Libby Cantrill
About Libby D. Cantrill
Libby D. Cantrill (year of birth: 1977) serves as an Interested Trustee (non‑independent) of PIMCO Municipal Income Fund II (PML), Class I, and has served on the Board since 2023. She is a Managing Director and Head of Public Policy at PIMCO, analyzing policy and political risk for the firm’s Investment Committee and leading U.S. policymaker engagement and policy strategy; she is also a CFA charterholder. As a Class I Trustee, her class is scheduled to come up at the annual meeting held during the fiscal year 2027.
Past Roles
| Organization | Role | Tenure | Committees / Impact |
|---|---|---|---|
| PIMCO | Managing Director; Head of Public Policy; previously Institutional Account Manager | 2007–present (Institutional Account Manager 2007–2010) | Analyzes policy/political risk for Investment Committee; leads U.S. policy engagement; worked with Global Advisory Board; rotating member of PIMCO Executive Committee |
| U.S. House of Representatives | Legislative Aide | 2003–2005 | Legislative experience relevant to policy oversight for investment management |
| Morgan Stanley | Investment Banking Analyst | 2000–2003 | Capital markets experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Securities Industry and Financial Markets Association (SIFMA) | Board Member | 2022–present | Industry association leadership |
| Covenant House New York | Board of Directors | 2021–present | Non‑profit board service |
Board Governance
- Independence status: Interested Trustee of PML due to affiliation with PIMCO and its affiliates.
- Board structure: 8 Trustees; supermajority independent (approximately 75%); Independent Chair.
- Committee assignments:
- Performance Committee (all Trustees), chaired by Alan Rappaport.
- Not a member of Audit Oversight, Governance & Nominating, Valuation Oversight, or Contracts Committees (those are comprised solely of Independent Trustees).
- Attendance: Each Trustee attended at least 75% of Board and applicable committee meetings in FY 2024 (four regular and three special Board meetings; standing committees met 3–4 times each).
- Classified board: Cantrill is Class I; Class I terms are scheduled to expire at the annual meeting held during the fiscal year 2027.
Fixed Compensation
| Component | Amount/Terms | Notes |
|---|---|---|
| Fund-level cash retainer | $0 | Interested Trustees (including Cantrill) do not receive compensation from the Funds; they are compensated by PIMCO or its affiliates. |
| Committee chair/member fees | Not applicable | Committee fees apply to Independent Trustees only. |
| Meeting fees | Not disclosed as applicable | Independent Trustees receive fixed annual retainers plus chair premia; Interested Trustees receive none from the Funds. |
Performance Compensation
| Metric/Instrument | Weight/Target | Applies to Cantrill | Payout/Status |
|---|---|---|---|
| Performance-based incentives (cash/equity) tied to Fund service | None disclosed for Trustees | No | Independent Trustees receive fixed retainers; Interested Trustees are not paid by the Funds. |
Other Directorships & Interlocks
| Company/Entity | Public/Private/Non‑profit | Role | Potential Interlock Consideration |
|---|---|---|---|
| SIFMA | Industry association | Board Member | Industry advocacy body; not a PML portfolio company relationship. |
| Covenant House New York | Non‑profit | Director | Non‑profit; no disclosed PML transaction. |
Expertise & Qualifications
- Policy and markets: 20 years’ investment experience; Head of Public Policy at PIMCO; analyzes policy risk for Investment Committee; leads U.S. policy strategy; works with PIMCO Global Advisory Board; rotating member of PIMCO Executive Committee.
- Credentials: CFA charterholder.
- Prior capital markets and legislative experience (Morgan Stanley; U.S. House of Representatives).
Equity Ownership
| Holder | Dollar Range of Equity Securities in PML | Aggregate Dollar Range Across PIMCO “Family of Investment Companies” |
|---|---|---|
| Libby D. Cantrill | None | None |
Notes: Securities valued as of the record date (October 16, 2025).
Governance Assessment
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Strengths
- Deep policy expertise directly relevant to muni CEF oversight; active engagement with policymakers and the firm’s Investment Committee enhances board understanding of macro/policy risks that influence leverage, rates, and muni credit spreads.
- Strong board structure: Independent Chair, supermajority independent trustees, and key oversight committees (Audit, Governance & Nominating, Valuation, Contracts) composed solely of Independent Trustees.
- Documented attendance (≥75%) supports baseline engagement expectations.
- Independent committee oversight of the auditor, valuation under Rule 2a‑5, and advisory contracts/fees helps mitigate conflicts inherent in management‑affiliated trustees.
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Risk indicators and RED FLAGS
- RED FLAG — Non‑independence: Cantrill is an Interested Trustee due to her PIMCO role; while common for CEF boards, it represents an inherent conflict given PIMCO is the investment manager.
- RED FLAG — No disclosed fund or complex ownership: Dollar range “None” in both PML and the family of investment companies as of the record date may limit perceived “skin‑in‑the‑game” alignment versus investor expectations.
- Structural dependence on Independent Trustees: The board explicitly notes two Trustees are or have been executives with PIMCO/affiliates; this can facilitate information flow but places a premium on the independence and effectiveness of the other committees.
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Implications for investors
- Expect robust independent oversight on audit, valuation and contracts; Cantrill’s value is concentrated in policy risk insight rather than financial independence.
- Monitor future disclosures for changes in ownership alignment, committee assignments, or attendance, and any related‑party or advisory contract developments overseen by the Contracts Committee.
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