Albin Moschner
About Albin F. Moschner
Independent Board Member (since 2016) across Nuveen closed-end funds within the Fund Complex; year of birth 1952. He holds a B.E. in Electrical Engineering from The City College of New York (1974) and an M.S. in Electrical Engineering from Syracuse University (1979). He is independent under the 1940 Act and NYSE/NASDAQ closed-end fund standards and has been designated an “audit committee financial expert.” Background spans senior operating roles in wireless/telecom and consulting; he founded Northcroft Partners, LLC in 2012 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Northcroft Partners, LLC | Founder & CEO | 2012–present | Governance/operational consulting |
| Leap Wireless International, Inc. | Consultant; Chief Operating Officer; Chief Marketing Officer | 2011–2012; 2008–2011; 2004–2008 | Consumer wireless operations/marketing leadership |
| Verizon Communications, Inc. (Verizon Card Services) | President | 2000–2003 | Consumer financial product leadership |
| One Point Communications | President, One Point Services | 1999–2000 | Telecom services leadership |
| Zenith Electronics Corporation | Director, President & COO; Director, President & CEO | 1994–1995; 1995–1996 | CEO/COO roles in consumer electronics |
| Diba, Incorporated | Vice Chairman of the Board | 1996–1997 | Internet technology provider oversight |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| USA Technologies, Inc. | Chairman; Director | Chairman 2019; Director 2012–2019 | Electronic payments solutions |
| Wintrust Financial Corporation | Director | 1996–2016 | Regional banking |
| Kellogg School of Management Advisory Boards | Member; Emeritus | 1995–2018; Emeritus since 2018 | Governance/public policy engagement |
| Archdiocese of Chicago Financial Council | Advisory Board Member; Emeritus | 2012–2018; Emeritus since 2018 | Financial oversight advisory |
Board Governance
- Committee assignments: Member, Compliance, Risk Management & Regulatory Oversight Committee (quarterly meetings; risk, compliance charters); Member, Investment Committee; Member, Nominating & Governance Committee; Chair, Closed-End Fund Committee (discount/premium, leverage oversight; market workshops) .
- Audit designation: Designated an “audit committee financial expert” under SEC rules (committee membership list does not include him) .
- Independence: All Board Members are “Independent Board Members” (not “interested persons” of the Funds or adviser/Affiliates; never employees/directors of TIAA/Nuveen) .
- Attendance: Each Board Member attended 75% or more of Board and committee meetings in the last fiscal year .
- Election/engagement: In certain funds, trustee elections failed to achieve quorum or majority vote (2021–2024), resulting in holdover terms until successors are elected; for several funds, Moschner is a Class III nominee or Preferred Share-elected nominee for terms expiring at 2027 or the next annual meeting as applicable .
Fixed Compensation
- Compensation schedule (policy shift from per-meeting to retainers):
| Component | 2023 | 2024 | 2025 |
|---|---|---|---|
| Annual retainer (Independent Board Members) | $210,000 | $350,000 | $350,000 |
| Audit Committee membership retainer | $2,500 per meeting | $30,000 annually | $35,000 annually |
| Compliance Committee membership retainer | $5,000 per meeting | $30,000 annually | $35,000 annually |
| Investment Committee membership retainer | $2,500 per meeting | $20,000 annually | $30,000 annually |
| Dividend Committee membership retainer | $1,250 per meeting | $20,000 annually | $25,000 annually |
| Nominating & Governance membership retainer | $500 per meeting | $20,000 annually | $25,000 annually |
| Closed-End Fund Committee membership retainer | $2,500 per meeting | $20,000 annually | $25,000 annually |
| Board Chair retainer | $140,000 | $140,000 | $150,000 |
| Audit/Compliance Committee Chair retainer | $20,000 | $30,000 | $35,000 |
| Investment Committee Chair retainer | $20,000 | $20,000 | $30,000 |
| Dividend/Nominating/Closed-End Chair retainer | $20,000 | $20,000 | $25,000 |
| Ad hoc meeting fee | Per-meeting schedule | $1,000–$2,500 per ad hoc meeting | $1,000–$2,500 per ad hoc meeting |
- Aggregate compensation (most recent fiscal year): $481,250 total compensation from funds in the Fund Complex paid to Albin F. Moschner .
Performance Compensation
- No equity awards, options, PSUs/RSUs, or performance-tied director compensation disclosed; compensation for Independent Board Members is cash retainers/fees, with optional Deferred Compensation elections tracked to fund shares; Moschner shows no deferred fees entries across participating funds in the table .
| Metric | Disclosure | Notes |
|---|---|---|
| Stock awards (RSUs/PSUs) | Not disclosed | Proxy details only cash retainers/fees; no stock awards mentioned |
| Option awards | Not disclosed | No options/strike/vesting disclosed |
| Performance metrics (TSR, revenue, EBITDA, ESG) | Not disclosed | No director performance targets tied to pay |
| Deferred Compensation election (Moschner) | None listed | Deferred amounts table shows entries for others; none for Moschner |
| Clawbacks/COC/gross-ups | Not disclosed | Fund board pay policies do not include these elements |
Other Directorships & Interlocks
| Company | Type | Role | Tenure | Potential Interlock Risk |
|---|---|---|---|---|
| USA Technologies, Inc. | Public company | Chairman; Director | Chairman 2019; Director 2012–2019 | No Nuveen/TIAA affiliation disclosed; limited overlap |
| Wintrust Financial Corporation | Public company | Director | 1996–2016 | Banking exposure; no advisory affiliation disclosed |
Expertise & Qualifications
- Audit Committee Financial Expert designation under SEC rules .
- Deep operating experience in telecom/wireless, consumer electronics, and financial services products; governance and risk oversight exposure through committee work .
- Engineering education (EE B.E., EE M.S.) and advisory board experience (Kellogg; Archdiocese of Chicago Financial Council) .
Equity Ownership
- As of 12/31/2024:
| Fund | Shares/Dollar Range | Notes |
|---|---|---|
| Floating Rate Income | 34,519 shares | Personal holding |
| Real Estate Income | $1–$10,000 dollar range | Dollar range disclosure |
- As of 2/18/2025, each Board Member’s individual beneficial shareholdings in each Fund were <1% of the outstanding shares of that Fund; group holdings also <1% for each Fund .
Governance Assessment
- Strengths: Independent status across Funds; committee breadth (Compliance, Investment, Nominating & Governance) and Chair role for Closed-End Fund Committee signal active oversight of key risks (valuation/discounts, leverage, investment risk). Audit Committee Financial Expert designation enhances financial reporting oversight credentials; attendance meets the 75% threshold .
- Alignment: Personal fund ownership exists (e.g., 34,519 shares of Floating Rate Income), but overall individual ownership <1% of outstanding shares per Fund suggests limited ownership alignment typical for investment company boards .
- Compensation structure signals: Shift from per-meeting fees (2023) to fixed retainers (2024–2025) with higher committee/chair retainers may improve predictability and incentivize ongoing committee engagement rather than meeting volume; absence of equity/options reduces pay-for-performance alignment but supports independence for fund governance .
- RED FLAGS / Risks: Multiple funds faced repeated lack of quorum or failure to reach majority votes in 2021–2024, leading to holdover trustees—this may indicate shareholder engagement or governance process issues; as Closed-End Fund Committee Chair, his role is central in addressing discounts/premiums and market dynamics, making committee effectiveness a key investor confidence lever .
- Conflicts/related party: Proxy states Board Members are not “interested persons” of the Adviser or its affiliates; no related-party transactions, pledging/hedging, loans, or consultant conflicts disclosed for Moschner in the proxy materials .