<SEC-DOCUMENT>0001193125-18-309125.txt : 20181129
<SEC-HEADER>0001193125-18-309125.hdr.sgml : 20181129

<ACCEPTANCE-DATETIME>20181026162916

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001193125-18-309125

CONFORMED SUBMISSION TYPE:	N-2/A

PUBLIC DOCUMENT COUNT:		14

FILED AS OF DATE:		20181026

DATE AS OF CHANGE:		20181029


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			Nuveen AMT-Free Municipal Credit Income Fund

		CENTRAL INDEX KEY:			0001090116

		IRS NUMBER:				752998730

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			1031



	FILING VALUES:

		FORM TYPE:		N-2/A

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-226136

		FILM NUMBER:		181141923



	BUSINESS ADDRESS:	

		STREET 1:		333 WEST WACKER DRIVE

		CITY:			CHICAGO

		STATE:			IL

		ZIP:			60606

		BUSINESS PHONE:		3129178146



	MAIL ADDRESS:	

		STREET 1:		333 WEST WACKER DRIVE

		CITY:			CHICAGO

		STATE:			IL

		ZIP:			60606



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund

		DATE OF NAME CHANGE:	20160411



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	NUVEEN DIVIDEND ADVANTAGE MUNICIPAL INCOME FUND

		DATE OF NAME CHANGE:	20120106



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	NUVEEN INSURED DIVIDEND ADVANTAGE MUNICIPAL FUND

		DATE OF NAME CHANGE:	19990709




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			Nuveen AMT-Free Municipal Credit Income Fund

		CENTRAL INDEX KEY:			0001090116

		IRS NUMBER:				752998730

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			1031



	FILING VALUES:

		FORM TYPE:		N-2/A

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-09475

		FILM NUMBER:		181141922



	BUSINESS ADDRESS:	

		STREET 1:		333 WEST WACKER DRIVE

		CITY:			CHICAGO

		STATE:			IL

		ZIP:			60606

		BUSINESS PHONE:		3129178146



	MAIL ADDRESS:	

		STREET 1:		333 WEST WACKER DRIVE

		CITY:			CHICAGO

		STATE:			IL

		ZIP:			60606



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund

		DATE OF NAME CHANGE:	20160411



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	NUVEEN DIVIDEND ADVANTAGE MUNICIPAL INCOME FUND

		DATE OF NAME CHANGE:	20120106



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	NUVEEN INSURED DIVIDEND ADVANTAGE MUNICIPAL FUND

		DATE OF NAME CHANGE:	19990709



</SEC-HEADER>

<DOCUMENT>
<TYPE>N-2/A
<SEQUENCE>1
<FILENAME>d656069dn2a.htm
<DESCRIPTION>NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND
<TEXT>
<HTML><HEAD>
<TITLE>Nuveen AMT-Free Municipal Credit Income Fund</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
  <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>As filed with the U.S. Securities and Exchange Commission on October 26, 2018
</B></FONT></P>  <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>1933 Act File No.&nbsp;333-226136 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>1940 Act File No.&nbsp;811-09475 </B></FONT></P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>U.S. SECURITIES AND EXCHANGE
COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P>
<P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>Form N-2 </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Check appropriate box or boxes) </B></FONT></P> <P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>&#9746;<B></B><B></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 </B></FONT></P></TD></TR></TABLE>
<P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>&#9746;<B></B><B></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Pre-Effective Amendment No. 2 </B></FONT></P></TD></TR></TABLE>  <P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>&#9744;<B></B><B></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Post-Effective Amendment No. </B></FONT></P></TD></TR></TABLE> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>and/or </B></FONT></P> <P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>&#9746;<B></B><B></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 </B></FONT></P></TD></TR></TABLE>
<P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>&#9746;<B></B><B></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Amendment No.&nbsp;14 </B></FONT></P></TD></TR></TABLE>  <P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>Nuveen
AMT-Free Municipal Credit Income Fund </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(Exact name of Registrant as Specified in Charter) </B></FONT></P>
<P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>333 West Wacker Drive, Chicago, Illinois 60606 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>(Address of Principal Executive Offices) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Number, Street, City, State,
Zip Code) </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Registrant&#146;s Telephone Number, including Area Code): (800)&nbsp;257-8787 </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Gifford R. Zimmerman </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Vice President and Secretary </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>333 West Wacker Drive </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Chicago, Illinois 60606 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Name and Address (Number, Street, City, State, Zip Code) of Agent for Service </B></FONT></P> <P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Copies to:
</I></B></FONT></P> <P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Frank P. Bruno</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Jonathan B. Miller</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Sidley Austin LLP</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>787 Seventh Avenue</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>New York, NY 10019</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Eric F. Fess</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Chapman and Cutler LLP</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>111 W. Monroe Street</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Chicago, IL 60603</B></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Approximate Date of Proposed Public Offering:</B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">From time to time after the effective date of this Registration Statement.</FONT></TD></TR>
</TABLE> <P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the securities being registered on this form will be offered on a delayed or continuous basis in reliance on Rule&nbsp;415 under the Securities Act of
1933, other than securities offered in connection with a dividend reinvestment plan, check the following box.&nbsp;&nbsp;&#9746; </FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">It is
proposed that this filing will become effective (check appropriate box) </FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;&nbsp;&nbsp;When declared effective pursuant to section 8(c)
</FONT></P> <P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933 </B></FONT></P>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD></TR>


<TR STYLE="font-size:1px">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Title of Securities<BR>Being Registered</B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Amount Being<BR>Registered</B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Proposed<BR>Maximum<BR>Offering Price<BR>per Unit</B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Proposed<BR>Maximum<BR>Aggregate<BR>Offering Price(3)</B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Amount of<BR>Registration Fee</B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Common Shares, $0.01 par value per share</FONT></P></TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ROWSPAN="2" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)(2)</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">MuniFund Preferred Shares, $0.01 par value per share</FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total</FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">$550,000,000</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">$66,663.30(4)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD></TR>
</TABLE>  <P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">There are being registered hereunder a presently indeterminate number of Common Shares or MuniFund Preferred Shares.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Registration Statement also includes an indeterminate amount of MuniFund Preferred Shares that may be transition-remarketed in connection
with a Mode change after their initial offering and sale. The Registrant will not receive any proceeds from such remarketings. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Estimated solely for the purpose of determining the registration fee pursuant to Rule&nbsp;457(o) under the Securities Act of 1933. In no
event will the aggregate initial offering price of all securities offered from time to time pursuant to the prospectus included as a part of this Registration Statement exceed $550,000,000. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">A registration fee of $124.50 was previously paid in connection with the initial filing of this Registration Statement on July&nbsp;12, 2018
and an additional registration fee of $66,538.80 is being paid concurrently with the filing of this <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment No.&nbsp;2 to the Registration Statement. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant
shall file a further amendment that specifically states this Registration Statement shall thereafter become effective in accordance with Section&nbsp;8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on
such dates as the Securities and Exchange Commission, acting pursuant to said Section&nbsp;8(a), may determine. </B></FONT></P> <P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#cc062a"><B>The information in this prospectus is not complete and may be changed. We may not sell
these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and we are not soliciting offers to buy these securities in any jurisdiction
where the offer or sale is not permitted. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#cc062a"><B>Subject to Completion </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#cc062a"><B>Preliminary Prospectus dated October 26, 2018 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right">


<IMG SRC="g656069g71h68.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>BASE PROSPECTUS </B></FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>$550,000,000 </B></FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>Nuveen AMT-Free Municipal Credit Income Fund
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>COMMON SHARES </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>MUNIFUND PREFERRED SHARES </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The
Offerings. </B>Nuveen AMT-Free Municipal Credit Income Fund (the &#147;Fund&#148;) is offering, on an immediate, continuous or delayed basis, in one or more offerings, common shares (the &#147;Common Shares&#148;) or MuniFund Preferred Shares
(&#147;MFP Shares,&#148; and the Common Shares and the MFP Shares, collectively, the &#147;Securities&#148;). The Fund may offer and sell Securities to or through underwriters, through dealers or agents that the Fund designates from time to time,
directly to purchasers or through a combination of these methods. In connection with any offering of Securities, the Fund will deliver a prospectus supplement describing such offering, including, as applicable, the names of any underwriters, dealers
or agents and information regarding any applicable purchase price, fee, commission or discount arrangements made with those underwriters, dealers or agents or the basis upon which such amount may be calculated. For more information about the manners
in which the Fund may offer Securities, see &#147;Plan of Distribution.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The Fund. </B>This prospectus, together with
any prospectus supplement, sets forth concisely information about the Fund that a prospective investor should know before investing, and should be retained for future reference. The Fund is a diversified, closed-end management investment company.
The Fund&#146;s investment objectives are to provide current income exempt from regular federal income tax and federal alternative minimum tax applicable to individuals, and to enhance portfolio value relative to the municipal bond market by
investing in tax-exempt municipal bonds that the Fund&#146;s investment adviser, Nuveen Fund Advisors, LLC, believes are underrated or undervalued or that represent municipal market sectors that are undervalued. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Common Shares are listed on the New York Stock Exchange (the &#147;NYSE&#148;) under the symbol &#147;NVG.&#148; Unless otherwise
specified in the applicable prospectus supplement, the MFP Shares will not be listed or traded on any securities exchange. An investment in MFP Shares may be illiquid and there may be no active secondary trading market. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Investing in the Securities involves risks. See </B>&#147;<B>Risk Factors</B>&#148;<B> beginning on page&nbsp;9. You should consider
carefully these risks together with all of the other information in this prospectus and any related prospectus supplement before making a decision to purchase any of the Securities.</B> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>(continued on next page)</I> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Neither the Securities and Exchange Commission (the &#147;SEC&#148;) nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.</B> </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#149;], 2018 </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>(continued from previous page) </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Investment Objectives and Policies</B>. The Fund&#146;s investment objectives are to provide current income exempt from regular
federal income tax and federal alternative minimum tax applicable to individuals, and to enhance portfolio value relative to the municipal bond market by investing in tax-exempt municipal bonds that the Fund&#146;s investment adviser, Nuveen Fund
Advisors, LLC (&#147;Nuveen Fund Advisors&#148;), believes are underrated or undervalued or that represent municipal market sectors that are undervalued. As a fundamental investment policy, under normal circumstances, the Fund will invest at least
80% of its Assets (as defined herein) in municipal securities and other related investments, the income from which is exempt from regular federal income taxes. As non-fundamental investment policies, under normal circumstances, the Fund will invest
100% of its Managed Assets (as defined herein) and at least 80% of its Assets in municipal securities and other related investments, the income from which is exempt from the federal alternative minimum tax applicable to individuals at the time of
purchase. As a non-fundamental investment policy, under normal circumstances, the Fund may invest up to 55% of its Managed Assets in securities rated, at the time of investment, below the three highest grades (Baa or BBB or lower) by at least one
nationally recognized statistical rating organization, which includes below-investment-grade or unrated securities judged to be of comparable quality by the Fund&#146;s sub-adviser, Nuveen Asset Management, LLC (&#147;NAM&#148;). There can be no
assurance that the Fund will achieve its investment objectives. </FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Leverage. </B>The Fund uses leverage to pursue its
investment objectives. The Fund may use leverage to the extent permitted by the Investment Company Act of 1940, as amended. The Fund may source leverage through a number of methods including the issuance of preferred shares, investments in inverse
floating rate securities, entering into reverse repurchase agreements (effectively a secured borrowing) and borrowings (subject to certain investment restrictions). The Fund pays a management fee to Nuveen Fund Advisors (which in turn pays a portion
of its fees to NAM) based on a percentage of Managed Assets. Because Managed Assets for this purpose includes the assets acquired from the Fund&#146;s use of leverage, Nuveen Fund Advisors and NAM may have a conflict of interest in determining
whether the Fund should use or increase leverage. <B>See &#147;Use of Leverage&#148; and &#147;The Fund&#146;s Investments.&#148; There is no assurance that the Fund&#146;s leveraging strategy will be successful. Leverage involves special risks. See
&#147;Risk Factors&#151;Leverage Risk.&#148;</B> </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>  <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">You should
read this prospectus, together with any prospectus supplement, which contains important information about the Fund, before deciding whether to invest in Securities and retain it for future reference. A statement of additional information, dated
[&nbsp;&nbsp;&nbsp;&nbsp;], 2018, and as it may be supplemented containing additional information about the Fund (the &#147;SAI&#148;), has been filed with the SEC and is incorporated by reference in its entirety into this prospectus. You may
request a free copy of the SAI, the table of contents of which is on page&nbsp;69 of this prospectus, annual and semi-annual reports to shareholders when available and other information about the Fund and make shareholder inquiries by calling
(800)&nbsp;257-8787 or by writing to the Fund, or from the Fund&#146;s website (www.nuveen.com). The information contained in, or that can be accessed through, the Fund&#146;s website is not part of this prospectus, except to the extent specifically
incorporated by reference in the SAI. You also may obtain a copy of the SAI (and other information regarding the Fund) from the SEC&#146;s website (www.sec.gov). </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The Securities do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured
depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</B> </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Page</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_1">Forward-Looking Statements</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">ii</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_2">Prospectus Summary</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_3">Risk Factors</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_4">Financial Highlights</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">28</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_5">The Fund</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_6">Use of Proceeds</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_7">Description of Securities</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_8">The Fund&#146;s Investments</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_9">Use of Leverage</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">52</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_10">Management of the Fund</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">55</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_11">Net Asset Value</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">58</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_12">Distributions</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">58</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_13">Plan of Distribution</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">59</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_14">Certain Provisions in the Declaration of Trust and By-Laws</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_15">Repurchase of Fund Shares; Conversion to Open-End Fund</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_16">Tax Matters</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">64</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_17">Custodian, Transfer Agent, Dividend Disbursing Agent and Redemption and Paying
Agent</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">67</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_18">Legal Matters</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_19">Independent Registered Public Accounting Firm</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_20">Where You Can Find More Information</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_21">Statement of Additional Information</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">69</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>You should rely only on the information contained or incorporated by reference into this prospectus
and any related prospectus supplement. The Fund has not authorized anyone to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. The Fund is not making an offer of
Securities in any state where the offer is not permitted. You should not assume that the information contained in this prospectus and any related prospectus supplement is accurate as of any date other than the respective dates on the front covers.
The Fund&#146;s business, financial condition and prospects may have changed since that date. </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">i </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc656069_1"></A>FORWARD-LOOKING STATEMENTS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any projections, forecasts and estimates contained or incorporated by reference herein are forward looking statements and are based upon
certain assumptions. Projections, forecasts and estimates are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying any projections, forecasts or estimates will not materialize or will vary
significantly from actual results. Actual results may vary from any projections, forecasts and estimates and the variations may be material. Some important factors that could cause actual results to differ materially from those in any forward
looking statements include changes in interest rates, market, financial or legal uncertainties, including changes in tax law, and the timing and frequency of defaults on underlying investments. Consequently, the inclusion of any projections,
forecasts and estimates herein should not be regarded as a representation by the Fund or any of its affiliates or any other person or entity of the results that will actually be achieved by the Fund. Neither the Fund nor its affiliates has any
obligation to update or otherwise revise any projections, forecasts and estimates including any revisions to reflect changes in economic conditions or other circumstances arising after the date hereof or to reflect the occurrence of unanticipated
events, even if the underlying assumptions do not come to fruition. The Fund acknowledges that, notwithstanding the foregoing, the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995 does not apply
to investment companies such as the Fund. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">ii </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc656069_2"></A>PROSPECTUS SUMMARY </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>This is only a summary. You should review the more detailed information contained elsewhere in this prospectus, in any prospectus
supplement and in the statement of additional information, dated [&#149;], 2018, and as it may be supplemented (the &#147;SAI&#148;), including the documents incorporated by reference, prior to making an investment in the Fund, especially the
information set forth under the heading &#147;Risk Factors.&#148;</I> </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The Fund</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">Nuveen AMT-Free Municipal Credit Income Fund (the &#147;Fund&#148;) is a diversified, closed-end management investment company. The Fund&#146;s common shares, $.01 par value per share (the
&#147;Common Shares&#148;), are traded on the New York Stock Exchange (the &#147;NYSE&#148;) under the symbol &#147;NVG.&#148; See &#147;Description of Securities&#151;Common Shares.&#148; As of September&nbsp;30, 2018, the Fund had 202,552,895
Common Shares outstanding and net assets applicable to Common Shares of $3,215,856,103. </FONT></TD></TR></TABLE>  <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of the date of this prospectus, the Fund has outstanding one series of MuniFund Preferred Shares (&#147;MFP Shares&#148;), consisting of 4,054 Series A MFP Shares,
and five series of Variable Rate Demand Preferred Shares (&#147;VRDP Shares&#148;), consisting of 1,790 Series 1 VRDP Shares, 3,854 Series 2&nbsp;VRDP Shares, 1,800 Series 4 VRDP Shares, 3,405 Series 5&nbsp;VRDP Shares and 3,267 Series 6 VRDP
Shares. See &#147;Description of Securities&#151;Preferred Shares.&#148; MFP Shares, VRDP Shares and any other preferred shares of the Fund as may be outstanding from time to time are collectively referred to as &#147;Preferred Shares.&#148;
</FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Investment Objectives and Policies</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s investment objectives are to provide current income exempt from regular federal income tax and federal alternative minimum tax applicable to individuals, and to enhance portfolio
value relative to the municipal bond market by investing in tax-exempt municipal bonds that the Fund&#146;s investment adviser, Nuveen Fund Advisors, LLC (&#147;Nuveen Fund Advisors&#148; or the &#147;Investment Adviser&#148;), believes are
underrated or undervalued or that represent municipal market sectors that are undervalued. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a fundamental investment policy, under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities and other
related investments, the income from which is exempt from regular federal income taxes. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1 </FONT></P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a non-fundamental investment policy that may be changed by the Fund&#146;s trustees without prior shareholder notice, under normal circumstances, the Fund will
invest 100% of its Managed Assets (as defined below) in municipal securities and other related investments, the income from which is exempt from the federal alternative minimum tax applicable to individuals at the time of purchase. As a
non-fundamental investment policy subject to change by the Fund&#146;s trustees upon 60 days&#146; notice to shareholders, under normal circumstances, the Fund will invest at least 80% of its Assets in municipal securities and other related
investments, the income from which is exempt from the federal alternative minimum tax applicable to individuals at the time of purchase. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Assets&#148; means net assets of the Fund plus the amount of any borrowings for investment purposes. &#147;Managed Assets&#148; means the total assets of the
Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage).&nbsp;Total assets for this purpose shall include assets attributable to the Fund&#146;s use of leverage (whether or
not those assets are reflected in the Fund&#146;s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a non-fundamental investment policy that may be changed by the Fund&#146;s trustees without prior shareholder notice, under normal circumstances, the Fund may invest
up to 55% of its Managed Assets in securities rated, at the time of investment, below the three highest grades (Baa or BBB or lower) by at least one nationally recognized statistical rating organization (&#147;NRSRO&#148;), which includes
below-investment-grade securities or unrated securities judged to be of comparable quality by the Fund&#146;s sub-adviser, Nuveen Asset Management, LLC (&#147;NAM&#148; or the &#147;Sub-Adviser&#148;). </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Additionally, as a non-fundamental policy, the Fund: </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="41%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">may invest in distressed securities but may not invest in the securities of an issuer which, at the time of investment, is in default on its
obligations to pay principal or interest thereon when due or that is involved in a bankruptcy proceeding (<I>i.e.</I>, rated below C-, at the time of investment); provided, however, that NAM may determine that it is in the best interest of
shareholders in pursuing a workout arrangement with issuers of defaulted securities to make loans to the defaulted issuer or another party, or purchase a debt, equity or other interest from the defaulted issuer or
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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<TR style = "page-break-inside:avoid">
<TD WIDTH="45%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P><FONT STYLE="font-family:Times New Roman" SIZE="2">
another party, or take other related or similar steps involving the investment of additional monies, but only if that issuer&#146;s securities are already held by the Fund.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="41%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">may invest up to 15% of its Managed Assets in inverse floating rate securities. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="41%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">may invest in securities of other open- or closed-end investment companies (including exchange-traded funds (often referred to as &#147;ETFs&#148;))
that invest primarily in municipal securities of the types in which the Fund may invest directly, to the extent permitted by the 1940 Act, the rules and regulations issued thereunder and applicable exemptive orders issued by the SEC.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund also may invest in certain derivative instruments in pursuit of its investment objectives. Such instruments include financial futures contracts, swap contracts
(including interest rate and credit default swaps), options on financial futures, options on swap contracts, or other derivative instruments. NAM may use derivative instruments to seek to enhance return, to hedge some of the risk of the Fund&#146;s
investments in municipal securities or as a substitute for a position in the underlying asset. These types of strategies may generate taxable income. For purposes of determining compliance with the Fund&#146;s investment policies and for purposes of
calculating Managed Assets, the Fund will value eligible derivatives at market value or fair value instead of notional value. See &#147;The Fund&#146;s Investments&#151;Portfolio Composition&#151;Derivatives.&#148; </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">During temporary defensive periods or in order to help keep the Fund&#146;s assets fully invested, including during the period within which the net proceeds of an
offering of Securities are first being invested, the Fund may deviate from its investment policies and objectives. During such periods, the Fund may invest up to 100% of its total assets in short-term investments, including high quality, short-term
debt securities that may be either tax-exempt or taxable. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">There can be no assurance that the Fund will achieve its investment objectives. See &#147;Risk Factors&#148; and &#147;The Fund&#146;s Investments&#151;Investment
Objectives and Policies.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Investment Adviser</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">Nuveen Fund Advisors is the Fund&#146;s investment adviser, responsible for overseeing the Fund&#146;s overall investment strategy and its implementation. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P><FONT STYLE="font-family:Times New Roman" SIZE="2">Nuveen Fund Advisors, a registered investment adviser, offers advisory and investment management services to a broad range
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


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<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P><FONT STYLE="font-family:Times New Roman" SIZE="2">
of investment company clients. Nuveen Fund Advisors has overall responsibility for management of the Fund, oversees the management of the Fund&#146;s portfolio, manages the Fund&#146;s business
affairs and provides certain clerical, bookkeeping and other administrative services. Nuveen Fund Advisors is located at 333 West Wacker Drive, Chicago, Illinois 60606. Nuveen Fund Advisors is an indirect subsidiary of Nuveen, LLC
(&#147;Nuveen&#148;), the investment management arm of Teachers Insurance and Annuity Association of America (&#147;TIAA&#148;). TIAA is a life insurance company founded in 1918 by the Carnegie Foundation for the Advancement of Teaching and is the
companion organization of College Retirement Equities Fund. As of September 30, 2018, Nuveen managed approximately $988.4&nbsp;billion in assets, of which approximately $142.8&nbsp;billion was managed by Nuveen Fund Advisors.
</FONT></P></TD></TR></TABLE>  <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Sub-Adviser</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">NAM serves as the Fund&#146;s investment sub-adviser and is an affiliate of Nuveen Fund Advisors. NAM is a registered investment adviser. NAM oversees the day-to-day investment operations of the
Fund. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The Offerings</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may offer, on an immediate, continuous or delayed basis, in one or more offerings, up to $550,000,000 of Common Shares or MFP Shares in any combination (collectively, the
&#147;Securities&#148;), at prices and on terms to be determined at the time of the offering. The Fund may offer and sell Securities to or through underwriters, through dealers or agents the Fund designates from time to time, directly to one or more
purchasers or through a combination of these methods. In connection with any offering of Securities, the Fund will deliver a prospectus supplement describing such offering, including, as applicable, the names of any underwriters, dealers or agents
involved in the sale of Securities and the applicable purchase price, fee, commission and/or discount arrangement between the Fund and the underwriters, or among underwriters, dealers or agents or the basis upon which such amount may be calculated.
See &#147;Plan of Distribution.&#148; </FONT></TD></TR></TABLE>  <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The prospectus supplement for an offering of Common Shares also will include information regarding risk factors specific to an investment in Common Shares, fund
expenses, trading and net asset value of the Common Shares, the dividend reinvestment plan for Common Shares and other details concerning the offering. See &#147;Description of Securities&#151;Common Shares.&#148; </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P><FONT STYLE="font-family:Times New Roman" SIZE="2">The prospectus supplement for an offering of MFP Shares also will include information regarding the risk factors specific to an
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:0%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
investment in the MFP Shares, the series designation, redemption terms, the dividend rate, material U.S. federal income tax considerations and other details concerning the offering. The terms and
conditions of the MFP Shares of each series will be specified in a Statement Establishing and Fixing the Rights and Preferences of MuniFund Preferred Shares (the &#147;Statement&#148;) and a Supplement to the Statement Establishing and Fixing the
Rights and Preferences of MuniFund Preferred Shares (the &#147;Statement Supplement&#148;), forms of which are filed as exhibits to the registration statement of which this prospectus is a part. See &#147;Description of Securities&#151;Preferred
Shares&#151;MuniFund Preferred Shares.&#148; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Use of Proceeds</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">Unless otherwise specified in a prospectus supplement, the Fund will use the net proceeds from any sales of Securities pursuant to this prospectus to make investments in accordance with the
Fund&#146;s investment objectives and policies or to redeem outstanding Preferred Shares. See &#147;Use of Proceeds.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Federal Income Tax</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>The Fund has elected to be treated, and intends to continue to qualify each year, as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended
(the &#147;Code&#148;). As a regulated investment company, the Fund generally does not expect to be subject to U.S. federal income tax. To qualify for the favorable U.S. federal income tax treatment generally accorded to regulated investment
companies, among other requirements, the Fund must derive in each taxable year at least 90% of its gross income from certain prescribed sources. Additionally, in order to qualify as a regulated investment company, the Fund must meet certain
distribution requirements. The failure to pay distributions could result in the Fund ceasing to qualify as a regulated investment company. Nevertheless, the Fund might not distribute all of its net investment income, and the Fund is not required to
distribute any portion of its net capital gains. If for any taxable year the Fund does not qualify as a regulated investment company, all of its taxable income (including its net capital gain) would be subject to tax at regular corporate rates
without any deduction for distributions to stockholders, and such distributions would be taxable as ordinary dividends to the extent of the Fund&#146;s current and accumulated earnings and profits. The value of Securities may be adversely affected
by changes in tax rates and policies. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, the Fund treats the Preferred Shares, including MFP Shares, as equity in the Fund for U.S. federal income tax purposes. If the Preferred Shares were
treated as debt rather than as equity for such purposes, the timing and character of distributions could be affected. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">5 </FONT></P>


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<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">See &#147;Risk Factors&#151;Tax Risks&#148; and &#147;&#151;Taxability Risk&#148; and &#147;Tax Matters.&#148; </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Use of Leverage</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund uses leverage to pursue its investment objectives. The&nbsp;Fund may use leverage to the extent permitted by the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;).
The Fund may source leverage through a number of methods including the issuance of Preferred Shares, investments in inverse floating rate securities, entering into reverse repurchase agreements (effectively a secured borrowing) and borrowings
(subject to certain investment restrictions). See &#147;The Fund&#146;s Investments&#151;Portfolio Composition&#151;Municipal Securities&#151;Inverse Floating Rate Securities,&#148; &#147;Risk Factors&#151;Inverse Floating Rate Securities
Risk,&#148; &#147;Risk Factors&#151;Reverse Repurchase Agreement Risk&#148; and &#147;Risk Factors&#151;Borrowing Risks&#148; in this prospectus and &#147;Investment Restrictions&#148; in the SAI. The Fund may invest up to 15% of its Managed Assets
in inverse floating rate securities. The Fund may also use certain derivatives that have the economic effect of leverage by creating additional investment exposure. The Fund currently employs leverage primarily through its outstanding Preferred
Shares. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may also borrow for temporary purposes permitted by the 1940 Act. The Fund, along with certain other funds managed by Nuveen Fund Advisors (the
&#147;Participating Funds&#148;), are party to a committed unsecured credit facility (the &#147;Facility&#148;) provided by a group of lenders, under which Participating Funds may borrow for temporary purposes only. Outstanding balances drawn by the
Fund, or any other Participating Fund, will bear interest at a variable rate and is the liability of such Fund. The Facility is not intended for sustained levered investment purposes. A large portion of the Facility&#146;s capacity (and
corresponding annual costs, excluding interest cost) is currently allocated by Nuveen Fund Advisors to a small number of Participating Funds, which does not include the Fund. The Facility has a 364-day term and will expire in July 2019 unless
extended or renewed. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may reduce or increase leverage based upon changes in market conditions and anticipates that its leverage ratio will vary from time to time based upon
variations in the value of the Fund&#146;s holdings. So long as the rate of net income received on the Fund&#146;s investments exceeds the then current expense on any leverage, leverage will generate more net income than if the Fund had not used
leverage. If so, the excess net income will be available to pay higher distributions to common shareholders. However, if the rate of net income received from </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">6 </FONT></P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:0%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
the Fund&#146;s portfolio investments is less than the then current expense on outstanding leverage, the Fund may be required to utilize other Fund assets to make expense payments on outstanding
leverage, which may result in a decline in Common Share net asset value and reduced net investment income available for distribution to common shareholders. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The use of leverage creates additional risks for common shareholders, including increased variability of the Fund&#146;s net asset value, net income and distributions
in relation to market changes. The prospectus supplement for an offering of Common Shares will describe those risks in more detail. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund pays a management fee to Nuveen Fund Advisors (which in turn pays a portion of its fee to the Fund&#146;s sub-adviser, NAM) based on a percentage of Managed
Assets. Managed Assets for this purpose includes the proceeds realized and managed from the Fund&#146;s use of leverage as set forth in the Fund&#146;s investment management agreement. Nuveen Fund Advisors will be responsible for using leverage to
pursue the Fund&#146;s investment objectives, and will base its decision regarding whether and how much leverage to use for the Fund based on its assessment of whether such use of leverage will advance the Fund&#146;s investment objectives. However,
a decision to increase the Fund&#146;s leverage will have the effect, all other things being equal, of increasing Managed Assets and therefore Nuveen Fund Advisors&#146; and NAM&#146;s management fees. Thus, Nuveen Fund Advisors and NAM may have a
conflict of interest in determining whether the Fund should use or increase leverage. Nuveen Fund Advisors will seek to manage that potential conflict by only increasing the Fund&#146;s use of leverage when it determines that such increase is in the
best interest of the Fund and is consistent with the Fund&#146;s investment objectives, and by periodically reviewing the Fund&#146;s performance and use of leverage with the Board of Trustees of the Fund (the &#147;Board&#148;).
</FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">There is no assurance that the Fund will continue to use leverage or that the Fund&#146;s use of leverage will work as planned or achieve its goals.
</FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exchange Listing</B><I> </I></FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Common Shares</I>: The Common Shares are listed on the NYSE under the symbol &#147;NVG.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>MFP Shares</I>: Unless otherwise specified in the applicable prospectus supplement, the MFP Shares will not be listed or traded on any securities exchange.
</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">7 </FONT></P>


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<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Custodian and Transfer Agent; Tender and Paying Agent</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">State Street Bank and Trust Company (&#147;State Street&#148; or the &#147;Custodian&#148;) serves as custodian of the Fund&#146;s assets. Computershare Inc. and Computershare Trust Company,
N.A. serve as transfer agent for the Common Shares. See &#147;Custodian, Transfer Agent, Dividend Disbursing Agent and Redemption and Paying Agent.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Bank of New York Mellon (the &#147;Tender and Paying Agent&#148;) will serve as tender and paying agent and as the calculation agent, transfer agent and registrar,
dividend disbursing agent, and paying agent and redemption price disbursing agent for the MFP Shares. See &#147;Custodian, Transfer Agent, Dividend Disbursing Agent and Redemption and Paying Agent.&#148; </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Risk Factors</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>Investment in the Fund involves risk. The Fund is designed as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete investment program. See
&#147;Risk Factors&#148; in this prospectus and the applicable prospectus supplement for a discussion of the principal risks you should consider before making an investment in the Fund. The specific risks applicable to a particular offering of
Securities will be set forth in the related prospectus supplement. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Governing Law</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s Declaration of Trust (the &#147;Declaration of Trust&#148;) is, and each Statement and Statement Supplement for MFP Shares will be, governed by the laws of the Commonwealth of
Massachusetts. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">8 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc656069_3"></A>RISK FACTORS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Investing in the Securities involves risk, including the risk that you may receive little or no return on your investment or that you
may lose part or all of your investment. The following discussion, together with the risk factors included in the applicable prospectus supplement, describes the principal risks associated with an investment in the Common Shares and MFP Shares of
the Fund. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Credit Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Credit risk is the risk that one or more municipal securities in the Fund&#146;s portfolio will decline in price, or the issuer thereof will fail to pay interest or principal when due, because the issuer
of the security experiences a decline in its financial status. In general, lower-rated municipal securities carry a greater degree of risk that the issuer will lose its ability to make interest and principal payments, which could have a negative
impact on the Fund&#146;s net asset value or dividends. Credit risk is increased when a portfolio security is downgraded or the perceived creditworthiness of the issuer deteriorates. If a municipal security satisfies the rating requirements
described under &#147;The Fund&#146;s Investments&#148; at the time of investment and is subsequently downgraded below that rating, the Fund will not be required to dispose of the security. If a downgrade occurs, NAM will consider what action,
including the sale of the security, is in the best interests of the Fund and its shareholders. This means that the Fund may be invested in municipal securities that have become involved in bankruptcy or insolvency proceedings; and may invest in
municipal securities that are experiencing other financial difficulties at the time of acquisition (such securities are commonly referred to as distressed securities). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Below Investment Grade Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Municipal securities of below investment
grade quality, commonly referred to as junk bonds, are regarded as having predominately speculative characteristics with respect to capacity to pay interest and repay principal when due, and are susceptible to default or decline in market value due
to adverse economic and business developments. Also, to the extent that the rating assigned to a municipal security in the Fund&#146;s portfolio is downgraded by any NRSRO, the market price and liquidity of such security may be adversely affected.
The market values for municipal securities of below investment grade quality tend to be volatile, and these securities are less liquid than investment grade municipal securities. For these reasons, an investment in the Fund, compared with a
portfolio consisting solely of investment grade securities, may experience the following: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">increased price sensitivity resulting from changing interest rates and/or a deteriorating economic environment; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">greater risk of loss due to default or declining credit quality; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">adverse issuer specific events that are more likely to render the issuer unable to make interest and/or principal payments; and
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the possibility that a negative perception of the below investment grade market develops, resulting in the price and liquidity of below investment
grade securities becoming depressed, and this negative perception could last for a significant period of time. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Adverse changes in economic conditions are more likely to lead to a weakened capacity of a below investment grade issuer to make principal payments and interest payments compared to an
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">9 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
investment grade issuer. The principal amount of below investment grade securities outstanding has proliferated in the past decade as an increasing number of issuers have used below investment
grade securities for financing. An economic downturn may severely affect the ability of highly leveraged issuers to service their debt obligations or to repay their obligations upon maturity. In the event of an economic downturn, with decreased tax
and other revenue streams of municipal issuers, or in the event interest rates rise sharply, increasing the interest cost on variable rate instruments and negatively impacting economic activity, the number of defaults by below investment grade
municipal issuers will likely increase. Similarly, downturns in profitability in specific industries could adversely affect private activity bonds. The market values of lower quality debt securities tend to reflect individual developments of the
issuer to a greater extent than do higher quality securities, which react primarily to fluctuations in the general level of interest rates. Factors having an adverse impact on the market value of lower quality securities may have an adverse impact
on the Fund&#146;s net asset value and the market value of its Common Shares. In addition, the Fund may incur additional expenses to the extent it is required to seek recovery upon a default in payment of principal or interest on its portfolio
holdings. In certain circumstances, the Fund may be required to foreclose on an issuer&#146;s assets and take possession of its property or operations. In such circumstances, the Fund would incur additional costs in disposing of such assets and
potential liabilities from operating any business acquired. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The secondary market for below investment grade securities may
not be as liquid as the secondary market for more highly rated securities, a factor that may have an adverse effect on the Fund&#146;s ability to dispose of a particular security. There are fewer dealers in the market for below investment grade
municipal securities than the market for investment grade municipal securities. The prices quoted by different dealers for below investment grade municipal securities may vary significantly, and the spread between the bid and ask price is generally
much larger for below investment grade municipal securities than for higher quality instruments. Under adverse market or economic conditions, the secondary market for below investment grade securities could contract, independent of any specific
adverse changes in the condition of a particular issuer, and these instruments may become illiquid. As a result, the Fund could find it more difficult to sell these securities or may be able to sell the securities only at prices lower than if such
securities were widely traded. Prices realized upon the sale of such lower rated or unrated securities, under these circumstances, may be less than the prices used in calculating the Fund&#146;s net asset value. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Issuers of such below investment grade securities are typically highly leveraged and may not have available to them more traditional
methods of financing. Therefore, the risk associated with acquiring the securities of such issuers generally is greater than is the case with higher rated securities. For example, during an economic downturn or a sustained period of rising interest
rates, highly leveraged issuers of below investment grade securities may experience financial stress. During such periods, such issuers may not have sufficient revenues to meet their interest payment obligations. The issuer&#146;s ability to service
its debt obligations also may be adversely affected by specific developments, the issuer&#146;s inability to meet specific projected forecasts or the unavailability of additional financing. The risk of loss from default by the issuer is
significantly greater for the holders of below investment grade securities because such securities are generally unsecured and are often subordinated to other creditors of the issuer. Prices and yields of below investment grade securities will
fluctuate over time and, during periods of economic uncertainty, volatility of below investment grade securities may adversely affect the Fund&#146;s net asset value. In addition, investments in below investment grade zero coupon bonds rather than
income-bearing below investment grade securities, may be more speculative and may be subject to greater fluctuations in value due to changes in interest rates. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">10 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may invest in distressed securities. This means the Fund may be invested in
municipal securities issued by issuers that have become involved in bankruptcy or insolvency proceedings and may invest in municipal securities issued by issuers experiencing financial difficulties at the time of acquisition by the Fund. The issuers
of such securities may be in transition, out of favor, financially leveraged or troubled, or potentially troubled, and may be or have recently been involved in major strategic actions, restructurings, bankruptcy, reorganization or liquidation. These
characteristics of these issuers can cause their securities to be particularly risky, although they also may offer the potential for high returns. These issuers&#146; securities may be considered speculative, and the ability of the issuers to pay
their debts on schedule could be affected by adverse interest rate movements, changes in the general economic climate, economic factors affecting a particular industry or specific developments within the issuers. Distressed securities frequently do
not produce income while they are outstanding and may require the Fund to bear certain extraordinary expenses in order to protect and recover its investment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Investments in lower rated or unrated securities may present special tax issues for the Fund to the extent that the issuers of these securities default on their obligations pertaining thereto, and the
U.S. federal income tax consequences to the Fund as a holder of such distressed securities may not be clear. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Economic and Political Events
Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial
portion of its assets in the bonds of similar projects (such as those relating to the education, health care, housing, transportation, or utilities industries), industrial development bonds, or in particular types of municipal securities (such as
general obligation bonds, private activity bonds or moral obligation bonds). Such developments may adversely affect a specific industry or local political and economic conditions, and thus may lead to declines in the bonds&#146; creditworthiness and
value. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Recent Market Circumstances </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Since the financial crisis that started in 2008, the U.S. and many foreign economies continue to experience its after-effects. Conditions in the U.S. and many foreign economies have resulted, and may
continue to result, in certain instruments experiencing unusual liquidity issues, increased price volatility and, in some cases, credit downgrades and increased likelihood of default. These events have reduced the willingness and ability of some
lenders to extend credit, and have made it more difficult for some borrowers to obtain financing on attractive terms, if at all. In some cases, traditional market participants have been less willing to make a market in some types of debt
instruments, which has affected the liquidity of those instruments. During times of market turmoil, investors tend to look to the safety of securities issued or backed by the U.S. Treasury, causing the prices of these securities to rise and the
yields to decline. Reduced liquidity in fixed income and credit markets may negatively affect many issuers worldwide. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibilities
that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of
many nations in ways that cannot necessarily be foreseen at the present time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In response to the financial crisis, the U.S.
and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. In some countries where economic conditions are recovering, such countries are nevertheless perceived as still fragile.
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">11 </FONT></P>



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Withdrawal of government support, failure of efforts in response to the crisis, or investor perception that such efforts are not succeeding, could adversely impact the value and liquidity of
certain securities. The severity or duration of adverse economic conditions may also be affected by policy changes made by governments or quasi-governmental organizations, including changes in tax laws. The impact of new financial regulation
legislation on the markets and the practical implications for market participants may not be fully known for some time. Regulatory changes are causing some financial services companies to exit long-standing lines of business, resulting in
dislocations for other market participants. In addition, the contentious domestic political environment, as well as political and diplomatic events within the United States and abroad, such as the U.S. government&#146;s inability at times to agree
on a long-term budget and deficit reduction plan, the threat of a federal government shutdown and threats not to increase the federal government&#146;s debt limit, may affect investor and consumer confidence and may adversely impact financial
markets and the broader economy, perhaps suddenly and to a significant degree. The U.S. government has recently reduced federal corporate income tax rates, and future legislative, regulatory and policy changes may result in more restrictions on
international trade, less stringent prudential regulation of certain players in the financial markets, and significant new investments in infrastructure and national defense. Markets may react strongly to expectations about the changes in these
policies, which could increase volatility, especially if the markets&#146; expectations for changes in government policies are not borne out. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Changes in market conditions will not have the same impact on all types of securities. Interest rates have been unusually low in recent years in the United States and abroad. Because there is little
precedent for this situation, it is difficult to predict the impact of a significant rate increase on various markets. For example, because investors may buy securities or other investments with borrowed money, a significant increase in interest
rates may cause a decline in the markets for those investments. Because of the sharp decline in the worldwide price of oil, there is a concern that oil producing nations may withdraw significant assets now held in U.S. Treasuries, which could force
a substantial increase in interest rates. Regulators have expressed concern that rate increases may cause investors to sell fixed income securities faster than the market can absorb them, contributing to price volatility. In addition, there is a
risk that the prices of goods and services in the U.S. and many foreign economies may decline over time, known as deflation (the opposite of inflation). Deflation may have an adverse effect on stock prices and creditworthiness and may make defaults
on debt more likely. If a country&#146;s economy slips into a deflationary pattern, it could last for a prolonged period and may be difficult to reverse. The precise details and the resulting impact of the United Kingdom&#146;s vote to leave the
European Union (&#147;EU&#148;), commonly referred to as &#147;Brexit,&#148; are not yet known. The effect on the United Kingdom&#146;s economy will likely depend on the nature of trade relations with the EU and other major economies following its
exit, which are matters to be negotiated. The outcomes may cause increased volatility and have a significant adverse impact on world financial markets, other international trade agreements, and the United Kingdom and European economies, as well as
the broader global economy for some time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The impact of these developments in the near- and long-term is unknown and could
have additional adverse effects on economies, financial markets and asset valuations around the world. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Market Disruption and Geopolitical
Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The aftermath of the war in Iraq, instability in Afghanistan, Pakistan, Egypt, Libya, Syria, Russia, Ukraine and the
Middle East, possible terrorist attacks in the United States and around the world, growing social and political discord in the United States, the European debt crisis, the response </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">12 </FONT></P>



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of the international community&#151;through economic sanctions and otherwise&#151;to Russia&#146;s recent annexation of the Crimea region of Ukraine and posture&nbsp;vis-a-vis&nbsp;Ukraine,
further downgrade of U.S. Government securities and other similar events, may have long-term effects on the U.S. and worldwide financial markets and may cause further economic uncertainties in the United States and worldwide. The Fund does not know
and cannot predict how long the securities markets may be affected by these events and the effects of these and similar events in the future on the U.S. economy and securities markets. The Fund may be adversely affected by abrogation of
international agreements and national laws which have created the market instruments in which the Fund may invest, failure of the designated national and international authorities to enforce compliance with the same laws and agreements, failure of
local, national and international organization to carry out their duties prescribed to them under the relevant agreements, revisions of these laws and agreements which dilute their effectiveness or conflicting interpretation of provisions of the
same laws and agreements. The Fund may be adversely affected by uncertainties such as terrorism, international political developments, and changes in government policies, taxation, restrictions on foreign investment and currency repatriation,
currency fluctuations and other developments in the laws and regulations of the countries in which it is invested. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Legislation and
Regulatory Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">At any time after the date of this prospectus, legislation or additional regulations may be enacted that
could negatively affect the assets of the Fund, securities held by the Fund or the issuers of such securities. Changing approaches to regulation may have a negative impact on the entities and/or securities in which the Fund invests. Legislation or
regulation may also change the way in which the Fund itself is regulated. Fund shareholders may incur increased costs resulting from such legislation or additional regulation. There can be no assurance that future legislation, regulation or
deregulation will not have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment objectives. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">For example, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the &#147;Dodd-Frank Act&#148;) is designed to impose stringent regulation on the over-the-counter derivatives market in an
attempt to increase transparency and accountability and provides for, among other things, new clearing, execution, margin, reporting, recordkeeping, business conduct, disclosure, position limit, minimum net capital and registration requirements.
Although the Commodity Futures Trading Commission (the &#147;CFTC&#148;) has released final rules under the Dodd-Frank Act, many of the provisions are subject to further final rulemaking, and thus the Dodd-Frank Act&#146;s ultimate impact remains
unclear. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Securities and Exchange Commission (the &#147;SEC&#148;) also indicated that it may adopt new policies on the
use of derivatives by registered investment companies. Such policies could affect the nature and extent of derivatives use by the Fund. While the nature of any such regulations, if adopted, is uncertain at this time, it is possible that such
regulations could limit the implementation of the Fund&#146;s use of derivatives, which could have an adverse effect on the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Additionally, the Fund is operated by persons who have claimed an exclusion, granted to operators of registered investment companies like the Fund, from registration as a &#147;commodity pool
operator&#148; under Rule 4.5 promulgated by the CFTC pursuant to its authority under the Commodity Exchange Act of 1936, as amended (the &#147;CEA&#148;), and, therefore, is not subject to registration or regulation as a &#147;commodity pool
operator.&#148; As a result, the Fund is limited in its ability to use commodity futures (which include futures on broad-based securities indexes and interest rate futures) </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">13 </FONT></P>



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or options on commodity futures, engage in swaps transactions or make certain other investments (whether directly or indirectly through investments in other investment vehicles) for purposes
other than bona fide hedging. With respect to transactions other than for bona fide hedging purposes, either: (1)&nbsp;the aggregate initial margin and premiums required to establish the Fund&#146;s positions in such investments may not exceed 5% of
the liquidation value of the Fund&#146;s portfolio (after accounting for unrealized profits and unrealized losses on any such investments); or (2)&nbsp;the aggregate net notional value of such instruments, determined at the time the most recent
position was established, may not exceed 100% of the liquidation value of the Fund&#146;s portfolio (after accounting for unrealized profits and unrealized losses on any such positions). In addition to meeting one of the foregoing trading
limitations, the Fund may not market itself as a commodity pool or otherwise as a vehicle for trading in the futures, options or swaps markets. If the Fund does not continue to claim the exclusion, it would likely become subject to registration and
regulation as a commodity pool operator. The Fund may incur additional expenses as a result of the CFTC&#146;s registration and regulatory requirements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Inflation Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Inflation is the reduction in the purchasing power of
money resulting from the increase in the price of goods and services. Inflation risk is the risk that the inflation-adjusted (or &#147;real&#148;) value of an investment in shares of the Fund or the income from that investment will be worth less in
the future. As inflation occurs, the real value of the Fund&#146;s shares and dividends on the Fund&#146;s shares may decline. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Deflation
Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Deflation risk is the risk that prices throughout the economy decline over time, which may have an adverse effect on
the market valuation of companies, their assets and revenues. In addition, deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund&#146;s
portfolio. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Inverse Floating Rate Securities Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund may invest in inverse floating rate securities. Typically, inverse floating rate securities represent beneficial interests in a special purpose trust (sometimes called a &#147;tender option bond
trust&#148;) formed by a third party sponsor for the purpose of holding municipal bonds. See &#147;The Fund&#146;s Investments&#151;Portfolio Composition&#151;Municipal Securities&#151;Inverse Floating Rate Securities.&#148; In general, income on
inverse floating rate securities will decrease when interest rates increase and increase when interest rates decrease. Thus, distributions paid to the Fund on its inverse floaters will be reduced or even eliminated as short-term municipal interest
rates rise and will increase when short-term municipal rates fall. Inverse floating rate securities generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment. Investments in inverse floating rate
securities may subject the Fund to the risks of reduced or eliminated interest payments and losses of principal. In addition, because of the leveraged nature of such investments, inverse floating rate securities will increase or decrease in value at
a greater rate than the underlying fixed rate municipal bonds held by the tender option bond. As a result, the market value of such securities generally is more volatile than that of fixed rate securities. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may invest in inverse floating rate securities issued by special purpose trusts that have recourse to the Fund. In the
Investment Adviser&#146;s discretion, the Fund may enter into a separate shortfall and forbearance agreement with the third party granting liquidity to the floating rate security holders of a special purpose trust. The Fund may enter into such
recourse agreements (i)&nbsp;when the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">14 </FONT></P>



