Rachael Zufall
About Rachael Zufall
Rachael Zufall is Vice President and Assistant Secretary of Nuveen Municipal Value Fund, Inc. (NUV) and other Nuveen/TIAA registered funds; she has served as an officer in the Nuveen fund complex since 2022 (year of birth 1973). She is a Managing Director and Associate General Counsel across Nuveen Fund Advisors, Teachers Advisors, TIAA‑CREF Investment Management, the College Retirement Equities Fund, and TIAA Separate Account VA‑1, among other affiliated entities . Officers of the Funds receive no compensation from the Funds; compensation for the Chief Compliance Officer is paid by the Adviser (Nuveen Fund Advisors) with Board review, underscoring that officer pay is driven by the adviser/TIAA platform rather than NUV fund-level metrics . She is also named as an attorney‑in‑fact in Nuveen closed‑end funds’ Power of Attorney, authorized to sign Form N‑2 registration statements (2025) , and previously served as Assistant Secretary/signatory in a TIAA‑CREF multi‑fund SEC application (2014) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen Fund Advisors, LLC | Managing Director and Assistant Secretary | Since 2022 | Fund governance and filings; supports officer functions across Nuveen closed‑end and mutual funds |
| Teachers Advisors, LLC | Managing Director, Associate General Counsel and Assistant Secretary | Since 2022 | Legal oversight across adviser entities that manage registered funds |
| TIAA‑CREF Investment Management, LLC | Managing Director, Associate General Counsel and Assistant Secretary | Since 2022 | Investment management legal/regulatory compliance for registered products |
| College Retirement Equities Fund (CREF) & TIAA Separate Account VA‑1 | Managing Director, Associate General Counsel and Assistant Secretary | Since 2022 | Registered fund governance and SEC filings coordination |
| TIAA‑CREF Funds & TIAA‑CREF Life Funds | Managing Director, Associate General Counsel and Assistant Secretary | Since 2022 | Mutual fund governance and policy execution |
| TIAA‑CREF Funds (trust) | Assistant Secretary | 2014 | Officer/signatory in SEC application; board resolutions and regulatory approvals |
| Nuveen Closed‑End Funds (multi‑fund complex) | Attorney‑in‑fact (Power of Attorney) | 2025 | Authorized to execute Form N‑2 registrations/amendments across closed‑end funds |
External Roles
No public company directorships or non‑profit board roles are disclosed for Zufall in NUV’s proxy filings; her roles are within Nuveen/TIAA affiliated fund and adviser entities .
Fixed Compensation
- Officers receive no compensation from the Funds; the Funds have no employees. The CCO’s base and incentive pay is set and paid by the Adviser, with the Funds reimbursing an allocable portion of CCO incentive compensation; officer compensation specifics (salary/bonus) are not disclosed at the fund level .
Performance Compensation
- No fund‑level performance compensation (RSUs/PSUs/options, metrics, payouts, vesting) is disclosed for officers; compensation and equity, if any, would be at Nuveen/TIAA adviser level, not NUV .
Equity Ownership & Alignment
| Item | Disclosure | Notes |
|---|---|---|
| Officer beneficial ownership (individual) | Not disclosed | NUV proxy provides beneficial ownership for Board Members and group totals; individual officer holdings are not itemized . |
| Board Members & officers as a group | <1% of outstanding shares | As of June 20, 2025, group holdings are less than 1% for each Fund . |
| Board investment guideline | Expected to invest at least one year’s compensation in Nuveen funds | Governance principle for Board Members; does not apply to officers . |
| Pledging/hedging by officers | Not disclosed | No pledging/hedging disclosures for officers in proxy . |
Employment Terms
| Term | Provision | Source |
|---|---|---|
| Position | Vice President and Assistant Secretary | |
| Term of office | Indefinite; officers elected annually by the Board | |
| Length of service | Since 2022 | |
| Employer/compensation payor | Officers serve without compensation from Funds; compensation determined/paid by Adviser | |
| Severance/change‑of‑control | Not disclosed for officers | |
| Non‑compete/non‑solicit | Not disclosed | |
| Clawback/tax gross‑ups | Not disclosed | |
| Section 16/30(h) compliance | Funds report compliance with filing requirements in last fiscal year | |
| Power of Attorney authority | Named attorney‑in‑fact for Nuveen closed‑end funds’ Form N‑2 registrations |
Investment Implications
- Pay‑for‑performance linkage at NUV is minimal for officers: the fund has no employees and officers are compensated by the adviser, so there are no fund‑level bonus metrics, equity awards, or vesting schedules tied to NUV performance—reducing direct trading signals from executive compensation constructs .
- Insider selling pressure and alignment: individual officer ownership is not disclosed; group holdings are <1% and board members follow an investment guideline, but no officer pledging/hedging disclosures are present—suggesting low direct alignment signals from officer holdings at the fund level .
- Retention risk is tied to Nuveen/TIAA employment terms rather than NUV; Zufall’s multi‑entity legal/governance responsibilities and POA authority indicate operational continuity and product registration capability, not fund performance drivers .
- Governance and disclosure quality: Section 16/30(h) compliance and robust committee oversight (valuation, audit, compliance, investment) support process integrity; however, absence of officer‑level compensation and ownership detail limits pay/ownership alignment analysis for trading decisions .