Margaret L. Wolff
About Margaret L. Wolff
Independent Board Member across the Nuveen/TIAA closed-end fund complex; born 1955, joined the Board in 2016. Retired Skadden, Arps, Slate, Meagher & Flom LLP Mergers & Acquisitions lawyer (Of Counsel 2005–2014) with 30+ years advising boards on governance, fiduciary, regulatory, and strategic matters; BA Mt. Holyoke College and JD Case Western Reserve University School of Law .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Skadden, Arps, Slate, Meagher & Flom LLP (M&A Group) | Of Counsel | 2005–2014 | Advised boards and senior management on governance, fiduciary, regulatory, and strategic issues |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| New York-Presbyterian Hospital | Trustee | Since 2005 | Board service at major healthcare institution |
| The John A. Hartford Foundation | Trustee; Chair | Trustee since 2004; Chair 2015–2022 | Philanthropy focused on improving care of older adults |
| Mt. Holyoke College | Trustee; Vice Chair | Trustee 2005–2015; Vice Chair 2011–2015 | Higher education governance |
| Travelers Insurance Co. of Canada; The Dominion of Canada General Insurance Co. (Travelers Canada) | Director | 2013–2017 | Insurance subsidiaries of The Travelers Companies, Inc. |
Board Governance
- Committee assignments: Audit Committee member; Compliance, Risk Management & Regulatory Oversight Committee Chair; Closed-End Fund Committee member .
- Independence: Audit Committee is composed of Independent Board Members; Wolff serves on Audit Committee as an Independent Board Member. She is not designated an “audit committee financial expert.” Those designated are Moschner, Nelson, Starr, and Young .
- Attendance: Each Board Member attended 75% or more of Board and applicable committee meetings during the last fiscal year; annual meeting attendance policy posted on Nuveen’s site .
- Elections and terms: For certain funds, two Board Members (including Wolff) are elected by holders of Preferred Shares voting separately; Wolff is a Class I nominee for several funds with terms extending to the 2028 annual meeting (fund-specific) . Multi-Market Income has experienced repeated lack of quorum (2022–2024), resulting in holdover terms for trustees, with Wolff among nominees to serve through 2028 upon election .
Fixed Compensation
Annual director compensation is paid by each fund (cash retainers; no meeting fees disclosed). Aggregate total compensation from funds in the Fund Complex paid to Margaret L. Wolff was $535,644 for the last fiscal year .
| Fund | Compensation to Margaret L. Wolff ($) |
|---|---|
| Core Equity Alpha | 724 |
| Core Plus Impact | 1,661 |
| Credit Strategies | 4,534 |
| Dow Dynamic Overwrite | 1,849 |
| Floating Rate Income | 7,023 |
| Global High Income | 1,347 |
| Minnesota Municipal | 437 |
| Missouri Municipal | 161 |
| Mortgage & Income | 443 |
| Multi-Asset Income | 1,910 |
| Multi-Market Income | 301 |
| Municipal Credit Opportunities | 3,367 |
| NASDAQ Dynamic Overwrite | 4,029 |
| Preferred & Income Opportunities | 10,733 |
| Real Asset Income & Growth | 1,636 |
| Real Estate Income | 1,092 |
| S&P 500 Buy-Write Income | 4,743 |
| S&P 500 Dynamic Overwrite | 965 |
| Variable Rate Preferred & Income | 2,592 |
| Virginia Municipal | 1,242 |
| Total (Fund Complex) | 535,644 |
Deferred Compensation Plan: Directors may elect to defer fees; deferred amounts are treated as if invested in participating funds (plan details and amounts below) .
| Fund | Deferred Fees – Margaret L. Wolff ($) |
|---|---|
| Core Equity Alpha | 254 |
| Core Plus Impact | 591 |
| Credit Strategies | 1,970 |
| Dow Dynamic Overwrite | 657 |
| Floating Rate Income | 3,051 |
| Global High Income | 479 |
| Minnesota Municipal | 211 |
| Missouri Municipal | 78 |
| Mortgage & Income | 158 |
| Multi-Asset Income | 681 |
| Multi-Market Income | 145 |
| Municipal Credit Opportunities | 1,228 |
| NASDAQ Dynamic Overwrite | 1,417 |
| Preferred & Income Opportunities | 4,275 |
| Real Asset Income & Growth | 582 |
| Real Estate Income | 387 |
| S&P 500 Buy-Write Income | 1,678 |
| S&P 500 Dynamic Overwrite | 340 |
| Variable Rate Preferred & Income | 1,117 |
| Virginia Municipal | 598 |
Performance Compensation
| Component | Status |
|---|---|
| Annual bonus | Not disclosed for directors; compensation shown as fund-paid retainers |
| Stock awards (RSUs/PSUs) | Not disclosed; no equity grants to directors presented in proxy |
| Option awards | Not disclosed; no option grants presented in proxy |
| Performance metrics tied to pay (TSR, revenue, EBITDA, ESG) | Not disclosed for directors |
| Clawback, severance, CoC provisions | Not applicable to independent fund directors in proxy materials |
| Deferred compensation elections | Available; amounts by fund shown above |
Note: Director pay structure appears fixed-fee per fund with optional fee deferral into fund units; no variable or performance-linked components disclosed in the proxy .