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liquidity provider to the special purpose trust requires such an agreement because the level of leverage in the special purpose trust exceeds the level that the liquidity provider is willing to
support absent such an agreement; and/or (ii)&nbsp;to seek to prevent the liquidity provider from collapsing the special purpose trust in the event that the municipal obligation held in the trust has declined in value. Such an agreement would
require the Fund to reimburse the third-party granting liquidity to the floating rate security holders the special purpose trust, upon termination of the trust issuing the inverse floater, the difference between the liquidation value of the bonds
held in the trust and the principal amount due to the holders of floating rate interests. In such instances, the Fund may be at risk of loss that exceeds its investment in the inverse floating rate securities. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s investments in inverse floating rate securities issued by special purpose trusts that have recourse to the Fund may be
highly leveraged. The structure and degree to which the Fund&#146;s inverse floating rate securities are highly leveraged will vary based upon a number of factors, including the size of the trust itself and the terms of the underlying municipal
security. In the event of a significant decline in the value of an underlying security, the Fund may suffer losses in excess of the amount of its investment (up to an amount equal to the value of the municipal securities underlying the inverse
floating rate securities) as a result of liquidating special purpose trusts or other collateral required to maintain the Fund&#146;s anticipated effective leverage ratio. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s investment in inverse floating rate securities creates leverage that provides an opportunity for increased Common Share net income and returns, but also creates the risk that Common Share
long-term returns will be reduced if the cost of leverage exceeds the net return on the Fund&#146;s investment portfolio. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Inverse floating rate securities have varying degrees of liquidity based upon the liquidity of the underlying securities deposited in a
tender option bond trust. The market price of inverse floating rate securities is more volatile than the underlying securities due to leverage. The leverage attributable to such inverse floating rate securities may be &#147;called away&#148; on
relatively short notice and therefore may be less permanent than more traditional forms of leverage. The Fund may be required to sell its inverse floating rate securities at less than favorable prices, or liquidate other Fund portfolio holdings in
certain circumstances, including, but not limited to, the following: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Fund has a need for cash and the securities in a special purpose trust are not actively trading due to adverse market conditions;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">If special purpose trust sponsors (as a collective group or individually) experience financial hardship and consequently seek to terminate their
respective outstanding special purpose trusts; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the value of an underlying security declines significantly (to a level below the notional value of the floating rate securities issued by the trust)
and if additional collateral has not been posted by the Fund. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The amount of fees paid to Nuveen Fund
Advisors and NAM for investment advisory services will be higher if the Fund uses leverage because the fees will be calculated based on the Fund&#146;s Managed Assets. This may create an incentive for Nuveen Fund Advisors and NAM to leverage the
Fund by investing in inverse floating rate securities. Therefore, Nuveen Fund Advisors and NAM may have a conflict of interest in determining whether to increase the Fund&#146;s leverage, including through investment in inverse floating rate
securities. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">15 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">There is no assurance that the Fund&#146;s strategy of investing in inverse floating rate
securities will be successful. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Reverse Repurchase Agreement Risk </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement to repurchase the securities at an
agreed-upon price and date, thereby establishing an effective interest rate. The Fund&#146;s use of reverse repurchase agreements, in economic essence, constitute a secured borrowing by the Fund from the security purchaser. The Fund may enter into
reverse repurchase agreements for the purpose of creating a leveraged investment exposure and, as such, their usage involves essentially the same risks associated with a leveraging strategy generally since the proceeds from these agreements may be
invested in additional securities. However, the effective borrowing rate paid by the Fund to the reverse repurchase agreement counterparty will be treated as taxable income, unlike the effective borrowing rate paid by the Fund on Preferred Shares or
on inverse floating rate securities, which is generally tax-exempt to the recipient, meaning that the effective borrowing rate paid by the Fund on a reverse repurchase agreement would, all other things being equal, tend to be higher than those other
forms of leverage. Reverse repurchase agreements tend to be short-term in tenor, and there can be no assurances that the purchaser (lender) will commit to extend or &#147;roll&#148; a given agreement upon its agreed-upon repurchase date if such roll
is requested by the Fund or an alternative purchaser can be identified on similar terms. Reverse repurchase agreements also involve the risk that the purchaser (lender) fails to return the securities as agreed upon, files for bankruptcy or becomes
insolvent. The Fund may be restricted from taking normal portfolio actions during such time, could be subject to loss to the extent that the proceeds of the agreement are less than the value of securities subject to the agreement and may experience
adverse tax consequences. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Interest Rate Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Generally, when market interest rates rise, bond prices fall, and vice versa. Interest rate risk is the risk that the municipal securities in the Fund&#146;s portfolio will decline in value because of
increases in market interest rates. As interest rates decline, issuers of municipal securities may prepay principal earlier than scheduled, forcing the Fund to reinvest in lower-yielding securities and potentially reducing the Fund&#146;s income. As
interest rates increase, slower than expected principal payments may extend the average life of securities, potentially locking in a below-market interest rate and reducing the Fund&#146;s value. In typical market interest rate environments, the
prices of longer-term municipal securities generally fluctuate more than prices of shorter-term municipal securities as interest rates change. In comparison to maturity (which is the date on which a debt instrument ceases and the issuer is obligated
to repay the principal amount), duration is a measure of the price volatility of a debt instrument as a result of changes in market rates of interest, based on the weighted average timing of the instrument&#146;s expected principal and interest
payments. Duration differs from maturity in that it considers a security&#146;s yield, coupon payments, principal payments and call features, in addition to the amount of time until the security finally matures. As the value of a security changes
over time, so will its duration. Prices of securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. In general, a portfolio of securities with a longer duration can be expected to be
more sensitive to interest rate changes than a portfolio with a shorter duration. For example, the price of a bond with an effective duration of two years will rise (fall) two percent for every one percent decrease (increase) in its yield, and the
price of a five-year duration bond will rise (fall) five percent for a one percent decrease (increase) in its yield. Greater sensitivity to changes in interest rates typically corresponds to higher volatility and higher risk. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">16 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yield curve risk is the risk associated with either a flattening or steepening of the yield
curve, which is a result of changing yields among comparable bonds with different maturities. When market interest rates, or yields, increase, the price of a bond will decrease and vice versa. When the yield curve shifts, the price of the bond,
which was initially priced based on the initial yield curve, will change in price. If the yield curve flattens, then the yield spread between long- and short-term interest rates narrows, and the price of the bond will change accordingly. If the bond
is short-term and the yield decreases, the price of this bond will increase. If the yield curve steepens, this means that the spread between long- and short-term interest rates increases. Therefore, long-term bond prices, like the ones held by the
Fund, will decrease relative to short-term bonds. Changes in the yield curve are based on bond risk premiums and expectations of future interest rates. Because the Fund will invest generally in longer-term municipal securities, the Common Share net
asset value and market price per share will fluctuate more in response to changes in market interest rates than if the Fund invested generally in shorter-term municipal securities. Because the values of lower-rated and comparable unrated debt
securities are affected both by credit risk and interest rate risk, the price movements of such lower grade securities typically have not been highly correlated to the fluctuations of the prices of investment grade quality securities in response to
changes in market interest rates. The Fund&#146;s use of leverage, as described herein, will tend to increase Common Share interest rate risk. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Leverage Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The use
of leverage creates special risks for common shareholders, including the likelihood of greater volatility of net asset value and market price of, and distributions on, the Common Shares than a comparable portfolio without leverage. The use of
leverage in a declining market will likely cause a greater decline in Common Share net asset value, which may result in a greater decline of the Common Share price, than if the Fund were not to have used leverage. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund will pay (and common shareholders will bear) any costs and expenses relating to the Fund&#146;s use of leverage, which will
result in a reduction in the net asset value of and net income payable with respect to the Common Shares. Because of the costs of leverage, the Fund may incur losses even if the Fund has positive returns if they are not sufficient to cover the costs
of leverage. Nuveen Fund Advisors, based on its assessment of market conditions, may increase or decrease the Fund&#146;s level of leverage. Such changes may impact the Fund&#146;s distributions and the valuation of the Common Shares in the
secondary market. There is no assurance that the Fund will continue to utilize leverage or that the Fund&#146;s use of leverage will be successful. Furthermore, the amount of fees paid to Nuveen Fund Advisors and NAM for investment advisory services
will be higher if the Fund uses leverage because the fees will be calculated based on the Fund&#146;s Managed Assets, which may create an incentive for Nuveen Fund Advisors to leverage the Fund or increase the Fund&#146;s leverage. Certain types of
leverage used by the Fund may result in the Fund being subject to certain covenants, asset coverage or other portfolio composition limits by its lenders, Preferred Share purchasers, liquidity providers, rating agencies that may rate the preferred
securities, or reverse repurchase counterparties. Such limitations may be more stringent than those imposed by the 1940 Act and may affect whether the Fund is able to maintain its desired amount of leverage. At this time, Nuveen Fund Advisors does
not believe that any such potential investment limitations will impede it from managing the Fund&#146;s portfolio in accordance with its investment objectives and policies. See &#147;Use of Leverage.&#148; The Fund may invest in the securities of
other investment companies, which may themselves be leveraged and therefore present similar risks to those described above and magnify the Fund&#146;s leverage risk. The risk of loss attributable to the Fund&#146;s use of leverage is borne by common
shareholders. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">17 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Municipal Securities Market Risk </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investing in the municipal securities market involves certain risks. The municipal market is one in which dealer firms make markets in
bonds on a principal basis using their proprietary capital, and during the 2008&#150;2009 market turmoil these firms&#146; capital was severely constrained. As a result, some firms were unwilling to commit their capital to purchase and to serve as a
dealer for municipal securities. The amount of public information available about the municipal securities in the Fund&#146;s portfolio is generally less than that for corporate equities or bonds, and the Fund&#146;s investment performance may
therefore be more dependent on the Investment Adviser&#146;s and/or NAM&#146;s analytical abilities than if the Fund were to invest in stocks or taxable bonds. The secondary market for municipal securities, particularly the below investment grade
bonds in which the Fund may invest, also tends to be less well-developed or liquid than many other securities markets, which may adversely affect the Fund&#146;s ability to sell its municipal securities at attractive prices or at prices
approximating those at which the Fund currently values them. Municipal securities may contain redemption provisions, which may allow the securities to be called or redeemed prior to their stated maturity, potentially resulting in the distribution of
principal and a reduction in subsequent interest distributions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The ability of municipal issuers to make timely payments of
interest and principal may be diminished during general economic downturns and as governmental cost burdens are reallocated among federal, state and local governments. In addition, laws enacted in the future by Congress or state legislatures or
referenda could extend the time for payment of principal and/or interest, or impose other constraints on enforcement of such obligations, or on the ability of municipalities to levy taxes. Issuers of municipal securities might seek protection under
the bankruptcy laws. In the event of bankruptcy of such an issuer, the Fund could experience delays in collecting principal and interest and the Fund may not, in all circumstances, be able to collect all principal and interest to which it is
entitled. To enforce its rights in the event of a default in the payment of interest or repayment of principal, or both, the Fund may take possession of and manage the assets securing the issuer&#146;s obligations on such securities, which may
increase the Fund&#146;s operating expenses. Any income derived from the Fund&#146;s ownership or operation of such assets may not be tax-exempt and may not be of the type that would allow the Fund to continue to qualify as a regulated investment
company for U.S. federal income tax purposes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Revenue bonds issued by state or local agencies to finance the development of
low-income, multi-family housing involve special risks in addition to those associated with municipal securities generally, including that the underlying properties may not generate sufficient income to pay expenses and interest costs. These bonds
are generally non-recourse against the property owner, may be junior to the rights of others with an interest in the properties, may pay interest that changes based in part on the financial performance of the property, may be prepayable without
penalty and may be used to finance the construction of housing developments which, until completed and rented, do not generate income to pay interest. Additionally, unusually high rates of default on the underlying mortgage loans may reduce revenues
available for the payment of principal or interest on such mortgage revenue bonds. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Special Risks Related to Certain Municipal Securities
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may invest in municipal leases and certificates of participation in such leases. Municipal leases and
certificates of participation involve special risks not normally associated with general obligations or revenue bonds. Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass
eventually to the governmental issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt issuance limitations are
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">18 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
deemed to be inapplicable because of the inclusion in many leases or contracts of &#147;non-appropriation&#148; clauses that relieve the governmental issuer of any obligation to make future
payments under the lease or contract unless money is appropriated for such purpose by the appropriate legislative body on a yearly or other periodic basis. In addition, such leases or contracts may be subject to the temporary abatement of payments
in the event that the governmental issuer is prevented from maintaining occupancy of the leased premises or utilizing the leased equipment. Although the obligations may be secured by the leased equipment or facilities, the disposition of the
property in the event of non-appropriation or foreclosure might prove difficult, time consuming and costly, and may result in a delay in recovering or the failure to fully recover the Fund&#146;s original investment. In the event of
non-appropriation, the issuer would be in default and taking ownership of the assets may be a remedy available to the Fund, although the Fund does not anticipate that such a remedy would normally be pursued. To the extent that the Fund invests in
unrated municipal leases or participates in such leases, the credit quality rating and risk of cancellation of such unrated leases will be monitored on an ongoing basis. Certificates of participation, which represent interests in unmanaged pools of
municipal leases or installment contracts, involve the same risks as the underlying municipal leases. In addition, the Fund may be dependent upon the municipal authority issuing the certificate of participation to exercise remedies with respect to
the underlying securities. Certificates of participation also entail a risk of default or bankruptcy, both of the issuer of the municipal lease and also the municipal agency issuing the certificate of participation. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may invest in tobacco settlement bonds. Tobacco settlement bonds are municipal securities that are backed solely by expected
revenues to be derived from lawsuits involving tobacco related deaths and illnesses which were settled between certain states and American tobacco companies. Tobacco settlement bonds are secured by an issuing state&#146;s proportionate share in the
Master Settlement Agreement (the &#147;MSA&#148;). The MSA is an agreement, reached out of court in November 1998 between 46 states and nearly all of the U.S. tobacco manufacturers. Under the terms of the MSA, the actual amount of future settlement
payments by tobacco-manufacturers is dependent on many factors, including, but not limited to, annual domestic cigarette shipments, reduced cigarette consumption, increased taxes on cigarettes, inflation, financial capability of tobacco companies,
continuing litigation and the possibility of tobacco manufacturer bankruptcy. Payments made by tobacco manufacturers could be negatively impacted if the decrease in tobacco consumption is significantly greater than the forecasted decline.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Income Risk </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s income is based primarily on the interest it earns from its investments, which can vary widely over the short and long
term. If interest rates drop, the Fund&#146;s income available over time to make dividend payments with respect to the Preferred Shares, including MFP Shares, could drop as well if the Fund purchases securities with lower interest coupons. This risk
is magnified when prevailing short-term interest rates increase and the Fund holds residual interest municipal bonds. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Reinvestment Risk
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Reinvestment risk is the risk that income from the Fund&#146;s bond portfolio will decline if and when the Fund invests
the proceeds from matured, traded or called bonds at market interest rates that will result in a decrease in the portfolio&#146;s current earnings rate. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">19 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Call Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">If interest rates fall, it is possible that issuers of callable bonds with higher interest coupons will &#147;call&#148; (or prepay) their bonds before their maturity date. If a call were exercised by the
issuer during a period of declining interest rates, the Fund is likely to replace such called security with a lower yielding security. For premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund, call
risk may be increased. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Illiquid Securities Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund may invest in municipal securities and other instruments that, at the time of investment, are illiquid. Illiquid securities are securities that are not readily marketable and may include some
restricted securities, which are securities that may not be resold to the public without an effective registration statement under the Securities Act of 1933, as amended (the &#147;1933 Act&#148;), or, if they are unregistered, may be sold only in a
privately negotiated transaction or pursuant to another exemption from registration. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by the Fund or at prices approximating the value at which
the Fund is carrying the securities on its books. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Economic Sector Risk </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may invest a significant amount of its total assets in municipal securities in the same economic sector. This may make the Fund
more susceptible to adverse economic, political or regulatory occurrences affecting an economic sector. As concentration increases, so does the potential for fluctuation in the value of the Fund&#146;s assets. In addition, the Fund may invest a
significant portion of its assets in certain sectors of the municipal securities market, such as hospitals and other health care facilities, charter schools and other private educational facilities, special taxing districts and start-up utility
districts, and private activity bonds including industrial development bonds on behalf of transportation companies such as airline companies, whose credit quality and performance may be more susceptible to economic, business, political, regulatory
and other developments than other sectors of municipal issuers. If the Fund invests a significant portion of its assets in the sectors noted above, the Fund&#146;s performance may be subject to additional risk and variability. To the extent that the
Fund focuses its assets in the hospital and healthcare facilities sector, for example, the Fund will be subject to risks associated with such sector, including adverse government regulation and reduction in reimbursement rates, as well as government
approval of products and services and intense competition. Securities issued with respect to special taxing districts will be subject to various risks, including real-estate development related risks and taxpayer concentration risk. Further, the
fees, special taxes or tax allocations and other revenues established to secure the obligations of securities issued with respect to special taxing districts are generally limited as to the rate or amount that may be levied or assessed and are not
subject to increase pursuant to rate covenants or municipal or corporate guarantees. Charter schools and other private educational facilities are subject to various risks, including the reversal of legislation authorizing or funding charter schools,
the failure to renew or secure a charter, the failure of a funding entity to appropriate necessary funds and competition from alternatives such as voucher programs. Issuers of municipal utility securities can be significantly affected by government
regulation, financing difficulties, supply and demand of services or fuel and natural resource conservation. The transportation sector, including airports, airlines, ports and other transportation facilities, can be significantly affected by changes
in the economy, fuel prices, labor relations, insurance costs and government regulation. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Derivatives Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s use of derivatives involves risks different from, and possibly greater than, the risks associated with investing directly in the investments underlying the derivatives. Whether the
Fund&#146;s use of derivatives is successful will depend on, among other things, if Nuveen Fund Advisors and NAM correctly forecasts market values, interest rates and other applicable factors. If Nuveen Fund Advisors and NAM incorrectly forecasts
these and other factors, the investment performance of the Fund will be unfavorably affected. The derivatives market is subject to a changing regulatory environment. It is possible that regulatory or other developments in the derivatives market
could adversely affect the Fund&#146;s ability to successfully use derivative instruments. See &#147;&#151;Hedging Risk,&#148; &#147;&#151;Counterparty Risk,&#148; and &#147;&#151;Risks Related to the Fund&#146;s Clearing Broker and Central Clearing
Counterparty&#148; below and &#147;The Fund&#146;s Investments&#151;Derivatives and Hedging Strategies&#148; in the SAI. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Risk of Swaps and Swap Options </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund may enter into debt-related derivatives instruments including credit default swap contracts and interest rate swaps. Like most derivative instruments, the use of swaps is a highly specialized
activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. In addition, the use of swaps requires an understanding by NAM not only of the referenced asset, rate or index,
but also of the swap itself. If Nuveen Fund Advisors and/or NAM is incorrect in its forecasts of default risks, market spreads or other applicable factors or events, the investment performance of the Fund would diminish compared with what it would
have been if these techniques were not used. As the protection seller in a credit default swap, the Fund effectively adds economic leverage to its portfolio because, in addition to being subject to investment exposure on its total net assets, the
Fund is subject to investment exposure on the notional amount of the swap. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund generally may only close out a swap, cap,
floor, collar or other two-party contract with its particular counterparty, and generally may only transfer a position with the consent of that counterparty. Because they are two-party contracts and because they may have terms of greater than seven
days, swap agreements may be considered to be illiquid. In addition, the price at which the Fund may close out such a two-party contract may not correlate with the price change in the underlying reference asset. Moreover, the Fund bears the risk of
loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. If the counterparty defaults, the Fund will have contractual remedies, but there can be no assurance that
the counterparty will be able to meet its contractual obligations or that the Fund will succeed in enforcing its rights. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
Fund may write (sell) and purchase put and call swap options. When the Fund purchases a swap option, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. When the Fund writes a swap
option, upon exercise of the option the Fund would become obligated according to the terms of the underlying agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">It is
possible that developments in the derivatives market, including changes in government regulation, could adversely affect the Fund&#146;s ability to terminate existing swap agreements or to realize amounts to be received under such agreements.
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">21 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Risk of Financial Futures and Options Transactions </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may use certain transactions for hedging the portfolio&#146;s exposure to credit risk and the risk of increases in interest
rates, which could result in poorer overall performance for the Fund. The Fund&#146;s use of certain transactions to reduce risk involves costs and will be subject to NAM&#146;s ability to predict correctly changes in the relationships of such hedge
instruments to the Fund&#146;s portfolio holdings or other factors. No assurance can be given that NAM&#146;s judgment in this respect will be correct. In addition, no assurance can be given that the Fund will enter into hedging or other
transactions at times or under circumstances in which it may be advisable to do so. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">There are certain risks associated with
the use of financial futures and options to hedge investment portfolios. There may be an imperfect correlation between price movements of the futures and options and price movements of the portfolio securities being hedged. Losses may be incurred in
hedging transactions, which could reduce the portfolio gains that might have been realized if the hedging transactions had not been entered into. If the Fund engages in futures transactions or in the writing of options on futures, it will be
required to maintain initial margin and maintenance margin and may be required to make daily variation margin payments in accordance with applicable rules of the exchanges and the CFTC. If the Fund purchases a financial futures contract or a call
option or writes a put option in order to hedge the anticipated purchase of municipal securities, and if the Fund fails to complete the anticipated purchase transaction, the Fund may have a loss or a gain on the futures or options transaction that
will not be offset by price movements in the municipal securities that were the subject of the anticipatory hedge. The cost of put options on debt securities or indexes effectively increases the cost of the securities subject to them, thereby
reducing the yield otherwise available from these securities. If the Fund decides to use futures contracts or options on futures contracts for hedging purposes, the Fund will be required to establish an account for such purposes with one or more
CFTC-registered futures commission merchants. A futures commission merchant could establish initial and maintenance margin requirements for the Fund that are greater than those which would otherwise apply to the Fund under applicable rules of the
exchanges and the CFTC. There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a derivatives or futures or a futures option position, and the Fund would remain obligated to meet margin requirements until
the position is closed. Futures exchanges may limit the amount of fluctuation permitted in certain futures contract prices during a single trading day. The daily limit establishes the maximum amount that the price of a futures contract may vary
either up or down from the previous day&#146;s settlement price at the end of the current trading session. Once the daily limit has been reached in a futures contract subject to the limit, no more trades may be made on that day at a price beyond
that limit. The daily limit governs only price movements during a particular trading day and therefore does not limit potential losses because the limit may work to prevent the liquidation of unfavorable positions. For example, futures prices have
occasionally moved to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of positions and subjecting some holders of futures contracts to substantial losses. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Hedging Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
Fund&#146;s use of derivatives or other transactions to reduce risk involves costs and will be subject to Nuveen Fund Advisors and NAM&#146;s ability to predict correctly changes in the relationships of such hedge instruments to the Fund&#146;s
portfolio holdings or other factors. No assurance can be given that Nuveen Fund Advisors and NAM&#146;s judgment in this respect will be correct. In addition, no </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">22 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
assurance can be given that the Fund will enter into hedging or other transactions at times or under circumstances in which it may be advisable to do so. See &#147;The Fund&#146;s
Investments&#151;Derivatives and Hedging Strategies&#148; in the SAI. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Counterparty Risk </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Changes in the credit quality of the companies that serve as the Fund&#146;s counterparties with respect to derivatives, insured
municipal securities or other transactions supported by another party&#146;s credit will affect the value of those instruments. Certain entities that have served as counterparties in the markets for these transactions in the past have incurred
significant financial hardships including bankruptcy and losses as a result of exposure to&nbsp;sub-prime&nbsp;mortgages and other lower quality credit investments that have experienced defaults or otherwise suffered extreme credit deterioration. As
a result, such hardships reduced these entities&#146; capital and called into question their continued ability to perform their obligations under such transactions. By using such derivatives or other transactions, the Fund assumes the risk that its
counterparties could experience similar financial hardships. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Risks Related to the Fund&#146;s Clearing Broker and Central Clearing
Counterparty </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The CEA requires swaps and futures clearing brokers registered as &#147;futures commission merchants&#148;
to segregate all funds received from customers with respect to any orders for the purchase or sale of U.S. domestic futures contracts and cleared swaps from the brokers&#146; proprietary assets. Similarly, the CEA requires each futures commission
merchant to hold in separate secure accounts all funds received from customers with respect to any orders for the purchase or sale of foreign futures contracts and cleared swaps and segregate any such funds from the funds received with respect to
domestic futures contracts. However, all funds and other property received by a clearing broker from its customers are held by the clearing broker on a commingled basis in an omnibus account and may be invested in certain instruments permitted under
applicable regulations. There is a risk that assets deposited by the Fund with any swaps or futures clearing broker as margin for futures contracts or cleared swaps may, in certain circumstances, be used to satisfy losses of other clients of the
Fund&#146;s clearing broker. In addition, the assets of the Fund might not be fully protected in the event of the Fund&#146;s clearing broker&#146;s bankruptcy, as the Fund would be limited to recovering only a pro rata share of all available funds
segregated on behalf of the clearing broker&#146;s customers for the relevant account class. Similarly, the CEA requires a clearing organization approved by the CFTC as a derivatives clearing organization to segregate all funds and other property
received from a clearing member&#146;s clients in connection with domestic cleared derivative contracts from any funds held at the clearing organization to support the clearing member&#146;s proprietary trading. Nevertheless, all customer funds held
at a clearing organization in connection with any futures contracts are held in a commingled omnibus account and are not identified to the name of the clearing member&#146;s individual customers. All customer funds held at a clearing organization
with respect to cleared swaps of customers of a clearing broker are also held in an omnibus account, but CFTC rules require that the clearing broker notify the clearing organization of the amount of the initial margin provided by the clearing broker
to the clearing organization that is attributable to each customer. With respect to futures and options contracts, a clearing organization may use assets of a nondefaulting customer held in an omnibus account at the clearing organization to satisfy
payment obligations of a defaulting customer of the clearing member to the clearing organization. With respect to cleared swaps, a clearing organization generally cannot do so, but may do so if the clearing member does not provide accurate reporting
to the clearing organization as to the attribution of margin among its clients. Also, since clearing brokers generally provide to clearing organizations the net amount of variation margin required for cleared swaps for all
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">23 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
of its customers in the aggregate, rather than the gross amount of each customer, the Fund is subject to the risk that a clearing organization will not make variation margin payments owed to the
Fund if another customer of the clearing member has suffered a loss and is in default. As a result, in the event of a default or the clearing broker&#146;s other clients or the clearing broker&#146;s failure to extend its own funds in connection
with any such default, the Fund may not be able to recover the full amount of assets deposited by the clearing broker on behalf of the Fund with the clearing organization. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Tax Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">To qualify for the favorable U.S. federal income tax treatment
generally accorded to regulated investment companies (&#147;RICs&#148;) under Subchapter M of the Code, the Fund must, among other requirements, derive in each taxable year at least 90% of its gross income from certain prescribed sources and satisfy
a diversification test on a quarterly basis. If the Fund fails to satisfy the qualifying income or diversification requirements in any taxable year, the Fund may be eligible for relief provisions if the failures are due to reasonable cause and not
willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain de minimis failures of the diversification requirements where the Fund corrects the
failure within a specified period. In order to be eligible for the relief provisions with respect to a failure to meet the diversification requirements, the Fund may be required to dispose of certain assets. If these relief provisions were not
available to the Fund and it were to fail to qualify for treatment as a RIC for a taxable year, all of its taxable income (including its net capital gain) would be subject to tax at regular corporate rates (which the Tax Cuts and Jobs Act reduced to
21%) without any deduction for distributions to shareholders, and such distributions would be taxable as ordinary dividends to the extent of the Fund&#146;s current and accumulated earnings and profits. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">To qualify to pay exempt-interest dividends, which are treated as items of interest excludable from gross income for U.S. federal income
tax purposes, at least 50% of the value of the total assets of the Fund must consist of obligations exempt from regular income tax as of the close of each quarter of the Fund&#146;s taxable year. If the proportion of taxable investments held by the
Fund exceeds 50% of the Fund&#146;s total assets as of the close of any quarter of any Fund taxable year, the Fund will not for that taxable year satisfy the general eligibility test that otherwise permits it to pay exempt-interest dividends.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The value of the Fund&#146;s investments and its net asset value may be adversely affected by changes in tax rates and
policies. Because interest income from municipal securities is normally not subject to regular U.S. federal income taxation, the attractiveness of municipal securities in relation to other investment alternatives is affected by changes in U.S.
federal income tax rates or changes in the tax-exempt status of interest income from municipal securities. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the demand for and supply, liquidity and
marketability of municipal securities. This could in turn affect the Fund&#146;s net asset value and ability to acquire and dispose of municipal securities at desirable yield and price levels. Additionally, the Fund is not a suitable investment for
individual retirement accounts, for other tax-exempt or tax-deferred accounts or for investors who are not sensitive to the U.S. federal income tax consequences of their investments. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund treats its Preferred Shares as equity for U.S. federal income tax purposes. If such shares were treated as indebtedness instead,
the income from such shares would not qualify as exempt-interest dividends and might have to be reported on an accrual basis. In addition, the Fund&#146;s ability to characterize distributions to common shareholders as exempt-interest dividends
could be curtailed. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">24 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Generally, the Fund&#146;s investments in inverse floating rate securities do not generate
taxable income. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">See &#147;Tax Matters.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Taxability Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund invests in municipal securities in reliance at
the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable from gross income for federal income tax purposes, and NAM will not independently verify that opinion. Subsequent to the
Fund&#146;s acquisition of such a municipal security, however, the security may be determined to pay, or to have paid, taxable income. As a result, the treatment of dividends previously paid or to be paid by the Fund as &#147;exempt-interest
dividends&#148; could be adversely affected, subjecting the Fund&#146;s shareholders to increased U.S. federal income tax liabilities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Distributions of ordinary taxable income (including any net short-term capital gain) will be taxable to shareholders as ordinary income (and not eligible for favorable taxation as &#147;qualified dividend
income&#148;), and capital gain dividends will be taxable as long-term capital gains. See &#147;Tax Matters.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Insurance Risk
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may purchase municipal securities that are secured by insurance, bank credit agreements or escrow
accounts.&nbsp;The credit quality of the companies that provide such credit enhancements will affect the value of those securities.&nbsp;Certain significant providers of insurance for municipal securities have incurred significant losses as a result
of exposure to&nbsp;sub-prime&nbsp;mortgages and other lower credit quality investments that have experienced defaults or otherwise suffered extreme credit deterioration.&nbsp;As a result, such losses have reduced the insurers&#146; capital and
called into question their continued ability to perform their obligations under such insurance if they are called upon to do so in the future.&nbsp;While an insured municipal security will typically be deemed to have the rating of its insurer, if
the insurer of a municipal security suffers a downgrade in its credit rating or the market discounts the value of the insurance provided by the insurer, the rating of the underlying municipal security will be more relevant and the value of the
municipal security would more closely, if not entirely, reflect such rating.&nbsp;In such a case, the value of insurance associated with a municipal security would decline and may not add any value.&nbsp;The insurance feature of a municipal security
does not guarantee the full payment of principal and interest through the life of an insured obligation, the market value of the insured obligation or the net asset value of the Common Shares represented by such insured obligation. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Borrowing Risks </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
Fund may borrow for temporary or emergency purposes, including to pay dividends, clear portfolio transactions or repurchase its shares. Borrowing may exaggerate changes in the net asset value of the Fund&#146;s shares and may affect the Fund&#146;s
net income. When the Fund borrows money, it must pay interest and other fees, which will reduce the Fund&#146;s returns if such costs exceed the returns on the portfolio securities purchased or retained with such borrowings. Any such borrowings are
intended to be temporary. However, under certain market conditions, including periods of low demand or decreased liquidity in the municipal bond market such borrowings might be outstanding for longer periods of time. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">25 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Other Investment Companies Risk </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may, subject to the limitations of the 1940 Act and/or pursuant to exemptive relief from the SEC, invest in the securities of
other investment companies including open-end and closed-end funds and ETFs. Such securities may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities. Utilization of leverage is a
speculative investment technique and involves certain risks. An investment in securities of other investment companies that are leveraged may expose the Fund to higher volatility in the market value of such securities and the possibility that the
Fund&#146;s long-term returns on such securities (and, indirectly, the long-term returns of the Common Shares) will be diminished. Additionally, the Fund, as a holder of the securities of other investment companies, will bear its pro rata portion of
other investment companies&#146; expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund&#146;s own operations. An ETF that is based on a specific index, whether stock or otherwise, may not be able to
replicate and maintain exactly the composition and relative weighting of securities in the index. An ETF also incurs certain expenses not incurred by its applicable index. The market value of shares of ETFs and closed-end funds may differ from their
net asset value. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cybersecurity Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Technology, such as the internet, has become more prevalent in the course of business, and as such, the Fund and its service providers are susceptible to operational and information security risk
resulting from cyber incidents. Cyber incidents refer to both intentional attacks and unintentional events including: processing errors, human errors, technical errors including computer glitches and system malfunctions, inadequate or failed
internal or external processes, market-wide technical-related disruptions, unauthorized access to digital systems (through &#147;hacking&#148; or malicious software coding), computer viruses, and cyber-attacks which shut down, disable, slow or
otherwise disrupt operations, business processes or website access or functionality (including denial of service attacks). Cyber incidents could adversely impact the Fund and cause the Fund to incur financial loss and expense, as well as face
exposure to regulatory penalties, reputational damage, and additional compliance costs associated with corrective measures. Cyber incidents may cause a Fund or its service providers to lose proprietary information, suffer data corruption, lose
operational capacity or fail to comply with applicable privacy and other laws. Among other potentially harmful effects, cyber incidents also may result in theft, unauthorized monitoring and failures in the physical infrastructure or operating
systems that support the Fund and its service providers. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Fund&#146;s service providers have established business continuity plans in the
event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the
cybersecurity plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Certain Affiliations of the Fund </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Certain broker-dealers may be considered to be affiliated persons of the Fund, Nuveen Fund Advisors, NAM, Nuveen and/or TIAA. Absent an exemption from the SEC or other regulatory relief, the Fund is
generally precluded from effecting certain principal transactions with affiliated brokers, and its ability to purchase securities being underwritten by an affiliated broker or a syndicate including
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">26 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
an affiliated broker, or to utilize affiliated brokers for agency transactions, is subject to restrictions. This could limit the Fund&#146;s ability to engage in securities transactions and take
advantage of market opportunities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Potential Conflicts of Interest Risk </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nuveen Fund Advisors and NAM each provide a wide array of portfolio management and other asset management services to a mix of clients
and may engage in ordinary course activities in which their respective interests or those of their clients may compete or conflict with those of the Fund. For example, Nuveen Fund Advisors and NAM may provide investment management services to other
funds and accounts that follow investment objectives similar to that of the Fund. In certain circumstances, and subject to its fiduciary obligations under the Investment Advisers Act of 1940, as amended, NAM may have to allocate a limited investment
opportunity among its clients, which include closed-end funds, open-end funds, other commingled funds, collateralized loan obligations, collateralized debt obligations, simplified employee pension accounts and other private funds. For additional
information about potential conflicts of interest, and the way in which Nuveen Fund Advisors and NAM address such conflicts, please see the SAI. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Anti-Takeover Provisions </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Declaration of Trust and the Fund&#146;s
By-Laws (the &#147;By-Laws&#148;) include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to open-end status. These provisions could have the effect of depriving the common
shareholders of opportunities to sell their Common Shares at a premium over the then current price of the Common Shares. See &#147;Certain Provisions in the Declaration of Trust and By-Laws.&#148; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">27 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc656069_4"></A>FINANCIAL HIGHLIGHTS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following Financial Highlights table is intended to help a prospective investor understand the Fund&#146;s financial performance for
the periods shown. Certain information reflects financial results for a single Common Share of the Fund. The total returns in the table represent the rate an investor would have earned or lost on an investment in Common Shares of the Fund (assuming
reinvestment of all dividends). The Fund&#146;s annual financial statements and financial highlights as of and for the fiscal years ended October&nbsp;31, 2017, October&nbsp;31, 2016, October&nbsp;31, 2015 and October&nbsp;31, 2014 have been audited
by KPMG LLP (&#147;KPMG&#148;), an independent registered public accounting firm. KPMG has not reviewed or examined any records, transactions or events after the date of such reports. The information with respect to the six months ended
April&nbsp;30, 2018 is unaudited and is included in the Fund&#146;s 2018 Semi-Annual Report which is incorporated into the SAI by reference. The information with respect to the fiscal years ended prior to October&nbsp;31, 2014 has been audited by
other auditors. A copy of the Fund&#146;s Annual Reports and Semi-Annual Reports may be obtained from www.sec.gov or by visiting www.nuveen.com. The information contained in, or that can be accessed through, the Fund&#146;s websites is not part of
this prospectus, except to the extent specifically incorporated by reference in the SAI. Past results are not indicative of future performance. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The following per share data and ratios have been derived from information provided in the financial statements. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">28 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Selected data for a Common Share outstanding throughout each period: </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="52%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Six&nbsp;Months<BR>Ended<BR>April&nbsp;30,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year Ended October&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2018</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2017</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2015</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2014</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2013</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Per Share Operating Performance</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(unaudited)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Beginning Common Share Net Asset Value</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">16.39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">16.64</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">16.03</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">16.24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">14.62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">16.33</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Investment Operations:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Net Investment Income (Loss)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.84</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.73</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.77</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.71</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Net Realized/Unrealized Gain (Loss)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.77</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1.72</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(1.46</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Net Investment Income (Loss)&nbsp;to ARPS Shareholders(a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Net Realized/Unrealized Gain (Loss)&nbsp;to ARPS Shareholders(a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.04</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.65</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1.50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.64</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2.43</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.86</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Less Distributions to Common Shareholders:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">From Net Investment Income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.87</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.86</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.70</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.74</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">From Accumulated Net Realized Gains</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.03</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.03</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.07</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.89</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.85</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.77</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.85</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Common Share:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Discount from Common Shares Repurchased and Retired</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">*&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.01</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">*&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Discount Per Share Repurchased through Tender Offer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.03</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Ending Net Asset Value</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">15.91</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">16.39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">16.64</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">16.03</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">16.24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">14.62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Ending Common Share Price</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">14.75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">15.17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">15.05</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">14.05</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">14.14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">12.75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Common Share Total Returns:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Based on Net Asset Value(b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">4.25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">9.40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">4.04</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">16.78</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(5.46</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Based on Share Price(b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">7.10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">13.46</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">5.53</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">17.35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(14.46</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>SUPPLEMENTAL DATA/RATIOS</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Ending Net Assets (000)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3,222,459</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3,319,775</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3,370,157</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">427,104</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">433,092</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">434,851</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Ratios to Average Net Assets Before Reimbursement(c)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Expenses(e)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2.32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%**&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2.05</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1.81</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1.50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1.75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2.03</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Net Investment Income Loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">5.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%**&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">5.26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">4.87</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">4.81</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">4.56</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3.87</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Ratios to Average Net Assets After Reimbursement(c)(d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Expenses(e)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2.04</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1.75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Net Investment Income Loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">5.27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">4.93</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Portfolio Turnover Rate(f)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Auction Rate Preferred (ARPS) Shares at the End of Period:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Aggregate Amount Outstanding (000)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Asset Coverage Per $25,000 Share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">MuniFund Term Preferred (MTP) Shares at the End of Period(g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Aggregate Amount Outstanding (000)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">108,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Asset Coverage Per $25,000 Share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">31.69</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Variable Rate MuniFund Term Preferred (VMTP) Shares at the End of Period:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Aggregate Amount Outstanding (000)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">240,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">240,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">92,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Asset Coverage Per $100,000 Share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">304,955</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">304,005</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">316,883</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Variable Rate Demand Term Preferred (VRDP) Shares at the End of Period:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Aggregate Amount Outstanding (000)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1,411,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1,411,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1,411,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">179,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">179,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Asset Coverage Per $100,000 Share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">277,351</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">300,955</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">304,005</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">338,606</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">341,951</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">MuniFund Preferred (MFP) Shares at the End of Period:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Aggregate Amount Outstanding (000)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">405,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Asset Coverage Per $100,000 Share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">277,351</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">ARPS, MTP , VMTP, VRDP and/or MFP Shares at the End of Period:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Asset Coverage Per $1 Liquidation Preference</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2.77</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3.01</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3.04</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3.17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">29 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Selected data for a Common Share outstanding throughout each period: </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year Ended October&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2012</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2009</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Per Share Operating Performance</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Beginning Common Share Net Asset Value</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">15.03</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">15.20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">14.80</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">12.85</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">15.09</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Investment Operations:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Net Investment Income (Loss)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.82</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.91</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Net Realized/Unrealized Gain (Loss)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1.42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.22</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1.77</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(2.25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Net Investment Income (Loss)&nbsp;to Fund ARPS Shareholders(a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.01</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.01</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.06</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.29</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Net Realized/Unrealized Gain (Loss)&nbsp;to Fund ARPS Shareholders(a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">*&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2.24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1.28</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2.71</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(1.54</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Less Distributions to Common Shareholders:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">From Net Investment Income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.85</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.84</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.76</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.70</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">From Accumulated Net Realized Gains</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.04</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">*&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.04</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.94</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.85</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.88</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.76</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(0.70</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Common Share:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Discount from Common Shares Repurchased and Retired</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">*&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Ending Net Asset Value</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">16.33</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">15.03</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">15.20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">14.80</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">12.85</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Ending Common Share Price</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">15.82</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">14.32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">14.80</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">13.85</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">11.42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Common Share Total Returns:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Based on Net Asset Value(b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">15.30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">4.83</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">8.89</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">21.54</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(10.64</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Based on Share Price(b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">17.44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2.89</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">13.51</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">28.72</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(12.11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>SUPPLEMENTAL DATA/RATIOS</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Ending Net Assets (000)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">486,750</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">448,070</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">452,908</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">441,207</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">383,035</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Ratios to Average Net Assets Before Reimbursement(c)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Expenses(e)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2.08</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1.95</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1.89</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1.25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1.32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Net Investment Income Loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">5.17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">6.12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">5.79</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">6.86</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">6.48</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Ratios to Average Net Assets After Reimbursement(c)(d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Expenses(e)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2.05</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1.84</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1.71</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.98</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.98</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Net Investment Income Loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">5.20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">6.23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">5.98</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">7.12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">6.82</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Portfolio Turnover Rate(f)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">29</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Auction Rate Preferred (ARPS) Shares at the End of Period:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Aggregate Amount Outstanding (000)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">91,950</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">91,950</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">226,975</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Asset Coverage Per $25,000 Share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">81,628</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">80,165</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">67,189</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">MuniFund Term Preferred (MTP) Shares at the End of Period(g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Aggregate Amount Outstanding (000)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">108,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">108,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">108,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">108,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Asset Coverage Per $25,000 Share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">34.28</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">32.35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">32.65</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">32.07</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Variable Rate MuniFund Term Preferred (VMTP) Shares at the End of Period:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Aggregate Amount Outstanding (000)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">92,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">92,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Asset Coverage Per $100,000 Share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">342,768</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">323,476</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Variable Rate Demand Term Preferred (VRDP) Shares at the End of Period:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Aggregate Amount Outstanding (000)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Asset Coverage Per $100,000 Share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">MuniFund Preferred (MFP) Shares at the End of Period:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Aggregate Amount Outstanding (000)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Asset Coverage Per $100,000 Share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">ARPS, MTP , VMTP, VRDP and/or MFP Shares at the End of Period:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Asset Coverage Per $1 Liquidation Preference</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3.43</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3.23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3.27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3.21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">The amounts shown for ARPS are based on common share equivalents. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Total Return Based on Common Share net asset value is the combination of changes in common share net asset value, reinvested dividend income
at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending
net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund&#146;s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total
returns are not annualized. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend
income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is
assumed to be reinvested at the ending market price. The actual reinvestment for the last </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">30 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">
dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used
in the calculation. Total returns are not annualized. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to Preferred Shares issued by the Fund.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">The expense ratios reflect, among other things, all interest expense and other costs related to Preferred Shares and/or the interest expense
deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as follows: </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Six&nbsp;Months</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Ended</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>April&nbsp;30,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="38" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year Ended October&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2018</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2017</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2015</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2014</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2013</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2012</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2009</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(unaudited)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">1.29%**</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1.02</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.78</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.46</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1.06</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1.05</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.84</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.08</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">0.15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(e)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">After expense reimbursement from the Investment Adviser, where applicable. As of March&nbsp;31, 2012 the Investment Adviser is no longer
reimbursing the Fund for any fees and expenses. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(f)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales divided by the average long-term market value during
the period. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(g)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">The Ending and Average Market Value Per Share for each Series of the Fund&#146;s MTP Shares outstanding were as follows:
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2014</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2013</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2012</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2009</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Series 2014 (NVG PRCCL)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Ending Market Value per Share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">10.09</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">10.12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">10.10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">10.22</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">9.98</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Average Market Value per Share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">10.05^</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">10.11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">10.16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">10.12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">10.19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">10.03</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">^^&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">^</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">For the period November&nbsp;1, 2013 through December&nbsp;23, 2013. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">^^</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">For the period October&nbsp;19, 2009 (first issuance date of shares) through October&nbsp;31, 2009. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Rounds to less than $0.01 per share. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">**</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Annualized </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">N/A</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Fund does not have or no longer has a contractual reimbursement with the Investment Adviser. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">31 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc656069_5"></A>THE FUND </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund is a diversified, closed-end management investment company registered under the 1940 Act. The Fund was organized as a
Massachusetts business trust on July&nbsp;12, 1999, pursuant to the Declaration of Trust, which is governed by the laws of the Commonwealth of Massachusetts. The Fund&#146;s Common Shares are listed on the NYSE under the symbol &#147;NVG.&#148; The
Fund&#146;s principal office is located at 333 West Wacker Drive, Chicago, Illinois 60606, and its telephone number is <FONT STYLE="white-space:nowrap">(800)&nbsp;257-8787.</FONT> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc656069_6"></A>USE OF PROCEEDS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Unless otherwise specified in a prospectus supplement, the Fund will use the net proceeds from any sales of Securities pursuant to this prospectus to make investments in accordance with the Fund&#146;s
investment objectives and policies or to redeem outstanding Preferred Shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">To the extent a portion of the net proceeds
from an offering are used to make investments, the relevant prospectus supplement will include an estimate of the length of time it is expected to take to invest such proceeds. The Fund anticipates that the net proceeds will be invested shortly
following completion of the offering and in any event expects the time period to be less than three months. To the extent a portion of the net proceeds from an offering are used to redeem outstanding Preferred Shares, the Fund anticipates that such
redemptions will be effected as soon as practicable after completion of the relevant offering. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pending the use of proceeds,
as described above, the Fund anticipates investing the proceeds in high-quality, short-term investments. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc656069_7">
</A>DESCRIPTION OF SECURITIES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>The following is a brief description of the material terms of the Common Shares and the
Preferred Shares, including MFP Shares, of the Fund, except that the series designation, redemption</I> <I>terms, dividend rate or rates, and other details concerning any MFP Shares issued under the registration statement of which this prospectus is
a part will be disclosed in a prospectus supplement.</I> </FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following provides information about the Fund&#146;s
outstanding Securities as of September&nbsp;30, 2018: </FONT></P>  <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="66%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000 ; display:table-cell;"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Title of Class</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Amount</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Authorized</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Amount&nbsp;Held</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>by&nbsp;the&nbsp;
Fund<BR>or&nbsp;for its</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Account</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Amount</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Outstanding</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Common Shares</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unlimited</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">202,552,895</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Preferred Shares</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unlimited</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">VRDP:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Series 1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,790</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,790</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Series 2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,854</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,854</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Series 4</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Series 5</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,405</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,405</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Series 6</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,267</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,267</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">MFP:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Series A</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,054</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,054</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">32 </FONT></P>



<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Common Shares </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Declaration of Trust authorizes the issuance of an unlimited number of Common Shares. The Common Shares have a par value of $0.01 per share and, subject to the rights of holders of Preferred Shares,
including MFP Shares issued, have equal rights to the payment of dividends and the distribution of assets upon liquidation. The Common Shares when issued, are fully paid and, subject to matters discussed in &#147;Certain Provisions in the
Declaration of Trust and By-Laws,&#148; non-assessable, and have no preemptive or conversion rights or rights to cumulative voting. A copy of the Declaration of Trust is filed with the SEC as an exhibit to the Fund&#146;s registration statement of
which this prospectus is a part. A copy may be obtained as described under &#147;Where You Can Find More Information.&#148; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each whole Common Share has one vote with respect to matters upon which a shareholder vote is required, and each fractional share shall
be entitled to a proportional fractional vote consistent with the requirements of the 1940 Act and the rules promulgated thereunder, and will vote together as a single class. Whenever the Fund incurs borrowings and/or Preferred Shares are
outstanding, common shareholders will not be entitled to receive any cash distributions from the Fund unless all interest on such borrowings has been paid and all accumulated dividends on Preferred Shares have been paid, unless asset coverage (as
defined in the 1940 Act) with respect to any borrowings would be at least 300% after giving effect to the distributions and asset coverage (as defined in the 1940 Act) with respect to Preferred Shares would be at least 200% after giving effect to
the distributions. See &#147;&#151;Preferred Shares&#148; below. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Common Shares are listed on the NYSE and trade under the
ticker symbol &#147;NVG.&#148; The Fund intends to hold annual meetings of shareholders so long as the Common Shares are listed on a national securities exchange and such meetings are required as a condition to such listing. The Fund will not issue
share certificates. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unlike open-end funds, closed-end funds like the Fund do not provide daily redemptions. Rather, if a
shareholder determines to buy additional Common Shares or sell shares already held, the shareholder may conveniently do so by trading on the exchange through a broker or otherwise. Common shares of closed-end investment companies may frequently
trade on an exchange at prices lower than net asset value. Common shares of closed-end investment companies like the Fund have during some periods traded at prices higher than net asset value and have during other periods traded at prices lower than
net asset value. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Because the market value of the Common Shares may be influenced by such factors as distribution levels
(which are in turn affected by expenses), call protection, dividend stability, portfolio credit quality, net asset value, relative demand for and supply of such shares in the market, general market and economic conditions, and other factors beyond
the control of the Fund, the Fund cannot assure you that Common Shares will trade at a price equal to or higher than net asset value in the future. The Common Shares are designed primarily for long-term investors, and investors in the Common Shares
should not view the Fund as a vehicle for trading purposes. See &#147;Repurchase of Fund Shares; Conversion to Open-End Fund.&#148; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Preferred Shares </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
Fund&#146;s Declaration of Trust authorizes the issuance of an unlimited number of Preferred Shares in one or more classes or series, with rights as determined by the Board, by action of the Board
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">33 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
without the approval of the common shareholders. As indicated above, the Fund currently has outstanding Preferred Shares consisting of VRDP Shares and MFP Shares. Copies of the Declaration of
Trust, and the applicable statement establishing and fixing the rights and preferences of Preferred Shares of the applicable series, and, if applicable, the related supplement, are (or will be when the relevant MFP Shares are issued, in the case of
MFP Shares offered and sold under the Fund&#146;s registration statement of which this prospectus is a part) filed with the SEC as exhibits to the registration statement. Copies may be obtained as described under &#147;Where You Can Find More
Information.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Currently, the outstanding VRDP Shares of certain series have a remarketing feature and the benefit of an
unconditional demand feature pursuant to a purchase agreement provided by a bank acting as liquidity provider to ensure full and timely repayment of the liquidation preference amount plus any accumulated and unpaid dividends to holders upon the
occurrence of certain events. The purchase agreement for the outstanding VRDP Shares of each such series requires the applicable liquidity provider to purchase from holders all outstanding VRDP Shares of such series tendered for sale that were not
successfully remarketed. The liquidity provider also must purchase all outstanding VRDP Shares of the applicable series prior to termination of the purchase agreement for such series, including by reason of the failure of the liquidity provider to
maintain the requisite level of short-term ratings, if the Fund has not obtained an alternate purchase agreement before the termination date. The liquidity provider for the outstanding VRDP Shares of each applicable series entered into a purchase
agreement with respect to such series, subject to periodic extension by agreement with the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The outstanding VRDP Shares
and MFP Shares of each series have a specified term redemption date and may be subject to earlier optional or mandatory redemption by the Fund, in whole or in part, in certain circumstances, such as in the event of a failure by the Fund to comply
with asset coverage and/or effective leverage ratio requirements and any such failure is not cured within the applicable cure period. With respect to each series of outstanding VRDP Shares that has a liquidity provider, the Fund has an obligation to
redeem, at a redemption price equal to $100,000 per share plus accumulated but unpaid dividends thereon (whether or not earned or declared), shares of such series purchased by the liquidity provider pursuant to its obligation under the purchase
agreement if the liquidity provider continues to be the beneficial owner for a period of six months and such shares cannot be successfully remarketed. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Ranking and Priority of Payment </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each Preferred Share, including each MFP
Share, ranks and will rank on parity with each other and other Preferred Shares with respect to the payment of dividends and the distribution of assets upon liquidation. Each Preferred Share, including each MFP Share, ranks and will rank senior in
priority to the Common Shares as to the payment of dividends and as to the distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Dividends and Distributions </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The holders of Preferred Shares of each
series are entitled to receive, when, as and if declared by the Board, out of funds legally available therefor in accordance with the Declaration of Trust and applicable law, cumulative cash dividends at the dividend rate for the Preferred Shares of
such series payable on the dividend payment dates with respect to the Preferred Shares of such series. Holders of Preferred Shares are not entitled to any dividend, whether payable in cash, property or shares, in excess
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">34 </FONT></P>



<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
of full cumulative dividends on the Preferred Shares. No interest, or sum of money in lieu of interest, shall be payable in respect of any dividend payment or payments on Preferred Shares which
may be in arrears, and no additional sum of money will be payable in respect of such arrearage. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Voting Rights
</I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Preferred Shares, including MFP Shares, are required to be voting shares and to have equal voting rights with Common
Shares. Except as otherwise indicated in this prospectus, the applicable prospectus supplement or the SAI and except as otherwise required by applicable law, Preferred Shares, including MFP Shares, would vote together with the holders of Common
Shares as a single class. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Holders of Preferred Shares, including MFP Shares, voting as a separate class, will be entitled to
elect two of the Fund&#146;s trustees. The remaining trustees will be elected by the holders of Common Shares and the holders of Preferred Shares, voting together as a single class. In the unlikely event that two full years of accumulated dividends
are unpaid on the Preferred Shares, including MFP Shares, the holders of all outstanding Preferred Shares, including MFP Shares, voting as a separate class, will be entitled to elect a majority of the Fund&#146;s trustees until all dividends in
arrears have been paid or declared and set apart for payment. In order for the Fund to take certain actions or enter into certain transactions, a separate class vote of holders of Preferred Shares would be required, in addition to the single class
vote of the holders of Preferred Shares and Common Shares. See &#147;Certain Provisions in the Declaration of Trust and By-Laws.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Redemption, Purchase and Sale of Preferred Shares </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The terms of the
Preferred Shares of any series may provide that they may be subject to optional or mandatory redemption by the Fund at certain times or under certain circumstances, in whole or in part, at the liquidation preference per share plus accumulated
dividends. The terms for optional redemption of MFP Shares of any series may provide for the payment of a redemption premium, which will be described in the applicable prospectus supplement. Any redemption or purchase of Preferred Shares, including
MFP Shares, by the Fund will reduce the leverage applicable to Common Shares, while any issuance of Preferred Shares by the Fund would increase such leverage. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Ratings and Asset Coverage </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund currently expects that each series of
MFP Shares offered will have a long-term rating from at least one NRSRO at the time of issuance. Each of the Fund&#146;s currently outstanding series of Preferred Shares has a long-term rating from one or more NRSROs. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As long as MFP Shares or other Preferred Shares are outstanding, the composition of the Fund&#146;s portfolio will reflect guidelines
established by the NRSRO or NRSROs rating such shares. These guidelines may impose requirements different from or in addition to those required under the 1940 Act, and generally include asset coverage requirements, portfolio characteristics such as
portfolio diversification and credit rating criteria, and qualitative views on the Fund and Fund management. Although the Fund&#146;s failure to meet such requirements or criteria under applicable guidelines may cause the Fund to sell portfolio
positions or to redeem Preferred Shares at inopportune times in an amount necessary to restore compliance with the guidelines, or may result in a downgrade of ratings, the Fund currently does not anticipate that these restrictions or guidelines will
impede the management of the Fund&#146;s portfolio in accordance with the Fund&#146;s investment objectives and policies. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">35 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">There can be no assurance that one or more NRSROs will not alter its or their rating
criteria resulting in downgrades of ratings, that the Fund will maintain any ratings of the Preferred Shares, including MFP Shares or, if at any time the Preferred Shares, including MFP Shares, have one or more ratings, that any particular ratings
will be maintained. The Fund may, at any time, replace a NRSRO with another NRSRO or terminate the services of any NRSROs then providing a rating for Preferred Shares without replacement, in either case, without the approval of shareholders of the
Fund (except as may be otherwise specifically provided for a series of Preferred Shares). In addition, the NRSRO guidelines adopted by the Fund in connection with a NRSRO&#146;s rating of Preferred Shares, including MFP Shares, may be changed or
eliminated at any time without the approval of shareholders of the Fund, including in connection with the change or elimination of any or all long-term ratings of the Preferred Shares. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ratings of the Preferred Shares, including MFP Shares, neither eliminate nor mitigate the risks of investing in Common Shares or
Preferred Shares. See &#147;Risk Factors&#148; above and in the applicable prospectus supplement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>MuniFund Preferred Shares
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The description of the MFP Shares that may be offered pursuant to the registration statement of which this prospectus is
a part set forth below will be supplemented in a related prospectus supplement and will include the following: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the series and title of the security; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the liquidation preference per share and aggregate liquidation preference of the MFP Shares being offered; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the dividend rate or rates on the MFP Shares being offered, or the manner in which the dividend rate or rates will be calculated;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">any optional or mandatory redemption provisions; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">any changes in paying agents or security registrar; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">any other terms of the MFP Shares being offered. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The prospectus supplement also will contain a description of material U.S. federal income tax consequences relating to the purchase and ownership of the MFP Shares that are described in the prospectus
supplement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The decision to issue MFP Shares or other Preferred Shares is subject to market conditions and to the
Board&#146;s belief that leveraging the Fund&#146;s capital structure through the issuance of Preferred Shares is likely to achieve the benefits to the common shareholders described in this prospectus. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Designation of Modes </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Initial Mode and Subsequent Modes.</I> The terms and conditions applicable to any series of MFP Shares will be set forth in the Statement relating to that series, as supplemented by the Statement
Supplement setting forth the additional terms and conditions applicable to that series upon initial </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">36 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
issuance for the period specified in the Statement Supplement. The Fund may have the option with respect to any series of MFP Shares to effect a Mode extension or change after the initial
issuance of MFP Shares of that series. The additional or different terms and conditions applicable to the MFP Shares in any subsequent Modes or extensions of any Mode will be set forth in future new or amended Statement supplements effective on the
dates set forth in any such new or amended Statement supplements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Designation of Mode Provisions.</I> In connection with
any Mode designated or extended, the Fund, subject to compliance with the terms and conditions of the applicable Statement and Statement Supplement then in effect, without the vote or consent of any holder of MFP Shares, may (i)&nbsp;provide in the
Statement Supplement for such Mode for provisions relating solely to such Mode that differ from those provided in the Statement or any other Statement supplement, including, but not limited to, with respect to optional tender provisions, mandatory
tender provisions, a liquidity facility or other credit enhancement, mandatory purchase provisions, the dividend rate setting provisions (including as to any maximum rate), and, if the dividend may be determined by reference to an index, formula or
other method, the manner in which it will be determined, redemption provisions and modified or new definitions, and (ii), subject to any restrictions on modification specifically set forth in such Statement supplement for a Mode then in effect,
modify such Statement supplement then in effect to provide for optional tender provisions, and/or mandatory tender provisions, a liquidity facility or other credit enhancement, and other provisions. Extension of any Mode, and the modification of any
provisions relating to such Mode, will be subject to any restrictions on extension or modification set forth in the Statement or in the Statement Supplement for such Mode. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Notices in Respect of Mode Designation or Extension.</I> The Fund will deliver a notice of Mode designation or extension or proposed Mode designation or extension as specified in and otherwise in
accordance with the Statement Supplement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Mandatory Tender of MFP Shares in connection with a Mode Change or
Extension</I>. The Statement Supplement will provide that any Mode change or extension will trigger a mandatory tender of all outstanding MFP Shares of the applicable series for transition remarketing into the extended Mode or new Mode. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc656069_8"></A>THE FUND&#146;S INVESTMENTS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Investment Objectives and Policies </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s investment objectives
are: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">to provide current income exempt from regular federal income tax and federal alternative minimum tax applicable to individuals; and
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">to enhance portfolio value relative to the municipal bond market by investing in tax-exempt municipal bonds that the Investment Adviser believes are
underrated or undervalued or that represent municipal market sectors that are undervalued. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Underrated
municipal securities are those whose ratings do not, in the Investment Adviser&#146;s opinion, reflect their true value. Municipal securities may be underrated because of the time that has elapsed since their rating was assigned or reviewed, or
because of positive factors that may not have been fully taken into account by NRSROs, or for other similar reasons. Municipal securities that are </FONT></P>
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undervalued or that represent undervalued municipal market sectors are municipal securities that, in the Investment Adviser&#146;s opinion, are worth more than the value assigned to them in the
marketplace. Municipal securities of particular types or purposes (e.g., hospital bonds, industrial revenue bonds or bonds issued by a particular municipal issuer) may be undervalued because there is a temporary excess of supply in that market
sector, or because of a general decline in the market price of municipal securities of the market sector for reasons that do not apply to the particular municipal securities that are considered undervalued. The Fund&#146;s investment in underrated
or undervalued municipal securities will be based on the Investment Adviser&#146;s belief that the prices of such municipal securities should ultimately reflect their true value. Accordingly, &#147;enhancement of portfolio value relative to the
municipal bond market&#148; refers to the Fund&#146;s objective of attempting to realize above-average capital appreciation in a rising market, and to experience less than average capital losses in a declining market. Thus, the Fund&#146;s second
investment objective is not intended to suggest that capital appreciation is itself an objective of the Fund. Instead, the Fund seeks enhancement of portfolio value relative to the municipal bond market by prudent selection of municipal securities,
regardless of which direction the market may move. Any capital appreciation realized by the Fund will generally result in the distribution of taxable capital gains to holders of Common Shares and holders of Preferred Shares. The Fund is currently
required to allocate net capital gains and ordinary income taxable for U.S. federal income tax purposes, if any, proportionately between Common Shares and Preferred Shares. See &#147;Tax Matters.&#148; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">It is a fundamental policy that, under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in
municipal securities and other related investments, the income from which is exempt from regular federal income taxes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a
non-fundamental investment policy that may be changed by the Fund&#146;s trustees without prior shareholder notice, under normal circumstances, the Fund will invest 100% of its Managed Assets (as defined below) in municipal securities and other
related investments, the income from which is exempt from the federal alternative minimum tax applicable to individuals at the time of purchase. As a non-fundamental policy subject to change by the Fund&#146;s trustees upon 60 days&#146; notice to
shareholders, under normal circumstances, the Fund will invest at least 80% of its Assets in municipal securities and other related investments, the income from which is exempt from the federal alternative minimum tax applicable to individuals at
the time of purchase. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Assets&#148; means net assets of the Fund plus the amount of any borrowings for investment
purposes. &#147;Managed Assets&#148; means the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage).&nbsp;Total assets for this purpose shall include
assets attributable to the Fund&#146;s use of leverage (whether or not those assets are reflected in the Fund&#146;s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market
value. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a non-fundamental policy that may be changed by the Fund&#146;s trustees without prior shareholder notice, under
normal circumstances, the Fund may invest up to 55% of its Managed Assets in securities rated, at the time of investment, below the three highest grades (Baa or BBB or lower) by at least one NRSRO, which includes below-investment-grade securities or
unrated securities judged to be of comparable quality by NAM. The Fund may invest in distressed securities. The Fund may not invest in the securities of an issuer which, at the time of investment, is in default on its obligations to pay principal or
interest thereon when due or that is involved in a bankruptcy proceeding (i.e. rated below C-, at the time of investment), provided, however, that NAM may determine that it is in the best </FONT></P>
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interest of shareholders in pursuing a workout arrangement with issuers of defaulted securities to make loans to the defaulted issuer or another party, or purchase a debt, equity or other
interest from the defaulted issuer or another party, or take other related or similar steps involving the investment of additional monies, but only if that issuer&#146;s securities are already held by the Fund. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s greater allocation to lower rated municipal securities is expected to result in meaningfully higher net earnings.
However, investments in lower rated securities are subject to higher risks than investments in higher rated securities, including a higher risk that the issuer will be unable to pay interest or principal when due. In addition, the Fund&#146;s
greater allocation to lower rated municipal securities may have a negative effect on one or more long-term ratings of the Fund&#146;s Preferred Shares. See &#147;Risk Factors&#148; for a discussion of the risks associated with an increased exposure
to lower rated municipal securities and for a discussion of ratings risks. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Securities of below investment grade quality
(Ba/BB or below) are commonly referred to as &#147;junk bonds.&#148; Issuers of securities rated Ba/BB or B are regarded as having current capacity to make principal and interest payments but are subject to business, financial or economic conditions
which could adversely affect such payment capacity. Municipal securities rated Baa or BBB are considered &#147;investment grade&#148; securities; municipal securities rated Baa are considered medium grade obligations which lack outstanding
investment characteristics and have speculative characteristics, while municipal securities rated BBB are regarded as having adequate capacity to pay principal and interest. Municipal securities rated AAA in which the Fund may invest may have been
so rated on the basis of the existence of insurance guaranteeing the timely payment, when due, of all principal and interest. Municipal securities rated below investment grade quality are obligations of issuers that are considered predominately
speculative with respect to the issuer&#146;s capacity to pay interest and repay principal according to the terms of the obligation and, therefore, carry greater investment risk, including the possibility of issuer default and bankruptcy and
increased market price volatility. Municipal securities rated below investment grade tend to be less marketable than higher quality securities because the market for them is less broad. The market for unrated municipal securities is even narrower.
During periods of thin trading in these markets, the spread between bid and asked prices is likely to increase significantly and the Fund may have greater difficulty selling its portfolio securities. The Fund will be more dependent on the Investment
Adviser and/or the Sub-Adviser&#146;s research and analysis when investing in these securities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The foregoing credit quality
policy targets apply only at the time a security is purchased, and the Fund is not required to dispose of a security in the event that a NRSRO upgrades or downgrades its assessment of the credit characteristics of a particular issuer or that
valuation changes of various municipal securities cause the Fund&#146;s portfolio to fail to satisfy those targets. In determining whether to retain or sell such a security, the Investment Adviser and/or the Sub-Adviser may consider such factors as
the Investment Adviser&#146;s and/or the Sub-Adviser&#146;s assessment of the credit quality of the issuer of such security, the price at which such security could be sold and the rating, if any, assigned to such security by other NRSROs. The
ratings of S&amp;P Global Ratings, Moody&#146;s Investors Service, Inc. and Fitch Ratings, Inc. represent their opinions as to the quality of the municipal securities they rate. It should be emphasized, however, that ratings are general and are not
absolute standards of quality. Consequently, municipal securities with the same maturity, coupon and rating may have different yields while obligations of the same maturity and coupon with different ratings may have the same yield. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund will invest primarily in municipal securities with long-term maturities in order to maintain an average effective maturity of 15
to 30 years, including the effects of leverage, but the </FONT></P>
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average effective maturity of obligations held by the Fund may be lengthened or shortened as a result of portfolio transactions effected by the Investment Adviser and/or the Sub-Adviser,
depending on market conditions and on an assessment by the portfolio manager of which segments of the municipal securities markets offer the most favorable relative investment values and opportunities for tax-exempt income and total return. As a
result, the Fund&#146;s portfolio at any given time may include both long-term and intermediate-term municipal securities. Moreover, during temporary defensive periods (e.g., times when, in the Investment Adviser&#146;s and/or the Sub-Adviser&#146;s
opinion, temporary imbalances of supply and demand or other temporary dislocations in the tax-exempt bond market adversely affect the price at which long-term or intermediate-term municipal securities are available), and in order to keep the
Fund&#146;s cash fully invested, the Fund may invest any percentage of its total assets in short-term investments including high quality, short-term debt securities that may be either tax-exempt or taxable. The Fund may not achieve its investment
objectives during such periods. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may invest up to 15% of its Managed Assets in inverse floating rate securities. The
economic effect of leverage through the Fund&#146;s purchase of inverse floating rate securities creates an opportunity for increased net income and returns for common shareholders but also creates the possibility that the Fund&#146;s long-term
returns will be diminished if the cost of leverage exceeds the return of the inverse floating rate securities purchased by the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund may invest in &#147;tobacco settlement bonds.&#148; Tobacco settlement bonds are bonds that are secured or payable solely from the collateralization of the proceeds from class action or other
litigation against the tobacco industry. See &#147;Risk Factors&#151;Special Risks Related to Certain Municipal Securities.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund may invest in securities of other open- or closed-end investment companies (including exchange-traded funds) that invest primarily in municipal securities of the types in which the Fund may
invest directly, to the extent permitted by the 1940 Act, the rules and regulations issued thereunder and applicable exemptive orders issued by the SEC. See &#147;&#151;Portfolio Composition&#151;Other Investment Companies&#148; below. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may enter into certain derivative instruments in pursuit of its investment objectives, including to seek to enhance return, to
hedge certain risks of its investments in fixed-income securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate and credit default swaps),
options on financial futures, options on swap contracts or other derivative instruments. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may purchase municipal
securities that are additionally secured by insurance, bank credit agreements or escrow accounts. The credit quality of companies which provide such credit enhancements may affect the value of those securities. Although the insurance feature may
reduce certain financial risks, the premiums for insurance and the higher market price paid for insured obligations may reduce the Fund&#146;s income. The insurance feature guarantees only the payment of principal and interest on the obligation when
due and does not guarantee the market value of the insured obligations, which will fluctuate with the bond market and the financial success of the issuer and the insurer, and the effectiveness and value of the insurance itself is dependent on the
continued creditworthiness of the insurer. No representation is made as to the insurers&#146; ability to meet their commitments. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Obligations of issuers of municipal securities are subject to the provisions of bankruptcy, insolvency and other laws affecting the rights and remedies of creditors, such as the Bankruptcy
</FONT></P>
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Reform Act of 1978. In addition, the obligations of such issuers may become subject to the laws enacted in the future by Congress, state legislatures or referenda extending the time for payment
of principal or interest, or both, or imposing other constraints upon enforcement of such obligations or upon municipalities to levy taxes. There is also the possibility that, as a result of legislation or other conditions, the power or ability of
any issuer to pay, when due, the principal of and interest on its municipal securities may be materially affected. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund
is diversified for purposes of the 1940 Act. Consequently, as to 75% of its assets, the Fund may not invest more than 5% of its total assets in the securities of any single issuer (and in not more than 10% of the outstanding voting securities of an
issuer), except that this limitation does not apply to cash, securities of the U.S. government, its agencies and instrumentalities, and securities of other investment companies. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund cannot change its investment objectives without the approval of the holders of a &#147;majority of the outstanding&#148; Common
and Preferred Shares, voting together as a single class, and of the holders of a &#147;majority of the outstanding&#148; Preferred Shares voting as a separate class, and with the prior written consent of the liquidity providers for VRDP Shares, such
consent to be determined in each liquidity provider&#146;s good faith discretion, and certain other Fund counterparties. A &#147;majority of the outstanding,&#148; under the 1940 Act, means (i)&nbsp;67% or more of the shares present at a meeting, if
the holders of more than 50% of the shares are present or represented by proxy, or (ii)&nbsp;more than 50% of the shares, whichever is less. See &#147;Description of Securities&#148; for additional information with respect to the voting rights of
holders of Common Shares and Preferred Shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Portfolio Composition </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s portfolio will be composed principally of the following investments. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Municipal Securities </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>General</I>. The Fund may invest in various municipal securities, including municipal bonds and notes, other securities issued to finance and refinance public projects, and other related securities and
derivative instruments creating exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from both regular federal income taxes and the federal alternative minimum tax applicable to
individuals. Municipal securities are generally debt obligations issued by state and local governmental entities and may be issued by U.S.&nbsp;territories to finance or refinance public projects such as roads, schools, and water supply systems.
Municipal securities may also be issued for private activities, such as housing, medical and educational facility construction, or for privately owned transportation, electric utility and pollution control projects. Municipal securities may be
issued on a long term basis to provide permanent financing. The repayment of such debt may be secured generally by a pledge of the full faith and credit taxing power of the issuer, a limited or special tax, or any other revenue source including
project revenues, which may include tolls, fees and other user charges, lease payments, and mortgage payments. Municipal securities may also be issued to finance projects on a short term interim basis, anticipating repayment with the proceeds on
long term debt. Municipal securities may be issued and purchased in the form of bonds, notes, leases or certificates of participation; structured as callable or non-callable; with payment forms including fixed coupon, variable rate, zero coupon,
capital appreciation bonds, tender option bonds, and residual interest bonds or inverse floating rate securities; or acquired through investments in pooled vehicles, partnerships or other investment companies. Inverse floating rate securities are
securities that pay </FONT></P>
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interest at rates that vary inversely with changes in prevailing short-term tax-exempt interest rates and represent a leveraged investment in an underlying municipal security, which may increase
the leverage of the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may invest in municipal bonds issued by United States territories and possessions (such as
Puerto Rico or Guam) that are exempt from regular federal income taxes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The yields on municipal securities depend on a
variety of factors, including prevailing interest rates and the condition of the general money market and the municipal bond market, the size of a particular offering, the maturity of the obligation and the rating of the issue. The market value of
municipal bonds will vary with changes in interest rate levels and as a result of changing evaluations of the ability of their issuers to meet interest and principal payments. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Municipal Leases and Certificates of Participation</I>. The Fund also may purchase municipal securities that represent lease obligations and certificates of participation in such leases. These carry
special risks because the issuer of the securities may not be obligated to appropriate money annually to make payments under the lease. A municipal lease is an obligation in the form of a lease or installment purchase that is issued by a state or
local government to acquire equipment and facilities. Income from such obligations generally is exempt from state and local taxes in the state of issuance. Leases and installment purchase or conditional sale contracts (which normally provide for
title to the leased asset to pass eventually to the governmental issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The
debt issuance limitations are deemed to be inapplicable because of the inclusion in many leases or contracts of &#147;non-appropriation&#148; clauses that relieve the governmental issuer of any obligation to make future payments under the lease or
contract unless money is appropriated for such purpose by the appropriate legislative body on a yearly or other periodic basis. In addition, such leases or contracts may be subject to the temporary abatement of payments in the event the issuer is
prevented from maintaining occupancy of the leased premises or utilizing the leased equipment or facilities. Although the obligations may be secured by the leased equipment or facilities, the disposition of the property in the event of
non-appropriation or foreclosure might prove difficult, time consuming and costly, and result in a delay in recovering, or the failure to recover fully, the Fund&#146;s original investment. To the extent that the Fund invests in unrated municipal
leases or participates in such leases, the credit quality rating and risk of cancellation of such unrated leases will be monitored on an ongoing basis. In order to reduce this risk, the Fund will only purchase municipal securities representing lease
obligations where the Investment Adviser believes the issuer has a strong incentive to continue making appropriations until maturity. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, an installment purchase agreement or other instruments. The certificates typically are issued by a
municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under such leases or installment purchase agreements. Such certificates provide the Fund with the right to a
pro&nbsp;rata undivided interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days&#146; notice, of all or any part of the Fund&#146;s
participation interest in the underlying municipal securities, plus accrued interest. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Municipal Notes</I>. Municipal
securities in the form of notes generally are used to provide for short-term capital needs, in anticipation of an issuer&#146;s receipt of other revenues or financing, and </FONT></P>
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typically have maturities of up to three years. Such instruments may include tax anticipation notes, revenue anticipation notes, bond anticipation notes, tax and revenue anticipation notes and
construction loan notes. Tax anticipation notes are issued to finance the working capital needs of governments. Generally, they are issued in anticipation of various tax revenues, such as income, sales, property, use and business taxes, and are
payable from these specific future taxes. Revenue anticipation notes are issued in expectation of receipt of other kinds of revenue, such as federal revenues available under federal revenue sharing programs. Bond anticipation notes are issued to
provide interim financing until long-term bond financing can be arranged. In most cases, the long-term bonds then provide the funds needed for repayment of the bond anticipation notes. Tax and revenue anticipation notes combine the funding sources
of both tax anticipation notes and revenue anticipation notes. Construction loan notes are sold to provide construction financing. Mortgage notes insured by the Federal Housing Authority secure these notes; however, the proceeds from the insurance
may be less than the economic equivalent of the payment of principal and interest on the mortgage note if there has been a default. The anticipated revenues from taxes, grants or bond financing generally secure the obligations of an issuer of
municipal notes. An investment in such instruments, however, presents a risk that the anticipated revenues will not be received or that such revenues will be insufficient to satisfy the issuer&#146;s payment obligations under the notes or that
refinancing will be otherwise unavailable. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Pre-Refunded Municipal Securities</I>. The principal of, and interest on,
pre-refunded municipal securities are no longer paid from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S.&nbsp;government securities. The assets in the escrow fund
are derived from the proceeds of refunding bonds issued by the same issuer as the pre-refunded municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that
are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or
other governing instrument for the pre-refunded municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the pre-refunded municipal securities remain outstanding on their original
terms until they mature or are redeemed by the issuer. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Private Activity Bonds</I>. Private activity bonds are issued by or
on behalf of public authorities to obtain funds to provide privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local
facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute
municipal securities, although the current federal tax laws place substantial limitations on the size of such issues. The Fund&#146;s distributions of its interest income from private activity bonds may subject certain investors to the federal
alternative minimum tax. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Inverse Floating Rate Securities</I>. The Fund may invest in inverse floating rate securities.
Inverse floating rate securities are securities whose interest rates bear an inverse relationship to the interest rate on another security or the value of an index. Generally, inverse floating rate securities represent beneficial interests in a
special purpose trust, commonly referred to as a &#147;tender option bond trust&#148; (&#147;TOB trust&#148;), that holds municipal bonds. The TOB trust typically sells two classes of beneficial interests or securities: floating rate securities
(sometimes referred to as short-term floaters or tender option bonds (&#147;TOBs&#148;)), and inverse floating rate securities (sometimes referred to as inverse floaters). Both classes of beneficial interests are represented by certificates or
receipts. The floating rate securities have first priority on the cash flow from the municipal bonds held by the TOB trust. In </FONT></P>
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this structure, the floating rate security holders have the option, at periodic short-term intervals, to tender their securities to the trust for purchase and to receive the face value thereof
plus accrued interest. The obligation of the trust to repurchase tendered securities is supported by a remarketing agent and by a liquidity provider. As consideration for providing this support, the remarketing agent and the liquidity provider
receive periodic fees. The holder of the short-term floater effectively holds a demand obligation that bears interest at the prevailing short-term, tax-exempt rate. However, the trust is not obligated to purchase tendered short-term floaters in the
event of certain defaults with respect to the underlying municipal bonds or a significant downgrade in the credit rating assigned to the bond issuer. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">As the holder of an inverse floating rate investment, the Fund receives the residual cash flow from the TOB trust. Because the holder of the short-term floater is generally assured liquidity at the face
value of the security plus accrued interest, the holder of the inverse floater assumes the interest rate cash flow risk and the market value risk associated with the municipal bond deposited into the TOB trust. The volatility of the interest cash
flow and the residual market value will vary with the degree to which the trust is leveraged. This is expressed in the ratio of the total face value of the short-term floaters to the value of the inverse floaters that are issued by the TOB trust,
and can exceed three times for more &#147;highly leveraged&#148; trusts. All voting rights and decisions to be made with respect to any other rights relating to the municipal bonds held in the TOB trust are passed through, pro&nbsp;rata, to the
holders of the short-term floaters and to the Fund as the holder of the associated inverse floaters. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Because any increases in
the interest rate on the short-term floaters issued by a TOB trust would reduce the residual interest paid on the associated inverse floaters, and because fluctuations in the value of the municipal bond deposited in the TOB trust would affect only
the value of the inverse floater and not the value of the short-term floater issued by the trust so long as the value of the municipal bond held by the trust exceeded the face amount of short-term floaters outstanding, the value of inverse floaters
is generally more volatile than that of an otherwise comparable municipal bond held on an unleveraged basis outside a TOB trust. Inverse floaters generally will underperform the market of fixed-rate bonds in a rising interest rate environment
(<I>i.e.</I>, when bond values are falling), but will tend to outperform the market of fixed-rate bonds when interest rates decline or remain relatively stable. Although volatile in value and return, inverse floaters typically offer the potential
for yields higher than those available on fixed-rate bonds with comparable credit quality, coupon, call provisions and maturity. Inverse floaters have varying degrees of liquidity or illiquidity based primarily upon the inverse floater holder&#146;s
ability to sell the underlying bonds deposited in the TOB trust at an attractive price. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may invest in inverse
floating rate securities issued by TOB trusts in which the liquidity providers have recourse to the Fund pursuant to a separate shortfall and forbearance agreement. Such an agreement would require the Fund to reimburse the liquidity provider, among
other circumstances, upon termination of the TOB trust for the difference between the liquidation value of the bonds held in the trust and the principal amount and accrued interest due to the holders of floating rate securities issued by the trust.
The Fund will enter into such a recourse agreement (1)&nbsp;when the liquidity provider requires such a recourse agreement because the level of leverage in the TOB trust exceeds the level that the liquidity provider is willing to support absent such
an agreement; and/or (2)&nbsp;to seek to prevent the liquidity provider from collapsing the trust in the event the municipal bond held in the trust has declined in value to the point where it may cease to exceed the face amount of outstanding
short-term floaters. In an instance where the Fund has entered such a recourse agreement, the Fund may suffer a loss that exceeds the amount of its original investment in the inverse floating </FONT></P>

