Cynthia E. Frost
About Cynthia E. Frost
Independent Trustee of Eaton Vance Municipal Bond Fund since 2014; former Chief Investment Officer of Brown University (2000–2012) and Portfolio Strategist at Duke Management Company (1995–2000). Prior roles include Cambridge Associates (1989–1995), Bain & Company (1987–1989), and BA Investment Management Company (1983–1985). Education: BA in Economics (honors), Stanford University; MBA (Edward Tuck Scholar), Dartmouth’s Tuck School; CFA charterholder during her investment career; member of the investment committee of The MCNC Endowment .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Brown University Endowment | Chief Investment Officer | 2000–2012 | Oversaw evaluation, selection, and monitoring of third-party managers |
| Duke Management Company | Portfolio Strategist | 1995–2000 | Endowment portfolio strategy |
| Cambridge Associates | Managing Director / Investment Consulting | 1989–1995 | Institutional advisory work |
| Bain & Company | Consultant | 1987–1989 | Strategy consulting |
| BA Investment Management Company | Senior Equity Analyst | 1983–1985 | Equity research |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The MCNC Endowment | Investment Committee Member | Not disclosed | Oversees endowment investments |
| Other public company boards (last five years) | None | N/A | No interlocks disclosed |
Board Governance
- Independence and status: Noninterested (independent) Trustee; the Board is currently composed of nine noninterested Trustees; Board committees are comprised solely of noninterested Trustees .
- Current term: Class II Trustee; term expiring in 2025 (standing for re-election at 2025 Annual Meeting) .
- Committee memberships:
- Contract Review Committee (member)
- Portfolio Management Committee (member)
- Governance Committee (member; all members independent under NYSE American standards)
- Closed-End Fund Committee (member)
- Not a committee chair (chairs: Contract Review—Gorman; Portfolio Management—Smith; Governance—Sutherland; Closed-End—Quinton; Audit—Wennerholm) .
- Meeting cadence and attendance FY ended Sep 30, 2024:
- Board met 8 times; Audit 10; Contract Review 5; Governance 4; Portfolio Management 7; Ad Hoc Closed-End precursor 9; each Trustee attended at least 75% of Board and Committee meetings; none attended the Fund’s 2024 Annual Meeting of Shareholders .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (noninterested Trustees) | $325,000 | Paid pro rata by each fund based on assets |
| Committee service retainer | $82,500 | Additional for committee service |
| 4+ committee service add-on | $15,000 | Additional annual retainer for serving on four or more committees |
| Committee chair add-on | $35,000 | Split if co-chairs |
| Chairperson of noninterested Trustees add-on | $150,000 | Additional annual retainer |
| Out-of-pocket expenses | Reimbursed | Expenses for attending Board meetings |
| Pay Recipient | Total from EIM (FY ended Sep 30, 2024) | Total from Fund Complex (CY 2024) |
|---|---|---|
| Cynthia E. Frost | $6,655 | $395,000 |
Performance Compensation
- No performance-based bonuses, stock awards, or options are disclosed for Trustees; compensation is structured as fixed retainers with committee-based add-ons; deferral is optional for Trustees (e.g., another Trustee shows deferred compensation), but no Frost-specific deferral is noted .
- No performance metrics (TSR, EBITDA, ESG, etc.) are tied to Trustee compensation in the proxy .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed for last five years |
| Private/non-profit boards | The MCNC Endowment—Investment Committee |
| Interlocks | None disclosed with competitors/suppliers/customers |
Expertise & Qualifications
- Endowment CIO and institutional allocator experience; oversight of third-party managers and investment processes .
- Education: BA Economics (honors), Stanford; MBA (Edward Tuck Scholar), Dartmouth Tuck; CFA charterholder during career .
- Governance-relevant experience: Member of multiple Board committees including Governance, Contract Review, Portfolio Management, and Closed-End oversight .
Equity Ownership
| Item | Status |
|---|---|
| Beneficial ownership of EIM | No Trustee (including Frost) beneficially owned EIM shares as of Aug 20, 2025 |
| Aggregate dollar range owned across Eaton Vance family of funds | Over $100,000 for Frost |
Governance Assessment
- Committee engagement: High—member of four standing committees (Contract Review, Portfolio Management, Governance, Closed-End), indicating broad oversight involvement across adviser conflicts, portfolio process, board structure, and closed-end fund market dynamics .
- Independence and oversight quality: Noninterested Trustee; Governance Committee members are independent under NYSE American standards; board and committees composed solely of noninterested Trustees—strong structural safeguards .
- Attendance and engagement: Met at least the 75% threshold across Board and committee meetings in FY 2024, aligning with governance expectations; note that no Trustees attended the Fund’s 2024 Annual Meeting of Shareholders, which may indicate lower direct shareholder engagement .
- Compensation alignment: Compensation is cash-based and standardized across the fund complex, with committee-related add-ons; Frost’s membership on four committees triggers the 4+ committee add-on; her total complex compensation was $395,000 in CY 2024; EIM-specific pro rata fee was $6,655 for FY 2024 .
- Ownership alignment: No beneficial ownership in EIM; however, she holds “Over $100,000” across the Eaton Vance fund family, offering some economic alignment with complex-level outcomes rather than fund-specific exposure .
RED FLAGS
- No Trustees attended the Fund’s 2024 Annual Meeting of Shareholders—potential engagement concern for direct shareholder interaction .
- No EIM-specific share ownership—possible fund-level alignment gap, though mitigated by significant ownership across the Eaton Vance family of funds .
Additional Notes
- Re-election: Frost is a Class II nominee for the 2025 Annual Meeting; trustees are elected by plurality; nominees are not parties adverse to the Fund in any material proceedings .
- Roles and chairs: Frost is not identified as a committee chair; current chairs: Audit—Wennerholm; Contract Review—Gorman; Portfolio Management—Smith; Governance—Sutherland; Closed-End—Quinton .
; (trustee table and term) ; (committee memberships and charters) ; (board composition, meetings, attendance) ; (compensation schedule and amounts) ; (annual meeting and election details) .]