Mark J. Czarniecki
About Mark J. Czarniecki
Mark J. Czarniecki (born 1979) serves as Vice President and Assistant Secretary of the Nuveen Municipal Credit Income Fund (NZF) and has held various legal and corporate secretary roles across Nuveen and its affiliates since 2013 . His principal occupations include Managing Director and Assistant Secretary roles at Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; Managing Director and Associate General Counsel of Nuveen and Nuveen Asset Management, LLC; and similar assistant secretary/legal roles at Teachers Advisors, LLC and TIAA‑CREF Investment Management, LLC . NZF’s latest reported performance metrics (to April 30, 2025) show 10-year average annual total returns of 3.93% on share price and 2.90% on NAV, with a current discount to NAV of 5.48% and effective leverage of 40.96% .
NZF performance snapshot (as of April 30, 2025)
| Metric | Value |
|---|---|
| 6-Month Total Return (NAV) | (3.32)% |
| 6-Month Total Return (Share Price) | (2.49)% |
| 1-Year Avg Annual (NAV) | (0.30)% |
| 1-Year Avg Annual (Share Price) | 9.73% |
| 5-Year Avg Annual (NAV) | 1.90% |
| 5-Year Avg Annual (Share Price) | 3.55% |
| 10-Year Avg Annual (NAV) | 2.90% |
| 10-Year Avg Annual (Share Price) | 3.93% |
| Common Share NAV | $12.60 |
| Common Share Price | $11.91 |
| Discount to NAV | (5.48)% |
| Effective Leverage | 40.96% |
| Regulatory Leverage | 35.07% |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen Securities, LLC | Managing Director; Assistant Secretary | Since 2013 | Legal/secretary functions supporting fund governance and filings |
| Nuveen Fund Advisors, LLC | Managing Director; Assistant Secretary | Since 2013 | Fund officer role; supports board processes and regulatory filings |
| Nuveen (LLC) | Managing Director; Associate General Counsel | Since 2013 | Legal oversight across Nuveen funds |
| Nuveen Asset Management, LLC | Managing Director; Assistant Secretary; Associate General Counsel | Since 2013 | Legal and governance support for asset management operations |
| Nuveen Funds Complex | Vice President/Secretary signatory on regulatory filings | Ongoing | Executed Rule 17g‑1 fidelity bond filing on behalf of Nuveen funds |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Teachers Advisors, LLC | Managing Director; Associate General Counsel; Assistant Secretary | Since 2013 | Legal/secretary roles within TIAA affiliates |
| TIAA‑CREF Investment Management, LLC | Managing Director; Associate General Counsel; Assistant Secretary | Since 2013 | Legal support across TIAA investment platforms |
Fixed Compensation
- Officers receive no compensation from the Funds; officers are elected annually by the Board to serve until successors are elected and qualified .
- The Funds’ Chief Compliance Officer compensation is paid by the Adviser, with the Funds reimbursing an allocable portion of the CCO’s incentive compensation; otherwise the Funds have no employees and pay no officer compensation .
Performance Compensation
- Not disclosed for fund officers. The proxy indicates officers receive no compensation from the Funds, so performance-based pay (e.g., bonuses, PSUs/RSUs) tied to fund metrics is not reported at the fund level .
Equity Ownership & Alignment
- As of June 20, 2025, the Board Members and executive officers as a group beneficially owned less than 1% of the outstanding shares of each Fund .
- Section 16(a)/30(h) filing compliance: the Funds report that Board Members and officers, the Adviser, and affiliated persons complied with all applicable filing requirements in the last fiscal year .
| Ownership Detail | Disclosure |
|---|---|
| Individual beneficial ownership for Mark J. Czarniecki | Not separately disclosed in proxy |
| Group beneficial ownership (Board + officers) | <1% of outstanding shares (each Fund) |
| Shares outstanding (NZF common) | 193,729,050 (record date June 20, 2025) |
| Pledged/Hedged shares | Not disclosed |
| Section 16 compliance status | In compliance (last fiscal year) |
Employment Terms
| Term Element | Disclosure |
|---|---|
| Title | Vice President and Assistant Secretary (NZF) |
| Year of Birth | 1979 |
| Length of Service | Since 2013 |
| Election/Term | Officers elected annually; term indefinite until successors elected and qualified |
| Compensation by Fund | None; officers receive no compensation from the Funds |
| Severance/Change‑of‑Control | Not disclosed at the fund level |
| Clawbacks/Gross‑ups | Not disclosed at the fund level |
| Non‑compete/Non‑solicit | Not disclosed at the fund level |
Investment Implications
- Pay-for-performance evaluability: Officer compensation is paid by the Adviser (Nuveen/TIAA) and not the Funds, so base salary, bonus targets, equity grants, vesting schedules, severance/change‑of‑control, and clawbacks for Mark J. Czarniecki are not available in fund filings; this limits direct analysis of fund‑level incentive alignment .
- Ownership alignment: Group beneficial ownership by Board Members and officers is <1%, indicating limited direct ownership at the fund level; however, as a legal/secretary officer across the Nuveen/TIAA complex, alignment may be driven by corporate‑level policies rather than fund‑level equity stakes .
- Execution/tenure: Czarniecki’s continuous service since 2013 and ongoing signatory responsibilities on regulatory filings suggest operational continuity and established governance processes for NZF and affiliated funds .
- Fund performance context: NZF’s long‑term share‑price total return of 3.93% (10‑year) alongside a current discount to NAV and high effective leverage (40.96%) frames the operating environment in which officers oversee governance and disclosures; these factors can inform trading signals around discount/coverage and leverage risk rather than officer compensation dynamics .