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rate securities; such loss could be as great as that original investment amount plus the face amount of the floating rate securities issued by the trust plus accrued interest thereon. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund will segregate or earmark liquid assets with its custodian in accordance with the 1940&nbsp;Act to cover its obligations with
respect to its investments in TOB trusts. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may invest in both inverse floating rate securities and floating rate
securities (as discussed below) issued by the same TOB trust. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Floating Rate Securities</I>. The Fund may also invest in
floating rate securities, as described above, issued by special purpose trusts. Floating rate securities may take the form of short-term floating rate securities or the option period may be substantially longer. Generally, the interest rate earned
will be based upon the market rates for municipal securities with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option, which may vary from weekly, to monthly, to extended periods of one
year or multiple years. Since the option feature has a shorter term than the final maturity or first call date of the underlying bond deposited in the trust, the Fund, as the holder of the floating rate securities, relies upon the terms of the
agreement with the financial institution furnishing the option as well as the credit strength of that institution. As further assurance of liquidity, the terms of the trust provide for a liquidation of the municipal bond deposited in the trust and
the application of the proceeds to pay off the floating rate securities. The trusts that are organized to issue both short-term floating rate securities and inverse floaters generally include liquidation triggers to protect the investor in the
floating rate securities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Special Taxing Districts</I>. Special taxing districts are organized to plan and finance
infrastructure developments to induce residential, commercial and industrial growth and redevelopment. The bond financing methods such as tax increment finance, tax assessment, special services district and Mello-Roos bonds, generally are payable
solely from taxes or other revenues attributable to the specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities. They often are exposed to real estate development-related risks
and can have more taxpayer concentration risk than general tax-supported bonds, such as general obligation bonds. Further, the fees, special taxes, or tax allocations and other revenues that are established to secure such financings generally are
limited as to the rate or amount that may be levied or assessed and are not subject to increase pursuant to rate covenants or municipal or corporate guarantees. The bonds could default if development failed to progress as anticipated or if larger
taxpayers failed to pay the assessments, fees and taxes as provided in the financing plans of the districts. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Derivatives
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may invest in certain derivative instruments in pursuit of its investment objectives. Such instruments include
financial futures contracts, swap contracts (including interest rate and credit default swaps), options on financial futures, options on swap contracts or other derivative instruments. Credit default swaps may require initial premium (discount)
payments as well as periodic payments (receipts) related to the interest leg of the swap or to the default of a reference obligation. If the Fund is a seller of a contract, the Fund would be required to pay the par (or other agreed upon) value of a
referenced debt obligation to the counterparty in the event of a default or other credit event by the reference issuer, such as a municipal securities issuer, with respect to such debt obligations. In return, the Fund would receive from the
counterparty a periodic stream of payments over the term of the </FONT></P>
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contract provided that no event of default has occurred. If no default occurs, the Fund would keep the stream of payments and would have no payment obligations. As the seller, the Fund would be
subject to investment exposure on the notional amount of the swap. If the Fund is a buyer of a contract, the Fund would have the right to deliver a referenced debt obligation and receive the par (or other agreed-upon) value of such debt obligation
from the counterparty in the event of a default or other credit event (such as a credit downgrade) by the reference issuer, such as a municipal securities issuer, with respect to its debt obligations. In return, the Fund would pay the counterparty a
periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the counterparty would keep the stream of payments and would have no further obligations to the Fund. Interest rate swaps
involve the exchange by the Fund with a counterparty of their respective commitments to pay or receive interest, such as an exchange of fixed-rate payments for floating rate payments. The Fund will usually enter into interest rate swaps on a net
basis; that is, the two payment streams will be netted out in a cash settlement on the payment date or dates specified in the instrument, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">See &#147;The Fund&#146;s Investments&#151;Derivatives and Hedging Strategies&#148; in the SAI and &#147;&#151;Segregation of
Assets&#148; below. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The requirements for qualification as a RIC may also limit the extent to which the Fund may invest in
futures, options on futures and swaps. See &#147;Tax Matters.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nuveen Fund Advisors and NAM may use derivative
instruments to seek to enhance return, to hedge some of the risk of the Fund&#146;s investments in municipal securities or as a substitute for a position in the underlying asset. These types of strategies may generate taxable income. With respect to
the Fund&#146;s investment policies, for purposes of calculating net assets, the Fund will value eligible derivatives at fair value or market value instead of notional value. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">There is no assurance that these derivative strategies will be available at any time or that Nuveen Fund Advisors and NAM will determine to use them for the Fund or, if used, that the strategies will be
successful. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Swap Transactions.</I>&nbsp;The Fund may enter into total return, interest rate and credit default swap
agreements and interest rate caps, floors and collars. The Fund may also enter into options on the foregoing types of swap agreements (&#147;swap options&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund may enter into swap transactions for any purpose consistent with its investment objectives and strategies, such as for the purpose of attempting to obtain or preserve a particular return or
spread at a lower cost than obtaining a return or spread through purchases and/or sales of instruments in other markets, as a duration management technique, to reduce risk arising from the ownership of a particular instrument, or to gain exposure to
certain sectors or markets in the most economical way possible. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Swap agreements typically are two-party contracts entered
into primarily by institutional investors for a specified period of time. In a standard swap transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on a particular predetermined asset,
reference rate or index. The gross returns to be exchanged or swapped between the parties are generally calculated with respect to a notional amount, e.g., the return on or increase in value of a particular dollar amount invested at a particular
interest rate or in a basket of securities representing a </FONT></P>
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particular index. The notional amount of the swap agreement generally is only used as a basis upon which to calculate the obligations that the parties to the swap agreement have agreed to
exchange. See &#147;&#151;Segregation of Assets&#148; below. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Interest Rate Swaps, Caps, Collars and
Floors.</I>&nbsp;Interest rate swaps are bilateral contracts in which each party agrees to make periodic payments to the other party based on different referenced interest rates&nbsp;<I>(e.g.</I>, a fixed rate and a floating rate) applied to a
specified notional amount. The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a predetermined interest rate, to receive payments of interest on a notional principal amount from the party
selling such interest rate floor. The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index rises above a predetermined interest rate, to receive payments of interest on a notional principal amount from the
party selling such interest rate cap. Interest rate collars involve selling a cap and purchasing a floor or vice versa to protect the Fund against interest rate movements exceeding given minimum or maximum levels. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The use of interest rate transactions, such as interest rate swaps and caps, is a highly specialized activity that involves investment
techniques and risks different from those associated with ordinary portfolio security transactions. Depending on the state of interest rates in general, the Fund&#146;s use of interest rate swaps or caps could enhance or harm the overall performance
of the Fund&#146;s Common Shares. To the extent there is a decline in interest rates, the value of the interest rate swap or cap could decline, and could result in a decline in the net asset value of the Fund&#146;s Common Shares. In addition, if
short-term interest rates are lower than the Fund&#146;s fixed rate of payment on the interest rate swap, the swap will reduce Common Share net earnings. If, on the other hand, short-term interest rates are higher than the fixed rate of payment on
the interest rate swap, the swap will enhance Common Share net earnings. Buying interest rate caps could enhance the performance of the Common Shares by providing a maximum leverage expense. Buying interest rate caps could also decrease the net
earnings of the Common Shares in the event that the premium paid by the Fund to the counterparty exceeds the additional amount the Fund would have been required to pay had it not entered into the cap agreement. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Total Return Swaps.</I>&nbsp;In a total return swap, one party agrees to pay the other the &#147;total return&#148; of a defined
underlying asset during a specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. A total return swap may be applied to any underlying asset but is most commonly
used with equity indices, single stocks, bonds and defined baskets of loans and mortgages. The Fund might enter into a total return swap involving an underlying index or basket of securities to create exposure to a potentially widely diversified
range of securities in a single trade. An index total return swap can be used by the portfolio managers to assume risk, without the complications of buying the component securities from what may not always be the most liquid of markets. In
connection with the Fund&#146;s position in a swap contract, the Fund will segregate liquid assets or will otherwise cover its position in accordance with applicable SEC requirements. See &#147;&#151;Segregation of Assets&#148; below. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Credit Default Swaps</I>.&nbsp;A credit default swap is a bilateral contract that enables an investor to buy or sell protection
against a defined-issuer credit event. The Fund may enter into credit default swap agreements either as a buyer or a seller. The Fund may buy protection to attempt to mitigate the risk of default or credit quality deterioration in an individual
security or a segment of the fixed income securities market to which it has exposure, or to take a &#147;short&#148; position in individual bonds or market segments which it does not own. The Fund may sell protection in an attempt to gain exposure
to the credit quality characteristics of particular bonds or market segments without investing directly in those </FONT></P>
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bonds or market segments. As the buyer of protection in a credit default swap, the Fund would pay a premium (by means of an upfront payment or a periodic stream of payments over the term of the
agreement) in return for the right to deliver a referenced bond or group of bonds to the protection seller and receive the full notional or par value (or other agreed upon value) upon a default (or similar event) by the issuer(s) of the underlying
referenced obligation(s). If no default occurs, the protection seller would keep the stream of payments and would have no further obligation to the Fund. Thus, the cost to the Fund would be the premium paid with respect to the agreement. If a credit
event occurs, however, the Fund may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity that may have little or no value. The Fund bears the risk that the
protection seller may fail to satisfy its payment obligations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Fund is a seller of protection in a credit default swap
and no credit event occurs, the Fund would generally receive an&nbsp;up-front&nbsp;payment or a periodic stream of payments over the term of the swap. If a credit event occurs, however, generally the Fund would have to pay the buyer the full
notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity that may have little or no value. As the protection seller, the Fund effectively adds the economic equivalent of leverage to its
portfolio because, in addition to being subject to investment exposure on its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. See &#147;&#151;Segregation of Assets&#148; below. Thus, the Fund bears
the same risk as it would by buying the reference obligations directly, plus the additional risks related to obtaining investment exposure through a derivative instrument discussed below under &#147;&#151;Risks Associated with Swap
Transactions&#148; and above under &#147;Risk Factors&#151;Derivatives Risk&#151;Risk of Swaps and Swap Options.&#148; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Swap Options</I>.&nbsp;A swap option is a contract that gives a counterparty the right (but not the obligation), in return for payment
of a premium, to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement at some designated future time on specified terms. A cash-settled option on a swap gives the purchaser the right, in
return for the premium paid, to receive an amount of cash equal to the value of the underlying swap as of the exercise date. The Fund may write (sell) and purchase put and call swap options. Depending on the terms of the particular option agreement,
the Fund generally would incur a greater degree of risk when it writes a swap option than when it purchases a swap option. When the Fund purchases a swap option, it risks losing only the amount of the premium it has paid should it decide to let the
option expire unexercised. However, when the Fund writes a swap option, upon exercise of the option the Fund would become obligated according to the terms of the underlying agreement. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Risks Associated with Swap Transactions</I>.&nbsp;The use of swap transactions is a highly specialized activity which involves
strategies and risks different from those associated with ordinary portfolio security transactions. If Nuveen Fund Advisors and/or NAM is incorrect in its forecasts of default risks, market spreads or other applicable factors or events, the
investment performance of the Fund would diminish compared with what it would have been if these techniques were not used. As the protection seller in a credit default swap, the Fund effectively adds the economic equivalent of leverage to its
portfolio because, in addition to being subject to investment exposure on its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The Fund generally may only close out a swap, cap, floor, collar or
other&nbsp;two-party&nbsp;contract with its particular counterparty, and generally may only transfer a position with the consent of that counterparty. In addition, the price at which the Fund may close out such two-party contract may not correlate
with the price change in the underlying reference asset. If the counterparty defaults, the Fund will have contractual remedies, but there can be no assurance that the counterparty will be able to meet its contractual obligations or that
</FONT></P>
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the Fund will succeed in enforcing its rights. It also is possible that developments in the derivatives market, including changes in government regulation, could adversely affect the Fund&#146;s
ability to terminate existing swap or other agreements or to realize amounts to be received under such agreements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Futures
and Options on Futures Generally</I>.&nbsp;The Fund may attempt to hedge all or a portion of its investment portfolio against market risk by engaging in transactions in financial futures contracts, options on financial futures or options that either
are based on an index of long-term municipal securities (<I>i.e.</I>, those with average remaining maturities of more than 15 years) or relate to debt securities whose prices NAM anticipates to correlate with the prices of the municipal securities
the Fund owns. To accomplish such hedging, the Fund may take an investment position in a futures contract or in an option which is expected to move in the opposite direction from the position being hedged. Hedging may be utilized to reduce the risk
that the value of securities the Fund owns may decline on account of an increase in interest rates and to hedge against increases in the cost of the securities the Fund intends to purchase as a result of a decline in interest rates. The use of
futures and options for hedging purposes can be expected to result in taxable income or gain. The Fund currently intends to allocate any taxable income or gain proportionately between its Common Shares and its Preferred Shares. See &#147;Tax
Matters.&#148; If futures contracts are used for hedging purposes, there can be no guarantee that there will be a correlation between price movements in the futures contract and in the underlying financial instruments that are being hedged. This
could result from differences between the financial instruments being hedged and the financial instruments underlying the standard contracts available for trading (<I>e.g.</I>, differences in interest rate levels, maturities and the creditworthiness
of issuers) among other factors. In addition, price movements of futures contracts may not correlate perfectly with price movements of the financial instruments underlying the futures contracts due to certain market distortions. A futures contract
is an agreement between two parties to buy and sell a security, index or interest rate (each a &#147;financial instrument&#148;) for a set price on a future date. Certain futures contracts, such as futures contracts relating to individual
securities, call for making or taking delivery of the underlying financial instrument. However, these contracts generally are closed out before delivery by entering into an offsetting purchase or sale of a matching futures contract (same exchange,
underlying financial instrument, and delivery month). Other futures contracts, such as futures contracts on interest rates and indices, do not call for making or taking delivery of the underlying financial instrument, but rather are agreements
pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the financial instrument at the close of the last trading day of the contract and the price at which the contract was
originally written. These contracts also may be settled by entering into an offsetting futures contract. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Successful use of
futures by the Fund also is subject to NAM&#146;s ability to predict correctly movements in the direction of the relevant market. For example, if the Fund uses futures to hedge against the possibility of a decline in the market value of securities
held in its portfolio and the prices of such securities increase instead, the Fund will lose part or all of the benefit of the increased value of the securities which it has hedged because it will have offsetting losses in its futures positions.
Furthermore, if in such circumstances the Fund has insufficient cash, it may have to sell securities to meet daily variation margin requirements. The Fund may have to sell such securities at a time when it may be disadvantageous to do so. The sale
of financial futures or the purchase of put options on financial futures or on debt securities or indexes is a means of hedging against the risk of rising interest rates, whereas the purchase of financial futures or of call options on financial
futures or on debt securities or indexes is a means of hedging the Fund&#146;s portfolio against an increase in the price of securities such Fund intends to purchase. Writing a call option on a futures contract or on debt
</FONT></P>
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securities or indexes may serve as a hedge against a modest decline in prices of municipal securities held in the Fund&#146;s portfolio, and writing a put option on a futures contract or on debt
securities or indexes may serve as a partial hedge against an increase in the value of municipal securities the Fund intends to acquire. The writing of these options provides a hedge to the extent of the premium received in the writing transaction.
The Fund may not enter into a futures contract or related options or forward contracts if more than 30% of the Fund&#146;s net assets would be represented by futures contracts or more than 5% of the Fund&#146;s net assets would be committed to
initial margin deposits and premiums on futures contracts and related options. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unlike when the Fund purchases or sells a
security, no price is paid or received by the Fund upon the purchase or sale of a futures contract. Initially, the Fund will be required to deposit with the futures broker, known as a futures commission merchant (&#147;FCM&#148;), an amount of cash
or securities equal to a varying specified percentage of the contract amount. This amount is known as initial margin. The margin deposit is intended to ensure completion of the contract. Minimum initial margin requirements are established by the
futures exchanges and may be revised. In addition, FCMs may establish margin deposit requirements that are higher than the exchange minimums. Cash held in the margin account generally is not income producing. However, coupon-bearing securities, such
as Treasury securities, held in margin accounts generally will earn income. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subsequent payments to and from the FCM, called
variation margin, will be made on a daily basis as the price of the underlying financial instrument fluctuates, making the futures contract more or less valuable, a process known as marking the contract to market. Changes in variation margin are
recorded by the Fund as unrealized gains or losses. At any time prior to expiration of the futures contract, the Fund may elect to close the position by taking an opposite position that will operate to terminate its position in the futures contract.
A final determination of variation margin is then made, additional cash is required to be paid by or released to the Fund, and the Fund realizes a gain or loss. In the event of the bankruptcy or insolvency of an FCM that holds margin on behalf of
the Fund, the Fund may be entitled to the return of margin owed to it only in proportion to the amount received by the FCM&#146;s other customers, potentially resulting in losses to the Fund. Futures transactions also involve brokerage costs and the
Fund may have to segregate additional liquid assets in accordance with applicable SEC requirements. See &#147;&#151;Segregation of Assets&#148; below. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">A futures option gives the purchaser of such option the right, in return for the premium paid, to assume a long position (call) or short position (put) in a futures contract at a specified exercise price
at any time during the period of the option. Upon exercise of a call option, the purchaser acquires a long position in the futures contract and the writer is assigned the opposite short position. Upon the exercise of a put option, the opposite is
true. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">There are certain risks associated with the use of financial futures and options to hedge investment portfolios. There
may be an imperfect correlation between price movements of the futures and options and price movements of the portfolio securities being hedged. Losses may be incurred in hedging transactions, which could reduce the portfolio gains that might have
been realized if the hedging transactions had not been entered into. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Fund engages in futures transactions or in the
writing of options on futures, it will be required to maintain initial margin and maintenance margin and may be required to make daily variation margin payments in accordance with applicable rules of the exchanges and the CFTC. If the Fund purchases
a financial futures contract or a call option or writes a put option in order to hedge the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">50 </FONT></P>



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anticipated purchase of municipal securities, and if the Fund fails to complete the anticipated purchase transaction, the Fund may have a loss or a gain on the futures or options transaction that
will not be offset by price movements in the municipal securities that were the subject of the anticipatory hedge. The cost of put options on debt securities or indexes effectively increases the cost of the securities subject to them, thereby
reducing the yield otherwise available from these securities. If the Fund decides to use futures contracts or options on futures contracts for hedging purposes, the Fund will be required to establish an account for such purposes with one or more
CFTC-registered FCMs. An FCM could establish initial and maintenance margin requirements for the Fund that are greater than those which would otherwise apply to the Fund under applicable rules of the exchanges and the CFTC. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a derivatives or futures or a
futures option position, and the Fund would remain obligated to meet margin requirements until the position is closed. Futures exchanges may limit the amount of fluctuation permitted in certain futures contract prices during a single trading day.
The daily limit establishes the maximum amount that the price of a futures contract may vary either up or down from the previous day&#146;s settlement price at the end of the current trading session. Once the daily limit has been reached in a
futures contract subject to the limit, no more trades may be made on that day at a price beyond that limit. The daily limit governs only price movements during a particular trading day and therefore does not limit potential losses because the limit
may work to prevent the liquidation of unfavorable positions. For example, futures prices have occasionally moved to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of positions
and subjecting some holders of futures contracts to substantial losses. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Segregation of Assets </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a closed-end investment company registered with the SEC, the Fund is subject to the federal securities laws, including the 1940 Act,
the rules thereunder, and various interpretive positions of the SEC and its staff. In accordance with these laws, rules and positions, the Fund must maintain liquid assets (often referred to as &#147;asset segregation&#148;), or engage in other SEC
or staff-approved measures, to &#147;cover&#148; open positions with respect to certain kinds of derivative instruments and financial agreements (such as reverse repurchase agreements). Generally, the Fund will maintain an amount of liquid assets
with its custodian in an amount at least equal to the amount of its obligations, including the value of unpaid past and future payment obligations, under derivative instruments and financial agreements, in accordance with SEC guidance. However, the
Fund also may &#147;cover&#148; certain obligations by other means such as through ownership of the underlying security or financial instrument. The Fund also may enter into offsetting transactions with respect to certain obligations so that its
combined position, coupled with any liquid assets maintained by its custodian, equals its net outstanding obligation in related derivatives or financial agreements. In the case of financial futures contracts that are not contractually required to
cash settle, for example, the Fund must set aside liquid assets equal to such contracts&#146; full notional value while the positions are open. With respect to financial futures contracts that are contractually required to cash settle, however, the
Fund is permitted to set aside liquid assets in an amount equal to the Fund&#146;s daily marked-to-market net obligations (i.e., the Fund&#146;s daily net liability) under the contracts, if any, rather than such contracts&#146; full notional value.
If the Fund writes credit default swaps, it will segregate the full notional amount of the payment obligation under the credit default swap that must be paid upon the occurrence of a credit event. The Fund may invest in inverse floating rate
securities issued by special purpose trusts. With respect to such investments, the Fund will segregate or earmark assets in an amount equal to at least 100% of the face amount of the floating rate securities issued by such trusts. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">51 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund reserves the right to modify its asset segregation policies in the future to comply
with any changes in the positions from time to time articulated by the SEC or its staff regarding asset segregation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">To the
extent that the Fund uses its assets to cover its obligations as required by the 1940 Act, the rules thereunder, and applicable positions of the SEC and its staff, such assets may not be used for other operational purposes. Nuveen Fund Advisors
and/or NAM will monitor the Fund&#146;s use of derivatives and will take action as necessary for the purpose of complying with the asset segregation policy stated above. Such actions may include the sale of the Fund&#146;s portfolio investments.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Other Investment Companies </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund may invest in securities of other&nbsp;open-&nbsp;or&nbsp;closed-end&nbsp;investment companies (including ETFs) that invest primarily in municipal securities of the types in which the Fund may
invest directly. The Fund may invest in investment companies that are advised by Nuveen Fund Advisors, NAM or their respective affiliates to the extent permitted by applicable law and/or pursuant to exemptive relief from the SEC. The Fund has not
received or applied for, nor does it currently intend to apply for, any such relief. As a shareholder in an investment company, the Fund will bear its ratable share of that investment company&#146;s expenses, and would remain subject to payment of
the Fund&#146;s advisory and administrative fees with respect to assets so invested. Common shareholders would therefore be subject to duplicative expenses to the extent the Fund invests in other investment companies. The Fund will consider the
investments of underlying investment companies when determining compliance with Rule&nbsp;35d-1&nbsp;under the 1940 Act and when determining compliance with its own concentration policy, in each case to the extent the Fund has sufficient information
about such investments after making a reasonable effort to obtain current information about the investments of underlying companies. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">NAM will take expenses into account when evaluating the investment merits of an investment in an investment company relative to available municipal security investments. In addition, because the
securities of other investment companies may be leveraged, the Fund may indirectly be subject to those risks and magnify the Fund&#146;s leverage risks described herein. As described in the section entitled &#147;Risk Factors,&#148; the net asset
value and market value of leveraged shares will be more volatile and the yield to common shareholders will tend to fluctuate more than the yield generated by unleveraged shares. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Other Portfolio Investments, Investment Policies and Techniques and Investment Restrictions </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">See &#147;Investment Restrictions&#148; and &#147;The Fund&#146;s Investments&#148; in the SAI for additional information. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc656069_9"></A>USE OF LEVERAGE </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund uses leverage to pursue its investment objectives. The Fund may use leverage to the extent permitted by the 1940 Act. The Fund may source leverage through a number of methods including the
issuance of Preferred Shares, investments in inverse floating rate securities, entering into reverse repurchase agreements (effectively a secured borrowing) and borrowings (subject to certain investment restrictions). See &#147;The Fund&#146;s
Investments&#151;Portfolio Composition&#151;Municipal Securities&#151;Inverse Floating Rate Securities,&#148; &#147;Risk Factors&#151;Inverse Floating Rate Securities Risk,&#148; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">52 </FONT></P>



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&#147;Risk Factors&#151;Reverse Repurchase Agreement Risk&#148; and &#147;Risk Factors&#151;Borrowing Risks&#148; in this prospectus and &#147;Investment Restrictions&#148; in the SAI. The Fund
may invest up to 15% of its Managed Assets in inverse floating rate securities. The Fund may also use certain derivatives that have the economic effect of leverage by creating additional investment exposure. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund currently employs leverage primarily through its outstanding VRDP Shares and MFP Shares, both Preferred Shares. As of
September&nbsp;30, 2018, the Fund&#146;s leverage through Preferred Shares and through its investments in inverse floating rate securities was approximately 39% of its Managed Assets. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Preferred Shares have seniority over the Common Shares. Changes in the value of the Fund&#146;s bond portfolio, including costs
attributable to Preferred Shares, will be borne entirely by common shareholders. If there is a net decrease (or increase) in the value of the Fund&#146;s investment portfolio, the leverage will decrease (or increase) the net asset value per Common
Share to a greater extent than if the Fund were not leveraged. For tax purposes, the Fund is currently required to allocate net capital gain and other taxable income, if any, between Common Shares and Preferred Shares in proportion to total
dividends paid to each class for the year in which the net capital gain or other taxable income is realized. If net capital gain or other taxable income is allocated to Preferred Shares (instead of solely tax-exempt income), the Fund will likely
have to pay higher total dividends to preferred shareholders or make special payments to preferred shareholders to compensate them for the increased tax liability. This would reduce the total amount of dividends paid to the common shareholders.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may also borrow for temporary purposes permitted by the 1940 Act. The Fund, along with the Participating Funds, are
party to a committed Facility provided by a group of lender, under which Participating Funds may borrow for temporary purposes only. Outstanding balances drawn by the Fund, or any other Participating Fund, will bear interest at a variable rate and
is the liability of such Fund. The Facility is not intended for sustained levered investment purposes. A large portion of the Facility&#146;s capacity (and corresponding annual costs, excluding interest cost) is currently allocated by Nuveen Fund
Advisors to a small number of Participating Funds, which does not include the Fund. The Facility has a 364-day term and will expire in July 2019 unless extended or renewed. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund may reduce or increase leverage based upon changes in market conditions and anticipates that its leverage ratio will vary from time to time based upon variations in the value of the Fund&#146;s
holdings. So long as the net rate of income received on the Fund&#146;s investments purchased with leverage proceeds exceeds the then current expense on any leverage, the investment of leverage proceeds will generate more net income than if the Fund
had not used leverage. If so, the excess net income will be available to pay higher distributions to common shareholders. However, if the rate of net income received from the Fund&#146;s portfolio investments purchased with leverage is less than the
then current expense on outstanding leverage, the Fund may be required to utilize other Fund assets to make expense payments on outstanding leverage, which may result in a decline in Common Share net asset value and reduced net investment income
available for distribution to common shareholders. See &#147;Risk Factors&#151;Leverage Risk.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Following an offering of
additional Common Shares from time to time, the Fund&#146;s leverage ratio will decrease as a result of the increase in net assets attributable to Common Shares. The Fund&#146;s leverage ratio may decline further to the extent that the net proceeds
of an offering of Common Shares are used to reduce the Fund&#146;s leverage. A lower leverage ratio may result in lower (higher) returns to </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">53 </FONT></P>



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common shareholders over a period of time to the extent that net returns on the Fund&#146;s investment portfolio exceed (fall below) its cost of leverage over that period, which lower (higher)
returns may impact the level of the Fund&#146;s distributions. See &#147;Risk Factors&#151;Leverage Risk.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may
use derivatives, such as interest rate swaps with varying terms, in order to manage the interest rate expense associated with all or a portion of its leverage. Interest rate swaps are bi-lateral agreements whereby parties agree to exchange future
payments, typically based upon the differential of a fixed rate and a variable rate, on a specified notional amount. Interest rate swaps can enable a Fund to effectively convert its variable leverage expense to fixed, or vice versa. For example, if
the Fund issues leverage having a short-term floating rate of interest, the Fund could use interest rate swaps to hedge against a rise in the short-term benchmark interest rates associated with its outstanding leverage. In doing so, the Fund would
seek to achieve lower leverage costs, and thereby enhance Common Share distributions, over an extended period, which would be the result if short-term interest rates on average exceed the fixed interest rate over the term of the swap. To the extent
the fixed swap rate is greater than short-term market interest rates on average over the period, overall costs associated with leverage will increase (and thereby reduce distributions to common shareholders) than if the Fund had not entered into the
interest rate swap(s). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund pays a management fee to Nuveen Fund Advisors (which in turn pays a portion of such fee to
NAM) based on a percentage of Managed Assets. Managed Assets include the proceeds realized and managed from the Fund&#146;s use of most types of leverage (excluding the leverage exposure attributable to the use of futures, swaps and similar
derivatives). Because Managed Assets include the Fund&#146;s net assets as well as assets that are attributable to the Fund&#146;s investment of the proceeds of its leverage (including instruments like inverse floating rate securities and reverse
repurchase agreements), it is anticipated that the Fund&#146;s Managed Assets will be greater than its net assets. Nuveen Fund Advisors will be responsible for using leverage to pursue the Fund&#146;s investment objective. Nuveen Fund Advisors will
base its decision regarding whether and how much leverage to use for the Fund, and the terms of that leverage, on its assessment of whether such use of leverage is in the best interests of the Fund. However, a decision to employ or increase leverage
will have the effect, all other things being equal, of increasing Managed Assets, and in turn Nuveen Fund Advisors&#146; and NAM&#146;s management fees. Thus, Nuveen Fund Advisors may have a conflict of interest in determining whether to use or
increase leverage. Nuveen Fund Advisors will seek to manage that potential conflict by using leverage only when it determines that it would be in the best interests of the Fund and its common shareholders, and by periodically reviewing with the
Board of Trustees the Fund&#146;s performance, the Fund&#146;s degree of overall use of leverage and the impact of the use of leverage on that performance. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The 1940 Act generally defines a &#147;senior security&#148; as any bond, debenture, note, or similar obligation or instrument constituting a security and evidencing indebtedness, and any stock of a class
having priority over any other class as to distribution of assets or payment of dividends; however, the term does not include any promissory note or other evidence of indebtedness issued in consideration of any loan, extension, or renewal thereof,
made for temporary purposes and in an amount not exceeding five percent of the value of the Fund&#146;s total assets. A loan shall be presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Under the 1940 Act, the Fund is not permitted to issue &#147;senior securities representing indebtedness&#148; if, immediately after the
issuance of such senior securities representing indebtedness, the asset coverage ratio with respect to such senior securities would be less than 300%. &#147;Senior securities </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">54 </FONT></P>



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representing indebtedness&#148; include borrowings (including loans from financial institutions); debt securities; and other derivative investments or transactions such as reverse repurchase
agreements and investments in inverse floating rate securities to the extent the Fund has not fully covered, segregated or earmarked cash or liquid assets having a market value at least equal to its future obligation under such instruments. With
respect to any such senior securities representing indebtedness, asset coverage means the ratio which the value of the total assets of the Fund, less all liabilities and indebtedness not represented by senior securities (as defined in the 1940 Act),
bears to the aggregate amount of such borrowing represented by senior securities representing indebtedness issued by the Fund. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Under the 1940 Act, the Fund is not permitted to issue &#147;senior securities&#148; that are Preferred Shares if, immediately after the
issuance of Preferred Shares, the asset coverage ratio with respect to such Preferred Shares would be less than 200%. With respect to any such Preferred Shares, asset coverage means the ratio which the value of the total assets of the Fund, less all
liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of senior securities representing indebtedness of the Fund plus the aggregate liquidation preference of such Preferred Shares. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund is limited by certain investment restrictions and may only issue senior securities that are preferred shares except the Fund may
borrow money from a bank for temporary or emergency purposes or for repurchase of its shares only in an amount not exceeding one-third of the Fund&#146;s total assets (including the amount borrowed) less the Fund&#146;s liabilities (other than
borrowings). See &#147;Investment Restrictions&#148; in the SAI. These restrictions are fundamental and may not be changed without the approval of Common Shares and Preferred Shares voting together as a single class. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the asset coverage with respect to any senior securities issued by the Fund declines below the required ratios discussed above (as a
result of market fluctuations or otherwise), the Fund may sell portfolio securities when it may be disadvantageous to do so. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain types of leverage used by the Fund may result in the Fund being subject to certain covenants, asset coverage and, or other
portfolio composition limits by its lenders, Preferred Share purchasers, liquidity providers, rating agencies that may rate Preferred Shares, or reverse repurchase agreement counterparties. Such limitations may be more stringent than those imposed
by the 1940 Act and may affect whether the Fund is able to maintain its desired amount of leverage. At this time, Nuveen Fund Advisors does not believe that any such potential investment limitations will impede it from managing the Fund&#146;s
portfolio in accordance with its investment objective and policies. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Utilization of leverage is a speculative investment
technique and involves certain risks to the common shareholders, including increased variability of the Fund&#146;s net income, distributions and net asset value in relation to market changes. See &#147;Risk Factors&#151;Leverage Risk.&#148; There
is no assurance that the Fund will use leverage or that the Fund&#146;s use of leverage will work as planned or achieve its goals. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc656069_10"></A>MANAGEMENT OF THE FUND </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Trustees and Officers
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Board is responsible for the Fund&#146;s management, including supervision of the duties performed by Nuveen Fund
Advisors. The names and business addresses of the trustees and officers of the Fund and their principal occupations and other affiliations during the past five years are set forth under &#147;Management of the Fund&#148; in the SAI. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">55 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Investment Adviser, Sub-Adviser and Portfolio Manager </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Investment Adviser </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Nuveen Fund Advisors, a registered investment adviser, is responsible for overseeing the Fund&#146;s overall investment strategy and its implementation. Nuveen Fund Advisors is located at 333&nbsp;West
Wacker Drive, Chicago, IL 60606. </FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nuveen Fund Advisors also has overall responsibility for management of the Fund,
oversees the management of the Fund&#146;s portfolio, manages the Fund&#146;s business affairs and provides certain clerical, bookkeeping and other administrative services. Nuveen Fund Advisors is an indirect subsidiary of Nuveen, the investment
management arm of TIAA. TIAA is a life insurance company founded in 1918 by the Carnegie Foundation for the Advancement of Teaching and is the companion organization of College Retirement Equities Fund. As of September 30, 2018, Nuveen managed
approximately $988.4&nbsp;billion in assets, of which approximately $142.8&nbsp;billion was managed by Nuveen Fund Advisors. </FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Sub-Adviser </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nuveen Asset Management, LLC, 333 West Wacker Drive, Chicago,
Illinois 60606, serves as the Fund&#146;s sub-adviser pursuant to a sub-advisory agreement between NFALLC and Nuveen Asset Management (the &#147;Sub-Advisory Agreement&#148;). NAM is a registered investment adviser, and a wholly-owned subsidiary of
NFALLC. Nuveen Asset Management oversees day-to-day investment operations of the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Portfolio Manager </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">NAM is responsible for the execution of specific investment strategies and day-to-day investment operations of the Fund. NAM manages the
Nuveen funds using a team of analysts and portfolio managers that focuses on a specific group of funds. The day-to-day operation of the Fund and the execution of its specific investment strategies is the primary responsibility of Paul L. Brennan,
the designated portfolio manager of the Fund (the &#147;Portfolio Manager&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Paul L. Brennan, CFA, CPA manages several
municipal funds and portfolios. He began working in the financial industry in 1991 when he joined Flagship Financial, which was later acquired by NAM. Mr.&nbsp;Brennan became a portfolio manager in 1994. He received a B.S. from Wright State
University. Mr.&nbsp;Brennan holds the Chartered Financial Analyst designation and is a registered CPA (inactive) in the state of Ohio. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Additional information about the Portfolio Manager&#146;s compensation, other accounts managed by the Portfolio Manager and the Portfolio Manager&#146;s ownership of securities in the Fund is provided in
the SAI. The SAI is available free of charge by calling (800)&nbsp;257-8787 or by visiting the Fund&#146;s website at www.nuveen.com. The information contained in, or that can be accessed through, the Fund&#146;s website is not part of this
prospectus or the SAI. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Investment Management and Sub-Advisory Agreements </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Investment Management Agreement. </I>Pursuant to an investment management agreement between Nuveen Fund Advisors and the Fund (the
&#147;Investment Management Agreement&#148;), the Fund </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">56 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
has agreed to pay an annual management fee for the services and facilities provided by Nuveen Fund Advisors, payable on a monthly basis, based on the sum of a fund-level fee and a complex-level
fee, as described below. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Fund-Level Fee. </B>The annual fund-level fee for the Fund, payable monthly, is calculated
according to the following schedule: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000 ; display:table-cell;"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Average Daily Managed Assets*</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><FONT STYLE="white-space:nowrap">Fund-Level</FONT><BR>Fee Rate</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the first $125&nbsp;million</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.5000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the next $125&nbsp;million</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.4875</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the next $250&nbsp;million</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.4750</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the next $500&nbsp;million</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.4625</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the next $1&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.4500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the next $3&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.4250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">For managed assets over $5&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.4125</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Complex Level Fee. </B>The annual complex-level fee for the Fund, payable monthly, is calculated by
multiplying the current complex-wide fee rate, determined according to the following schedule, by the Fund&#146;s daily managed assets: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="75%"></TD>
<TD VALIGN="bottom" WIDTH="18%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000 ; display:table-cell;"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Complex-Level Eligible Asset Breakpoint Level*</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Effective</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Complex-Level</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Fee Rate&nbsp;at<BR>Breakpoint&nbsp;Level</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$55&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.2000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$56&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1996</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$57&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1989</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$60&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1961</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$63&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1931</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$66&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$71&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1851</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$76&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1806</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$80&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1773</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$91&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1691</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$125&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1599</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$200&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1505</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$250&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1469</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$300&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1445</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">For the complex-level fees, managed assets include closed-end fund assets managed by the Investment Adviser that are attributable to certain
types of leverage. For these purposes, leverage includes the funds&#146; use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB)
trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust&#146;s issuance of floating rate securities, subject to an agreement by the Investment Adviser as to certain funds to limit the amount of
such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute &#147;eligible assets.&#148; Eligible
assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Investment Adviser&#146;s assumption of the
management of the former First American Funds effective January&nbsp;1, 2011. As of April&nbsp;30, 2018, the complex-level fee rate for the Fund was 0.1595%. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition to the fee of Nuveen Fund Advisors, the Fund pays all other costs and expenses of its operations, including compensation of
its trustees (other than those affiliated with Nuveen Fund Advisors and NAM), custodian, transfer agency and dividend disbursing expenses, legal fees, expenses </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">57 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
of independent auditors, expenses of repurchasing shares, expenses associated with any borrowings, expenses of issuing any Preferred Shares, including the MFP Shares, expenses of preparing,
printing and distributing shareholder reports, notices, proxy statements and reports to governmental agencies, and taxes, if any. All fees and expenses are accrued daily and deducted before payment of dividends to investors. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A discussion regarding the basis for the Board&#146;s decision to renew the Investment Management Agreement for the Fund may be found in
the Fund&#146;s annual report to shareholders dated October&nbsp;31 of each year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Sub-Advisory Agreement. </I>Pursuant to
the Sub-Advisory Agreement, NAM will receive from Nuveen Fund Advisors on the fifth business day of each month a management fee equal to 42.8572% of the fees (net of applicable breakpoints, waivers and reimbursements) paid by the Fund to the
Investment Adviser under the Investment Management Agreement for the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A discussion regarding the basis for the
Board&#146;s decision to renew the Sub-Advisory Agreement for the Fund may be found in the Fund&#146;s annual report to shareholders dated October&nbsp;31 of each year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc656069_11"></A>NET ASSET VALUE </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s net asset
value per Common Share is determined as of the close of trading (normally 4:00&nbsp;p.m. Eastern time) on each day the New York Stock Exchange is open for business. Net asset value is calculated by taking the fair value of the Fund&#146;s total
assets, including interest or dividends accrued but not yet collected, less all liabilities, and dividing by the total number of Common Shares outstanding. The result, rounded to the nearest cent, is the net asset value per share. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s custodian calculates the Fund&#146;s net asset value. The custodian uses prices for portfolio securities from a pricing
service the Fund&#146;s Board has approved. The pricing service values portfolio securities at the mean between the quoted bid and asked price or the yield equivalent when quotations are readily available. Securities for which quotations are not
readily available (which will constitute the majority of the Fund&#146;s portfolio securities) are valued at fair value as determined by the Board in reliance upon data supplied by the pricing service. The pricing service uses methods that consider
yields or prices of municipal securities of comparable quality, type of issue, coupon, maturity, and ratings; dealers&#146; indications of value; and general market conditions. The pricing service may use electronic data processing techniques or a
matrix system, or both. The Fund&#146;s officers review the pricing service&#146;s procedures and valuations, under the general supervision of the Board. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc656069_12"></A>DISTRIBUTIONS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For a discussion of dividends
and other distributions applicable to the Common Shares and the dividend reinvestment plan, see the prospectus supplement relating to the Common Shares being offered. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">For a discussion of dividends and other distributions applicable to the MFP Shares, see the prospectus supplement relating to the MFP Shares being offered. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">58 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc656069_13"></A>PLAN OF DISTRIBUTION </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may sell Securities from time to time on an immediate, continuous or delayed basis, in one or more offerings under this
prospectus and a related prospectus supplement in any one or more of the following ways: (1)&nbsp;directly to one or more purchasers, (2)&nbsp;through agents for the period of their appointment, (3)&nbsp;to underwriters as principals for resale to
the public or (4)&nbsp;through, in the case of the Common Shares, in transactions that are deemed to be &#147;at the market&#148; as defined under Rule 415 under the 1933 Act. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The prospectus supplement will describe the method of distribution of the Securities offered therein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Each prospectus supplement relating to an offering of Securities will state the terms of the offering, including: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the names of any agents or underwriters; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">any sales loads, underwriting discounts and commissions or agency fees and other items constituting underwriters&#146; or agents&#146; compensation;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">any discounts, commissions, fees or concessions allowed or reallowed or paid to dealers or agents; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the public offering or purchase price of the offered Securities, the estimated net proceeds the Fund will receive from the sale and the use of
proceeds; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">any securities exchange on which the offered Securities may be listed. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If any underwriters are involved in the offer and sale, the Securities will be acquired by the underwriters and may be resold by them,
either at a fixed public offering price established at the time of offering or from time to time in one or more negotiated transactions or otherwise, at prices related to prevailing market prices determined at the time of sale. Unless otherwise set
forth in the applicable prospectus supplement, the obligations of the underwriters to purchase the Securities will be subject to conditions precedent and the underwriters will be obligated to purchase all the Securities described in the prospectus
supplement if any are purchased. Any initial public offering price and any discounts or concessions allowed or re-allowed or paid to dealers may be changed from time to time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund may offer and sell the Securities directly or through an agent or agents designated by the Fund from time to time. An agent may sell securities it has purchased from the Fund as principal to
other dealers for resale to investors and other purchasers, and may reallow all or any portion of the discount received in connection with the purchase from the Fund to the dealers. After the initial offering of the Securities, the offering price
(in the case of Securities to be resold at a fixed offering price), the concession and the discount may be changed. Any agent participating in the distribution of the Securities may be deemed to be an &#147;underwriter,&#148; as that term is defined
in the 1933 Act, of the Securities so offered and sold. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Underwriters, dealers and agents may be entitled, under agreements
entered into with the Fund, to indemnification by the Fund against some liabilities, including liabilities under the 1933 Act. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">59 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The place and time of delivery for the Securities in respect of which this prospectus is
delivered will be set forth in the applicable prospectus supplement if appropriate. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unless otherwise indicated in the
prospectus supplement, each series of offered MFP Shares will be a new issue of securities for which there currently is no market. Any underwriters to whom MFP Shares are sold for public offering and sale may make a market in such MFP Shares as
permitted by applicable laws and regulations, but such underwriters will not be obligated to do so, and any such market making may be discontinued at any time without notice. Accordingly, there can be no assurance as to the development or liquidity
of any market for the MFP Shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Underwriters, agents and dealers may engage in transactions with or perform services,
including various investment banking and other services, for the Fund and/or any of the Fund&#146;s affiliates in the ordinary course of business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund will bear the expenses of the offering, including but not limited to, the expenses of preparation of this prospectus and the SAI and the prospectus supplement for the offering and the expense of
counsel and auditors in connection with the offering. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In compliance with the guidelines of the Financial Industry Regulatory
Authority, Inc. (&#147;FINRA&#148;), the maximum commission or discount to be received by any member of FINRA or independent broker-dealer will not be greater than 9% of the initial gross proceeds from the sale of any Securities being sold.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">To the extent permitted under the 1940 Act and the rules and regulations promulgated thereunder, the underwriters may from
time to time act as a broker or dealer and receive fees in connection with the execution of the Fund&#146;s portfolio transactions after the underwriters have ceased to be underwriters and, subject to certain restrictions, each may act as a broker
while it is an underwriter. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc656069_14"></A>CERTAIN PROVISIONS IN THE DECLARATION OF TRUST AND BY-LAWS
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Under Massachusetts law, shareholders could, under certain circumstances, be held personally liable for the obligations
of the Fund. However, the Declaration of Trust contains an express disclaimer of shareholder liability for debts or obligations of the Fund and requires that notice of such limited liability be given in each agreement, obligation or instrument
entered into or executed by the Fund or the trustees. The Declaration of Trust further provides for indemnification out of the assets and property of the Fund for all loss and expense of any shareholder held personally liable for the obligations of
the Fund. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which the Fund would be unable to meet its obligations. The Fund believes that the likelihood of such circumstances
is remote. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Declaration of Trust and By-Laws include provisions that could limit the ability of other entities or persons
to acquire control of the Fund or to convert the Fund to open-end status. The <FONT STYLE="white-space:nowrap">By-laws</FONT> require the Board be divided into three classes with staggered terms. This provision of the
<FONT STYLE="white-space:nowrap">By-laws</FONT> could delay for up to two years the replacement of a majority of the Board. Preferred shareholders, including MFP shareholders, voting as a separate class, will be entitled to elect two of the
Fund&#146;s trustees. In addition, the Declaration of Trust includes other provisions that could limit the ability of other entities or persons to acquire control of the Fund or to convert the Fund to open-end status. Specifically, the Declaration
of Trust requires a vote by holders of at least two-thirds of the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">60 </FONT></P>



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Common Shares and Preferred Shares, including MFP Shares, voting together as a single class, except as described below, to authorize (1)&nbsp;a conversion of the Fund from a closed-end to an
open-end investment company, (2)&nbsp;a merger or consolidation of the Fund, or a series or class of the Fund, with any corporation, association, trust or other organization or a reorganization or recapitalization of the Fund, or a series or class
of the Fund, (3)&nbsp;a sale, lease or transfer of all or substantially all of the Fund&#146;s assets (other than in the regular course of the Fund&#146;s investment activities), (4)&nbsp;in certain circumstances, a termination of the Fund, or a
series or class of the Fund, or (5)&nbsp;a removal of trustees (voting by class or classes of shares that elected such trustee) by shareholders, and then only for cause, unless, with respect to (1)&nbsp;through (4), such transaction has already been
authorized by the affirmative vote of two-thirds of the total number of trustees fixed in accordance with the Declaration of Trust or the By-Laws, in which case the affirmative vote of the holders of at least a majority of the Fund&#146;s Common
Shares and Preferred Shares, including MFP Shares, voting together as a single class, is required; provided, however, that where only a particular class or series is affected, only the required vote by the applicable class or series will be
required. For purposes of the foregoing, the term &#147;recapitalization&#148; shall not mean, without limitation, the issuance or redemption of Preferred Shares pursuant to the terms of the Declaration of Trust or the statement adopted with respect
to such Preferred Shares, whether or not in conjunction with the issuance, retirement or redemption of other securities or indebtedness of the Fund. Approval of shareholders is not required, however, for any transaction, whether deemed a merger,
consolidation, reorganization or otherwise whereby the Fund issues shares in connection with the acquisition of assets (including those subject to liabilities) from any other investment company or similar entity. In the case of the conversion of the
Fund to an open-end investment company, or in the case of any of the foregoing transactions constituting a plan of reorganization which adversely affects the holders of Preferred Shares, including MFP Shares, the action in question will also require
the affirmative vote of the holders of at least two-thirds of the Fund&#146;s Preferred Shares, including MFP Shares, outstanding at the time, voting as a separate class, or, if such action has been authorized by the affirmative vote of two-thirds
of the total number of trustees fixed in accordance with the Declaration of Trust or the By-Laws, the affirmative vote of the holders of at least a majority of the Fund&#146;s Preferred Shares, including MFP Shares, outstanding at the time, voting
as a separate class. None of the foregoing provisions may be amended except by the vote of at least two-thirds of the Common Shares and Preferred Shares, including MFP Shares, voting together as a single class. The votes required to approve the
conversion of the Fund from a closed-end to an open-end investment company or to approve transactions constituting a plan of reorganization which adversely affects the holders of Preferred Shares, including MFP Shares, are higher than those required
by the 1940 Act. The Board believes that the provisions of the Declaration of Trust relating to such higher votes are in the best interest of the Fund and its shareholders. Under the Fund&#146;s By-Laws, the Board is divided into three classes and
such a staggered board could delay for up to two years the replacement of a majority of the Board. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Declaration of Trust
provides that the obligations of the Fund are not binding upon the Fund&#146;s trustees individually, but only upon the assets and property of the Fund, and that the trustees shall not be liable for errors of judgment or mistakes of fact or law.
Nothing in the Declaration of Trust, however, protects a trustee against any liability to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the
conduct of his or her office. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The provisions of the Declaration of Trust described above could have the effect of depriving
the shareholders of opportunities to sell their Common Shares at a premium over the then current market price of the Common Shares by discouraging a third party from seeking to obtain control of the Fund in a tender offer or similar transaction. The
overall effect of these provisions is to render more </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">61 </FONT></P>



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difficult the accomplishment of a merger or the assumption of control by a third party. They provide, however, the advantage of potentially requiring persons seeking control of the Fund to
negotiate with its management regarding the price to be paid and facilitating the continuity of the Fund&#146;s investment objectives and policies. The Board has considered the foregoing anti-takeover provisions and concluded that they are in the
best interests of the Fund and its shareholders. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Reference should be made to the Declaration of Trust and By-Laws on file
with the SEC for the full text of these provisions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc656069_15"></A>REPURCHASE OF FUND SHARES; CONVERSION TO
OPEN-END FUND </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund is a closed-end investment company and as such its shareholders will not have the right to cause
the Fund to redeem their shares. Instead, the Common Shares trade in the open market at prices that are a function of several factors, including Common Share dividend levels (which are in turn affected by expenses) in comparison to market rates for
similar investments, net asset value, call protection, dividend stability, portfolio credit quality, relative demand for and supply of such shares in the market, general market and economic conditions and other factors. Because shares of closed-end
investment companies may frequently trade at prices lower than net asset value, the Board has currently determined that, at least annually, it will consider action that might be taken to reduce or eliminate any material discount from net asset value
in respect of Common Shares, which may include the repurchase of such shares in the open market or in private transactions, the making of a tender offer for such shares at net asset value, or the conversion of the Fund to an open-end investment
company. The Fund cannot assure you that its Board will decide to take any of these actions, or that share repurchases or tender offers will actually reduce market discount. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding the foregoing, at any time when the Fund&#146;s Preferred Shares, including MFP Shares, are outstanding, the Fund may not purchase, redeem or otherwise acquire any of its Common Shares
unless (1)&nbsp;all accumulated but unpaid dividends on Preferred Shares, including MFP Shares, due to be paid have been paid and (2)&nbsp;at the time of such purchase, redemption or acquisition, the net asset value of the Fund&#146;s portfolio
(determined after deducting the acquisition price of the Common Shares) is at least 200% of the liquidation value of the outstanding Preferred Shares, including MFP Shares (expected to equal the original purchase price per share plus any accumulated
but unpaid dividends thereon). Any service fees incurred in connection with any tender offer made by the Fund will be borne by the Fund and will not reduce the stated consideration to be paid to tendering shareholders. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subject to its investment limitations, the Fund may borrow to finance the repurchase of shares or to make a tender offer. Interest on any
borrowings to finance share repurchase transactions or the accumulation of cash by the Fund in anticipation of share repurchases or tenders will reduce the Fund&#146;s net income. Any share repurchase, tender offer or borrowing that might be
approved by the Board would have to comply with the Securities Exchange Act of 1934, as amended (the &#147;1934 Act&#148;), and the 1940 Act and the rules and regulations thereunder. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Although the decision to take action in response to a discount from net asset value will be made by the Board at the time it considers
such issue, it is the Board&#146;s present policy, which may be changed by the Board, not to authorize repurchases of Common Shares or a tender offer for such shares if (1)&nbsp;such transactions, if consummated, would (a)&nbsp;result in the
delisting of the Common Shares from the NYSE, or (b)&nbsp;impair the Fund&#146;s status as a regulated investment company under the Code, as amended (which </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">62 </FONT></P>



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would make the Fund a taxable entity, causing the Fund&#146;s income to be taxed at the corporate level in addition to the taxation of shareholders who receive dividends from the Fund), or as a
registered closed-end investment company under the 1940 Act; (2)&nbsp;the Fund would not be able to liquidate portfolio securities in an orderly manner and consistent with the Fund&#146;s investment objectives and policies in order to repurchase
shares; or (3)&nbsp;there is, in the Board&#146;s judgment, any (a)&nbsp;material legal action or proceeding instituted or threatened challenging such transactions or otherwise materially adversely affecting the Fund, (b)&nbsp;general suspension of
or limitation on prices for trading securities on the NYSE, (c)&nbsp;declaration of a banking moratorium by federal or state authorities or any suspension of payment by United States or state banks in which the Fund invests, (d)&nbsp;material
limitation affecting the Fund or the issuers of its portfolio securities by federal or state authorities on the extension of credit by lending institutions or on the exchange of foreign currency, (e)&nbsp;commencement of war, armed hostilities or
other international or national calamity directly or indirectly involving the United States, or (f)&nbsp;other event or condition which would have a material adverse effect (including any adverse tax effect) on the Fund or its shareholders if shares
were repurchased. The Board may in the future modify these conditions in light of experience. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Conversion to an open-end
company would require the approval of the holders of at least two-thirds of the Fund&#146;s Common Shares and Preferred Shares, including MFP Shares outstanding at the time, voting together as a single class, and of the holders of at least
two-thirds of the Fund&#146;s Preferred Shares, including MFP Shares outstanding at the time, voting as a separate class; <U>provided</U>, <U>however</U>, that such separate class vote shall be a majority vote if the action in question has
previously been approved, adopted or authorized by the affirmative vote of two-thirds of the total number of trustees fixed in accordance with the Declaration of Trust or By-Laws. See &#147;Certain Provisions in the Declaration of Trust and
By-Laws&#148; for a discussion of voting requirements applicable to conversion of the Fund to an open-end company. If the Fund converted to an open-end investment company, it would be required to redeem all Preferred Shares, including MFP Shares,
then outstanding (requiring in turn that it liquidate a portion of its investment portfolio), and the Common Shares would no longer be listed on the NYSE. In contrast to a closed-end investment company, shareholders of an open-end investment company
may require the company to redeem their shares at any time (except in certain circumstances as authorized by or under the 1940 Act) at their net asset value, less any redemption charge that is in effect at the time of redemption. In order to avoid
maintaining large cash positions or liquidating favorable investments to meet redemptions, open-end companies typically engage in a continuous offering of their shares. Open-end companies are thus subject to periodic asset in-flows and out-flows
that can complicate portfolio management. As a result, conversion to open-end status may require changes in the management of the Fund&#146;s portfolio in order to meet the liquidity requirements applicable to open-end funds. Because portfolio
securities may have to be liquidated to meet redemptions, conversion could affect the Fund&#146;s ability to meet its investment objectives or to use certain investment policies and techniques described above. If converted to an open-end fund, the
Fund expects to pay all redemptions in cash, but intends to reserve the right to pay redemption requests in a combination of cash or securities. If such partial payment in securities were made, investors may incur brokerage costs in converting such
securities to cash. If the Fund were converted to an open-end fund, new Common Shares may be sold at net asset value plus a sales load. The Board may at any time propose conversion of the Fund to an open-end company depending upon their judgment as
to the advisability of such action in light of circumstances then prevailing. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The repurchase by the Fund of its Common Shares
at prices below net asset value will result in an increase in the net asset value of those shares that remain outstanding. However, there can be no assurance that share repurchases or tenders at or below net asset value will result in the Common
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">63 </FONT></P>



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Shares trading at a price equal to their net asset value. Nevertheless, the fact that the Common Shares may be the subject of repurchase or tender offers at net asset value from time to time, or
that the Fund may be converted to an open-end company, may reduce any spread between market price and net asset value that might otherwise exist. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In addition, a purchase by the Fund of its Common Shares will decrease the Fund&#146;s total assets which would likely have the effect of increasing the Fund&#146;s expense ratio. Any purchase by the Fund
of its Common Shares at a time when Preferred Shares, including MFP Shares, are outstanding will increase the leverage applicable to the outstanding Common Shares then remaining. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Before deciding whether to take any action if the Common Shares trade below net asset value, the Board of Trustees would consider all
relevant factors, including the extent and duration of the discount, the liquidity of the Fund&#146;s portfolio, the impact of any action that might be taken on the Fund or its shareholders, and market considerations. Based on these considerations,
even if the Common Shares should trade at a discount, the Board may determine that, in the interest of the Fund and its shareholders, no action should be taken. On August&nbsp;7, 2018, the Fund&#146;s Board renewed the Fund&#146;s open market share
repurchase program under which the Fund may repurchase up to 10% of its Common Shares. Since the inception of the Fund&#146;s share repurchase program through April&nbsp;30, 2018, the Fund has repurchased 202,500 Common Shares under the program.
</FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc656069_16"></A>TAX MATTERS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The following information is meant as a general summary for U.S. holders of an investment in the shares of the Fund. Please see the SAI for additional information. A description of material U.S. federal
income tax consequences relating to the purchase and ownership of any Common Shares or MFP Shares being offered will be set forth in the related prospectus supplement. Investors should rely on their own tax adviser for advice about the particular
federal, state and local tax consequences to them of investing in the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The recently enacted tax legislation commonly
referred to as Tax Cuts and Jobs Act (the &#147;Tax Act&#148;) makes significant changes to the U.S. federal income tax rules for taxation of individuals and corporations, generally effective for taxable years beginning after December&nbsp;31, 2017.
Many of the changes applicable to individuals are temporary and would apply only to taxable years beginning after December&nbsp;31, 2017 and before January&nbsp;1, 2026. There are only minor changes with respect to the specific rules only applicable
to a RIC, such as the Fund. The Tax Act, however, makes numerous other changes to the tax rules that may affect shareholders and the Fund. You are urged to consult with your own tax advisor regarding how the Tax Act affects your investment in the
Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund has elected and intends to qualify each year as a RIC under Subchapter M of the Code. In order to qualify for
treatment as a RIC, the Fund must satisfy certain requirements regarding the sources of its income, the diversification of its assets and the distribution of its income. As a RIC, the Fund is not expected to be subject to U.S. federal income tax.
The Fund primarily invests in municipal securities (as defined above) issued by states, cities and local authorities and certain possessions and territories of the United States (such as Puerto Rico or Guam) or municipal securities whose income is
otherwise exempt from regular U.S. federal income taxes. To qualify to pay exempt-interest dividends, which are treated as items of interest excludable from gross income for U.S. federal income tax purposes, at least 50% of the value of the total
assets of the Fund must consist of obligations exempt from regular income tax as of the close of each quarter of the Fund&#146;s taxable year. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">64 </FONT></P>



