Marcus L. Smith
About Marcus L. Smith
Independent trustee since 2018 (born 1966), chair of the Portfolio Management Committee, with a career spanning international equity portfolio management and senior CIO roles at MFS Investment Management; previously a senior consultant at Andersen Consulting and a U.S. Army Reserve Officer . Education includes a B.S. in Computer Science (University of Mount Union) and an MBA from The Wharton School; current nonprofit board roles include Facing History and Ourselves, Core Knowledge Foundation, and the Harvard Medical School Advisory Council on Education . He also serves on external public company boards (MSCI Inc. and First Industrial Realty Trust) with substantive audit/strategy committee responsibilities, reinforcing governance expertise .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| MFS Investment Management | Portfolio Manager; Director of Asian Research; CIO Asia; CIO Canada | 1994–2017 | Managed MFS Institutional International Fund (17 yrs) and Concentrated International Fund (10 yrs); led Asian research; CIO for Asia and Canada |
| Andersen Consulting (Accenture) | Senior Consultant | 1988–1992 | Strategy/operations consulting (early career analytical rigor) |
| U.S. Army Reserve | Officer | 1987–1992 | Leadership and discipline; organizational governance exposure |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| MSCI Inc. (NYSE: MSCI) | Director; Audit Committee Chair; Strategy & Finance Committee member | Since 2017 | Audit chair by 2025; previously on Compensation & Talent Management and Strategy & Finance committees (2024) |
| First Industrial Realty Trust (NYSE: FR) | Independent Director; Audit, Investment, Nominating & Governance Committees | Since 2021 | Industrial REIT; multi-committee governance responsibilities |
| DCT Industrial Trust (NYSE: DCT) | Director; Audit; Nominating & Corporate Governance | 2017–2018 | Company acquired by Prologis in 2018 |
| Independent Directors Council (IDC) | Governing Council; Education & Engagement Committee | Current | Industry governance body participation |
| Facing History and Ourselves | Director (nonprofit) | Current | Civic/education focus |
| Core Knowledge Foundation | Trustee | Current | Education policy focus |
| Harvard Medical School Advisory Council on Education | Member | Current | Academic governance/education oversight |
| University of Mount Union | Trustee | 2008–2020 | Prior governance role; alma mater |
| Posse Foundation (Boston Advisory Board) | Member | 2015–2021 | Prior nonprofit advisory service |
Board Governance
- Independence: Noninterested Trustee under the 1940 Act and NYSE American listing standards; all committees comprised solely of noninterested trustees .
- Committee leadership and membership (EIM/Eaton Vance closed-end funds): Chair, Portfolio Management Committee; member, Contract Review Committee; member, Governance Committee; member/chair of Ad Hoc Committee for Closed-End Fund Matters (complex-wide) .
- Audit Committee: Not a member; Audit Committee members are designated financial experts (Gorman, Wennerholm) and independent .
- Meetings/attendance: FY ended Sep 30, 2023 — Board met 9 times; PMC met 9; Audit 9; Contract Review 7; Governance 4; Compliance 9; Ad Hoc Closed-End 2; each Trustee attended at least 75% of Board and Committee meetings; none attended the 2023 Annual Meeting .
- Board operations: Six regularly scheduled meetings per year plus specials/calls; noninterested Trustee chairs the Board; chartered Governance Committee procedures for nominations are public .
