Albin Moschner

About Albin F. Moschner

Independent trustee of Nuveen Municipal Credit Opportunities Fund (NMCO) since 2016; born 1952. Founder and Chief Executive Officer of Northcroft Partners, LLC (management consulting) since 2012; previously COO (2008–2011) and CMO (2004–2008) of Leap Wireless; President, Verizon Card Services (2000–2003); President, One Point Services (1999–2000); Vice Chairman, Diba (1996–1997); and CEO of Zenith Electronics (1995–1996). He holds a B.E. in Electrical Engineering (The City College of New York, 1974) and an M.S. in Electrical Engineering (Syracuse University, 1979) .

Past Roles

External Roles

Board Governance

• Independence: The board confirms all nominees and continuing trustees, including Mr. Moschner, are “Independent Board Members” (not “interested persons” under the 1940 Act and never employees/directors of TIAA/Nuveen or affiliates) .
• Election class: For NMCO (a fund with preferred shares), Mr. Moschner is a nominee to be elected by holders of Preferred Shares for a term expiring at the next annual meeting .
• Committee assignments and chair roles:
  • Closed-End Fund Committee: Chair .
  • Compliance, Risk Management and Regulatory Oversight Committee: Member .
  • Nominating and Governance Committee: Member .
  • Investment Committee: Member .
  • Audit Committee financial expert designation: Designated an “audit committee financial expert” (along with Nelson, Starr, Young) .
• Meeting attendance: The board states each trustee attended at least 75% of board and committee meetings during the last fiscal year .
• Governance structure: Unitary independent board across the Nuveen/TIAA fund complex with an independent Chair (Robert L. Young) .

NMCO Meeting Load (Last Fiscal Year)

Fixed Compensation

• Structure (effective Jan 1, 2024, with select increases Jan 1, 2025):
  • Base retainer: $350,000 annually .
  • Committee membership retainers (2025): Audit $35,000; Compliance, Risk Management & Regulatory Oversight $35,000; Investment $30,000; Dividend $25,000; Nominating & Governance $25,000; Closed-End Funds $25,000 .
  • Committee chair retainers (2025): Audit $35,000; Compliance $35,000; Investment $30,000; Dividend $25,000; Nominating & Governance $25,000; Closed-End Funds $25,000; Board Chair $150,000 .
  • Ad hoc meetings: $1,000–$2,500 depending on length/immediacy; special assignment committees paid quarterly stipends (chair/members) .
  • Deferred compensation plan available (book-entry deferral into Nuveen funds); no pension plans .
• Fund-level compensation paid (last fiscal year):
  • NMCO paid Mr. Moschner $2,989 .
• Total across the Fund Complex (last fiscal year): $481,250 (includes any deferrals) .

Performance Compensation

Independent trustees do not receive performance-based bonuses, stock awards, or options; compensation is cash retainers/fees with an elective deferred compensation plan. No retirement or pension plans are provided to trustees .

Other Directorships & Interlocks

No related-party transactions or interlocks with NMCO’s adviser/affiliates are disclosed for Mr. Moschner; the proxy’s related holdings table lists items for another trustee, not for Moschner .

Expertise & Qualifications

• Operating leadership in telecom/wireless (Leap Wireless), consumer electronics (Zenith), and payments (USA Technologies) .
• Designated “audit committee financial expert” by the Board, evidencing financial oversight competence (designation does not itself imply current Audit Committee membership) .
• Technical education (EE degrees) and long-standing governance experience across public companies and advisory boards .

Equity Ownership

• NMCO direct ownership: 0 shares as of December 31, 2024; director ownership of each fund individually was <1% of shares outstanding as of February 18, 2025 .
• Fund Complex holding guideline: Trustees are expected to invest at least one year of compensation in funds in the Nuveen Fund Complex (directly or deferred) .
• Disclosed fund-by-fund holdings:
  • Nuveen Floating Rate Income Fund: 34,519 shares; dollar range “Over $100,000” .
  • Nuveen Real Estate Income Fund: 1,017 shares; dollar range “$1–$10,000” .
  • Aggregate dollar range across the family of funds overseen: “Over $100,000” .

Pledging/hedging: No pledging or hedging disclosures for Mr. Moschner; each trustee’s individual holdings per fund were <1% .

Governance Assessment

• Positives:

  • Independent status, long tenure (since 2016), and designation as an audit committee financial expert support board effectiveness and financial oversight credibility .
  • Active governance roles: Chairs the Closed-End Fund Committee and serves on Compliance, Nominating & Governance, and Investment committees; attendance met board standard (≥75%) .
  • No related-party transactions or Section 16(a) delinquencies disclosed, reducing conflict risk .

• Watch items / potential RED FLAGS for investor alignment:

  • No NMCO share ownership disclosed as of 12/31/2024, though he holds positions in other Nuveen funds; some investors prefer fund-specific ownership for alignment .
  • Board compensation increased meaningfully effective 1/1/2024 (base retainer to $350k) with additional increases to committee retainers and chair fees on 1/1/2025; ensures engagement but may raise pay inflation optics without performance linkage .
  • Designated as an “audit committee financial expert,” while the enumerated Audit Committee membership list does not include him; the designation still signals financial expertise, but role clarity may merit confirmation by investors .

• Voting context:

  • For NMCO, Mr. Moschner is a nominee to be elected by holders of Preferred Shares at the April 17, 2025 annual meeting; common holders vote on other classes .