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If the proportion of taxable investments held by the Fund exceeds 50% of the Fund&#146;s total assets as of the close of any quarter of any Fund taxable year, the Fund would not for that taxable
year satisfy the general eligibility test that would otherwise permit it to pay exempt-interest dividends. Substantially all of the Fund&#146;s dividends paid to you are expected to qualify as &#147;exempt-interest dividends,&#148; which are exempt
from regular U.S. federal income tax. The Fund does not intend to acquire securities whose income is subject to the federal alternative minimum tax applicable to individuals. The Tax Act repealed the federal alternative minimum tax for corporations
for tax years beginning after December&nbsp;31, 2017. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The exemption from U.S. federal income tax for exempt-interest
dividends does not necessarily result in exemption for such dividends under the income or other tax laws of any state or local taxing authority. Some states exempt from state income tax that portion of any exempt-interest dividend that is derived
from interest received by a RIC on its holdings of securities of that state and its political subdivisions and instrumentalities. Therefore, the Fund will report annually to its shareholders the percentage of interest income earned by the fund
during the preceding year on tax-exempt obligations indicating, on a state-by-state basis, the source of such income. Shareholders of the Fund are advised to consult with their own tax advisers about state and local tax matters. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition to exempt-interest dividends, the Fund may also distribute to its shareholders amounts that are treated as long-term capital
gain or ordinary income (which may include short-term capital gains). These distributions are generally subject to regular U.S. federal income tax, whether or not reinvested in additional shares. Capital gain distributions are generally taxable at
rates applicable to long-term capital gains regardless of how long a shareholder has held its shares. Long-term capital gains are taxable to non-corporate shareholders at rates of up to 20%. The Fund does not expect that any part of its
distributions to shareholders from its investments will qualify for the dividends-received deduction available to corporate shareholders or as &#147;qualified dividend income,&#148; which is taxable to non-corporate shareholders at reduced maximum
U.S. federal income tax rates. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A 3.8% Medicare contribution tax generally applies to all or a portion of the net investment
income of a shareholder who is an individual and not a nonresident alien for U.S. federal income tax purposes and who has adjusted gross income (subject to certain adjustments) that exceeds a threshold amount ($250,000 if married filing jointly or
if considered a &#147;surviving spouse&#148; for U.S. federal income tax purposes, $125,000 if married filing separately, and $200,000 in other cases). This 3.8% tax also applies to all or a portion of the undistributed net investment income of
certain shareholders that are estates and trusts. For these purposes, interest, dividends and certain capital gains are generally taken into account in computing a shareholder&#146;s net investment income, but exempt-interest dividends are not taken
into account. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a RIC, the Fund will not be subject to U.S. federal income tax in any taxable year provided that it meets
certain requirements. The Fund might not distribute some (or all) of its net capital gain. If the Fund does not distribute all of its net capital gain and net investment income, it will be subject to tax at regular corporate rates on the amount
retained. If the Fund retains any net capital gain, it may designate the retained amount as undistributed capital gains in a notice to its shareholders who, if subject to U.S. federal income tax on long-term capital gains, (i)&nbsp;will be required
to include in income for U.S. federal income tax purposes, as long-term capital gain, their share of such undistributed amount; (ii)&nbsp;will be deemed to have paid their proportionate shares of the tax paid by the Fund on such undistributed amount
and will be entitled to credit that amount of tax against their U.S. federal income tax liabilities, if any; and (iii)&nbsp;will be entitled to claim refunds to the extent the credit exceeds such
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">65 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
liabilities. For U.S. federal income tax purposes, the tax basis of shares owned by a shareholder of the Fund will be increased by an amount equal to the difference between the amount of
undistributed capital gains included in the shareholder&#146;s gross income and the tax deemed paid by the shareholder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
Internal Revenue Service (the &#147;IRS&#148;) currently requires that a RIC that has two or more classes of stock allocate to each such class proportionate amounts of each type of its income (such as exempt interest, ordinary income and capital
gains). Accordingly, the Fund reports dividends made with respect to Common Shares and Preferred Shares as consisting of particular types of income (e.g., exempt interest, net capital gains and ordinary income) in accordance with each class&#146;
proportionate share of the total dividends paid by the Fund with respect to the year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dividends declared by the Fund in
October, November or December, payable to shareholders of record in such a month, and paid during the following January will be treated as having been received by shareholders in the year the distributions were declared. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each shareholder will receive an annual statement summarizing the U.S. federal income tax status of all distributions. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The repurchase, sale or exchange of Securities normally will result in capital gain or loss to holders who hold their shares as capital
assets. Generally a shareholder&#146;s gain or loss will be long-term capital gain or loss if the shares have been held for more than one year even though the increase in value in such Common Shares may be at least partly attributable to tax-exempt
interest income. Present law taxes both long-term and short-term capital gains of corporations at the rates applicable to ordinary income. For non-corporate taxpayers, however, long-term capital gains are currently taxed at rates of up to 20%.
Short-term capital gains and other ordinary income are taxed to non-corporate taxpayers at ordinary income rates. If a shareholder sells or otherwise disposes of Securities before holding them for six months, any loss on the sale or disposition will
be treated as a long-term capital loss to the extent of any amounts treated as distributions to the holder of long-term capital gain (including any amount credited to the holder as undistributed capital gain). Any loss realized by a shareholder on
the disposition of shares held 6 months or less is disallowed to the extent of the amount of exempt-interest dividends received by the shareholder with respect to shares of the Fund. Any loss realized on a sale or exchange of shares of the Fund will
be disallowed to the extent those shares of the Fund are replaced by substantially identical shares of the Fund (including shares acquired by reason of participation in the dividend reinvestment plan) within a period of 61 days beginning 30 days
before and ending 30 days after the date of disposition of the original shares, or to the extent the shareholder enters into a contract or option to repurchase shares within such period. In that event, the basis of the replacement shares of the Fund
will be adjusted to reflect the disallowed loss. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any interest on indebtedness incurred or continued to purchase or carry the
Fund&#146;s shares to which exempt-interest dividends are allocated is not deductible. Under certain applicable rules, the purchase or ownership of shares may be considered to have been made with borrowed funds even though such funds are not
directly used for the purchase or ownership of the shares. In addition, if you receive social security or certain railroad retirement benefits, you may be subject to U.S. federal income tax on a portion of such benefits as a result of receiving
investment income, including exempt-interest dividends and other distributions paid by the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may be required to
withhold (as &#147;backup withholding&#148;) U.S. federal income tax for distributions (including exempt-interest dividends) and repurchase proceeds payable to a shareholder if </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">66 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
the shareholder fails to provide the Fund with his or her correct taxpayer identification number or to make required certifications, or if the shareholder has been notified by the IRS that he or
she is subject to backup withholding. The backup withholding rate is 24%. Backup withholding is not an additional tax; rather, it is a way in which the IRS ensures it will collect taxes otherwise due. Any amounts withheld may be credited against a
shareholder&#146;s U.S. federal income tax liability. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may invest a portion of its assets in securities that generate
income that is not exempt from regular U.S. federal income tax. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">With respect to MFP Shares or other Preferred Shares of the
Fund, the Fund has received or will receive prior to issuance an opinion from special tax counsel that the Preferred Shares will constitute equity of the Fund, and the foregoing discussion relies on the position that the Preferred Shares will
constitute equity of the Fund. Accordingly, distributions with respect to the Preferred Shares (other than distributions in redemption of Preferred Shares subject to Section&nbsp;302(b) of the Code) will generally constitute dividends to the extent
of the Fund&#146;s current or accumulated earnings and profits, as calculated for U.S. federal income tax purposes and to the extent allocable to such distribution. Because the treatment of a corporate security as debt or equity is determined on the
basis of the facts and circumstances of each case, and no controlling precedent exists for the Preferred Shares, there can be no assurance that the IRS will not question special tax counsel&#146;s opinion and the Fund&#146;s treatment of the
Preferred Shares as equity. If the IRS were to succeed in such a challenge, holders of Preferred Shares could be characterized as receiving taxable interest income rather than exempt-interest or other dividends, possibly requiring them to file
amended income tax returns and retroactively to recognize additional amounts of ordinary income and pay additional tax, interest and penalties. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>State and Local Tax Matters.</I> The exemption from U.S. federal income tax for exempt-interest dividends generally does not result in exemption for such dividends under the income or other tax laws of
any state or local taxing authority. In some states, however, the portion of any exempt-interest dividends derived from interest received by the Fund on its holdings of that state&#146;s securities and those of its political subdivisions and
instrumentalities is exempt from the state&#146;s income tax. The Fund will report annually to its shareholders the percentage of interest income earned by the Fund during the preceding year on tax-exempt obligations indicating, on a state-by-state
basis, the source of such income. Shareholders of the Fund are advised to consult their own tax advisors about state and local tax matters. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Please refer to the SAI for more detailed information. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc656069_17"></A>CUSTODIAN, TRANSFER AGENT, DIVIDEND DISBURSING AGENT AND REDEMPTION AND PAYING AGENT </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The custodian of the assets of the Fund is State Street Bank and Trust Company (&#147;State Street&#148; or the &#147;Custodian&#148;),
One Lincoln Street, Boston, Massachusetts 02111. State Street performs custodial, fund accounting and portfolio accounting services. The Fund&#146;s transfer, shareholder services and dividend disbursing agent with respect to its Common Shares is
Computershare Inc. and Computershare Trust Company, N.A., 250 Royall Street, Canton, Massachusetts 02021. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund expects to
enter into a Tender and Paying Agent Agreement with the Tender and Paying Agent, with respect to each series of MFP Shares. The Tender and Paying Agent will serve as the Fund&#146;s transfer agent and registrar, dividend disbursing agent,
calculation agent and paying agent and redemption price disbursing agent with respect to the MFP Shares. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">67 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc656069_18"></A>LEGAL MATTERS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain legal matters in connection with the Securities will be passed upon for the Fund by Sidley Austin LLP, New York, New York, and
any additional legal opinions will be described in a prospectus supplement. Sidley Austin LLP may rely as to certain matters of Massachusetts law on the opinion of Morgan, Lewis&nbsp;&amp; Bockius LLP, Boston, Massachusetts. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc656069_19"></A>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The audited Financial Statements and Financial Highlights of the Fund appearing in the Fund&#146;s Annual Report for the fiscal year
ended October&nbsp;31, 2017 are incorporated by reference into the SAI. The audited financial statements and financial highlights have been audited by KPMG LLP, an independent registered public accounting firm, as set forth in their report thereon
and incorporated herein by reference. Such audited financial statements and financial highlights are incorporated by reference in reliance upon such report given on the authority of such firm as experts in accounting and auditing. The information
with respect to the fiscal years ended prior to October&nbsp;31, 2014 has been audited by other auditors. The principal business address of KPMG LLP is 200 East Randolph Street, Chicago, Illinois 60601. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc656069_20"></A>WHERE YOU CAN FIND MORE INFORMATION </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund is subject to the informational requirements of the 1934 Act and the 1940 Act, and is required to file reports, proxy statements
and other information with the SEC. These documents can be inspected and copied for a fee at the SEC&#146;s public reference room, 100 F Street, NE, Washington, D.C. 20549. Reports, proxy statements, and other information about the Fund can be
inspected at the offices of the SEC. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Additional information about the Fund and the Securities can be found in the Fund&#146;s
registration statement (including amendments, exhibits, and schedules) on Form N-2 filed with the SEC. The SEC maintains a web site (http://www.sec.gov) that contains the Fund&#146;s registration statement, other documents incorporated by reference,
and other information the Fund has filed electronically with the SEC, including proxy statements and reports filed under the 1934 Act. Additional information may be found on the Internet at http://www.nuveen.com. The information contained in, or
that can be accessed through, those websites is not part of this prospectus, except to the extent specifically incorporated by reference in the SAI. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">68 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc656069_21"></A>STATEMENT OF ADDITIONAL INFORMATION </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>TABLE OF CONTENTS </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_1">The Fund</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_2">Investment Objectives and Policies</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_3">Investment Restrictions</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_4">The Fund&#146;s Investments</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_5">Management of the Fund</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_6">Investment Adviser, Sub-Adviser and Portfolio Manager</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_7">Code of Ethics</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">54</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_8">Proxy Voting Policies</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">55</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_9">Portfolio Transactions and Brokerage</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">55</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_10">Net Asset Value</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">57</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_11">Beneficial Owners</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">57</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_12">Tax Matters</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">58</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_13">Financial Statements</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">64</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_14">Appendix A Ratings of Investments</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_15">Appendix B Derivative Strategies and Risks</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">B-1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_16">Appendix C Proxy Voting Policies and Procedures</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">C-1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">69 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#cc062a"><B>The information in this preliminary prospectus supplement is not complete and may be
changed. A registration statement relating to these securities was filed with the Securities and Exchange Commission and became effective. This preliminary prospectus supplement and the accompanying prospectus are not an offer to sell these
securities and we are not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2" COLOR="#cc062a"><B>Subject to Completion </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#cc062a"><B>Preliminary
Prospectus Supplement dated [&#149;], 20[&#149;] </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right">


<IMG SRC="g656069g71h68.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PROSPECTUS SUPPLEMENT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>(To Prospectus dated [&#149;] 2018) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>[Up to $[&#149;]] </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>Nuveen AMT-Free Municipal Credit Income Fund </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>[[&#149;]] COMMON SHARES, $0.01 PAR VALUE PER SHARE </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nuveen AMT-Free
Municipal Credit Income Fund (the &#147;Fund&#148;), a diversified, closed-end management investment company, is offering [up to $[&#149;] of its][[&#149;]&nbsp;common shares, $0.01 par value per share (the &#147;Common Shares&#148;), pursuant to
this prospectus supplement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">[The minimum price on any day at which Common Shares may be sold will not be less than the
current net asset value per share plus the per share amount of the commission to be paid to the Fund&#146;s distributor, Nuveen Securities, LLC (&#147;Nuveen Securities&#148; or the &#147;Agent&#148;). The Fund and Nuveen Securities will suspend the
sale of Common Shares if the per share price of the shares is less than the minimum price. The Fund will distribute the Common Shares offered pursuant to this prospectus supplement through at-the-market transactions.] </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Common Shares are listed on the New York Stock Exchange (the &#147;NYSE&#148;) under the symbol &#147;NVG.&#148; The closing price for
the Common Shares on the NYSE on [&#149;], 20&nbsp;&nbsp;&nbsp;&nbsp;was $[&#149;]. The net asset value of the Common Shares at the close of business on [&#149;], 20&nbsp;&nbsp;&nbsp;&nbsp; was $[&#149;] per Common Share. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Common shares of closed-end investment companies, such as the Fund, often trade at a discount to their net asset value. This creates a
risk of loss for an investor purchasing common shares in a public offering. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Investing in the Common Shares involves
risks. See &#147;Risk Factors&#148; beginning on page&nbsp;S-7 of this prospectus supplement and on page&nbsp;9 of the accompanying prospectus. You should consider carefully these risks together with all of the other information in this prospectus
supplement and the accompanying prospectus before making a decision to purchase Common Shares. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>(continued on next
page)</I> </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Neither the Securities and Exchange Commission (the &#147;SEC&#148;) nor any state
securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense. </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Per&nbsp;Share</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">[Public offering price</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">[</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;]&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">[</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;]&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Underwriting discounts and commissions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">[</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;]&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">[</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;]&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Proceeds, before expenses, to the Fund</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">[</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;]&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">[</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;]]&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">[&nbsp;(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">The Fund has granted the underwriters an option exercisable for a period of [&#149;] days from the date of this prospectus supplement to
purchase up to [&#149;] additional Common Shares at the public offering price, less the underwriting discount, to cover over-allotments, if any. If the underwriters exercise the option in full, the total underwriting discounts and commissions will
be $[&#149;], and the total proceeds, before expenses, to the Fund will be $&nbsp;[&#149;].] </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>[The Agent
is not required to sell any specific number of Common Shares, but will use its reasonable best efforts to sell the Common Shares being offered as described in &#147;Plan of Distribution.&#148;] [The underwriters are offering the Common Shares as
described in &#147;Underwriting.&#148; Delivery of the Common Shares will be made on or about&nbsp;[&#149;], 20[&#149;].]</B> </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>[Nuveen
Securities, LLC] [UNDERWRITER (S)] </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#149;], 20[&#149;]
</FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>(continued from previous page)</I> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s investment objectives are to provide current income exempt from regular federal income tax and federal alternative
minimum tax applicable to individuals, and to enhance portfolio value relative to the municipal bond market by investing in tax-exempt municipal bonds that the Fund&#146;s investment adviser, Nuveen Fund Advisors, LLC, believes are underrated or
undervalued or that represent municipal market sectors that are undervalued. As a fundamental investment policy, under normal circumstances, the Fund will invest at least 80% of its Assets (as defined herein) in municipal securities and other
related investments, the income from which is exempt from regular federal income taxes. As non-fundamental investment policies, under normal circumstances, the Fund will invest 100% of its Managed Assets (as defined herein) and at least 80% of its
Assets in municipal securities and other related investments, the income from which is exempt from the federal alternative minimum tax applicable to individuals at the time of purchase. As a non-fundamental investment policy, under normal
circumstances, the Fund may invest up to 55% of its Managed Assets in securities rated, at the time of investment, below the three highest grades (Baa or BBB or lower) by at least one nationally recognized statistical rating organization, which
includes below-investment-grade or unrated securities judged to be of comparable quality by the Fund&#146;s sub-adviser, Nuveen Asset Management, LLC. There can be no assurance that the Fund will achieve its investment objectives. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">You should read this prospectus supplement, together with the accompanying prospectus, which contains important information about the
Fund, before deciding whether to invest in Common Shares and retain it for future reference. A statement of additional information, dated [&#149;], 20[&#149;], and as it may be supplemented, (the &#147;SAI&#148;) containing additional information
about the Fund has been filed with the SEC and is incorporated by reference in its entirety into this prospectus supplement and the accompanying prospectus. You may request a free copy of the statement of additional information, the table of
contents of which is on page&nbsp;69 of the accompanying prospectus, annual and semi-annual reports to shareholders, when available, and other information about the Fund, and make shareholder inquiries by calling (800)&nbsp;257-8787 or by writing to
the Fund, or from the Fund&#146;s website (www.nuveen.com). The information contained in, or that can be accessed through, the Fund&#146;s website is not part of this prospectus supplement, the accompanying prospectus or the SAI. You also may obtain
a copy of the SAI (and other information regarding the Fund) from the SEC&#146;s website (www.sec.gov). </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Common
Shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any
other government agency. </B></FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>TABLE OF CONTENTS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Prospectus Supplement </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="94%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Page</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#csprosup656069_1">Forward-Looking Statements</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">ii</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#csprosup656069_2">Prospectus Supplement Summary</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#csprosup656069_3">Risk Factors</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#csprosup656069_4">Summary of Fund Expenses</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#csprosup656069_5">Financial Highlights</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#csprosup656069_6">Trading and Net Asset Value Information</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#csprosup656069_7">Use of Proceeds</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#csprosup656069_8">Distributions</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#csprosup656069_9">Dividend Reinvestment Plan</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#csprosup656069_10">Use of Leverage</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#csprosup656069_11">[Plan of Distribution]</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#csprosup656069_12">[Underwriting]</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#csprosup656069_13">Legal Matters</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#csprosup656069_14">Independent Registered Public Accounting Firm</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#csprosup656069_15">Where You Can Find More Information</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Prospectus </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="96%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_1">Forward-Looking Statements</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">ii</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_2">Prospectus Summary</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_3">Risk Factors</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_4">Financial Highlights</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">28</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_5">The Fund</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_6">Use of Proceeds</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_7">Description of Securities</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_8">The Fund&#146;s Investments</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_9">Use of Leverage</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">52</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_10">Management of the Fund</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">55</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_11">Net Asset Value</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">58</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_12">Distributions</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">58</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_13">Plan of Distribution</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">59</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_14">Certain Provisions in the Declaration of Trust and By-Laws</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_15">Repurchase of Fund Shares; Conversion to Open-End Fund</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_16">Tax Matters</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">64</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_17">Custodian, Transfer Agent, Dividend Disbursing Agent and Redemption and Paying
Agent</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_18">Legal Matters</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_19">Independent Registered Public Accounting Firm</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_20">Where You Can Find More Information</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_21">Statement of Additional Information</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">69</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>You should rely only on the information contained or incorporated by reference into this prospectus
supplement and the accompanying prospectus. The Fund has not authorized anyone to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. The Fund is not making an offer
of Common Shares in any state where the offer is not permitted. You should not assume that the information contained in this prospectus supplement and the accompanying prospectus is accurate as of any date other than the respective dates on the
front covers. The Fund&#146;s business, financial condition and prospects may have changed since that date. </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">i </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="csprosup656069_1"></A>FORWARD-LOOKING STATEMENTS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any projections, forecasts and estimates contained or incorporated by reference herein are forward looking statements and are based upon
certain assumptions. Projections, forecasts and estimates are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying any projections, forecasts or estimates will not materialize or will vary
significantly from actual results. Actual results may vary from any projections, forecasts and estimates and the variations may be material. Some important factors that could cause actual results to differ materially from those in any forward
looking statements include changes in interest rates, market, financial or legal uncertainties, including changes in tax law, and the timing and frequency of defaults on underlying investments. Consequently, the inclusion of any projections,
forecasts and estimates herein should not be regarded as a representation by the Fund or any of its affiliates or any other person or entity of the results that will actually be achieved by the Fund. Neither the Fund nor its affiliates has any
obligation to update or otherwise revise any projections, forecasts and estimates including any revisions to reflect changes in economic conditions or other circumstances arising after the date hereof or to reflect the occurrence of unanticipated
events, even if the underlying assumptions do not come to fruition. The Fund acknowledges that, notwithstanding the foregoing, the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995 does not apply
to investment companies such as the Fund. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">ii </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="csprosup656069_2"></A>PROSPECTUS SUPPLEMENT SUMMARY </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>This is only a summary. You should review the more detailed information contained elsewhere in this prospectus supplement, in the
accompanying prospectus and in the statement of additional information, dated [&#149;], 20[&#149;], and as it may be supplemented (the &#147;SAI&#148;), including the documents incorporated by reference, prior to making an investment in the Fund,
especially the information set forth under the heading &#147;Risk Factors&#148; beginning on page S-7 of this prospectus supplement and beginning on page&nbsp;9 in the accompanying prospectus. </I></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The Fund </B></FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">Nuveen AMT-Free Municipal Credit Income Fund (the &#147;Fund&#148;) is a diversified, closed-end management investment company. The Fund&#146;s common shares, $.01 par value per share (the
&#147;Common Shares&#148;), are traded on the New York Stock Exchange (the &#147;NYSE&#148;) under the symbol &#147;NVG.&#148; See &#147;Description of Securities&#151;Common Shares&#148; in the prospectus. As of [&#149;], 20[&#149;], the Fund had
[&#149;] Common Shares outstanding and net assets applicable to Common Shares of $[&#149;]. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of the date of this prospectus supplement, the Fund has outstanding [one series of MuniFund Preferred Shares (&#147;MFP Shares&#148;), consisting of 4,054 Series A
MFP Shares, and five series of Variable Rate Demand Preferred Shares (&#147;VRDP Shares&#148;), consisting of 1,790 Series 1 VRDP Shares, 3,854 Series 2 VRDP Shares, 1,800 Series 4 VRDP Shares, 3,405 Series 5 VRDP Shares and 3,267 Series 6 VRDP
Shares]. See &#147;Description of Securities&#151;Preferred Shares&#148; in the prospectus. MFP Shares, VRDP Shares and any other preferred shares of the Fund as may be outstanding from time to time are collectively referred to as &#147;Preferred
Shares.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Investment Objectives and Policies </B></FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s investment objectives are to provide current income exempt from regular federal income tax and federal alternative minimum tax applicable to individuals, and to enhance portfolio
value relative to the municipal bond market by investing in tax-exempt municipal bonds that the Fund&#146;s investment adviser, Nuveen Fund Advisors, LLC (&#147;Nuveen Fund Advisors&#148; or the &#147;Investment Adviser&#148;), believes are
underrated or undervalued or that represent municipal market sectors that are undervalued. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a fundamental investment policy, under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities and other
related investments, the income from which is exempt from regular federal income taxes. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P><FONT STYLE="font-family:Times New Roman" SIZE="2">As a non-fundamental investment policy that may be changed by the Fund&#146;s trustees without prior shareholder notice, under
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-1
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<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:0%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
normal circumstances, the Fund will invest 100% of its Managed Assets (as defined below) in municipal securities and other related investments, the income from which is exempt from the federal
alternative minimum tax applicable to individuals at the time of purchase. As a non-fundamental investment policy subject to change by the Fund&#146;s trustees upon 60 days&#146; notice to shareholders, under normal circumstances, the Fund will
invest at least 80% of its Assets in municipal securities and other related investments, the income from which is exempt from the federal alternative minimum tax applicable to individuals at the time of purchase. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Assets&#148; means net assets of the Fund plus the amount of any borrowings for investment purposes. &#147;Managed Assets&#148; means the total assets of the
Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage).&nbsp;Total assets for this purpose shall include assets attributable to the Fund&#146;s use of leverage (whether or
not those assets are reflected in the Fund&#146;s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a non-fundamental investment policy that may be changed by the Fund&#146;s trustees without prior shareholder notice, under normal circumstances, the Fund may invest
up to 55% of its Managed Assets in securities rated, at the time of investment, below the three highest grades (Baa or BBB or lower) by at least one nationally recognized statistical rating organization (&#147;NRSRO&#148;), which includes
below-investment-grade securities or unrated securities judged to be of comparable quality by the Fund&#146;s sub-adviser, Nuveen Asset Management, LLC (&#147;NAM&#148; or the &#147;Sub-Adviser&#148;). </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">There can be no assurance that the Fund will achieve its investment objectives. See &#147;Risk Factors&#148; and &#147;The Fund&#146;s Investments&#151;Investment
Objectives and Policies&#148; in the prospectus. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Investment Adviser </B></FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">Nuveen Fund Advisors is the Fund&#146;s investment adviser, responsible for overseeing the Fund&#146;s overall investment strategy and its implementation. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P><FONT STYLE="font-family:Times New Roman" SIZE="2">Nuveen Fund Advisors, a registered investment adviser, offers advisory and investment management services to a broad range of investment company clients. Nuveen
Fund Advisors has overall responsibility for management of the Fund, oversees the management of the Fund&#146;s portfolio, manages the Fund&#146;s business affairs and provides certain clerical, bookkeeping and
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-2
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<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:0%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
other administrative services. Nuveen Fund Advisors is located at 333 West Wacker Drive, Chicago, Illinois 60606. Nuveen Fund Advisors is an indirect subsidiary of Nuveen, LLC
(&#147;Nuveen&#148;), the investment management arm of Teachers Insurance and Annuity Association of America (&#147;TIAA&#148;). TIAA is a life insurance company founded in 1918 by the Carnegie Foundation for the Advancement of Teaching and is the
companion organization of College Retirement Equities Fund. As of [&#149;], 20[&#149;], Nuveen managed approximately $[&#149;]&nbsp;billion in assets, of which approximately $[&#149;]&nbsp;billion was managed by Nuveen Fund Advisors.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Sub-Adviser </B></FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">NAM serves as the Fund&#146;s investment sub-adviser and is an affiliate of Nuveen Fund Advisors. NAM is a registered investment adviser. NAM oversees the day-to-day investment operations of the
Fund. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The Offering </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Common Shares the Fund is Offering </B></FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">[Up to $[&#149;] of Common Shares][ [&#149;]Common Shares] </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Common Shares to be Outstanding&nbsp;after this Offering&nbsp;</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#149;] </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Use of Proceeds </B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund estimates that its net proceeds from this offering after expenses [,assuming the full dollar amount of Common Shares offered pursuant to this prospectus supplement are sold,] [,without
exercise of the over-allotment option,] will be approximately $ [&#149;]. [The Fund intends to use the net proceeds to [&#149;].] See &#147;Use of Proceeds.&#148; </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Distributions </B> </FONT></P></TD>
<TD> <P><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund pays monthly distributions to common shareholders at a level rate (stated in terms of a fixed cents per Common Share dividend rate) based on the projected performance of the Fund.
The Fund&#146;s ability to maintain a level Common Share dividend rate will depend on a number of factors, including dividends payable on Preferred Shares. As portfolio and market conditions change, the rate of dividends on the Common Shares and the
Fund&#146;s dividend policy could change. For each taxable year, the Fund will distribute all or substantially all of its net investment income (after it pays accumulated dividends on Preferred Shares). While not currently anticipated, if the Fund
makes total distributions during a given calendar year in an amount that exceeds the Fund&#146;s net investment income and net capital gain for that calendar year, the excess would generally be treated by common shareholders as a return of capital
for tax </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-3
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<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:0%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
purposes. A return of capital reduces a shareholder&#146;s tax basis, which could result in higher taxes when the shareholder sells his or her shares. This may cause the shareholder to pay taxes
even if he or she sells shares for less than the original price. In addition, the Fund intends to distribute, at least annually, all or substantially all of its net capital gain and taxable ordinary income, if any, to common shareholders so long as
the net capital gain (which is the excess of net long-term capital gain over net short-term capital loss) and taxable ordinary income are not necessary to pay accrued dividends on, or redeem or liquidate, any Preferred Shares then outstanding or pay
any interest and required principal payments on borrowings. You may elect to reinvest automatically some or all of your distributions in additional Common Shares under the Fund&#146;s Dividend Reinvestment Plan. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund might not distribute all or a portion of any net capital gain for a taxable year. If the Fund does not distribute all of its net capital gain for a taxable
year, it will pay U.S. federal income tax on the retained gain. Provided that the Fund satisfies certain requirements, each common shareholder of record as of the end of the Fund&#146;s taxable year (i)&nbsp;will include in income for U.S. federal
income tax purposes, as long-term capital gain, his or her share of the retained gain, (ii)&nbsp;will be deemed to have paid his or her proportionate share of the tax paid by the Fund on such retained gain, and (iii)&nbsp;may be entitled to an
income tax credit or refund for that share of the tax. The Fund will treat the retained capital gain amount as a substitute for equivalent cash distributions. See &#147;Distributions&#148; and &#147;Dividend Reinvestment Plan.&#148;
</FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Special Tax Considerations </B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">Because the Fund will invest, under normal circumstances, at least 80% of its Assets in municipal securities that pay interest exempt from regular federal income tax and, under normal
circumstances, at least 100% of its Managed Assets in municipal securities that pay interest exempt from the federal alternative minimum tax applicable to individuals at the time of purchase, the dividends paid by the Fund will ordinarily be
similarly exempt. Although the Fund expects that under normal circumstances it will not invest in municipal securities the interest on which is subject to the federal alternative minimum tax, at the time of purchase, to the extent a portion of the
income from municipal securities in which the Fund invests becomes may be subject to the federal alternative minimum tax, dividends paid by the Fund may be subject to the federal alternative minimum tax. See &#147;Tax Matters&#148; in the
prospectus. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-4
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<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Use of Leverage </B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund uses leverage to pursue its investment objectives. The Fund may use leverage to the extent permitted by the Investment Company Act of 1940, as amended (&#147;1940 Act&#148;). The Fund
may source leverage through a number of methods including the issuance of Preferred Shares, investments in inverse floating rate securities, entering into reverse repurchase agreements (effectively a secured borrowing) and borrowings (subject to
certain investment restrictions). See &#147;The Fund&#146;s Investments&#151;Portfolio Composition&#151;Municipal Securities&#151;Inverse Floating Rate Securities,&#148; &#147;Risk Factors&#151;Inverse Floating Rate Securities Risk,&#148; &#147;Risk
Factors&#151;Reverse Repurchase Agreement Risk&#148; and &#147;Risk Factors&#151;Borrowing Risks&#148; in the prospectus and &#147;Investment Restrictions&#148; in the SAI. The Fund may invest up to 15% of its Managed Assets in inverse floating rate
securities. The Fund may also use certain derivatives that have the economic effect of leverage by creating additional investment exposure. The Fund currently employs leverage primarily through its outstanding Preferred Shares. The Fund may also
borrow for temporary purposes permitted by the 1940 Act. See &#147;Use of Leverage.&#148; The Fund may reduce or increase leverage based upon changes in market conditions and anticipates that its leverage ratio will vary from time to time based upon
variations in the value of the Fund&#146;s holdings. So long as the rate of net income received on the Fund&#146;s investments exceeds the then current expense on any leverage, leverage will generate more net income than if the Fund had not used
leverage. If so, the excess net income will be available to pay higher distributions to common shareholders. However, if the rate of net income received from the Fund&#146;s portfolio investments is less than the then current expense on outstanding
leverage, the Fund may be required to utilize other Fund assets to make expense payments on outstanding leverage, which may result in a decline in Common Share net asset value and reduced net investment income available for distribution to common
shareholders. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund currently employs leverage primarily through its outstanding VRDP Shares and MFP Shares, both Preferred Shares. For the six months ended April&nbsp;30, 2018,
the average liquidation value of the VRDP Shares outstanding was $1,411,600,000 and the average annual dividend rate on the VRDP Shares was 1.58%. In addition, the Fund currently pays a liquidity fee and a remarketing fee in connection with four
series of VRDP Shares. For the period January&nbsp;29, 2018 through April&nbsp;30, 2018 the average liquidation value of the MFP Shares outstanding was $405,400,000 and the average annual dividend rate was 2.02%. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-5
</FONT></P>


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<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The use of leverage creates additional risks for common shareholders, including increased variability of the Fund&#146;s net asset value, net income and distributions
in relation to market changes. See &#147;Risk Factors&#151;Leverage Risk.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">There is no assurance that the Fund will continue to use leverage or that the Fund&#146;s use of leverage will work as planned or achieve its goals.
</FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exchange Listing </B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The Common Shares are listed on the NYSE under the symbol &#147;NVG.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Risk Factors </B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">See &#147;Risk Factors&#148; in this prospectus supplement, as well as &#147;Risks Factors&#148; and other information included in the accompanying prospectus, for a discussion of the principal
risks you should carefully consider before deciding to invest in Common Shares. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-6
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="csprosup656069_3"></A>RISK FACTORS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Investing in the Common Shares involves risk, including the risk that you may receive little or no return on your investment or that
you may lose part or all of your investment. Therefore, before investing in the Common Shares you should consider carefully the following risks, as well as the risk factors set forth under &#147;Risk Factors&#148; beginning on page&nbsp;9 of the
accompanying prospectus. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Investment and Market Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">An investment in the Fund&#146;s Common Shares is subject to investment risk, including the possible loss of the entire amount that you invest. Your investment in Common Shares represents an indirect
investment in the municipal securities owned by the Fund, which generally trade in the over-the-counter markets. Your Common Shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment
of Fund dividends and distributions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Market Discount from Net Asset Value of Common Shares </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shares of closed-end investment companies like the Fund frequently trade at prices lower than their net asset value, which creates a risk
of loss for investors when they sell shares purchased in the initial public offering. This characteristic is a risk separate and distinct from the risk that the Fund&#146;s net asset value could decrease as a result of investment activities. Share
of closed-end investment companies like the Fund have during some periods traded at prices higher than net asset value and have during other periods traded at prices lower than net asset value. [Proceeds from the sale of Common Shares in this
offering will be reduced by transaction costs (if applicable, which vary depending on the offering method used).] Net asset value of the Fund and net asset value per Common Share are then further reduced by the amount of offering expenses paid by
the Fund. Depending on the premium of the Common Shares at the time of the sale of Common Shares hereunder, the Fund&#146;s net asset value may be reduced by an amount up to the offering costs (estimated to be an additional [&#149;]% of offering
price assuming a Common Share offering price of $[&#149;] (the Fund&#146;s closing price on the NYSE on [&#149;], 2018)). The Common Shares are designed primarily for long-term investors, and you should not view the Fund as a vehicle for trading
purposes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Impact of Offering Method Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The issuance of Common Shares may have an adverse effect on prices in the secondary market for the Fund&#146;s Common Shares by increasing the number of Common Shares available for sale. In addition, the
Common Shares may be issued at a discount to the market price for such shares, which may put downward pressure on the market price for Common Shares of the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Tax Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">To qualify for the favorable U.S. federal income tax treatment
generally accorded to regulated investment companies (&#147;RICs&#148;) under Subchapter M of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), the Fund must, among other requirements, derive in each taxable year at least 90% of
its gross income from certain prescribed sources and satisfy a diversification test on a quarterly basis. If the Fund fails to satisfy the qualifying income or diversification requirements in any taxable year, the Fund may be eligible for relief
provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-7
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
requirements. Additionally, relief is provided for certain de minimis failures of the diversification requirements where the Fund corrects the failure within a specified period. In order to be
eligible for the relief provisions with respect to a failure to meet the diversification requirements, the Fund may be required to dispose of certain assets. If these relief provisions were not available to the Fund and it were to fail to qualify
for treatment as a RIC for a taxable year, all of its taxable income (including its net capital gain) would be subject to tax at regular corporate rates (which the Tax Cuts and Jobs Act reduced to 21%) without any deduction for distributions to
shareholders, and such distributions would be taxable as ordinary dividends to the extent of the Fund&#146;s current and accumulated earnings and profits. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">To qualify to pay exempt-interest dividends, which are treated as items of interest excludable from gross income for U.S. federal income tax purposes, at least 50% of the value of the total assets of the
Fund must consist of obligations exempt from regular income tax as of the close of each quarter of the Fund&#146;s taxable year. If the proportion of taxable investments held by the Fund exceeds 50% of the Fund&#146;s total assets as of the close of
any quarter of any Fund taxable year, the Fund will not for that taxable year satisfy the general eligibility test that otherwise permits it to pay exempt-interest dividends. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The value of the Fund&#146;s investments and its net asset value may be adversely affected by changes in tax rates and policies. Because interest income from municipal securities is normally not subject
to regular U.S. federal income taxation, the attractiveness of municipal securities in relation to other investment alternatives is affected by changes in U.S. federal income tax rates or changes in the tax-exempt status of interest income from
municipal securities. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the demand for and supply, liquidity and marketability of municipal securities. This could in turn affect the Fund&#146;s net
asset value and ability to acquire and dispose of municipal securities at desirable yield and price levels. Additionally, the Fund is not a suitable investment for individual retirement accounts, for other tax-exempt or tax-deferred accounts or for
investors who are not sensitive to the U.S. federal income tax consequences of their investments. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund treats its
Preferred Shares as equity for U.S. federal income tax purposes. If such shares were treated as indebtedness instead, the income from such shares would not qualify as exempt-interest dividends and might have to be reported on an accrual basis. In
addition, the Fund&#146;s ability to characterize distributions to common shareholders as exempt-interest dividends could be curtailed. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Generally, the Fund&#146;s investments in inverse floating rate securities do not generate taxable income. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">See &#147;Tax Matters&#148; in the prospectus. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Leverage Risk </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The use of leverage creates special risks for common shareholders, including the likelihood of greater volatility of net asset value and
market price of, and distributions on, the Common Shares than a comparable portfolio without leverage. The use of leverage in a declining market will likely cause a greater decline in the net asset value per Common Share, which may result in a
greater decline of the Common Share price, than if the Fund were not to have used leverage. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-8
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund will pay (and common shareholders will bear) any costs and expenses relating to the
Fund&#146;s use of leverage, which will result in a reduction in the net asset value of and net income payable with respect to the Common Shares. Because of the costs of leverage, the Fund may incur losses even if the Fund has positive returns if
they are not sufficient to cover the costs of leverage. Nuveen Fund Advisors, based on its assessment of market conditions, may increase or decrease the Fund&#146;s level of leverage. Such changes may impact the Fund&#146;s distributions and the
valuation of the Common Shares in the secondary market. There is no assurance that the Fund will continue to utilize leverage or that the Fund&#146;s use of leverage will be successful. Furthermore, the amount of fees paid to Nuveen Fund Advisors
and NAM for investment advisory services will be higher if the Fund uses leverage because the fees will be calculated based on the Fund&#146;s Managed Assets, which may create an incentive for Nuveen Fund Advisors to leverage the Fund or increase
the Fund&#146;s leverage. Certain types of leverage used by the Fund may result in the Fund being subject to certain covenants, asset coverage or other portfolio composition limits by its lenders, Preferred Share purchasers, liquidity providers,
rating agencies that may rate the Preferred Shares or reverse repurchase counterparties. Such limitations may be more stringent than those imposed by the 1940 Act and may affect whether the Fund is able to maintain its desired amount of leverage. At
this time, Nuveen Fund Advisors does not believe that any such potential investment limitations will impede it from managing the Fund&#146;s portfolio in accordance with its investment objectives and policies. See &#147;Use of Leverage.&#148; The
Fund may invest in the securities of other investment companies, which may themselves be leveraged and therefore present similar risks to those described above and magnify the Fund&#146;s leverage risk. The risk of loss attributable to the
Fund&#146;s use of leverage is borne by common shareholders. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-9
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="csprosup656069_4"></A>SUMMARY OF FUND EXPENSES </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The purpose of the table below and the Examples below are to help you understand all fees and expenses that you, as a common shareholder,
would bear directly or indirectly. The table shows the expenses of the Fund as a percentage of the average net assets applicable to Common Shares, and not as a percentage of total assets or Managed Assets. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="93%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Shareholder Transaction Expenses </B>(as a percentage of offering price)<B></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Maximum Sales Charge</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%*&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Offering Costs</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">]%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dividend Reinvestment Plan Fees</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">[A maximum sales charge of 4.00% applies only to offerings pursuant to a syndicated underwriting. The maximum sales charge for offerings made
at-the-market is 1.00%. There is no sales charge for offerings pursuant to a private transaction.] </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>As&nbsp;a&nbsp;Percentage&nbsp;of<BR>Net&nbsp;Assets<BR>Attributable&nbsp;to<BR>Common&nbsp;Shares<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Annual Expenses</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Management Fees</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.97</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fees on MFP Shares, VRDP Shares and Interest and Related Expenses from Inverse Floaters</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.29</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other Expenses</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.06</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total Annual Expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Assuming a Common Share offering price of $[&#9679;] (the Fund&#146;s closing price on the NYSE on [&#9679;]). </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">You will be charged a $2.50 service charge and pay brokerage charges if you direct ComputerShare Inc. and ComputerShare Trust Company, N.A. as
agent for the common shareholders (the &#147;Plan Agent&#148;), to sell your Common Shares held in a dividend reinvestment account. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Stated as percentages of average net assets attributable to Common Shares for the six months ended April&nbsp;30, 2018 (unaudited).
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Currently, the Fund employs leverage through its investments in inverse floating rate securities, its outstanding VRDP Shares and its
outstanding MFP Shares. Fees on MFP and VRDP Shares assume annual dividends paid, annual remarketing fees and amortization of offerings costs for both MFP and VRDP Shares, and annual liquidity fees for VRDP Shares. Interest and Related Expenses from
Inverse Floaters include interest expense attributable to inverse floating rate securities created by selling a fixed-rate bond to a broker dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust
(&#147;self-deposited inverse floating rate securities&#148;). To the extent the Fund creates self-deposited inverse floating rate securities, the Fund recognizes interest expense because accounting rules require the Fund to treat interest paid by
such trusts as having been paid (indirectly) by the Fund. Because the Fund also recognizes a corresponding amount of additional interest earned (also indirectly), the Fund&#146;s Net Asset Value (&#147;NAV&#148;) per share, net investment income and
total return are not affected by this accounting treatment. The actual fees on MFP and VRDP Shares and interest and related expenses from inverse floaters incurred in the future may be higher or lower. If short-term market interest rates rise in the
future, and if the Fund continues to maintain leverage the cost of which is tied to short-term interest rates, the Fund&#146;s interest expenses on its short-term borrowings can be expected to rise in tandem. The Fund&#146;s use of leverage will
increase the amount of management fees paid to Nuveen Fund Advisors and NAM. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(5)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Other Expenses is based on estimated amounts for the current fiscal year. Expenses attributable to the Fund&#146;s investments, if any, in
other investment companies are currently estimated not to exceed 0.01%. See &#147;The Fund&#146;s Investments&#151;Other Investment Companies&#148; in the SAI. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For a more complete description of the Annual Expenses a common shareholder would bear directly or indirectly, see &#147;Management of
the Fund&#151;Investment Management and Sub-Advisory Agreements&#148; in the prospectus. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-10
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Examples </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The following examples illustrate the expenses including the applicable transaction fees (referred to as the &#147;Maximum Sales Charge&#148; in the fee table above), if any, and estimated offering costs
of $[ ], that a common shareholder would pay on a $1,000 investment that is held for the time periods provided in the table. Each example assumes that all dividends and other distributions are reinvested in the Fund and that the Fund&#146;s Annual
Total Expenses, as provided above, remain the same. The examples also assume a 5% annual return.</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Example # 1 (At-the-Market Transaction) </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following example assumes a transaction fee of 1.00%, as a percentage of the offering price. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>1&nbsp;Year</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>3&nbsp;Years</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>5&nbsp;Years</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>10&nbsp;Years</B></FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Example # 2 (Underwritten Transaction) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The following example assumes a transaction fee of 4.00%, as a percentage of the offering price. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>1&nbsp;Year</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>3&nbsp;Years</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>5&nbsp;Years</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>10&nbsp;Years</B></FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Example # 3 (Privately Negotiated Transaction) </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following example assumes there is no transaction fee. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>1&nbsp;Year</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>3&nbsp;Years</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>5&nbsp;Years</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>10&nbsp;Years</B></FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The examples should not be considered a representation of future expenses. Actual expenses may be
greater or less than those shown above. </B></FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The examples assume that all dividends and distributions are reinvested at Common Shares net asset value. Actual expenses may be greater or
less than those assumed. Moreover, the Fund&#146;s actual rate of return may be greater or less than the hypothetical 5% return shown in the example. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-11
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="csprosup656069_5"></A>FINANCIAL HIGHLIGHTS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">[TO BE FURNISHED AT TIME OF OFFERING] </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="csprosup656069_6"></A>TRADING AND NET ASSET VALUE INFORMATION </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following table shows for the periods indicated: (i)&nbsp;the high and low sales prices for the Common Shares reported as of the end
of the day on the NYSE, (ii)&nbsp;the high and low net asset values of the Common Shares, and (iii)&nbsp;the high and low of the premium/(discount) to net asset value (expressed as a percentage) of the Common Shares. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="54%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="8"></TD>
<TD HEIGHT="8" COLSPAN="8"></TD>
<TD HEIGHT="8" COLSPAN="8"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Market Price</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Net Asset Value</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Premium/(Discount)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000 ; display:table-cell;"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Fiscal Quarter Ended</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>High</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Low</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>High</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Low</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>High</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Low</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">July 2018</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.52</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.22</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.91</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6.39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(9.98</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">April 2018</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.85</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7.29</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(10.77</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">January 2018</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.67</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.74</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5.52</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(9.44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">October 2017</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.81</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.63</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4.36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7.50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">July 2017</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.73</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.78</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4.62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7.25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">April 2017</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.96</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.06</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.96</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5.62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(9.04</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">January 2017</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.05</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.67</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.06</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5.36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(11.42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">October 2016</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.74</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17.36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.59</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5.26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(11.47</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">July 2016</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.54</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.45</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17.59</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.80</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5.71</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(9.09</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">April 2016</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.48</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.66</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.79</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7.71</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(10.77</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">January 2016</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.79</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.76</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.55</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.85</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(10.53</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(13.78</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)%&nbsp;</FONT></TD></TR>
</TABLE>  <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The net asset value per Common Share, the market price and percentage of premium/(discount) to net
asset value per Common Share on October 19, 2018 was $15.50, $13.44 and (13.29)%, respectively. As of September&nbsp;30, 2018, the Fund had 202,552,895 Common Shares, 14,116 VRDP Shares and 4,054 MFP Shares outstanding and net assets applicable to
Common Shares of $3,215,856,103. See &#147;Repurchase of Fund Shares; Conversion to Open-End Fund&#148; in the prospectus. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="csprosup656069_7"></A>USE OF PROCEEDS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">[The Fund estimates that the net proceeds from the sale of the [&#149;] Common Shares will be approximately $[&#149;] million, after deducting the underwriting discount and estimated offering expenses
payable by the Fund [or approximately $[&#149;] million if the underwriters exercise the over-allotment option in full].] </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
Fund intends to use the net proceeds of the offering to [&#149;]. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="csprosup656069_8"></A>DISTRIBUTIONS
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund pays regular monthly cash distributions to common shareholders at a level rate (stated in terms of a fixed cents
per Common Share dividend rate) that reflects the past and projected performance of the Fund. Distributions can only be made from net investment income after paying any accrued dividends to preferred shareholders, if any, or interest and required
principal payments on borrowings. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-12
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s ability to maintain a level dividend rate on Common Shares will depend on a
number of factors. The net income of the Fund includes all interest income accrued on portfolio assets less all expenses of the Fund. Expenses of the Fund are accrued each day. For each year, the Fund will distribute all or substantially all of its
net investment income. At least annually, the Fund also intends to distribute substantially all of its net capital gain (which is the excess of net long-term capital gain over net short-term capital loss) and taxable ordinary income, if any, after
paying any accrued dividends or making any liquidation payments to holders of Preferred Shares, and interest and required principal payments on borrowings. Although it does not now intend to do so, the Board of Trustees of the Fund (the
&#147;Board&#148;) may change the Fund&#146;s dividend policy and the amount or timing of the distributions, based on a number of factors, including the amount of the Fund&#146;s undistributed net investment income and historical and projected
investment income and the amount of the expenses and dividend rates on outstanding Preferred Shares, including MFP Shares, and expenses and interest on borrowings. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund might not distribute all or a portion of any net capital gain for a taxable year. If the Fund does not distribute all of its net capital gain for a taxable year, it will pay U.S. federal income
tax on the retained gain. Each holder of record of Common Shares as of the end of the Fund&#146;s taxable year will include in income for U.S. federal income tax purposes, as long-term capital gain his or her share of the retained gain, will be
deemed to have paid his or her proportionate share of the tax paid by the Fund on such retained gain, and will be entitled to an income tax credit or refund for that share of the tax. The Fund will treat the retained capital gains as a substitute
for equivalent cash distributions. While not currently anticipated, if the Fund makes total distributions during a given calendar year in an amount that exceeds the Fund&#146;s net investment income and capital gain for that calendar year, the
excess will generally be treated by common shareholders as a return of capital for tax purposes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund reserves the right
to change its distribution policy and the basis for establishing the rate of its monthly distributions at any time without prior notice to shareholders. Any such change would be made subject to a finding by the Fund&#146;s Board that such change is
in the best interests of the Fund&#146;s common shareholders. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="csprosup656069_9"></A>DIVIDEND REINVESTMENT PLAN
</B></FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If your Common Shares are registered directly with the Fund or if you hold your Common Shares with a brokerage firm
that participates in the Fund&#146;s Dividend Reinvestment Plan (the &#147;Plan&#148;), you may elect to have all dividends, including any capital gain dividends, on your Common Shares automatically reinvested by the Plan Agent (defined below) in
additional Common Shares under the Plan. You may elect to participate in the Plan by contacting Nuveen Investor Services <FONT STYLE="white-space:nowrap">at&nbsp;(800)&nbsp;257-8787.&nbsp;If</FONT> you do not participate, you will receive all
distributions in cash paid by check mailed directly to you or your brokerage firm by ComputerShare Inc. and ComputerShare Trust Company, N.A. as dividend paying agent (the &#147;Plan Agent&#148;). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If you decide to participate in the Plan, the number of Common Shares you will receive will be determined as follows: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) If Common Shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the then current
market price; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) If Common Shares are trading below net asset value at the time of valuation, the Plan Agent will receive
the dividend or distribution in cash and will purchase Common Shares in the open market, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-13
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
on the NYSE or elsewhere, for the participants&#146; accounts. It is possible that the market price for the Common Shares may increase before the Plan Agent has completed its purchases.
Therefore, the average purchase price per share paid by the Plan Agent may exceed the market price at the time of valuation, resulting in the purchase of fewer shares than if the dividend or distribution had been paid in Common Shares issued by the
Fund. The Plan Agent will use all dividends and distributions received in cash to purchase Common Shares in the open market within 30 days of the valuation date. Interest will not be paid on any uninvested cash payments; or </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the
Fund&#146;s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued
Fund shares at a price equal to the greater of the shares&#146; net asset value or 95% of the shares&#146; market value. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">You
may withdraw from the Plan at any time by giving written notice to the Plan Agent. If you withdraw or the Plan is terminated, you will receive whole shares in your account under the Plan and you will receive a cash payment for any fraction of a
share in your account. If you wish, the Plan Agent will sell your shares and send you the proceeds, minus brokerage commissions and a $2.50 service fee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Plan Agent maintains all shareholders&#146; accounts in the Plan and gives written confirmation of all transactions in the accounts, including information you may need for tax records. Upon a
repurchase of your shares, the Fund (or its administrative agent) may be required to report to the Internal Revenue Service (&#147;IRS&#148;) and furnish to you cost basis and holding period information for the Fund&#146;s shares purchased on or
after January&nbsp;1, 2012 (&#147;covered shares&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For shares of the Fund held in the Plan, you are permitted to elect
from among several permitted cost basis methods. In the absence of an election, the Plan will use&nbsp;first-in&nbsp;first-out methodology for tracking and reporting your cost basis on covered shares as its default cost basis method. The cost basis
method you use may not be changed with respect to a repurchase of shares after the settlement date of the repurchase. You should consult with your tax advisors to determine the best permitted cost basis method for your tax situation and to obtain
more information about how the new cost basis reporting rules apply to you. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Common Shares in your account will be held by the
Plan Agent in&nbsp;non-certificated&nbsp;form. Any proxy you receive will include all Common Shares you have received under the Plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">There is no brokerage charge for reinvestment of your dividends or distributions in Common Shares. However, all participants will pay a pro rata share of brokerage commissions incurred by the Plan Agent
when it makes open market purchases. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Automatically reinvesting dividends and distributions does not mean that you do not have
to pay income taxes due upon receiving dividends and distributions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If you hold your Common Shares with a brokerage firm that
does not participate in the Plan, you will not be able to participate in the Plan and any dividend reinvestment may be effected on different terms than those described above. Consult your financial advisor for more information. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-14
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund reserves the right to amend or terminate the Plan if in the judgment of the Board
the change is warranted. There is no direct service charge to participants in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants. Additional information about the Plan may be
obtained by writing to ComputerShare, P.O. Box 505000, Louisville, Kentucky, 40233-5000, or by calling (800)&nbsp;257-8787. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="csprosup656069_10"></A>USE OF LEVERAGE </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund uses leverage to pursue its investment objectives. The Fund may use leverage to the extent permitted by the 1940 Act. The Fund may source leverage through a number of methods including the
issuance of Preferred Shares, investments in inverse floating rate securities, entering into reverse repurchase agreements (effectively a secured borrowing) and borrowings (subject to certain investment restrictions). See &#147;The Fund&#146;s
Investments&#151;Portfolio Composition&#151;Municipal Securities&#151;Inverse Floating Rate Securities,&#148; &#147;Risk Factors&#151;Inverse Floating Rate Securities Risk,&#148; &#147;Risk Factors&#151;Reverse Repurchase Agreement Risk&#148; and
&#147;Risk Factors&#151;Borrowing Risks&#148; in the prospectus and &#147;Investment Restrictions&#148; in the SAI. The Fund may invest up to 15% of its Managed Assets in inverse floating rate securities. The Fund may also use certain derivatives
that have the economic effect of leverage by creating additional investment exposure. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund currently employs leverage
primarily through its outstanding VRDP Shares and MFP Shares, both Preferred Shares. As of [&#149;], 2018, the Fund&#146;s leverage through Preferred Shares and through its investments in inverse floating rate securities was approximately [&#149;]%
of its Managed Assets. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For [the fiscal year ended October&nbsp;31, 2017], the average liquidation preference of the Preferred
Shares outstanding and the annual dividend rate on the Preferred Shares outstanding were approximately $[&#149;] million and [&#149;]%, respectively. In addition, the Fund currently pays a liquidity fee and a remarketing fee in connection with four
series of VRDP Shares. The Preferred Shares have seniority over the Common Shares. Changes in the value of the Fund&#146;s bond portfolio, including costs attributable to Preferred Shares, will be borne entirely by common shareholders. If there is a
net decrease (or increase) in the value of the Fund&#146;s investment portfolio, the leverage will decrease (or increase) the net asset value per Common Share to a greater extent than if the Fund were not leveraged. For tax purposes, the Fund is
currently required to allocate net capital gain and other taxable income, if any, between Common Shares and Preferred Shares in proportion to total dividends paid to each class for the year in which the net capital gain or other taxable income is
realized. If net capital gain or other taxable income is allocated to Preferred Shares (instead of solely tax-exempt income), the Fund will likely have to pay higher total dividends to preferred shareholders or make special payments to preferred
shareholders to compensate them for the increased tax liability. This would reduce the total amount of dividends paid to the common shareholders. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund may also borrow for temporary purposes permitted by the 1940 Act. The Fund, along with certain other funds managed by Nuveen Fund Advisors (the &#147;Participating Funds&#148;), are party to a
committed unsecured credit facility (the &#147;Facility&#148;) provided by a group of lender, under which Participating Funds may borrow for temporary purposes only. Outstanding balances drawn by the Fund, or any other Participating Fund, will bear
interest at a variable rate and is the liability of such Fund. The Facility is not intended for sustained levered investment purposes. A large portion of the Facility&#146;s capacity (and corresponding annual costs, excluding interest cost) is
currently allocated by </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-15
</FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Nuveen Fund Advisors to a small number of Participating Funds, which does not include the Fund. The Facility has a 364-day term and will expire in July 2019 unless extended or renewed.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may reduce or increase leverage based upon changes in market conditions and anticipates that its leverage ratio will
vary from time to time based upon variations in the value of the Fund&#146;s holdings. So long as the net rate of income received on the Fund&#146;s investments purchased with leverage proceeds exceeds the then current expense on any leverage, the
investment of leverage proceeds will generate more net income than if the Fund had not used leverage. If so, the excess net income will be available to pay higher distributions to common shareholders. However, if the rate of net income received from
the Fund&#146;s portfolio investments purchased with leverage is less than the then current expense on outstanding leverage, the Fund may be required to utilize other Fund assets to make expense payments on outstanding leverage, which may result in
a decline in Common Share net asset value and reduced net investment income available for distribution to common shareholders. See &#147;Risk Factors&#151;Leverage Risk.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Following an offering of additional Common Shares from time to time, the Fund&#146;s leverage ratio will decrease as a result of the increase in net assets attributable to Common Shares. The Fund&#146;s
leverage ratio may decline further to the extent that the net proceeds of an offering of Common Shares are used to reduce the Fund&#146;s leverage. A lower leverage ratio may result in lower (higher) returns to common shareholders over a period of
time to the extent that net returns on the Fund&#146;s investment portfolio exceed (fall below) its cost of leverage over that period, which lower (higher) returns may impact the level of the Fund&#146;s distributions. See &#147;Risk
Factors&#151;Leverage Risk.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may use derivatives, such as interest rate swaps with varying terms, in order to
manage the interest rate expense associated with all or a portion of its leverage. Interest rate swaps are bi-lateral agreements whereby parties agree to exchange future payments, typically based upon the differential of a fixed rate and a variable
rate, on a specified notional amount. Interest rate swaps can enable a Fund to effectively convert its variable leverage expense to fixed, or vice versa. For example, if the Fund issues leverage having a short-term floating rate of interest, the
Fund could use interest rate swaps to hedge against a rise in the short-term benchmark interest rates associated with its outstanding leverage. In doing so, the Fund would seek to achieve lower leverage costs, and thereby enhance Common Share
distributions, over an extended period, which would be the result if short-term interest rates on average exceed the fixed interest rate over the term of the swap. To the extent the fixed swap rate is greater than short-term market interest rates on
average over the period, overall costs associated with leverage will increase (and thereby reduce distributions to common shareholders) than if the Fund had not entered into the interest rate swap(s). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund pays a management fee to Nuveen Fund Advisors (which in turn pays a portion of such fee to NAM) based on a percentage of Managed
Assets. Managed Assets include the proceeds realized and managed from the Fund&#146;s use of most types of leverage (excluding the leverage exposure attributable to the use of futures, swaps and similar derivatives). Because Managed Assets include
the Fund&#146;s net assets as well as assets that are attributable to the Fund&#146;s investment of the proceeds of its leverage (including instruments like inverse floating rate securities and reverse repurchase agreements), it is anticipated that
the Fund&#146;s Managed Assets will be greater than its net assets. Nuveen Fund Advisors will be responsible for using leverage to pursue the Fund&#146;s investment objective. Nuveen Fund Advisors will base its decision regarding whether and how
much leverage to use for the Fund, and the terms of that leverage, on its assessment of whether such use of leverage is in the best interests of the Fund. However, a decision to employ or increase leverage will have the effect,
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-16
</FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
all other things being equal, of increasing Managed Assets, and in turn Nuveen Fund Advisors&#146; and NAM&#146;s management fees. Thus, Nuveen Fund Advisors may have a conflict of interest in
determining whether to use or increase leverage. Nuveen Fund Advisors will seek to manage that potential conflict by using leverage only when it determines that it would be in the best interests of the Fund and its common shareholders, and by
periodically reviewing with the Board of Trustees the Fund&#146;s performance, the Fund&#146;s degree of overall use of leverage and the impact of the use of leverage on that performance. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The 1940 Act generally defines a &#147;senior security&#148; as any bond, debenture, note, or similar obligation or instrument
constituting a security and evidencing indebtedness, and any stock of a class having priority over any other class as to distribution of assets or payment of dividends; however, the term does not include any promissory note or other evidence of
indebtedness issued in consideration of any loan, extension, or renewal thereof, made for temporary purposes and in an amount not exceeding five percent of the value of the Fund&#146;s total assets. A loan shall be presumed to be for temporary
purposes if it is repaid within 60 days and is not extended or renewed. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Under the 1940 Act, the Fund is not permitted to
issue &#147;senior securities representing indebtedness&#148; if, immediately after the issuance of such senior securities representing indebtedness, the asset coverage ratio with respect to such senior securities would be less than 300%.
&#147;Senior securities representing indebtedness&#148; include borrowings (including loans from financial institutions); debt securities; and other derivative investments or transactions such as reverse repurchase agreements and investments in
inverse floating rate securities to the extent the Fund has not fully covered, segregated or earmarked cash or liquid assets having a market value at least equal to its future obligation under such instruments. With respect to any such senior
securities representing indebtedness, asset coverage means the ratio which the value of the total assets of the Fund, less all liabilities and indebtedness not represented by senior securities (as defined in the 1940 Act), bears to the aggregate
amount of such borrowing represented by senior securities representing indebtedness issued by the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Under the 1940 Act,
the Fund is not permitted to issue &#147;senior securities&#148; that are Preferred Shares if, immediately after the issuance of Preferred Shares, the asset coverage ratio with respect to such Preferred Shares would be less than 200%. With respect
to any such Preferred Shares, asset coverage means the ratio which the value of the total assets of the Fund, less all liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of senior securities representing
indebtedness of the Fund plus the aggregate liquidation preference of such Preferred Shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund is limited by certain
investment restrictions and may only issue senior securities that are Preferred Shares except the Fund may borrow money from a bank for temporary or emergency purposes or for repurchase of its shares only in an amount not exceeding one-third of the
Fund&#146;s total assets (including the amount borrowed) less the Fund&#146;s liabilities (other than borrowings). See &#147;Investment Restrictions&#148; in the SAI. These restrictions are fundamental and may not be changed without the approval of
Common Shares and Preferred Shares voting together as a single class. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the asset coverage with respect to any senior
securities issued by the Fund declines below the required ratios discussed above (as a result of market fluctuations or otherwise), the Fund may sell portfolio securities when it may be disadvantageous to do so. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-17
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain types of leverage used by the Fund may result in the Fund being subject to certain
covenants, asset coverage and, or other portfolio composition limits by its lenders, Preferred Share purchasers, rating agencies that may rate Preferred Shares, or reverse repurchase agreement counterparties. Such limitations may be more stringent
than those imposed by the 1940 Act and may affect whether the Fund is able to maintain its desired amount of leverage. At this time, Nuveen Fund Advisors does not believe that any such potential investment limitations will impede it from managing
the Fund&#146;s portfolio in accordance with its investment objective and policies. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Utilization of leverage is a speculative
investment technique and involves certain risks to the common shareholders, including increased variability of the Fund&#146;s net income, distributions and net asset value in relation to market changes. See &#147;Risk Factors&#151;Leverage
Risk.&#148; There is no assurance that the Fund will use leverage or that the Fund&#146;s use of leverage will work as planned or achieve its goals. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Effects of Leverage </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Assuming the utilization of leverage through the
combination of Preferred Shares and investments in inverse floating rate securities in the aggregate amount of approximately 39% of the Fund&#146;s Managed Assets, at an aggregate cost of leverage of 2.70%, the income generated by the Fund&#146;s
portfolio (net of non-leverage expenses) must exceed 1.05% in order to cover such costs of leverage. Of course, these numbers are merely estimates, used for illustration. Actual costs of leverage may vary frequently and may be significantly higher
or lower than the rate estimated above. The purpose of the following table is to assist investors in understanding the effects of leverage. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="63%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Assumed Portfolio Total Return</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Common Shares Total Return</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-18.12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-9.92</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-1.73</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.47</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.67</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Common Share total return is composed of two elements&#151;Common Share dividends paid by the Fund (the
amount of which is largely determined by the net investment income of the Fund after paying dividends on Preferred Shares and other expenses associated with outstanding Preferred Shares) and gains or losses on the value of the securities the Fund
owns. As required by SEC rules, the table assumes that the Fund is more likely to suffer capital losses than capital appreciation. For example, to assume a total return of 0%, the Fund must assume that the tax-exempt interest it receives on its
municipal securities investments is entirely offset by losses in the value of those securities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>[<A NAME="csprosup656069_11">
</A>PLAN OF DISTRIBUTION] </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">[The Fund has entered into a distribution agreement (the &#147;Distribution Agreement&#148;)
with Nuveen Securities, LLC (&#147;Nuveen Securities&#148;), which has been filed as an exhibit to the registration statement of which this prospectus is a part. Subject to the terms and conditions of the Distribution Agreement, the Fund may from
time to time issue and sell its Common Shares through Nuveen Securities to certain broker-dealers which have entered into selected dealer agreements with Nuveen Securities. Currently, Nuveen Securities has entered into a selected dealer agreement
(the &#147;Selected Dealer Agreement&#148;) with [&#149;] (&#147;[&#149;]&#148;) pursuant to which [&#149;] acts as Nuveen Securities&#146; sub-placement agent with respect to at-the-market offerings of Common Shares. The Selected Dealer Agreement
has been filed as an exhibit to the registration statement of which the prospectus forms a part. Subject to the terms and conditions of the Distribution Agreement, the Fund may from time to time issue and sell its Common Shares through Nuveen
Securities to certain broker-dealers which have entered into selected dealer agreements with Nuveen Securities. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-18
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Common Shares will only be sold on such days as shall be agreed to by the Fund and Nuveen
Securities. Common Shares will be sold at prevailing market prices through the National Market System, subject to a minimum price to be established each day by Nuveen Securities. The minimum price on any day will not be less than the current net
asset value per Common Share plus the per share amount of the commission to be paid to Nuveen Securities. The Fund, Nuveen Securities and [&#149;] will suspend the sale of Common Shares if the per share price of the shares is less than the minimum
price. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund will compensate Nuveen Securities with respect to sales of the Common Shares at a fixed commission rate of up
to [&#149;]% of the gross proceeds of the sale of Common Shares. Nuveen Securities will compensate sub-placement agents or other broker-dealers participating in the offering at a rate of up to [&#149;]% of the gross proceeds of the sale of Common
Shares sold by that sub-placement agent or broker-dealer. Settlements of sales of Common Shares will occur on the third business day following the date on which any such sales are made. In connection with the sale of the Common Shares on behalf of
the Fund, Nuveen Securities may be deemed to be an underwriter within the meaning of the Securities Act of 1933, as amended, and the compensation of Nuveen Securities may be deemed to be underwriting commissions or discounts. Unless otherwise
indicated in a further prospectus supplement, Nuveen Securities will act as underwriter on a reasonable efforts basis. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
offering of Common Shares pursuant to the Distribution Agreement will terminate upon the earlier of (i)&nbsp;the sale of all Common Shares subject thereto or (ii)&nbsp;termination of the Distribution Agreement. The Fund and Nuveen Securities each
have the right to terminate the Distribution Agreement in its discretion at any time. The Fund is distributing the shares offered pursuant to this prospectus supplement through at-the-market transactions. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#149;], its affiliates and their respective employees hold or may hold in the future, directly or indirectly, investment interests in
Nuveen and its funds. The interests held by employees of [&#149;] or its affiliates are not attributable to, and no investment discretion is held by, [&#149;] or its affiliates. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s closing price on the NYSE on [&#149;], 20[&#149;] was $[&#149;]. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund will bear the expenses of the offering, estimated to total $[&#149;] [(excluding commissions payable to Nuveen Securities]],
including but not limited to, the expenses of preparation of this prospectus supplement, the prospectus and SAI for the offering and the expense of counsel and auditors in connection with the offering. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The principal business address of Nuveen Securities is 333 West Wacker Drive, Suite 3300, Chicago, Illinois 60606. ] </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>[<A NAME="csprosup656069_12"></A>UNDERWRITING] </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">[TO BE FURNISHED AT TIME OF OFFERING] </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="csprosup656069_13"></A>LEGAL
MATTERS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain legal matters in connection with the Common Shares will be passed upon for the Fund by Sidley Austin LLP,
New York, New York. [Certain legal matters related to the offering will be passed upon for the underwriters by [&#149;].] Sidley Austin LLP may rely as to certain matters of Massachusetts law on the opinion of Morgan, Lewis&nbsp;&amp; Bockius LLP,
Boston, Massachusetts. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-19
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="csprosup656069_14"></A>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The audited Financial Statements and Financial Highlights of the Fund appearing in the Fund&#146;s Annual Report for the
fiscal year ended October 31, 2017 are incorporated by reference into the SAI. The audited financial statements and financial highlights have been audited by KPMG LLP, an independent registered public accounting firm, as set forth in their report
thereon and incorporated herein by reference. Such audited financial statements and financial highlights are incorporated by reference in reliance upon such report given on the authority of such firm as experts in accounting and auditing. The
information with respect to the fiscal years ended prior to October&nbsp;31, 2014 has been audited by other auditors. The principal business address of KPMG LLP is 200 East Randolph Street, Chicago, Illinois 60601. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="csprosup656069_15"></A>WHERE YOU CAN FIND MORE INFORMATION </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund is subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the &#147;1934 Act&#148;), and
the 1940 Act and is required to file reports, proxy statements and other information with the SEC. These documents can be inspected and copied for a fee at the SEC&#146;s public reference room, 100 F Street, NE, Washington, D.C. 20549. Reports,
proxy statements, and other information about the Fund can be inspected at the offices of the SEC. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Additional information
about the Fund and the Common Shares can be found in the Fund&#146;s registration statement (including amendments, exhibits, and schedules) on Form N-2 filed with the SEC. The SEC maintains a web site (http://www.sec.gov) that contains the
Fund&#146;s registration statement, other documents incorporated by reference, and other information the Fund has filed electronically with the SEC, including proxy statements and reports filed under the 1934 Act. Additional information may be found
on the Internet at http://www.nuveen.com. The information contained in, or that can be accessed through, those websites is not part of this prospectus supplement or the accompanying prospectus, except to the extent specifically incorporated by
reference in the SAI. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-20
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#cc062a"><B>The information in this preliminary prospectus supplement is not complete and may be
changed. A registration statement relating to these securities was filed with the Securities and Exchange Commission and became effective. This preliminary prospectus supplement and the accompanying prospectus are not an offer to sell these
securities and we are not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2" COLOR="#cc062a"><B>Subject to Completion </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#cc062a"><B>Preliminary
Prospectus Supplement dated [&#149;], 20[&#149;] </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right">


