[Form 4] Dell Technologies Inc. Insider Trading Activity

Rhea-AI Filing Summary

Nuveen Funds definitive proxy (Schedule 14A) dated June 30, 2025 covers 14 closed-end municipal funds, including Nuveen Taxable Municipal Income Fund (NBB) and its sister portfolios. The document notifies shareholders of virtual annual meetings on August 14, 2025 at 2:00 p.m. CT, accessible via live webcast at www.meetnow.global/MNRRJJC. Shareholders of record as of June 20, 2025 may vote electronically during the webcast or in advance by mail, telephone or internet using the control number on their proxy card.

Key agenda item: election of Board Members. Elections vary by fund:

• Municipal Income (NMI) – four Class III directors.
• AMT-Free Value (NUW), Municipal Value (NUV), New York Value (NNY), Select Maturities (NIM) and Taxable Income (NBB) – four Class I directors.
• Eight leveraged funds (e.g., NVG, NEA, NDMO, NZF) – three Class I directors (Common & Preferred voting together) plus two directors elected solely by Preferred shareholders.

The vote standard is a simple plurality; abstentions and broker non-votes do not affect outcomes once quorum is reached (majority of shares, or 33⅓ % of Preferred shares for Preferred-only matters).

Outstanding shares on the record date illustrate the relative size of each fund (e.g., NVG 213.5 m common shares; NEA 299.0 m; NBB 29.4 m). Multiple series of VRDP, MFP and AMTP preferred shares remain outstanding across eight funds, and NYSE Rule 452 proportionate voting may apply to certain series in remarketing mode.

All nominees are independent under the 1940 Act and none are affiliated with Nuveen or TIAA. Governance remains on a unitary-board model covering 217 portfolios, supported by seven standing committees (Audit, Investment, Compliance, Closed-End Fund, etc.).

Director compensation is increasing effective January 1 2025: base retainer stays at US $350,000 but committee retainers rise to US $35,000 (Audit/Compliance) and US $30,000–$25,000 elsewhere; the Board Chair retainer rises to US $150,000. Meeting fees of US $1,000–2,500 continue, and directors may defer compensation into Nuveen funds.

Management recommends shareholders vote “FOR” each nominee. No other substantive business or financial performance data is presented.

Positive

• Independent slate: All director nominees qualify as non-interested, sustaining strong oversight.
• Virtual-only format increases shareholder access without geographic limits.
• Comprehensive disclosure of share classes, voting rules and committee structures enhances transparency.

Negative

• Board compensation increases for 2025 could modestly raise fund operating expenses.
• Complex voting structure for funds with multiple preferred-share series may confuse some retail holders.

Insights

Corporate Governance Expert

TL;DR — Routine virtual AGM focused on electing independent directors; raises board retainers but leaves fund strategy unchanged.

The proxy consolidates governance for 14 Nuveen municipal funds, reaffirming the unitary board structure. All nominees are independent, maintaining best-practice oversight. The move to a fully virtual meeting continues the accessibility strategy adopted post-pandemic. Compensation adjustments – a larger chair retainer and higher committee fees – reflect rising workload across 217 portfolios, yet marginally raise administrative expense ratios. Voting mechanics are straightforward: plurality election with broker discretionary authority on this routine matter. Overall governance continuity, minimal strategic impact, neutral investor significance.

Portfolio Manager

TL;DR — Governance housekeeping; no portfolio, leverage or distribution changes—neutral for valuation and cash-flow outlook.

Nothing in the filing alters credit exposure, leverage levels or payout policy for NBB or peer funds. Share counts and preferred-share structures are unchanged, and Rule 452 proportionate voting applies only to specific VRDP/MFP series. The only economic item is higher director compensation, a de minimis expense given fund sizes (e.g., NEA ≈ US $4 bn AUM). Investors should simply ensure proxies are executed to prevent quorum delays; otherwise, expect no NAV or dividend repercussions.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SLTA IV (GP), L.L.C.

