Nicholas S. Di Lorenzo
About Nicholas S. Di Lorenzo
Nicholas S. Di Lorenzo (born 1987) serves as Secretary of Eaton Vance Municipal Income 2028 Term Trust (ETX); he has held this officer role since 2022 and is listed among the Fund’s officers with an indefinite term of office . He is an officer across the Eaton Vance/BMR fund complex (as of 2025, officer of 122 registered investment companies) and previously practiced at Dechert LLP as an associate (2012–2021) and counsel (2022) . The Fund’s proxy statements disclose trustee remuneration and governance but do not include officer compensation tables or performance-tied incentive details; trustees and executive officers as a group beneficially owned less than 1% of ETX’s outstanding shares as of the 2025 and 2024 record dates, limiting visibility into officer-level alignment or trading signals at the Fund level .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Dechert LLP | Associate | 2012–2021 | Capital markets/investment management legal experience prior to joining Eaton Vance fund officer ranks |
| Dechert LLP | Counsel | 2022 | Senior legal role immediately prior to ETX officer service; supports governance/secretarial expertise |
External Roles
| Organization | Role | As-of Date | Notes |
|---|---|---|---|
| Eaton Vance/Boston Management and Research (EVM/BMR) fund complex | Officer of registered investment companies | Sep 2025 | Officer of 122 registered investment companies managed by Eaton Vance or BMR |
| Eaton Vance/BMR fund complex | Officer of registered investment companies | Sep 2024 | Officer of 127 registered investment companies managed by Eaton Vance or BMR |
| Eaton Vance/BMR fund complex | Officer of registered investment companies | Sep 2023 | Officer of 129 registered investment companies managed by Eaton Vance or BMR |
Fixed Compensation
The Fund’s proxy statements disclose trustee remuneration schedules but do not present officer (e.g., Secretary) base salary, target bonus, or cash compensation details. Officers are affiliated with Eaton Vance/BMR and “will benefit from any advisory and/or administration fees paid by the Fund to Eaton Vance,” reflecting advisory-affiliate employment rather than Fund-paid executive compensation tables . Trustee compensation schedules (not applicable to officers) are provided for governance context .
| Component | Amount/Terms | Source |
|---|---|---|
| Base Salary | Not disclosed in ETX proxy | Trustee remuneration disclosed; officer cash comp not presented |
| Target Bonus % | Not disclosed in ETX proxy | |
| Actual Bonus Paid | Not disclosed in ETX proxy | |
| Perquisites | Not disclosed in ETX proxy | |
| Pension/SERP | Not disclosed in ETX proxy |
Performance Compensation
No performance-tied officer compensation (RSUs/PSUs, options, metrics, targets, or payouts) is disclosed for ETX officers in the proxy statements. The remuneration detail pertains to noninterested Trustees only; there are no officer equity or metric tables presented .
| Incentive Type | Metric(s) | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Not disclosed for officers in ETX proxy | — | — | — | — | — | — |
Equity Ownership & Alignment
| Category | Detail | Date | Source |
|---|---|---|---|
| Shares Outstanding | 10,888,426 common shares outstanding | Aug 26, 2025 | |
| Execs/Trustees as Group Ownership | Less than 1% of outstanding common shares (individually and as a group) | Aug 26, 2025 | |
| Execs/Trustees as Group Ownership | Less than 1% of outstanding common shares (individually and as a group) | Sep 3, 2024 | |
| Named 5% Holder | Rockefeller Capital Management L.P./Rockefeller Financial LLC: 585,604 shares (5.30%) | Aug 26, 2025 | |
| Officer (Di Lorenzo) Individual Holdings | Not individually disclosed in ETX proxy | Sep 2024/Sep 2025 | |
| Pledging/Hedging | Not disclosed for officers | Sep 2024/Sep 2025 |
Notes:
- “Share Ownership by Trustee” tables show dollar ranges for trustees across the Eaton Vance family of funds; Nicholas S. Di Lorenzo is not listed as a Trustee and there is no officer-level individual holdings table for ETX .
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Title | Secretary, ETX | |
| Officer Since | 2022 | |
| Term of Office | Officers hold indefinite terms of office | |
| Business Address | One Post Office Square, Boston, MA 02109 | |
| Employer Affiliation | Officer of multiple registered investment companies managed by Eaton Vance/BMR; benefits from advisory/admin fees paid by Fund to Eaton Vance due to affiliation |
No employment agreement, severance, change-of-control, non-compete, non-solicit, garden leave, post-termination consulting, or clawback provisions are disclosed for ETX officers in the proxy statements .
Investment Implications
- Pay-for-performance visibility is limited: ETX proxy statements present trustee remuneration but do not disclose officer cash/equity compensation, performance metrics, or vesting schedules for the Secretary role, constraining assessment of incentive alignment or near-term selling pressure tied to vesting events .
- Alignment/trading signals: Trustees and executive officers collectively own less than 1% of ETX, and there is no officer-level ownership or pledging disclosure for Di Lorenzo, offering limited “skin-in-the-game” insight or insider signal at the Fund level .
- Role context: As Secretary and fund officer affiliated with Eaton Vance/BMR, Di Lorenzo’s influence is governance/administrative rather than portfolio management; retention and compensation dynamics are more closely tied to the adviser (Eaton Vance/MSIM) than to Fund-level pay structures .