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 with maturities of less than 15 years as determined by /spanspan style="color:#000000;font-family:times new roman;font-size:9.5pt"ICE Data Indices, LLC, the index provider (the “Index /spanspan style="color:#000000;font-family:times new roman;font-size:9.5pt"Provider”). The Underlying Index includes municipal bonds /spanspan style="color:#000000;font-family:times new roman;font-size:9.5pt"from issuers that are primarily state or local governments or /spanspan style="color:#000000;font-family:times new roman;font-size:9.5pt"agencies whose interest is exempt from U.S. federal income taxes /spanspan style="color:#000000;font-family:times new roman;font-size:9.5pt"and the federal alternative minimum tax (“AMT”), but excludes /spanspan style="color:#000000;font-family:times new roman;font-size:9.5pt"bonds issued by U.S. territories, such as Puerto Rico (but debt /spanspan style="color:#000000;font-family:times new roman;font-size:9.5pt"issued by the District of Columbia is included), and certain /spanspan style="color:#000000;font-family:times new roman;font-size:9.5pt"other bonds as determined by the Index Provider. To be eligible /spanspan style="color:#000000;font-family:times new roman;font-size:9.5pt"for inclusion in the Underlying Index, 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;line-height:12.50pt" /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 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 security is considered /spanspan style="color:#000000;font-family:times new roman;font-size:9.5pt"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 purchase, the median rating /spanspan style="color:#000000;font-family:times new roman;font-size:9.5pt"of the credit ratings agencies is investment grade. If rated by all /spanspan style="color:#000000;font-family:times new roman;font-size:9.5pt"three credit ratings agencies, two of the three ratings must be /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; if rated by two agencies, the lowest /spanspan style="color:#000000;font-family:times new roman;font-size:9.5pt"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;margin-left:2.38pt" or 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 /spanspan style="color:#000000;font-family:times new roman;font-size:9.5pt"agency, the security must be rated 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 bond must also be /spanspan style="color:#000000;font-family:times new roman;font-size:9.5pt"denominated in U.S. dollars; /spanspan style="color:#000000;font-family:times new roman;font-size:9.5pt"must be a constituent of a deal /spanspan style="color:#000000;font-family:times new roman;font-size:9.5pt"where the original offering amount was at least $100 million; /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"have a minimum par amount of $10 million. In addition, to /spanspan style="color:#000000;font-family:times new roman;font-size:9.5pt"be included in the Underlying Index, each bond must have a /spanspan style="color:#000000;font-family:times new roman;font-size:9.5pt"remaining term to final maturity that is less than 15 years and /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/divdiv 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/divdiv 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/divdiv 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/divdiv 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"6.96/spanspan style="color:#000000;font-family:times new roman;font-size:9.5pt" years. The Fund considers intermediate-term bonds to be /spanspan style="color:#000000;font-family:times new roman;font-size:9.5pt"those that have a maturity in the same range as those included in /spanspan style="color:#000000;font-family:times new roman;font-size:9.5pt"the Underlying Index. The Fund seeks to maintain an average /spanspan style="color:#000000;font-family:times new roman;font-size:9.5pt"maturity 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/divdiv 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/divdiv 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/divdiv 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/divdiv 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 /span/divdiv 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"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