Albin F. Moschner

About Albin F. Moschner

Independent director across the Nuveen Fund Complex since 2016; year of birth 1952. Founder/CEO of Northcroft Partners, LLC (management consulting) since 2012; prior operating and marketing leadership roles at Leap Wireless, Verizon, One Point Communications, and Zenith Electronics. Education: B.E. in Electrical Engineering (The City College of New York, 1974) and M.S. in Electrical Engineering (Syracuse University, 1979). Serves as an Independent Board Member (not an “interested person”) with current Class II term for funds without preferred shares through 2027; for funds with preferred shares he is elected annually by preferred shareholders (nominee for a 2026 term) .

Past Roles

External Roles

Board Governance

• Independence: Classified as an Independent Board Member; not an “interested person” under the 1940 Act and never an employee/director of TIAA/Nuveen .
• 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 .
• Attendance and engagement: Each Board Member attended 75% or more of Board and committee meetings in the last fiscal year; the Board operates a robust committee structure with specified charters and regular quarterly and special meetings .
• Board leadership: Independent Chair (Robert L. Young) leads a unitary board across the Nuveen Fund Complex, emphasizing independence and standardized oversight .

Fixed Compensation

• Aggregate compensation in last fiscal year: From NMI (Municipal Income) fund: $285; from all Nuveen funds: $481,250 (Albin F. Moschner) .
• Deferred comp elections: Moschner showed $0 in deferred amounts across participating funds for the periods shown (indicating no deferral election reported in that table) .

Performance Compensation

• No performance-based incentives, stock options, PSUs/RSUs, or formulaic metrics are disclosed for Independent Board Members; compensation is cash retainers/committee retainers and meeting/ad hoc fees as above .
• Clawbacks, tax gross-ups, severance, change-in-control provisions: Not applicable/not disclosed for Independent Board Members in this proxy .

Other Directorships & Interlocks

• Independence affirmation and related-party exposure: Proxy states Independent Board Members (including Moschner) are independent; no related-party transactions or conflicts disclosed for Moschner. Section 16(a) filings reported as compliant in the last fiscal year .

Expertise & Qualifications

• Technical/industry expertise: Telecom/wireless operations and marketing; prior CEO of a consumer electronics company (Zenith), and senior roles at Verizon, One Point, and Leap Wireless .
• Governance experience: Former public company chair and director; chairs the Closed-End Fund Committee; long-tenured independent fund director since 2016 .
• Education: B.E. (CCNY, 1974); M.S. (Syracuse University, 1979) in Electrical Engineering .

Equity Ownership

Governance Assessment

• Strengths

  • Independent director with substantial operating experience in telecom/technology and prior public company chair experience; chairs the Closed-End Fund Committee and serves on key oversight committees (Compliance; Nominating & Governance; Investment), supporting board effectiveness and closed-end fund discount/market oversight .
  • Attendance at or above threshold (≥75%) and service within a unitary board enhances cross-fund oversight consistency; independent Chair structure further reinforces governance .
  • No Section 16(a) delinquencies reported; independence affirmed; no related-party transactions disclosed for Moschner, reducing conflict risk .

• Watch items / potential red flags

  • Alignment at the fund level: No direct ownership in NMI as of May 31, 2025 (0 shares, $0), though he holds $50k–$100k in another Nuveen closed-end fund (NMZ). The board’s guideline expects at least one year of compensation invested in the Fund Complex, but Moschner’s aggregate disclosure bucket (“Over $100,000”) is too coarse to confirm guideline compliance versus recent total compensation (~$481k); consider investor engagement for clarity on aggregate holdings and time to compliance if applicable .
  • Pay structure shifted from per-meeting-heavy (2023) to higher base with committee retainers (2024–2025), increasing fixed cash compensation; investors typically monitor whether rising fixed retainers outpace workload/complexity changes .

• Implications for investor confidence

  • Committee leadership and independence support oversight quality; however, the absence of NMI-specific ownership could be perceived as a modest alignment gap at the fund level despite complex-wide holdings. Monitoring of discount/market actions via the Closed-End Fund Committee remains a lever for shareholder value in closed-end funds .

Director-Specific Data Extracts

Committee Assignments and Roles

Attendance

Compensation – Fund and Complex

Independence and Election Terms

Education and Background

Section 16(a) and Related-Party

Other Directorships & Interlocks

Equity Ownership

Governance Assessment (Summary)

• Overall: Independent, experienced operator with meaningful committee leadership (Chair, Closed-End Fund Committee) and broad complex oversight. Attendance and independence disclosures are positive governance signals .
• Alignment: No NMI-specific holding may be noted by investors; aggregate complex holdings disclosed only as “Over $100,000,” insufficient to assess guideline compliance vs. ~$481k annual compensation; consider engagement for clarity and potential incremental ownership in NMI to bolster fund-level alignment .