<IMG SRC="g656069g71h68.jpg" ALT="LOGO">
 </P>  <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PROSPECTUS SUPPLEMENT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>(To Prospectus dated [&#149;] 2018) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>$[&#149;] </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>Nuveen AMT-Free Municipal Credit Income Fund </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>[&#149;] SERIES [&#149;] MUNIFUND PREFERRED SHARES </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>VARIABLE RATE
REMARKETED MODE </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>LIQUIDATION PREFERENCE $[&#149;] PER SHARE </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund (the &#147;Fund&#148;), a diversified, <FONT
STYLE="white-space:nowrap">closed-end</FONT> management investment company is offering [&#149;] Series&nbsp;[&#149;] MuniFund Preferred Shares (the &#147;MFP Shares&#148;), liquidation preference $[&#149;] per share (the &#147;Liquidation
Preference&#148;), in the Variable Rate Remarketed Mode (the &#147;VRR Mode,&#148; and the MFP Shares, while in the VRR Mode, the <FONT STYLE="white-space:nowrap">&#147;VRRM-MFP</FONT> Shares&#148;). The
<FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares will be in the VRR Mode until [&#149;], subject to earlier redemption, repurchase or transition to a new Mode (as defined herein) by the Fund. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The dividend rate generally will be the &#147;Regular Dividend Rate,&#148; determined by [&#149;], as remarketing agent (the
&#147;Remarketing Agent&#148;), on each Business Day (as defined herein), commencing on the issue date of [&#149;]; provided, that the initial dividend rate for the issue date will be equal to [&#149;]% per annum, plus the Securities Industry and
Financial Markets Association (&#147;SIFMA&#148;) Municipal Swap Index published at approximately 4:00&nbsp;p.m., New York City time on Wednesday, [&#149;], or [&#149;]% per annum if the SIFMA Municipal Swap Index is not so published. The Regular
Dividend Rate will be determined by the Remarketing Agent as the minimum rate that would enable the Remarketing Agent to sell all of the outstanding <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares on the date of determination for settlement
in seven days at a price (without regard to accumulated but unpaid dividends) equal to the aggregate Liquidation Preference thereof. Dividends on the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares generally will be paid monthly on the first
Business Day of each month, commencing [&#149;]. Dividends are expected to be exempt from regular U.S.&nbsp;federal income tax and the federal alternative minimum tax applicable to individuals, with exceptions for certain portions that may represent
capital gains, if any, from portfolio transactions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Remarketing Agent will use its best efforts to remarket in seven days
any <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares duly tendered by a beneficial owner. If any tendered <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Share is not successfully remarketed, the Fund will redeem all outstanding <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares 365 days after the failed </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
remarketing tender date, subject to a prior successful remarketing by the Remarketing Agent of all outstanding <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares, as described below.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>(continued on next page) </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares will not be listed or traded on any securities exchange. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>The <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares will be subject to mandatory redemption by the Fund on [&#149;] (the &#147;Term Redemption Date&#148;), unless earlier redeemed or
repurchased by the Fund. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Investing in <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares involves risks. See
&#147;Risk Factors&#148; beginning on <FONT STYLE="white-space:nowrap">page&nbsp;S-15</FONT> and on page&nbsp;9 of the accompanying prospectus. You should consider carefully these risks together with all of the other information in this prospectus
supplement and the accompanying prospectus before making a decision to purchase any of the VRRM-MFP Shares. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Neither
the Securities and Exchange Commission (the &#147;SEC&#148;) nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus supplement or the accompanying prospectus.
Any representation to the contrary is a criminal offense. </B></FONT></P>  <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Per&nbsp;Share</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Public offering price</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">[</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;]&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">[</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;]&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Underwriting discounts and commissions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">[</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;]&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">[</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;]&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Proceeds, before expenses, to the Fund</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">[</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;]&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">[</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;]&nbsp;</FONT></TD></TR>
</TABLE>   <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>It is expected that the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares will be
delivered to investors in book-entry form only, through the facilities of The Depository Trust Company, on or about [&#149;], 20[&#149;]. </B></FONT></P>  <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>[UNDERWRITER(S)] </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#149;], 20[&#149;]
</FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>(continued from previous page) </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As described above, each beneficial owner of <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares will have the right on any Business
Day to tender <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares for remarketing at the Purchase Price on the seventh calendar day after delivery of a tender notice to the Remarketing Agent, or if such seventh calendar day is not a Business
Day, the next succeeding Business Day. The &#147;Purchase Price&#148; is equal to the Liquidation Preference, plus accumulated but unpaid dividends (whether or not earned or declared), if any, to, but excluding, the relevant purchase date. If any
tendered <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Share is not successfully remarketed, all tendered <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares shall be retained by their respective beneficial owners, no tendered <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares will be purchased, a &#147;Failed Remarketing Period&#148; will commence and all of the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares will be subject to mandatory redemption on the first
Business Day falling on or after the 365th&nbsp;calendar day following the failed remarketing tender date (the &#147;Failed Remarketing Mandatory Redemption Date&#148;), unless, prior to such date, the Remarketing Agent successfully remarkets all of
the outstanding <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares or the Fund transitions the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares to a new Mode or redeems or repurchases all of the outstanding
<FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares. During the Failed Remarketing Period, the right to optionally tender <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares for remarketing will be suspended, dividends will be payable at the
<FONT STYLE="white-space:nowrap">Step-Up</FONT> Dividend Rate (as defined herein), and the Remarketing Agent will use its best efforts to remarket all (but not less than all) of the outstanding <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares
at the Purchase Price. If the Remarketing Agent finds purchasers for all of the outstanding <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares, the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares will be subject to mandatory tender for
remarketing by the Remarketing Agent at the Purchase Price. Upon a successful such remarketing, the Remarketing Agent will resume setting the Regular Dividend Rate, the right of beneficial owners to tender their
<FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares for remarketing will resume and the failed remarketing mandatory redemption will be cancelled. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s investment objectives are to provide current income exempt from regular federal income tax and federal alternative minimum tax applicable to individuals, and to enhance portfolio value
relative to the municipal bond market by investing in <FONT STYLE="white-space:nowrap">tax-exempt</FONT> municipal bonds that the Fund&#146;s investment adviser, Nuveen Fund Advisors, LLC, believes are underrated or undervalued or that represent
municipal market sectors that are undervalued. As a fundamental investment policy, under normal circumstances, the Fund will invest at least 80% of its Assets (as defined herein) in municipal securities and other related investments, the income from
which is exempt from regular federal income taxes. As <FONT STYLE="white-space:nowrap">non-fundamental</FONT> investment policies, under normal circumstances, the Fund will invest 100% of its Managed Assets (as defined herein) and at least 80% of
its Assets in municipal securities and other related investments, the income from which is exempt from the federal alternative minimum tax applicable to individuals at the time of purchase. As a
<FONT STYLE="white-space:nowrap">non-fundamental</FONT> investment policy, under normal circumstances, the Fund may invest up to 55% of its Managed Assets in securities rated, at the time of investment, below the three highest grades (Baa or BBB or
lower) by at least one nationally recognized statistical rating organization, which includes below-investment-grade or unrated securities judged to be of comparable quality by the Fund&#146;s <FONT STYLE="white-space:nowrap">sub-adviser,</FONT>
Nuveen Asset Management, LLC. There can be no assurance that the Fund will achieve its investment objectives. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">You should read
this prospectus supplement, together with the accompanying prospectus, which contains important information about the Fund, before deciding whether to invest in <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares and retain it for future
reference. A statement of additional information, dated [&#149;], 20[&#149;], and as it may be supplemented (the &#147;SAI&#148;), containing additional information about the Fund has been filed with the SEC and is incorporated by reference in its
entirety into this prospectus supplement and the accompanying prospectus. You may request a free copy of the statement of additional information, the table of contents of which is on page 69 of the accompanying prospectus, annual and semi-annual
reports to shareholders, when available, and other information about the Fund, </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
and make shareholder inquiries by calling (800) <FONT STYLE="white-space:nowrap">257-8787</FONT> or by writing to the Fund, or from the Fund&#146;s website (www.nuveen.com). The information
contained in, or that can be accessed through, the Fund&#146;s website is not part of this prospectus supplement, the accompanying prospectus or the SAI. You also may obtain a copy of the SAI (and other information regarding the Fund) from the
SEC&#146;s website (www.sec.gov). </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares do not represent a deposit or obligation of, and are not guaranteed or
endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. </B></FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>TABLE OF CONTENTS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Prospectus Supplement </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="94%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrrmprosup656069_1">Forward-Looking Statements</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-iii</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrrmprosup656069_2">Prospectus Supplement Summary</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrrmprosup656069_3">Risk Factors</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrrmprosup656069_4">Capitalization</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrrmprosup656069_5">Asset Coverage Ratio</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrrmprosup656069_6">Use of Proceeds</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrrmprosup656069_7">Description of VRRM-MFP Shares</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrrmprosup656069_8">Tax Matters</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrrmprosup656069_9">Book-Entry Procedures and Settlement</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrrmprosup656069_10">Underwriting</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-45</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrrmprosup656069_11">Legal Matters</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-45</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrrmprosup656069_12">Custodian, Transfer Agent, Calculation and Paying Agent</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-46</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrrmprosup656069_13">Independent Registered Public Accounting Firm</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-46</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrrmprosup656069_14">Where You Can Find More Information</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-46</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Prospectus </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="96%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_1">Forward-Looking Statements</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">ii</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_2">Prospectus Summary</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_3">Risk Factors</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_4">Financial Highlights</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">28</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_5">The Fund</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_6">Use of Proceeds</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_7">Description of Securities</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_8">The Fund&#146;s Investments</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_9">Use of Leverage</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">52</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_10">Management of the Fund</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">55</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_11">Net Asset Value</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">58</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_12">Distributions</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">58</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_13">Plan of Distribution</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">59</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_14">Certain Provisions in the Declaration of Trust and By-Laws</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_15">Repurchase of Fund Shares; Conversion to Open-End Fund</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_16">Tax Matters</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">64</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_17">Custodian, Transfer Agent, Dividend Disbursing Agent and Redemption and Paying
Agent</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_18">Legal Matters</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_19">Independent Registered Public Accounting Firm</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_20">Where You Can Find More Information</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_21">Statement of Additional Information</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">69</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>You should rely only on the information contained or incorporated by reference into this prospectus
supplement and the accompanying prospectus. The Fund has not authorized anyone to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. The Fund is not making an offer
of VRRM-MFP Shares in any state where the offer is not permitted. You should not assume that the information contained in this prospectus supplement and the accompanying prospectus is accurate as of any date other than the respective dates on the
front covers. The Fund&#146;s business, financial condition and prospects may have changed since such dates. </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">ii </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrrmprosup656069_1"></A>FORWARD-LOOKING STATEMENTS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any projections, forecasts and estimates contained or incorporated by reference herein are forward looking statements and are based upon
certain assumptions. Projections, forecasts and estimates are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying any projections, forecasts or estimates will not materialize or will vary
significantly from actual results. Actual results may vary from any projections, forecasts and estimates and the variations may be material. Some important factors that could cause actual results to differ materially from those in any forward
looking statements include changes in interest rates, market, financial or legal uncertainties, including changes in tax law, and the timing and frequency of defaults on underlying investments. Consequently, the inclusion of any projections,
forecasts and estimates herein should not be regarded as a representation by the Fund or any of its affiliates or any other person or entity of the results that will actually be achieved by the Fund. Neither the Fund nor its affiliates has any
obligation to update or otherwise revise any projections, forecasts and estimates including any revisions to reflect changes in economic conditions or other circumstances arising after the date hereof or to reflect the occurrence of unanticipated
events, even if the underlying assumptions do not come to fruition. The Fund acknowledges that, notwithstanding the foregoing, the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995 does not apply
to investment companies such as the Fund. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">iii
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrrmprosup656069_2"></A>PROSPECTUS SUPPLEMENT SUMMARY </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>This is only a summary. You should review the more detailed information contained elsewhere in this prospectus supplement, in the
accompanying prospectus and in the statement of additional information, dated [&#149;], 20[&#149;], and as it may be supplemented (the &#147;SAI&#148;), including the documents incorporated by reference, prior to making an investment in the Fund,
especially the information set forth under the heading &#147;Risk Factors&#148; beginning on page S-15 of this prospectus supplement and beginning on page&nbsp;9 in the accompanying prospectus. </I></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The Fund </B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">Nuveen AMT-Free Municipal Credit Income Fund (the &#147;Fund&#148;) is a diversified, closed-end management investment company. The Fund&#146;s common shares, $.01 par value per share
(&#147;Common Shares&#148;), are traded on the New York Stock Exchange under the symbol &#147;NVG.&#148; See &#147;Description of Securities&#151;Common Shares&#148; in the prospectus. As of [&#149;], 20[&#149;], the Fund had [&#149;] Common Shares
outstanding, and net assets applicable to Common Shares of $[&#149;]. The Fund commenced investment operations on November&nbsp;21, 2002. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of the date of this prospectus supplement, the Fund has outstanding [one series of MuniFund Preferred Shares (&#147;MFP Shares&#148;), consisting of 4,054 Series A
MFP Shares, and five series of Variable Rate Demand Preferred Shares (&#147;VRDP Shares&#148;), consisting of 1,790 Series 1 VRDP Shares, 3,854 Series 2 VRDP Shares, 1,800 Series 4 VRDP Shares, 3,405 Series 5 VRDP Shares and 3,267 Series 6 VRDP
Shares.] See &#147;Description of Securities&#151;Preferred Shares&#148; in the prospectus. MFP Shares, VRDP Shares and any other preferred shares of the Fund as may be outstanding from time to time are collectively referred to as &#147;Preferred
Shares.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Investment Objectives and</B> <B>Policies</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>The Fund&#146;s investment objectives are to provide current income exempt from regular federal income tax and federal alternative minimum tax applicable to individuals, and to enhance
portfolio value relative to the municipal bond market by investing in tax-exempt municipal bonds that the Fund&#146;s investment adviser, Nuveen Fund Advisors, LLC (&#147;Nuveen Fund Advisors&#148; or the &#147;Investment Adviser&#148;), believes
are underrated or undervalued or that represent municipal market sectors that are undervalued. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a fundamental investment policy, under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities and other
related investments, the income from which is exempt from regular federal income taxes. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-1
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a non-fundamental investment policy that may be changed by the Fund&#146;s trustees without prior shareholder notice, under normal circumstances, the Fund will
invest 100% of its Managed Assets (as defined below) in municipal securities and other related investments, the income from which is exempt from the federal alternative minimum tax applicable to individuals at the time of purchase. As a
non-fundamental investment policy subject to change by the Fund&#146;s trustees upon 60 days&#146; notice to shareholders, under normal circumstances, the Fund will invest at least 80% of its Assets in municipal securities and other related
investments, the income from which is exempt from the federal alternative minimum tax applicable to individuals at the time of purchase. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Assets&#148; means net assets of the Fund plus the amount of any borrowings for investment purposes. &#147;Managed Assets&#148; means the total assets of the
Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage).&nbsp;Total assets for this purpose shall include assets attributable to the Fund&#146;s use of leverage (whether or
not those assets are reflected in the Fund&#146;s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a non-fundamental investment policy that may be changed by the Fund&#146;s trustees without prior shareholder notice, under normal circumstances, the Fund may invest
up to 55% of its Managed Assets in securities rated, at the time of investment, below the three highest grades (Baa or BBB or lower) by at least one nationally recognized statistical rating organization (&#147;NRSRO&#148;), which includes
below-investment-grade securities or unrated securities judged to be of comparable quality by the Fund&#146;s sub-adviser, Nuveen Asset Management, LLC (&#147;NAM&#148; or the &#147;Sub-Adviser&#148;). </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">There can be no assurance that the Fund will achieve its investment objectives. See &#147;Risk Factors&#148; and &#147;The Fund&#146;s Investments&#151;Investment
Objectives and Policies&#148; in the prospectus. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Investment Adviser</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>Nuveen Fund Advisors is the Fund&#146;s investment adviser, responsible for overseeing the Fund&#146;s overall investment strategy and its implementation. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Sub-Adviser </B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">NAM serves as the Fund&#146;s investment sub-adviser and is an affiliate of Nuveen Fund Advisors. NAM is a registered investment adviser. NAM oversees the day-to-day investment operations of the
Fund. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-2
</FONT></P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The Offering</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>The Fund is offering [&#149;] Series [&#149;] MuniFund Preferred Shares (the &#147;MFP Shares&#148;), liquidation preference $[&#149;] per share (the &#147;Liquidation Preference&#148;),
in the Variable Rate Remarketed Mode (the MFP Shares, while in the Variable Rate Remarketed Mode, the &#147;VRRM-MFP Shares&#148;). See &#147;Underwriting.&#148; The first issuance date of the VRRM-MFP Shares upon the closing of this offering is
referred to herein as the &#147;Date of Original Issue.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>VRRM-MFP Shares</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>The VRRM-MFP Shares are Preferred Shares of the Fund, ranking on parity with each other and other Preferred Shares with respect to the payment of dividends and the distribution of assets
upon dissolution, liquidation or winding up of the affairs of the Fund. Each Preferred Share, including each VRRM-MFP Share, ranks and will rank senior in priority to the Common Shares as to the payment of dividends and as to the distribution of
assets upon dissolution, liquidation or winding up of the affairs of the Fund. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The VRRM-MFP Shares are being issued in the Variable Rate Remarketed Mode designated pursuant to the Statement and the Statement Supplement (each as defined below). So
long as the VRRM-MFP Shares are outstanding, they will remain in the Variable Rate Remarketed Mode until [[&#149;], 20[&#149;] (the &#147;Term Redemption Date&#148;)], subject to the right of the Fund, at its option, to terminate the Variable Rate
Remarketed Mode and change the VRRM-MFP Shares to a new Mode (as defined below) with different terms. See &#147;Description of VRRM-MFP Shares&#151;Mode Change&#148; in this prospectus supplement and &#147;Description of Securities&#151;Preferred
Shares&#151;MuniFund Preferred Shares&#151;Designation of Modes&#148; in the prospectus<B>. </B> </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Variable Rate Remarketed</B> <B>Mode</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>The terms and conditions described in this prospectus supplement apply to the MFP Shares during the Variable Rate Remarketed Mode. As described in this prospectus supplement, during the
Variable Rate Remarketed Mode, generally the regular dividend rate will be reset by the remarketing agent on each Business Day (as defined herein), and the remarketing agent will use its best efforts to remarket VRRM-MFP Shares properly tendered by
the beneficial owner thereof. See &#147;Description of VRRM-MFP Shares.&#148; A complete description of the preferences, voting powers, restrictions, limitations as to dividends, qualification, and terms and conditions of redemption of the VRRM-MFP
Shares during the Variable Rate Remarketed Mode, can be found in the Fund&#146;s Declaration of Trust (the &#147;Declaration of Trust&#148;), the Statement Establishing and Fixing the Rights and Preferences of Series [&#149;]
</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-3
</FONT></P>


<p Style='page-break-before:always'>
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">MuniFund Preferred Shares (the &#147;Statement&#148;) and the Supplement to the Statement Establishing and Fixing the Rights and Preferences of Series [&#149;] MuniFund
Preferred Shares (the &#147;Statement Supplement&#148;). These documents are filed with the Securities and Exchange Commission as exhibits to the Fund&#146;s registration statement of which the prospectus is a part. Copies may be obtained as
described under &#147;Where You Can Find More Information.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Mode&#148; means the Variable Rate Remarketed Mode, or any subsequent Mode, including any extension thereof, for which terms and conditions of the MFP Shares are
designated pursuant to the Statement and the Statement Supplement See &#147;Description of VRRM-MFP Shares&#151;Mode Change.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Remarketing Agent</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>[&#149;], or any successor remarketing agent appointed by the Fund (the &#147;Remarketing Agent&#148;). </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Remarketing Agent will agree to use its best efforts to remarket all VRRM-MFP Shares properly tendered in connection with an optional tender or mandatory tender of
VRRM-MFP Shares, set the regular dividend rate and perform certain other duties. See &#147;Description of VRRM-MFP Shares&#151;Remarketing&#151;Remarketing Agent.&#148; </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Dividend Provisions</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B><I>General</I>. Dividends on VRRM-MFP Shares with respect to any Dividend Period will be declared to the holders as their names appear on the registration books of the Fund at the close
of business on each day in such Dividend Period and will be paid on each Dividend Payment Date. During the Variable Rate Remarketed Mode, the &#147;Dividend Period&#148; will generally be a calendar month, and the &#147;Dividend Payment Date&#148;
will be the first Business Day of each month commencing [&#149;]. The Fund at its discretion may establish Dividend Payment Dates more frequently than monthly. In connection with any transfer of VRRM-MFP Shares, the transferor as beneficial owner of
VRRM-MFP Shares will be deemed to have agreed pursuant to the terms of the VRRM-MFP Shares to transfer to the transferee the right to receive from the Fund any dividends declared and unpaid for each day prior to the transferee becoming the
beneficial owner of the VRRM-MFP Shares in exchange for payment of the Purchase Price for such VRRM-MFP Shares by the transferee. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P><FONT STYLE="font-family:Times New Roman" SIZE="2">The amount of dividends per VRRM-MFP Share payable on any Dividend Payment Date will equal the sum of the dividends accumulated but not yet paid for the related
Dividend Period. The amount of dividends per VRRM-MFP Share accumulated </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-4
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:0%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
for each such Dividend Period will be calculated by adding the &#147;Dividend Factor&#148; for each calendar day in such Dividend Period. The Dividend Factor for each calendar day in a Dividend
Period will be equal to: (x)&nbsp;the Dividend Rate in effect for such calendar day; (y)&nbsp;divided by the actual number of days in the year in which such day occurs (365 or 366); and (z)&nbsp;multiplied by the Liquidation Preference.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B><I>Regular Dividend Rate</I>. Subject to certain exceptions as described in this prospectus supplement, the Dividend Rate on the VRRM-MFP Shares will be the
&#147;Regular Dividend Rate.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The initial Regular Dividend Rate, for the Date of Original Issue of [&#149;], will be equal to the sum of [&#149;]% per annum, plus the Securities Industry and
Financial Markets Association (&#147;SIFMA&#148;) Municipal Swap Index published at approximately 4:00&nbsp;p.m., New York City time on Wednesday, [&#149;] or [&#149;]% per annum if the SIFMA Municipal Swap Index is not so published. &#147;SIFMA
Municipal Swap Index&#148; means the Securities Industry and Financial Markets Association Municipal Swap Index, a weekly, high-grade index comprised of seven-day, tax-exempt variable rate demand notes produced by Bloomberg.
</FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Thereafter, the Regular Dividend Rate generally will be determined by the Remarketing Agent on each Business Day, commencing on the Date of Original Issue, by
6:00&nbsp;p.m., New York City time, for applicability on the following day. The Regular Dividend Rate will be determined by the Remarketing Agent as the minimum rate that would enable the Remarketing Agent to sell all of the outstanding VRRM-MFP
Shares on such Business Day for settlement in seven (7)&nbsp;days at a price (without regard to accumulated but unpaid dividends) equal to the aggregate Liquidation Preference thereof. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P><FONT STYLE="font-family:Times New Roman" SIZE="2">In the event that the Remarketing Agent fails to determine the Regular Dividend Rate on any Business Day as set forth above, then the Regular Dividend Rate
applicable for the following day will be the same as the Regular Dividend Rate for the immediately preceding Business Day and such rate will continue until the earlier of (A)&nbsp;the Business Day on which the Remarketing Agent determines a new
Regular Dividend Rate or <FONT STYLE="white-space:nowrap">Step-Up</FONT> Dividend Rate, as applicable, or (B)&nbsp;the fifth consecutive Business Day succeeding the first such Business Day on which such Dividend Rate is not determined by the
Remarketing Agent. In the event that the Remarketing Agent fails to determine a new Regular Dividend Rate for a period of five consecutive Business Days as described in clause&nbsp;(B) of
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-5
</FONT></P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:0%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
the immediately preceding sentence, the Dividend Rate will be equal to the Step-Up Dividend Rate until a new Regular Dividend Rate is established by the Remarketing Agent.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Business Day&#148; means a day (a)&nbsp;other than a day on which commercial banks in The City of New York, New York are required or authorized by law or
executive order to close and (b)&nbsp;on which the New York Stock Exchange is not closed. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Step-Up Dividend Rate</I>. During a &#147;Failed Remarketing Period,&#148; except during an &#147;Increased Rate Period,&#148; the Dividend Rate on the VRRM-MFP
Shares will be the <FONT STYLE="white-space:nowrap">&#147;Step-Up</FONT> Dividend Rate.&#148; The Step-Up Dividend Rate will mean a Dividend Rate, determined by the Remarketing Agent, equal to the highest, as of the date of determination, of: [(x)
[&#149;]% per annum; (y)&nbsp;the Fed Funds Rate (as defined herein) plus [&#149;]% per annum; and (z)&nbsp;the One-Year AAA MMD Rate (as defined herein) plus [&#149;]% per annum]. In the event that the Fed Funds Rate (or a successor thereto) or the
One-Year AAA MMD Rate (or a successor thereto) is no longer published or available for purposes of determining the Step-Up Dividend Rate on any date, the Remarketing Agent, with the prior agreement of the Fund, will determine an equivalent rate in
good faith on a commercially reasonable basis using a formulation by reference to market practice at such date. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">A &#147;Failed Remarketing Period&#148; is (i)&nbsp;in the case of a failed remarketing in connection an optional tender for remarketing, the period, if any, commencing
on the tender date relating to a Failed Remarketing Event (see &#147;Failed Remarketing Event&#148; below) and ending upon the earliest to occur of (a)&nbsp;the redemption or repurchase by the Fund of all of the outstanding VRRM-MFP Shares,
(b)&nbsp;the date on which all (but not less than all) of the VRRM-MFP Shares are successfully remarketed pursuant to a mandatory tender for remarketing, and (c)&nbsp;the date on which the Fund completes a successful transition to a new Mode for all
of the VRRM-MFP Shares; and (ii)&nbsp;in the case of a failed transition to a new Mode, the period commencing on the date of the remarketing notice relating to the Failed Remarketing Event and ending upon the earliest to occur of (a)&nbsp;the
redemption or repurchase by the Fund of all of the outstanding VRRM-MFP Shares, and (b)&nbsp;as applicable, (x)&nbsp;the date on which all (but not less than all) of the VRRM-MFP Shares are successfully remarketed pursuant to a mandatory tender for
remarketing, or (y)&nbsp;the date on which the Fund completes a successful transition to a new Mode for all of the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-6
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">An &#147;Increased Rate Period&#148; is the period, if any, commencing on (i)&nbsp;any Dividend Payment Date or Redemption Date for which the Fund fails to timely
deposit with the Calculation and Paying Agent (as defined herein) deposit securities sufficient to pay the applicable dividend or redemption price and ending on the Business Day on which the deposit is made by 12:00 noon, New York City time, in
same-day funds or (ii)&nbsp;the Business Day on which a court or other applicable governmental authority has made a final determination that for U.S.&nbsp;federal income tax purposes the VRRM-MFP Shares do not qualify as equity in the Fund and such
determination results from an act or failure to act on the part of the Fund. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Increased Rate</I>. The Dividend Rate will be adjusted to the &#147;Increased Rate&#148; for each Increased Rate Period. The Increased Rate means, for any Increased
Rate Period, the applicable Regular Dividend Rate or Step-Up Dividend Rate as in effect from time to time plus [&#149;]% per annum. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Maximum Rate</I>. The Maximum Rate for the VRRM-MFP Shares will be 15%&nbsp;per annum. Neither the Regular Dividend Rate, the Increased Rate nor the Step-Up Dividend
Rate determined as described above may exceed the Maximum Rate. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The applicable dividend rate for the VRRM-MFP Shares is referred to in this prospectus supplement as the &#147;Dividend Rate.&#148; </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">See &#147;Description of VRRM-MFP Shares&#151;Dividends.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Optional Tender for Remarketing</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>Each beneficial owner of VRRM-MFP Shares will have the right to tender its VRRM-MFP Shares (in whole shares only) for remarketing by delivering an irrevocable written notice (a
&#147;Tender Notice&#148;) by electronic means to the Remarketing Agent on any Business Day (the &#147;Tender Notice Date&#148;). The number of VRRM-MFP Shares so tendered for remarketing is the &#147;Designated Amount.&#148; The giving of a Tender
Notice will constitute the irrevocable tender for remarketing of the Designated Amount of such VRRM-MFP Shares on the seventh calendar day following the Tender Notice Date or, if such seventh calendar day is not a Business Day, the next succeeding
Business Day (the &#147;Purchase Date&#148;). </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P><FONT STYLE="font-family:Times New Roman" SIZE="2">Upon receipt of a Tender Notice, the Remarketing Agent will offer for sale, and use its best efforts to sell, the Designated Amount of VRRM-MFP Shares with respect
to which a Tender Notice has been received by the Remarketing Agent (the </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-7
</FONT></P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:0%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
&#147;Tendered VRRM-MFP Shares&#148;) at a price equal to $[&#149;] per share plus any accumulated but unpaid dividends (whether or not earned or declared), if any, to, but excluding, the
relevant Purchase Date (the &#147;Purchase Price&#148;) for purchase on the Purchase Date. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Remarketing Agent obtains a bid at the Purchase Price for any VRRM-MFP Shares being remarketed, which, if accepted, would be binding on the bidder for the
consummation of the sale of such VRRM-MFP Shares (an &#147;actionable bid&#148;), and the Remarketing Agent elects in its sole discretion to accept such actionable bid, the Remarketing Agent will (i)&nbsp;purchase the tendered VRRM-MFP Shares, as a
principal and not as an agent, from the beneficial owner or holder thereof on the Purchase Date at the Purchase Price, (ii)&nbsp;resell such VRRM-MFP Shares, as a principal and not as an agent, to the person making such actionable bid at the
Purchase Price, and (iii)&nbsp;record such purchase and resale on its books and records. Any such purchases by the Remarketing Agent from the beneficial owner or holder will be made with the Remarketing Agent&#146;s own funds. See &#147;Description
of VRRM-MFP Shares&#151;Remarketing.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Failed Remarketing Event</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>If for any reason (other than a failure to timely deliver Tendered VRRM-MFP Shares by or on behalf of the tendering beneficial owner) any Tendered VRRM-MFP Share is not successfully
remarketed during the related Remarketing Window, a &#147;Failed Remarketing Event&#148; will occur. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The &#147;Remarketing Window&#148; is the period beginning on the Tender Notice Date for such Tendered VRRM-MFP Shares and ending on the Business Day immediately
preceding the Purchase Date for such Tendered VRRM-MFP Shares. Upon the occurrence of a Failed Remarketing Event, (a)&nbsp;all Tendered VRRM-MFP Shares shall be retained by their respective beneficial owners, and no such Tendered VRRM-MFP Shares
will be purchased on their respective Purchase Date, (b)&nbsp;the Remarketing Agent will provide written notice to the Calculation and Paying Agent, the Fund and the holders of the VRRM-MFP Shares by electronic means, (c)&nbsp;a Failed Remarketing
Period will commence and (d)&nbsp;all outstanding VRRM-MFP Shares will become subject to mandatory redemption on the Failed Remarketing Mandatory Redemption Date, which will be the first Business Day falling on or after the 365th calendar following
the Tender Notice Date relating to the Failed Remarketing Event. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-8
</FONT></P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">During the Failed Remarketing Period, the Remarketing Agent will no longer determine the Regular Dividend Rate on a daily basis; dividends on all VRRM-MFP Shares will
be payable at the Step-Up Dividend Rate (as determined by the Remarketing Agent commencing on the date of the Failed Remarketing Event); the right of beneficial owners to make optional tenders of their VRRM-MFP Shares for remarketing will be
suspended; and all of the outstanding VRRM-MFP Shares will be subject to mandatory tender for remarketing as described below under &#147;Mandatory Tender for Remarketing Following a Failed Remarketing Event.&#148; </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Mandatory Tender for Remarketing Following a Failed Remarketing Event </B></FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>During a Failed Remarketing Period, the Remarketing Agent will offer for sale, and use its best efforts to sell, all (but not less than all) of the outstanding VRRM-MFP Shares at a price
per share equal to the Purchase Price. Upon identifying a purchaser or purchasers for all of the outstanding VRRM-MFP Shares (subject to the retention rights described in the immediately following paragraph) and establishing the Regular Dividend
Rate to apply to the VRRM-MFP Shares on the Remarketing Date, the Remarketing Agent will give a Remarketing Notice to the Calculation and Paying Agent, the Fund and the holders of the VRRM-MFP Shares by electronic means stating (A)&nbsp;that a
purchaser or purchasers have been identified for the purchase of all (but not less than all) of the VRRM-MFP Shares on the date set forth in such Remarketing Notice (the &#147;Remarketing Date&#148;), which Remarketing Date will be the fifth
Business Day following delivery of the Remarketing Notice, (B)&nbsp;the Regular Dividend Rate to be applicable to the VRRM-MFP Shares on the Remarketing Date and (C)&nbsp;that all VRRM-MFP Shares will be subject to mandatory tender for purchase at a
price equal to the Purchase Price on the Remarketing Date. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P><FONT STYLE="font-family:Times New Roman" SIZE="2">Any beneficial owner of a VRRM-MFP Share that is not a Tendered VRRM-MFP Share that was part of the related Failed Remarketing Event, as determined by the
Remarketing Agent, may deliver written notice to the Remarketing Agent and the Calculation and Paying Agent by electronic means at least three Business Days prior to the related Remarketing Date that it wishes to retain its VRRM-MFP Shares (each
such beneficial owner, a &#147;Retaining Beneficial Owner&#148;). On the Remarketing Date, the VRRM-MFP Shares held by such Retaining Beneficial Owner will be (a)&nbsp;subject to mandatory tender as set&nbsp;forth in the immediately preceding
paragraph and </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-9
</FONT></P>


<p Style='page-break-before:always'>
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:0%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
(b)&nbsp;repurchased by the Retaining Beneficial Owner at a price equal to the Purchase Price on the Remarketing Date. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Remarketing Agent obtains a bid at the Purchase Price for any VRRM-MFP Shares being remarketed, which, if accepted, would be binding on the bidder for the
consummation of the sale of such VRRM-MFP Shares (an &#147;actionable bid&#148;), and the Remarketing Agent elects in its sole discretion to accept such actionable bid, the Remarketing Agent will (i)&nbsp;purchase the tendered VRRM-MFP Shares, as a
principal and not as an agent, from the beneficial owner or holder thereof on the Purchase Date at the Purchase Price, (ii)&nbsp;resell such VRRM-MFP Shares, as a principal and not as an agent, to the person making such actionable bid at the
Purchase Price, and (iii)&nbsp;record such purchase and resale on its books and records. Any such purchases by the Remarketing Agent from the beneficial owner or holder will be made with the Remarketing Agent&#146;s own funds.
</FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">If for any reason (other than a failure to timely deliver <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares by or on behalf of a tendering holder) any VRRM-MFP
Share is not successfully remarketed pursuant to the related mandatory tender a &#147;Failed Remarketing Event&#148; will occur. Upon the occurrence of a Failed Remarketing Event, (a)&nbsp;all VRRM-MFP Shares will be retained by their respective
holders, and no VRRM-MFP Shares shall be purchased on the Remarketing Date, (b)&nbsp;the Remarketing Agent will provide a Failed Remarketing Notice in writing to the Calculation and Paying Agent, the Fund and the holders of the VRRM-MFP Shares by
electronic means, (c)&nbsp;the then-prevailing Failed Remarketing Period will continue and (d)&nbsp;all Outstanding VRRM-MFP Shares will remain subject to mandatory redemption on the related Failed Remarketing Mandatory Redemption Date.
</FONT></TD></TR></TABLE>  <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the event of a successful remarketing on the Remarketing Date, the Remarketing Agent will resume resetting the Regular Dividend Rate on the VRRM-MFP Shares, the
Failed Remarketing Mandatory Redemption Date with respect to the related Failed Remarketing Event shall be cancelled and the VRRM-MFP Shares will no longer be subject to mandatory redemption on such date. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">See &#147;Description of VRRM-MFP Shares&#151;Remarketing&#151;Mandatory Tender for Remarketing Following a Failed Remarketing Event.&#148; </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-10
</FONT></P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Coverage and Leverage Tests</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>The Fund will agree in the Statement Supplement to comply on an ongoing basis with asset coverage and effective leverage requirements. A failure to comply may result in the mandatory
redemption of Preferred Shares, which may include some number of VRRM-MFP Shares. See &#147;Redemption Provisions&#151;Asset Coverage Mandatory Redemption&#148; and &#147;&#151;Effective Leverage Ratio Mandatory Redemption&#148; below and
&#147;Description of VRRM-MFP Shares&#151;Coverage and Leverage Tests&#148; and &#147;&#151;Redemptions&#151;Asset Coverage Mandatory Redemption&#148; and &#147;&#151;Effective Leverage Ratio Mandatory Redemption.&#148; </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Redemption Provisions</B> <I> </I></FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Optional Redemption</I><B>.</B> Subject to certain conditions, <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares may be redeemed on any Business Day, at the option of the Fund (in whole
or from time to time, in part), out of funds legally available therefor, at the Redemption Price per share. The &#147;Redemption Price&#148; per share is equal to the Liquidation Preference per VRRM-MFP Share plus an amount equal to all unpaid
dividends and other distributions on such VRRM-MFP Share accumulated from and including the Date of Original Issue to (but excluding) the Term Redemption Date or any redemption dates for optional or mandatory redemption otherwise provided in the
Statement Supplement (the &#147;Redemption Date&#148;) (whether or not earned or declared by the Fund, but without interest thereon). </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">See &#147;Description of VRRM-MFP Shares&#151;Redemptions&#151;Optional Redemption.&#148; </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Term Mandatory Redemption</I><B>.</B> The Fund will redeem all Outstanding VRRM-MFP Shares on the Term Redemption Date at the aggregate Redemption Price.
</FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Failed Remarketing Mandatory Redemption</I><B>. </B>The Fund will redeem all Outstanding VRRM-MFP Shares at the aggregate Redemption Price on the Failed Remarketing
Mandatory Redemption Date, if a Failed Remarketing Period shall have commenced and be continuing for 365&nbsp;days, or, if earlier, on the Term Redemption Date. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Asset Coverage Mandatory Redemption</I><B>.</B> If the Fund fails to have Asset Coverage of at least 225% as required under the Statement Supplement and such
failure is not timely cured, the Fund will proceed to redeem Preferred Shares (which may include at the sole option of the Fund any number or proportion of VRRM-MFP Shares) to restore compliance with the Asset Coverage requirement. In the event that
any VRRM-MFP Shares then outstanding are to be redeemed, the Fund will </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-11
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:0%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
redeem such VRRM-MFP Shares at a price per VRRM-MFP Share equal to the Redemption Price on the Redemption Date therefor. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">See &#147;Description of VRRM-MFP Shares&#151;Redemptions&#151;Asset Coverage Mandatory Redemption.&#148; </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Effective Leverage Ratio Mandatory Redemption</I><B>.</B> If the Effective Leverage Ratio of the Fund exceeds 45% as of the close of business on any Business Day on
which such ratio is required to be calculated and such failure is not cured as of the close of business on the date that is seven Business Days following the Business Day on which such non-compliance is first determined, the Fund will cause the
Effective Leverage Ratio to not exceed 45% by (x)&nbsp;engaging in transactions involving or relating to the floating rate securities not owned by the Fund and/or the inverse floating rate securities owned by the Fund, including the purchase, sale
or retirement thereof, (y)&nbsp;proceeding with redeeming a sufficient number of Preferred Shares, which at the Fund&#146;s sole option may include any number or proportion of VRRM-MFP Shares, in accordance with the terms of such series, or
(z)&nbsp;engaging in any combination of the actions contemplated by (x)&nbsp;and (y)&nbsp;above. In the event that any VRRM-MFP Shares then outstanding are to be redeemed, the Fund will redeem such VRRM-MFP Shares at a price per VRRM-MFP Share equal
to the Redemption Price on the Redemption Date thereof. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">See &#147;Description of VRRM-MFP Shares&#151;Redemptions&#151;Effective Leverage Ratio Mandatory Redemption.&#148; </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any optional or mandatory redemption of VRRM-MFP Shares by the Fund shall be done in accordance with the requirements of the Statement and Statement Supplement and the
provisions of the 1940 Act and rules thereunder, including Rule 23c-2. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Tax Exemption </B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The dividend rate for VRRM-MFP Shares assumes that each month&#146;s distribution is comprised solely of dividends exempt from regular U.S. federal income tax and the federal alternative minimum
tax. From time to time, the Fund may be required to allocate capital gains and/or ordinary income to a given month&#146;s distribution on VRRM-MFP Shares. To the extent that it does so, the Fund will provide notice thereof and make Additional Amount
Payments at the times and in accordance with, and to the extent required in, the provisions relating thereto as described under &#147;Description of VRRM-MFP Shares&#151;Taxable Allocations.&#148; Investors should consult with their own tax advisors
before making an investment in the VRRM-MFP Shares. See &#147;Tax Matters.&#148; </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-12
</FONT></P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Ratings</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>The Fund expects that at the Date of Original Issue, the VRRM-MFP Shares will have a long-term rating from [&#149;] and a long-term credit rating from [&#149;]. Each NRSRO rating the
VRRM-MFP Shares at the request of the Fund is referred to in this prospectus supplement as a &#147;Rating Agency.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">There can be no assurance that the Fund will maintain any ratings of the VRRM-MFP Shares or, if at any time the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares
have one or more ratings, that any particular ratings will be maintained. See &#147;Risk Factors&#151;Ratings and Asset Coverage Risk.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Voting Rights </B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">Except as otherwise provided in the Declaration of Trust or as otherwise required by law, (i)&nbsp;each holder of VRRM-MFP Shares will be entitled to one vote for each VRRM-MFP Share held by
such holder on each matter submitted to a vote of shareholders of the Fund, and (ii)&nbsp;the holders of outstanding Preferred Shares, including each VRRM-MFP Share, and of Common Shares will vote together as a single class; <U>provided</U>,
<U>however</U>, that the holders of outstanding Preferred Shares, including VRRM-MFP Shares, voting as a class, to the exclusion of the holders of all other securities and classes of shares of beneficial interest of the Fund, will be entitled to
elect two trustees of the Fund at all times, each Preferred Share, including each VRRM-MFP Share, entitling the holder thereof to one vote. The holders of outstanding Common Shares and Preferred Shares, including VRRM-MFP Shares, voting together as
a single class, will elect the balance of the trustees. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Liquidation Preference</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>In the event of any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, the holders of VRRM-MFP Shares will be entitled to receive a
liquidation distribution per share equal to the Liquidation Preference plus an amount equal to all unpaid dividends and other distributions accumulated to (but excluding) the date fixed for distribution or payment (whether or not earned or declared
by the Fund, but without interest thereon). See &#147;Description of VRRM-MFP Shares&#151;Priority of Payment and Liquidation Preference.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Trading Market</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>The VRRM-MFP Shares are a new issue of securities and there is currently no established trading market for such shares. The Fund does not intend to apply for a listing of the VRRM-MFP
Shares on a securities exchange or an automated dealer quotation system. Accordingly, there can be no assurance as to the development or liquidity of any market for the VRRM-MFP Shares, including in a remarketing by the Remarketing Agent.
</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-13
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<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Further Issuance </B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may issue additional Preferred Shares on parity with VRRM-MFP Shares. The Fund may not issue additional classes of shares that are senior to VRRM-MFP Shares or that are senior to other
outstanding Preferred Shares of the Fund as to payments of dividends or as to distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Calculation and Paying Agent</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>The Fund will enter into a Tender and Paying Agent Agreement with The Bank of New York Mellon (the &#147;Calculation and Paying Agent&#148;), effective as of the Date of Original Issue in
connection with the initial issuance of VRRM-MFP Shares. In connection with the Variable Rate Remarketed Mode, The Calculation and Paying Agent will serve as the Fund&#146;s calculation agent, transfer agent and registrar, dividend disbursing agent,
and paying agent and redemption price disbursing agent with respect to the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares. See &#147;Custodian, Transfer Agent, Calculation and Paying Agent.&#148; </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Use of Proceeds</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>The Fund estimates that the total net proceeds from this offering after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Fund will be
approximately $[&#149;]. The Fund intends to use the net proceeds from the sale of VRRM-MFP Shares to [&#149;]. See &#147;Use of Proceeds.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Book-Entry </B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">It is expected that the VRRM-MFP Shares will be delivered to investors in book-entry form only, through the facilities of The Depository Trust Company (&#147;DTC&#148;).
</FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Governing Law</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>The Declaration of Trust, the Statement and the Statement Supplement are governed by the laws of the Commonwealth of Massachusetts. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Risk Factors</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>See &#147;Risk Factors&#148; in this prospectus supplement, as well as &#147;Risks Factors&#148; and other information included in the accompanying prospectus, for a discussion of the
principal risks you should carefully consider before deciding to invest in VRRM-MFP Shares. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-14
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrrmprosup656069_3"></A>RISK FACTORS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Investing in the VRRM-MFP Shares involves risk, including the risk that you may receive little or no return on your investment or that
you may lose part or all of your investment. Therefore, before investing in the VRRM-MFP Shares you should consider carefully the following risks, as well as the risk factors set forth under &#147;Risk Factors&#148; beginning on page&nbsp;9 of the
accompanying prospectus.</I> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Remarketing Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">VRRM-MFP Shares do not have a put option allowing the holder to sell VRRM-MFP Shares back to the Fund at any time. No party, including, but not limited to, the Remarketing Agent and the Fund, is under any
obligation to purchase VRRM-MFP Shares on an optional tender. Accordingly, VRRM-MFP Shares are not, and should not be considered by any investors to be, cash equivalents. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Due to the lack of a guaranteed purchaser for VRRM-MFP Shares, liquidity in VRRM-MFP Shares depends upon a successful remarketing. The Purchase Price of a Tendered VRRM-MFP Share will only be paid upon a
successful remarketing, and the Purchase Price of the VRRM-MFP Shares is payable exclusively from remarketing proceeds. A remarketing may be unsuccessful for various reasons, including, but not limited to, general market conditions, market
disruptions, credit events relating to the Fund, concerns about future liquidity, and participation by the Remarketing Agent as a buyer or seller of VRRM-MFP Shares. Additionally, a successful remarketing does not guarantee any successful
remarketing in the future. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the event that any Tendered VRRM-MFP Shares are not successfully remarketed, all beneficial
owners of the VRRM-MFP Shares, regardless of whether they have tendered their <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares, may be required to hold their VRRM-MFP Shares until the Failed Remarketing Mandatory Redemption Date. The
requirement of the Fund to redeem the VRRM-MFP Shares on a Failed Remarketing Mandatory Redemption Date may increase the financial stress on the Fund, which could have a negative impact on the Fund&#146;s ratings. Upon a failed remarketing, all of
the VRRM-MFP Shares will pay dividends at the Step-Up Dividend Rate, and optional tenders for remarketing will be suspended. The Step-Up Dividend Rate may be lower than the rate on comparable securities issued by the Fund or on similar securities in
the market. Although holders of VRRM-MFP Shares may seek to sell their VRRM-MFP Shares in the secondary market, they may only be able to do so at a discount from the Purchase Price if the Step-Up Dividend Rate is not high enough in relation to the
level of liquidity or the Fund&#146;s credit. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Remarketing Agent, in its sole discretion, may purchase VRRM-MFP Shares for
its own account in order to achieve a successful remarketing (i.e., because there are otherwise not enough buyers to purchase the VRRM-MFP Shares) or for other reasons. If the Remarketing Agent does purchase Tendered VRRM-MFP Shares for its own
account, it may cease doing so at any time without notice, in its sole discretion. The Remarketing Agent may choose to tender for remarketing any VRRM-MFP Shares it holds at any time. Any decision by the Remarketing Agent to purchase <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares may be constrained in amount and holding period by internal limits that may be set and changed from time to time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">As described above, the Remarketing Agent has no obligation to purchase VRRM-MFP Shares. The Remarketing Agent has agreed to act as principal in remarketings in the circumstances where the Remarketing
Agent has obtained an &#147;actionable bid&#148; and the Remarketing Agent elects in its sole </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-15
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discretion to accept such actionable bid, as described below under &#147;Description of VRRM-MFP Shares&#151;Remarketing&#151;Optional Tender for Remarketing&#148; and &#147;&#151;Mandatory
Tender for Remarketing Following a Failed Remarketing Event.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Remarketing Agent also may make a market by purchasing
and selling VRRM-MFP Shares other than in connection with a tender and remarketing, although it is under no obligation to do so and may discontinue any such activities at any time without notice. Such purchases and sales may be made at prices that
may be at, above or below the Purchase Price. No notice is required for such purchases or sales. Purchases and sales of VRRM-MFP Shares by the Remarketing Agent may negatively impact the price and/or demand for VRRM-MFP Shares sold into the
secondary market by other holders of VRRM-MFP Shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The purchase of VRRM-MFP Shares by the Remarketing Agent may create the
appearance that there is greater third-party demand for the VRRM-MFP Shares in the market than is actually the case. The practices described above also may result in fewer VRRM-MFP Shares being tendered in a remarketing. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The Ability to Sell the VRRM-MFP Shares Other Than Through a Remarketing May Be Limited </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Remarketing Agent may buy and sell VRRM-MFP Shares other than through a remarketing. However, it is not obligated to do so and may
cease doing so at any time without notice and may require holders that wish to sell their VRRM-MFP Shares to instead tender their VRRM-MFP Shares for remarketing with appropriate notice. Further, investors who purchase VRRM-MFP Shares should not
assume that they will be able to sell their VRRM-MFP Shares other than by tendering the VRRM-MFP Shares in accordance with the remarketing process. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Under Certain Circumstances, the Remarketing Agent May Be Removed, Resign or Cease Remarketing the VRRM-MFP Shares, Without a Successor Being Named. </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Under certain circumstances, the Remarketing Agent may be removed or have the ability to resign or cease its remarketing efforts, without
a successor having been named, subject to the terms of the Remarketing Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>No Public Trading Market </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The VRRM-MFP Shares will be a new issue of securities and there is currently no established trading market for the VRRM-MFP Shares. The
Fund does not intend to apply for a listing of the VRRM-MFP Shares on a securities exchange or an automated dealer quotation system. Thus, an investment in VRRM-MFP Shares may be illiquid and there may be no active trading market. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Risk of Mandatory and Optional Redemptions or Mode Change </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund may be forced to redeem VRRM-MFP Shares to meet requirements in the Statement Supplement or regulatory or Rating Agency requirements, or may voluntarily redeem VRRM-MFP Shares at any time, or may
elect to make a Mode Change (as defined below), including in circumstances that are unfavorable to VRRM-MFP shareholders, at times when attractive alternative investment opportunities for reinvestment of the redemption proceeds are not available.
See &#147;Description of VRRM-MFP Shares&#151;Redemptions&#148; and &#147;&#151;Mode Change.&#148; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-16
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Dividend Rate Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The VRRM-MFP Shares are variable dividend rate securities. Such securities generally are less sensitive to interest and dividend rate changes but may decline in value if their dividend rate does not rise
as much, or as quickly, as interest and dividend rates in general. Conversely, variable dividend rate securities will not generally increase in value if interest and dividend rates decline. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Interest Rate and Income Shortfall Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">VRRM-MFP Shares generally pay
dividends based on short-term interest rates, and the proceeds from the issuance of the Fund&#146;s Preferred Shares are used to buy municipal bonds, which pay interest based on long-term yields. Long-term municipal bond yields are typically,
although not always, higher than short-term interest rates. Long-term, intermediate-term and short-term interest rates may fluctuate. If short-term interest rates rise, VRRM-MFP Share rates may rise so that the amount of dividends paid to the
VRRM-MFP shareholders exceeds the income from the portfolio securities purchased with the proceeds from the sale of VRRM-MFP Shares. Because income from the Fund&#146;s entire investment portfolio (not just the portion of the portfolio attributable
to the proceeds from the issuance of Preferred Shares) is available to pay dividends on the Fund&#146;s outstanding Preferred Shares, however, dividend rates on the Preferred Shares would need to greatly exceed the Fund&#146;s net portfolio income
before the Fund&#146;s ability to pay dividends on the Preferred Shares, including the VRRM-MFP Shares, would be jeopardized. If long-term rates rise, the value of the Fund&#146;s investment portfolio will decline, reducing the amount of assets
serving as the Asset Coverage for the VRRM-MFP Shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Additionally, in certain market environments, short-term market
interest rates may be higher than the Maximum Rate allowable for the dividend reset for VRRM-MFP Shares. In such extreme circumstances, this scenario may adversely affect the valuation of VRRM-MFP Shares and the liquidity of VRRM-MFP Shares.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Subordination Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">While VRRM-MFP shareholders will have equal liquidation and distribution rights to any other Preferred Shares issued or that might be issued by the Fund, they will be subordinated to the rights of holders
of indebtedness and the claims of other creditors of the Fund. Therefore, dividends, distributions and other payments to VRRM-MFP shareholders in liquidation or otherwise will be subject to prior payments due, if any, to the holders of indebtedness
or other creditors of the Fund. Creditors of the Fund may include lenders and counterparties in connection with any borrowings, delayed delivery purchases and/or forward delivery contracts or derivatives, including interest rate swaps or caps,
entered into by the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Ratings and Asset Coverage Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund expects that, at the Date of Original Issuance, the VRRM-MFP Shares will have a long-term credit rating from [&#149;] and a long-term credit rating from [&#149;]. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">There can be no assurance that any particular rating will be maintained at the level currently assigned to the VRRM-MFP Shares. Ratings
do not eliminate or mitigate the risks of investing in VRRM-MFP Shares. A rating issued by a Rating Agency (including [&#149;] and [&#149;]) is only the opinion of the entity issuing the rating at that time, and is not a guarantee as to quality, or
an assurance of the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-17
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future performance, of the rated security (in this case, VRRM-MFP Shares). In addition, the manner in which the Rating Agency obtains and processes information about a particular security may
affect the Rating Agency&#146;s ability to react in a timely manner to changes in an issuer&#146;s circumstances (in this case, the Fund) that could influence a particular rating. A Rating Agency downgrade of the
<FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares that results in an increase in the Dividend Rate may make VRRM-MFP Shares less liquid in the secondary market. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Additionally, so long as the VRRM-MFP Shares or other Preferred Shares of the Fund have long-term ratings, the Fund will be required to meet certain asset coverage or other criteria in order to maintain
such rating. The Fund&#146;s failure to meet such criteria may cause the Fund to sell portfolio positions or to redeem VRRM-MFP Shares at inopportune times in an amount necessary to restore compliance with such criteria, or may result in a downgrade
of ratings. The ratings do not eliminate or necessarily mitigate the risks of investing in VRRM-MFP Shares. A rating issued by a Rating Agency is only the opinion of the entity issuing the rating at that time and is not a guarantee as to quality, or
an assurance of the future performance, of the rated security. In addition, the manner in which the Rating Agency obtains and processes information about a particular security may affect the Rating Agency&#146;s ability to timely react to changes in
an issuer&#146;s (in this case, the Fund&#146;s) circumstances that could influence a particular rating. A Rating Agency could downgrade VRRM-MFP Shares, which may make VRRM-MFP Shares less liquid in the secondary market, although the downgrade
would probably result in higher dividend rates. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A rating on the VRRM-MFP Shares is not a recommendation to purchase, hold, or
sell those shares, inasmuch as the rating does not comment as to market price or suitability for a particular investor. A Rating Agency could downgrade VRRM-MFP Shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Tax Risks </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund is relying on an opinion of counsel that the VRRM-MFP
Shares will qualify as stock in the Fund for U.S. federal income tax purposes. Because there is no direct legal authority on the classification of instruments similar to the VRRM-MFP Shares, investors should be aware that the Internal Revenue
Service and other governmental taxing authorities could assert a contrary position. See &#147;Tax Matters.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Multiple Series Risk
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Following the issuance of the VRRM-MFP Shares, the Fund will have [&#149;] series of MFP Shares and [&#149;] series of
VRDP Shares outstanding. All Preferred Shares of the Fund have equal priority as to the payment of dividends and the distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund, but, to the extent that the terms of
the various series or types of Preferred Shares differ, there is a risk that market or other events may impact one series of Preferred Shares differently from other series. If market or other events cause the Fund to breach covenants applicable to
one series or type of Preferred Shares but not others, the Fund may nevertheless be granted discretion to redeem shares of any series of Preferred Shares, including the affected series, in order to restore compliance, subject to the redemption terms
of each series. In addition, the voting power of certain series of Preferred Shares may be more concentrated than others. The Fund, without the consent of VRRM-MFP shareholders, may from time to time issue additional Preferred Shares of a new or
existing series in connection with new financings, refinancing or reorganizations. The issuance by the Fund of additional Preferred Shares may require the consent of liquidity providers or other Fund counterparties. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-18
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Dividend Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund may be unable to pay dividends on VRRM-MFP Shares in extraordinary circumstances. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrrmprosup656069_4"></A>CAPITALIZATION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">[TO BE FURNISHED AT THE TIME OF THE
OFFERING] </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrrmprosup656069_5"></A>ASSET COVERAGE RATIO </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As provided in the Investment Company Act of 1940, as amended (&#147;1940 Act&#148;), and subject to certain exceptions, the Fund may
issue Preferred Shares, including VRRM-MFP Shares, with the condition that immediately after the issuance the value of its assets, less certain ordinary course liabilities, exceed 200% of the amount of Preferred Shares outstanding. The Fund
estimates that, based on its capitalization as of [&#149;], 20[&#149;], the Fund&#146;s asset coverage, after giving effect to this offering will be [&#149;]%. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrrmprosup656069_6"></A>USE OF PROCEEDS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund estimates that
the net proceeds of the offering will be approximately $[&#149;], after payment of the underwriting discounts and commissions and estimated offering expenses payable by the Fund. The Fund intends to use the net proceeds from the sale of VRRM-MFP
Shares to [&#149;]. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-19
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrrmprosup656069_7"></A>DESCRIPTION OF VRRM-MFP SHARES </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:6%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>The following is a brief description of the material terms of the VRRM-MFP Shares. </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>General </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
Fund&#146;s Declaration of Trust authorizes the issuance of an unlimited number of preferred shares, including the VRRM-MFP Shares. As of [&#149;], 20[&#149;], the Fund had outstanding [1,790 Series 1 VRDP Shares, 3,854 Series 2 VRDP Shares, 1,800
Series 4 VRDP Shares, 3,405 Series 5 VRDP Shares, 3,267 Series 6 VRDP Shares, and 4,054 Series A MFP Shares]. The VRRM-MFP Shares and any other preferred shares, including the previously authorized MFP Shares and VRDP Shares, of the Fund that may
then be outstanding are collectively referred to as the &#147;Preferred Shares.&#148; See &#147;Description of Securities&#148; in the prospectus. Copies of the Declaration of Trust and the Statement and Statement Supplement for the VRRM-MFP Shares
are filed with the Securities and Exchange Commission as exhibits to the Fund&#146;s registration statement of which this prospectus supplement is a part. Copies may be obtained as described under &#147;Where You Can Find More Information.&#148;
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Priority of Payment and Liquidation Preference </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">VRRM-MFP Shares will be senior securities that constitute shares of beneficial interest of the Fund and are senior, with priority in all respects, to the Fund&#146;s Common Shares as to payments of
dividends and as to distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund. VRRM-MFP Shares will have equal priority as to payments of dividends and as to distribution of assets upon dissolution, liquidation or
winding up of the affairs of the Funds with each other and with other Preferred Shares. The Fund may issue additional Preferred Shares on parity with VRRM-MFP Shares. The Fund may not issue additional classes of shares that are senior to <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares or that are senior to other outstanding Preferred Shares of the Fund as to payments of dividends or as to distribution of assets upon dissolution, liquidation or winding up of the affairs of the
Fund. As a fundamental policy, the Fund may not borrow money, except from banks for temporary or emergency purposes, or for repurchase of its shares, subject to certain restrictions. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the event of any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, the holders of
VRRM-MFP Shares will be entitled to receive a liquidation distribution per share equal to the Liquidation Preference plus an amount equal to all unpaid dividends and other distributions accumulated to (but excluding) the date fixed for distribution
or payment (whether or not earned or declared by the Fund, but without interest thereon). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Remarketing </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Remarketing Agent </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund and the Investment Adviser will enter into a Remarketing Agreement with [&#149;], pursuant to which [&#149;] serves as remarketing agent for the VRRM-MFP Shares. &#147;Remarketing Agent&#148; as
used in this prospectus supplement refers to [&#149;], or any successor remarketing agent, as the context requires. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
Remarketing Agent will use its best efforts to remarket all VRRM-MFP Shares properly tendered in connection with an optional tender or mandatory tender of VRRM-MFP Shares as described herein. In addition, the Remarketing Agent will agree in the
Remarketing Agreement to </FONT></P>
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perform certain other duties, including: (i)&nbsp;establishing the Dividend Rate as provided in the Statement and the Statement Supplement; provided, that the Dividend Rate may not exceed the
Maximum Rate; (ii)&nbsp;notifying the Fund and the Calculation and Paying Agent of the Dividend Rate by email transmission, facsimile transmission or other electronic means and posting the Dividend Rate on Bloomberg promptly on each date of
determination of the Dividend Rate; (iii)&nbsp;calculating the Purchase Price to be paid in connection with a remarketing of VRRM-MFP Shares; and (iv)&nbsp;carrying out such other duties as are assigned to the Remarketing Agent in the Remarketing
Agreement and in the Statement Supplement, or as are reasonably requested by the Fund and agreed to by the Remarketing Agent, all in accordance with the provisions thereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Remarketing Agent may resign and be discharged from its duties and obligations under the Remarketing Agreement with respect to the VRRM-MFP Shares by giving 90 days&#146; prior written notice to the
Fund and the Calculation and Paying Agent. In such case, the Fund will use its best efforts to appoint a successor Remarketing Agent for the VRRM-MFP Shares and enter into a remarketing agreement with such person as soon as reasonably practicable.
In addition, the obligations of the Remarketing Agent under the Remarketing Agreement are subject to conditions, including the absence of certain material adverse developments that in the judgment of the Remarketing Agent, make it impracticable or
inadvisable to proceed with remarketing the VRRM-MFP Shares, and in such circumstances the Remarketing Agent may terminate the Remarketing Agreement upon shorter notice, or in the event that all of the VRRM-MFP Shares have been redeemed and
redemption proceeds have been paid to the relevant holders. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may remove the Remarketing Agent with respect to the
VRRM-MFP Shares by giving at least 60 days&#146; prior written notice to the Remarketing Agent (and will provide prior notice also to the Calculation and Paying Agent); provided, however, that no such removal shall become effective for an additional
30 days unless the Fund has appointed at least one nationally recognized securities dealer with expertise in remarketing variable rate securities as a successor Remarketing Agent for the VRRM-MFP Shares and the successor Remarketing Agent has
entered into a remarketing agreement with the Fund, in form and substance reasonably satisfactory to the Fund, in which it has agreed to, among other duties, conduct remarketings in respect of the VRRM-MFP Shares and determine the Dividend Rate for
the VRRM-MFP Shares in accordance with the terms and conditions of the Statement and the Statement Supplement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the
performance of its services as Remarketing Agent under the Remarketing Agreement, the Fund will pay the Remarketing Agent a fee in an amount as agreed to from time to time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Optional Tender for Remarketing </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each beneficial owner of VRRM-MFP Shares
has the right to tender its VRRM-MFP Shares (in whole shares only) for remarketing by delivering a Tender Notice by electronic means to the Remarketing Agent on the Tender Notice Date. A Tender Notice shall state the series designation, the CUSIP
number and the number of VRRM-MFP Shares tendered for remarketing (the &#147;Designated Amount&#148;), and shall include an acknowledgement by the tendering beneficial owner that such beneficial owner is required to deliver the Designated Amount of
VRRM-MFP Shares on or before 11:00 a.m., New York City time, on the Purchase Date. The giving of a Tender Notice will constitute the irrevocable tender for remarketing of the Designated Amount of such VRRM-MFP Shares on the Purchase Date
(<I>i.e.</I>, the seventh calendar day following the Tender Notice Date or, if such seventh calendar day is not a Business Day, the next succeeding Business Day); provided, however, that if a </FONT></P>