Other Directorships & Interlocks
| Company/Entity | Type | Role | Tenure |
|---|---|---|---|
| Travelers Insurance Co. of Canada; The Dominion of Canada General Insurance Co. (Travelers Canada) | Subsidiaries of a public company | Director | 2013–2017 |
| New York-Presbyterian Hospital | Non-profit | Trustee | Since 2005 |
| The John A. Hartford Foundation | Non-profit | Trustee; Chair | Trustee since 2004; Chair 2015–2022 |
| Mt. Holyoke College | Academic | Trustee; Vice Chair | 2005–2015; Vice Chair 2011–2015 |
No current public operating company directorships disclosed; minimal interlock/conflict risk with NOM’s fund operations as disclosed .
Expertise & Qualifications
- Governance and M&A legal expertise: decades advising boards on corporate, securities, regulatory, and fiduciary issues; strong fit for compliance and audit oversight .
- Education: BA (Mt. Holyoke), JD (Case Western Reserve) .
- Audit committee financial expert designation: Not designated; committee experts are Moschner, Nelson, Starr, Young .
Equity Ownership
Board policy: each Board Member is expected to invest, directly or on a deferred basis, at least the equivalent of one year of compensation in funds in the Fund Complex .
Dollar Range of Equity Securities (selected funds):
| Fund | Dollar Range – Margaret L. Wolff |
|---|---|
| Multi-Market Income | $0 |
| Municipal Credit Opportunities | $0 |
| NASDAQ 100 Dynamic Overwrite | $0 |
| Preferred & Income Opportunities | $0 |
| Real Asset Income & Growth | $0 |
| Real Estate Income | $0 |
| S&P 500 Buy-Write Income | $0 |
| S&P 500 Dynamic Overwrite | $0 |
| Variable Rate Preferred & Income | $0 |
| Virginia Municipal | $0 |
Aggregate range of equity securities across the “Family of Investment Companies” overseen: Over $100,000 for Margaret L. Wolff .
Beneficial share counts (as of Dec 31, 2024, selected funds):
| Fund | Shares Owned – Margaret L. Wolff |
|---|---|
| Core Equity Alpha | 0 |
| Core Plus Impact | 0 |
| Credit Strategies | 0 |
| Dow Dynamic Overwrite | 0 |
| Floating Rate Income | 0 |
| Global High Income | 0 |
| Multi-Asset Income | 0 |
Alignment notes: While per-fund holdings above are $0, aggregate family-level holdings exceed $100,000, and deferred compensation allocations provide additional embedded exposure to fund performance . The proxy does not disclose whether aggregate holdings meet the “one-year compensation” expectation (given total comp of $535,644) .
Governance Assessment
- Strengths: Independent director with deep governance and M&A expertise; chairs the Compliance Committee, indicating meaningful risk and regulatory oversight responsibility; serves on Audit and Closed-End Fund Committees, supporting valuation, reporting, and discount management processes .
- Engagement: ≥75% attendance at Board/committee meetings across funds; multi-committee involvement signals active oversight .
- Ownership/Alignment: Aggregate family-level holdings “Over $100,000” and participation in fee deferral align director economics with fund performance; however, per-fund direct holdings are $0 across many funds, and the proxy does not quantify total family holdings precisely vs. the “one-year compensation” expectation .
- Election dynamics: For certain funds, Wolff is elected by preferred shareholders; Multi-Market Income has experienced repeated quorum failures (2022–2024) resulting in holdover terms, a governance process risk but not specific to Wolff individually .
- Conflicts/Related party: No related-party transactions or “interested person” relationships disclosed for Wolff; Audit Committee independence affirmed .
- RED FLAGS: None disclosed regarding hedging/pledging, tax gross-ups, option repricing, loans, or related-party transactions; monitor continued lack of quorum at Multi-Market Income (process risk) and quantify family-level holdings against the ownership guideline if disclosed in future filings .