(Last) (First) (Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Dell Technologies Inc. [ DELL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/26/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class C Common Stock	06/26/2025		M(1)(2)		326,560	A	(1)(2)	326,560	I	Held through SL SPV-2, L.P.(3)(9)
Class C Common Stock	06/26/2025		M(1)(2)		335,230	A	(1)(2)	335,230	I	Held through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock	06/26/2025		M(1)(2)		181,460	A	(1)(2)	181,460	I	Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock	06/26/2025		M(1)(2)		4,932	A	(1)(2)	4,932	I	Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock	06/26/2025		M(1)(2)		2,224	A	(1)(2)	2,224	I	Held through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock	06/26/2025		S		90,260	D	$125.98(14)	236,300	I	Held through SL SPV-2, L.P.(3)(9)
Class C Common Stock	06/26/2025		S		102,121	D	$125.98(14)	233,109	I	Held through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock	06/26/2025		S		53,104	D	$125.98(14)	128,356	I	Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock	06/26/2025		S		1,960	D	$125.98(14)	2,972	I	Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock	06/26/2025		S		884	D	$125.98(14)	1,340	I	Held through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock	06/26/2025		S		136,909	D	$126.34(15)	99,391	I	Held through SL SPV-2, L.P.(3)(9)
Class C Common Stock	06/26/2025		S		154,901	D	$126.34(15)	78,208	I	Held through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock	06/26/2025		S		80,549	D	$126.34(15)	47,807	I	Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock	06/26/2025		S		2,972	D	$126.34(15)	0	I	Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock	06/26/2025		S		1,340	D	$126.34(15)	0	I	Held through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock	06/30/2025		J(1)(2)		99,391	D	(1)	0	I	Held through SL SPV-2, L.P.(3)(9)
Class C Common Stock	06/30/2025		J(1)(2)		78,208	D	(1)	0	I	Held through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock	06/30/2025		J(1)(2)		47,807	D	(1)	0	I	Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock								1,455	I	Held through Silver Lake Group, L.L.C.(8)(9)
Class C Common Stock								90,746	I	See footnote(10)
Class C Common Stock								960,050	D(11)
Class C Common Stock								39,944	I	See footnote(12)
Class C Common Stock								1,268	I	See footnote(13)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock	(2)	06/26/2025		M(1)(2)			326,560	(2)	(2)	Class C Common Stock	326,560	$0	22,948,319	I	Held through SL SPV-2, L.P.(3)(9)
Class B Common Stock	(2)	06/26/2025		M(1)(2)			335,230	(2)	(2)	Class C Common Stock	335,230	$0	23,557,602	I	Held through Silver Lake Partners IV, L.P.(4)(9)
Class B Common Stock	(2)	06/26/2025		M(1)(2)			181,460	(2)	(2)	Class C Common Stock	181,460	$0	12,751,698	I	Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class B Common Stock	(2)	06/26/2025		M(1)(2)			4,932	(2)	(2)	Class C Common Stock	4,932	$0	346,611	I	Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class B Common Stock	(2)	06/26/2025		M(1)(2)			2,224	(2)	(2)	Class C Common Stock	2,224	$0	156,301	I	Held through Silver Lake Technology Investors V, L.P.(7)(9)

1. Name and Address of Reporting Person^*

SLTA IV (GP), L.L.C.

(Last) (First) (Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Silver Lake Group, L.L.C.

(Last) (First) (Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Silver Lake Technology Associates IV, L.P.

(Last) (First) (Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Silver Lake Partners IV, L.P.

(Last) (First) (Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Silver Lake Technology Investors IV, L.P.

(Last) (First) (Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

SLTA SPV-2 (GP), L.L.C.

(Last) (First) (Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

SLTA SPV-2, L.P.

(Last) (First) (Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

SL SPV-2, L.P.

(Last) (First) (Middle)

C/O SILVER LAKE,

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Durban Egon

(Last) (First) (Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. SL SPV-2, L.P. ("SPV-2"), Silver Lake Partners IV, L.P. ("SLP IV") and Silver Lake Partners V DE (AIV), L.P. ("SLP V") and certain of their respective affiliates sold certain shares of Class C Common Stock, par value $0.01 per share ("Class C Common Stock") of Dell Technologies Inc. (the "Issuer") on June 26, 2025 and initiated in-kind distributions of shares of Class C Common Stock on June 30, 2025. The receipt of shares of Class C Common Stock by each of the Reporting Persons in connection with such distributions was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

2. Each share of Class B Common Stock, par value $0.01 per share of the Issuer (the "Class B Common Stock") is convertible into one share of Class C Common Stock at any time, at the election of the holder or automatically upon certain transfers, and has no expiration date. On June 26, 2025, certain of the Reporting Persons converted shares of Class B Common Stock into an equal number of shares of Class C Common Stock in connection with the distributions and sales described in footnote (1) above.

3. These securities are directly held by SPV-2. The general partner of SPV-2 is SLTA SPV-2, L.P. ("SLTA SPV") and the general partner of SLTA SPV is SLTA SPV-2 (GP), L.L.C. ("SLTA SPV GP").

4. These securities are directly held by SLP IV. The general partner of SLP IV is Silver Lake Technology Associates IV, L.P. ("SLTA IV") and the general partner of SLTA IV is SLTA IV (GP), L.L.C. ("SLTA IV GP").

