Laura Donovan
About Laura Donovan
Laura T. Donovan (born 1976) serves as Chief Compliance Officer of Eaton Vance California Municipal Bond Fund (EVM) and Eaton Vance New York Municipal Bond Fund (ENX), and is a Vice President of Eaton Vance and Boston Management and Research (BMR) with officer roles across 123 registered investment companies in the Eaton Vance complex . She was first elected a Fund officer in 2024; officers hold indefinite terms of office and have their business address at One Post Office Square, Boston, MA 02109 . During her tenure period, EVM’s net assets declined from $316 million (9/30/2020) to $230 million (6/30/2025), with the Board subsequently proposing liquidation to allow shareholders to realize NAV; institutional and activist investors held approximately 32.21% of EVM as of 5/30/2025 and Trustees/executive officers, individually and as a group, owned less than 1% of outstanding shares as of 7/14/2025 . Officers affiliated with Eaton Vance will benefit from any advisory and/or administration fees paid by each Fund to Eaton Vance by virtue of their positions and ownership of Morgan Stanley stock (Eaton Vance is an indirect wholly-owned subsidiary of Morgan Stanley) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Eaton Vance; Boston Management and Research (BMR) | Vice President; Fund Chief Compliance Officer (EVM/ENX) | Officer since 2024; Principal occupation VP during past five years | Oversight of compliance across 123 registered investment companies; liaison function supported by Board’s Compliance Reports and Regulatory Matters Committee |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed | — | — | — |
Fixed Compensation
- Officer compensation for EVM/ENX is not disclosed in the proxy; compensation schedules provided are for noninterested Trustees (annual retainers and committee fees) rather than Fund officers . Officers are employees of Eaton Vance (administrator/adviser) and, due to their positions and Morgan Stanley stock ownership, benefit indirectly from advisory/administration fees paid by the Funds to Eaton Vance .
Performance Compensation
- No performance-based compensation metrics (revenue growth, EBITDA/TSR, PSU/option vesting) are disclosed for Fund officers in the proxy .
Equity Ownership & Alignment
| Metric | As-of | Value |
|---|---|---|
| Common Shares Outstanding (EVM) | 7/14/2025 | 24,672,939 |
| Trustees and Executive Officers’ Beneficial Ownership (EVM) | 7/14/2025 | Less than 1% of outstanding Common Shares (individually and as a group) |
| Institutional >5% holders (EVM) | 5/30/2025 | ~32.21% of Common Shares (includes activist investors and institutions supportive of activists) |
| Officer alignment to sponsor | — | Officers will benefit from advisory/admin fees paid to Eaton Vance and Morgan Stanley stock ownership; no Fund-level officer ownership details disclosed |
- Pledging/hedging: No pledging or hedging of Fund shares by officers is disclosed .
- Stock ownership guidelines and compliance: Not disclosed .
Employment Terms
- Term and role: Officers hold indefinite terms of office; Donovan first elected a Fund officer in 2024 .
- Contract/severance/change-in-control: No employment contracts, severance, or change-of-control provisions are disclosed for Fund officers .
- Non-compete/non-solicit, garden leave, post-termination consulting: Not disclosed .
- CCO oversight: The Compliance Reports and Regulatory Matters Committee assists Board oversight of compliance and serves as liaison to the Funds’ CCO, reinforcing the compliance governance framework around Donovan’s role .
Fund Context and Operating Environment
| Metric | 9/30/2020 | 6/30/2025 |
|---|---|---|
| Net Assets (EVM, $USD Millions) | $316 | $230 |
- Liquidation decision: Board approved proposing liquidation to shareholders to allow realization of NAV; anticipated proxy solicitation cost of ~$60,000 borne pro rata; liquidation-related transaction costs expected not to exceed $15,000 per Fund .
- Rationale: Small asset size, concentration of activist ownership, and withdrawn activist proposals (including advisory termination) in exchange for supporting liquidation and Trustee nominees .
- Process: Management (under Board oversight) to wind up, convert holdings to cash, set aside liabilities, and make one or more liquidating distributions; tax and timing implications outlined in the proxy .
Investment Implications
- Low skin-in-the-game: Trustees and executive officers collectively own less than 1% of EVM’s outstanding shares, while institutional/activist holders own ~32.21%—implying limited direct alignment for officers and heightened external influence on Fund outcomes .
- Sponsor-linked incentives: Officer incentives are linked to Eaton Vance/MSIM/Morgan Stanley via advisory/administration fees and stock ownership, not Fund TSR—raising pay-for-performance alignment questions at the Fund level .
- Limited insider selling pressure: With minimal disclosed beneficial ownership and lack of Form 4-style disclosures in the proxy, near-term insider selling pressure appears immaterial for the Fund; no pledging/hedging reported .
- Event-driven trading: The pending liquidation (to realize NAV) and associated timeline, costs, and cash conversion process create an identifiable catalyst path; market pricing may converge toward NAV less liquidation costs and timing risk as distributions are announced .
- Retention risk appears contained: Officers hold indefinite terms and are employees of the sponsor; no severance/change-in-control economics tied to the Fund are disclosed, suggesting continuity through the wind-up process rather than personal retention levers .