ADVISORY CONTRACTS 3 invstmgmtamnd_103119.htm MANAGEMENT AGREEMENT AMENDMENT - 10.31.19 HTML

MEMORIALIZATION OF CHANGES

TO THE DEFINITION OF “COMPLEX-LEVEL ASSETS” IN

CERTAIN NUVEEN OPEN-END AND CLOSED-END FUND

INVESTMENT MANAGEMENT AGREEMENTS

MEMORIALIZATION made as of this 1st day of August, 2019, by and between the Nuveen Open-End and Closed-End Funds (excluding Nuveen Exchange-Traded Funds) listed on Attachment A (the “Funds”) and Nuveen Fund Advisors, LLC, a Delaware limited liability company (the “Adviser”).

W I T N E S S E T H

WHEREAS, each Investment Management Agreement between each of the Funds and the Adviser currently in effect includes, as a component of the management fee to be paid by each Fund to the Adviser, a Complex-Wide Fee (capitalized terms not otherwise defined herein shall be as defined in each Fund’s respective Investment Management Agreement);

WHEREAS, each such Investment Management Agreement provides that the Complex-Level Fee shall be calculated by reference to the total assets of the Eligible Funds;

WHEREAS, each such Investment Management Agreement provides that “Eligible Funds,” for purposes of such Agreement, shall mean all Nuveen-branded closed-end and open-end registered investment companies organized in the United States (it being understood that Nuveen Exchange-Traded Funds are not considered Eligible Funds); and

WHEREAS, in connection with the reorganization of certain Nuveen Open-End Funds (“Former Eligible Funds”) into certain TIAA-CREF Open-End Funds in 2019, Nuveen management and the Board of Directors/Trustees of each of the Funds have agreed to include certain assets of the Former Eligible Funds as Complex-Level Assets for purposes of calculating the Complex-Level Fee, which will have the effect of reducing the fees paid to the Adviser by the Funds.

Now, therefore, the parties hereby memorialize that understanding by amending the following paragraph included in each Fund’s Investment Management Agreement as follows (with deleted language stricken through and new language underlined):

The Complex-Level Fee for the Fund shall be computed by applying the Complex-Level Fee Rate, expressed as a daily equivalent, to the average daily managed assets of the Fund. The Complex-Level Fee Rate shall be determined based upon the total daily net assets of all Eligible Funds, as defined below (with such daily net assets to include — in the case of Eligible Funds whose advisory fees are calculated by reference to net assets that include net assets attributable to preferred stock issued by or borrowings by the Eligible Fund — such leveraging net assets), pursuant to the annual fee schedule shown below in this section, with the following exclusions adjustments (as adjusted, “Complex-Level Assets”):

(i) in the case of Eligible Funds that invest in other Eligible Funds (individually a “Fund of Funds” and collectively “Funds of Funds”), excluding that portion of the net assets of such Funds of Funds attributable to investments in such other Eligible Funds; and

(ii) excluding that portion of the net assets of each Eligible Fund comprising the daily “Fund Asset Limit Amount” (as defined below).; and

(iii) in instances where Eligible Funds have been reorganized into non-Eligible Funds advised by an affiliate of the Adviser during the 2019 calendar year (each such reorganization a “2019 Reorganization” and each such Eligible Fund a “Former Eligible Fund”):

(x) for each Former Eligible Fund that was not a Fund of Funds, including the amount by which, as of a date 30 days prior to the closing date of the applicable 2019 Reorganization, the net assets of the Former Eligible Fund exceeded the Former Eligible Fund’s “Initial Fund Asset Limit Amount” (as defined below); and

(y) for each Former Eligible Fund that was a Fund of Funds, with respect to each Eligible Fund in which the Former Eligible Fund was invested immediately prior to the transition of the Former Eligible Fund’s portfolio in connection with its 2019 Reorganization (the “Transition Time”), including the net assets of the Former Eligible Fund invested in such Eligible Fund as of the Transition Time, but only to the extent that the Eligible Fund’s net assets exceeded the Eligible Fund’s “Initial Fund Asset Limit Amount” (as defined below) as of the Transition Time.

 

2

IN WITNESS WHEREOF, each Fund and the Adviser have caused this Agreement to be executed as of the day and year above written.

ALL NUVEEN FUNDS LISTED ON ATTACHMENT A

 

by:  

        /s/ Gifford Zimmerman

               Vice President

 

Attest:  

  /s/ Virginia O’Neal

NUVEEN FUND ADVISORS, LLC

 

by:  

        /s/ Christopher Rohrbacher

               Managing Director

 

Attest:  

  /s/ Virginia O’Neal

 

3

Attachment A

As of August 1, 2019

NUVEEN CLOSED-END FUNDS

 

