Nicholas S. Di Lorenzo
About Nicholas S. Di Lorenzo
Nicholas S. Di Lorenzo (born 1987) serves as Secretary of Eaton Vance Municipal Income Trust (EVN) and has held the officer role since 2022; he is an officer across 123 registered investment companies managed by Eaton Vance or Boston Management and Research, and previously was an associate (2012–2021) and counsel (2022) at Dechert LLP . EVN’s officers hold indefinite terms of office; as employees of Eaton Vance/Morgan Stanley Investment Management, they benefit from advisory and administration fees paid by the Fund to Eaton Vance rather than being directly compensated by the Fund . Fund performance context during his tenure is shown below; EVN reported -5.79% total return at NAV and -2.14% at market for six months ended May 31, 2025, with prior-year returns detailed in the table .
EVN performance metrics context:
| Metric | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | H1 FY 2025 (six months) |
|---|---|---|---|---|---|---|
| Total Investment Return on Net Asset Value (%) | 7.15% | 4.95% | -16.96% | 3.64% | 9.07% | -5.79% (not annualized) |
| Total Investment Return on Market Value (%) | 7.57% | 7.75% | -21.41% | -2.33% | 19.49% | -2.14% (not annualized) |
| Net Assets End of Period ($000) | $560,302 | $564,424 | $446,309 | $440,778 | $454,919 | $416,166 |
| NAV End of Period ($) | $14.13 | $14.23 | $11.25 | $11.11 | $11.47 | $10.49 |
| Market Value End of Period ($) | $13.25 | $13.70 | $10.25 | $9.54 | $10.79 | $10.25 |
EVN officers roster includes: Kenneth A. Topping (President), Deidre E. Walsh (Vice President & Chief Legal Officer), James F. Kirchner (Treasurer), Laura T. Donovan (Chief Compliance Officer), and Nicholas S. Di Lorenzo (Secretary) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Dechert LLP | Associate | 2012–2021 | Not disclosed |
| Dechert LLP | Counsel | 2022 | Not disclosed |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | No external directorships or board roles disclosed for Di Lorenzo in EVN filings |
Fixed Compensation
- Officer compensation (salary, bonus, equity) for EVN officers, including Di Lorenzo, is not disclosed in the Fund’s proxy; officers are employees of Eaton Vance and “will benefit from any advisory and/or administration fees paid by each Fund to Eaton Vance” due to their positions and Morgan Stanley stock ownership .
- EVN does not maintain pension or retirement plans for Trustees; officer-specific pension/SERP details are not disclosed .
Performance Compensation
- No performance-based compensation metrics (e.g., revenue growth, EBITDA, TSR targets), RSU/PSU grants, option awards, or vesting schedules are disclosed for EVN officers, including Di Lorenzo; the Fund’s filings indicate officers are compensated by Eaton Vance rather than the Fund .
- Item 18 in EVN’s N-CSR states “Recovery of Erroneously Awarded Compensation — Not applicable,” indicating no clawback disclosures within the Fund’s filing scope .
Equity Ownership & Alignment
| Metric | Value | Detail |
|---|---|---|
| Common Shares Outstanding (EVN) | 39,667,163 | Outstanding as of Dec 30, 2024 record date |
| Officers and Trustees beneficial ownership (group) | <1% | Trustees and executive officers, individually and as a group, owned beneficially less than 1% of outstanding Common Shares |
| Di Lorenzo individual beneficial ownership | Not disclosed | No individual officer holdings disclosed; aggregate group <1% |
| Pledging/Hedging | Not disclosed | No pledging or hedging disclosures for officers in EVN filings |
Stock ownership guidelines, compliance status, and shares pledged as collateral are not disclosed for EVN officers .
Employment Terms
| Term | Detail |
|---|---|
| Current Role | Secretary, EVN |
| Officer Since | 2022 |
| Term Length | Indefinite term of office for EVN officers |
| Employer | Eaton Vance Management (indirect wholly owned subsidiary of Morgan Stanley) |
| Compensation Source | Benefits indirectly from advisory/administration fees paid by EVN to Eaton Vance; officer compensation not paid directly by the Fund |
| Non-compete/Non-solicit | Not disclosed in EVN filings |
| Severance/Change-of-Control | Not disclosed in EVN filings |
| Clawback Provisions | Item 18 “Not applicable” in N-CSR |
| Office Address | One Post Office Square, Boston, MA 02109 |
Investment Implications
- Alignment with Fund performance is opaque: EVN officers, including Di Lorenzo, are compensated by Eaton Vance and benefit from fees paid by the Fund to the adviser; the Fund does not disclose officer-level salary/bonus/equity structures, targets, or vesting, limiting pay-for-performance analysis at the Fund level .
- Insider selling pressure appears low at the Fund level: Trustees and executive officers, individually and as a group, beneficially own less than 1% of outstanding common shares; no pledging or hedging disclosures for officers are provided, reducing immediate selling/pledging overhang signals but also indicating limited “skin-in-the-game” .
- Governance continuity and retention risk: Officers hold indefinite terms with no disclosed employment agreements, severance, or change-of-control terms in Fund filings; the absence of disclosed contractual economics suggests retention levers are primarily at the Eaton Vance/Morgan Stanley employer level rather than the Fund, which investors should consider when interpreting management continuity at EVN .
- Performance backdrop: EVN’s recent six-month total return at NAV (-5.79%) and market (-2.14%) is a headwind relative to FY 2024, and leverage/structure-specific factors are material; however, these outcomes are at the Fund level and not tied to officer-specific incentive metrics in EVN disclosures .