Nathaniel Jones
About Nathaniel Jones
Nathaniel T. Jones (born 1979) serves as Vice President and Treasurer of Nuveen Taxable Municipal Income Fund (NBB) with an indefinite term and has been a Fund officer since 2016; he is Senior Managing Director and Head of Public Product at Nuveen and a Chartered Financial Analyst . Officers receive no compensation from the Fund; compensation for the CCO is paid by the Adviser, with the Fund reimbursing an allocable portion of incentive compensation . Fund performance context under his tenure: as of September 30, 2024, NBB delivered 1-year total returns of 17.39% at NAV and 25.33% at market price; 5-year average annual returns were 0.88% (NAV) and 0.54% (price), 10-year 3.44% (NAV) and 4.32% (price), with a 3.77% market discount to NAV and effective leverage of 39.91% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen | Senior Managing Director, Head of Public Product | Not disclosed | Oversees public product suite positioning and oversight within Nuveen’s fund complex . |
| Nuveen Fund Advisors, LLC | President (formerly Senior Managing Director) | Not disclosed | Leadership of fund advisory operations; prior various Nuveen roles . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed in NBB filings | — | — | No external directorships or roles disclosed in the Fund’s proxy . |
Fixed Compensation
- Officers of the Funds (including Jones) receive no compensation from the Funds; Board retainers apply only to Independent Board Members, not officers .
- Fund-level retirement/pension plans do not exist; the Deferred Compensation Plan applies to Independent Board Members, not officers .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed for Fund officers | — | — | — | — | — |
- The proxy does not disclose RSUs/PSUs, options, or performance metric-linked awards for Fund officers; compensation occurs at the Adviser (Nuveen) level, not the Fund .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Individual beneficial ownership (NBB) | Not disclosed for Jones; officers not individually itemized in NBB ownership tables . |
| Group beneficial ownership (Board Members and Officers as a Group) | 497 shares in “Taxable Income” (NBB) as of May 31, 2025 . |
| Ownership as % of shares outstanding | Less than 1% for each Fund by Board Members and executive officers as a group as of June 20, 2025 . |
| Pledging/Hedging | No pledging or hedging disclosures identified for officers in NBB filings . |
| Stock ownership guidelines | Governance principle applies to Board Members (expected to invest at least equivalent of one year of compensation in Nuveen Funds); not stated for officers . |
Insider Trading Activity by Nathaniel T. Jones (context across Nuveen funds)
| Date | Fund | Transaction | Shares | Price | Holdings After | Source |
|---|---|---|---|---|---|---|
| 2025-09-10 | Nuveen AMT-Free Quality Municipal Income Fund (NEA) | Sale | 400 | $11.35 | 0 | https://www.sec.gov/Archives/edgar/data/1195737/000122520825007876/xslF345X05/doc4.xml |
| 2025-09-11 | Nuveen Municipal Credit Opportunities Fund (NMCO) | Purchase | 800 | $10.82 | 1,800 | https://www.sec.gov/Archives/edgar/data/1677581/000122520825007951/xslF345X05/doc4.xml |
| 2025-05-05 | Nuveen Mortgage & Income Fund (JLS) | Purchase | 800 | $18.1852 | 1,228 | https://www.secform4.com/filings/1472215/0001225208-25-004780.htm |
- No recent Form 4 trades were found for Jones in NBB; available SEC filings show activity in other Nuveen funds as referenced above .
Employment Terms
| Attribute | Detail |
|---|---|
| Position with NBB | Vice President and Treasurer . |
| Term length | Indefinite; officers elected annually to serve until successors are elected and qualified . |
| Start date (Fund officer) | Since 2016 . |
| Compensation from the Fund | None; officers receive no compensation from the Funds . |
| Severance / Change-of-control | Not disclosed for officers in NBB filings . |
| Clawbacks / Gross-ups / Perquisites | Not disclosed for officers; Deferred Compensation Plan applies to Independent Board Members only . |
| Non-compete / Non-solicit / Garden leave | Not disclosed in the Fund’s proxy . |
Fund Performance Context (for pay-for-performance alignment)
| Metric | 6-Month (to 9/30/24) | 1-Year | 5-Year Avg Annual | 10-Year Avg Annual | Source |
|---|---|---|---|---|---|
| NBB Total Return at NAV | 5.98% | 17.39% | 0.88% | 3.44% | |
| NBB Total Return at Market Price | 12.14% | 25.33% | 0.54% | 4.32% | |
| Bloomberg Taxable Municipal Long Bond Index | 5.46% | 15.76% | 0.15% | 3.44% | |
| NAV, Market Price (9/30/24) | $17.26 (NAV), $16.61 (Price) | — | — | — | |
| Premium/(Discount) to NAV, Average Discount | (3.77%), (6.68%) | — | — | — | |
| Effective Leverage | 39.91% | — | — | — |
Investment Implications
- Compensation alignment: Because officers are not paid by the Fund, NBB’s pay-for-performance framework does not directly tie Jones’s compensation to Fund TSR, discount control, or distribution coverage; any incentive alignment would be at Nuveen’s corporate level and is not disclosed here .
- Insider activity: Jones’s recent Form 4s show small, opportunistic trades across other Nuveen funds (NEA sale, NMCO and JLS purchases) rather than NBB, suggesting limited immediate insider selling pressure specific to NBB from this executive .
- Ownership alignment: Board Members and officers as a group hold less than 1% of each Fund’s shares; for NBB specifically the group held 497 shares as of May 31, 2025, implying minimal direct equity alignment at the fund level .
- Retention/contract risk: Employment terms for officers are indefinite and elected annually, but severance, non-compete, and change-of-control economics are not disclosed at the Fund level, limiting visibility into retention incentives or exit economics for Jones .
- Trading signals: With no NBB-specific Form 4s for Jones and limited group ownership, insider trading in this case is a weak signal for near-term NBB performance; focus should remain on Fund fundamentals (leverage ~40%, discount ~3.8% at 9/30/24, sector exposures and rate path) when assessing investment decisions .