Deidre E. Walsh
About Deidre E. Walsh
Deidre E. Walsh is Vice President & Chief Legal Officer of Eaton Vance Municipal Bond Fund (EIM) and an officer across the Eaton Vance/Morgan Stanley Investment Management fund complex; she has served as an officer of EIM since 2021 (year of birth 1971) . In EIM filings she is repeatedly designated as the legal executive and authorized contact on tender offer filings and signs current reports, underscoring a central role in governance, disclosure, and corporate actions . Education and career background outside EIM filings indicate a J.D. from Georgetown University Law Center and prior associate role at Bingham McCutchen; she has served as Managing Director at Morgan Stanley/Eaton Vance since 2021 . Fund performance context during her tenure (semiannual period ended March 31, 2025): EIM reported six‑month total return at NAV of (3.54)%, one‑year 0.32%, five‑year 0.12%, ten‑year 2.17%; market price six‑month (4.58)% and one‑year 2.00%; period‑end discount to NAV was (7.77%) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Eaton Vance Management / Boston Management and Research (Eaton Vance/Morgan Stanley affiliate) | Vice President and Chief Legal Officer; officer across 122–137 registered investment companies (varies by fund/date) | 2009–present (for various EV funds); Officer of EIM since 2021 | Senior legal executive across the fund complex; responsible for fund governance and filings; designated agent/authorized contact for EIM Schedule TO tender offers |
| Bingham McCutchen LLP | Associate | 1997–2002 | Early legal career foundation; corporate/securities training (third‑party background source) |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Morgan Stanley / Eaton Vance | Managing Director | 2021–present | Role indicated in third‑party background source; aligns with officer status across EV/MSIM fund complex |
Fixed Compensation
| Item | Disclosure |
|---|---|
| Base salary | Not disclosed by EIM. Officers are employees of Eaton Vance affiliates; the Fund notes officers will benefit from advisory/administration fees paid to Eaton Vance and through their ownership of Morgan Stanley stock . |
| Target/actual bonus | Not disclosed by EIM . |
| Cash retainers (Trustees, not officers) | Trustee compensation schedule disclosed (e.g., 2024/2025 complex retainers), but no officer pay detail; officers are not trustees . |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed for fund officers | — | — | — | — | — |
EIM does not disclose officer incentive metrics (e.g., TSR/EBITDA goals) in its proxies; officers serve indefinite terms and are employed by Eaton Vance affiliates .
Equity Ownership & Alignment
| Category | Detail |
|---|---|
| Officer/Trustee ownership of EIM | As of record dates, Trustees and executive officers of the Fund, individually and as a group, beneficially owned less than 1% of outstanding Common Shares . |
| Trustee direct holdings of EIM | As of record dates, no Trustee beneficially owned EIM equity securities . |
| Ownership guidelines (officers) | Not disclosed by EIM . |
| Pledging/hedging | Not disclosed by EIM . |
Employment Terms
| Term | Detail |
|---|---|
| Officer title | Vice President & Chief Legal Officer . |
| Officer since (EIM) | 2021 . |
| Year of birth | 1971 . |
| Term/renewal | Officers hold indefinite terms of office; they are officers of Eaton Vance/BMR and benefit from EV/MSIM relationships . |
| Contract terms, severance, change‑of‑control | Not disclosed by EIM; as officers of the adviser/administrator, employment terms reside with Eaton Vance rather than the Fund . |
| Clawbacks, tax gross‑ups, deferred comp (officers) | Not disclosed by EIM . |
Execution Track Record and Trading Signals
| Date | Event | Walsh’s Role/Signal |
|---|---|---|
| May 1, 2024 | Standstill with Karpus: EV to propose 20% tender at ≥98% of NAV and conditional 5% tenders if sustained discount >7.5% | Legal/governance execution path set; discount‑narrowing catalyst . |
| Jul 11, 2025 | Schedule TO‑C (pre‑commencement communications) | Walsh listed as authorized contact for tender offer communications . |
| Aug 6, 2025 | Schedule TO (issuer tender for up to 5% of shares; part of tender program execution) | Walsh designated as authorized recipient of notices on behalf of the Fund . |
| Sep 5, 2025 | Schedule TO‑I/A including press release with preliminary results | Legal coordination; updates to market; potential discount tightening . |
| Sep 8, 2025 | Schedule TO‑I/A noting final results and filed press release | Completion signal; corporate action execution concluded . |
| Aug 14, 2025 | 8‑K (Other Events) signed by Walsh as VP & CLO | Confirms signatory authority and executive role . |
Fund Performance Snapshot During Walsh’s Tenure
| Metric | As of/Period | Value |
|---|---|---|
| Average annual total return at NAV | Six months ended 3/31/2025 | (3.54)% |
| Average annual total return at NAV | One year | 0.32% |
| Average annual total return at NAV | Five years | 0.12% |
| Average annual total return at NAV | Ten years | 2.17% |
| Average annual total return at Market Price | Six months | (4.58)% |
| Average annual total return at Market Price | One year | 2.00% |
| Premium/Discount to NAV | Period end (3/31/2025) | (7.77)% |
| Total distributions per share | Period ended 3/31/2025 | $0.30 |
| Distribution rate at NAV | Period ended 3/31/2025 | 5.64% |
| Taxable‑equivalent distribution rate at NAV | Period ended 3/31/2025 | 9.53% |
| Total leverage (RIB financing) | Period ended 3/31/2025 | 35.18% |
Additional Governance/Background Facts
- Officers’ business address: One Post Office Square, Boston, MA 02109 .
- EIM record date ownership: As of Aug 20, 2025, 54,076,420 common shares outstanding; trustees/officers as a group owned <1% . As of May 28, 2024, 71,153,184 shares; group <1% .
- Background/education (third‑party profile): Georgetown University Law Center (J.D.); McGill University (B.A.); Managing Director at Morgan Stanley/Eaton Vance since 2021 .
Investment Implications
- Compensation alignment: EIM does not disclose officer salary/bonus/equity; officers are paid by Eaton Vance and “will benefit from any advisory and/or administration fees paid by the Fund to Eaton Vance” and via Morgan Stanley stock ownership—alignment is to the adviser’s economics rather than EIM’s market price/NAV performance . This reduces direct pay‑for‑performance linkage at the fund level.
- Retention risk: As an officer of the adviser across over 100 funds, Walsh’s role appears institutionalized; no severance/COC terms disclosed at the fund level; indefinite officer terms suggest low immediate retention risk signals in fund disclosures .
- Trading signals: The 2024 standstill and 2025 tender offers (with Walsh as authorized legal contact) are material discount‑narrowing catalysts; completion of tenders supports mean‑reversion theses in the share discount and informs timing around conditional tender triggers tied to >7.5% average discounts .
- Ownership alignment: Trustees and officers as a group own <1% of EIM; trustees reported no direct fund holdings at the record dates, implying limited direct “skin‑in‑the‑game” from governance bodies; no pledging/hedging disclosures for officers were found .