         TICKER SYMBOLS
1.   Nuveen All Cap Energy MLP Opportunities Fund              JMLP
2.   Nuveen AMT-Free Municipal Credit Income Fund              NVG
3.   Nuveen AMT-Free Municipal Value Fund              NUW
4.   Nuveen AMT-Free Quality Municipal Income Fund              NEA
5.   Nuveen Arizona Quality Municipal Income Fund              NAZ
6.   Nuveen California AMT-Free Quality Municipal Income Fund              NKX
7.   Nuveen California Municipal Value Fund 2              NCB
8.   Nuveen California Municipal Value Fund, Inc.              NCA
9.   Nuveen California Quality Municipal Income Fund              NAC
10.   Nuveen California Select Tax-Free Income Portfolio              NXC
11.   Nuveen Connecticut Quality Municipal Income Fund              NTC
12.   Nuveen Core Equity Alpha Fund              JCE
13.   Nuveen Credit Opportunities 2022 Target Term Fund              JCO
14.   Nuveen Credit Strategies Income Fund              JQC
15.   Nuveen Diversified Dividend and Income Fund              JDD
16.   Nuveen Dow 30SM Dynamic Overwrite Fund              DIAX
17.   Nuveen Emerging Markets Debt 2022 Target Term Fund              JEMD
18.   Nuveen Energy MLP Total Return Fund              JMF
19.   Nuveen Enhanced Municipal Value Fund (not leveraged)              NEV
20.   Nuveen Floating Rate Income Fund              JFR
21.   Nuveen Floating Rate Income Opportunity Fund              JRO
22.   Nuveen Georgia Quality Municipal Income Fund              NKG
23.   Nuveen Global High Income Fund              JGH
24.   Nuveen High Income 2020 Target Term Fund              JHY
25.   Nuveen High Income 2023 Target Term Fund              JHAA
26.   Nuveen High Income December 2019 Target Term Fund              JHD
27.   Nuveen High Income November 2021 Target Term Fund              JHB
28.   Nuveen Intermediate Duration Municipal Term Fund              NID
29.   Nuveen Intermediate Duration Quality Municipal Term Fund              NIQ
30.   Nuveen Maryland Quality Municipal Income Fund              NMY
31.   Nuveen Massachusetts Quality Municipal Income Fund              NMT
32.   Nuveen Michigan Quality Municipal Income Fund              NUM
33.   Nuveen Minnesota Quality Municipal Income Fund              NMS
34.   Nuveen Missouri Quality Municipal Income Fund              NOM
35.   Nuveen Mortgage Opportunity Term Fund 2              JMT
36.   Nuveen Mortgage Opportunity Term Fund              JLS
37.   Nuveen Multi-Market Income Fund              JMM
38.   Nuveen Municipal 2021 Target Term Fund              NHA
39.   Nuveen Municipal Credit Income Fund              NZF
40.   Nuveen Municipal High Income Opportunity Fund              NMZ
41.   Nuveen Municipal Income Fund, Inc.              NMI
42.   Nuveen Municipal Value Fund, Inc.              NUV
43.   Nuveen NASDAQ 100 Dynamic Overwrite Fund              QQQX
44.   Nuveen New Jersey Municipal Value Fund              NJV
45.   Nuveen New Jersey Quality Municipal Income Fund              NXJ
46.   Nuveen New York AMT-Free Quality Municipal Income Fund              NRK

 

A–1

47.   Nuveen New York Municipal Value Fund 2              NYV
48.   Nuveen New York Municipal Value Fund, Inc.              NNY
49.   Nuveen New York Quality Municipal Income Fund              NAN
50.   Nuveen New York Select Tax-Free Income Portfolio              NXN
51.   Nuveen North Carolina Quality Municipal Income Fund              NNC
52.   Nuveen Ohio Quality Municipal Income Fund              NUO
53.   Nuveen Pennsylvania Municipal Value Fund              NPN
54.   Nuveen Pennsylvania Quality Municipal Income Fund              NQP
55.   Nuveen Preferred & Income Opportunities Fund              JPC
56.   Nuveen Preferred & Income Securities Fund              JPS
57.   Nuveen Preferred and Income 2022 Term Fund              JPT
58.   Nuveen Preferred and Income Term Fund              JPI
59.   Nuveen Quality Municipal Income Fund              NAD
60.   Nuveen Real Asset Income and Growth Fund              JRI
61.   Nuveen Real Estate Income Fund              JRS
62.   Nuveen S&P 500 Dynamic Overwrite Fund              SPXX
63.   Nuveen S&P 500 Buy-Write Income Fund              BXMX
64.   Nuveen Select Maturities Municipal Fund              NIM
65.   Nuveen Select Tax-Free Income Portfolio 2              NXQ
66.   Nuveen Select Tax-Free Income Portfolio 3              NXR
67.   Nuveen Select Tax-Free Income Portfolio              NXP
68.   Nuveen Senior Income Fund              NSL
69.   Nuveen Short Duration Credit Opportunities Fund              JSD
70.   Nuveen Taxable Municipal Income Fund              NBB
71.   Nuveen Tax-Advantaged Dividend Growth Fund              JTD
72.   Nuveen Tax-Advantaged Total Return Strategy Fund              JTA
73.   Nuveen Texas Quality Municipal Income Fund              NTX
74.   Nuveen Virginia Quality Municipal Income Fund              NPV

NUVEEN OPEN-END FUNDS

NUVEEN MUNICIPAL TRUST

 

  1.

Nuveen Intermediate Duration Municipal Bond Fund

 

  2.

