Marc Cardella
Vice President and Controller (Principal Financial Officer) at NUVEEN MASSACHUSETTS QUALITY MUNICIPAL INCOME FUND
Executive
About Marc Cardella
Marc Cardella serves as Vice President and Controller (Principal Financial Officer) of Nuveen Massachusetts Quality Municipal Income Fund (NMT), with an indefinite term and service since 2024; year of birth: 1984. His principal roles over the past five years include Senior Managing Director and Head of Public Investment Finance at Nuveen, and senior finance and officer positions across Nuveen Fund Advisors, Nuveen Asset Management, Teachers Advisors, TIAA‑CREF Investment Management, TIAA SMA Strategies, and the College Retirement Equities Fund (CREF) and TIAA Separate Account VA‑1 (PFO/PAO/Treasurer) . He is the fund’s certifying financial officer under Sarbanes‑Oxley Sections 302 and 906 as of February 5, 2025, evidencing accountability for disclosure controls and internal control over financial reporting . Fund performance context during his tenure: as of November 30, 2024, NMT delivered 6‑month total returns of 5.34% (NAV) and 15.84% (price), and 1‑year returns of 6.33% (NAV) and 22.03% (price); effective and regulatory leverage both stood at 39.35% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen (LLC) | Senior Managing Director; Head of Public Investment Finance | Past 5 years (exact dates not disclosed) | Leads public investment finance across Nuveen, supporting closed-end fund finance and controls . |
| Nuveen Fund Advisors, LLC | Senior Managing Director | Past 5 years (exact dates not disclosed) | Senior finance leadership at the adviser to NMT . |
| Nuveen Asset Management, LLC | Senior Managing Director | Past 5 years (exact dates not disclosed) | Senior finance/legal-affiliated officer capacity supporting asset management operations . |
| Teachers Advisors, LLC | Senior Managing Director | Past 5 years (exact dates not disclosed) | Senior finance leadership across TIAA complex . |
| TIAA‑CREF Investment Management, LLC | Senior Managing Director | Past 5 years (exact dates not disclosed) | Senior finance leadership in investment management affiliate . |
| Teachers Insurance and Annuity Association of America; TIAA SMA Strategies LLC | Managing Director | Past 5 years (exact dates not disclosed) | Senior finance roles within TIAA insurance and SMA units . |
| CREF; TIAA Separate Account VA‑1 | Principal Financial Officer, Principal Accounting Officer, Treasurer | Past 5 years (exact dates not disclosed) | Registered investment company officer with direct responsibility for financial reporting and controls . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CREF | Principal Financial Officer, Principal Accounting Officer, Treasurer | Past 5 years (exact dates not disclosed) | Officer roles for a major retirement investment vehicle, aligning governance and reporting standards with NMT’s fund complex . |
| TIAA Separate Account VA‑1 | Principal Financial Officer, Principal Accounting Officer, Treasurer | Past 5 years (exact dates not disclosed) | Officer roles overseeing annuity separate account finance and reporting . |
| Teachers Insurance and Annuity Association of America | Managing Director | Past 5 years (exact dates not disclosed) | Senior finance leadership within insurance parent organization . |
| TIAA SMA Strategies LLC | Managing Director | Past 5 years (exact dates not disclosed) | Senior finance leadership across separately managed accounts . |
Fixed Compensation
- Officers of the Fund (including Marc Cardella) receive no compensation from the Fund; the Fund has no employees. Compensation for the Chief Compliance Officer is paid by the Adviser with Board input; the Fund reimburses an allocable portion of the CCO’s incentive compensation .
- No disclosure in Fund filings of Marc Cardella’s base salary, bonus, or perquisites at Nuveen/TIAA; such compensation is set and paid by affiliated advisers and is not reported by NMT .
Performance Compensation
- No RSU/PSU/option awards, targets, weightings, payout formulas, or vesting schedules are disclosed for Fund officers; Fund officers are not compensated by NMT and equity-based awards, if any, would be at Nuveen/TIAA and are not disclosed in Fund filings .
- Clawbacks, severance multiples, change‑of‑control triggers, or tax gross‑ups for Fund officers are not disclosed in the Fund’s proxy or shareholder reports .