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</FONT></P>


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Tender Notice is not received by the Remarketing Agent prior to 5:00 p.m., New York City time, on any day it will not be deemed received by the Remarketing Agent until the following Business Day.
Upon receipt of a Tender Notice, the Remarketing Agent will provide a copy to the Fund as promptly as practicable by electronic means on the date of receipt or deemed receipt. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Upon receipt of a Tender Notice, the Remarketing Agent will offer for sale, and use its best efforts to sell, the Tendered VRRM-MFP Shares at the Purchase Price for purchase on the Purchase Date. If
multiple beneficial owners deliver Tender Notices on different Tender Notice Dates, there will be multiple Purchase Dates and the Remarketing Agent will first remarket Tendered VRRM-MFP Shares having the earliest Purchase Date. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Remarketing Agent successfully remarkets the Tendered VRRM-MFP Shares by identifying a purchaser for such Tendered VRRM-MFP Shares
during the period beginning on the Tender Notice Date for such Tendered VRRM-MFP Shares and ending on the Business Day immediately preceding the Purchase Date for such Tendered VRRM-MFP Shares (a &#147;Remarketing Window&#148;), the Remarketing
Agent will give written notice (a &#147;Remarketing Notice&#148;) by electronic means to the beneficial owner of such Tendered VRRM-MFP Shares, with a copy to the Fund and the Calculation and Paying Agent, that a purchaser has been identified for a
purchase of such Tendered VRRM-MFP Shares on the Purchase Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Remarketing Agent obtains a bid at the Purchase Price
for any VRRM-MFP Shares being remarketed, which, if accepted, would be binding on the bidder for the consummation of the sale of such VRRM-MFP Shares (an &#147;actionable bid&#148;), and the Remarketing Agent elects in its sole discretion to accept
such actionable bid, the Remarketing Agent will (i)&nbsp;purchase the tendered VRRM-MFP Shares, as a principal and not as an agent, from the beneficial owner or holder thereof on the Purchase Date at the Purchase Price, (ii)&nbsp;resell such
VRRM-MFP Shares, as a principal and not as an agent, to the person making such actionable bid at the Purchase Price, and (iii)&nbsp;record such purchase and resale on its books and records in accordance with the Remarketing Agreement. Any such
purchases by the Remarketing Agent from the beneficial owner or holder will be made with the Remarketing Agent&#146;s own funds. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">For payment of the Purchase Price on the Purchase Date, Tendered VRRM-MFP Shares must be delivered at or prior to 11:00 a.m., New York City time, on the Purchase Date to the Remarketing Agent by or for
the account of the tendering beneficial owner through the Securities Depository, so long as the VRRM-MFP Shares are in book-entry form, or at the principal office of the Remarketing Agent, accompanied by an instrument of transfer thereof, in form
satisfactory to the Remarketing Agent, executed in blank by the holder thereof or by the holder&#146;s duly-authorized attorney, with such signature guaranteed by a commercial bank, trust company or member firm of the New York Stock Exchange, if the
VRRM-MFP Shares are in certificated form. If Tendered VRRM-MFP Shares are delivered after that time on any Business Day, the Purchase Price will be paid on the next succeeding Business Day. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Failed Remarketing Event </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">If for any reason (other than a failure to timely deliver Tendered VRRM-MFP Shares by or on behalf of the tendering beneficial owner) any Tendered VRRM-MFP Share is not successfully remarketed during the
related Remarketing Window a &#147;Failed Remarketing Event&#148; will occur. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-22
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Upon the occurrence of a Failed Remarketing Event, (a)&nbsp;all Tendered VRRM-MFP Shares
shall be retained by their respective beneficial owners, and no such Tendered VRRM-MFP Shares will be purchased on their respective Purchase Date, (b)&nbsp;the Remarketing Agent will provide written notice to the Calculation and Paying Agent, the
Fund and the holders of the VRRM-MFP Shares by electronic means, (c)&nbsp;a Failed Remarketing Period will commence and (d)&nbsp;all outstanding VRRM-MFP Shares will become subject to mandatory redemption on the Failed Remarketing Mandatory
Redemption Date, which will be the first Business Day falling on or after the 365th calendar following the Tender Notice Date relating to the Failed Remarketing Event. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">During the Failed Remarketing Period, the Remarketing Agent will no longer determine the Regular Dividend Rate on a daily basis; dividends on all VRRM-MFP Shares will be payable at the Step-Up Dividend
Rate (as determined by the Remarketing Agent commencing on the date of the Failed Remarketing Event); the right of beneficial owners to make optional tenders of their VRRM-MFP Shares for remarketing will be suspended; and all of the outstanding
VRRM-MFP Shares will be subject to mandatory tender for remarketing as described below under &#147;Mandatory Tender for Remarketing Following a Failed Remarketing Event.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Mandatory Tender for Remarketing Following a Failed Remarketing Event </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">During a Failed Remarketing Period, the Remarketing Agent will offer for sale, and use its best efforts to sell, all (but not less than
all) of the outstanding VRRM-MFP Shares at a price per share equal to the Purchase Price. Upon identifying a purchaser or purchasers for all of the outstanding VRRM-MFP Shares (subject to the immediately following paragraph) and establishing the
Regular Dividend Rate to apply to the VRRM-MFP Shares on the Remarketing Date, the Remarketing Agent will give a Remarketing Notice to the Calculation and Paying Agent, the Fund and the holders of the VRRM-MFP Shares by electronic means stating
(A)&nbsp;that a purchaser or purchasers have been identified for the purchase of all (but not less than all) of the VRRM-MFP Shares on the Remarketing Date, which Remarketing Date will be the fifth Business Day following delivery of the Remarketing
Notice, (B)&nbsp;the Regular Dividend Rate to be applicable to the VRRM-MFP Shares on the Remarketing Date and (C)&nbsp;that all VRRM-MFP Shares will be subject to mandatory tender for purchase at a price equal to the Purchase Price on the
Remarketing Date. </FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any beneficial owner of a VRRM-MFP Share that is not a Tendered VRRM-MFP Share that was part of the
related Failed Remarketing Event, as determined by the Remarketing Agent, may deliver written notice to the Remarketing Agent and the Calculation and Paying Agent by electronic means at least three Business Days prior to the related Remarketing Date
that it wishes to retain its VRRM-MFP Shares (each such beneficial owner, a &#147;Retaining Beneficial Owner&#148;). On the Remarketing Date, the VRRM-MFP Shares held by such Retaining Beneficial Owner will be (a)&nbsp;subject to mandatory tender as
set forth in the immediately preceding paragraph and (b)&nbsp;repurchased by the Retaining Beneficial Owner at a price equal to the Purchase Price on the Remarketing Date. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Remarketing Agent obtains a bid at the Purchase Price for any VRRM-MFP Shares being remarketed, which, if accepted, would be
binding on the bidder for the consummation of the sale of such VRRM-MFP Shares (an &#147;actionable bid&#148;), and the Remarketing Agent elects in its sole discretion to accept such actionable bid, the Remarketing Agent will (i)&nbsp;purchase the
tendered VRRM-MFP Shares, as a principal and not as an agent, from the beneficial owner or holder thereof on the Purchase Date at the Purchase Price, (ii)&nbsp;resell such VRRM-MFP Shares, as a principal and not as an agent, to
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-23
</FONT></P>


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the person making such actionable bid at the Purchase Price, and (iii)&nbsp;record such purchase and resale on its books and records in accordance with the Remarketing Agreement. Any such
purchases by the Remarketing Agent from the beneficial owner or holder will be made with the Remarketing Agent&#146;s own funds. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">If for any reason (other than a failure to timely deliver VRRM-MFP Shares by or on behalf of a tendering holder) any VRRM-MFP Share is not successfully remarketed pursuant to the related mandatory tender
a &#147;Failed Remarketing Event&#148; will occur. Upon the occurrence of a Failed Remarketing Event, (a)&nbsp;all VRRM-MFP Shares will be retained by their respective holders, and no VRRM-MFP Shares shall be purchased on the Remarketing Date,
(b)&nbsp;the Remarketing Agent will provide a Failed Remarketing Notice in writing to the Calculation and Paying Agent, the Fund and the holders of the VRRM-MFP Shares by electronic means, (c)&nbsp;the then-prevailing Failed Remarketing Period will
continue and (d)&nbsp;all outstanding VRRM-MFP Shares will remain subject to mandatory redemption on the related Failed Remarketing Mandatory Redemption Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Upon the consummation of a successful remarketing on the Remarketing Date, the Remarketing Agent will resume resetting the Regular Dividend Rate on the VRRM-MFP Shares, the Failed Remarketing Mandatory
Redemption Date with respect to the related Failed Remarketing Event shall be cancelled and the VRRM-MFP Shares will no longer be subject to mandatory redemption on such date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">For payment of the Purchase Price on the Remarketing Date, VRRM-MFP Shares must be delivered at or prior to 11:00 a.m., New York City time, on the Remarketing Date to the Remarketing Agent by or for the
account of the tendering beneficial owner through the Securities Depository, so long as the VRRM-MFP Shares are in book-entry form, or at the principal office of the Remarketing Agent, accompanied by an instrument of transfer thereof, in form
satisfactory to the Remarketing Agent, executed in blank by the holder thereof or by the holder&#146;s duly-authorized attorney, with such signature guaranteed by a commercial bank, trust company or member firm of the New York Stock Exchange, if the
VRRM-MFP Shares are in certificated form. If any VRRM-MFP Shares are delivered after that time on any Business Day, the Purchase Price for such VRRM-MFP Shares will be paid on the next succeeding Business Day. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Dividends </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>General
Dividend Provisions </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Dividend Rate for any day that is not a Business Day will be the same as the Dividend Rate for
the immediately preceding Business Day. In the event that the Remarketing Agent fails to determine the Regular Dividend Rate on any Business Day, then the Regular Dividend Rate applicable for the following day will be the same as the Regular
Dividend Rate for the immediately preceding Business Day and such rate will continue until the earlier of (A)&nbsp;the Business Day on which the Remarketing Agent determines a new Regular Dividend Rate or Step-Up Dividend Rate, as applicable, or
(B)&nbsp;the fifth consecutive Business Day succeeding the first such Business Day on which such Dividend Rate is not determined by the Remarketing Agent. In the event that the Remarketing Agent fails to determine a new Regular Dividend Rate for a
period of five consecutive Business Days as described in clause (B)&nbsp;of the immediately preceding sentence, the Dividend Rate will be equal to the Step-Up Dividend Rate until a new Regular Dividend Rate is established by the Remarketing Agent.
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-24
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dividends on VRRM-MFP Shares with respect to any Dividend Period will be declared to the
holders as their names appear on the registration books of the Fund at the close of business on each day in such Dividend Period and will be paid on each Dividend Payment Date. During the Variable Rate Remarketed Mode, the &#147;Dividend
Period&#148; will generally be a calendar month, and the &#147;Dividend Payment Date&#148; will be the first Business Day of each month commencing [&#149;]. The Fund at its discretion may establish Dividend Payment Dates more frequently than
monthly. In connection with any transfer of VRRM-MFP Shares, the transferor as beneficial owner of VRRM-MFP Shares will be deemed to have agreed pursuant to the terms of the VRRM-MFP Shares to transfer to the transferee the right to receive from the
Fund any dividends declared and unpaid for each day prior to the transferee becoming the beneficial owner of the VRRM-MFP Shares in exchange for payment of the Purchase Price for such VRRM-MFP Shares by the transferee. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The amount of dividends per VRRM-MFP Share payable on any Dividend Payment Date will equal the sum of the dividends accumulated but not
yet paid for the related Dividend Period. The amount of dividends per VRRM-MFP Share accumulated for each such Dividend Period will be calculated by adding the &#147;Dividend Factor&#148; for each calendar day in such Dividend Period. The Dividend
Factor for each calendar day in a Dividend Period will be equal to: (x)&nbsp;the Dividend Rate in effect for such calendar day; (y)&nbsp;divided by the actual number of days in the year in which such day occurs (365 or 366); and (z)&nbsp;multiplied
by the Liquidation Preference. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Regular Dividend Rate </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except as provided in the last sentence of the immediately following paragraph or during a Failed Remarketing Period or an Increased Rate
Period, the Dividend Rate on the VRRM-MFP Shares will be the &#147;Regular Dividend Rate.&#148; The Regular Dividend Rate applicable to the VRRM-MFP Shares for the Date of Original Issue of [&#149;] will be equal to the sum of [&#149;]% per annum,
plus the SIFMA Municipal Swap Index published at approximately 4:00 p.m., New York City time on Wednesday, [&#149;] or [&#149;]% per annum if the SIFMA Municipal Swap Index is not so published. Thereafter, the Regular Dividend Rate will be
determined by the Remarketing Agent on each Business Day, commencing on the Date of Original Issue, by 6:00 p.m., New York City time, for applicability on the following day; provided, that the Regular Dividend Rate for any day that is not a Business
Day will be the same as the Dividend Rate for the immediately preceding Business Day. The Regular Dividend Rate will be determined by the Remarketing Agent as the minimum rate that would enable the Remarketing Agent to sell all of the outstanding
VRRM-MFP Shares on such Business Day for settlement in seven (7)&nbsp;days at a price (without regard to accumulated but unpaid dividends) equal to the aggregate Liquidation Preference thereof. In determining the Regular Dividend Rate, the
Remarketing Agent will consider (but not be limited to considering) the following factors: existing short-term tax-exempt market rates for securities, indices of such short-term rates and the existing market supply and demand for securities bearing
such short-term rates; existing yield curves for short-term and long-term securities for securities of issuers of credit quality comparable to the VRRM-MFP Shares; and such general economic conditions, industry and financial conditions as the
Remarketing Agent, in its sole discretion, will determine to be relevant. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the event that the Remarketing Agent fails to
determine the Regular Dividend Rate on any Business Day as set forth above, then the Regular Dividend Rate applicable for the following day will be the same as the Regular Dividend Rate for the immediately preceding Business Day and such rate will
continue until the earlier of (A)&nbsp;the Business Day on which the Remarketing Agent determines a new Regular Dividend Rate or Step-Up Dividend Rate, as applicable, or (B)&nbsp;the fifth consecutive
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-25
</FONT></P>


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Business Day succeeding the first such Business Day on which such Dividend Rate is not determined by the Remarketing Agent. In the event that the Remarketing Agent fails to determine a new
Regular Dividend Rate for a period of five consecutive Business Days as described in clause (B)&nbsp;of the immediately preceding sentence, the Dividend Rate will be equal to the Step-Up Dividend Rate until a new Regular Dividend Rate is established
by the Remarketing Agent. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Step-Up Dividend Rate </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">During a Failed Remarketing Period, except during an Increased Rate Period, the Dividend Rate on the VRRM-MFP Shares will be the
&#147;Step-Up Dividend Rate.&#148; The Step-Up Dividend Rate will mean a Dividend Rate, determined by the Remarketing Agent, equal to the highest, as of the date of determination, of: [(x) [&#149;]% per annum; (y)&nbsp;the Fed Funds Rate plus
[&#149;]% per annum; and (z)&nbsp;the One-Year AAA MMD Rate plus [&#149;]% per annum]. In the event that the Fed Funds Rate (or a successor thereto) or the One-Year AAA MMD Rate (or a successor thereto) is no longer published or available for
purposes of determining the Step-Up Dividend Rate on any date, the Remarketing Agent, with the prior agreement of the Fund, will determine an equivalent rate in good faith on a commercially reasonable basis using a formulation by reference to market
practice at such date. The Step-Up Dividend Rate will be determined by the Remarketing Agent commencing on the first day of the Failed Remarketing Period and thereafter on each Business Day in the Failed Remarketing Period by 6:00&nbsp;p.m., New
York City time, for applicability on the following day; provided, that the Step-Up Dividend Rate for any day that is not a Business Day will be the same as the Step-Up Dividend Rate for the immediately preceding Business Day. In the event that the
Remarketing Agent fails to determine the Step-Up Dividend Rate on any Business Day as set forth above, then the Step-Up Dividend Rate applicable for the following day will be the same as the Step-Up Dividend Rate for the immediately preceding
Business Day and such rate will continue until the Business Day on which the Remarketing Agent determines a new Step-Up Dividend Rate or Regular Dividend Rate, as applicable. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;Fed Funds Rate&#148; means, as of any date of determination, the rate labeled Federal Funds (effective) (or any successor thereto) as published in the Federal Reserve Bank Publication H.15 Daily
Update (or any successor thereto) on such date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;One-Year AAA MMD Rate&#148; means, as of any date of determination, the
rate equal to the <FONT STYLE="white-space:nowrap">one-year</FONT> yield on the Thomson Reuters Municipal Market Data (MMD) AAA Curve (or any successor thereto) made available by Thomson Reuters (or any successor thereto) as the definitive such
yield curve on such date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Increased Dividend Rate </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Dividend Rate will be adjusted to the Increased Rate for each Increased Rate Period (as defined below). The Increased Rate means, for
any Increased Rate Period, the applicable Regular Dividend Rate or Step-Up Dividend Rate as in effect from time to time plus [&#149;]% per annum. An &#147;Increased Rate Period&#148; will commence (A)&nbsp;on a Dividend Payment Date for the VRRM-MFP
Shares if the Fund has failed to deposit with the Calculation and Paying Agent by 12:00 noon, New York City time, on such Dividend Payment Date, deposit securities that will provide funds available to the Calculation and Paying Agent on such
Dividend Payment Date sufficient to pay the full amount of any dividend on the VRRM-MFP Shares payable on such Dividend Payment Date (a &#147;Dividend Default&#148;), and continue to, but exclude, the Business Day on which such Dividend Default has
ended; (B)&nbsp;on an applicable Redemption Date for the VRRM-MFP Shares subject to redemption on such date if the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-26
</FONT></P>


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Fund has failed to deposit with the Calculation and Paying Agent by 12:00 noon, New York City time, on such Redemption Date, deposit securities that will provide funds available to the
Calculation and Paying Agent on such Redemption Date sufficient to pay the full amount of the Redemption Price payable in respect of such VRRM-MFP Shares on such Redemption Date (a &#147;Redemption Default&#148;), and continue to, but exclude, the
Business Day on which such Redemption Default has ended; and (C)&nbsp;(x) on the Business Day on which a court or other applicable governmental authority has made a final determination that for U.S. federal income tax purposes the VRRM-MFP Shares do
not qualify as equity in the Fund and (y)&nbsp;such determination results from an act or failure to act on the part of the Fund (a &#147;Tax Event&#148;) and continue so long as any VRRM-MFP Shares are outstanding. For the avoidance of doubt, no
determination by any court or other applicable governmental authority that requires the Fund to make an Additional Amount Payment in respect of a Taxable Allocation will be deemed to be a Tax Event. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Maximum Rate </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Maximum Rate for the VRRM-MFP Shares will be 15%&nbsp;per annum. Neither the Regular Dividend Rate, the Increased Rate nor the Step-Up Dividend Rate determined as set forth above may exceed the
Maximum Rate. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Taxable Allocations </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Holders of VRRM-MFP Shares shall be entitled to receive, when, as and if declared by the Board of Trustees of the Fund (the &#147;Board&#148;), out of funds legally available therefor in accordance with
applicable law, the Declaration of Trust and the Statement, additional dividends or other distributions payable in an amount or amounts equal to the aggregate Additional Amount Payments, as follows: </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Whenever the Fund intends or expects to include a Taxable Allocation in any dividend on VRRM-MFP Shares, the Fund shall, subject to paragraph
(b)&nbsp;below, (i)&nbsp;in addition to and in conjunction with the payment of such dividend, pay the Additional Amount Payment, payable in respect of the Taxable Allocation that was included as part of such dividend and (ii)&nbsp;notify the
Calculation and Paying Agent and the Remarketing Agent of the fact that a Taxable Allocation will be so included not later than fourteen (14)&nbsp;calendar days preceding the earliest date on which a dividend is declared with respect to which the
Taxable Allocation will relate (as provided in paragraph (d)&nbsp;below). Whenever such advance notice is received from the Fund, the Calculation and Paying Agent will, in turn, provide notice thereof to the Remarketing Agent, each holder and to
each beneficial owner or its Agent Member that has been identified in writing to the Calculation and Paying Agent. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Fund determines that a Taxable Allocation must be included in a dividend on <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares but
it is not practicable to pay any required Additional Amount Payment concurrently with such dividend as described in paragraph (a), then the Fund shall pay such Additional Amount Payment as soon as reasonably practicable and without reference to any
regular Dividend Payment Date. Similarly, if the Fund determines that a Taxable Allocation must be included in a dividend on VRRM-MFP Shares but it is not practicable to comply with the requirements for prior notice described in paragraph (a), then
the Fund shall provide notice thereof to the Calculation and Paying Agent and the Remarketing Agent as soon as practicable, but in any event prior to the end of the calendar year in which such dividend is paid. Whenever such notice is received from
the Fund, the Calculation and Paying Agent </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-27
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
will, in turn, provide notice thereof to each holder and each beneficial owner or its Agent Member that has been identified in writing to the Calculation and Paying Agent. For the avoidance of
doubt, this paragraph (b)&nbsp;is not intended to excuse the Fund&#146;s obligations described in paragraph (a), but rather to provide a mechanism for paying Additional Amount Payments and providing notice thereof under circumstances in which the
Fund may not become aware of the need to report a dividend as other than as wholly an exempt-interest dividend until it is not practicable to comply fully with paragraph (a). Moreover, the Fund shall not be considered to have failed to comply with
the notice provisions described in paragraph (a)(ii) to the extent that (i)&nbsp;the Fund&#146;s determination of whether a Taxable Allocation will be required cannot be made prior to the date on which notice would otherwise be required,
(ii)&nbsp;such Taxable Allocation cannot be made with respect to a later dividend because the current dividend is the last with respect to the Fund&#146;s taxable year, and (iii)&nbsp;the Fund timely complies with its obligations for notice
described in this paragraph (b)&nbsp;with respect to such events and Taxable Allocation. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding anything to the contrary in the Statement Supplement, the Fund shall not be required to make Additional Amount Payments with
respect to any net capital gains or ordinary income determined by the Internal Revenue Service to be allocable in a manner different from the manner used by the Fund. The Fund will promptly give notice to the Calculation and Paying Agent and the
Remarketing Agent of any such determination, with instructions to the Calculation and Paying Agent to forward such notice to each holder of affected VRRM-MFP Shares during the affected periods at such holder&#146;s address as the same appears or
last appeared on the record books of the Fund. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Fund determines that a Taxable Allocation will be made with respect to a dividend to be paid with respect to VRRM-MFP Shares on a date
specified for payment of dividends in arrears and notice of such Taxable Allocation is required as described in paragraph (a)(ii) or paragraph (b), to the extent possible the Fund will cause such Taxable Allocation to relate to the last day on which
dividends are declared that will be paid on such specified date (and, if the amount of the dividend declared on such last day is less than the Taxable Allocation, the immediately preceding day, with such process continuing to each preceding day in
the applicable Dividend Period until the full amount of the Taxable Allocation is exhausted) so that, to the extent possible, the dividends declared on the earlier dates will be reported entirely as exempt-interest dividends and only the dividends
declared with respect to such last day or preceding days will include a Taxable Allocation. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Additional Amount Payment&#148; means a payment to a beneficial owner of VRRM-MFP Shares of an amount which, when taken together
with the aggregate amount of Taxable Allocations made to such beneficial owner to which such Additional Amount Payment relates, would cause such beneficial owner&#146;s dividends in dollars (after regular U.S. federal income tax consequences in
respect of both the Taxable Allocations and Additional Amount Payment) from the aggregate of such Taxable Allocations and the related Additional Amount Payment to be equal to the dollar amount of the dividends that would have been received by such
beneficial owner if the amount of such aggregate Taxable Allocations would have been excludable (for regular U.S. federal income tax purposes) from the gross income of such beneficial owner. Such Additional Amount Payment shall be calculated
(i)&nbsp;without consideration being given to the time value of money; (ii)&nbsp;only taking into account the regular U.S. federal income tax with respect to dividends received from the Fund (that is, without giving effect to any other federal tax
based on income, such as (A)&nbsp;the alternative minimum tax or (B)&nbsp;the &#147;Medicare </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-28
</FONT></P>


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tax,&#148; which at the date hereof is imposed at the rate of 3.8% on the net investment income (which includes taxable dividends and net capital gains) of certain individuals, trusts and
estates); and (iii)&nbsp;assuming that each Taxable Allocation and each Additional Amount Payment (except to the extent such Additional Amount Payment is reported as an exempt-interest dividend for purposes of Section&nbsp;852(b)(5) of the Internal
Revenue Code of 1986, as amended (the &#147;Code&#148;) or successor provisions) would be taxable in the hands of each beneficial owner of VRRM-MFP Shares at the maximum marginal regular U.S. federal income tax rate (taking account of the U.S.
federal income tax deductibility of state and local taxes paid or incurred) applicable to ordinary income or net capital gains, as applicable, or the maximum marginal regular federal corporate income tax rate applicable to ordinary income or net
capital gains, as applicable, whichever is greater, in effect at the time such Additional Amount Payment is paid. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Agent
Member&#148; means a person with an account at DTC that holds one or more VRRM-MFP Shares through DTC, directly or indirectly, for a beneficial owner and that will be authorized and instructed, directly or indirectly, by a beneficial owner to
disclose information to the Calculation and Paying Agent with respect to such beneficial owner. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Taxable
Allocation&#148; means the allocation of any net capital gains or ordinary income taxable for regular U.S. federal income tax purposes to a dividend paid in respect of the VRRM-MFP Shares. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Restrictions on Dividends and Other Distributions </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Dividends on Preferred Shares.</I> Except as set forth in the next sentence, no dividends and other distributions shall be declared or paid or set apart for payment on the shares of any class or series
of shares of beneficial interest of the Fund ranking, as to the payment of dividends, on a parity with the VRRM-MFP Shares for any period unless full cumulative dividends and other distributions have been or contemporaneously are declared and paid
on the shares of all series of Preferred Shares through their most recent dividend payment date. When dividends and other distributions due are not paid in full upon the shares of all series of Preferred Shares through their most recent dividend
payment date or upon the shares of any other class or series of shares of beneficial interest of the Fund ranking on a parity as to the payment of dividends with the VRRM-MFP Shares through their most recent respective dividend payment dates, all
dividends declared and paid upon the VRRM-MFP Shares and any other such class or series of shares of beneficial interest ranking on a parity as to the payment of dividends with the VRRM-MFP Shares shall be declared and paid pro rata so that the
amount of dividends declared and paid per share on the Preferred Shares of such series and such other class or series of shares of beneficial interest shall in all cases bear to each other the same ratio that accumulated dividends per share on the
VRRM-MFP Shares and such other class or series of shares of beneficial interest bear to each other (for purposes of this sentence, the amount of dividends declared and paid per VRRM-MFP Share shall be based on the dividend rate for such share for
the dividend periods during which dividends were not paid in full). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Dividends and Other Distributions With Respect to
Common Shares Under the 1940 Act</I>. The Board shall not declare or pay any dividend or distribution (except a dividend payable in Common Shares) upon the Common Shares, or purchase or redeem or otherwise acquire for consideration any Common Shares
or pay any proceeds of the liquidation of the Fund in respect of any Common Shares, unless in every such case the Preferred Shares have, at the time of any such declaration or purchase, an asset coverage (as defined in and determined pursuant to the
1940 Act) of at least 200% (or such other asset coverage as may in the future be specified in or under the 1940 Act as the minimum asset </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-29
</FONT></P>


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coverage for senior securities which are shares of beneficial interest or stock of a closed-end investment company as a condition of declaring dividends on its common shares or common stock)
after deducting the amount of such dividend, distribution or purchase price, as the case may be. See &#147;&#151;Coverage and Leverage Tests&#148; below. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Other Restrictions on Dividends and Other Distributions. </I>For so long as any VRRM-MFP Shares are outstanding, and except as described above under &#147;&#151;Dividends on Preferred Shares&#148; and
&#147;Priority of Payment and Liquidation Preference,&#148; the Fund shall not declare, pay or set apart for payment any dividend or other distribution (other than a dividend or distribution paid in shares of, or in options, warrants or rights to
subscribe for or purchase, Common Shares or other shares, if any, ranking junior to the VRRM-MFP Shares as to the payment of dividends and the distribution of assets upon dissolution, liquidation or winding up) in respect of the Common Shares or any
other shares of the Fund ranking junior to or on a parity with the VRRM-MFP Shares as to the payment of dividends or the distribution of assets upon dissolution, liquidation or winding up, or call for redemption, redeem, purchase or otherwise
acquire for consideration any Common Shares or any other such junior shares (except by conversion into or exchange for shares of the Fund ranking junior to the VRRM-MFP Shares as to the payment of dividends and the distribution of assets upon
dissolution, liquidation or winding up), or any such parity shares (except by conversion into or exchange for shares of the Fund ranking junior to or on a parity with the Preferred Shares as to the payment of dividends and the distribution of assets
upon dissolution, liquidation or winding up), unless (i)&nbsp;full cumulative dividends on the VRRM-MFP Shares through the most recently ended dividend period therefor shall have been paid or shall have been declared and sufficient funds for the
payment thereof deposited with the Calculation and Paying Agent and (ii)&nbsp;the Fund has redeemed the full number of VRRM-MFP Shares required to be redeemed by any provision for mandatory redemption pertaining thereto. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Coverage and Leverage Tests </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Asset Coverage Requirements </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Under the 1940 Act, the Fund could issue
Preferred Shares, including VRRM-MFP Shares, with an aggregate liquidation value of up to one-half (50%)&nbsp;of the value of the Fund&#146;s total net assets, including any liabilities associated with borrowings, measured immediately after issuance
of the Preferred Shares. &#147;Liquidation value&#148; means the original purchase price of the shares being liquidated plus any accrued and unpaid dividends. In addition, the Fund is not permitted to declare any cash dividend or other distribution
on its Common Shares unless the liquidation value of the Preferred Shares is less than one-half (50%)&nbsp;of the value of the Fund&#146;s total net assets (determined after deducting the amount of such dividend or distribution) immediately after
the distribution. The Fund intends to purchase or redeem Preferred Shares, if necessary, to keep that percentage below 50%. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, the Fund is agreeing in the Statement Supplement to have &#147;Asset Coverage&#148; of at least 225% as of the close of
business on each Business Day. If the Fund shall fail to maintain such Asset Coverage as of the close of business on any Business Day, the provisions described below under &#147;Redemptions&#151;Asset Coverage Mandatory Redemption&#148; shall be
applicable, which provisions to the extent complied with shall constitute the sole remedy for the Fund&#146;s failure to comply with the Asset Coverage requirement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;Asset Coverage&#148; means asset coverage, as defined in Section&nbsp;18(h) of the 1940 Act as of the Date of Original Issuance, of at least 225%, with respect to all outstanding senior securities
of the Fund </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-30
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which are stock, including all outstanding VRRM-MFP Shares (or, in each case, if higher, such other asset coverage as may in the future be specified in or under the 1940 Act as the minimum asset
coverage for senior securities which are stock of a closed-end investment company as a condition of declaring dividends on its common shares or stock). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Calculation of Asset Coverage.</I> For purposes of determining whether the Asset Coverage requirement is satisfied, (i)&nbsp;no VRRM-MFP Shares or other Preferred Shares shall be deemed to be
outstanding for purposes of any required computation of Asset Coverage if, prior to or concurrently with such determination, sufficient deposit securities or other sufficient funds (in accordance with the terms of the VRRM-MFP Shares or other
Preferred Shares) to pay the full redemption price for the VRRM-MFP Shares or other Preferred Shares (or the portion thereof to be redeemed) shall have been deposited in trust with the paying agent for the VRRM-MFP Shares or other Preferred Shares
and the requisite notice of redemption for the VRRM-MFP Shares or other Preferred Shares (or the portion thereof to be redeemed) shall have been given, and (ii)&nbsp;the deposit securities or other funds that shall have been so deposited with the
applicable paying agent shall not be included as assets of the Fund for purposes of such computation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Effective Leverage
Ratio Requirement </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund is agreeing in the Statement Supplement that the Effective Leverage Ratio will not exceed 45%
(or 46% solely by reason of fluctuations in the market value of the Fund&#146;s portfolio securities) as of the close of business on any Business Day. If the Effective Leverage Ratio shall exceed the applicable percentage provided in the preceding
sentence as of any time as of which such compliance is required to be determined as aforesaid, the provisions described below under &#147;Redemptions&#151;Effective Leverage Ratio Mandatory Redemption&#148; shall be applicable, which provisions to
the extent complied with shall constitute the sole remedy for the Fund&#146;s failure to comply with the Effective Leverage Ratio requirement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Calculation of Effective Leverage Ratio.</I> For purposes of determining whether the effective leverage requirement is satisfied, the &#147;Effective Leverage Ratio&#148; on any date shall mean the
quotient of: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The sum of (A)&nbsp;the aggregate liquidation preference of the Fund&#146;s &#147;senior securities&#148; (as that term is defined in the 1940
Act) that are stock for purposes of the 1940 Act, excluding, without duplication, (1)&nbsp;any such senior securities for which the Fund has issued a notice of redemption and either has delivered deposit securities or sufficient funds (in accordance
with the terms of such senior securities) to the paying agent for such senior securities or otherwise has adequate deposit securities or sufficient funds on hand for the purpose of such redemption and (2)&nbsp;any such senior securities that are to
be redeemed with net proceeds from the sale of the VRRM-MFP Shares, for which the Fund has delivered deposit securities or sufficient funds (in accordance with the terms of such senior securities) to the paying agent for such senior securities or
otherwise has adequate deposit securities or sufficient funds on hand for the purpose of such redemption; (B)&nbsp;the aggregate principal amount of the Fund&#146;s &#147;senior securities representing indebtedness&#148; (as that term is defined in
the 1940 Act); and (C)&nbsp;the aggregate principal amount of floating rate securities not owned by the Fund that correspond to the associated inverse floating rate securities owned by the Fund; divided by </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-31
</FONT></P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The sum of (A)&nbsp;the market value of the Fund&#146;s total assets (including amounts attributable to senior securities, but excluding any
assets consisting of deposit securities or funds referred to in clauses (A)(1) and (A)(2) of paragraph (i)&nbsp;above), less the amount of the Fund&#146;s accrued liabilities (other than liabilities for the aggregate principal amount of senior
securities representing indebtedness), and (B)&nbsp;the aggregate principal amount of floating rate securities not owned by the Fund that correspond to the associated inverse floating rate securities owned by the Fund. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Redemptions </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Optional Redemption </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Subject to certain conditions, VRRM-MFP Shares may be redeemed on any Business Day, at the option of the Fund (in whole or from time to time, in part), out of funds legally available therefor, at the
Redemption Price per share. The &#147;Redemption Price&#148; per share is equal to the Liquidation Preference per VRRM-MFP Share plus an amount equal to all unpaid dividends and other distributions on such VRRM-MFP Share accumulated from and
including the Date of Original Issue to (but excluding) the Redemption Date (whether or not earned or declared by the Fund, but without interest thereon). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Term Mandatory Redemption </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund will redeem all outstanding VRRM-MFP
Shares on the Term Redemption Date at the aggregate Redemption Price. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">At least six months prior to the Term Redemption Date,
the Fund will earmark assets rated at least A- or the equivalent (and including deposit securities in an amount equal to 20% of the Liquidation Preference of all outstanding VRRM-MFP Shares, with 135 days remaining to the redemption date, increasing
to 100% with 15 days remaining) with a market value equal to at least 110% of the Liquidation Preference of all outstanding VRRM-MFP Shares until the redemption of all such outstanding VRRM-MFP Shares. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Failed Remarketing Mandatory Redemption </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund will redeem all outstanding VRRM-MFP Shares at the aggregate Redemption Price on the Failed Remarketing Mandatory Redemption Date, if a Failed Remarketing Period shall have commenced and be
continuing for 365 days, or, if earlier, on the Term Redemption Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">At least six months prior to the Failed Remarketing
Mandatory Redemption Date, if any, the Fund will earmark assets rated at least A- or the equivalent (and including deposit securities in an amount equal to 20% of the Liquidation Preference of all outstanding VRRM-MFP Shares, with 135&nbsp;days
remaining to the redemption date, increasing to 100% with 15 days remaining) with a Market Value equal to at least 110% of the Liquidation Preference of all outstanding VRRM-MFP Shares until the redemption of all such outstanding VRRM-MFP Shares.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Similarly, under the terms of each series of the Fund&#146;s outstanding VRDP Shares that has the benefit of a purchase
obligation provided by a liquidity provider, if the liquidity provider or its designee acquires any VRDP Shares of the applicable series pursuant to its purchase obligation (i.e., as </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-32
</FONT></P>


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a result of a failed remarketing or a mandatory purchase event) and continues to be the beneficial owner for U.S. federal income tax purposes of such purchased VRDP Shares for a six-month period
during which such purchased VRDP Shares cannot be successfully remarketed, the Fund will redeem such purchased VRDP Shares at the end of such period; provided, that, among other things, as of the date of redemption, the liquidity provider has
affirmed to the Fund that it is in compliance with its purchase obligation, to the extent that any VRDP Shares of the applicable series are outstanding and held by persons other than the liquidity provider or its designee. During the continuation of
the six-month period with respect to any such purchased VRDP Shares, the Fund will be required to earmark assets rated at least A- or the equivalent (which earmarked assets are required to include deposit securities in an amount equal to 20% of the
liquidation preference of such purchased VRDP Shares, with 135 days remaining to the redemption date, increasing to 100%, with 15 days remaining) with a market value equal to at least 110% of the liquidation preference of such purchased VRDP Shares,
until the earlier of the successful remarketing or redemption of such purchased VRDP Shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the event that the Fund
issues Preferred Shares the terms of which require the Fund to commence earmarking deposit securities earlier than 135 days prior to the redemption date or on a more accelerated schedule relative to the schedule of 135 days to 15 days prior to the
redemption date required under the terms of the VRRM-MFP Shares, the Fund will provide notice thereof to the holders of the VRRM-MFP Shares promptly following such issuance. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Asset Coverage Mandatory Redemption </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Fund fails to have Asset
Coverage of at least 225% as of the close of business on any Business Day (meaning a day (a)&nbsp;other than a day on which commercial banks in The City of New York, New York are required or authorized by law or executive order to close and
(b)&nbsp;on which the New York Stock Exchange is not closed) on which such Asset Coverage is required to be calculated of each month and such failure is not cured as of thirty (30)&nbsp;calendar days following such Business Day (the &#147;Asset
Coverage Cure Date&#148;), the Fund will proceed to redeem such number of Preferred Shares as determined by the Fund (which may include at the sole option of the Fund any number or proportion of VRRM-MFP Shares) as shall be no fewer than
(x)&nbsp;the minimum number of Preferred Shares, the redemption of which, if deemed to have occurred immediately prior to the opening of business on the Asset Coverage Cure Date, would result in the Fund having Asset Coverage on such Asset Coverage
Cure Date of at least 225% (provided, however, that if there is no such minimum number of <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares and other Preferred Shares the redemption or retirement of which would have such result, all VRRM-MFP
Shares and other Preferred Shares then outstanding shall be redeemed), or more than (y)&nbsp;the maximum number of Preferred Shares that can be redeemed out of funds expected to be legally available therefor in accordance with the Declaration of
Trust and applicable law. In the event that any VRRM-MFP Shares then outstanding are to be redeemed, the Fund will redeem such VRRM-MFP Shares at a price per VRRM-MFP Share equal to the Redemption Price on the Redemption Date therefor. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Effective Leverage Ratio Mandatory Redemption </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">If the Effective Leverage Ratio of the Fund exceeds 45% as of the close of business on any Business Day on which such ratio is required to be calculated and such failure is not cured as of the close of
business on the date that is seven Business Days following the Business Day on which such non-compliance is first determined, the Fund will cause the Effective Leverage Ratio to not exceed 45% by (x)&nbsp;engaging in transactions involving or
relating to the floating rate securities not owned by </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-33
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the Fund and/or the inverse floating rate securities owned by the Fund, including the purchase, sale or retirement thereof, (y)&nbsp;proceeding with redeeming a sufficient number of Preferred
Shares, which at the Fund&#146;s sole option may include any number or proportion of VRRM-MFP Shares, in accordance with the terms of such series, or (z)&nbsp;engaging in any combination of the actions contemplated by (x)&nbsp;and (y)&nbsp;above. In
the event that any VRRM-MFP Shares then outstanding are to be redeemed, the Fund will redeem such VRRM-MFP Shares at a price per VRRM-MFP Share equal to the Redemption Price on the Redemption Date thereof. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any optional or mandatory redemption of VRRM-MFP Shares by the Fund shall be done in accordance with the requirements of the Statement
and Statement Supplement and the provisions of the 1940 Act and rules thereunder, including Rule 23c-2. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Ratings </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund expects that at the Date of Original Issue, the VRRM-MFP Shares will have a <FONT STYLE="white-space:nowrap">long-term</FONT>
rating from [&#149;] and a long-term credit rating from [&#149;]. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">There can be no assurance that the Fund will maintain any
ratings of the VRRM-MFP Shares or, if at any time the VRRM-MFP Shares have one or more ratings, that any particular ratings will be maintained. The Fund may, at any time, replace a Rating Agency or terminate the services of any Rating Agencies then
providing a rating for the VRRM-MFP Shares without replacement, in either case, without the vote, approval or consent of holders of VRRM-MFP Shares or other shareholders of the Fund. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, the Rating Agency guidelines adopted by the Fund in connection with a Rating Agency&#146;s rating the VRRM-MFP Shares may be
changed or eliminated at any time without the approval of the VRRM-MFP shareholders or other shareholders of the Fund, including in connection with the change or elimination of any or all long-term ratings of the VRRM-MFP Shares. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">An explanation of the significance of ratings may be obtained from the Rating Agencies. Generally, Rating Agencies base their ratings on
such material and information, and such of their own investigations, studies and assumptions, as they deem appropriate. The ratings of the VRRM-MFP Shares should be evaluated independently from similar ratings of other securities. A rating of a
security is not a recommendation to buy, sell or hold securities and may be subject to review, revision, suspension, reduction or withdrawal at any time by the assigning Rating Agency. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">See &#147;Risk Factors&#151;Ratings and Asset Coverage Risk.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Voting Rights </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except as otherwise provided in the Declaration of Trust or
as otherwise required by law, (i)&nbsp;each holder of VRRM-MFP Shares will be entitled to one vote for each VRRM-MFP Share held by such holder on each matter submitted to a vote of shareholders of the Fund, and (ii)&nbsp;the holders of outstanding
Preferred Shares, including each VRRM-MFP Share, and of Common Shares will vote together as a single class; provided, however, that the holders of outstanding Preferred Shares, including VRRM-MFP Shares, voting as a class, to the exclusion of the
holders of all other securities and classes of shares of beneficial interest of the Fund, will be entitled to elect two trustees of the Fund at all times, each Preferred Share, including each VRRM-MFP Share, entitling the holder thereof to
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-34
</FONT></P>


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one vote. The holders of outstanding Common Shares and Preferred Shares, including VRRM-MFP Shares, voting together as a single class, will elect the balance of the trustees. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If at any time dividends (whether or not earned or declared) on any outstanding Preferred Shares, including the VRRM-MFP Shares, will be
due and unpaid in an amount equal to at least two full years&#146; dividends thereon, and sufficient cash or specified securities have not been deposited with the Calculation and Paying Agent for the payment of such dividends, then, as the sole
remedy of holders of outstanding Preferred Shares, including VRRM-MFP Shares, the number of trustees constituting the Board will be automatically increased by the smallest number that, when added to the two trustees elected exclusively by the
holders of Preferred Shares, including VRRM-MFP Shares, as described above, would constitute a majority of the Board as so increased by such smallest number, and at a special meeting of shareholders which will be called and held as soon as
practicable, and at all subsequent meetings at which trustees are to be elected, the holders of Preferred Shares, including VRRM-MFP Shares, voting as a separate class, will be entitled to elect the smallest number of additional trustees that,
together with the two trustees which such holders will be in any event entitled to elect, constitutes a majority of the total number of trustees of the Fund as so increased. The terms of office of the persons who are trustees at the time of that
election will continue. If the Fund thereafter pays, or declares and sets apart for payment, in full, all dividends payable on all outstanding Preferred Shares, including VRRM-MFP Shares, the voting rights stated in the second preceding sentence
will cease, and the terms of office of all of the additional trustees elected by the holders of Preferred Shares, including VRRM-MFP Shares (but not of the trustees with respect to whose election the holders of Common Shares were entitled to vote or
the two trustees the holders of Preferred Shares have the right to elect in any event), will terminate automatically. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except
as otherwise permitted by the terms of the Statement, so long as any VRRM-MFP Shares are outstanding, the Fund shall not, without the affirmative vote or consent of the holders of at least a majority of the VRRM-MFP Shares outstanding at the time,
voting together as a separate class, amend, alter or repeal the provisions of the Declaration of Trust or the Statement, whether by merger, consolidation or otherwise, (x)&nbsp;to modify certain terms of the Statement relating to ranking,
limitations on Mode changes, restrictions on dividends and other distributions, the Fund&#146;s obligation to redeem all outstanding VRRM-MFP Shares on the Term Redemption Date, liquidation rights or limitations on amendments to the Statement or
(y)&nbsp;so as to materially and adversely affect any preference, right or power of such VRRM-MFP Shares or the holders thereof; provided, however, that (i)&nbsp;a change in the capitalization of the Fund through the permitted issuance of additional
Preferred Shares hereof shall not be considered to materially and adversely affect the rights and preferences of the VRRM-MFP Shares, (ii)&nbsp;a division of a VRRM-MFP Share shall be deemed to materially and adversely affect such preferences,
rights or powers only if the terms of such division materially and adversely affect the holders of the VRRM-MFP Shares and (iii)&nbsp;a Statement supplement establishing terms and conditions for a new Mode in accordance with the Statement or a
modification of a Statement supplement then in effect in accordance with the Statement shall not be considered to materially and adversely affect the rights and preferences of the VRRM-MFP Shares. For purposes of the foregoing, no other matter shall
be deemed to materially and adversely affect any preference, right or power of a VRRM-MFP Share or the holder thereof unless such matter (i)&nbsp;reduces or abolishes any preferential right of such <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT>
Share or (ii)&nbsp;reduces or abolishes any applicable right in respect of redemption of such VRRM-MFP Share (other than solely as a result of a division of a VRRM-MFP Share or as provided in the Statement supplement designating such Mode in
accordance with the Statement). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-35
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2">So long as any VRRM-MFP Shares are outstanding, the Fund shall not,
without the affirmative vote or consent of at least
66</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;2</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">/</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">3</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">% of the holders of the VRRM-MFP Shares outstanding at the time, voting
as a separate class, file a voluntary application for relief under federal bankruptcy law or any similar application under state law for so long as the Fund is solvent and does not foresee becoming insolvent. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Additionally, notwithstanding the foregoing, (1)&nbsp;(x)&nbsp;no extension of the Term Redemption Date or (y)&nbsp;reduction or repeal
of the Liquidation Preference of the VRRM-MFP Shares that adversely affects the rights of the holders of the VRRM-MFP Shares relative to each other or any other shares of the Fund shall be effected without, in each case, the prior unanimous vote or
consent of the holders of the VRRM-MFP Shares, and (2)&nbsp;no change reducing the amount or extending the timing of any payment due on the VRRM-MFP Shares or adversely affecting the taxability of any payments due on the VRRM-MFP Shares under the
Statement Supplement in effect, in each case, other than in accordance with the terms of such Statement supplement, or to the obligation of the Fund to (x)&nbsp;pay the Redemption Price on any Redemption Date or (y)&nbsp;accumulate dividends at the
Dividend Rate for, or other required distributions on, the VRRM-MFP Shares, shall be effected without, in each case, the prior unanimous vote or consent of the holders of the VRRM-MFP Shares. No vote of the holders of Common Shares shall be required
to amend, alter or repeal the provisions of the Statement, including any Statement supplement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unless a higher percentage is
provided for in the Declaration of Trust, the affirmative vote of the holders of at least a &#147;majority of the Outstanding Preferred Shares,&#148; including VRRM-MFP Shares, outstanding at the time, voting as a separate class, shall be required
to approve (A)&nbsp;any conversion of the Fund from a closed-end to an open-end investment company, (B)&nbsp;any plan of reorganization (as such term is used in the 1940 Act) adversely affecting such shares and (C)&nbsp;any other action requiring a
vote of security holders of the Fund under Section&nbsp;13(a) of the 1940 Act. For purposes of the foregoing, &#147;majority of the Outstanding Preferred Shares&#148; means (i)&nbsp;67% or more of such shares present at a meeting, if the holders of
more than 50% of such shares are present or represented by proxy, or (ii)&nbsp;more than 50% of such shares, whichever is less. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except as otherwise required by the 1940 Act, other applicable law or the Declaration of Trust, (i)&nbsp;whenever a vote of holders of
VRRM-MFP Shares is otherwise required by the Statement, holders of outstanding VRRM-MFP Shares will be entitled as a series, to the exclusion of the holders of all other shares, including other Preferred Shares, Common Shares and other classes of
shares of beneficial interest of the Fund, to vote on matters affecting VRRM-MFP Shares only and (ii)&nbsp;holders of outstanding VRRM-MFP Shares will not be entitled to vote on matters affecting any other Preferred Shares that do not adversely
affect any of the rights of holders of VRRM-MFP Shares, as expressly set forth in the Declaration of Trust and the Statement. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding the foregoing, nothing in the Statement is intended in any way to limit the ability of the Board of Trustees to amend or
alter other provisions of the Statement or any Statement supplement, without the vote, approval or consent of any holder of VRRM-MFP Shares, or any other shareholder of the Fund, as otherwise provided in the Statement or any such Statement
supplement; provided, that nothing in the Statement or any Statement supplement shall be deemed to preclude or limit the right of the Fund (to the extent permitted by applicable law) to contractually agree with any holder or beneficial owner of
VRRM-MFP Shares with regard to any special rights of such holder or beneficial owner with respect to its investment in the Fund. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-36
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the event that the Fund fails to pay any dividends on the VRRM-MFP Shares, the sole
remedy of the holders under the Statement, without limitation of any rights to payment of such dividends or other rights under the Declaration of Trust, the Statement (including the Statement Supplement) and applicable law, shall be the right to
vote for trustees pursuant to the provisions of the Statement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Mode Change </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund, at its option, may terminate the Variable Rate Remarketed Mode and change the VRRM-MFP Shares to a new Mode with different
terms (a &#147;Mode Change&#148;) by delivering a notice of Mode change (a &#147;Mode Change Notice&#148;) by electronic means to the Remarketing Agent and the Calculation and Paying Agent and by overnight delivery, by first class mail, postage
prepaid or by electronic means to the holders of the VRRM-MFP Shares. The Mode Change Notice shall be provided not more than forty-five (45)&nbsp;calendar days and not less than ten (10)&nbsp;Business Days prior to the termination date for the
Variable Rate Remarketed Mode specified in such Mode Change Notice. The Fund may provide in any Mode Change Notice that such Mode change is subject to one or more conditions precedent and that the Fund will not be required to effect such change
unless each such condition has been satisfied at the time or times and in the manner specified in such Mode Change Notice. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In
connection with a Mode change, the Fund, subject to compliance with the terms and conditions of the Statement and Statement Supplement then in effect, without the vote or consent of any holder of VRRM-MFP Shares, may establish terms for the new Mode
that differ from those of the Variable Rate Remarketed Mode, including, but not limited to, with respect to: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the dividend rate (which may be fixed or floating); </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">if the dividend may be determined by reference to an index, formula or other method, the manner in which it will be determined, the index rate or
formula, the index maturity, the index multiplier, if any, the spread, if any, the spread multiplier, if any, the rate determination date(s), the dividend reset date(s), the dividend reset period(s), the minimum or maximum dividend rate, the day
count convention, the dividend period(s) and other dividend-related terms; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">optional tender provisions and/or mandatory tender provisions; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a liquidity facility or other credit enhancement, including provisions for mandatory purchase by the provider of the liquidity facility or credit
enhancement; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">redemption provisions. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding the foregoing, the Fund may not use the Mode change provisions to modify the provisions of the Statement or the Statement Supplement governing ranking, preemptive rights, voting rights,
restrictions on dividends and other distributions, the term redemption date, restrictions on redemptions if the Fund is not current on paying accumulated and unpaid dividends, compliance with applicable law in connection with redemptions,
liquidation rights or restrictions on amendments or supplements to the Statement or the Statement Supplement, or to modify any terms affecting the parity ranking of the VRRM-MFP Shares relative to any other series of Preferred Shares of the Fund at
any time outstanding with respect to dividends or distributions of assets upon dissolution, liquidation or winding up of the affairs of the Fund. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-37
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Following delivery of the Mode Change Notice, all outstanding VRRM-MFP Shares automatically
will be subject to mandatory tender for remarketing and delivered to the Calculation and Paying Agent for delivery to the Remarketing Agent, or directly to the Remarketing Agent, for sale to, and purchase by, purchasers in the remarketing on the New
Mode Commencement Date, in the event of a successful remarketing. All tendered VRRM-MFP Shares will be remarketed at the Purchase Price of such VRRM-MFP Shares. VRRM-MFP shareholders will not have the right to retain their <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares in the event of a transition to a new Mode. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the event of a successful
remarketing, the Variable Rate Remarketed Mode will terminate, and the new Mode will commence. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the remarketing for
transition to a new Mode is not successful, a &#147;Failed Remarketing Event&#148; shall have occurred. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the event that a
Failed Remarketing Event occurs, the new Mode designated by the relevant Mode Change Notice will not be established. In such event, the Variable Rate Remarketed Mode will continue in the form determined by the Fund&#146;s election made as described
in the following paragraph, a Failed Remarketing Period will commence and the Dividend Rate will be the Step-Up Dividend Rate. All tendered VRRM-MFP Shares will be returned to the relevant tendering holders. Upon the occurrence of a Failed
Remarketing Event, all outstanding VRRM-MFP Shares will become subject to mandatory redemption on the related Failed Remarketing Mandatory Redemption Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">By not later than the Business Day immediately following the occurrence of a Failed Remarketing Event, the Fund will make an election, and provide notice thereof in writing by electronic means to the
holders, the Remarketing Agent and the Calculation and Paying Agent, to either (i)&nbsp;cancel the related attempted transition to a new Mode, in which case the provisions relating to a mandatory tender for remarketing due to a Failed Remarketing
Event will apply to the Failed Remarketing Period, or (ii)&nbsp;continue to attempt to transition to a new Mode, in which case the Fund will continue to use its reasonable best efforts to successfully establish a new Mode for the VRRM-MFP Shares
and, in connection with each such attempt, may designate by a Mode Change Notice a new Mode with new or different terms, until (x)&nbsp;a new Mode is established, (y)&nbsp;the Fund makes a new election to cancel the attempted Mode transition as
provided in clause (i)&nbsp;above in connection with a subsequent failure to establish a new Mode, or (z)&nbsp;no VRRM-MFP Shares remain outstanding. If a subsequent Failed Remarketing Event occurs in connection with the remarketing relating to such
continued attempt to establish a new Mode, any such Failed Remarketing Event will not alter the Failed Remarketing Period, the Failed Remarketing Mandatory Redemption Date or the Step-Up Dividend Rate. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the event that, within the Failed Remarketing Period, (i)&nbsp;if the Fund shall have made the election set forth in clause
(i)&nbsp;of the preceding paragraph, all (but not less than all) of the VRRM-MFP Shares are successfully remarketed pursuant to a mandatory tender for remarketing due to a Failed Remarketing Event, or (ii)&nbsp;if the Fund shall have made the
election set forth in clause (ii)&nbsp;of the preceding paragraph, the Fund successfully establishes a new Mode, the Failed Remarketing Period will terminate, the VRRM-MFP Shares will not be subject to redemption on the related Failed Remarketing
Mandatory Redemption Date and, as applicable, the Variable Rate Remarketed Mode will continue or the VRRM-MFP Shares will be subject to the terms established for the new Mode. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrrmprosup656069_8"></A>TAX MATTERS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Because the discussion below is general in nature and does not address all of the tax consequences of holding the VRRM-MFP Shares and
because the tax laws governing the VRRM-MFP Shares are complex, you are encouraged to consult your tax advisor about the tax consequences of investing in the VRRM-MFP Shares under your particular circumstances before making an investment.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The discussion below is the opinion of Sidley Austin LLP (&#147;Tax Counsel&#148;) on the anticipated U.S. federal income tax
consequences to United States persons (as defined by section 7701(a)(30) of the Code) of acquiring, holding and disposing of the VRRM-MFP Shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Tax Counsel&#146;s opinion is based on the current provisions and interpretations of the Code and the accompanying Treasury regulations and on current judicial and administrative rulings. All of these
authorities are subject to change and any change can apply retroactively. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Upon issuance of the VRRM-MFP Shares, and subject
to certain assumptions and conditions, and based upon certain representations made by the Fund, including representations regarding the nature of the Fund&#146;s assets and the conduct of the Fund&#146;s business, it is Tax Counsel&#146;s opinion
that for U.S. federal income tax purposes (1)&nbsp;the Fund will qualify as a regulated investment company under the Code, (2)&nbsp;the VRRM-MFP Shares will qualify as stock in the Fund, and (3)&nbsp;distributions made with respect to the VRRM-MFP
Shares will qualify as exempt-interest dividends to the extent properly reported by the Fund and not otherwise limited under Section&nbsp;852(b)(5)(A) of the Code (under which the total amount of dividends that may be treated as exempt-interest
dividends is limited, based on the total amount of tax-exempt income generated by the Fund). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investors should be aware that
Tax Counsel&#146;s opinion is not binding on the Internal Revenue Service or any court. See the discussions below under the caption &#147;&#151;Treatment of VRRM-MFP Shares as Stock.&#148; In addition, the Fund&#146;s qualification and taxation as a
regulated investment company depends upon the Fund&#146;s ability to meet on a continuing basis, through actual annual operating results, certain requirements in the federal tax laws. Tax Counsel will not review the Fund&#146;s compliance with those
requirements. Accordingly, no assurance can be given that the actual results of the Fund&#146;s operations for any particular taxable year will satisfy such requirements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Tax Act Changes</I>. Numerous changes to the U.S. federal income tax laws have been made by the recently enacted legislation commonly referred to as the &#147;Tax Cuts and Jobs Act&#148; (the &#147;Tax
Act&#148;). Among other changes, the Tax Act temporarily replaces the individual tax rate structure, which includes a reduction in the highest marginal rate applicable to individuals, estates and trusts. The Tax Act eliminates the graduated
corporate tax rate structure and instead taxes domestic corporate taxable income at 21%. It also modifies the individual alternative minimum tax and repeals the corporate alternative minimum tax. In general, these changes are effective for taxable
years beginning after December&nbsp;31, 2017. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund cannot predict the long-term impact of the Tax Act on an investment in
the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares and the effect of any administrative and judicial interpretations of the Tax Act. Prospective investors in the VRRM-MFP Shares are urged to consult their tax advisors regarding the effect
of the Tax Act and other potential changes to the U.S. federal tax laws on their investment. </FONT></P>
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</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Qualification and Taxation of the Fund</I>. The Fund intends to continue to qualify as a
regulated investment company under Subchapter M of the Code, and intends to distribute substantially all of its net income and gains to its shareholders. Therefore, it is not expected that the Fund will be subject to any U.S. federal income tax to
the extent its earnings are so distributed. To qualify under Subchapter M for tax treatment as a regulated investment company, the Fund must, among other requirements: (a)&nbsp;distribute to its shareholders at least 90% of the sum of (i)&nbsp;its
investment company taxable income (as that term is defined in the Code) determined without regard to the deduction for dividends paid and&nbsp;(ii)&nbsp;its net tax-exempt income (the excess of its gross tax-exempt interest income over certain
disallowed deductions) and (b)&nbsp;diversify its holdings so that, at the end of each fiscal quarter of the Fund (i)&nbsp;at least 50% of the market value of the Fund&#146;s total assets is represented by cash, cash items, U.S. Government
securities, securities of other regulated investment companies, and other securities, with these other securities limited, with respect to any one issuer, to an amount not greater in value than 5% of the Fund&#146;s total assets, and to not more
than 10% of the outstanding voting securities of such issuer, and (ii)&nbsp;not more than 25% of the market value of the Fund&#146;s total assets is invested in the securities of any one issuer (other than U.S. Government securities or securities of
other regulated investment companies), two or more issuers (other than securities of other regulated investment companies) controlled by the Fund and engaged in the same, similar or related trades or businesses or one or more qualified publicly
traded partnerships. In meeting these requirements of Subchapter M of the Code, the Fund may be restricted in the utilization of certain of the investment techniques described under &#147;The Fund&#146;s Investments&#148; in the prospectus. If in
any year the Fund should fail to qualify under Subchapter M for tax treatment as a regulated investment company and not cure such failure, the Fund would incur a regular federal corporate income tax on its taxable income for that year, and
distributions to its shareholders would be taxable to such holders as ordinary income to the extent of the earnings and profits of the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">A regulated investment company that fails to distribute, by the close of each calendar year, an amount equal to the sum of 98% of its ordinary taxable income for such year and 98.2% of its capital gain
net income for the one year period ending October&nbsp;31 in such year, <I>plus</I> any shortfalls from the prior year&#146;s required distribution, is liable for a 4% excise tax on the excess of the required distribution for such calendar year over
the distributed amount for such calendar year. To avoid the imposition of this excise tax, the Fund generally intends to make the required distributions of its ordinary taxable income, if any, and its capital gain net income, to the extent possible,
by the close of each calendar year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Treatment of VRRM-MFP Shares as Stock</I>. In order for any distributions to owners of
the Fund&#146;s VRRM-MFP Shares to be eligible to be treated as exempt-interest dividends, the VRRM-MFP Shares must be classified as stock for U.S. federal income tax purposes. The Investment Adviser believes and, as discussed above, it is Tax
Counsel&#146;s opinion that, the VRRM-MFP Shares will qualify as stock in the Fund for U.S. federal income tax purposes.&nbsp;By acquiring VRRM-MFP Shares, an investor agrees to treat the VRRM-MFP Shares as stock for U.S. federal income tax
purposes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Distributions on VRRM-MFP Shares</I>. A VRRM-MFP shareholder will be required to report the dividends declared
by the Fund for each day on which such VRRM-MFP shareholder is the shareholder of record. Distributions, if any, in excess of the Fund&#146;s earnings and profits will first reduce the adjusted tax basis of a shareholder&#146;s shares and, after
that basis has been reduced to zero, will constitute capital gain to the shareholder (assuming the shares are held as a capital asset). As long as the Fund qualifies as a regulated investment company under the Code, no part of its distributions to
shareholders will qualify for the dividends received deduction available to corporate shareholders. </FONT></P>
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</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Tax Character of Distributions </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>In General</U>. The tax character of the Fund&#146;s distributions in the hands of the Fund&#146;s shareholders will be determined
primarily by the tax character of the Fund&#146;s underlying income. Although the Fund expects that most of its income will be tax-exempt, some of the Fund&#146;s income may be taxable as capital gains or ordinary income. In addition, although the
Fund expects that under normal circumstances it will not invest in municipal bonds the interest on which is subject to the federal alternative minimum tax, at times a portion of the Fund&#146;s tax-exempt income may be subject to the federal
alternative minimum tax. The Internal Revenue Service requires a regulated investment company that has two or more classes of shares outstanding to designate to each such class proportionate amounts of each type of its income for each tax year based
upon the percentage of total dividends distributed to each class for such year. The Fund intends each year to allocate, to the fullest extent practicable, net tax-exempt interest, net capital gain and ordinary income, if any, between its Common
Shares and Preferred Shares, including the VRRM-MFP Shares, in proportion to the total dividends paid to each class with respect to such year. To the extent permitted under applicable law, the Fund reserves the right to make special allocations of
income within a class, consistent with the objectives of the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Exempt-Interest Dividends</U>. The Fund intends to
qualify to pay exempt-interest dividends, as defined in the Code, on its Common Shares and Preferred Shares, including the VRRM-MFP Shares, by satisfying the requirement that at the close of each quarter of its taxable year, at least 50% of the
value of its total assets consists of tax-exempt municipal bonds. Exempt-interest dividends are dividends paid by the Fund that are attributable to interest on municipal bonds and are so designated by the Fund. The Fund intends to invest primarily
in municipal bonds the income of which is otherwise exempt from regular U.S. federal income tax, the federal alternative minimum tax. Thus, substantially all of the Fund&#146;s dividends to the common shareholders and VRRM-MFP shareholders will
qualify as exempt-interest dividends. Exempt-interest dividends will be exempt from U.S. federal income tax, subject to the possible application of the federal alternative minimum tax. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Exempt-Interest Dividends Subject to the Federal Alternative Minimum Tax</U>. Subject to the changes made to the Tax Act, discussed
below, Federal tax law imposes a federal alternative minimum tax with respect to corporations, individuals, trusts and estates. Interest on certain municipal securities, such as bonds issued to make loans for housing purposes or to private entities
(but not to certain <FONT STYLE="white-space:nowrap">tax-exempt</FONT> organizations such as universities and non-profit hospitals) is included as an item of tax preference in determining the amount of a taxpayer&#146;s alternative minimum taxable
income. To the extent that the Fund receives income from municipal securities subject to the federal alternative minimum tax, a portion of the dividends paid by it, although otherwise exempt from U.S. federal income tax, will be taxable to its
shareholders to the extent that their tax liability is determined under the federal alternative minimum tax. The Fund will annually supply a report indicating the percentage of the Fund&#146;s income attributable to municipal securities subject to
the federal alternative minimum tax. In addition, for certain corporations, alternative minimum taxable income is increased by 75% of the difference between an alternative measure of income (&#147;adjusted current earnings&#148;) and the amount
otherwise determined to be the alternative minimum taxable income. Interest on all municipal securities, and therefore all distributions by the Fund that would otherwise be tax-exempt, is included in calculating a corporation&#146;s adjusted current
earnings. Certain small corporations are not subject to the federal alternative minimum tax. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-41
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Tax Act repeals the corporate alternative minimum tax effective for taxable years
beginning after December&nbsp;31, 2017. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Dividends Attributable to Ordinary Income and Capital Gains</U>. Distributions to
shareholders by the Fund of net income received, if any, from taxable temporary investments and net short-term capital gains, if any, realized by the Fund will be taxable to its shareholders as ordinary income. In addition, gains of the Fund that
are attributable to market discount on municipal securities will be treated as ordinary income. Distributions by the Fund of net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss), if any, are taxable
as long-term capital gain regardless of the length of time the shareholder has owned Common Shares or VRRM-MFP Shares of the Fund. The amount of capital gains and ordinary income allocable to the Fund&#146;s VRRM-MFP Shares will depend upon the
amount of such income realized by the Fund, but is not generally expected to be significant. Except for dividends paid on VRRM-MFP Shares that include an allocable portion of any net capital gain or ordinary income, the Fund anticipates that all
other dividends paid on VRRM-MFP Shares will constitute exempt-interest dividends for U.S. federal income tax purposes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If
the Fund allocates any net capital gain or ordinary income for regular U.S. federal income tax purposes to a dividend on VRRM-MFP Shares, the Fund has agreed as set forth in the Statement Supplement to make certain payments to holders of VRRM-MFP
Shares to offset the regular U.S. federal income tax effect thereof. In addition, the Fund has agreed as set forth in the Statement Supplement in certain circumstances to provide notice of the amount of any allocation prior to the date such dividend
is declared. See &#147;Description of VRRM-MFP Shares&#151;Dividends&#151;Taxable Allocations.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Sales, Exchanges and
Other Dispositions of VRRM-MFP Shares</I>. On the sale or other disposition of VRRM-MFP Shares (other than redemptions, the rules for which are described below under the caption &#147;&#151;Redemptions of VRRM-MFP Shares&#148;), the amount paid for
the seller&#146;s right to any dividends that are accumulated but unpaid at the time of such sale or other disposition will be treated as dividends and subject to the rules described above under the caption &#147;&#151;Tax Character of
Distributions.&#148; The balance of the amount paid, will generally be treated as (1)&nbsp;capital gain to the extent it exceeds the seller&#146;s basis in the VRRM-MFP Shares, and (2)&nbsp;capital loss to the extent it is less than the
seller&#146;s basis in the VRRM-MFP Shares. In the case of corporate taxpayers, current law taxes both long-term and short-term capital gains at the rates applicable to ordinary income. In the case of non-corporate taxpayers, current law taxes
short-term capital gains and ordinary income at a maximum rate of 37% and long-term capital gains at a maximum rate of 20%. In addition, because of certain limitations on itemized deductions and the deduction for personal exemptions, the effective
rate of tax may be higher in certain circumstances. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the case of a taxpayer that is an individual, estate or trust, and for
taxable years starting after December&nbsp;31, 2017 and before January&nbsp;1, 2026, the Tax Act disallows &#147;miscellaneous itemized deductions&#148; within the meaning of Code Section&nbsp;67, repeals the personal exemption and suspends the
general limitation imposed on itemized deductions by Code Section&nbsp;68. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Losses realized by a shareholder on the sale or
exchange of VRRM-MFP Shares held for six months or less are disallowed to the extent of any distribution of exempt-interest dividends received (or deemed received on a sale) with respect to such shares, and, if not disallowed, such losses are
treated as long-term capital losses to the extent of any distribution of long-term capital gain received with respect to such shares. </FONT></P>
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</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any loss realized on a sale or exchange of VRRM-MFP Shares will be disallowed to the extent
those shares are replaced by other shares within a period of 61 days beginning 30 days before and ending 30 days after the date of disposition of the original shares. In that event, the basis of the replacement shares of the Fund will be adjusted to
reflect the disallowed loss. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Redemptions of VRRM-MFP Shares</I>. The Fund may, at its option, redeem VRRM-MFP Shares in
whole or in part, or be required to redeem all of the outstanding VRRM-MFP Shares on a Failed Remarketing Mandatory Redemption Date, and will be required to redeem Preferred Shares, which may include VRRM-MFP Shares, in which event the redemption
will be made from all VRRM-MFP shareholders pro rata, or by lot or other fair method, to the extent required to maintain Asset Coverage or comply with the Effective Leverage Ratio. Gain or loss, if any, resulting from a redemption of the VRRM-MFP
Shares will be taxed as gain or loss from the sale or exchange of the VRRM-MFP Shares under Section&nbsp;302 of the Code rather than as a dividend, but only if the redemption distribution (a)&nbsp;is deemed not to be essentially equivalent to a
dividend, (b)&nbsp;is in complete redemption of an owner&#146;s interest in the Fund, (c)&nbsp;is substantially disproportionate with respect to the owner, or (d)&nbsp;with respect to non-corporate owners, is in partial liquidation of the Fund. For
purposes of (a), (b)&nbsp;and (c)&nbsp;above, a shareholder&#146;s ownership of the Common Shares will be taken into account. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Tax on Net Investment Income.</I> A 3.8% tax is imposed on net investment income of individuals, estates and trusts with incomes above
certain threshold amounts. The types of investment income used to calculate &#147;net investment income,&#148; include taxable distributions (if any) made by the Fund with respect to VRRM-MFP Shares and gains (if any) from the sale or other
disposition of VRRM-MFP Shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Consequences of Insufficient Distributions</I>. If at any time when the Fund&#146;s
VRRM-MFP Shares are outstanding the Fund fails to meet 200% asset coverage (as determined pursuant to the 1940 Act), the Fund will be required to suspend distributions to holders of its Common Shares until such maintenance amount or asset coverage,
as the case may be, is restored. This may prevent the Fund from distributing at least 90% of its investment company taxable income and net tax-exempt income (as that term is defined in the Code) determined without regard to the deduction for
dividends paid, and may therefore jeopardize the Fund&#146;s qualification for taxation as a regulated investment company or cause the Fund to incur an income tax liability or the non-deductible 4% excise tax on the undistributed taxable income
(including gain), or both. Upon failure to meet the 225% Asset Coverage required under the Statement Supplement, the Fund will be required to redeem Preferred Shares, which may include VRRM-MFP Shares, in order to maintain or restore such asset
coverage and avoid the adverse consequences to the Fund and its shareholders of failing to qualify as a regulated investment company. There can be no assurance, however, that any such redemption would achieve such objectives. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The foregoing is a general summary of the provisions of the Code and regulations thereunder presently in effect as they directly
govern the taxation of the Fund and its <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> shareholders. These provisions are subject to change by legislative, judicial or administrative action, and any such change may be retroactive. Moreover, the
foregoing does not address many of the factors that may be determinative of whether an investor will be liable for the federal alternative minimum tax. Shareholders are advised to consult their own tax advisors for more detailed information
concerning the regular U.S. federal income tax and federal alternative minimum income tax consequences of purchasing, holding and disposing of <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares.</B> </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-43
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrrmprosup656069_9"></A>BOOK-ENTRY PROCEDURES AND SETTLEMENT </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>The information in this section concerning DTC and DTC&#146;s book-entry system has been obtained by the Fund from DTC.</I>
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The VRRM-MFP Shares will be book-entry (global) securities. Upon issuance, all book-entry securities will be represented by
one or more fully-registered global securities. Each global security will be deposited with, or on behalf of, DTC, a securities depository, and will be registered in the name of DTC or a nominee of DTC. DTC will thus be the only registered holder of
VRRM-MFP Shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Purchasers of VRRM-MFP Shares may only hold interests in the global securities directly through DTC if they
are participants in the DTC system. Purchasers may also hold interests through a securities intermediary&#151;banks, brokerage houses and other institutions that maintain securities accounts for customers&#151;that has an account with DTC or its
nominee. DTC will maintain accounts showing the security holdings of its Agent Members, and these Agent Members will in turn maintain accounts showing the security holdings of their customers. Some of these customers may themselves be securities
intermediaries holding securities for their customers. Thus, each beneficial owner of a book-entry security will hold that security indirectly through various intermediaries. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The interest of each beneficial owner in a book-entry security will be evidenced solely by entries on the books of the beneficial owner&#146;s securities intermediary or Agent Member. The actual purchaser
of the securities will generally not be entitled to have the securities represented by the global securities registered in its name and will not be considered the owner under the terms of the securities and their governing documents. That means that
the Fund and the Calculation and Paying Agent or any other agent of the Fund will be entitled to treat the registered holder, DTC or its nominee, as the holder of the securities for all purposes. In most cases, the beneficial owner will also not be
able to obtain a paper certificate evidencing its ownership of VRRM-MFP Shares. The laws of some jurisdictions require some purchasers of securities to take physical delivery of their securities in definitive form. These laws may impair the ability
to own, transfer or pledge beneficial interests in book-entry securities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A beneficial owner of book-entry securities
represented by a global security may exchange the securities for definitive (paper) securities only if: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">DTC is unwilling or unable to continue as depositary for such global security and the Fund does not appoint a qualified replacement for DTC within 90
days; or </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Fund in its sole discretion decides to allow some or all book-entry securities to be exchangeable for definitive securities in registered form.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unless indicated otherwise, any global security that is so exchangeable will be exchangeable in whole for
definitive securities in registered form, with the same terms and of an equal aggregate amount. Definitive securities will be registered in the name or names of the person or persons specified by DTC in a written instruction to the registrar of the
VRRM-MFP Shares. DTC may base its written instruction upon directions that it receives from Agent Members. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In this prospectus
supplement, in the case of book-entry securities, references to actions taken by beneficial owners will mean actions taken by DTC upon instructions from its Agent Members, and references to payments and notices relating to redemptions or the
tendering of VRRM-MFP Shares will </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-44
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
mean payments and notices related to the redemption or tender of VRRM-MFP Shares to DTC as the registered holder of the securities for distribution to Agent Members in accordance with DTC&#146;s
procedures. If fewer than all the VRRM-MFP Shares are being redeemed, DTC&#146;s practice is to determine by lot the amount of the interest of each Agent Member in the VRRM-MFP Shares to be redeemed. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each sale of a book-entry security will settle in immediately available funds through DTC unless otherwise stated. Neither the Fund nor
the Calculation and Paying Agent, or any agent of either, will have any responsibility or liability for any aspect of the records relating to, or payments made on account of, beneficial ownership interests in any book-entry securities or for
maintaining, supervising or reviewing any records relating to such beneficial ownership interests. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Neither DTC nor DTC&#146;s
nominee will consent or vote with respect to the VRRM-MFP Shares unless authorized by a participant in accordance with DTC&#146;s procedures. Under its usual procedures, DTC mails an omnibus proxy (the &#147;Omnibus Proxy&#148;) to the Fund as soon
as possible after the record date. The Omnibus Proxy assigns DTC&#146;s nominee consenting or voting rights to the Agent Members to whose accounts the VRRM-MFP Shares are credited on the record date (identified in a listing attached to the Omnibus
Proxy). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dividend payments on the VRRM-MFP Shares and payments upon redemption of VRRM-MFP Shares will be made to DTC&#146;s
nominee or such other nominee as may be requested by an authorized representative of DTC. DTC&#146;s practice is to credit participants&#146; accounts upon DTC&#146;s receipt of funds and corresponding detail information from the Fund or the
Calculation and Paying Agent on the payment date in accordance with their respective holdings shown on DTC records. Payments by Agent Members to beneficial owners will be governed by standing instructions and customary practices. Payment of
dividends or redemption proceeds to DTC&#146;s nominee is the responsibility of the Fund or the Calculation and Paying Agent, disbursement of such payments to participants will be the responsibility of DTC, and disbursement of such payments to the
beneficial owners will be the responsibility of Agent Members or securities intermediaries who hold through an Agent Member. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">IT IS THE DUTY OF EACH BENEFICIAL OWNER TO ARRANGE WITH THE DTC AGENT MEMBER OR SECURITIES INTERMEDIARIES TO RECEIVE FROM SUCH DTC AGENT
MEMBER OR SECURITIES INTERMEDIARY DIVIDEND PAYMENTS AND ALL OTHER COMMUNICATIONS WHICH THE DTC AGENT MEMBER OR SECURITIES INTERMEDIARY RECEIVES FROM DTC. THE FUND WILL NOT HAVE ANY RESPONSIBILITY OR OBLIGATIONS TO ANY DTC AGENT MEMBER, SECURITIES
INTERMEDIARIES, OR THE PERSONS FOR WHOM THEY ACT AS NOMINEES WITH RESPECT TO DIVIDEND PAYMENTS TO OR THE PROVIDING OF NOTICE FOR THE DTC AGENT MEMBERS, THE SECURITIES INTERMEDIARIES OR THE BENEFICIAL OWNERS. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrrmprosup656069_10"></A>UNDERWRITING </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">[TO BE FURNISHED AT THE TIME OF THE OFFERING] </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrrmprosup656069_11"></A>LEGAL MATTERS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Certain legal matters in connection with the VRRM-MFP Shares will be passed upon for the Fund by Sidley Austin LLP, New York, New York, and for the underwriter[s] by [&#149;], New York, New&nbsp;York.
Sidley Austin LLP may rely as to certain matters of Massachusetts law on the opinion of Morgan, Lewis&nbsp;&amp; Bockius LLP, Boston, Massachusetts. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-45
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrrmprosup656069_12"></A>CUSTODIAN, TRANSFER AGENT, CALCULATION AND PAYING AGENT
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">State Street Bank and Trust Company (the &#147;Custodian&#148;) serves as custodian of the Fund&#146;s assets.
Computershare Inc. and Computershare Trust Company, N.A. serve as transfer agent for the Common Shares. See &#147;Custodian, Transfer Agent, Dividend Disbursing Agent and Redemption and Paying Agent&#148; in the accompanying prospectus. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#149;] will serve as calculation agent and as the transfer agent and registrar, dividend disbursing agent, and paying agent and
redemption price disbursing agent for the VRRM-MFP Shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrrmprosup656069_13"></A>INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The audited Financial Statements and Financial Highlights of the Fund appearing in the Fund&#146;s Annual
Report for the fiscal year ended October 31, 2017 are incorporated by reference into the SAI. The audited financial statements and financial highlights have been audited by KPMG LLP, an independent registered public accounting firm, as set forth in
their report thereon and incorporated herein by reference. Such audited financial statements and financial highlights are incorporated by reference in reliance upon such report given on the authority of such firm as experts in accounting and
auditing. The information with respect to the fiscal years ended prior to October&nbsp;31, 2014 has been audited by other auditors. The principal business address of KPMG LLP is 200 East Randolph Street, Chicago, Illinois 60601. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrrmprosup656069_14"></A>WHERE YOU CAN FIND MORE INFORMATION </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund is subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the &#147;1934 Act&#148;), and
the 1940 Act and is required to file reports, proxy statements and other information with the SEC. These documents can be inspected and copied for a fee at the SEC&#146;s public reference room, 100 F Street, NE, Washington, D.C. 20549. Reports,
proxy statements, and other information about the Fund can be inspected at the offices of the SEC. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Additional information
about the Fund and VRRM-MFP Shares can be found in the Fund&#146;s registration statement (including amendments, exhibits, and schedules) on Form N-2 filed with the SEC. The SEC maintains a web site (http://www.sec.gov) that contains the Fund&#146;s
registration statement, other documents incorporated by reference, and other information the Fund has filed electronically with the SEC, including proxy statements and reports filed under the 1934 Act. Additional information may be found on the
Internet at http://www.nuveen.com. The information contained in, or that can be accessed through, those websites is not part of this prospectus supplement or the accompanying prospectus. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-46
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="font-size:120px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:2px;margin-top:0px;margin-bottom:2px;border-bottom:2pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>$[&#149;] </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>Nuveen AMT-Free Municipal Credit Income Fund </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>[&#149;] Series [&#149;] MuniFund Preferred Shares </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Variable Rate
Remarketed Mode </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Liquidation Preference $[&#149;] Per Share </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PROSPECTUS SUPPLEMENT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>[&#149;], 20[&#149;] </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>[Underwriter(s)] </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:2px;margin-top:0px;margin-bottom:2px;border-bottom:2pt solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#cc062a"><B>The information in this preliminary prospectus supplement is not complete and may be
changed. A registration statement relating to these securities was filed with the Securities and Exchange Commission and became effective. This preliminary prospectus supplement and the accompanying prospectus are not an offer to sell these
securities and we are not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted. </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2" COLOR="#cc062a"><B>Subject to Completion </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#cc062a"><B>Preliminary
Prospectus Supplement dated [&#149;], 20[&#149;] </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right">


