Valerie A. Mosley
About Valerie A. Mosley
Valerie A. Mosley (born 1960) serves as a noninterested (independent) Trustee of Eaton Vance Municipal Income 2028 Term Trust (ETX), having joined the Eaton Vance Fund Boards in 2014; she is currently a Class III Trustee with a term expiring in 2027 . She is Chairwoman and CEO of Valmo Ventures and founded Upward Wealth, Inc. (BrightUp), and previously was Partner/SVP, Portfolio Manager and Investment Strategist at Wellington Management (1992–2012), CIO at PG Corbin Asset Management (1990–1992), and worked in institutional corporate bond sales at Kidder Peabody (1986–1990) . Mosley holds a BA in History from Duke University and an MBA from The Wharton School; she was a CFA charterholder during her professional investment career .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Wellington Management Company, LLP | Partner, SVP, Portfolio Manager & Investment Strategist | 1992–2012 | — |
| PG Corbin Asset Management | Chief Investment Officer | 1990–1992 | — |
| Kidder Peabody | Institutional Corporate Bond Sales | 1986–1990 | — |
| Valmo Ventures | Chairwoman & CEO | Current | — |
| Upward Wealth, Inc. (BrightUp) | Founder | Founded 2020 | — |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| DraftKings, Inc. | Director | Since Sep 2020 | Public company board |
| Caribou Financial, Inc. | Board Member | Current | Private company board |
| Dynex Capital, Inc. | Director | 2013–2020 | Public company board |
| Groupon, Inc. | Director | 2020–2022 | Public company board |
| Envestnet, Inc. | Director | 2018–2024 | Public company board |
| Progress Investment Management Company | Director | Through 2020 | Private |
Board Governance
- Independence: All current Trustees, including Mosley, are “noninterested” under the Investment Company Act of 1940 .
- Years of service: Trustee since 2014; Class III term through 2027 .
- Committee memberships:
- Contract Review Committee (member) .
- Portfolio Management Committee (member) .
- Governance Committee (member) .
- Chair roles: Not a committee chair; current chairs include Wennerholm (Audit), Quinton (Closed-End Fund), Stefani (Compliance), Sutherland (Governance), Smith (Portfolio Management) .
- Board/committee activity: FY ended Jan 31, 2025 — Board met 7 times; Audit (9), Contract Review (5), Governance (5), Portfolio Management (7), Compliance (8), Closed-End (1; predecessor Ad Hoc Closed-End met 8 times). Each Trustee attended at least 75% of meetings; none attended the Fund’s 2024 Annual Meeting .
- Lead independent governance: Independent Chairperson of the Board is Scott E. Wennerholm .
Fixed Compensation
| Item | Period | Amount |
|---|---|---|
| Total compensation from ETX (pro rata) | FY ended Jan 31, 2025 | $1,398; includes $97 deferred |
| Total compensation from Eaton Vance Fund Complex | CY 2024 | $430,000; includes $30,000 deferred |
| Board-Approved Trustee Fee Schedule (applies to noninterested Trustees; paid pro rata by funds) | Amount |
|---|---|
| Annual retainer | $325,000 |
| Additional retainer – Chairperson of noninterested Trustees | $150,000 |
| Additional retainer – Committee Service | $82,500 |
| Additional retainer – serving on 4+ committees | $15,000 |
| Additional retainer – Committee Chairperson | $35,000 (split if co-chairs) |
| Out-of-pocket expenses | Reimbursed |
Notes: Trustees may defer fees under the Deferred Compensation Plan, electing investment in shares of funds within the Eaton Vance family; amounts paid are determined by investment performance of elected funds .
Performance Compensation
| Component | Disclosure |
|---|---|
| Stock awards (RSUs/PSUs), option awards | Not disclosed/Not applicable for Trustees; compensation consists of cash retainers and committee-related retainers |
| Performance metrics tied to compensation | Not disclosed/Not applicable for Trustees |
| Vesting schedules, severance/change-of-control provisions | Not disclosed/Not applicable for Trustees |
Other Directorships & Interlocks
| Company | Role | Committee Roles (if disclosed) |
|---|---|---|
| DraftKings, Inc. | Director | Not disclosed in ETX proxy |
| Caribou Financial, Inc. | Board Member | Not disclosed in ETX proxy |
| Dynex Capital, Inc. | Director (former) | Not disclosed in ETX proxy |
| Groupon, Inc. | Director (former) | Not disclosed in ETX proxy |
| Envestnet, Inc. | Director (former) | Not disclosed in ETX proxy |
Expertise & Qualifications
- Senior investment leadership experience (Wellington Partner/SVP PM/Strategist; PG Corbin CIO) .
- Fintech entrepreneurship (founder of BrightUp); principal/CEO of Valmo Ventures .
- Education: BA Duke; MBA Wharton; CFA charterholder during professional career .
- Not designated as an “audit committee financial expert” in ETX’s Audit Committee (those designated are Gorman and Wennerholm) .
Equity Ownership
| Item | As of Aug 26, 2025 | Source |
|---|---|---|
| ETX shares beneficially owned by Mosley | 0 (no Trustee other than Mr. Smith held ETX shares) | |
| ETX shares outstanding | 10,888,426 | |
| Ownership as % of ETX shares outstanding | 0.00% | Derived from |
| Aggregate dollar range owned across Eaton Vance family of funds | Over $100,000 | |
| Pledged/hedged shares | Not disclosed in proxy | |
| Deferred compensation elections | $97 deferred in FY 2025; $30,000 deferred in CY 2024 |
Governance Assessment
-
Strengths
- Independent director with deep investment management background (Wellington, PG Corbin), contributing to Portfolio Management and Governance oversight .
- Active committee engagement (Contract Review, Portfolio Management, Governance) across conflict review and portfolio oversight domains .
- Board/committee attendance met policy threshold (≥75%); Board maintains robust meeting cadence and specialized committee structure .
-
Watchpoints
- No direct ETX share ownership as of the record date; while Trustees may defer fees into Eaton Vance funds broadly, ETX-specific “skin-in-the-game” is absent .
- Multiple external board roles (e.g., DraftKings), plus entrepreneurial commitments (BrightUp, Valmo Ventures), may increase time demands; continued monitoring of engagement/attendance is prudent .
- Governance relies on committee-level conflict oversight (Contract Review Committee) for service-provider and related-party issues; this is a safeguard but requires continued diligence .
-
Compensation alignment
- Trustee compensation is fixed-fee-based (retainer plus committee fees) with optional deferral into fund shares, not performance-contingent; Mosley is not a chair and serves on fewer than four committees, aligning her compensation with standard non-chair trustee structure .
- Reported complex-level compensation ($430,000 for CY 2024, including $30,000 deferred) and ETX-level pro rata ($1,398, including $97 deferred) reflect the fund-complex “shared” model that can dilute direct alignment with any single fund’s performance .