Marcus Smith
About Marcus L. Smith
Marcus L. Smith (born 1966) is a noninterested Trustee of EVM, serving since 2018 as a Class III Trustee with his current term expiring in 2026 . He chairs the Portfolio Management Committee and serves on the Contract Review and Governance Committees, reflecting core expertise in investment oversight and fund governance . His background spans senior investment leadership at MFS Investment Management, and he holds a BS in Computer Science from the University of Mount Union and an MBA from The Wharton School, University of Pennsylvania .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| MFS Investment Management | Chief Investment Officer, Canada | 2012–2017 | Led region-wide portfolio oversight |
| MFS Investment Management | Chief Investment Officer, Asia | 2010–2012 | Regional investment leadership |
| MFS Investment Management | Director of Asian Research | 2004–2010 | Directed research for Asia strategies |
| MFS Investment Management | Portfolio Manager (International Equity lead, $23B) | 2001–2017 | Led large international equity portfolio |
| Andersen Consulting (Accenture) | Senior Consultant | Not disclosed (early career) | Technology/operations advisory |
| U.S. Army Reserve | Officer | Not disclosed | Leadership experience |
External Roles
| Company | Role | Committees | Tenure |
|---|---|---|---|
| MSCI Inc. (NYSE: MSCI) | Director; Audit Committee Chair; Strategy & Finance Committee member | Audit (Chair); Strategy & Finance (Member) | Since 2017 |
| First Industrial Realty Trust, Inc. (NYSE: FR) | Independent Director | Audit; Investment; Nominating & Governance | Since 2021 |
| DCT Industrial Trust Inc. (NYSE: DCT) | Director (until acquisition by Prologis) | Audit; Nominating & Corporate Governance | 2017–2018 |
Board Governance
- Independence: All current Trustees, including Marcus Smith, are “noninterested” under the 1940 Act .
- Committee leadership: Chair, Portfolio Management Committee; Member, Contract Review Committee; Member, Governance Committee .
- Board/committee activity and attendance: In FY ended 9/30/2024 the Board met 8 times; Portfolio Management 7; Contract Review 5; Governance 4; each Trustee attended at least 75% of meetings of the Board and committees on which they serve; none of the Trustees attended the Funds’ 2024 Annual Meeting of Shareholders .
| Governance Element | Detail |
|---|---|
| Board meeting frequency | 8 meetings in FY ended 9/30/2024 |
| Portfolio Management Committee (Chair) | 7 meetings in FY ended 9/30/2024 |
| Contract Review Committee (Member) | 5 meetings in FY ended 9/30/2024 |
| Governance Committee (Member) | 4 meetings in FY ended 9/30/2024 |
| Attendance threshold | ≥75% for Board and committees (all Trustees) |
| Annual Meeting attendance | None of the Trustees attended 2024 Annual Meeting |
Fixed Compensation
- Structure (paid pro rata by each fund within the complex): Annual retainer $325,000; Committee service retainer $82,500; Committee Chair retainer $35,000; additional $15,000 for serving on four or more committees; $150,000 additional for Chairperson of noninterested Trustees; plus out-of-pocket expenses. Pro rata allocation to each fund is based on average net assets .
| Component | Amount |
|---|---|
| Annual retainer | $325,000 |
| Committee service retainer | $82,500 |
| Committee Chair retainer | $35,000 |
| Additional retainer for 4+ committees | $15,000 |
| Additional retainer for Chairperson of noninterested Trustees | $150,000 |
| EVM/ENX Pay (FY/Calendar) | Amount |
|---|---|
| EVM (California Municipal Bond Fund) FY ended 9/30/2024 | $2,221 |
| ENX (New York Municipal Bond Fund) FY ended 9/30/2024 | $1,796 |
| Total compensation from Fund and Fund Complex (calendar year 2024) | $430,000 |
| Deferred compensation (2024) | Not disclosed for Smith; deferred noted for other Trustees only |
Performance Compensation
- No performance-based director compensation (e.g., options or performance stock units) is disclosed for Trustees; compensation is cash-based retainers and committee fees. Trustees may elect to defer fees into funds in the Eaton Vance family under a Deferred Compensation Plan, with payouts tied to performance of selected fund investments; this is elective deferral, not performance awards from EVM .
Other Directorships & Interlocks
| Company | Sector | Potential Interlock Considerations |
|---|---|---|
| MSCI Inc. | Index/data provider | Broad industry data vendor; audit leadership indicates financial oversight expertise; no EVM-specific related-party transactions disclosed |
| First Industrial Realty Trust | Industrial REIT | Real assets exposure; no EVM-specific related-party transactions disclosed |
| DCT Industrial Trust | Industrial REIT | Historical role; no EVM-specific related-party transactions disclosed |
Expertise & Qualifications
- Experienced investment executive (MFS), including CIO roles across regions and leadership of a large international equity portfolio, supporting deep portfolio oversight capability relevant to the Portfolio Management Committee chair role .
- Audit acumen evidenced by chairing MSCI’s Audit Committee; adds financial reporting rigor to EVM’s governance framework .
- Educational credentials in computer science and business (Wharton MBA) align with analytical governance and risk oversight .
Equity Ownership
| Item | Detail |
|---|---|
| EVM/ENX Fund equity securities owned by Smith | None (no Trustee beneficially owned a Fund’s equity) |
| Aggregate dollar range owned across Eaton Vance family of funds overseen | Over $100,000 |
| Ownership as % of EVM shares outstanding | 0% (no beneficial ownership) |
| Shares pledged or hedging | None disclosed |
Related-Party Transactions and Conflicts
- The Contract Review Committee (which includes Smith) evaluates service provider contracts and any actual or potential conflicts of interest; no related-party transactions involving Smith are disclosed in the proxy .
Governance Assessment
- Strengths: Independent director status; chairs Portfolio Management Committee; active committee memberships; demonstrated audit leadership at MSCI—supportive of board effectiveness and risk oversight . Attendance met the ≥75% threshold across Board/committee obligations, indicating engagement .
- Watch items: No Trustees attended the 2024 Annual Meeting of Shareholders, which may be viewed as a soft engagement signal by some investors, although not uncommon in fund complexes . Smith holds no direct EVM share ownership, limiting direct alignment, but he maintains significant aggregate exposure across the Eaton Vance family of funds he oversees .