Kenneth A. Topping
About Kenneth A. Topping
Kenneth A. Topping (born 1966) is President of Eaton Vance Municipal Income 2028 Term Trust (ETX) since 2023 and a senior operating executive within Morgan Stanley Investment Management (MSIM), serving as Vice President and Chief Administrative Officer of Eaton Vance and Boston Management and Research (BMR), Chief Operating Officer for Public Markets at MSIM, and Vice President of Calvert Research and Management (CRM) since 2021 . Officers of the Fund hold indefinite terms of office; due to their positions with Eaton Vance and ownership of Morgan Stanley stock, they benefit from advisory and administration fees paid by the Fund to Eaton Vance . The proxy presents trustee compensation and lists officers but does not include ETX-specific TSR, revenue, EBITDA, or officer compensation metrics .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Eaton Vance Management; Boston Management and Research (BMR) | Vice President and Chief Administrative Officer | Current | Senior administrative leadership across Eaton Vance fund complex; officer of 104 registered investment companies as of 2025 . |
| Morgan Stanley Investment Management (MSIM) | Chief Operating Officer, Public Markets | Current | Operational leadership for MSIM Public Markets platform supporting fund administration and operations . |
| Calvert Research and Management (CRM) | Vice President | Since 2021 | Cross-complex officer responsibilities supporting Calvert-advised registered investment companies . |
| Goldman Sachs Asset Management (“Classic”) | Chief Operating Officer | 2009–2020 | Led COO function for GSAM’s “Classic” business line, overseeing operations and administration . |
External Roles
- No external public company board roles or committee positions disclosed for Mr. Topping in ETX’s proxy officer section .
Fixed Compensation
- Officer compensation for ETX’s President and other officers is not presented in the proxy; the proxy provides trustee compensation schedules and amounts but lists officers without compensation detail .
- Officers are employees of Eaton Vance/MSIM and, given their positions and Morgan Stanley stock ownership, benefit from advisory and/or administration fees paid by the Fund to Eaton Vance .
Performance Compensation
- No disclosure of ETX-specific executive performance metrics (e.g., revenue growth, EBITDA, TSR) nor any incentive plan weightings, targets, or payouts for officers in the proxy sections reviewed .
Equity Ownership & Alignment
| Metric | Sep 3, 2024 | Aug 26, 2025 |
|---|---|---|
| Common shares outstanding (record date) | 10,887,204 | 10,888,426 |
| Trustees and executive officers beneficial ownership (individually and as a group) | <1% of outstanding shares | <1% of outstanding shares |
| 5%+ Holder (as of Aug 26, 2025) | Shares | Ownership % |
|---|---|---|
| Rockefeller Capital Management L.P.; Rockefeller Financial LLC | 585,604 | 5.30% |
- Individual beneficial ownership for Mr. Topping is not separately disclosed in the proxy; no pledging/hedging disclosures for officers are provided in the sections reviewed .
- Trustee share ownership context: as of Aug 26, 2025, only Mr. Marcus L. Smith held over $100,000 of ETX shares; no other trustee held ETX shares .
Employment Terms
| Term | Detail |
|---|---|
| Fund officer title | President (officer since 2023) |
| Employer affiliations | Vice President & CAO of Eaton Vance and BMR; COO for Public Markets at MSIM; VP of CRM |
| Term of office | Indefinite (Fund officer terms are not fixed) |
| Compensation basis | Officers benefit from advisory/admin fees paid by the Fund to Eaton Vance; no salary/bonus/equity details in proxy |
| Business address | One Post Office Square, Boston, MA 02109 |
Investment Implications
- Pay-for-performance transparency is limited: ETX’s proxy details trustee pay but does not disclose officer salary/bonus/equity, performance metrics, vesting schedules, severance or change-of-control terms; thus, compensation alignment for Mr. Topping must be inferred at the adviser level rather than ETX-specific outcomes .
- Ownership alignment appears modest at the fund level: trustees and executive officers, individually and as a group, hold less than 1% of ETX shares, with the largest reported holder at 5.30% (Rockefeller) as of Aug 26, 2025 .
- Governance and compliance signals: Section 16(a) filings were in compliance for the most recent fiscal year referenced, indicating timely insider reporting; use insider filings to monitor any future equity transactions or potential selling pressure .
- Role context: Mr. Topping’s responsibilities are primarily operational (COO roles at MSIM and previously GSAM), suggesting his remuneration is likely tied to broader MSIM/Eaton Vance operating KPIs rather than ETX-specific performance; without proxy-disclosed incentive frameworks, trading signals will depend on future Forms 3/4/5 and any Item 5.02 disclosures .