div style="margin-top: 6pt;"span style="color: #000000; font-family: times new roman; font-size: 9.5pt;"The Underlying Index is designed to measure the performance /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"of the investment-grade segment of the U.S. municipal bond /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"market as determined by ICE Data Indices, LLC, the index /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"provider (the “Index Provider”). The Underlying Index includes /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"municipal bonds from issuers that are primarily state or local /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"governments or agencies whose interest is exempt from U.S. /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"federal income taxes and the federal alternative minimum tax /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"(“AMT”), but excludes bonds issued by U.S. territories, such as /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"Puerto Rico (but debt issued by the District of Columbia is /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"included), and certain other bonds as determined by the Index /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"Provider. To be eligible for inclusion in the Underlying Index, /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"each bond must /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"have an/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;" investment-grade /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"rating determined by /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"Moody's Ratings /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"(/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"“/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"Moody/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"'/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"s/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"”)/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;", /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"Samp;/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"P Global Ratings/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt; line-height: 12.50pt;" /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"(“/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"Samp;P”)/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt; line-height: 12.50pt;" /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"and//spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"or Fitch Ratings/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt; line-height: 12.50pt;" /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"(“/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"Fitch”)/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt; line-height: 12.50pt;" /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"(the/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt; line-height: 12.50pt;" /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"“/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"credit-/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"ratings agencies”)./spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt; line-height: 12.50pt;" /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"A /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"security is considered investment/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt; line-height: 12.50pt;" /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"grade/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;",/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt; line-height: 12.50pt;" /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"if at the time of /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"purchase, the median rating of the credit ratings agencies is /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"investment grade. If rated by all three credit ratings agencies, /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"two of the three ratings must be Baa3/BBB/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt; margin-left: 2.38pt;"—/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt; margin-left: 2.38pt;" or higher; if rated /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"by two agencies, the lowest rating must be Baa3/BBB/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt; margin-left: 2.38pt;"—/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;" or /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"higher;/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;" and /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"if rated by a single agency, the security must be rated /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"Baa3/BBB/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt; margin-left: 2.38pt;"—/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt; margin-left: 2.38pt;" or higher and /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"have a fixed coupon schedule. Each /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"bond must also be denominated in U.S. dollars; /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"must be a /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"constituent of a deal where the original offering amount was at /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"least $100 million; and /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"have a minimum par amount of /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"$10 million. In addition, to be included in the Underlying Index, /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"each bond must have a minimum term to maturity or call date /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"greater than or equal to one calendar day./spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /span/div div style="margin-top: 6pt;"span style="color: #000000; font-family: times new roman; font-size: 9.5pt;"The Underlying Index is governed by published, objective rules /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"for security selection, exclusion, rebalancing and adjustments for /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"corporate actions. The Underlying Index is reconstituted /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"monthly. The Fund generally reconstitutes its portfolio in /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"accordance with the Underlying Index. NTI uses a “passive” or /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"indexing approach to try to achieve the Fund’s investment /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"objective. Unlike many investment companies, the Fund does /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"not try to “beat” the index it tracks and does not seek temporary /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"defensive positions when markets decline or appear overvalued./spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /span/div div style="line-height: 12.50pt; margin-left: 7pt; margin-top: 0.00pt; text-align: left;"span style="color: #000000; font-family: times new roman; font-size: 9.5pt;"NTI uses a representative sampling strategy to manage the Fund. /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"“Representative sampling” is investing in a representative sample /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"of securities that collectively has an investment profile similar to /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"the Underlying Index. The Fund may or may not hold all of the /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"securities that are included in the Underlying Index. The Fund /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"reserves the right to invest in substantially all of the securities in /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"its Underlying Index in approximately the same proportions (i.e., /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"replication) if NTI determines that it is in the best interest of the /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"Fund./spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /span/div div style="margin-top: 6pt;"span style="color: #000000; font-family: times new roman; font-size: 9.5pt;"Under normal circumstances, the Fund will invest at least 80% of /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"its net assets (plus the amount of any borrowings for investment /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"purposes) in debt instruments that pay interest that is exempt /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"from regular federal income tax. Alternative minimum tax /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"(“AMT”) obligations (also known as “private activity bonds”), /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"which pay interest that may be treated as an item of tax /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"preference to shareholders under the federal AMT, will not be /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"deemed to be eligible debt instruments for the purposes of /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"determining whether the Fund meets this policy. For /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"shareholders subject to AMT, a portion of the Fund’s dividends /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"may be subject to federal tax./spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /span/div div style="margin-top: 6pt;"span style="color: #000000; font-family: times new roman; font-size: 9.5pt;"As of /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"December/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt; line-height: 12.50pt;" /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"31/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;", 2025, the weighted average /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"life/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;" to maturity of /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"the bonds included in the Underlying Index /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"was approximately /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"12.23/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;" years. The Fund seeks to maintain an average maturity /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"consistent with that of the Underlying Index./spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /span/div div style="margin-top: 6pt;"span style="color: #000000; font-family: times new roman; font-size: 9.5pt;"The Fund may also invest its assets in cash and cash equivalents, /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"including shares of money market funds advised by NTI or its /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"affiliates, futures contracts and options on futures contracts, as /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"well as debt instruments or other securities not included in the /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"Underlying Index, but which NTI believes will help the Fund /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"track its Underlying Index./spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /span/div div style="margin-top: 6pt;"span style="color: #000000; font-family: times new roman; font-size: 9.5pt;"The Underlying Index is sponsored by the Index Provider, an /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"organization that is independent of the Fund and NTI. The /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"Index Provider determines the composition and relative /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"weightings of the securities in the Underlying Index and /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"publishes information regarding the market value of the /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"Underlying Index./spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /span/div div style="margin-top: 6pt;"span style="color: #000000; font-family: times new roman; font-size: 9.5pt;"The Fund is “non-diversified” under the Investment Company /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"Act of 1940, as amended (the “1940 Act”), and may invest more /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"of its assets in fewer issuers than “diversified” funds./spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /span/div div style="margin-top: 6pt;"span style="color: #000000; font-family: times new roman; font-size: 9.5pt;"The Fund will concentrate its investments (i.e., invest more than /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"25% of its net assets) in a particular industry or group of /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"industries to approximately the same extent that the Underlying /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"Index is concentrated. The components of the Underlying Index, /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"and the degree to which these components represent certain /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"industries or sectors, may change over time./spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /span/div