Rachael Zufall
About Rachael Zufall
Rachael Zufall is Vice President and Assistant Secretary of Nuveen Real Estate Income Fund (JRS) with an indefinite term and service since 2022. Her year of birth is 1973, and her duties span legal and governance roles across Nuveen/TIAA affiliated registered investment companies and advisers . The Fund discloses that officers receive no compensation from the Fund, and pay-for-performance or TSR-linked incentives for fund officers are not reported at the fund level; Section 16 filings were timely for Board Members and officers in the last fiscal year . Performance metrics such as TSR, revenue growth, and EBITDA growth tied to her compensation are not disclosed in fund filings.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen Fund Advisors, LLC | Managing Director; Assistant Secretary | Since 2022 (Fund officer) | Fund governance, board/committee documentation, regulatory compliance |
| College Retirement Equities Fund (CREF) | Managing Director; Associate General Counsel; Assistant Secretary | Not disclosed | Legal oversight and governance for CREF series |
| TIAA Separate Account VA-1 | Managing Director; Associate General Counsel; Assistant Secretary | Not disclosed | Insurance separate account governance and filings |
| TIAA-CREF Funds | Managing Director; Associate General Counsel; Assistant Secretary | Not disclosed | Open-end fund legal/compliance management |
| TIAA-CREF Life Funds | Managing Director; Associate General Counsel; Assistant Secretary | Not disclosed | Variable life fund governance |
| Teachers Advisors, LLC | Managing Director; Associate General Counsel; Assistant Secretary | Not disclosed | Adviser compliance and fund counsel |
| TIAA-CREF Investment Management, LLC | Managing Director; Associate General Counsel; Assistant Secretary | Not disclosed | Investment management legal and oversight |
| Nuveen, LLC; TIAA | Managing Director | Not disclosed | Corporate governance interface across Fund Complex |
External Roles
No external boards or committee roles for Rachael Zufall are disclosed in JRS fund filings. (Skip — not disclosed.)
Fixed Compensation
- Officers receive no compensation from the Funds; the Funds have no employees .
- The Chief Compliance Officer’s compensation is paid by the Adviser, with the Funds reimbursing an allocable portion of the CCO’s incentive compensation; officer pay details beyond the CCO are not disclosed at the fund level .
Performance Compensation
- Not disclosed. There are no fund-level disclosures tying Rachael Zufall’s compensation to fund performance metrics (e.g., TSR, revenue, EBITDA) or ESG/operational goals .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Individual beneficial ownership (JRS) | Not disclosed for Rachael; as of the record date, each Board Member’s individual beneficial holdings were less than 1% of outstanding shares for each Fund . |
| Officers and Board as a group | Beneficially owned less than 1% of outstanding shares of each Fund as of the relevant record date . |
| Pledging/hedging | No pledging or hedging disclosures identified for officers; Section 16 compliance was timely in the last fiscal year . |
| Ownership guidelines | A governance principle expects Board Members (not officers) to invest at least the equivalent of one year of compensation in funds overseen; this does not apply to fund officers . |
Employment Terms
- Title and term: Vice President and Assistant Secretary; term is indefinite with service since 2022 .
- Officer appointment mechanics: Officers receive no compensation from the Funds and are elected by the Board on an annual basis to serve until successors are elected and qualified .
- Contracts, severance, change-of-control: No employment contracts, severance multiples, or change-of-control provisions for fund officers are disclosed in JRS filings. (Skip — not disclosed.)
- Clawbacks/gross-ups/deferred compensation: Not applicable to fund officers at the JRS level; Board Members may elect deferred compensation via a plan, but this pertains to trustees, not officers .
Investment Implications
- Compensation alignment: Fund officers, including Rachael, are not compensated by the Fund, and no performance-tied incentives are disclosed at the fund level, limiting direct pay-for-performance signals for JRS-specific equity investors .
- Insider selling pressure: Section 16 compliance is confirmed, but Form 4 transaction details for Rachael are not provided in fund proxies; without Form 4 data, near-term selling pressure analysis is inconclusive .
- Ownership alignment: With officers and trustees as a group owning less than 1% of outstanding shares, alignment appears modest; Board Members follow a governance expectation to invest one year of compensation, but officers are not subject to the same guideline .
- Retention risk and execution: Her role spans legal and governance across Nuveen/TIAA entities, with an indefinite term and annual election by the Board; no severance/CoC disclosures suggest standard fund-complex governance rather than executive contract economics .
- Trading signals: Absent disclosed performance-linked incentives or insider transactions for Rachael, trading signals tied to her personal incentives are limited; focus should remain on JRS’s discount/premium dynamics, distribution policy, leverage, and portfolio performance, which are overseen by the Board and committees rather than fund officers .