Joseph T. Castro
About Joseph T. Castro
Joseph T. Castro serves as a Vice President of Nuveen Massachusetts Quality Municipal Income Fund (NMT) and was elected an officer in 2025. He is Executive Vice President and Chief Risk and Compliance Officer at Nuveen, with prior roles including Senior Managing Director and Head of Compliance, and Senior Managing Director across Nuveen Fund Advisors, LLC, Nuveen Securities, LLC, and Nuveen, LLC. Year of birth: 1964; tenure as an officer of the Funds: since 2025. The Funds disclose that officers receive no compensation from the Funds; the Chief Compliance Officer’s compensation is paid by the Adviser, with the Funds reimbursing an allocable portion of CCO incentive compensation, indicating fund-level officer pay is not used as a performance lever .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen | Executive Vice President, Chief Risk and Compliance Officer | Not disclosed | Enterprise risk and compliance leadership across Nuveen and Nuveen fund complex |
| Nuveen | Senior Managing Director and Head of Compliance | Not disclosed | Led compliance program oversight, policies, and controls |
| Nuveen Fund Advisors, LLC | Senior Managing Director | Not disclosed | Oversight for adviser to Funds within Nuveen complex |
| Nuveen Securities, LLC | Senior Managing Director | Not disclosed | Broker-dealer compliance and governance leadership |
| Nuveen, LLC | Senior Managing Director | Not disclosed | Corporate compliance and risk responsibilities |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed in NMT proxy filings | — | — | — |
Fixed Compensation
| Item | Disclosure | Notes |
|---|---|---|
| Officer compensation from the Funds | $0 | Officers receive no compensation from the Funds |
| Chief Compliance Officer compensation | Paid by Adviser; Funds reimburse allocable portion of CCO incentive compensation | Illustrates compensation handled at Adviser level, not Fund level |
The proxy does not disclose Castro’s base salary, bonus, equity awards, or options at the Adviser level. Fund-level disclosures indicate no officer pay is tied to NMT’s performance .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed | — | — | — | — | — |
No performance metrics (e.g., TSR, revenue growth, EBITDA, ESG goals) tied to Castro’s compensation are disclosed at the Fund level; the Fund notes officers are unpaid by the Funds and CCO pay resides at the Adviser .
Equity Ownership & Alignment
| Ownership Measure | As of Oct 22, 2025 | Notes |
|---|---|---|
| Officers of the Funds (group) – Beneficial Ownership (Shares) | 0 | Aggregate beneficial ownership by Board Members and officers as a group was less than 1% of outstanding shares; table shows 0 for officers group across Funds |
| Joseph T. Castro – Individual Beneficial Ownership | Not individually enumerated | Officer-level individual holdings not itemized; group data indicates zero shares held by officers collectively |
| Pledging/Hedging | Not disclosed | No pledging/hedging disclosures for officers in proxy |
| Section 16(a) filings | Compliant | Funds state officers and Board Members complied with Section 16(a) reporting in the last fiscal year |
Employment Terms
| Attribute | Disclosure |
|---|---|
| Position with Fund | Vice President |
| Term of Office | Indefinite |
| Length of Time Served | Since 2025 |
| Year of Birth | 1964 |
| Principal Occupation (past 5 years) | Executive Vice President, Chief Risk and Compliance Officer; formerly Senior Managing Director and Head of Compliance; Senior Managing Director at Nuveen Fund Advisors, LLC; Nuveen Securities, LLC; and Nuveen, LLC |
| Severance / Change-in-Control | Not disclosed in Fund proxy |
| Clawback / Ownership Guidelines | Not disclosed in Fund proxy |
Board Governance (context)
- Castro is not listed as a Board Member of NMT; the Board is comprised of Independent Board Members with committee structures (Audit, Compliance, Investment, etc.). Officers—including Castro—serve without compensation from the Funds and are elected annually by the Board .
Performance & Track Record
- Fund-level TSR/performance during Castro’s tenure is not discussed in the proxy; performance oversight resides with the Board and its Investment Committee rather than officer-level disclosures .
Risk Indicators & Red Flags
- Delinquent Section 16(a) Reports: None; the Funds report compliance by officers and Board Members .
- Pledging/Hedging: No disclosures indicating pledging or hedging by officers; individual officer holdings not itemized and officers as a group show 0 shares .
Compensation Committee Analysis (Fund context)
- Compensation relates to Independent Board Members (retainers and committee fees); no compensation committee structures or consultant use applies to Fund officers (who are unpaid by the Funds) .
Say-on-Pay & Shareholder Feedback
- Not applicable to closed-end Funds’ officers; Board compensation is disclosed, and no say-on-pay items are noted in the proxy .
Investment Implications
- Alignment: Officers, including Castro, receive no compensation from the Fund and officers as a group hold 0 NMT shares, limiting direct fund-level pay-for-performance alignment and reducing insider selling pressure risk at the Fund level .
- Retention/Contract Risk: Officer term is indefinite, elected annually by the Board; severance, change-of-control, and clawback terms for Castro are not disclosed in Fund filings, suggesting such terms, if any, reside at the Adviser level (Nuveen) rather than the Fund .
- Trading Signals: With no disclosed individual share ownership and officers collectively at 0 shares, there are no fund-level insider ownership or vesting schedules to signal near-term selling pressure; Section 16 compliance indicates timely reporting would surface any future transactions .
- Execution Risk: Castro’s role as EVP, Chief Risk and Compliance Officer indicates responsibility for compliance and risk controls across the Nuveen complex—beneficial for governance quality—but the proxy provides no quantitative performance metrics to assess outcomes during his tenure .