<IMG SRC="g656069g71h68.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PROSPECTUS SUPPLEMENT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>(To Prospectus dated [&#149;] 2018) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>$[&#149;] </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>Nuveen AMT-Free Municipal Credit Income Fund </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>[&#149;] SERIES [&#149;] MUNIFUND PREFERRED SHARES </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>VARIABLE RATE MODE
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>LIQUIDATION PREFERENCE $[&#149;] PER SHARE </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nuveen AMT-Free Municipal Credit Income Fund (the &#147;Fund&#148;), a diversified, closed-end management investment company is offering
[&#149;] Series [&#149;] MuniFund Preferred Shares (the &#147;MFP Shares&#148;), liquidation preference $[&#149;] per share (the &#147;Liquidation Preference&#148;), in the Variable Rate Mode (the MFP Shares, while in the Variable Rate Mode, the
&#147;VRM-MFP Shares&#148;). The VRM-MFP Shares will be in the Variable Rate Mode until [&#149;], subject to [extension
or]</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> earlier redemption, repurchase or transition to a new
Mode (as defined herein) by the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">During the Variable Rate Mode, the dividend rate for the VRM-MFP Shares [(unless
adjusted as described in this prospectus supplement)]</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">
will be equal to [the sum of (i)&nbsp;the SIFMA Municipal Swap Index (as defined herein) made available by approximately 4:00 p.m., New York City time, on the Rate Determination Date (as defined herein) or if such index is not made so available on
such date, the SIFMA Municipal Swap Index as determined on the previous Rate Determination Date, as determined for each Dividend Reset Period (as defined herein), plus (ii)&nbsp;the Applicable Spread (as defined herein)]. The dividend rate for the
initial Dividend Reset Period commencing on, and including, [&#149;], 20[&#149;], the first day of the Variable Rate Mode, and ending on, and including, [&#149;], 20[&#149;] will be equal to [the sum of (i)&nbsp;the SIFMA Municipal Swap Index, made
available by approximately 4:00 p.m., New York City time, on Wednesday, [&#149;], plus (ii)&nbsp;the Applicable Spread, or [&#149;]% per annum if the SIFMA Municipal Swap Index is not so published]</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">During the Variable Rate Mode, dividends on the VRM-MFP Shares generally will be paid monthly on the first Business Day (as defined
herein) of each month, commencing on [&#149;], 20[&#149;], and are expected to be exempt from both regular U.S. federal income tax and the federal alternative minimum tax, with exceptions for certain portions that may represent the pass through of
capital gains, </FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Include references to Mode extension if the Mode Termination Date is prior to the Term Redemption Date </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Include for Adjustable Rate VRM </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Replace references to SIFMA and related terms if a different Index Rate is used </FONT></P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
if any, from portfolio transactions. In connection with any transfer of VRM-MFP Shares, the transferor as beneficial owner of VRM-MFP Shares shall be deemed to have agreed pursuant to the terms
of the VRM-MFP Shares to transfer to the transferee the right to receive from the Fund any dividends declared and unpaid for each day prior to the transferee becoming the beneficial owner of the VRM-MFP Shares in exchange for payment of the purchase
price for such VRM-MFP Shares by the transferee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The VRM-MFP Shares will not be listed or traded on any securities exchange.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The VRM-MFP Shares will be subject to mandatory redemption by the Fund on [&#149;] (the &#147;Term Redemption Date&#148;),
unless earlier redeemed or repurchased by the Fund. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Investing in VRM-MFP Shares involves risks. See &#147;Risk
Factors&#148; beginning on page S-17 and on page&nbsp;9 of the accompanying prospectus. You should consider carefully these risks together with all of the other information in this prospectus supplement and the accompanying prospectus before making
a decision to invest in the VRM-MFP Shares. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Neither the Securities and Exchange Commission (the &#147;SEC&#148;) nor
any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.
</B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Per&nbsp;Share</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Public offering price</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">[</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;]&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">[</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;]&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Underwriting discounts and commissions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">[</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;]&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">[</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;]&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Proceeds, before expenses, to the Fund</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">[</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;]&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">[</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;]]&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>It is expected that the VRM-MFP Shares will be delivered to investors in book-entry form only, through
the facilities of The Depository Trust Company, on or about [&#149;], 20[&#149;]. </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>[UNDERWRITER(S)] </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#149;], 20[&#149;] </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>(continued from previous page) </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s investment objectives are to provide current income exempt from regular federal income tax and federal alternative
minimum tax applicable to individuals, and to enhance portfolio value relative to the municipal bond market by investing in tax-exempt municipal bonds that the Fund&#146;s investment adviser, Nuveen Fund Advisors, LLC, believes are underrated or
undervalued or that represent municipal market sectors that are undervalued. As a fundamental investment policy, under normal circumstances, the Fund will invest at least 80% of its Assets (as defined herein) in municipal securities and other
related investments, the income from which is exempt from regular federal income taxes. As non-fundamental investment policies, under normal circumstances, the Fund will invest 100% of its Managed Assets (as defined herein) and at least 80% of its
Assets in municipal securities and other related investments, the income from which is exempt from the federal alternative minimum tax applicable to individuals at the time of purchase. As a non-fundamental investment policy, under normal
circumstances, the Fund may invest up to 55% of its Managed Assets in securities rated, at the time of investment, below the three highest grades (Baa or BBB or lower) by at least one nationally recognized statistical rating organization, which
includes below-investment-grade or unrated securities judged to be of comparable quality by the Fund&#146;s sub-adviser, Nuveen Asset Management, LLC. There can be no assurance that the Fund will achieve its investment objectives. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">You should read this prospectus supplement, together with the accompanying prospectus, which contains important information about the
Fund, before deciding whether to invest in VRM-MFP Shares and retain it for future reference. A statement of additional information, dated [&#149;], 20[&#149;], and as it may be supplemented, (the &#147;SAI&#148;) containing additional information
about the Fund has been filed with the SEC and is incorporated by reference in its entirety into this prospectus supplement and the accompanying prospectus. You may request a free copy of the statement of additional information, the table of
contents of which is on page&nbsp;69 of the accompanying prospectus, annual and semi-annual reports to shareholders, when available, and other information about the Fund, and make shareholder inquiries by calling (800)&nbsp;257-8787 or by writing to
the Fund, or from the Fund&#146;s website (www.nuveen.com). The information contained in, or that can be accessed through, the Fund&#146;s website is not part of this prospectus supplement, the accompanying prospectus or the SAI. You also may obtain
a copy of the SAI (and other information regarding the Fund) from the SEC&#146;s website (www.sec.gov). </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>VRM-MFP
Shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any
other government agency. </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">i </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>TABLE OF CONTENTS </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="94%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" COLSPAN="4" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Prospectus Supplement</B></FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:0em; text-indent:0em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Page</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrmprosup656069_1">Forward-Looking Statements</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">iii</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrmprosup656069_2">Prospectus Supplement Summary</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrmprosup656069_3">Risk Factors</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrmprosup656069_4">Capitalization</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrmprosup656069_5">Asset Coverage Ratio</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrmprosup656069_6">Use of Proceeds</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrmprosup656069_7">Description of VRM-MFP Shares</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-22</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrmprosup656069_8">Tax Matters</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrmprosup656069_9">Book-Entry Procedures and Settlement</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-47</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrmprosup656069_10">Underwriting</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrmprosup656069_11">Legal Matters</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrmprosup656069_12">Custodian, Transfer Agent, Calculation and Paying Agent</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrmprosup656069_13">Independent Registered Public Accounting Firm</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#vrmprosup656069_14">Where You Can Find More Information</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="94%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>

<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" COLSPAN="4" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Prospectus</B></FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:0em; text-indent:0em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Page</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_1">Forward-Looking Statements</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">ii</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_2">Prospectus Summary</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_3">Risk Factors</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_4">Financial Highlights</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">28</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_5">The Fund</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_6">Use of Proceeds</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_7">Description of Securities</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_8">The Fund&#146;s Investments</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_9">Use of Leverage</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">52</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_10">Management of the Fund</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">55</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_11">Net Asset Value</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">58</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_12">Distributions</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">58</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_13">Plan of Distribution</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">59</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_14">Certain Provisions in the Declaration of Trust and By-Laws</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_15">Repurchase of Fund Shares; Conversion to Open-End Fund</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_16">Tax Matters</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">64</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_17">Custodian, Transfer Agent, Dividend Disbursing Agent and Redemption and Paying
Agent</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_18">Legal Matters</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_19">Independent Registered Public Accounting Firm</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_20">Where You Can Find More Information</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc656069_21">Statement of Additional Information</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">69</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>You should rely only on the information contained or incorporated by reference into this prospectus
supplement and the accompanying prospectus. The Fund has not authorized anyone to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. The Fund is not making an offer
of VRM-MFP Shares in any state where the offer is not permitted. You should not assume that the information contained in this prospectus supplement and the accompanying prospectus is accurate as of any date other than the respective dates on the
front covers. The Fund&#146;s business, financial condition and prospects may have changed since such dates. </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">ii </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrmprosup656069_1"></A>FORWARD-LOOKING STATEMENTS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any projections, forecasts and estimates contained or incorporated by reference herein are forward looking statements and are based upon
certain assumptions. Projections, forecasts and estimates are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying any projections, forecasts or estimates will not materialize or will vary
significantly from actual results. Actual results may vary from any projections, forecasts and estimates and the variations may be material. Some important factors that could cause actual results to differ materially from those in any forward
looking statements include changes in interest rates, market, financial or legal uncertainties, including changes in tax law, and the timing and frequency of defaults on underlying investments. Consequently, the inclusion of any projections,
forecasts and estimates herein should not be regarded as a representation by the Fund or any of its affiliates or any other person or entity of the results that will actually be achieved by the Fund. Neither the Fund nor its affiliates has any
obligation to update or otherwise revise any projections, forecasts and estimates including any revisions to reflect changes in economic conditions or other circumstances arising after the date hereof or to reflect the occurrence of unanticipated
events, even if the underlying assumptions do not come to fruition. The Fund acknowledges that, notwithstanding the foregoing, the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995 does not apply
to investment companies such as the Fund. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">iii
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrmprosup656069_2"></A>PROSPECTUS SUPPLEMENT SUMMARY </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>This is only a summary. You should review the more detailed information contained elsewhere in this prospectus supplement, in the
accompanying prospectus and in the statement of additional information, dated [&#149;], 20[&#149;], and as it may be supplemented (the &#147;SAI&#148;), including the documents incorporated by reference, prior to making an investment in the Fund,
especially the information set forth under the heading &#147;Risk Factors&#148; beginning on page S-17 of this prospectus supplement and beginning on page&nbsp;9 in the accompanying prospectus. </I></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The Fund</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">Nuveen AMT-Free Municipal Credit Income Fund (the &#147;Fund&#148;) is a diversified, closed-end management investment company. The Fund&#146;s common shares, $.01 par value per share (the
&#147;Common Shares&#148;), are traded on the New York Stock Exchange under the symbol &#147;NVG.&#148; See &#147;Description of Securities&#151;Common Shares&#148; in the prospectus. As of [&#149;], 20[&#149;], the Fund had [&#149;] Common Shares
outstanding, and net assets applicable to Common Shares of $[&#149;]. The Fund commenced investment operations on November 21, 2002. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of the date of this prospectus supplement, the Fund has outstanding [one series of MuniFund Preferred Shares (&#147;MFP Shares&#148;), consisting of 4,054 Series A
MFP Shares, and five series of Variable Rate Demand Preferred Shares (&#147;VRDP Shares&#148;), consisting of 1,790 Series 1 VRDP Shares, 3,854 Series 2 VRDP Shares, 1,800 Series 4 VRDP Shares, 3,405 Series 5 VRDP Shares and 3,267 Series 6 VRDP
Shares]. See &#147;Description of Securities&#151;Preferred Shares&#148; in the prospectus. MFP Shares, VRDP Shares and any other preferred shares of the Fund as may be outstanding from time to time are collectively referred to as &#147;Preferred
Shares.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Investment Objectives and Policies</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s investment objectives are to provide current income exempt from regular federal income tax and federal alternative minimum tax applicable to individuals, and to enhance portfolio
value relative to the municipal bond market by investing in tax-exempt municipal bonds that the Fund&#146;s investment adviser, Nuveen Fund Advisors, LLC (&#147;Nuveen Fund Advisors&#148; or the &#147;Investment Adviser&#148;), believes are
underrated or undervalued or that represent municipal market sectors that are undervalued. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a fundamental investment policy, under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities and other
related investments, the income from which is exempt from regular federal income taxes. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-1
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a non-fundamental investment policy that may be changed by the Fund&#146;s trustees without prior shareholder notice, under normal circumstances, the Fund will
invest 100% of its Managed Assets (as defined below) in municipal securities and other related investments, the income from which is exempt from the federal alternative minimum tax applicable to individuals at the time of purchase. As a
non-fundamental investment policy subject to change by the Fund&#146;s trustees upon 60 days&#146; notice to shareholders, under normal circumstances, the Fund will invest at least 80% of its Assets in municipal securities and other related
investments, the income from which is exempt from the federal alternative minimum tax applicable to individuals at the time of purchase. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Assets&#148; means net assets of the Fund plus the amount of any borrowings for investment purposes. &#147;Managed Assets&#148; means the total assets of the
Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund&#146;s use of leverage (whether or not
those assets are reflected in the Fund&#146;s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a non-fundamental investment policy that may be changed by the Fund&#146;s trustees without prior shareholder notice, under normal circumstances, the Fund may invest
up to 55% of its Managed Assets in securities rated, at the time of investment, below the three highest grades (Baa or BBB or lower) by at least one nationally recognized statistical rating organization (&#147;NRSRO&#148;), which includes
below-investment-grade securities or unrated securities judged to be of comparable quality by the Fund&#146;s sub-adviser, Nuveen Asset Management, LLC (&#147;NAM&#148; or the &#147;Sub-Adviser&#148;). </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">There can be no assurance that the Fund will achieve its investment objectives. See &#147;Risk Factors&#148; and &#147;The Fund&#146;s Investments&#151;Investment
Objectives and Policies&#148; in the prospectus. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Investment Adviser</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">Nuveen Fund Advisors is the Fund&#146;s investment adviser, responsible for overseeing the Fund&#146;s overall investment strategy and its implementation. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Sub-Adviser</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">NAM serves as the Fund&#146;s investment sub-adviser and is an affiliate of Nuveen Fund Advisors. NAM is a registered investment adviser. NAM oversees the day-to-day investment operations of the
Fund. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-2
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The Offering</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund is offering [&#149;] Series [&#149;] MuniFund Preferred Shares (the &#147;MFP Shares&#148;), liquidation preference of $[&#149;] per share (the &#147;Liquidation Preference&#148;), in
the Variable Rate Mode (the MFP Shares, while in the Variable Rate Mode, the &#147;VRM-MFP Shares&#148;). [See &#147;Underwriting.&#148;] The first issuance date of the VRM-MFP Shares upon the closing of this offering is referred to herein as the
&#147;Date of Original Issue.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>VRM-MFP Shares</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The VRM-MFP Shares are Preferred Shares of the Fund, ranking on parity with each other and other Preferred Shares with respect to the payment of dividends and the distribution of assets upon
dissolution, liquidation or winding up of the affairs of the Fund. Each Preferred Share, including each VRM-MFP Share, ranks and will rank senior in priority to the Common Shares as to the payment of dividends and as to the distribution of assets
upon dissolution, liquidation or winding up of the affairs of the Fund. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The VRM-MFP Shares are being issued in the Variable Rate Mode designated pursuant to the Statement and the Statement Supplement (each as defined below). So long as the
VRM-MFP Shares are outstanding, they will remain in the Variable Rate Mode until [&#149;], subject to the right of the Fund, at its option, to terminate the Variable Rate Mode and change the VRM-MFP Shares to a new Mode (as defined below) with
different terms. See &#147;Description of VRM-MFP Shares&#151;Mode Change&#148; in this prospectus supplement and &#147;Description of Securities&#151;Preferred Shares&#151;MuniFund Preferred Shares&#151;Designation of Modes&#148; in the
prospectus<B>. </B> </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; padding-bottom:3px; margin-top:-2px" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Variable Rate Mode[-Adjustable Rate]<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT> </B></FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The terms and conditions of the VRM-MFP Shares described in this prospectus supplement apply to the VRM-MFP Shares during the Variable Rate Mode ([&#149;] to [&#149;], inclusive, subject to
[extension or] early transition). During the Variable Rate Mode, the dividend rate for the VRM-MFP Shares [(unless adjusted as described in this prospectus supplement)]</FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> generally will be a variable rate equal to [the SIFMA Municipal Swap
Index (as defined below) plus the Applicable Spread (as defined below)]. A complete description of the preferences, voting powers, restrictions, limitations as to dividends, qualification, and terms and conditions of redemption of the VRM-MFP Shares
during the Variable Rate Mode, can be found in the Fund&#146;s Declaration of Trust (the &#147;Declaration of Trust&#148;), the Statement Establishing and Fixing the Rights and Preferences of Series [&#149;] MuniFund Preferred Shares (the
&#147;Statement&#148;) and the </FONT></TD></TR></TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Include for Adjustable Rate VRM </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Include for Adjustable Rate VRM </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-3
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:0%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Supplement to the Statement Establishing and Fixing the Rights and Preferences of Series [&#149;] MuniFund Preferred Shares (the &#147;Statement Supplement&#148;). These documents are filed with
the Securities and Exchange Commission as exhibits to the Fund&#146;s registration statement of which the prospectus is a part. Copies may be obtained as described under &#147;Where You Can Find More Information.&#148; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">[The dividend rate is subject to adjustment from time to time. Commencing on any day after [&#149;], either the Fund or the beneficial owner of more than 50% of the
outstanding VRM-MFP Shares (the &#147;Majority Beneficial Owner&#148;) may propose Adjusted Rate Terms (as defined herein), but any Adjusted Rate Terms must be agreed to by the Fund and the beneficial owners of 100% of the outstanding VRM-MFP Shares
(the &#147;Required Beneficial Owners&#148;) prior to going into effect.] </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#147;Adjusted Rate Terms&#148; may include, but are not limited to, the dividend rate (which may be fixed or floating), as well as, as applicable, the index rate, the
index maturity, the index multiplier, the spread, the spread multiplier, the rate determination date(s), the dividend reset date(s), the dividend reset period(s), the minimum dividend rate, the day count convention, the dividend period(s) and other
terms as set forth in a rate adjustment notice; provided, that no Adjusted Rate Terms may modify the terms or applicability of the provisions of the Statement or the Statement Supplement governing ranking, preemptive rights, voting rights,
restrictions on dividends and other distributions, the term redemption date, restrictions on redemptions if the Fund is not current on paying accumulated and unpaid dividends, compliance with applicable law in connection with redemptions,
liquidation rights or restrictions on amendments or supplements to the Statement or the Statement Supplement; and provided further, that no Adjusted Rate Terms shall modify any terms affecting the parity ranking of the VRM-MFP Shares relative to any
other series of Preferred Shares of the Fund at any time outstanding with respect to dividends or distributions of assets upon dissolution, liquidation or winding up of the affairs of the
Fund.]</FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Mode&#148; means the Variable Rate Mode, or any subsequent Mode, including any extension thereof, for which terms and conditions of the VRM-MFP Shares are
designated pursuant to the Statement and the Statement Supplement. See &#147;Description of VRM-MFP Shares&#151;Mode Change.&#148; </FONT></TD></TR></TABLE>
<P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Include for Adjustable Rate VRM </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-4
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Dividend Rate</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">During the Variable Rate Mode, [subject to change in the event of agreement to Adjusted Rate Terms as described under &#147;Adjusted Rate Terms&#148; below,]</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> the
dividend rate for the VRM-MFP Shares is determined with respect to &#147;Dividend Reset Periods&#148; that will generally commence on a Thursday and end on the following Wednesday when a new Index Rate (as defined below) is made available. The
&#147;Index Rate&#148; for any such Dividend Reset Period will be [(i) the SIFMA Municipal Swap Index (as defined below) made available by approximately 4:00 p.m., New York City time, on the Rate Determination Date for such Dividend Reset Period or
if such index is not made so available on such date, the SIFMA Municipal Swap Index as determined on the previous Rate Determination Date.] If the day immediately preceding a Dividend Reset Period is not a Business Day, that Dividend Reset Period
will begin on the first day following the date on which such index is next made available but the end date of such Dividend Reset Period will not be adjusted. [Except [during a Failed Transition Period (as defined below), if any, or]</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">5</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> as may be
provided for in the Adjusted Rate Terms as described
below,]</FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">6</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"> the Dividend Rate for any Dividend Reset Period will be equal to the Index Rate plus the Applicable Spread. The Applicable Spread will initially be [&#149;]% per annum and is subject to adjustment in
certain circumstances, including a change in the credit rating assigned to the VRM-MFP Shares by a rating agency providing a credit rating for the VRM-MFP Shares at the request of the Fund, as described below, provided that the Dividend Rate will in
no event exceed 15%&nbsp;per annum. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Failed Transition Period&#148; means, upon the occurrence of [a Failed Adjustment Event (as defined below) or] a Failed Transition Event (as defined below), the
period commencing on the date of such [Failed Adjustment Event or] Failed Transition Event and ending on the earliest to occur of (i) the redemption by the Fund on the Failed Transition Redemption Date or, if earlier, another Redemption Date, if
any, of 100% of the outstanding MFP Shares, or (ii) the repurchase by the Fund of 100% of the outstanding MFP Shares, or (iii) the successful transition remarketing of 100% of the outstanding MFP Shares, or (iv) mutual agreement by the Fund and the
Required Beneficial Owners to terminate the Failed Transition Period and revert to the Variable Rate Mode on the terms mutually agreed by the Fund and the Required Beneficial Owners. </FONT></TD></TR></TABLE>
<P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Include for Adjustable Rate VRM </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">5</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Include references to Failed Transition Period and related terms if the terms of the VRM offered provide for such a period following a failed
attempt to transition to a new Mode </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">6</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Include for Adjustable Rate VRM </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-5
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#147;Failed Adjustment Event&#148; means that, in the case of Adjusted Rate Terms proposed by the Majority Beneficial Owner, the Fund and the Required Beneficial
Owners shall have failed to agree in writing to Adjusted Rate Terms by the [&#149;] calendar day, or such other date as the Fund and the Required Beneficial Owners shall agree, following the date of delivery of a rate adjustment notice, unless the
rate adjustment notice shall have been withdrawn prior to such [&#149;] calendar day or other agreed day.]</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">7</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Failed Transition Event&#148; means that either (i)&nbsp;the transition notice states that the transition remarketing agent was unable to successfully remarket
all of the VRM-MFP Shares to be purchased on the date a new Mode commences or (ii)&nbsp;the remarketing proceeds for any tendered VRM-MFP Shares are not received for any reason (x)&nbsp;by the Calculation and Paying Agent (as defined herein) by
4:30&nbsp;p.m., New York City time or (y)&nbsp;if payment is made directly to the beneficial owners, by the beneficial owners by 3:00&nbsp;p.m., New York City time, subject to the Statement Supplement, in each case, on the date a new Mode commences,
or (iii)&nbsp;the Fund has otherwise been unsuccessful in extending the Variable Rate Mode or establishing a new Mode to succeed the Variable Rate Mode on the date a new Mode commences (in each of which cases the related VRM-MFP Shares will be
treated as not having been successfully remarketed). </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The dividend rate for the initial Dividend Reset Period commencing on, and including, [&#149;] and ending on, and including, [&#149;], will be equal to [the sum of (i)
the SIFMA Municipal Swap Index, made available by approximately 4:00 p.m., New York City time, on Wednesday, [&#149;], plus (ii) the Applicable Spread or [&#149;]% per annum if the SIFMA Municipal Swap Index is not so published].
</FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#147;SIFMA Municipal Swap Index&#148; means the Securities Industry and Financial Markets Association Municipal Swap Index, or such other weekly, high-grade index
comprised of seven-day, tax-exempt variable rate demand notes produced by Bloomberg or its successor, or as otherwise designated by the Securities Industry and Financial Markets Association; provided, however, that if such index is no longer
produced by Bloomberg or its successor, then SIFMA Municipal Swap Index shall mean (i) the S&amp;P Municipal Bond 7 Day High Grade Rate Index produced by Standard &amp; Poor&#146;s Financial Services LLC or its successors or (ii) if the S&amp;P
Municipal Bond 7 Day High Grade Rate Index is no longer produced, </FONT></TD></TR></TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">7</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Include for Adjustable Rate VRM </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-6
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:0%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
such other reasonably comparable index selected in good faith by the Board of Trustees of the Fund (&#147;the Board&#148;).] </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Business Day&#148; means a day (a) other than a day on which commercial banks in The City of New York, New York are required or authorized by law or executive
order to close and (b) on which the New York Stock Exchange is not closed. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Rate Determination Date&#148; means with respect to the initial Dividend Reset Period, [&#149;], and, with respect to any subsequent Dividend Reset Period, [[(i)]
the last day of the immediately preceding Dividend Reset Period or, if such day is not a Business Day, the next succeeding Business Day; provided however that the next succeeding Rate Determination Date will be determined without regard to any prior
extension of a Rate Determination Date to a Business Day [or (ii) as may be otherwise provided for in the Adjusted Rate Terms]</FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">8</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">]. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The applicable dividend rate for the VRM-MFP Shares is referred to herein as the &#147;Dividend Rate.&#148; </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>[Adjusted Rate Terms</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The Dividend Rate is subject to adjustment from time to time. Commencing on any day after [&#149;], either the Fund or the Majority Beneficial Owner may propose Adjusted Rate Terms, but any
Adjusted Rate Terms must be agreed to by the Fund and the Required Beneficial Owners prior to going into effect. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Fund proposes Adjusted Rate Terms, and the Required Beneficial Owners do not agree to Adjusted Rate Terms, then the Dividend Rate and other terms already in
effect will continue. If the Majority Beneficial Owner proposes Adjusted Rate Terms, and the Fund and the Required Beneficial Owners do not agree to Adjusted Rate Terms, then the proposed Adjusted Rate Terms will not take effect, constituting a
Failed Adjustment Event (as defined herein), and a Failed Transition Period will commence. In such case, the Fund will use its reasonable best efforts, to the extent it can do so on a commercially reasonable basis, to establish a new Mode for the
VRM-MFP Shares, the Dividend Rate will be the Failed Transition Period Dividend Rate and the VRM-MFP Shares will be subject to mandatory redemption on the Failed Transition Redemption Date (as defined below), if the Fund has not successfully
established a new Mode or redeemed or repurchased all of the VRM-MFP Shares or agreed to termination of the Failed Transition Period with the Required Beneficial Owners prior to the end of the Failed Transition Period. See &#147;Transition to a New
Mode,&#148; &#147;Failed Transition </FONT></TD></TR></TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">8</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Include for Adjustable Rate VRM </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-7
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:0%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Period Dividend Rate&#148; and &#147;Redemption Provisions&#151;Failed Transition Mandatory Redemption&#148; below. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Adjusted Rate Terms, once established, may be further adjusted or replaced with new Adjusted Rate
Terms.]</FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">9</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Applicable Spread Adjustments</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The &#147;Applicable Spread&#148; will initially be [&#149;]% per annum but [(i)] will adjust based on the highest applicable credit rating most recently assigned to the VRM-MFP Shares by
[&#149;] or any additional or different Rating Agency (as defined below) providing a long-term credit rating on the VRM-MFP Shares and which is designated a Rating Agency by the Fund to the per annum percentage set forth opposite such assigned
rating in the table below[, or (ii) such spread or spreads as may be provided for in Adjusted Rate Terms]</FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">10</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> [(<I>provided</I>, <I>however</I>, the Applicable Spread shall not apply for any Dividend Reset Period or portion
thereof occurring during the Failed Transition Period, if any, except as provided in the definition of Failed Transition Period Applicable Spread or in the case of an Increased Rate Period occurring during the Failed Transition Period)]:
</FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="62%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000 ; display:table-cell;" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Long Term Ratings*</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000 ; display:table-cell;" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>[&#149;]</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Applicable Percentage**</B></FONT></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">AAA to AA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#149;]%</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">AA-</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#149;]%</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A+</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#149;]%</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#149;]%</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#149;]%</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">BBB+</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#149;]%</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">BBB</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#149;]%</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">BBB-</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#149;]%</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">*And/or the equivalent ratings of another Rating Agency then rating the VRM-MFP Shares utilizing the highest of the ratings of the Rating Agencies then rating the VRM-MFP
Shares.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">**Unless an Increased Rate Period is in effect, in which case the Applicable Spread will be [&#149;]% for such Increased Rate Period.</FONT></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each NRSRO rating the VRM-MFP Shares at the request of the Fund is referred to in this prospectus supplement as a &#147;Rating Agency.&#148; </FONT></TD></TR></TABLE>
<P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">9</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Include for Adjustable Rate VRM </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">10</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Include for Adjustable Rate VRM </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-8
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P><FONT STYLE="font-family:Times New Roman" SIZE="2">The Applicable Spread will increase to [&#149;]% per annum for each &#147;Increased Rate Period.&#148; An &#147;Increased Rate Period&#148; will commence (A) on a
Dividend Payment Date if the Fund has failed to deposit with [&#149;] and its successors or any other calculation and paying agent appointed by the Fund with respect to the VRM-MFP Shares (the &#147;Calculation and Paying Agent&#148;) by 12:00 noon,
New York City time, on such Dividend Payment Date, deposit securities that will provide funds available to the Calculation and Paying Agent on such Dividend Payment Date sufficient to pay the full amount of any dividend on the VRM-MFP Shares payable
on such Dividend Payment Date (a &#147;Dividend Default&#148;) and continue to, but excluding, the Business Day on which the Dividend Default is cured; (B) on an applicable redemption date if the Fund has failed to deposit with the Calculation and
Paying Agent for the VRM-MFP Shares by 12:00 noon, New York City time, on such redemption date for the VRM-MFP Shares, deposit securities that will provide funds available to the Tender and Paying Agent on such redemption date sufficient to pay the
full amount of the Redemption Price payable in respect of such shares on such redemption date (a &#147;Redemption Default&#148;) and continue to, but excluding, the Business Day on which such Redemption Default is cured; (C) on the Business Day on
which any Rating Agency has withdrawn the credit rating required to be maintained with respect to the VRM-MFP Shares pursuant to the Statement Supplement, other than due to the Rating Agency ceasing to rate tax-exempt closed-end management
investment companies generally and such withdrawal is continuing, or the Fund has terminated the designation of a Rating Agency without complying with the requirements of the Statement Supplement and continue to, but excluding, the Business Day on
which the Fund restores compliance with its Rating Agency obligations under the Statement Supplement; (D) on the Business Day on which a Ratings Event (as defined below) has occurred with respect to the VRM-MFP Shares and continue to, but excluding,
the Business Day on which such Ratings Event has ended; or (E) on the Business Day on which (i) a court or other applicable governmental authority has made a final determination that for U.S. federal income tax purposes the VRM-MFP Shares do not
qualify as equity in the Fund and (ii) such determination results from an act or failure to act on the part of the Fund and continue so long as any VRM-MFP Shares are outstanding in the Variable Rate Mode. A &#147;Ratings Event&#148; will be deemed
to exist with respect to the VRM-MFP Shares at any time such VRM-MFP Shares have a long-term credit rating from at least one-half of the Rating Agencies designated at such time (or
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-9
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:0%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
from the Rating Agency designated at such time if only one Rating Agency is then designated) that is below investment grade. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">[For each Dividend Reset Period or portion thereof during the Failed Transition Period, if any, the Dividend Rate will be the Failed Transition Period Dividend Rate (as
defined below).] </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Dividend Payments</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The holders of VRM-MFP Shares will be entitled to receive, when, as and if declared by, or under authority granted by, the Board out of funds legally available for payment, cumulative cash
dividends and distributions on each such VRM-MFP Share at the Dividend Rate. Dividends and other distributions on each VRM-MFP Share accumulate from the Date of Original Issue with respect to such share. During the Variable Rate Mode, the
&#147;Dividend Period&#148; will generally be a calendar month, and the &#147;Dividend Payment Date&#148; in respect of each Dividend Period will be the first Business Day following the end of such Dividend Period, except that the first Dividend
Period will begin on (and include) [&#149;] and end on (and include) [&#149;], and the first Dividend Payment Date will be [&#149;], and the final Dividend Period in the Variable Rate Mode will end on and include the last calendar day of the
Variable Rate Mode. Notwithstanding the foregoing, [(i)] the Fund in its discretion may establish Dividend Payment Dates (each, a &#147;Special Dividend Payment Date&#148;) more frequent than monthly Dividend Payment Dates in respect of the Variable
Rate Mode; provided, that any such Special Dividend Payment Date shall be a Business Day[, or (ii) the Fund and the Required Beneficial Owners may establish the date or dates as may be provided for in the Adjusted Rate Terms.]</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">11</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">
</FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The amount of dividends per share payable on the VRM-MFP Shares on any Dividend Payment Date will equal the sum of the dividends accumulated but not yet paid for each
Dividend Reset Period (or portion thereof) in the related Dividend Period. The amount of dividends per share accumulated for each such Dividend Reset Period (or portion thereof) will be computed by (i)&nbsp;multiplying the Dividend Rate in effect
for the VRM-MFP Shares for such Dividend Reset Period (or portion thereof) by a fraction, the numerator of which will be [the actual number of days in such Dividend Reset Period (or portion thereof) and the denominator of which will be the actual
number of days in the year in which such Dividend Reset Period (or portion thereof) occurs (365 or 366)] and (ii)&nbsp;multiplying the product determined pursuant to clause (i)&nbsp;by the Liquidation Preference for a VRM-MFP Share ($[&#149;]). [The
Dividend Rate may be </FONT></TD></TR></TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">11</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Include for Adjustable Rate VRM </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-10
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:0%;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2">
adjusted to a new Dividend Rate as provided in the Adjusted Rate Terms.]</FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">12</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> The Dividend Rate for the VRM-MFP Shares will be adjusted to the Increased Rate for each Increased Rate Period.
Dividends on VRM-MFP Shares with respect to any Dividend Period will be declared to the holders of record of such shares as their names shall appear on the registration books of the Fund at the close of business on each day in such Dividend Period.
In connection with any transfer of VRM-MFP Shares, the transferor will, subject to any agreement between the transferor and transferee, transfer to the transferee the transferor&#146;s right to receive from the Fund any unpaid dividends so declared
for each day prior to the transferee becoming the holder or beneficial owner, as applicable, of the VRM-MFP Shares in consideration of a portion of the purchase price for such VRM-MFP Shares paid by the transferee. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dividends on VRM-MFP Shares will be paid on each Dividend Payment Date to the holders of VRM-MFP Shares as their names appear on the registration books of the Fund at
the close of business on the day immediately preceding such Dividend Payment Date (or if such day is not a Business Day, the next preceding Business Day). </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">See &#147;Description of VRM-MFP Shares<B>&#151;</B>Dividends and Distributions.&#148; </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Transition to New Mode</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">On any day after [&#149;], the Fund may at its option elect to transition to a new Mode. [In addition, (i) during a Rate Adjustment Notice Period (as defined herein), if the Majority Beneficial
Owner is the proposing party, the Fund will use its reasonable best efforts, to the extent it can do so on a commercially reasonable basis, to either agree with the Required Beneficial Owners on the Adjusted Rate Terms or transition to a new Mode
and (ii) during a Failed Transition Period following the occurrence of a Failed Adjustment Event or a Failed Transition Event (as defined herein), the Fund will use its reasonable best efforts, to the extent that it can do so on a commercially
reasonable basis, to transition to a new Mode by establishing a new Mode to succeed the Variable Rate Mode that will result in a transition to such new Mode on a Thursday that is a Business Day (such Business Day, the &#147;New Mode Commencement
Date&#148;), with terms as set forth in a new Statement supplement designating the terms of such Mode.]</FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">13</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> See &#147;Description of VRM-MFP Shares&#151;Mode [Extension or] Change.&#148; </FONT></TD></TR></TABLE>
<P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">12</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Include for Adjustable Rate VRM </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">13</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Include for Adjustable Rate VRM </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-11
</FONT></P>


<p Style='page-break-before:always'>
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the case of a transition to a new Mode, all outstanding <FONT STYLE="white-space:nowrap">VRM-MFP</FONT> Shares automatically will be subject to mandatory tender for
transition remarketing and delivered to the Calculation and Paying Agent for purchase by purchasers in the transition remarketing on the New Mode Commencement Date, in the event of a successful transition remarketing; provided, that the Required
Beneficial Owners, by agreement with the Fund, may (1)&nbsp;waive their right to the mandatory tender and (2)&nbsp;retain their VRM-MFP Shares. Such waiver and retention of 100% of the outstanding VRM-MFP Shares shall be deemed to constitute a
successful transition remarketing. Otherwise, a transition remarketing shall be deemed successful only if a Failed Transition Event shall not have occurred. Upon the occurrence of a Failed Transition Event, all tendered VRM-MFP Shares will be
returned to the relevant tendering holders by the Calculation and Paying Agent. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">[During a Failed Transition Period, if any, dividends on the VRM-MFP Shares will accumulate at the Failed Transition Period Dividend Rate (as defined below), and the
VRM-MFP Shares will be subject to mandatory redemption by the Fund, if the Fund has not successfully established a new Mode or redeemed or repurchased all of the VRM-MFP Shares or agreed to termination of the Failed Transition Period with the
Required Beneficial Owners prior to the end of the Failed Transition Period. See &#147;Failed Transition Period Dividend Rate&#148; and &#147;Failed Transition Mandatory Redemption&#148; below.] </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Upon the occurrence of a successful transition remarketing, the Fund will be deemed to have successfully established a new Mode, and the VRM-MFP Shares will be subject
to the terms established for the new Mode. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>[Failed Transition Period Dividend Rate</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">For each Dividend Reset Period (or portion thereof) occurring during the Failed Transition Period, if any, the Dividend Rate shall be the &#147;Failed Transition Period Dividend Rate,&#148;
which will equal the Index Rate for such Dividend Reset Period (or portion thereof) plus the Failed Transition Period Applicable Spread for such Dividend Reset Period (or portion thereof); provided, however, that, with respect to any Increased Rate
Period, the Failed Transition Period Dividend Rate shall mean the Increased Rate for such Increased Rate Period; and provided further, that the Failed Transition Period Dividend Rate for any Dividend Reset Period (or portion thereof) shall in no
event exceed the Maximum Rate. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-12
</FONT></P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Failed Transition Period Applicable Spread&#148; means, for each Dividend Reset Period or portion thereof occurring while the Failed Transition Period, if any,
has occurred and is continuing: the higher of (i) the Applicable Spread that would otherwise be in effect absent a Failed Transition Event; and (ii)&nbsp;[&#149;] basis points ([&#149;]%) (up to 59 days of the continued Failed Transition Period),
225 basis points ([&#149;]%) (60 days but fewer than 90 days of the continued Failed Transition Period), [&#149;] basis points ([&#149;]%) (90 days but fewer than 120 days of the continued Failed Transition Period), [&#149;] basis points ([&#149;]%)
(120 days but fewer than 150 days of the continued Failed Transition Period), [&#149;] basis points ([&#149;]%) (150 days but fewer than 180 days of the Failed Transition Period), and [&#149;] basis points ([&#149;]%) (180 days or more of the
continued Failed Transition Period).] </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Coverage and Leverage Tests</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund will agree in the Statement Supplement to comply on an ongoing basis with asset coverage and effective leverage requirements. A failure to comply may result in the mandatory redemption
of Preferred Shares, which may include some number of VRM-MFP Shares. See &#147;Redemption Provisions&#151;Asset Coverage Mandatory Redemption&#148; and &#147;&#151;Effective Leverage Ratio Mandatory Redemption&#148; below and &#147;Description of
VRM-MFP Shares&#151;Coverage and Leverage Tests&#148; and &#147;&#151;Redemptions&#151;Asset Coverage Mandatory Redemption&#148; and &#147;&#151;Effective Leverage Ratio Mandatory Redemption.&#148; </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Redemption Provisions</B><I> </I></FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Optional Redemption.</I> Subject to certain conditions, VRM-MFP Shares may be redeemed on any Business Day, at the option of the Fund (in whole or from time to time, in part), out of funds
legally available therefor, at the Redemption Price per share. The &#147;Redemption Price&#148; per share is equal to the Liquidation Preference per VRM-MFP Share plus an amount equal to all unpaid dividends and other distributions on such VRM-MFP
Share accumulated from and including the Date of Original Issue to (but excluding) the redemption date (whether or not earned or declared by the Fund, but without interest thereon). </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">See &#147;Description of VRM-MFP Shares&#151;Redemption&#151;Optional Redemption.&#148; </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Term Mandatory Redemption</I>. The Fund will redeem all outstanding VRM-MFP Shares on [&#149;], 20[&#149;] (the &#147;Term Redemption Date&#148;) at the aggregate
Redemption Price. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Failed Transition Mandatory Redemption</I>. The Fund will redeem all outstanding VRM-MFP Shares at the aggregate Redemption Price on the Failed Transition
Redemption Date </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-13
</FONT></P>


<p Style='page-break-before:always'>
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:0%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
(as defined herein), if a Failed Transition Event shall have occurred and be continuing as of such date, or, if earlier, on the Term Redemption Date. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Asset Coverage Mandatory Redemption</I>. If the Fund fails to have Asset Coverage of at least 225% and such failure is not timely cured, the Fund will proceed to
redeem Preferred Shares (which may include at the sole option of the Fund any number or proportion of VRM-MFP Shares) to restore compliance with the Asset Coverage requirement. In the event that any VRM-MFP Shares then outstanding are to be
redeemed, the Fund will redeem such VRM-MFP Shares at a price per VRM-MFP Share equal to the Redemption Price on the redemption date therefor. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">See &#147;Description of VRM-MFP Shares&#151;Redemption&#151;Asset Coverage Mandatory Redemption.&#148; </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Effective Leverage Ratio Mandatory Redemption</I>. If the Effective Leverage Ratio of the Fund exceeds 45% as of the close of business on any Business Day on which
such ratio is required to be calculated and such failure is not cured as of the close of business on the date that is seven Business Days following the Business Day on which such non-compliance is first determined, the Fund will cause the Effective
Leverage Ratio to not exceed 45% by (x)engaging in transactions involving or relating to the floating rate securities not owned by the Fund and/or the inverse floating rate securities owned by the Fund, including the purchase, sale or retirement
thereof, (y)proceeding with redeeming a sufficient number of Preferred Shares, which at the Fund&#146;s sole option may include any number or proportion of VRM-MFP Shares, in accordance with the terms of such series, or (z)engaging in any
combination of the actions contemplated by (x)and (y)above. In the event that any VRM-MFP Shares then outstanding are to be redeemed, the Fund will redeem such VRM-MFP Shares at a price per VRM-MFP Share equal to the Redemption Price on the
redemption date thereof. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">See &#147;Description of VRM-MFP Shares&#151;Redemption&#151;Effective Leverage Ratio Mandatory Redemption.&#148; </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any optional or mandatory redemption of VRM-MFP Shares by the Fund shall be done in accordance with the requirements of the Statement and Statement Supplement and the
provisions of the 1940 Act and rules thereunder, including Rule 23c-2. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-14
</FONT></P>


<p Style='page-break-before:always'>
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Tax Exemption</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The dividend rate for VRM-MFP Shares assumes that each month&#146;s distribution is comprised solely of dividends exempt from regular U.S. federal income tax and the federal alternative minimum
tax. From time to time, the Fund may be required to allocate capital gains and/or ordinary income to a given month&#146;s distribution on VRM-MFP Shares. To the extent that it does so, the Fund will provide notice thereof and make Additional Amount
Payments at the times and in accordance with, and to the extent required in, the provisions relating thereto as described under &#147;Description of VRM-MFP Shares&#151;Dividends&#151;Taxable Allocations.&#148; Investors should consult with their
own tax advisors before making an investment in the VRM-MFP Shares. See &#147;Tax Matters.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Ratings</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund expects that at the Date of Original Issue, the <FONT STYLE="white-space:nowrap">VRM-MFP</FONT> Shares will have a long-term rating from [&#149;] and a long-term credit rating from
[&#149;]. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">There can be no assurance that the Fund will maintain any ratings of the VRM-MFP Shares or, if at any time the <FONT STYLE="white-space:nowrap">VRM-MFP</FONT> Shares
have one or more ratings, that any particular ratings will be maintained. See &#147;Risk Factors&#151;Ratings and Asset Coverage Risk.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Voting Rights</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">Except as otherwise provided in the Declaration of Trust or as otherwise required by law, (i)each holder of VRM-MFP Shares will be entitled to one vote for each VRM-MFP Share held by such holder
on each matter submitted to a vote of shareholders of the Fund, and (ii)the holders of outstanding Preferred Shares, including each VRM-MFP Share, and of Common Shares will vote together as a single class; <U>provided</U>, <U>however</U>, that the
holders of outstanding Preferred Shares, including VRM-MFP Shares, voting as a class, to the exclusion of the holders of all other securities and classes of shares of beneficial interest of the Fund, will be entitled to elect two trustees of the
Fund at all times, each Preferred Share, including each VRM-MFP Share, entitling the holder thereof to one vote. The holders of outstanding Common Shares and Preferred Shares, including VRM-MFP Shares, voting together as a single class, will elect
the balance of the trustees. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Liquidation Preference</B> </FONT></P></TD>
<TD> <P><FONT STYLE="font-family:Times New Roman" SIZE="2">The Liquidation Preference of VRM-MFP Shares will be [&#149;] per share. In the event of any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or
involuntary, the holders of VRM-MFP Shares will be entitled to receive a liquidation distribution per share equal to the Liquidation Preference plus an amount equal to all unpaid dividends and other distributions accumulated to (but excluding) the
date fixed for distribution or payment (whether </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-15
</FONT></P>


