Valerie A. Mosley
About Valerie A. Mosley
Born in 1960, Valerie A. Mosley is a noninterested (independent) Trustee of Eaton Vance Municipal Bond Fund (EIM) who has served since 2014. She is Chairwoman and CEO of Valmo Ventures and founded Upward Wealth, Inc. (BrightUp), and previously was a Partner, Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management (1992–2012); she holds a BA in History from Duke and an MBA from Wharton and was a CFA charterholder during her investment career .
Past Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Valmo Ventures | Chairwoman & CEO | Ongoing | Consulting and investment firm |
| Upward Wealth, Inc. (BrightUp) | Founder | Since 2020 | Fintech platform focused on financial wellness |
| Wellington Management Company, LLP | Partner; SVP; Portfolio Manager; Investment Strategist | 1992–2012 | Multiple senior investment roles |
| PG Corbin Asset Management | Chief Investment Officer | 1990–1992 | CIO role |
| Kidder Peabody | Institutional corporate bond sales | 1986–1990 | Fixed income sales |
External Roles
| Company | Role | Tenure | Committees/Notes |
|---|---|---|---|
| DraftKings, Inc. | Director | Since September 2020 | Digital sports entertainment and gaming |
| Envestnet, Inc. | Director | 2018–2024 | Intelligent systems for wealth management and financial wellness |
| Dynex Capital, Inc. | Director | 2013–2020 | Mortgage REIT |
| Groupon, Inc. | Director | 2020–2022 | E-commerce platform |
| Caribou Financial, Inc. | Board member | Ongoing | Auto loan refinancing company (private) |
| Progress Investment Management Company | Director | Until 2020 | Manager of emerging managers |
Board Governance
- Independence: Mosley is a “noninterested” Trustee under the Investment Company Act of 1940 .
- Tenure and current term: Trustee since 2014; Class I term runs to 2027 following re-election in 2024 .
- Committee assignments (most recent): Member—Contract Review Committee, Portfolio Management Committee, and Governance Committee (not Chair) .
- Prior committee leadership: Chairperson—Governance Committee (2024) .
- Board composition: Nine noninterested Trustees (2025); previously ten (2024) .
- Attendance: Each Trustee attended at least 75% of Board and Committee meetings in FY 2023 and FY 2024; none of the Trustees attended the Fund’s Annual Meetings in 2023 or 2024 .
| Meeting Metric | FY 2023 (ended 9/30/2023) | FY 2024 (ended 9/30/2024) |
|---|---|---|
| Board meetings | 9 | 8 |
| Audit Committee | 9 | 10 |
| Contract Review Committee | 7 | 5 |
| Governance Committee | 4 | 4 |
| Portfolio Management Committee | 9 | 7 |
| Compliance Reports & Regulatory Matters Committee | 9 | 8 |
| Closed-End Fund (or predecessor Ad Hoc) Committee | 2 (Ad Hoc) | 9 (Ad Hoc predecessor; CE Committee established after FY 2024) |
Fixed Compensation
- Schedule (cash-based): EIM pays independent Trustees a pro-rata share of Board-approved fees consisting of annual retainers and committee-related retainers and chair fees, plus out-of-pocket expenses .
| Component | 2024 Schedule | 2025 Schedule |
|---|---|---|
| Annual retainer (Trustee) | $315,000 | $325,000 |
| Additional retainer – Chairperson of noninterested Trustees | $150,000 | $150,000 |
| Committee Service retainer | $82,500 | $82,500 |
| Additional retainer – serving on ≥4 Committees | $15,000 (excl. Ad Hoc) | $15,000 |
| Committee Chair retainer (Governance/Audit/Compliance/Contract Review/Portfolio) | $35,000 (split if co-chairs) | $35,000 (split if co-chairs) |
| Ad Hoc Committee Chair | $5,000 per six-month period (while active) | Not specified; CE Committee replaced Ad Hoc |
- Mosley’s actual totals (fund-level and fund complex):
| Metric | 2023 | 2024 |
|---|---|---|
| Total Compensation from Fund | $8,373 (includes $602 deferred) | $7,245 (includes $511 deferred) |
| Total Compensation from Fund Complex | $422,500 (includes $30,000 deferred) | $430,000 (includes $30,000 deferred) |
- Deferred Compensation Plan: Eligible Trustees may defer fees into Eaton Vance funds; Ms. Mosley deferred $602 (2023 Fund) and $30,000 (2023 Complex), and $511 (2024 Fund) and $30,000 (2024 Complex) .
