Alan Rappaport
About Alan Rappaport
Alan Rappaport (born 1953) is an Independent Trustee (Class III) of PIMCO Municipal Income Fund II (PML), serving since 2010. He brings senior financial services leadership experience as former Chairman and President of the Private Bank of Bank of America and Vice Chairman of U.S. Trust, and currently serves as a Director of Victory Capital Holdings, Inc. (since 2013). He is the current Chair of the Board’s Performance Committee and a member of the Audit Oversight, Governance & Nominating, Valuation Oversight, and Contracts Committees. The Board has an Independent Chair and a supermajority of Independent Trustees; committee memberships (other than Performance) are limited to Independent Trustees. Class III terms expire at the annual meeting held during FY 2026.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| U.S. Trust (predecessor entity of U.S. Trust; Private Bank of Bank of America) | Vice Chairman; formerly Chairman and President | 2001–2008 | Senior leadership of private banking platform |
| Roundtable Investment Partners | Advisory Director (formerly Vice Chairman) | 2009–2018 | Investment advisory leadership |
| NYU Stern School of Business | Adjunct Professor | 2011–2020 | Academic role in finance/management |
| Stanford Graduate School of Business | Lecturer | 2013–2020 | Academic role in finance/management |
| NYU Langone Medical Center | Trustee | 2007–2015 | Nonprofit governance |
| NYU Langone Medical Center | Member, Board of Overseers | 2015–2016 | Nonprofit governance |
| American Museum of Natural History | Trustee | 2005–2015 | Nonprofit governance |
External Roles
| Company/Body | Role | Tenure | Notes |
|---|---|---|---|
| Victory Capital Holdings, Inc. | Director | Since 2013 | Public asset management firm directorship |
| Allianz Funds | Trustee | 2010–2021 | Investment company trustee (prior) |
| Virtus Closed-End Funds | Chairman of the Board of Trustees | 2021–2023 | Investment company board chair (prior) |
Board Governance
| Item | Disclosure |
|---|---|
| Independence | Independent Trustee under 1940 Act/NYSE standards; committees (except Performance) composed solely of Independent Trustees |
| Committee memberships | Audit Oversight; Governance & Nominating; Valuation Oversight; Contracts; Performance (Chair) |
| Committee chairs | Performance Committee Chair (Rappaport); Audit and Valuation Chairs: E. Grace Vandecruze; Governance & Nominating Chair: Deborah A. DeCotis; Contracts Chair: Sarah E. Cogan |
| Board leadership | Independent Chair of the Board; 8 Trustees with ~75% Independent |
| Meetings/attendance | FY2024: 4 regular and 3 special Board meetings; each Trustee attended ≥75% of Board and committee meetings served |
| Executive sessions | Independent Trustees meet outside management and are advised by independent counsel |
| Classified board | Class III terms expire at annual meeting during FY 2026 |
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual base retainer (Independent Trustees, across PIMCO-Managed Funds) | $275,000 | Payable quarterly |
| Performance Committee Chair fee | $15,000 | Payable quarterly; Rappaport is current Chair |
| Reimbursements | Meeting-related expenses reimbursed | No pension/retirement benefits from Funds |
| Allocation method | Costs allocated among PIMCO-Managed Funds; pro rata within groupings by relative net assets | Applies to trustee compensation and joint meeting costs |
| Total compensation (calendar 2024, Funds and Fund Complex) | $290,000 | Matches base + chair fee |
| Aggregate compensation from PML (FY ended 12/31/2024) | $11,731 | Per-fund allocation figure |
Performance Compensation
| Item | Disclosure |
|---|---|
| Equity awards (RSUs/PSUs/DSUs) | Not described in the proxy for Trustees |
| Stock options (strike, expiration, vesting) | Not described in the proxy for Trustees |
| Performance metrics tied to pay (TSR, EBITDA, ESG, etc.) | Not applicable for Trustee compensation; structure is cash retainers and chair fees |
| Clawbacks/COC/severance/gross-ups | Not described for Trustees |
Other Directorships & Interlocks
| Company | Sector | Role | Potential Interlock Considerations |
|---|---|---|---|
| Victory Capital Holdings, Inc. | Asset Management | Director (since 2013) | External directorship in asset management; no specific related-party transactions disclosed in proxy sections reviewed |
Expertise & Qualifications
- Substantial senior executive experience in financial services; former Chairman/President of the Private Bank of Bank of America and Vice Chairman of U.S. Trust.
- Broad investment management oversight experience; chairing the Performance Committee that reviews fund performance and manager philosophy/personnel changes.
- Governance experience across multiple investment company boards and nonprofits.
Equity Ownership
| Item | Disclosure |
|---|---|
| Dollar range of equity securities in “the Funds” (the three Funds in this proxy) | $10,001 – $50,000 (as of Record Date) |
| Aggregate dollar range across the “Family of Investment Companies” | Over $100,000 |
| Ownership as % of PML outstanding shares | Not disclosed; Trustees and officers as a group owned <1% of each Fund’s outstanding shares as of Record Date |
| Vested vs. unvested shares; options | Not disclosed |
| Pledging/hedging | Not disclosed |
| Ownership guidelines (Trustees) | Not disclosed |
Governance Assessment
- Strengths: Independent Trustee with multi-committee participation and leadership (Performance Chair); attendance ≥75%; deep financial services background enhances oversight of fund performance and valuation processes.
- Alignment: Holds $10k–$50k across the Funds and over $100k across the related fund family; compensation is primarily fixed cash plus modest chair fee; no equity-based awards described for Trustees.
- Board structure: Independent Chair; supermajority Independent; committees (except Performance) limited to Independent Trustees, supporting strong governance.
- Watch items: Concurrent external directorship at an asset manager (Victory Capital) merits monitoring for potential information flow or perceived conflicts, though the proxy discloses no related-party transactions involving Trustees and notes independent status and committee structures designed to manage conflicts.