Nuveen All-American Municipal Bond Fund

 

  3.

Nuveen Limited Term Municipal Bond Fund

 

  4.

Nuveen High Yield Municipal Bond Fund

 

  5.

Nuveen Short Duration High Yield Municipal Bond Fund

 

  6.

Nuveen Strategic Municipal Opportunities Fund

NUVEEN MULTISTATE TRUST I

 

  7.

Nuveen Arizona Municipal Bond Fund

 

  8.

Nuveen Colorado Municipal Bond Fund

 

  9.

Nuveen Maryland Municipal Bond Fund

 

  10.

Nuveen New Mexico Municipal Bond Fund

 

  11.

Nuveen Pennsylvania Municipal Bond Fund

 

  12.

Nuveen Virginia Municipal Bond Fund

NUVEEN MULTISTATE TRUST II

 

  13.

Nuveen California Municipal Bond Fund

 

  14.

Nuveen California High Yield Municipal Bond Fund

 

  15.

Nuveen California Intermediate Municipal Bond Fund

 

  16.

Nuveen Connecticut Municipal Bond Fund

 

A–2

  17.

Nuveen Massachusetts Municipal Bond Fund

 

  18.

Nuveen New Jersey Municipal Bond Fund

 

  19.

Nuveen New York Municipal Bond Fund

NUVEEN MULTISTATE TRUST III

 

  20.

Nuveen Georgia Municipal Bond Fund

 

  21.

Nuveen Louisiana Municipal Bond Fund

 

  22.

Nuveen North Carolina Municipal Bond Fund

 

  23.

Nuveen Tennessee Municipal Bond Fund

NUVEEN MULTISTATE TRUST IV

 

  24.

Nuveen Kansas Municipal Bond Fund

 

  25.

Nuveen Kentucky Municipal Bond Fund

 

  26.

Nuveen Michigan Municipal Bond Fund

 

  27.

Nuveen Missouri Municipal Bond Fund

 

  28.

Nuveen Ohio Municipal Bond Fund

 

  29.

Nuveen Wisconsin Municipal Bond Fund

NUVEEN INVESTMENT TRUST

 

  30.

Nuveen Equity Market Neutral Fund

 

  31.

Nuveen Large Cap Core Fund

 

  32.

Nuveen Large Cap Growth Fund

 

  33.

Nuveen Large Cap Value Fund

 

  34.

Nuveen NWQ Global Equity Income Fund

 

  35.

Nuveen NWQ Multi-Cap Value Fund

 

  36.

Nuveen NWQ Small-Cap Value Fund

 

  37.

Nuveen NWQ Large-Cap Value Fund

 

  38.

Nuveen NWQ Small/Mid-Cap Value Fund

NUVEEN INVESTMENT TRUST II

 

  39.

Nuveen Emerging Markets Equity Fund

 

  40.

Nuveen Santa Barbara Dividend Growth Fund

 

  41.

Nuveen Santa Barbara Global Dividend Growth Fund

 

  42.

Nuveen Santa Barbara International Dividend Growth Fund

 

  43.

Nuveen Equity Long/Short Fund

 

  44.

Nuveen International Growth Fund

 

  45.

Nuveen NWQ International Value Fund

 

  46.

Nuveen Winslow International Large Cap Fund

 

  47.

Nuveen Winslow International Small Cap Fund

 

  48.

Nuveen Winslow Large-Cap Growth Fund

NUVEEN INVESTMENT TRUST III

 

  49.

Nuveen Symphony Credit Opportunities Fund

 

  50.

Nuveen Symphony Floating Rate Income Fund

NUVEEN INVESTMENT TRUST V

 

  51.

Nuveen Preferred Securities and Income Fund

 

  52.

Nuveen NWQ Flexible Income Fund

 

  53.

Nuveen Gresham Diversified Commodity Strategy Fund

 

  54.

Nuveen Global Real Estate Securities Fund

 

  55.

Nuveen Gresham Managed Futures Strategy Fund

 

A–3

NUVEEN INVESTMENT FUNDS, INC.

 

  56.

Nuveen Dividend Value Fund

 

  57.

Nuveen Global Infrastructure Fund

 

  58.

Nuveen High Income Bond Fund

 

  59.

Nuveen Large Cap Select Fund

 

  60.

Nuveen Mid Cap Growth Opportunities Fund

 

  61.

Nuveen Mid Cap Value Fund

 

  62.

Nuveen Minnesota Intermediate Municipal Bond Fund

 

  63.

Nuveen Minnesota Municipal Bond Fund

 

  64.

Nuveen Nebraska Municipal Bond Fund

 

  65.

Nuveen Oregon Intermediate Municipal Bond Fund

 

  66.

Nuveen Real Asset Income Fund

 

  67.

Nuveen Real Estate Securities Fund

 

  68.

Nuveen Short Term Municipal Bond Fund

 

  69.

Nuveen Small Cap Growth Opportunities Fund

 

  70.

Nuveen Small Cap Select Fund

 

  71.

Nuveen Small Cap Value Fund

 

  72.

Nuveen Strategic Income Fund

 

A–4