor confidence. Ownership is meaningful for a fund trustee, and no conflicts are indicated; continued monitoring of complex-wide fee levels and ownership evolution can inform alignment assessments.