Nicholas S. Di Lorenzo
About Nicholas S. Di Lorenzo
Nicholas S. Di Lorenzo (born 1987) serves as Secretary of Eaton Vance Municipal Bond Fund (EIM) and has been an officer of the Fund since 2022. He is an officer across 122–127 registered investment companies within the Eaton Vance/Boston Management and Research complex and previously was an associate (2012–2021) and counsel (2022) at Dechert LLP. Officers of the Fund, by virtue of their positions at Eaton Vance and ownership of Morgan Stanley stock, benefit indirectly from advisory/administration fees paid by the Fund to Eaton Vance. Available filings show no beneficial ownership of EIM shares reported for Di Lorenzo upon becoming a reporting person, and Fund disclosures indicate Trustees and executive officers, as a group, own less than 1% (and at one point none) of EIM shares.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Dechert LLP | Associate (2012–2021); Counsel (2022) | 2012–2022 | Not disclosed in Fund filings |
External Roles
- Not disclosed for this officer in the Fund’s proxy “Officers of the Fund” section.
Fixed Compensation
- The proxy discloses remuneration only for noninterested Trustees (Board retainers/committee fees); it does not present officer salary/bonus/benefit tables.
- Officers are employees of Eaton Vance/BMR; the proxy notes officers will benefit from any advisory/administration fees paid by the Fund to Eaton Vance (and via Morgan Stanley stock ownership), but provides no EIM-paid officer compensation detail.
Performance Compensation
- No disclosure of officer performance metrics, bonus targets, RSUs/PSUs, or options specific to EIM’s officers in the proxy.
- The compensation discussion in the proxy is limited to noninterested Trustee compensation; no pay-for-performance framework is presented for Fund officers.
Equity Ownership & Alignment
| Date/Source | Ownership detail |
|---|---|
| Form 3 (initial statement) filed for “DiLorenzo, Nicholas” on 12/14/2022 | “No securities are beneficially owned.” |
| DEF 14A (6/20/2024) | “Trustees and executive officers of the Fund, individually and as a group, owned beneficially less than 1% of the outstanding Common Shares” as of 5/28/2024. |
| SC TO-I (12/10/2024) | “None of the Trustees, officers, or associates beneficially own any Shares of the Fund.” |
| DEF 14A (8/21/2025) | As of 8/20/2025, “the Trustees and executive officers … owned beneficially less than 1% of the Fund’s Common Shares.” |
- Pledging/hedging: No pledging by Di Lorenzo or officer hedging policy disclosure specific to EIM was found in the cited proxy sections.
- Ownership guidelines: No officer stock ownership guidelines are disclosed for EIM officers; Trustee aggregate ranges across the Eaton Vance family are disclosed separately (not officer-specific).
Employment Terms
| Item | Disclosure |
|---|---|
| Fund role | Secretary (EIM) |
| Officer since | 2022 |
| Term | Officers hold indefinite terms of office |
| Employer affiliation | Officers are affiliated with Eaton Vance and/or BMR (MSIM affiliates) |
| Business address | One Post Office Square, Boston, MA 02109 |
| Contracts/Severance/CoC | Not disclosed in Fund proxy for officers |
| Signatory authority | Signs certain Fund regulatory documents (e.g., 40‑17G) as Secretary |
Investment Implications
- Alignment and insider signals: Di Lorenzo reported no beneficial ownership at the time of his Form 3, and subsequent Fund disclosures indicate collective officer/trustee ownership of less than 1% (and in one filing “none” owned), reducing classic insider alignment and limiting predictive value from insider trading signals for EIM.
- Compensation linkage: The proxy provides no officer-level pay metrics tied to EIM NAV/TSR; officers are employed by Eaton Vance/MSIM affiliates and benefit indirectly from advisory/administration fees, suggesting incentives are primarily at the complex-level rather than EIM-specific—important when assessing pay-for-performance alignment at the Fund level.
- Retention risk: Role is legal/secretarial across a large fund complex (officer of 122–127 funds), with indefinite term and no disclosed severance/CoC economics; retention risk appears more a function of MSIM/Eaton Vance enterprise considerations than EIM-specific factors.
- Trading dynamics (activism/tenders): Shareholder activism and tender mechanics, rather than officer incentives, have been the key drivers of near-term trading outcomes. A standstill with Karpus contemplated a 20% tender at ≥98% of NAV and conditional follow-on tenders; Karpus was disclosed as a >5% holder (13.49% in 2025; 20.33% in 2024). These events coincided with a drop in outstanding shares (71,153,184 as of 5/28/2024 to 54,076,420 as of 8/20/2025), highlighting that discount-to-NAV and corporate actions, not officer behavior, dominate EIM’s trading setup.
Summary: For Nicholas S. Di Lorenzo at EIM, filings emphasize legal/secretarial responsibilities, no reported share ownership, and no disclosed officer pay programs tied to Fund performance. Investor focus for signals should remain on discount dynamics, tender activity, and Board/shareholder actions rather than officer-level incentives.