Equity Ownership & Alignment
| Holder Category | Shares Owned | % of Shares Outstanding | Notes |
|---|---|---|---|
| All Board Members/Nominees and Officers as a Group (NMT) | 0 | <1% as a group | Reported beneficial holdings in NMT are 0 shares for the group as of Oct 22, 2025 . |
| Board Member Ownership Guideline | — | — | Independent Board Members are expected to invest at least one year of board compensation across the Nuveen Fund Complex; this guideline applies to Board Members, not Fund officers . |
- Section 16(a) compliance: Funds report Board Members and officers complied with all applicable filing requirements in the last fiscal year .
Employment Terms
| Item | Term |
|---|---|
| Title | Vice President and Controller (Principal Financial Officer) |
| Term of Office | Indefinite; elected annually by the Board; service since 2024 |
| Employment Contract | Not disclosed (officers serve without compensation from the Fund; employment is through Nuveen/TIAA) |
| Severance / Change‑of‑Control | Not disclosed in Fund filings |
| Non‑compete / Non‑solicit / Garden leave | Not disclosed in Fund filings |
| SOX Certifications | Signed Section 302 and 906 certifications for NMT’s N‑CSR on Feb 5, 2025 |
Fund Performance Context and Structural Levers
| Metric | 10‑Year | 5‑Year | 1‑Year | 6‑Month |
|---|---|---|---|---|
| NMT Total Return at NAV | 2.06% | (0.25)% | 6.33% | 5.34% |
| NMT Total Return at Price | 3.30% | 0.58% | 22.03% | 15.84% |
| S&P Municipal Bond Index | 2.52% | 1.50% | 5.52% | 4.55% |
| S&P Municipal Bond Massachusetts Index | 2.21% | 1.17% | 4.92% | 4.42% |
| Leverage (as of Nov 30, 2024) | Value |
|---|---|
| Effective Leverage | 39.35% |
| Regulatory Leverage | 39.35% |
| NAV | $12.23 |
| Price | $11.81 |
| Premium/(Discount) to NAV | (3.43)% |
| Average Premium/(Discount) | (6.98)% |
| Monthly Distributions per Common Share (June–Nov, prior reporting period) | Jun | Jul | Aug | Sep | Oct | Nov | Total |
|---|---|---|---|---|---|---|---|
| NMT Distribution | $0.0710 | $0.0710 | $0.0710 | $0.0710 | $0.0710 | $0.0710 | $0.4260 |
| Market Yield | — | — | — | — | — | — | 7.21% |
| Taxable‑Equivalent Yield | — | — | — | — | — | — | 14.37% |
Risk Indicators & Red Flags
- Officers receive no compensation from the Fund and have no disclosed Fund‑level equity awards or options, limiting direct pay‑for‑performance alignment at the Fund level .
- Beneficial ownership by Board Members and officers in NMT reported as 0 shares for the group as of Oct 22, 2025, reducing insider selling pressure but also limiting “skin‑in‑the‑game” visibility for officers (Board Members have separate complex‑wide investment expectations) .
- Section 16(a) filing compliance reported; no delinquency flags disclosed .
Governance Notes (Board context)
- NMT operates under a unitary board across the Nuveen Fund Complex, with standing committees for Audit, Compliance/Risk, Investment, Dividend, Nominating/Governance, Closed‑End Funds; officers are elected annually and serve without Fund compensation .
- Board attendance exceeded 75% for all Board Members; committee meeting counts provided in Appendix C (Massachusetts Quality: 5 regular board, 10 special, etc.) .
Investment Implications
- Compensation alignment: Fund officers (including Marc Cardella) are not compensated by NMT and have no Fund‑level equity or options disclosed; performance‑linked pay and vesting schedules, if any, reside at Nuveen/TIAA and are not available to Fund investors, limiting pay‑for‑performance analysis at the Fund level .
- Insider selling pressure: With group beneficial ownership reported at 0 shares for Board Members and officers, insider supply risk appears minimal; conversely, lack of Fund‑level holdings reduces traditional ownership alignment signals for officers .
- Retention and change‑of‑control: Employment contracts, severance, and change‑of‑control terms are not disclosed in Fund filings; officer continuity and retention must be inferred from role breadth and SOX certifications, which signal accountability for controls rather than incentive economics .
- Trading signals: Given limited officer incentive disclosures, focus on Fund structural levers—distribution policy, premium/discount behavior, and leverage—to gauge near‑term price drivers; as of Nov 30, 2024, NMT’s price traded at a ~3.4% discount to NAV with 39.35% effective leverage and a reported market yield of 7.21% (tax‑equivalent 14.37%) .