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NUVEEN EXCHANGE-TRADED FUNDS
(except Nuveen Municipal Value Fund, Inc.)
Terms and Conditions of the Dividend Reinvestment Plan
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This Dividend Reinvestment Plan for the Nuveen Exchange-Traded Funds advised by
Nuveen Advisory Corp. (except for Nuveen Municipal Value Fund) (each, a "Fund")
provides for reinvestment of Fund distributions, consisting of income dividends,
returns of capital and capital gain distributions paid by the Fund, on behalf of
Fund shareholders electing to participate in the Plan ("Participants") by The
Chase Manhattan Bank ("Chase"), the Plan Agent, in accordance with the following
terms:
1. Chase will act as Agent for Participants and will open an account for each
Participant under the Dividend Reinvestment Plan in the same name as the
Participant's shares are registered, and will put into effect for each
Participant the distribution reinvestment option of the Plan as of the first
record date for a distribution to shareholders after Chase receives the
Participant's authorization so to do, either in writing duly executed by the
Participant or by telephone notice satisfying such reasonable requirements as
Chase and the Fund may agree. In the case of shareholders who hold shares for
others who are the beneficial owners, Chase will administer the Plan on the
basis of the number of Shares certified from time to time by the record
shareholder as representing the total amount registered in the record
shareholder's name and held for the account of beneficial owners who are
Participants.
2. Whenever the Fund declares a distribution payable in shares or cash at the
option of the shareholders, each Participant shall take such distribution
entirely in shares and Chase shall automatically receive such shares, including
fractions, for the Participant's account, except in circumstances described in
Paragraph 3 below. Except in such circumstances, the number of additional shares
to be credited to each Participant's account shall be determined by dividing the
dollar amount of the distribution payable on the Participant's shares by the
current market price per share on the payable date for such distribution.
3. Should the net asset value per Fund share exceed the market price per share
on the day for which trades will settle on the payment date for such
distribution (the "Valuation Date") for a distribution payable in shares or in
cash at the option of the shareholder, or should the Fund declare a distribution
payable only in cash, each Participant shall take such distribution in cash and
Chase shall apply the amount of such distribution to the purchase on the open
market of shares of the Fund for the Participant's account. Such Plan purchases
shall be made as early as the Valuation Date, under the supervision of the
investment adviser. Chase shall complete such Plan purchases no more than 30
days after the Valuation Date, except where temporary curtailment or suspension
of purchases is necessary to comply with applicable provisions of federal
securities law.
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4. For the purpose of this Plan, the market price of the Fund's shares on a
particular date shall be the last sale price on the Exchange where it is traded
on that date, or if there is no sale on such Exchange on that date, then the
mean between the closing bid and asked quotations for such shares on such
Exchange on such date.
5. Open-market purchases provided for above may be made on any securities
exchange where the Fund's shares are traded, in the over-the-counter market or
in negotiated transactions and may be on such terms as to price, delivery and
otherwise as Chase shall determine. Participants' funds held uninvested by Chase
will not bear interest, and it is understood that, in any event, Chase shall
have no liability in connection with any inability to purchase shares within 30
days after the Valuation Date as herein provided, or with the timing of any
purchases affected. Chase shall have no responsibility as to the value of the
Fund's shares acquired for Participants' accounts. Chase may commingle all
Participants' amounts to be used for open-market purchases of Fund shares and
the price per share allocable to each Participant in connection with such
purchases shall be the average price (including brokerage commissions and other
related costs) of all Fund shares purchased by Chase as Agent.
6. Chase may hold each Participant's shares acquired pursuant to this Plan,
together with the shares of other Participants, in non-certificated form in
Chase's name or that of its nominee. Chase will forward to each Participant any
proxy solicitation material and will vote any shares so held only in accordance
with proxies returned to the Fund.
7. Chase will confirm to each Participant each acquisition made for the
Participant's account as soon as practicable but not later than 60 days after
the date thereof. Chase will deliver to any Participant upon request, without
charge, a certificate or certificates for his full shares. Although a
Participant may from time to time have an undivided fractional interest
(computed to three decimal places) in a share of the Fund, and distributions on
fractional shares will be credited to the Participant's account, no certificates
for a fractional share will be issued. In the event of termination of a
Participant's account under the Plan, Chase will adjust for any such undivided
fractional interest at the market value of the Fund's shares at the time of
termination.
8. Any stock dividends or split shares distributed by the Fund on full and
fractional shares held by Chase for a Participant will be credited to the
Participant's account. In the event that the Fund makes available to its
shareholders rights to purchase additional shares or other securities, the
shares held for each Participant under the Plan will be added to other shares
held by the Participant in calculating the number of rights to be issued to that
Participant.
9. Chase's service fee for handling reinvestment of distributions pursuant
hereto will be paid by the Fund. Participants will be charged their pro rata
shares of brokerage commissions on all open market purchases.
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10. Each Participant may terminate his account under the Plan by notifying
Chase of his intent so to do, such notice to be provided either in writing duly
executed by the Participant or by telephone in accordance with such reasonable
requirements as Chase and the Fund may agree. Such termination will be effective
immediately if notice is received by Chase not less than ten days prior to any
distribution record date for the next succeeding distribution; otherwise such
termination will be effective shortly after the investment of such distribution
with respect to all subsequent distributions. The Plan may be terminated by the
Fund or Chase upon at least 90 days prior notice. Upon any termination, Chase
will cause a certificate or certificates for the full shares held for each
Participant under the Plan and cash adjustment for any fraction to be delivered
to the Participant without charge. If any Participant elects in advance of such
termination to have Chase sell part or all of his shares, Chase is authorized to
deduct from the proceeds a $2.50 fee plus the brokerage commissions incurred for
the transaction.
11. These terms and conditions may be amended or supplemented by Chase or the
Fund at any time or times but, except when necessary or appropriate to comply
with applicable law or the rules or policies of the Securities and Exchange
Commission or any other regulatory authority, only by mailing to each
Participant appropriate written notice at least 90 days prior to the effective
date thereof. The amendment or supplement shall be deemed to be accepted by each
Participant unless, prior to the effective date thereof, Chase receives notice
of the termination of such Participant's account under the Plan in accordance
with the terms hereof. Any such amendment may include an appointment by Chase in
its place and stead of a successor Agent under these terms and conditions. Upon
any such appointment of any Agent for the purpose of receiving distributions,
the Fund will be authorized to pay to such successor Agent, for each
Participant's account, all dividends and distributions payable on shares of the
Fund held in the Participant's name or under the Plan for retention or
application by such successor Agent as provided in these terms and conditions.
12. Chase shall at all times act in good faith and agree to use its best
efforts within reasonable limits to insure the accuracy of all services
performed under this Agreement and to comply with applicable law, but assumes no
responsibility and shall not be liable for loss or damage due to errors unless
such error is caused by its negligence, bad faith or willful misconduct or that
of its employees.
13. These terms and conditions shall be governed by the laws of the State of
New York.
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