Rachael Zufall
About Rachael Zufall
Rachael Zufall is Vice President and Assistant Secretary of the Nuveen Virginia Quality Municipal Income Fund (NPV). She is a Managing Director and Associate General Counsel across multiple Nuveen/TIAA fund entities, with service as an officer in the Nuveen fund complex since 2022 and an indefinite term of office; year of birth is 1973 . Officers of the Fund do not receive compensation from the Fund; officer pay (e.g., the CCO) is paid by the Adviser, with Board input where applicable, and performance metrics like TSR or fund-level EBITDA are not tied to officer compensation in Fund filings .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen/TIAA (various) | “Has previously held various positions” with TIAA/Nuveen (prior to current roles) | Not disclosed | Not disclosed |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen Fund Advisors, LLC | Managing Director and Assistant Secretary | Since 2022; ongoing | Senior legal/governance role across fund complex |
| College Retirement Equities Fund (CREF) | Managing Director and Assistant Secretary | Current | Senior legal/governance role |
| TIAA Separate Account VA-1 | Managing Director and Assistant Secretary | Current | Senior legal/governance role |
| TIAA-CREF Funds | Managing Director and Assistant Secretary | Current | Senior legal/governance role |
| TIAA-CREF Life Funds | Managing Director and Assistant Secretary | Current | Senior legal/governance role |
| Teachers Advisors, LLC | Managing Director, Associate General Counsel, and Assistant Secretary | Current | Senior legal/compliance leadership |
| TIAA-CREF Investment Management, LLC | Managing Director, Associate General Counsel, and Assistant Secretary | Current | Senior legal/compliance leadership |
| Nuveen, LLC and TIAA | Managing Director | Current | Senior corporate leadership |
Fixed Compensation
| Component | Detail | Notes |
|---|---|---|
| Base Salary | Not disclosed | Fund officers receive no compensation from the Fund; officer compensation (e.g., CCO) is paid by the Adviser with Board review/input |
| Target Bonus % | Not disclosed | No bonus disclosure at Fund level for officers |
| Actual Bonus Paid | Not disclosed | No bonus disclosure at Fund level for officers |
| Cash Retainers (Director context) | Not applicable | Officer, not an Independent Board Member; Board compensation is disclosed separately for trustees |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed | — | — | — | — | — |
Officers of the Fund do not receive compensation from the Fund; no PSU/RSU/option plan metrics are disclosed for Fund officers .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (individual) | Not individually disclosed for officers; Fund reports Board Members and executive officers as a group |
| Officers/Trustees group ownership % | Less than 1% of outstanding shares for each Fund as of Feb 18, 2025 |
| Officers/Trustees group shares (NPV) | 0 shares reported for Virginia Municipal (NPV) as of Dec 31, 2024 |
| Vested vs unvested shares | Not disclosed for officers |
| Options (exercisable/unexercisable) | Not disclosed for officers |
| Shares pledged as collateral | Not disclosed; no pledging disclosures for officers in the proxy |
| Stock ownership guidelines (officers) | Not disclosed; Board members have an expectation to invest at least one year of compensation in the fund complex, but this applies to Independent Board Members, not officers |
Employment Terms
| Term | Detail |
|---|---|
| Employment start date (Fund officer) | Length of Service: Since 2022 |
| Current role | Vice President and Assistant Secretary (NPV) |
| Term length | Indefinite; officers elected annually to serve until successors are elected and qualified |
| Severance provisions | Not disclosed for officers |
| Change-of-control provisions | Not disclosed for officers |
| Non-compete / Non-solicit | Not disclosed for officers |
| Clawback provisions | Not disclosed for officers |
Investment Implications
- Pay-for-performance linkage to Fund outcomes is limited at the Fund level for officers, as officers “serve without any compensation from the Funds” and compensation is paid by the Adviser; therefore, traditional TSR/EBITDA-based incentive alignment is not applicable to Fund officers .
- Insider selling pressure appears minimal at the Fund level: officers/trustees as a group owned less than 1% of outstanding shares, with 0 shares reported for NPV as of the latest disclosures; no individual officer holdings for NPV were disclosed, and no pledging disclosures were identified .
- Retention risk is more a function of Nuveen/TIAA employment terms than Fund-level contracts, as the officer’s term is indefinite and officers are elected annually by the Board; change-of-control/severance specifics are not disclosed at the Fund level .
- Governance oversight is robust via a unitary Independent Board with multiple standing committees (Audit, Compliance/Risk, Dividend, Investment, Nominating/Governance, Closed-End Fund), which may reduce operational and compliance execution risk; however, these structures pertain to Board oversight rather than officer-specific performance metrics .