Fixed Compensation
Compensation schedule for noninterested Trustees is fee-based (annual retainer + committee components); out-of-pocket expenses reimbursed. No equity awards are disclosed.
| Component | 2024 Compensation Schedule | 2025 Compensation Schedule |
|---|---|---|
| Annual Retainer (Trustee) | $315,000 | $325,000 |
| Chair of Noninterested Trustees | $150,000 | $150,000 |
| Committee Service | $82,500 | $82,500 |
| 4+ Committees (additional) | $15,000 | $15,000 |
| Committee Chair (per committee) | $35,000 | $35,000 |
| Ad Hoc Committee Chair | $5,000 per six-month period | Not separately specified in 2025 proxy |
| Out-of-Pocket Expenses | Reimbursed | Reimbursed; aggregate $96,845 in 2024 |
Actual compensation for Marcus L. Smith:
| Metric | Calendar 2023 | Calendar 2024 |
|---|---|---|
| Total Compensation from Fund (EIM) | $8,295 | $7,245 |
| Total Compensation from Fund and Fund Complex | $418,750 | $430,000 |
| Deferred Compensation Elected | None indicated | None indicated |
Performance Compensation
- No performance-based cash (bonus), stock awards (RSUs/PSUs), or options disclosed for Trustees; compensation consists of fixed fees tied to retainer and committee roles .
- No performance metrics (TSR, revenue/EBITDA, ESG) or vesting schedules applicable to Trustee compensation .
Other Directorships & Interlocks
| Company | Sector | Role | Committee Roles | Tenure |
|---|---|---|---|---|
| MSCI Inc. (NYSE: MSCI) | Financial Data/Indexes | Director | Audit Chair; Strategy & Finance | Since 2017 |
| First Industrial Realty Trust (NYSE: FR) | Industrial REIT | Independent Director | Audit; Investment; Nominating & Governance | Since 2021 |
| DCT Industrial Trust (NYSE: DCT) | Industrial REIT/Logistics | Director (pre-acquisition) | Audit; Nominating & Corporate Governance | 2017–2018 |
- Interlock/Conflict assessment: No related-party transactions disclosed; external boards are in real estate and index/data; EIM invests in municipal bonds, reducing direct competitive conflicts (no conflicts reported in proxy) .
Expertise & Qualifications
- International equity portfolio management, CIO roles in Asia and Canada, and director-level research leadership at MFS (deep investment process oversight) .
- Audit leadership experience as MSCI Audit Committee Chair; extensive committee service across governance, investment, and audit functions .
- Technical and analytical foundation with Computer Science B.S. and Wharton MBA .
- Ongoing engagement in governance bodies (IDC) and education-focused nonprofits .
Equity Ownership
| Item | As of May 28, 2024 | As of August 20, 2025 |
|---|---|---|
| Beneficial ownership of EIM equity | None (no Trustees owned Fund equity) | None (no Trustees owned Fund equity) |
| Aggregate dollar range owned across Eaton Vance family of funds | Over $100,000 | Over $100,000 |
| Pledged/Hedged shares | Not disclosed | Not disclosed |
| Ownership guidelines for Trustees | Not disclosed | Not disclosed |
Trustees may elect to defer fees into investments in Eaton Vance funds via a Deferred Compensation Plan; participation is optional and not indicated for Mr. Smith in these periods .
Governance Assessment
- Strengths: Independent trustee; chairs Portfolio Management Committee; broad audit and governance experience from MSCI and FR; attendance met Board/Committee thresholds; active oversight on Contract Review (conflicts with service providers) and Governance committees .
- Alignment: No direct EIM equity ownership (typical for closed-end fund trustees) but significant investment across Eaton Vance family of funds (“Over $100,000”), plus optional deferred fee plan aligning compensation with fund performance .
- Compensation: Pure fee-based structure with clear committee-chair increments; no equity or performance incentives that could misalign oversight priorities .
- Potential watch items:
- Board did not attend the 2023 Annual Meeting (optics on shareholder engagement) .
- MSCI Audit Chair role increases time commitments; monitor for overboarding risk if additional roles are added (no proxy-identified concerns) .
- Leadership transition risk: Fund Board Chairperson passed away unexpectedly in Aug 2025; monitor committee dynamics and Board leadership continuity across the complex .
RED FLAGS
- No direct EIM equity ownership (common in fund complexes but may be viewed as lower “skin-in-the-game” for some investors) .
- Annual Meeting non-attendance in 2023 (engagement optics) .