5. These securities are directly held by SLP V. The general partner of SLP V is Silver Lake Technology Associates V, L.P. ("SLTA V") and the general partner of SLTA V is SLTA V (GP), L.L.C. ("SLTA V GP").

6. These securities are directly held by Silver Lake Technology Investors IV, L.P. The general partner of Silver Lake Technology Investors IV, L.P. is SLTA IV and the general partner of SLTA IV is SLTA IV GP.

7. These securities are directly held by Silver Lake Technology Investors V, L.P. The general partner of Silver Lake Technology Investors V, L.P. is SLTA V and the general partner of SLTA V is SLTA V GP.

8. Reflects shares held by Silver Lake Group, L.L.C. ("SLG"). Shares held includes additional shares of Class C Common Stock received in connection with the pro rata distributions described herein on June 30, 2025. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

9. SLG is the managing member of SLTA SPV GP, SLTA IV GP and SLTA V GP. Egon Durban, who serves as a director of the Issuer, also serves as a Co-CEO and Managing Member of SLG. Each of the Reporting Persons may be deemed a director by deputization of the Issuer.

10. In connection with the distributions described in footnote (1) above, pro rata distributions of certain shares were initiated to certain employees and managing members of SLG or its affiliates, including Egon Durban. This amount reflects 23,070, 12,550 and 55,126 shares held by SLTA SPV-2, L.P., SLTA V and SLG, respectively, on behalf of such individuals, including shares distributed in the June 30, 2025 distributions. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

11. Represents shares of Class C Common Stock held by Mr. Durban immediately following the receipt of shares in connection with the distributions of shares of Class C Common Stock on June 30, 2025. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

12. Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members, including shares received in connection with the distributions of shares of Class C Common Stock on June 30, 2025. The receipt of such shares of Class C Common Stock indirectly by Mr. Durban was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

13. These shares of Common Stock are held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest including shares received in connection with the distributions of shares of Class C Common Stock on June 30, 2025. The receipt of such shares of Class C Common Stock indirectly by Mr. Durban was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $125.20 to $126.1997 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

15. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $126.20 to $127.1371 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Remarks:

The Reporting Persons are jointly filing this Form 4 pursuant to Rule 16a-3(j) under the Exchange Act. This filing shall not be deemed an admission that the Reporting Persons are beneficial owners of all securities covered by this filing for purposes of Section 16 of the Exchange Act or otherwise, and each Reporting Person disclaims beneficial ownership of these securities, except to the extent of such Reporting Person's pecuniary interest therein, if any. Because no more than 10 reporting persons can file any one Form 4 through the Securities and Exchange Commission's EDGAR system, certain affiliates of the Reporting Persons have filed a separate Form 4.

	By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C.	06/30/2025
	By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA IV (GP), L.L.C.	06/30/2025
	By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA IV (GP), L.L.C., general partner of Silver Lake Technology Associates IV, L.P.	06/30/2025
	By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA IV (GP), L.L.C., general partner of Silver Lake Technology Associates IV, L.P., general partner of Silver Lake Partners IV, L.P.	06/30/2025
	By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA IV (GP), L.L.C., GP of Silver Lake Technology Associates IV, L.P., GP of Silver Lake Technology Investors IV, L.P.	06/30/2025
	By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA SPV-2 (GP), L.L.C.	06/30/2025
	By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA SPV-2 (GP), L.L.C., general partner of SLTA SPV-2, L.P.	06/30/2025
	By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA SPV-2 (GP), L.L.C., general partner of SLTA SPV-2, L.P., general partner of SL SPV-2, L.P.	06/30/2025
	By: /s/ Justin G. Hamill, Attorney-in-fact for Egon Durban	06/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

When is the 2025 annual meeting for Nuveen Taxable Municipal Income Fund (NBB)?

August 14, 2025 at 2:00 p.m. Central, conducted exclusively online via live webcast.

What is the record date for voting eligibility?

Shareholders of record at the close of business on June 20, 2025 may vote at the meeting.

What matters will shareholders vote on?

The primary item is the election of Board Members; no other substantive proposals are listed.

How can I attend and vote at the virtual meeting?

Log in to www.meetnow.global/MNRRJJC with the control number from your proxy card; vote electronically during the webcast or submit proxies by mail, phone or internet beforehand.

Has director compensation changed for 2025?

Yes. Independent directors now receive a $350,000 base retainer plus higher committee retainers, and the Board Chair receives $150,000, effective January 1, 2025.

How many common shares of NBB are outstanding?

As of June 20, 2025, 29,394,752 common shares of Nuveen Taxable Municipal Income Fund were outstanding.