Nicholas Di Lorenzo
About Nicholas S. Di Lorenzo
Nicholas S. Di Lorenzo (born 1987) serves as Secretary of Eaton Vance California Municipal Bond Fund (EVM) and Eaton Vance New York Municipal Bond Fund (ENX). He has held the Secretary role since 2022 across 123 registered investment companies in the Eaton Vance fund complex; previously he was an associate (2012–2021) and counsel (2022) at Dechert LLP . During his tenure as fund officer, EVM’s net assets declined from $316 million (9/30/2020) to $230 million (6/30/2025) amid heightened activist activity; ENX declined from $240 million to $173 million over the same interval, culminating in a Board-backed plan to liquidate the funds subject to shareholder approval .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Dechert LLP | Associate; Counsel | 2012–2021; 2022 | Investment management legal practice; foundation for fund governance/secretarial responsibilities |
| Eaton Vance fund complex (123 funds) | Secretary/officer (EVM/ENX; officer across fund complex) | 2022–present | Fund governance, regulatory oversight, and execution of Board-approved actions (e.g., liquidations) |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed | — | — | No external directorships or committee roles disclosed for Mr. Di Lorenzo in the EVM proxy materials |
Fixed Compensation
Officers (including the Secretary) are employees of Eaton Vance (an indirect, wholly-owned subsidiary of Morgan Stanley). The proxy discloses trustee compensation schedules but does not disclose fund-paid compensation for officers; it notes officers’ positions with Eaton Vance and ownership of Morgan Stanley stock, indicating they benefit from advisory/administration fees paid by the Funds to Eaton Vance (i.e., compensation aligns to the adviser, not fund-level pay) .
| Component | EVM Disclosure | Notes |
|---|---|---|
| Base salary | Not disclosed for officers | Officers are Eaton Vance employees; trustee fee schedules are disclosed, officer salaries are not |
| Target bonus / actual bonus | Not disclosed | No officer cash incentive disclosure at fund level |
| Perquisites/benefits | Not disclosed | — |
| Trustee fees (for comparison) | Example: Annual retainers and committee fees disclosed for noninterested Trustees | Trustee total comp schedule shown; not applicable to officers |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed for fund officers | — | — | — | — | — |
- The proxy does not present RSUs/PSUs/options, performance metrics, or vesting schedules for officers; such programs, if any, would reside within Eaton Vance/Morgan Stanley, not at the fund level .
Equity Ownership & Alignment
| Item | Disclosure |
|---|---|
| Total beneficial ownership (Di Lorenzo) | Not disclosed individually; Trustees and executive officers of each Fund, as a group, owned beneficially less than 1% of outstanding Common Shares as of July 14, 2025 . |
| Vested vs. unvested shares | Not disclosed |
| Options (exercisable/unexercisable; ITM value) | Not disclosed |
| Shares pledged/hedged | Not disclosed |
| Ownership guidelines (officers) | Not disclosed |
| Trustee ownership context | As of July 14, 2025, no Trustee beneficially owned EVM or ENX equity; aggregate ranges shown for the broader Eaton Vance fund family, not for EVM itself . |
Implications:
- Minimal fund-level insider ownership and no disclosed officer equity or option holdings suggest limited direct officer alignment to EVM share price; alignment is primarily via employment at Eaton Vance/Morgan Stanley and adviser fee structures .
Employment Terms
| Term | EVM Disclosure |
|---|---|
| Officer term | Officers hold indefinite terms of office . |
| Start date in role | Secretary since 2022 . |
| Contract term/expiration | Not disclosed |
| Severance/change-of-control | Not disclosed |
| Non-compete/non-solicit | Not disclosed |
| Authority during liquidation | Secretary is authorized to execute documents to effect the Plan of Liquidation as a duly authorized officer . |
Performance & Track Record
| Indicator | Disclosure |
|---|---|
| Fund size trend | EVM net assets declined from $316m (9/30/2020) to $230m (6/30/2025); ENX from $240m to $173m over same period . |
| Strategic actions | Boards unanimously approved and recommended shareholder approval of Plans of Liquidation, citing small asset size, activist concentration, and NAV realization for shareholders . |
| Governance milestones | Secretary signed Annual Meeting materials and is listed as the officer for official notices and Plan execution . |
Context:
- The Board determined liquidation to be in shareholders’ best interests relative to alternatives (merger, open-end conversion, tender) due to scale disadvantages and activist dynamics .
Board Governance (Officer Context)
- Mr. Di Lorenzo is not a Trustee; he serves as Secretary. All Trustees are noninterested and compensated per disclosed schedules; multiple standing committees (Audit, Contract Review, Governance, Portfolio Management, Compliance Reports and Regulatory Matters, Closed-End Fund Committee) operate with defined charters .
Related Party/Other Risk Indicators
- Officers are affiliated with the adviser (Eaton Vance), which benefits from advisory/administration fees; this relationship is standard and disclosed .
- No legal proceedings or SEC investigations involving Mr. Di Lorenzo are disclosed in the proxy materials reviewed (general additional information and committee reports).
Say-on-Pay & Shareholder Feedback
- Not applicable; as a closed-end fund, EVM discloses trustee remuneration but does not conduct say-on-pay for fund officers .
Expertise & Qualifications
| Attribute | Disclosure |
|---|---|
| Legal/regulatory | Former Dechert LLP associate and counsel; officer across 123 registered investment companies . |
| Education | Not disclosed in proxy for Mr. Di Lorenzo . |
| Age | Year of birth 1987 . |
Work History & Career Trajectory
- Dechert LLP (associate 2012–2021; counsel 2022) .
- Secretary/officer in the Eaton Vance fund complex since 2022 .
Compensation Committee Analysis
- Not applicable to Mr. Di Lorenzo as he is an officer (not a Trustee); compensation governance and benchmarking details provided relate to noninterested Trustee fees, not officer pay .
Investment Implications
- Pay-for-performance alignment: No fund-level officer cash/equity comp is disclosed; officers are employees of Eaton Vance/Morgan Stanley. Incentives are therefore adviser-level rather than tied to EVM TSR—reducing direct officer alignment to EVM shares but consistent with industry practice for fund officers .
- Insider selling pressure: No officer equity awards, vesting schedules, or Form 4 activity are disclosed for Mr. Di Lorenzo; insider selling pressure from vesting is not a factor here .
- Ownership/pledging: Trustees and executive officers as a group own <1% of shares; no pledging disclosed—implies limited insider-driven trading signals .
- Retention/transition risk: Officers serve indefinite terms with no disclosed severance; given the Board-approved liquidation path, officer focus is on orderly wind-down execution rather than long-term fund strategy, reducing the relevance of retention risk to EVM equity outcomes .
- Governance dynamics: The Secretary’s role centers on governance execution (meeting notices, plan documentation). The key stock driver is the liquidation/NAV realization process approved by the Board and pending shareholder vote—not executive compensation levers .