James F. Kirchner
About James F. Kirchner
James F. Kirchner (born 1967) serves as Treasurer of Eaton Vance Municipal Income 2028 Term Trust (ETX) and has held officer roles across the Eaton Vance fund complex since 2007 (current title: Treasurer; Vice President of Eaton Vance and Boston Management and Research (BMR); also Vice President of Calvert Research and Management (CRM) since 2016) . He functions as the Fund’s Principal Financial Officer in Exchange Act reports (e.g., Form N‑CSR/N‑CEN certifications and signatures), reflecting direct accountability for financial reporting and controls . As an officer affiliated with Eaton Vance (an indirect wholly owned subsidiary of Morgan Stanley), he benefits indirectly from advisory/administration fees paid by the Fund to Eaton Vance; the Fund does not disclose individual officer salary/bonus/equity details (these are set and paid by the adviser) . Closed‑end funds do not present TSR/revenue/EBITDA for officers; the Fund’s semiannual N‑CSR notes the SEC “Recovery of Erroneously Awarded Compensation” item as not applicable for the period, underscoring that listed‑issuer clawback regimes do not present at the Fund‑officer level .
Past Roles
| Organization | Role | Years | Strategic impact / scope |
|---|---|---|---|
| Eaton Vance Management; Boston Management and Research (BMR) | Vice President; Treasurer (Fund officer across complex) | Officer since 2007 (continuous service as fund officer) | Officer of 122 registered investment companies (as of Aug 26, 2025) managed by Eaton Vance/BMR; Treasurer of ETX |
| Calvert Research and Management (CRM) | Vice President; officer | Since 2016 | Officer of 45–46 registered investment companies advised or administered by CRM (count varies by period) |
| ETX (Registrant) | Principal Financial Officer/Treasurer (signatory) | Ongoing (e.g., 2023–2025 filings) | Signed N‑CSR Section 302/906 certifications and N‑CEN submissions as PFO/Treasurer |
External Roles
No external public company directorships or committee roles for Kirchner are disclosed in ETX proxy statements or officer listings; officer disclosures identify affiliated roles within Eaton Vance/BMR/CRM and fund officer capacities only .
Fixed Compensation
| Component | 2023 | 2024 | 2025 | Notes |
|---|---|---|---|---|
| Base salary | Not disclosed by Fund | Not disclosed by Fund | Not disclosed by Fund | Officers are employees of Eaton Vance/BMR; the proxy provides trustee (independent director) compensation only, not officer pay |
| Target bonus % | Not disclosed | Not disclosed | Not disclosed | Not disclosed at Fund level |
| Actual bonus paid | Not disclosed | Not disclosed | Not disclosed | Not disclosed at Fund level |
| Perquisites/deferred comp | Not disclosed | Not disclosed | Not disclosed | Officer perquisites not disclosed; trustee deferrals discussed separately apply to non‑interested Trustees, not officers |
Performance Compensation
| Incentive type | Metric(s) | Weighting | Target | Actual/payout | Vesting |
|---|---|---|---|---|---|
| Equity awards (RSUs/PSUs/options) | Not disclosed | — | — | — | — |
| Cash bonus | Not disclosed | — | — | — | — |
| Clawback applicability | N/A for Fund reporting | — | — | — | N/A |
Note: ETX proxy materials disclose compensation for non‑interested Trustees, not for Fund officers who are employed by the adviser (Eaton Vance/Morgan Stanley IM) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Individual beneficial ownership (ETX) | Not individually disclosed for officers; collectively, Trustees and executive officers owned beneficially less than 1% of outstanding Common Shares as of record dates (Sep 3, 2024; Aug 26, 2025) |
| 5% holders | None as of Sep 3, 2024; Rockefeller Capital disclosed 5.30% as of Aug 26, 2025 |
| Pledging/hedging | Not disclosed for officers |
| Ownership guidelines | Not disclosed for officers; trustee share ownership ranges provided (aggregate by trustee across family) |
| Insider filings compliance | Fund reports all Trustees/officers and 10% holders complied with Section 16(a) filing requirements for the most recent year (no delinquencies) |
Employment Terms
| Term | Disclosure |
|---|---|
| Officer term | Officers “hold indefinite terms of office” |
| Employment entity | Officers are Vice Presidents of Eaton Vance and BMR (affiliates of Morgan Stanley) and will benefit from advisory/admin fees paid by the Fund to Eaton Vance |
| Start in current Fund officer role | Officer since 2007 (continuous officer service in the Eaton Vance fund family); Treasurer of ETX |
| Severance | Not disclosed at Fund level (officer employment terms reside with adviser) |
| Change‑of‑control | Not disclosed at Fund level |
| Non‑compete/non‑solicit | Not disclosed at Fund level |
| Garden leave/post‑termination consulting | Not disclosed |
Additional Context on Role and Accountability
- Principal Financial Officer certifications: Kirchner executed Section 302 (SOX) and Section 906 certifications for ETX’s N‑CSR, affirming disclosure controls, ICFR design, and fair presentation of financials .
- N‑CEN signatory: He signed the Fund’s annual census filings as Treasurer/authorized officer (Mar 26–27, 2024/2025) .
- Officer affiliation and incentives: As a Morgan Stanley/Eaton Vance affiliate, compensation is determined by the adviser; the Fund notes affiliated officers benefit from advisory/admin fees paid to Eaton Vance, aligning incentives with fund complexity and platform economics rather than Fund‑level equity .
Investment Implications
- Limited pay disclosure reduces direct “pay‑for‑performance” assessment at the Fund level; officer compensation, equity, and vesting are not reported by ETX, and no clawback framework applies to Fund officers in N‑CSR reporting (Item 18 N/A) .
- Alignment and trading signal risk appear modest: Trustees and executive officers as a group own <1% of ETX, and Section 16(a) compliance showed no delinquent insider filings—suggesting low insider selling pressure from management; one institutional holder (Rockefeller Capital) owned 5.3% as of Aug 26, 2025, which can affect voting dynamics but not officer incentives .
- Retention risk looks contained given long tenure (officer since 2007) and adviser‑employer relationship; officer terms are indefinite and tied to Eaton Vance/Morgan Stanley employment rather than Fund contracts; no severance or CIC terms at the Fund level are disclosed .
- Governance and control environment: Kirchner’s recurring PFO certifications and Audit Committee oversight cadence provide process assurance for financial reporting; the Fund reports regular audit fees and no de minimis exceptions for non‑audit services, with Deloitte as auditor .
Citations:
- Officer listing, roles, year of birth, officer tenure and terms:
- Group beneficial ownership <1% and 5% holders:
- Trustee compensation disclosure (officers not disclosed):
- N‑CSR certifications (302/906) and N‑CEN signatures:
- Auditor and fees:
- Clawback item N/A: