Valerie A. Mosley
About Valerie A. Mosley
Independent Trustee of Eaton Vance Municipal Income Trust (EVN) since 2014; year of birth 1960; current term: Class I Trustee through 2027. She is Chairperson of the Governance Committee and serves on the Portfolio Management Committee and the Contract Review Committee, indicating a governance and investment oversight focus . Ms. Mosley is independent under the Investment Company Act of 1940 (noninterested Trustee) and part of a Board composed entirely of noninterested Trustees .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Wellington Management Company, LLP | Partner; SVP; Portfolio Manager; Investment Strategist | 1992–2012 | Senior investment leadership across fixed income/equities |
| PG Corbin Asset Management | Chief Investment Officer | 1990–1992 | Led investment strategy |
| Kidder Peabody | Institutional corporate bond sales | 1986–1990 | Fixed income market coverage |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Envestnet, Inc. | Director | Since 2018 | Wealth management/financial wellness technology |
| DraftKings, Inc. | Director | Since Sept 2020 | Digital sports entertainment and gaming |
| Caribou Financial, Inc. | Board member | Current | Auto loan refinancing company |
| Dynex Capital, Inc. | Director (prior) | 2013–2020 | Mortgage REIT |
| Progress Investment Management Company | Director (prior) | Until 2020 | Manager of emerging managers |
| Groupon, Inc. | Director (prior) | 2020–2022 | E-commerce platform |
Board Governance
- Committees: Governance (Chair), Portfolio Management (Member), Contract Review (Member). All committees comprise only noninterested Trustees .
- Meeting cadence (FY ended Nov 30, 2024): Board met 8 times; Audit 9; Contract Review 5; Governance 5; Portfolio Management 7; Compliance Reports & Regulatory Matters 8; Closed-End Fund 10 .
- Attendance: Each Trustee attended at least 75% of Board and Committee meetings; none of the Trustees attended the Funds’ 2024 Annual Meeting of Shareholders (potential engagement flag) .
- Chairperson model: Independent Chairperson presides; Board conducts risk oversight via committees and the CCO; Audit Committee financial experts designated .
- Independence: Ms. Mosley is a noninterested (independent) Trustee; Board wholly noninterested Trustees .
Fixed Compensation
- Structure (paid pro rata across Eaton Vance family of funds): Annual retainer $325,000; Chairperson of noninterested Trustees +$150,000; Committee service +$82,500; four-or-more committees +$15,000; Committee Chair +$35,000; out-of-pocket expenses reimbursed .
- Deferred Compensation Plan available; elections can be invested in Eaton Vance funds and track fund performance; no pension/retirement plan for Trustees .
| Item | Amount | Notes |
|---|---|---|
| Annual Trustee retainer | $325,000 | Board-wide schedule |
| Committee service retainer | $82,500 | Board-wide schedule |
| Committee Chair retainer | $35,000 | Applies to Governance Committee Chair (Ms. Mosley) |
| Four-or-more committees retainer | $15,000 | Only if ≥4 committees; Ms. Mosley serves on 3 |
| Total compensation from fund complex (CY 2024) | $430,000 | Includes $30,000 deferred compensation for Ms. Mosley |
| EVN (Municipal Fund) pro rata compensation (FY ended 11/30/24) | $3,834 | Includes $271 deferred for Ms. Mosley |
| EVN (California Fund) pro rata compensation (FY ended 11/30/24) | $748 | Includes $50 deferred for Ms. Mosley |
Performance Compensation
- No performance-based or equity awards are disclosed for Trustees; compensation is cash-based with option to defer into Eaton Vance funds, creating alignment via fund NAV/return tracking of deferred amounts .
| Performance Element | Metrics | Vesting/Features |
|---|---|---|
| Performance-based cash/equity | None disclosed | Not applicable |
| Deferred comp election (CY 2024) | $30,000 deferred | Tracks chosen Eaton Vance fund(s); negligible impact on fund financials |
| EVN-specific deferred amounts | $271 (Municipal Fund); $50 (California Fund) | Within fund-level pro rata compensation |
Other Directorships & Interlocks
- Current public boards: Envestnet, DraftKings; private board: Caribou Financial .
- Prior boards: Dynex Capital, Progress Investment Management Company, Groupon .
- Conflict oversight: As a member of the Contract Review Committee, Ms. Mosley participates in evaluating service provider contracts and actual/potential conflicts of interest with fund shareholders .
| Company | Sector | Role | Overlap/Interlock Considerations |
|---|---|---|---|
| Envestnet, Inc. | Fintech/wealth platforms | Director | Potential ecosystem proximity to asset management distribution; no related-party transactions disclosed by EVN |
| DraftKings, Inc. | Online gaming | Director | No apparent operational overlap with municipal bond CEF; no related-party transactions disclosed |
| Caribou Financial, Inc. | Consumer auto finance | Board member | Private; no related-party transactions disclosed |
| Dynex Capital, Inc. | Mortgage REIT | Former Director | Historical; no current interlock |
| Groupon, Inc. | E-commerce | Former Director | Historical; no current interlock |
Expertise & Qualifications
- Financial/investment expertise: Senior portfolio roles at Wellington and CIO experience, supporting oversight of portfolio management and risk .
- Governance leadership: Chairperson of Governance Committee; participates in board self-evaluation, composition, and nominations processes .
- Committee experience: Portfolio Management Committee member (investment/trading oversight) and Contract Review Committee member (contracts/conflicts) .
Equity Ownership
- EVN fund-level ownership (as of Dec 30, 2024): Only Ms. Frost beneficially owned over $100,000 of Municipal Income Trust’s equity; no other Trustee (including Ms. Mosley) held shares of each Fund .
- Aggregate across Eaton Vance family of funds overseen: Ms. Mosley beneficially owns “Over $100,000” (may include deferred balances); Trustees and officers as a group own <1% of outstanding EVN shares .
| Ownership Category | Valerie A. Mosley | Notes |
|---|---|---|
| EVN – Municipal Income Trust (EVN) shares | None reported | As of Dec 30, 2024 |
| EVN – California Municipal Income Trust shares | None reported | As of Dec 30, 2024 |
| Eaton Vance family of funds (aggregate overseen) | Over $100,000 | Aggregate across funds overseen |
| Trustees/officers group EVN ownership | <1% of EVN outstanding | Group-level indicator |
Insider Trades
| Item | Status | Notes |
|---|---|---|
| Section 16(a) filings – Trustees/officers | Compliant | Funds report compliance; late Form 4s noted for a 10% beneficial owner (Saba) at California Fund, not Trustees |
| Valerie A. Mosley Form 3/4 filings | None disclosed in proxy | No trustee >10% ownership; no specific Mosley filings referenced |
Governance Assessment
- Strengths: Deep investment background enhances portfolio oversight; independent status across a fully independent board; leadership as Governance Committee Chair indicates active role in board composition, evaluation, and compensation of independent Trustees; participation in Contract Review Committee provides direct oversight of potential conflicts with service providers .
- Alignment: Ability to defer fees into Eaton Vance funds provides optional pay-for-performance linkage via fund returns; Ms. Mosley deferred $30,000 in 2024, including small amounts allocated to EVN funds, which ties a portion of compensation to fund outcomes .
- Potential Risks/RED FLAGS: None of the Trustees attended the 2024 Annual Meeting of Shareholders (optics of engagement); multiple external directorships could pose time-commitment considerations though no related-party transactions are disclosed; Ms. Mosley does not hold EVN shares directly, which may limit direct “skin-in-the-game” alignment at the fund level despite aggregate holdings across the family of funds .
- Attendance: At least 75% Board/Committee attendance threshold met; robust committee meeting cadence suggests substantive engagement between formal Board sessions .
Overall signal: Independent governance leadership and contract/conflict oversight are positives; lack of EVN-specific share ownership and absence from the 2024 Annual Meeting are soft flags to monitor for investor-relations engagement optics .