Cynthia E. Frost
About Cynthia E. Frost
Independent Trustee (noninterested) of the Eaton Vance fund boards since 2014; current term expires in 2026 (Class I). Born 1961. Former Chief Investment Officer of Brown University (2000–2012), with prior endowment, consulting, and investment roles; BA in Economics (Stanford) and MBA (Tuck, Edward Tuck Scholar). She served as a CFA charterholder during her professional investment career.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Brown University | Chief Investment Officer | 2000–2012 | Oversaw selection/monitoring of third-party managers for endowment |
| Duke Management Company | Portfolio Strategist | 1995–2000 | Endowment oversight for Duke University |
| Cambridge Associates | Managing Director, investment consulting roles | 1989–1995 | Institutional investment consulting |
| 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 | Member of investment committee |
Board Governance
| Item | Detail |
|---|---|
| Trustee status | Noninterested (independent under 1940 Act/NYSE standards) |
| Years of service | Trustee since 2014; current term expires 2026 (Class I) |
| Committee memberships | Governance Committee (member) ; Contract Review Committee (member) ; Portfolio Management Committee (member) ; Closed-End Fund Committee (member) |
| Committee chairs | Not a chair; current chairs: Governance (Sutherland), Contract Review (Gorman), Portfolio Management (Smith), Compliance (Stefani), Audit (Wennerholm), Closed-End (Quinton) |
| Attendance | During FY ended Jun 30, 2025: Board met 10x; Audit 10x, Contract Review 5x, Governance 6x, Portfolio Mgmt 7x, Compliance 8x, Closed-End 4x (predecessor Ad Hoc 5x). Each Trustee attended at least 75% of the Board/Committee meetings on which they serve. None attended the Fund’s 2024 Annual Meeting of Shareholders. |
| Committee independence | All Board committees comprise only noninterested Trustees; Governance Committee members are independent under NYSE standards |
Fixed Compensation
| Component (current schedule) | Amount |
|---|---|
| Annual retainer (noninterested Trustee) | $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 Chair | $35,000 (split if Co-Chairs) |
| Out-of-pocket expenses | Reimbursed |
| Pay realization (CY 2024) | Frost |
|---|---|
| Total compensation from EVF (pro rata) | $975 |
| Total compensation from Fund Complex (Eaton Vance family of funds) | $395,000 |
| Deferred compensation (2024) | Not indicated for Frost (table footnotes show deferrals for other Trustees) |
| Pension/retirement plan | None for Trustees |
| Fee deferral program | Trustees may defer fees into shares of one or more Eaton Vance funds; payout tied to investment performance |
Note: The disclosed compensation schedule may not have been in place for the full CY 2024; complex-level compensation reflects service across the Eaton Vance family (122 funds/series as of Jul 29, 2025). Pro rata fund-level amounts vary by each fund’s average net assets share.
Performance Compensation
| Element | Frost (Trustee) |
|---|---|
| Target/actual bonus | None disclosed for Trustees |
| Stock/option awards | None disclosed for Trustees |
| Performance metrics (TSR, EBITDA, ESG) | None applicable to Trustee compensation |
| Clawbacks/COC/severance | Not applicable to Trustees (not disclosed) |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None (last five years) |
| Prior public company boards (5 yrs) | None |
| Notable non-profit/academic roles | Investment Committee Member, MCNC Endowment |
| Interlocks with EVF competitors/suppliers/customers | None disclosed |
Expertise & Qualifications
- Institutional investment leadership: CIO of Brown University; prior endowment roles at Duke and Cambridge Associates .
- Governance/oversight: Serves on Governance, Contract Review, Portfolio Management, and Closed-End Fund committees, including oversight of service provider contracts and conflict matters .
- Education/credentials: BA Economics (Stanford); MBA (Tuck, Edward Tuck Scholar); CFA charterholder during career .
Equity Ownership
| Holding | Amount/Range | As-of Date |
|---|---|---|
| EVF shares beneficially owned | None (no Trustees other than Mr. Quinton held EVF shares) | Jul 29, 2025 |
| Aggregate holdings across all Eaton Vance funds overseen | Over $100,000 | Jul 29, 2025 |
Ownership guidelines/pledging: No director stock ownership guidelines or pledging/hedging disclosures specific to Trustees were identified in the cited sections.
Governance Assessment
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Strengths
- Deep institutional investing background aligns with EVF’s oversight needs; prior CIO/consulting roles support fund strategy and manager oversight .
- Independence and breadth of committee service (Governance, Contract Review, Portfolio Management, Closed-End) enhance board effectiveness and conflict oversight; all committees populated by noninterested Trustees; Governance members independent under NYSE standards .
- Attendance threshold met (≥75%) in a year with substantial meeting load (Board 10x; key committees 5–8x; Closed-End 4x plus 5x predecessor Ad Hoc), indicating engagement .
- No other public company boards in last five years — minimal interlock/conflict risk from external public directorships .
-
Watch items / potential red flags
- No personal EVF share ownership as of Jul 29, 2025 (aggregate Eaton Vance complex holdings >$100k). Lack of direct EVF ownership may be viewed as weaker “skin-in-the-game” alignment for this specific fund, though the deferred compensation plan allows elective alignment via fund shares .
- None of the Trustees attended the Fund’s 2024 Annual Meeting of Shareholders — an investor engagement optic to monitor going forward .
- Trustee compensation is primarily fixed cash retainers (complex-level), with no performance linkage; oversight quality must be evidenced via committee output and results rather than pay-for-performance constructs .
-
Additional context
- Governance Committee also oversees Trustee compensation and nominations, providing an internal mechanism for board renewal and pay oversight .
- The Eaton Vance fund complex includes 122 registered investment companies/series as of Jul 29, 2025, reflecting high workload and broad oversight scope for Trustees .