Performance Compensation
- No stock awards, options, or performance-based compensation metrics are disclosed for Trustees; compensation is structured as cash retainers and committee/chair fees with optional deferral into fund shares .
| Performance-linked Element | Detail |
|---|---|
| Stock awards (RSUs/PSUs) | None disclosed in proxy |
| Option awards | None disclosed in proxy |
| Performance metrics (TSR, EBITDA, ESG, etc.) | Not applicable to Trustee pay; none disclosed |
| Clawbacks / CoC provisions | Not disclosed for Trustees |
Other Directorships & Interlocks
| Company | Sector | Role | Tenure | Potential Interlock/Notes |
|---|---|---|---|---|
| DraftKings, Inc. | Gaming/Entertainment | Director | Since Sept 2020 | No EIM-related transactions disclosed |
| Envestnet, Inc. | Fintech/Wealth Tech | Director | 2018–2024 | Ended in 2024; no EIM-related transactions disclosed |
| Dynex Capital, Inc. | Mortgage REIT | Director | 2013–2020 | No EIM-related transactions disclosed |
| Groupon, Inc. | E-commerce | Director | 2020–2022 | No EIM-related transactions disclosed |
| Caribou Financial, Inc. | Consumer Finance (Private) | Board member | Ongoing | Private company; no EIM-related transactions disclosed |
| Progress Investment Management Co. | Asset Management | Director | Until 2020 | No EIM-related transactions disclosed |
- Related party transactions: The proxy identifies the Contract Review Committee’s remit to review conflicts involving service providers but does not disclose transactions involving Mosley; the Fund notes compliance with Section 16(a) filings and no delinquent reports in 2025 .
Expertise & Qualifications
- Financial/investment expertise from Wellington and PG Corbin leadership; senior fixed income and equity strategy experience .
- Education: BA History (Duke) and MBA (Wharton); CFA charterholder during professional investment career .
- Governance experience across multiple public boards and nonprofit/endowment boards .
Equity Ownership
| Metric | As of May 28, 2024 | As of Aug 20, 2025 |
|---|---|---|
| EIM equity beneficially owned | None (no Trustee beneficial ownership) | None (no Trustee beneficial ownership) |
| Aggregate $ range owned in Eaton Vance family of funds overseen | Over $100,000 | Over $100,000 |
| Shares pledged as collateral | Not disclosed | Not disclosed |
- Section 16(a): All Trustees and officers complied with ownership filings in 2025; in 2024 one late Form 3 by a different Trustee (Bowser); no transactions on that form .
Governance Assessment
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Board effectiveness and engagement: Mosley maintains broad fund governance coverage through Contract Review and Portfolio Management Committees and served as Governance Committee Chair in 2024, demonstrating direct involvement in trustee nominations, structure, and compensation oversight .
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Independence and alignment: She is a noninterested Trustee and reports no beneficial EIM share ownership; she participates in the Deferred Compensation Plan with dollar-range holdings over $100,000 across Eaton Vance funds overseen, indicating some economic alignment with fund performance via deferrals, though not via direct EIM share ownership .
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Compensation structure signals: Shift in base annual retainer from $315,000 (2024 schedule) to $325,000 (2025 schedule) suggests incremental inflation of fixed cash compensation; Mosley’s fund-complex total rose to $430,000 in 2024 versus $422,500 in 2023; no performance-linked elements are disclosed, which limits pay-for-performance alignment but is typical for investment company trustees .
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Attendance and investor confidence: While Trustees met the 75% attendance threshold, none attended Annual Meetings in 2023 or 2024—this may be viewed as a modest engagement gap with retail shareholders in closed-end funds, though common in the sector .
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Conflicts/related-party exposure: No related-party transactions involving Mosley are disclosed; the Contract Review Committee mandate explicitly covers service-provider conflicts, and Section 16 compliance was affirmed in 2025, supporting governance integrity .
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Context—shareholder activism: A standstill agreement with Karpus and proposed tender offers at ≥98% NAV indicates heightened governance scrutiny for EIM; Mosley is not listed as a member of the Closed-End Fund Committee, which concentrates oversight of secondary-market trading and structure for closed-end funds .
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RED FLAGS:
- No direct beneficial ownership of EIM shares (alignment primarily via deferred fees into broader Eaton Vance funds) .
- No performance-based compensation metrics or equity awards disclosed for Trustees (standard for funds, but limits direct pay-performance linkage) .
- Non-attendance at Annual Meetings across the Board (sector-norm, but can be perceived as lower direct shareholder engagement) .