<p Style='page-break-before:always'>
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:0%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
or not earned or declared by the Fund, but without interest thereon). See &#147;Description of VRM-MFP Shares&#151;Priority of Payment and Liquidation Preference.&#148;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Trading Market</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The VRM-MFP Shares are a new issue of securities and there is currently no established trading market for such shares. The Fund does not intend to apply for a listing of the VRM-MFP Shares on a
securities exchange or an automated dealer quotation system. Accordingly, there can be no assurance as to the development or liquidity of any market for the VRM-MFP Shares. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Further Issuance</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may issue additional Preferred Shares on parity with VRM-MFP Shares. The Fund may not issue additional classes of shares that are senior to VRM-MFP Shares or that are senior to other
outstanding Preferred Shares of the Fund as to payments of dividends or as to distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Calculation and Paying Agent</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund will enter into a Tender and Paying Agent Agreement with the Calculation and Paying Agent, effective as of the Date of Original Issue in connection with the initial issuance of VRM-MFP
Shares. In connection with the Variable Rate Mode, the Calculation and Paying Agent will serve as the Fund&#146;s calculation agent, transfer agent and registrar, dividend disbursing agent, and paying agent and redemption price disbursing agent with
respect to the VRM-MFP Shares. See &#147;Custodian, Transfer Agent, Calculation and Paying Agent.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Use of Proceeds</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund estimates that the total net proceeds from this offering after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Fund will be
approximately $[&#149;]. The Fund intends to use the net proceeds from the sale of VRM-MFP Shares to [&#149;]. See &#147;Use of Proceeds.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Book-Entry</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">It is expected that the VRM-MFP Shares will be delivered to investors in book-entry form only, through the facilities of The Depository Trust Company (&#147;DTC&#148;). </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Governing Law</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The Declaration of Trust, the Statement and the Statement Supplement are governed by the laws of the Commonwealth of Massachusetts. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Risk Factors</B> </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">See &#147;Risk Factors&#148; in this prospectus supplement, as well as &#147;Risks Factors&#148; and other information included in the accompanying prospectus, for a discussion of the principal
risks you should carefully consider before deciding to invest in VRM-MFP Shares. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-16
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrmprosup656069_3"></A>RISK FACTORS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investing in the VRM-MFP Shares involves risk, including the risk that you may receive little or no return on your investment or that you
may lose part or all of your investment. Therefore, before investing in the VRM-MFP Shares you should consider carefully the following risks, as well as the risk factors set forth under &#147;Risk Factors&#148; beginning on page&nbsp;9 of the
accompanying prospectus. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Dividend Rate Risk&#151;VRM-MFP Shares </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">VRM-MFP Shares are variable dividend rate securities. Such securities generally are less sensitive to interest and dividend rate changes
but may decline in value if their dividend rate does not rise as much, or as quickly, as interest and dividend rates in general. Conversely, variable dividend rate securities will not generally increase in value if interest and dividend rates
decline. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>[Risks Related to SIFMA Municipal Swap Index </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Dividend Rate on the VRM-MFP Shares is based on the weekly SIFMA Municipal Swap Index plus an applicable spread that is determined based on the long-term credit rating of the VRM-MFP Shares. The SIFMA
Municipal Swap Index is affected by factors that may affect other interest or dividend rates and rate indexes differently, including the following: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Marginal Tax Rates. As the SIFMA Municipal Swap Index represents the rate payable on tax-exempt variable rate demand obligations, decreases in the
marginal tax rate may increase the SIFMA Municipal Swap Index, including in relation to other interest and dividend rates and rate indexes, as a result of the reduced after-tax benefits of the tax-exempt variable rate demand obligations included in
the SIFMA Municipal Swap Index. Conversely, increases in the marginal tax rate may decrease the SIFMA Municipal Swap Index, including in relation to other interest and dividend rates and rate indexes, as a result of the greater after-tax benefits of
the tax-exempt variable rate demand obligations included in the SIFMA Municipal Swap Index. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Tax-Exempt Status of Municipal Securities. Changes in the tax-exempt status of municipal securities may also affect the SIFMA Municipal Swap Index in
relation to other interest and dividend rates and rate indexes. If the tax-exempt status of municipal securities were to be removed, reduced or otherwise adversely affected, the SIFMA Municipal Swap Index would likely increase, converging toward
non-tax-exempt interest and dividend rates. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Tax Treatment of Comparable Securities. Changes in tax laws that grant non-municipal securities more favorable tax treatment to investors may adversely
impact market demand for, and the pricing of, municipal securities generally and the tax-exempt variable rate demand obligations included in the SIFMA Municipal Swap Index specifically. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Creditworthiness of Municipal Securities. Any actual or anticipated decline in the actual or perceived creditworthiness of issuers of municipal
securities could significantly increase the level of the SIFMA Municipal Swap Index. Issues of creditworthiness that disproportionately affect issuers of municipal securities in relation to issuers of other variable interest and dividend rate
securities would increase the level of the SIFMA Municipal Swap Index in relation to other interest and dividend rates and rate indexes. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-17
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<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Supply and Demand for Municipal Securities; Remarketing Practices. In addition to the creditworthiness of municipal securities, other factors can
affect the level of the SIFMA Municipal Swap Index, including in relation to other interest and dividend rates and rate indexes, such as supply and demand imbalances, any changes in the remarketing practices for tax-exempt variable rate demand
obligations, and other technical trading factors. Aside from changes in the tax law, such supply and demand movements could derive from fragmentation in the market for municipal securities, uncertainty with respect to the rights of the holders of
municipal securities, and illiquidity generally in the market. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yield Compression. As market interest and dividend rates in general decrease, municipal securities may become subject to decreasing demand (as the
positive tax effects of holding tax-exempt municipal securities decline on a relative basis) and increasing supply (as municipal issuers seek to exploit low interest rates by issuing more securities). This demand and supply imbalance could increase
the SIFMA Municipal Swap Index, including in relation to other interest and dividend rates and rate indexes.] </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>[Discontinuation or Modification of the SIFMA Municipal Swap Index </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The SIFMA Municipal Swap Index was created by the Securities Industry and Financial Markets Association (&#147;SIFMA&#148;) and is produced by Bloomberg. SIFMA and/or Bloomberg may make methodological or
other changes that could change the index level of the SIFMA Municipal Swap Index, including changes related to the method by which the index level is calculated, the criteria for eligibility for inclusion in the SIFMA Municipal Swap Index, and/or
the timing on which the SIFMA Municipal Swap Index is published. In addition, SIFMA and/or Bloomberg may alter, discontinue or suspend calculation or dissemination of the SIFMA Municipal Swap Index. SIFMA and Bloomberg have no obligation to consider
the interests of the holders of the VRM-MFP Shares in calculating, revising or discontinuing the SIFMA Municipal Swap Index. In the event that the SIFMA Municipal Swap Index is no longer published, the Dividend Rate will be based on the S&amp;P
Municipal Bond 7 Day High Grade Rate Index. If the S&amp;P Municipal Bond 7 Day High Grade Rate Index is no longer published, the Fund may in good faith select another reasonably comparable index as a replacement subject to approval of a majority of
holders of the VRM-MFP Shares. No assurance can be given that the S&amp;P Municipal Bond 7 Day High Grade Rate Index or such other comparable index selected by the Board will be an accurate assessment of average tax-exempt variable rate demand
obligation interest and dividend rates that the SIFMA Municipal Swap Index is currently proposed to measure.] </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>No Public Trading Market
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The VRM-MFP Shares will be a new issue of securities and there is currently no established trading market for the VRM-MFP
Shares. The Fund does not intend to apply for a listing of the VRM-MFP Shares on a securities exchange or an automated dealer quotation system. Thus, an investment in VRM-MFP Shares may be illiquid and there may be no active trading market.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Risk of Mandatory and Optional Redemptions or Mode Change </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund may be forced to redeem VRM-MFP Shares to meet requirements in the Statement Supplement or regulatory or Rating Agency requirements, or may voluntarily redeem VRM-MFP Shares at any time, or may
elect to make a Mode Change, including in circumstances that are unfavorable to VRM-MFP shareholders, at times when attractive alternative investment opportunities </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-18
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for reinvestment of the redemption proceeds are not available. See &#147;Description of VRM-MFP Shares&#151;Redemption&#148; and &#147;&#151;Mode [Extension or] Change.&#148; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Dividend Rate Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
VRM-MFP Shares are variable dividend rate securities. Such securities generally are less sensitive to interest and dividend rate changes but may decline in value if their dividend rate does not rise as much, or as quickly, as interest and dividend
rates in general. Conversely, variable dividend rate securities will not generally increase in value if interest and dividend rates decline. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Interest Rate and Income Shortfall Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">VRM-MFP Shares generally pay dividends based on short-term interest rates, and the proceeds from the issuance of the Fund&#146;s Preferred Shares are used to buy municipal bonds, which pay interest based
on long-term yields. Long-term municipal bond yields are typically, although not always, higher than short-term interest rates. Long-term, intermediate-term and short-term interest rates may fluctuate. If short-term interest rates rise, VRM-MFP
Share rates may rise so that the amount of dividends paid to the VRM-MFP Shareholders exceeds the income from the portfolio securities purchased with the proceeds from the sale of VRM-MFP Shares. Because income from the Fund&#146;s entire investment
portfolio (not just the portion of the portfolio attributable to the proceeds from the issuance of Preferred Shares) is available to pay dividends on the Fund&#146;s outstanding Preferred Shares, however, dividend rates on the Preferred Shares would
need to greatly exceed the Fund&#146;s net portfolio income before the Fund&#146;s ability to pay dividends on the Preferred Shares, including the VRM-MFP Shares, would be jeopardized. If long-term rates rise, the value of the Fund&#146;s investment
portfolio will decline, reducing the amount of assets serving as the Asset Coverage for the VRM-MFP Shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Additionally, in
certain market environments, short-term market interest rates may be higher than the Maximum Rate allowable for the dividend reset for VRM-MFP Shares. In such extreme circumstances, this scenario may adversely affect the valuation of VRM-MFP Shares
and the liquidity of VRM-MFP Shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Subordination Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">While VRM-MFP shareholders will have equal liquidation and distribution rights to any other Preferred Shares issued or that might be issued by the Fund, they will be subordinated to the rights of holders
of indebtedness and the claims of other creditors of the Fund. Therefore, dividends, distributions and other payments to VRM-MFP Shareholders in liquidation or otherwise will be subject to prior payments due, if any, to the holders of indebtedness
or other creditors of the Fund. Creditors of the Fund may include lenders and counterparties in connection with any borrowings, delayed delivery purchases and/or forward delivery contracts or derivatives, including interest rate swaps or caps,
entered into by the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Ratings and Asset Coverage Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">It is a condition of the issuance of the VRM-MFP Shares offered hereby that, at the Date of Original Issuance, the VRM-MFP Shares will have a long-term credit rating of from [&#149;] and a long-term
credit rating from [&#149;]. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-19
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">There can be no assurance that any particular rating will be maintained at the level
currently assigned to the VRM-MFP Shares. Ratings do not eliminate or mitigate the risks of investing in VRM-MFP Shares. A rating issued by a Rating Agency (including [&#149;] and [&#149;]) is only the opinion of the entity issuing the rating at
that time, and is not a guarantee as to quality, or an assurance of the future performance, of the rated security (in this case, VRM-MFP Shares). In addition, the manner in which the Rating Agency obtains and processes information about a particular
security may affect the Rating Agency&#146;s ability to react in a timely manner to changes in an issuer&#146;s circumstances (in this case, the Fund) that could influence a particular rating. A Rating Agency downgrade of the VRM-MFP Shares that
results in an increase in the Dividend Rate may make VRM-MFP Shares less liquid in the secondary market. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Additionally, so
long as the VRM-MFP Shares or other Preferred Shares of the Fund have long-term ratings, the Fund will be required to meet certain asset coverage or other criteria in order to maintain such rating. The Fund&#146;s failure to meet such criteria may
cause the Fund to sell portfolio positions or to redeem VRM-MFP Shares at inopportune times in an amount necessary to restore compliance with such criteria, or may result in a downgrade of ratings. The ratings do not eliminate or necessarily
mitigate the risks of investing in VRM-MFP Shares. A rating issued by a Rating Agency is only the opinion of the entity issuing the rating at that time and is not a guarantee as to quality, or an assurance of the future performance, of the rated
security. In addition, the manner in which the Rating Agency obtains and processes information about a particular security may affect the Rating Agency&#146;s ability to timely react to changes in an issuer&#146;s (in this case, the Fund&#146;s)
circumstances that could influence a particular rating. A Rating Agency could downgrade VRM-MFP Shares, which may make VRM-MFP Shares less liquid in the secondary market, although the downgrade would probably result in higher dividend rates.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A rating on the VRM-MFP Shares is not a recommendation to purchase, hold, or sell those shares, inasmuch as the rating does
not comment as to market price or suitability for a particular investor. A Rating Agency could downgrade VRM-MFP Shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Tax Risks
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund is relying on an opinion of counsel that the VRM-MFP Shares will qualify as stock in the Fund for U.S. federal
income tax purposes. Because there is no direct legal authority on the classification of instruments similar to the VRM-MFP Shares, investors should be aware that the Internal Revenue Service and other governmental taxing authorities could assert a
contrary position. See &#147;Tax Matters.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Multiple Series Risk </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Following the issuance of the VRM-MFP Shares, the Fund will have [&#149;] series of MFP Shares and [&#149;] series of VRDP Shares
outstanding. All Preferred Shares of the Fund have equal priority as to the payment of dividends and the distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund, but, to the extent that the terms of the various
series or types of Preferred Shares differ, there is a risk that market or other events may impact one series of Preferred Shares differently from other series. If market or other events cause the Fund to breach covenants applicable to one series or
type of Preferred Shares but not others, the Fund may nevertheless be granted discretion to redeem shares of any series of Preferred Shares, including the affected series, in order to restore compliance, subject to the redemption terms of each
series. In addition, the voting power of </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-20
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certain series of Preferred Shares may be more concentrated than others. The Fund, without the consent of VRM-MFP shareholders, may from time to time issue additional Preferred Shares of a new or
existing series in connection with new financings, refinancing or reorganizations. The issuance by the Fund of additional Preferred Shares may require the consent of liquidity providers or other Fund counterparties. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Dividend Risk </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund
may be unable to pay dividends on VRM-MFP Shares in extraordinary circumstances. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrmprosup656069_4"></A>CAPITALIZATION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">[TO BE FURNISHED AT THE TIME OF THE OFFERING] </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrmprosup656069_5"></A>ASSET COVERAGE RATIO </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">As provided in the 1940 Act and subject to certain exceptions, the Fund may issue Preferred Shares with the condition that immediately after the issuance the value of its assets, less certain ordinary
course liabilities, exceed 200% of the amount of Preferred Shares outstanding. The Fund estimates that based on its capitalization as of [&#149;], 20[&#149;], the Fund&#146;s asset coverage, after giving effect to this offering will be [&#149;]%.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrmprosup656069_6"></A>USE OF PROCEEDS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund estimates that the net proceeds of the offering will be approximately $[&#149;], after payment of the underwriting discounts and
commissions and estimated offering expenses payable by the Fund. The Fund intends to use the net proceeds from the sale of VRM-MFP Shares to [&#149;]. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-21
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrmprosup656069_7"></A>DESCRIPTION OF VRM-MFP SHARES </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>The following is a brief description of the material terms of the VRM-MFP Shares. </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>General </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
Fund&#146;s Declaration of Trust authorizes the issuance of an unlimited number of preferred shares, including the VRM-MFP Shares. As of [&#149;], 20[&#149;], the Fund had outstanding [1,790 Series 1 VRDP Shares, 3,854 Series 2 VRDP Shares, 1,800
Series 4 VRDP Shares, 3,405 Series 5 VRDP Shares, 3,267 Series 6 VRDP Shares, and 4,054 Series A MFP Shares.]. The VRM-MFP Shares and any other preferred shares, including the previously authorized MFP Shares and VRDP Shares, of the Fund that may
then be outstanding are collectively referred to as &#147;Preferred Shares.&#148; See &#147;Description of Securities&#148; in the prospectus. Copies of the Declaration of Trust and the Statement and the Statement Supplement for the VRM-MFP Shares
are filed with the Securities and Exchange Commission as exhibits to the Fund&#146;s registration statement of which this prospectus supplement is a part. Copies may be obtained as described under &#147;Where You Can Find More Information.&#148;
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Priority of Payment and Liquidation Preference </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">VRM-MFP Shares will be senior securities that constitute shares of beneficial interest of the Fund and are senior, with priority in all respects, to the Fund&#146;s Common Shares as to payments of
dividends and as to distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund. VRM-MFP Shares will have equal priority as to payments of dividends and as to distribution of assets upon dissolution, liquidation or
winding up of the affairs of the Funds with each other and with other Preferred Shares. The Fund may issue additional Preferred Shares on parity with the VRM-MFP Shares. The Fund may not issue additional classes of shares that are senior to VRM-MFP
Shares or that are senior to other outstanding Preferred Shares of the Fund as to payments of dividends or as to distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund. As a fundamental policy, the Fund may not
borrow money, except from banks for temporary or emergency purposes, or for repurchase of its shares, subject to certain restrictions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In the event of any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, the holders of VRM-MFP Shares will be entitled to receive a liquidation
distribution per share equal to the Liquidation Preference plus an amount equal to all unpaid dividends and other distributions accumulated to (but excluding) the date fixed for distribution or payment (whether or not earned or declared by the Fund,
but without interest thereon). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Dividends </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Dividend Rate</I> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2">[Subject to change in the event of
agreement to Adjusted Rate Terms as described under &#147;Adjusted Rate Terms&#148; below,]</FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">14</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> the dividend rate for the VRM-MFP Shares is determined with respect to Dividend Reset Periods that will generally
commence [on a Thursday and end on the following Wednesday] when a new Index Rate (as defined below) is made available. The &#147;Index Rate&#148; for any such Dividend Reset Period will be [(i) the SIFMA Municipal Swap Index (as defined below) made
available by approximately 4:00 p.m., New York City time, on the Rate Determination Date for </FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">14</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Include for Adjustable Rate VRM </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-22
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2">
such Dividend Reset Period or if such index is not made so available on such date, the SIFMA Municipal Swap Index as determined on the previous Rate Determination Date.] If the day immediately
preceding a Dividend Reset Period is not a Business Day, that Dividend Reset Period will begin on the first day following the date on which such index is next made available but the end date of such Dividend Reset Period will not be adjusted.
[Except [during a Failed Transition Period, if any, or] as may be provided for in the Adjusted Rate Terms as described below,]</FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">15</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> the Dividend Rate for any Dividend Reset Period will be equal to the Index Rate plus the &#147;Applicable
Spread.&#148; The Applicable Spread will initially be [&#149;]% per annum and is subject to adjustment in certain circumstances, including a change in the credit rating assigned to the VRM-MFP Shares by a rating agency providing a credit rating for
the VRM-MFP Shares at the request of the Fund, as described below, provided that the Dividend Rate will in no event exceed 15%&nbsp;per annum. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The dividend rate for the initial Dividend Reset Period commencing on, and including, [&#149;] and ending on, and including, Wednesday, [&#149;], will be equal to [(i) the sum of the SIFMA Municipal Swap
Index, made available by approximately 4:00 p.m., New York City time, on Wednesday, [&#149;], plus the Applicable Spread or (ii)&nbsp;[&#149;]% per annum if the SIFMA Municipal Swap Index is not so published]. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#147;SIFMA Municipal Swap Index&#148; means the Securities Industry and Financial Markets Association Municipal Swap Index, or such
other weekly, high-grade index comprised of seven-day, tax-exempt variable rate demand notes produced by Bloomberg or its successor, or as otherwise designated by the Securities Industry and Financial Markets Association; provided, however, that if
such index is no longer produced by Bloomberg or its successor, then SIFMA Municipal Swap Index shall mean (i)&nbsp;the S&amp;P Municipal Bond 7 Day High Grade Rate Index produced by Standard&nbsp;&amp; Poor&#146;s Financial Services LLC or its
successors or (ii)&nbsp;if the S&amp;P Municipal Bond 7 Day High Grade Rate Index is no longer produced, such other reasonably comparable index selected in good faith by the Board.] </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Business Day&#148; means a day (a)&nbsp;other than a day on which commercial banks in The City of New York, New York are required
or authorized by law or executive order to close and (b)&nbsp;on which the New York Stock Exchange is not closed. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Rate
Determination Date&#148; means with respect to the initial Dividend Reset Period, [&#149;], and, with respect to any subsequent Dividend Reset Period, [(i) the last day of the immediately preceding Dividend Reset Period or, if such day is not a
Business Day, the next succeeding Business Day; provided however that the next succeeding Rate Determination Date will be determined without regard to any prior extension of a Rate Determination Date to a Business Day or (ii)&nbsp;as may be
otherwise provided for an Adjusted Dividend Rate.]</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">16</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dollar amounts resulting from the calculation of dividends will be rounded to the nearest cent, with one-half cent being
rounded upward. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The applicable dividend rate for the VRM-MFP Shares is referred to herein as the &#147;Dividend
Rate.&#148;</FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">15</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Include for Adjustable Rate VRM </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">16</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Include for Adjustable Rate VRM </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-23
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>[Adjusted Rate Terms </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Dividend Rate is subject to adjustment from time to time as follows: </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">On any day after [&#149;], the Fund, at its option, may seek to establish Adjusted Rate Terms (i)&nbsp;by email transmission, confirmed promptly by
telephone, to the holders of the VRM-MFP Shares, or (ii)&nbsp;by requesting the Calculation and Paying Agent, on behalf of the Fund, to promptly do so; provided, that, if the VRM-MFP Shares are in certificated form, the rate adjustment notice may be
delivered to the holders at their addresses as shown on the records of the Calculation and Paying Agent by overnight delivery or by first class mail, postage prepaid. The date of delivery of a rate adjustment notice shall be deemed to be the day on
which it is sent by email transmission or, if applicable, overnight delivery or by first class mail, postage prepaid. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">On any day after [&#149;], the beneficial owner of more than 50% of the outstanding VRM-MFP Shares (the &#147;Majority Beneficial Owner&#148;), at such
beneficial owner&#146;s option, may seek to have the Fund establish Adjusted Rate Terms by delivering a rate adjustment notice by email transmission, confirmed promptly by telephone, to the Fund. Promptly after receiving such notice from such
Majority Beneficial Owner, if such Majority Beneficial Owner then owns less than 100% of the outstanding VRM-MFP Shares, the Fund shall deliver, or request the Calculation and Paying Agent, on behalf of the Fund, to deliver, notice thereof by
overnight delivery, by first class mail, postage prepaid or by electronic means to the holders of the VRM-MFP Shares. The date of delivery of a rate adjustment notice shall be deemed to be the day on which it is sent by email transmission or, if
applicable, overnight delivery or by first class mail, postage prepaid. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">A rate adjustment notice may be withdrawn at any time by the proposing party prior to agreement in writing to proposed Adjusted Rate Terms with the
other party pursuant to such rate adjustment notice, in which case the Rate Adjustment Notice Period shall terminate. Notice of withdrawal of a rate adjustment notice shall be made by email transmission, confirmed promptly by telephone; provided,
that if the VRM-MFP Shares are in certificated form, notice of withdrawal may be made by overnight delivery, by first class mail, postage prepaid to the holders at their addresses as shown on the records of the Calculation and Paying Agent. If at
any time after the Majority Beneficial Owner delivers a rate adjustment notice and while the related Rate Adjustment Notice Period is continuing, the Majority Beneficial Owner decreases its ownership level of VRM-MFP Shares to 50% or less of the
outstanding VRM-MFP Shares, such beneficial owner&#146;s rate adjustment notice shall be deemed withdrawn and the Rate Adjustment Notice Period shall terminate. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund and the beneficial owners of 100% of the outstanding VRM-MFP Shares (the &#147;Required Beneficial Owners&#148;) shall have until the [&#149;]
calendar day following the date of delivery of a rate adjustment notice, or such other date as the Fund and the Required Beneficial Owners shall agree, to agree in writing to proposed Adjusted Rate Terms pursuant to the rate adjustment notice (the
date of such written agreement, the &#147;Rate Adjustment Agreement Date&#148;). The agreed Adjusted Rate Terms, if any, may be the Adjusted Rate Terms proposed in the rate adjustment notice or such other Adjusted Rate Terms as the Fund and the
Required Beneficial Owners may agree. If the Fund and the </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-24
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P><FONT STYLE="font-family:Times New Roman" SIZE="2">
Required Beneficial Owners agree to Adjusted Rate Terms during the Rate Adjustment Notice Period, then the Adjusted Rate Terms shall become effective from and including the Dividend Reset Period
immediately succeeding the Rate Adjustment Agreement Date. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">During a Rate Adjustment Notice Period, if the Majority Beneficial Owner is the proposing party, the Fund shall use its reasonable best efforts, to the
extent it can do so on a commercially reasonable basis, to either agree with the Required Beneficial Owners on the Adjusted Rate Terms or establish a new Mode for the VRM-MFP Shares. If the Majority Beneficial Owner is the proposing party, and the
Fund and the Required Beneficial Owners fail to agree in writing to Adjusted Rate Terms during the Rate Adjustment Notice Period, then the proposed Adjusted Rate Terms shall not take effect, such failure shall constitute a Failed Adjustment Event
[and a Failed Transition Period shall commence]. In such case, the Fund shall use its reasonable best efforts, to the extent that it can do so on a commercially reasonable basis, to establish a new Mode for the VRM-MFP Shares prior to the Failed
Transition Redemption Date resulting from such Failed Adjustment Event. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">During a Rate Adjustment Notice Period, if the Fund is the proposing party, the Fund shall use its reasonable best efforts, to the extent it can do so
on a commercially reasonable basis, to agree with the Required Beneficial Owners on the Adjusted Rate Terms. If the Fund and the Required Beneficial Owners fail to reach such agreement during the Rate Adjustment Notice Period, then the rate
adjustment notice shall be deemed withdrawn and the Rate Adjustment Notice Period shall terminate. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Adjusted Rate Terms, once established, may be further adjusted or replaced with new Adjusted Rate Terms. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Adjusted Rate Terms&#148; may include, but are not limited to, the dividend rate (which may be fixed or floating), as well as, as
applicable, the index rate, the index maturity, the index multiplier, the spread, the spread multiplier, the rate determination date(s), the dividend reset date(s), the dividend reset period(s), the minimum dividend rate, the day count convention,
the dividend period(s) and other terms as set forth in a rate adjustment notice; provided, that no Adjusted Rate Terms may modify the terms or applicability of the provisions of the Statement or the Statement Supplement governing ranking, preemptive
rights, voting rights, restrictions on dividends and other distributions, the term redemption date, restrictions on redemptions if the Fund is not current on paying accumulated and unpaid dividends, compliance with applicable law in connection with
redemptions, liquidation rights or restrictions on amendments or supplements to the Statement or the Statement Supplement; and provided further, that no Adjusted Rate Terms shall modify any terms affecting the parity ranking of the VRM-MFP Shares
relative to any other series of Preferred Shares of the Fund at any time outstanding with respect to dividends or distributions of assets upon dissolution, liquidation or winding up of the affairs of the Fund. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Rate Adjustment Notice Period&#148; means, with respect to any rate adjustment notice, the period commencing on the date of
delivery of the rate adjustment notice and ending on the earliest to occur of (i)&nbsp;withdrawal or deemed withdrawal of the rate adjustment notice, (ii)&nbsp;the related Rate Adjustment </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-25
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2">
Agreement Date, (iii)&nbsp;the redemption, repurchase or successful transition remarketing of 100% of the outstanding VRM-MFP Shares to a new Mode or (iv)&nbsp;the date of a Failed Adjustment
Event, as applicable.]</FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">17</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Applicable Spread Adjustments </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2">The Applicable Spread will initially be [&#149;]% per annum but [(i)] will adjust based on the highest applicable
credit rating most recently assigned to the VRM-MFP Shares by [&#149;], [&#149;] or any additional or different rating agency providing a long-term credit rating on the VRM-MFP Shares and which is designated a Rating Agency, to the per annum
percentage set forth opposite such assigned rating in the table below[, or (ii)&nbsp;such spread or spreads as may be provided for in Adjusted Rate Terms]</FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">18</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> [(<I>provided</I>, <I>however</I>, the Applicable Spread shall not
apply for any Dividend Reset Period or portion thereof occurring during the Failed Transition Period, if any, except in the case of an Increased Rate Period occurring during the Failed Transition Period)]: </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="75%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Long Term Ratings*</U></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>[&#149;]</U></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Applicable Percentage**</U></FONT></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">AAA to AA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#149;]%</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">AA-</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#149;]%</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A+</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#149;]%</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#149;]%</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#149;]%</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">BBB+</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#149;]%</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">BBB</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#149;]%</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">BBB-</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&#149;]%</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">*And/or the equivalent ratings of another Rating Agency then rating the VRM-MFP Shares utilizing the highest of the ratings of the Rating Agencies then rating the VRM-MFP
Shares.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">**Unless an Increased Rate Period is in effect, in which case the Applicable Spread will be [&#149;]% for such Increased Rate Period.</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Applicable Spread will increase to [&#149;]% per annum for each &#147;Increased Rate Period.&#148; An
&#147;Increased Rate Period&#148; will commence (A)&nbsp;on a Dividend Payment Date if the Fund has failed to deposit with the Calculation and Paying Agent by 12:00 noon, New York City time, on such Dividend Payment Date, deposit securities that
will provide funds available to the Calculation and Paying Agent on such Dividend Payment Date sufficient to pay the full amount of any dividend on the VRM-MFP Shares payable on such Dividend Payment Date (a &#147;Dividend Default&#148;) and
continue to, but excluding, the Business Day on which the Dividend Default is cured; (B)&nbsp;on an applicable Redemption Date if the Fund has failed to deposit with the Calculation and Paying Agent for the VRM-MFP Shares by 12:00 noon, New York
City time, on such Redemption Date for the VRM-MFP Shares, deposit securities that will provide funds available to the Tender and Paying Agent on such redemption date sufficient to pay the full amount of the Redemption Price payable in respect of
such shares on such redemption date (a &#147;Redemption Default&#148;) and continue to, but excluding, the Business Day on which such Redemption </FONT></P>
<P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">17</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Include for Adjustable Rate VRM </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">18</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Include for Adjustable Rate VRM </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-26
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Default is cured; (C)&nbsp;on the Business Day on which any Rating Agency has withdrawn the credit rating required to be maintained with respect to the VRM-MFP Shares pursuant to the Statement
Supplement, other than due to the Rating Agency ceasing to rate tax-exempt closed-end management investment companies generally and such withdrawal is continuing, or the Fund has terminated the designation of a Rating Agency without complying with
the requirements of the Statement Supplement and continue to, but excluding, the Business Day on which the Fund restores compliance with its Rating Agency obligations under the Statement Supplement; (D)&nbsp;on the Business Day on which a Ratings
Event (as defined below) has occurred with respect to the VRM-MFP Shares and continue to, but excluding, the Business Day on which such Ratings Event has ended; or (E)&nbsp;on the Business Day on which (i)&nbsp;a court or other applicable
governmental authority has made a final determination that for U.S. federal income tax purposes the VRM-MFP Shares do not qualify as equity in the Fund and (ii)&nbsp;such determination results from an act or failure to act on the part of the Fund
and continue so long as any VRM-MFP Shares are outstanding in the Variable Rate Mode. </FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">A &#147;Ratings Event&#148; will be deemed to exist
with respect to the VRM-MFP Shares at any time such VRM-MFP Shares have a long-term credit rating from at least one-half of the Rating Agencies designated at such time (or from the Rating Agency designated at such time if only one Rating Agency is
then designated) that is below investment grade. For the avoidance of doubt, no determination by any court or other applicable governmental authority that requires the Fund to make an Additional Amount Payment in respect of a Taxable Allocation
shall be deemed to be a Tax Event hereunder. In no event shall an Increased Rate be cumulative, notwithstanding the existence of and continuation of multiple conditions giving rise to an Increased Rate Period. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">[For each Dividend Reset Period or portion thereof during the Failed Transition Period, if any, the Dividend Rate will be the Failed
Transition Period Dividend Rate (as defined below).] </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Dividend Payments </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2">The holders of VRM-MFP Shares will be entitled to receive, when, as and if declared by, or under authority granted
by, the Board out of funds legally available for payment, cumulative cash dividends and distributions on each such VRM-MFP Share at the Dividend Rate. Dividends and other distributions on each VRM-MFP Share accumulate from the Date of Original Issue
with respect to such share. During the Variable Rate Mode, the Dividend Period will generally be a calendar month, and the Dividend Payment Date in respect of each Dividend Period will be the first Business Day following the end of such Dividend
Period, except that the first Dividend Period will begin on (and include) [&#149;] and end on (and include) [&#149;], and the first Dividend Payment Date will be [&#149;], and the final Dividend Period in the Variable Rate Mode will end on and
include the last calendar day of the Variable Rate Mode. Notwithstanding the foregoing, [(i)] the Fund in its discretion may establish Special Dividend Payment Dates more frequent than monthly Dividend Payment Dates in respect of the Variable Rate
Mode; provided, that any such Special Dividend Payment Date shall be a Business Day[, or (ii)&nbsp;the Fund and the Required Beneficial Owners may establish the date or dates as may be provided for in the Adjusted Rate Terms.]</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">19</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The amount of dividends per share payable on the VRM-MFP Shares on any Dividend Payment Date will equal the sum of the
dividends accumulated but not yet paid for each Dividend Reset Period (or portion thereof) in the related Dividend Period. The amount of dividends per share accumulated for </FONT></P>
<P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">19</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Include for Adjustable Rate VRM </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-27
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
each such Dividend Reset Period (or portion thereof) will be computed by (i)&nbsp;multiplying the Dividend Rate in effect for the VRM-MFP Shares for such Dividend Reset Period (or portion
thereof) by a fraction, the numerator of which will be [the actual number of days in such Dividend Reset Period (or portion thereof) and the denominator of which will be the actual number of days in the year in which such Dividend Reset Period (or
portion thereof) occurs (365 or 366)] and (ii)&nbsp;multiplying the product determined pursuant to clause (i)&nbsp;by the Liquidation Preference for a VRM-MFP Share ($[&#149;]). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2">[The Dividend Rate may be adjusted to a new Dividend Rate as provided in the Adjusted Rate Terms.]</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">20</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> The
Dividend Rate for the VRM-MFP Shares will be adjusted to the Increased Rate for each Increased Rate Period. Dividends on VRM-MFP Shares with respect to any Dividend Period will be declared to the holders of record of such shares as their names shall
appear on the registration books of the Fund at the close of business on each day in such Dividend Period. In connection with any transfer of VRM-MFP Shares, the transferor will, subject to any agreement between the transferor and transferee,
transfer to the transferee the transferor&#146;s right to receive from the Fund any unpaid dividends so declared for each day prior to the transferee becoming the holder or beneficial owner, as applicable, of the VRM-MFP Shares in consideration of a
portion of the purchase price for such VRM-MFP Shares paid by the transferee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dividends on VRM-MFP Shares will be paid on
each Dividend Payment Date to the holders of VRM-MFP Shares as their names appear on the registration books of the Fund at the close of business on the day immediately preceding such Dividend Payment Date (or if such day is not a Business Day, the
next preceding Business Day). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>[Failed Transition Period </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For each Dividend Reset Period (or portion thereof) occurring during the Failed Transition Period, if any, the Dividend Rate shall be the
Failed Transition Period Dividend Rate, which will equal the Index Rate for such Dividend Reset Period (or portion thereof) plus the Failed Transition Period Applicable Spread for such Dividend Reset Period (or portion thereof); provided, however,
that, with respect to any Increased Rate Period (or any portion of a Dividend Reset Period to which the Increased Rate otherwise applies), the Failed Transition Period Dividend Rate shall mean the Increased Rate for such Increased Rate Period (or
such portion of a Dividend Reset Period); and provided further, that the Failed Transition Period Dividend Rate for any Dividend Reset Period (or portion thereof) shall in no event exceed the Maximum Rate (exclusive of any Additional Amount
Payments). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Failed Transition Period Applicable Spread&#148; means, for each Dividend Reset Period or portion thereof
occurring while the Failed Transition Period, if any, has occurred and is continuing, [&#149;] basis points ([&#149;]%) (up to 59 days of the continued Failed Transition Period), [&#149;] basis points ([&#149;]%) (60 days but fewer than 90 days of
the continued Failed Transition Period), [&#149;] basis points ([&#149;]%) (90 days but fewer than 120 days of the continued Failed Transition Period), [&#149;] basis points ([&#149;]%) (120 days but fewer than 150 days of the continued Failed
Transition Period), [&#149;] basis points ([&#149;]%) (150 days but fewer than 180 days of the Failed Transition Period), and [&#149;] basis points ([&#149;]%) (180 days or more of the continued Failed Transition Period).] </FONT></P>
<P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">20</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Include for Adjustable Rate VRM </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-28
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Maximum Rate </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Maximum Rate for the VRM-MFP Shares will be 15%&nbsp;per annum. Neither the Regular Dividend Rate, the Increased Rate nor the Step-Up
Dividend Rate determined as set forth above may exceed the Maximum Rate. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Taxable Allocations </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Whenever a Taxable Allocation is to be paid by the Fund with respect to the VRM-MFP Shares with respect to any Dividend Period and either
the Increased Rate or the Maximum Rate is not in effect during such Dividend Period, the Fund shall comply with one of clause (a), clause (b)&nbsp;or clause (c)&nbsp;below: </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may provide notice to the Tender and Paying Agent prior to the commencement of any Dividend Period for the VRM-MFP Shares of the
amount of the Taxable Allocation that will be made in respect of the VRM-MFP Shares for such Dividend Period (a &#147;Notice of Taxable Allocation&#148;). Such Notice of the Taxable Allocation will state the amount of the dividends payable in
respect of each VRM-MFP Share for such Dividend Period that will be treated as a Taxable Allocation and the adjustment to the Dividend Rate for each Dividend Reset Period (or portion thereof) included in such Dividend Period that will be required to
pay the Additional Amount Payment in respect of the Taxable Allocation paid on such VRM-MFP Share for such Dividend Period. In lieu of adjusting the Dividend Rate, the Fund may make, in addition to and in conjunction with the payment of regular
dividends for such Dividend Period, a supplemental distribution in respect of each VRM-MFP Share for such Dividend Period equal to the Additional Amount Payment payable in respect of the Taxable Allocation paid on such share for such Dividend
Period. The Fund will use commercially reasonable efforts to effect the distribution of Taxable Allocations in respect of the VRM-MFP Shares as described in this clause (a), and shall only effect the adjustment or distribution in respect of Taxable
Allocations as described in clause (b)&nbsp;and/or clause (c)&nbsp;if such commercially reasonable efforts do not reasonably permit the Fund to effect the adjustment or distribution in respect of a Taxable Allocation as contemplated by this clause
(a). </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Fund does not provide a Notice of Taxable Allocation as provided in clause (a)&nbsp;with respect to a Taxable Allocation that is made
in respect of the VRM-MFP Shares, the Fund may make one or more supplemental distributions on the VRM-MFP Shares equal to the Additional Amount Payment due in respect of such Taxable Allocation. Any such supplemental distribution in respect of the
MFP Shares shall be made reasonably promptly following any such Taxable Allocation and may be declared and paid on any date, without reference to any regular Dividend Payment Date, to the holders of the VRM-MFP Shares as their names appear on the
registration books of the Fund on such date, not exceeding fifteen (15)&nbsp;calendar days preceding the payment date of such supplemental distribution, as may be fixed by the Board. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">If, in connection with a redemption of VRM-MFP Shares, the Fund makes a Taxable Allocation without having either given advance notice thereof
pursuant to clause (a)&nbsp;or </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-29
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
made one or more supplemental distributions pursuant to clause (b), the Fund shall direct the Tender and Paying Agent to send an Additional Amount Payment in respect of such Taxable Allocation to
the holders of the VRM-MFP Shares being redeemed. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">[Except as required by the Purchase Agreement, so long as the applicable provision of the Purchase Agreement shall be in effect,]
[Notwithstanding anything to the contrary in the Statement Supplement,] the Fund shall not be required to make Additional Amount Payments with respect to any net capital gains or ordinary income determined by the Internal Revenue Service to be
allocable in a manner different from the manner used by the Fund. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Additional Amount Payment&#148;
means a payment to a beneficial owner of VRM-MFP Shares of an amount which, when taken together with the aggregate amount of Taxable Allocations made to such beneficial owner to which such Additional Amount Payment relates, would cause such
beneficial owner&#146;s dividends in dollars (after regular U.S. federal income tax consequences in respect of both the Taxable Allocations and Additional Amount Payment) from the aggregate of such Taxable Allocations and the related Additional
Amount Payment to be equal to the dollar amount of the dividends that would have been received by such beneficial owner if the amount of such aggregate Taxable Allocations would have been excludable (for regular U.S. federal income tax purposes)
from the gross income of such beneficial owner. Such Additional Amount Payment shall be calculated (i)&nbsp;without consideration being given to the time value of money; (ii)&nbsp;only taking into account the regular U.S. federal income tax with
respect to dividends received from the Fund (that is, without giving effect to any other federal tax based on income, such as (A)&nbsp;the alternative minimum tax or (B)&nbsp;the &#147;Medicare tax,&#148; which at the date hereof is imposed at the
rate of 3.8% on the net investment income (which includes taxable dividends and net capital gains) of certain individuals, trusts and estates); and (iii)&nbsp;assuming that each Taxable Allocation and each Additional Amount Payment (except to the
extent such Additional Amount Payment is reported as an exempt-interest dividend for purposes of Section&nbsp;852(b)(5) of the Code or successor provisions) would be taxable in the hands of each beneficial owner of VRM-MFP Shares at the maximum
marginal regular U.S. federal income tax rate (taking account of the U.S. federal income tax deductibility of state and local taxes paid or incurred) applicable to ordinary income or net capital gains, as applicable, or the maximum marginal regular
federal corporate income tax rate applicable to ordinary income or net capital gains, as applicable, whichever is greater, in effect at the time such Additional Amount Payment is paid. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Taxable Allocation&#148; means the allocation of any net capital gains or ordinary income taxable for regular U.S. federal income
tax purposes to a dividend paid in respect of the VRM-MFP Shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Restrictions on Dividends and Other Distributions
</I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Dividends on Preferred Shares.</I> Except as set forth in the next sentence, no dividends and other distributions
shall be declared or paid or set apart for payment on the shares of any class or series of shares of beneficial interest of the Fund ranking, as to the payment of dividends, on a parity with the VRM-MFP Shares for any period unless full cumulative
dividends and other distributions have been or contemporaneously are declared and paid on the shares of all series of Preferred Shares through their most recent dividend payment date. When dividends and other distributions due are not paid in full
upon the shares of all series of Preferred Shares through their most recent dividend payment date or upon the shares of any other class or series of shares of beneficial interest of the Fund ranking on a parity as to the payment of dividends with
the VRM-MFP Shares through their most recent respective </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-30
</FONT></P>


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dividend payment dates, all dividends declared and paid upon the VRM-MFP Shares and any other such class or series of shares of beneficial interest ranking on a parity as to the payment of
dividends with the VRM-MFP Shares shall be declared and paid pro rata so that the amount of dividends declared and paid per share on the Preferred Shares of such series and such other class or series of shares of beneficial interest shall in all
cases bear to each other the same ratio that accumulated dividends per share on the VRM-MFP Shares and such other class or series of shares of beneficial interest bear to each other (for purposes of this sentence, the amount of dividends declared
and paid per VRM-MFP Share shall be based on the dividend rate for such share for the dividend periods during which dividends were not paid in full). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Dividends and Other Distributions With Respect to Common Shares Under the 1940 Act</I>. The Board shall not declare or pay any dividend or distribution (except a dividend payable in Common Shares) upon
the Common Shares, or purchase or redeem or otherwise acquire for consideration any Common Shares or pay any proceeds of the liquidation of the Fund in respect of any Common Shares, unless in every such case the Preferred Shares have, at the time of
any such declaration or purchase, an asset coverage (as defined in and determined pursuant to the 1940 Act) of at least 200% (or such other asset coverage as may in the future be specified in or under the 1940 Act as the minimum asset coverage for
senior securities which are shares of beneficial interest or stock of a closed-end investment company as a condition of declaring dividends on its common shares or common stock) after deducting the amount of such dividend, distribution or purchase
price, as the case may be. See &#147;&#151;Coverage and Leverage Tests&#148; below. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Other Restrictions on Dividends and
Other Distributions. </I>For so long as any VRM-MFP Shares are outstanding, and except as described above under &#147;&#151;Dividends on Preferred Shares&#148; and &#147;Priority of Payment and Liquidation Preference,&#148; the Fund shall not
declare, pay or set apart for payment any dividend or other distribution (other than a dividend or distribution paid in shares of, or in options, warrants or rights to subscribe for or purchase, Common Shares or other shares, if any, ranking junior
to the VRM-MFP Shares as to the payment of dividends and the distribution of assets upon dissolution, liquidation or winding up) in respect of the Common Shares or any other shares of the Fund ranking junior to or on a parity with the VRM-MFP Shares
as to the payment of dividends or the distribution of assets upon dissolution, liquidation or winding up, or call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares or any other such junior shares (except by
conversion into or exchange for shares of the Fund ranking junior to the VRM-MFP Shares as to the payment of dividends and the distribution of assets upon dissolution, liquidation or winding up), or any such parity shares (except by conversion into
or exchange for shares of the Fund ranking junior to or on a parity with the Preferred Shares as to the payment of dividends and the distribution of assets upon dissolution, liquidation or winding up), unless (i)&nbsp;full cumulative dividends on
the VRM-MFP Shares through the most recently ended dividend period therefor shall have been paid or shall have been declared and sufficient funds for the payment thereof deposited with the Calculation and Paying Agent and (ii)&nbsp;the Fund has
redeemed the full number of VRM-MFP Shares required to be redeemed by any provision for mandatory redemption pertaining thereto. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Coverage
and Leverage Tests </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Asset Coverage Requirements </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Under the 1940 Act, the Fund could issue Preferred Shares, including VRM-MFP Shares, with an aggregate liquidation value of up to
one-half (50%)&nbsp;of the value of the Fund&#146;s total net assets, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-31
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including any liabilities associated with borrowings, measured immediately after issuance of the Preferred Shares. &#147;Liquidation value&#148; means the original purchase price of the shares
being liquidated plus any accrued and unpaid dividends. In addition, the Fund is not permitted to declare any cash dividend or other distribution on its Common Shares unless the liquidation value of the Preferred Shares is less than one-half
(50%)&nbsp;of the value of the Fund&#146;s total net assets (determined after deducting the amount of such dividend or distribution) immediately after the distribution. The Fund intends to purchase or redeem Preferred Shares, if necessary, to keep
that percentage below 50%. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, the Fund is agreeing in the Statement Supplement to have &#147;Asset Coverage&#148;
of at least 225% as of the close of business on each Business Day. If the Fund shall fail to maintain such Asset Coverage as of the close of business on any Business Day, the provisions described below under &#147;Redemption&#151;Asset Coverage
Mandatory Redemption&#148; shall be applicable, which provisions to the extent complied with shall constitute the sole remedy for the Fund&#146;s failure to comply with the Asset Coverage requirement. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Asset Coverage&#148; means asset coverage, as defined in Section&nbsp;18(h) of the 1940 Act as of the Date of Original Issuance, of
at least 225%, with respect to all outstanding senior securities of the Fund which are stock, including all outstanding VRM-MFP Shares (or, in each case, if higher, such other asset coverage as may in the future be specified in or under the 1940 Act
as the minimum asset coverage for senior securities which are stock of a closed-end investment company as a condition of declaring dividends on its common shares or stock). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Calculation of Asset Coverage.</I> For purposes of determining whether the Asset Coverage requirement is satisfied, (i)&nbsp;no VRM-MFP Shares or other Preferred Shares shall be deemed to be
outstanding for purposes of any required computation of Asset Coverage if, prior to or concurrently with such determination, sufficient deposit securities or other sufficient funds (in accordance with the terms of the VRM-MFP Shares or other
Preferred Shares) to pay the full redemption price for the VRM-MFP Shares or other Preferred Shares (or the portion thereof to be redeemed) shall have been deposited in trust with the paying agent for the VRM-MFP Shares or other Preferred Shares and
the requisite notice of redemption for the VRM-MFP Shares or other Preferred Shares (or the portion thereof to be redeemed) shall have been given, and (ii)&nbsp;the deposit securities or other funds that shall have been so deposited with the
applicable paying agent shall not be included as assets of the Fund for purposes of such computation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Effective Leverage
Ratio Requirement </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund is agreeing in the Statement Supplement that the Effective Leverage Ratio will not exceed 45%
(or 46% solely by reason of fluctuations in the market value of the Fund&#146;s portfolio securities) as of the close of business on any Business Day. If the Effective Leverage Ratio shall exceed the applicable percentage provided in the preceding
sentence as of any time as of which such compliance is required to be determined as aforesaid, the provisions described below under &#147;Redemption&#151;Effective Leverage Ratio Mandatory Redemption&#148; shall be applicable, which provisions to
the extent complied with shall constitute the sole remedy for the Fund&#146;s failure to comply with the Effective Leverage Ratio requirement. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-32
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Calculation of Effective Leverage Ratio.</I> For purposes of determining whether the
effective leverage requirement is satisfied, the &#147;Effective Leverage Ratio&#148; on any date shall mean the quotient of: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The sum of (A)&nbsp;the aggregate liquidation preference of the Fund&#146;s &#147;senior securities&#148; (as that term is defined in the 1940
Act) that are stock for purposes of the 1940 Act, excluding, without duplication, (1)&nbsp;any such senior securities for which the Fund has issued a notice of redemption and either has delivered deposit securities or sufficient funds (in accordance
with the terms of such senior securities) to the paying agent for such senior securities or otherwise has adequate deposit securities or sufficient funds on hand for the purpose of such redemption and (2)&nbsp;any such senior securities that are to
be redeemed with net proceeds from the sale of the VRM-MFP Shares, for which the Fund has delivered deposit securities or sufficient funds (in accordance with the terms of such senior securities) to the paying agent for such senior securities or
otherwise has adequate deposit securities or sufficient funds on hand for the purpose of such redemption; (B)&nbsp;the aggregate principal amount of the Fund&#146;s &#147;senior securities representing indebtedness&#148; (as that term is defined in
the 1940 Act); and (C)&nbsp;the aggregate principal amount of floating rate securities not owned by the Fund that correspond to the associated inverse floating rate securities owned by the Fund; divided by </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The sum of (A)&nbsp;the market value of the Fund&#146;s total assets (including amounts attributable to senior securities, but excluding any
assets consisting of deposit securities or funds referred to in clauses (A)(1) and (A)(2) of paragraph (i)&nbsp;above), less the amount of the Fund&#146;s accrued liabilities (other than liabilities for the aggregate principal amount of senior
securities representing indebtedness), and (B)&nbsp;the aggregate principal amount of floating rate securities not owned by the Fund that correspond to the associated inverse floating rate securities owned by the Fund. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Redemption </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Optional
Redemption </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subject to certain conditions, VRM-MFP Shares may be redeemed on any Business Day, at the option of the Fund
(in whole or from time to time, in part), out of funds legally available therefor, at the Redemption Price per share. The Redemption Price per share is equal to the Liquidation Preference per VRM-MFP Share plus an amount equal to all unpaid
dividends and other distributions on such VRM-MFP Share accumulated from and including the Date of Original Issue to (but excluding) the redemption date (whether or not earned or declared by the Fund, but without interest thereon). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Term Mandatory Redemption </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund will redeem all outstanding VRM-MFP Shares on the Term Redemption Date at the aggregate Redemption Price. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>[Failed Transition Mandatory Redemption </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund will be required to
redeem all outstanding VRM-MFP Shares on the Failed Transition Redemption Date (as defined below) if any, if the Failed Transition Event, if any, is then continuing, at </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-33
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a price per VRM-MFP Share equal to the Redemption Price. &#147;Failed Transition Redemption Date&#148; means [(i) in the case of a Failed Adjustment Event, the first Business Day falling on or
after the [&#149;] calendar day following the Failed Adjustment Event or (ii)&nbsp;in the case of a Failed Transition Event, the first Business Day falling on or after the [&#149;] calendar day following the Failed Transition Event; in each case if
the Failed Transition Period is then continuing]. </FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">[At least six months prior to the Failed Transition Redemption Date, if
any, the Fund will earmark assets rated at least A- or the equivalent (and including deposit securities in an amount equal to [&#149;]% of the Liquidation Preference of all outstanding VRM-MFP Shares, with [&#149;] days remaining to the redemption
date, increasing to [&#149;]% with [&#149;] days remaining) with a market value equal to at least [&#149;]% of the Liquidation Preference of all outstanding VRM-MFP Shares until the redemption of all such outstanding VRM-MFP Shares.] </FONT></P>
 <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Asset Coverage Mandatory Redemption </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">If the Fund fails to have Asset Coverage of at least 225% as of the close of business on any Business Day (meaning a day (a)&nbsp;other than a day on which commercial banks in The City of New York, New
York are required or authorized by law or executive order to close and (b)&nbsp;on which the New York Stock Exchange is not closed) on which such Asset Coverage is required to be calculated of each month and such failure is not cured as of thirty
(30)&nbsp;calendar days following such Business Day (the &#147;Asset Coverage Cure Date&#148;), the Fund will proceed to redeem such number of Preferred Shares as determined by the Fund (which may include at the sole option of the Fund any number or
proportion of VRM-MFP Shares) as shall be no fewer than (x)&nbsp;the minimum number of Preferred Shares, the redemption of which, if deemed to have occurred immediately prior to the opening of business on the Asset Coverage Cure Date, would result
in the Fund having Asset Coverage on such Asset Coverage Cure Date of at least 225% (provided, however, that if there is no such minimum number of VRM-MFP Shares and other Preferred Shares the redemption or retirement of which would have such
result, all VRM-MFP Shares and other Preferred Shares then outstanding shall be redeemed), or more than (y)&nbsp;the maximum number of Preferred Shares that can be redeemed out of funds expected to be legally available therefor in accordance with
the Declaration of Trust and applicable law. In the event that any VRM-MFP Shares then outstanding are to be redeemed, the Fund will redeem such VRM-MFP Shares at a price per VRM-MFP Share equal to the Redemption Price on the redemption date
therefor. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Effective Leverage Ratio Mandatory Redemption </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Effective Leverage Ratio of the Fund exceeds 45% as of the close of business on any Business Day on which such ratio is required
to be calculated and such failure is not cured as of the close of business on the date that is seven Business Days following the Business Day on which such non-compliance is first determined, the Fund will cause the Effective Leverage Ratio to not
exceed 45% by (x)&nbsp;engaging in transactions involving or relating to the floating rate securities not owned by the Fund and/or the inverse floating rate securities owned by the Fund, including the purchase, sale or retirement thereof,
(y)&nbsp;proceeding with redeeming a sufficient number of Preferred Shares, which at the Fund&#146;s sole option may include any number or proportion of VRM-MFP Shares, in accordance with the terms of such series, or (z)&nbsp;engaging in any
combination of the actions contemplated by (x)&nbsp;and (y)&nbsp;above. In the event that any VRM-MFP Shares then outstanding are to be redeemed, the Fund will redeem such VRM-MFP Shares at a price per VRM-MFP Share equal to the Redemption Price on
the redemption date thereof. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-34
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any optional or mandatory redemption of VRM-MFP Shares by the Fund shall be done in
accordance with the requirements of the Statement and Statement Supplement and the provisions of the 1940 Act and rules thereunder, including Rule 23c-2. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Ratings </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund expects that at the Date of Original Issue, the VRM-MFP
Shares will have a long-term rating from [&#149;] and a long-term credit rating from [&#149;]. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">There can be no assurance that
the Fund will maintain any ratings of the VRM-MFP Shares or, if at any time the VRM-MFP Shares have one or more ratings, that any particular ratings will be maintained. The Fund may, at any time, replace a Rating Agency or terminate the services of
any Rating Agencies then providing a rating for the VRM-MFP Shares without replacement, in either case, without the vote, approval or consent of holders of VRM-MFP Shares or other shareholders of the Fund. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, the Rating Agency guidelines adopted by the Fund in connection with a Rating Agency&#146;s rating the VRM-MFP Shares may be
changed or eliminated at any time without the approval of the VRM-MFP shareholders or other shareholders of the Fund, including in connection with the change or elimination of any or all long-term ratings of the VRM-MFP Shares. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">An explanation of the significance of ratings may be obtained from the Rating Agencies. Generally, Rating Agencies base their ratings on
such material and information, and such of their own investigations, studies and assumptions, as they deem appropriate. The ratings of the VRM-MFP Shares should be evaluated independently from similar ratings of other securities. A rating of a
security is not a recommendation to buy, sell or hold securities and may be subject to review, revision, suspension, reduction or withdrawal at any time by the assigning Rating Agency. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">See &#147;Risk Factors&#151;Ratings and Asset Coverage Risk.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Voting Rights </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except as otherwise provided in the Declaration of Trust or
as otherwise required by law, (i)&nbsp;each holder of VRM-MFP Shares will be entitled to one vote for each VRM-MFP Share held by such holder on each matter submitted to a vote of shareholders of the Fund, and (ii)&nbsp;the holders of outstanding
Preferred Shares, including each VRM-MFP Share, and of Common Shares will vote together as a single class; provided, however, that the holders of outstanding Preferred Shares, including VRM-MFP Shares, voting as a class, to the exclusion of the
holders of all other securities and classes of shares of beneficial interest of the Fund, will be entitled to elect two trustees of the Fund at all times, each Preferred Share, including each VRM-MFP Share, entitling the holder thereof to one vote.
The holders of outstanding Common Shares and Preferred Shares, including VRM-MFP Shares, voting together as a single class, will elect the balance of the trustees. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">If at any time dividends (whether or not earned or declared) on any outstanding Preferred Shares, including the VRM-MFP Shares, will be due and unpaid in an amount equal to at least two full years&#146;
dividends thereon, and sufficient cash or specified securities have not been deposited with the Calculation and Paying Agent for the payment of such dividends, then, as the sole remedy of holders of outstanding Preferred Shares, including VRM-MFP
Shares, the number of trustees constituting the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-35
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Board will be automatically increased by the smallest number that, when added to the two trustees elected exclusively by the holders of Preferred Shares, including VRM-MFP Shares, as described
above, would constitute a majority of the Board of Trustees as so increased by such smallest number, and at a special meeting of shareholders which will be called and held as soon as practicable, and at all subsequent meetings at which trustees are
to be elected, the holders of Preferred Shares, including VRM-MFP Shares, voting as a separate class, will be entitled to elect the smallest number of additional trustees that, together with the two trustees which such holders will be in any event
entitled to elect, constitutes a majority of the total number of trustees of the Fund as so increased. The terms of office of the persons who are trustees at the time of that election will continue. If the Fund thereafter pays, or declares and sets
apart for payment, in full, all dividends payable on all outstanding Preferred Shares, including VRM-MFP Shares, the voting rights stated in the second preceding sentence will cease, and the terms of office of all of the additional trustees elected
by the holders of Preferred Shares, including VRM-MFP Shares (but not of the trustees with respect to whose election the holders of Common Shares were entitled to vote or the two trustees the holders of Preferred Shares have the right to elect in
any event), will terminate automatically. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except as otherwise permitted by the terms of the Statement, so long as any VRM-MFP
Shares are outstanding, the Fund shall not, without the affirmative vote or consent of the holders of at least a majority of the VRM-MFP Shares outstanding at the time, voting together as a separate class, amend, alter or repeal the provisions of
the Declaration of Trust or the Statement, whether by merger, consolidation or otherwise, (x)&nbsp;to modify certain terms of the Statement relating to ranking, limitations on Mode changes, restrictions on dividends and other distributions, the
Fund&#146;s obligation to redeem all outstanding VRM-MFP Shares on the Term Redemption Date, liquidation rights or limitations on amendments to the Statement or (y)&nbsp;so as to materially and adversely affect any preference, right or power of such
VRM-MFP Shares or the holders thereof; provided, however, that (i)&nbsp;a change in the capitalization of the Fund through the permitted issuance of additional Preferred Shares hereof shall not be considered to materially and adversely affect the
rights and preferences of the VRM-MFP Shares, (ii)&nbsp;a division of a VRM-MFP Share shall be deemed to materially and adversely affect such preferences, rights or powers only if the terms of such division materially and adversely affect the
holders of the VRM-MFP Shares and (iii)&nbsp;a Statement supplement establishing terms and conditions for a new Mode in accordance with the Statement or a modification of a Statement supplement then in effect in accordance with the Statement shall
not be considered to materially and adversely affect the rights and preferences of the VRM-MFP Shares. For purposes of the foregoing, no other matter shall be deemed to materially and adversely affect any preference, right or power of a VRM-MFP
Share or the holder thereof unless such matter (i)&nbsp;reduces or abolishes any preferential right of such VRM-MFP Share or (ii)&nbsp;reduces or abolishes any applicable right in respect of redemption of such VRM-MFP Share (other than solely as a
result of a division of a VRM-MFP Share or as provided in the Statement supplement designating such Mode in accordance with the Statement). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%;padding-bottom:0px; "><FONT
STYLE="font-family:Times New Roman" SIZE="2">So long as any VRM-MFP Shares are outstanding, the Fund shall not, without the affirmative vote or consent of at least
66<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;2</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1"><SUB STYLE="vertical-align:baseline; position:relative; top:.1ex">3</SUB></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2">% of the holders of the VRM-MFP Shares outstanding at the time, voting as a separate class, file a voluntary application for relief under federal bankruptcy law or any similar application under state law
for so long as the Fund is solvent and does not foresee becoming insolvent. </FONT></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Additionally, notwithstanding the
foregoing, (1)&nbsp;(x)&nbsp;no extension of the Term Redemption Date or (y)&nbsp;reduction or repeal of the Liquidation Preference of the VRM-MFP Shares that adversely affects the rights of the holders of the VRM-MFP Shares relative to each other
or any other shares of the Fund </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-36
</FONT></P>


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shall be effected without, in each case, the prior unanimous vote or consent of the holders of the VRM-MFP Shares, and (2)&nbsp;no change reducing the amount or extending the timing of any
payment due on the VRM-MFP Shares or adversely affecting the taxability of any payments due on the VRM-MFP Shares under the Statement Supplement in effect, in each case, other than in accordance with the terms of such Statement supplement, or to the
obligation of the Fund to (x)&nbsp;pay the Redemption Price on any redemption date or (y)&nbsp;accumulate dividends at the Dividend Rate for, or other required distributions on, the VRM-MFP Shares, shall be effected without, in each case, the prior
unanimous vote or consent of the holders of the VRM-MFP Shares. No vote of the holders of Common Shares shall be required to amend, alter or repeal the provisions of the Statement, including any Statement supplement. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unless a higher percentage is provided for in the Declaration of Trust, the affirmative vote of the holders of at least a &#147;majority
of the Outstanding Preferred Shares,&#148; including VRM-MFP Shares, outstanding at the time, voting as a separate class, shall be required to approve (A)&nbsp;any conversion of the Fund from a closed-end to an open-end investment company,
(B)&nbsp;any plan of reorganization (as such term is used in the 1940 Act) adversely affecting such shares and (C)&nbsp;any other action requiring a vote of security holders of the Fund under Section&nbsp;13(a) of the 1940 Act. For purposes of the
foregoing, &#147;majority of the Outstanding Preferred Shares&#148; means (i)&nbsp;67% or more of such shares present at a meeting, if the holders of more than 50% of such shares are present or represented by proxy, or (ii)&nbsp;more than 50% of
such shares, whichever is less. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except as otherwise required by the 1940 Act, other applicable law or the Declaration of
Trust, (i)&nbsp;whenever a vote of holders of VRM-MFP Shares is otherwise required by the Statement, holders of outstanding VRM-MFP Shares will be entitled as a series, to the exclusion of the holders of all other shares, including other Preferred
Shares, Common Shares and other classes of shares of beneficial interest of the Fund, to vote on matters affecting VRM-MFP Shares only and (ii)&nbsp;holders of outstanding VRM-MFP Shares will not be entitled to vote on matters affecting any other
Preferred Shares that do not adversely affect any of the rights of holders of VRM-MFP Shares, as expressly set forth in the Declaration of Trust and the Statement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding the foregoing, nothing in the Statement is intended in any way to limit the ability of the Board of Trustees to amend or alter other provisions of the Statement or any Statement
supplement, without the vote, approval or consent of any holder of VRM-MFP Shares, or any other shareholder of the Fund, as otherwise provided in the Statement or any such Statement supplement; provided, that nothing in the Statement or any
Statement supplement shall be deemed to preclude or limit the right of the Fund (to the extent permitted by applicable law) to contractually agree with any holder or beneficial owner of VRM-MFP Shares with regard to any special rights of such holder
or beneficial owner with respect to its investment in the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the event that the Fund fails to pay any dividends on the
VRM-MFP Shares, the sole remedy of the holders under the Statement, without limitation of any rights to payment of such dividends or other rights under the Declaration of Trust, the Statement (including the Statement Supplement) and applicable law,
shall be the right to vote for trustees pursuant to the provisions of the Statement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>[Additional Rights Under Purchase Agreement
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may enter into an agreement (the &#147;Purchase Agreement&#148;) with the initial purchaser of the VRM-MFP
Shares granting certain additional rights to the Purchaser [and, as to certain matters, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-37
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
subsequent beneficial owners of VRM-MFP Shares]. The Purchase Agreement will be filed as an exhibit to the Fund&#146;s registration statement. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">[The Purchaser will be entitled to receive various information concerning the Fund as provided in the Purchase Agreement. In particular,
the Purchaser will be entitled to receive, [on the fifteenth and last days of each month (i)&nbsp;reports of portfolio holdings of the Fund and (ii)&nbsp;a report on the Fund&#146;s Asset Coverage ratio and Effective Leverage Ratio]. [A subsequent
beneficial owner of VRM-MFP Shares will have the right to receive such information upon satisfying certain conditions.] [A fee is payable to the Purchaser if these reports have not been timely delivered and such failure is not cured within three
(3)&nbsp;Business Days after notification of such failure is provided by the Purchaser. Also, in the event of such a failure, the Purchaser has the right to calculate the Effective Leverage Ratio for the VRM-MFP Shares based on the securities
holdings contained in the most recent reports provided and current market prices at the time of calculation.] </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">[The consent of
the holders of at least a majority of the outstanding VRM-MFP Shares will be required under the Purchase Agreement for certain actions affecting their investment in the Fund, including, but not limited to, (i)&nbsp;any amendment, alteration or
repeal of any provision of the Declaration of Trust or the Statement applicable to the Variable Rate Mode or the Statement Supplement, that would affect any preference, right or power of the VRM-MFP Shares differently from, and adversely relative
to, the rights of the holders of the Fund&#146;s Common Shares, (ii)&nbsp;any termination of any Rating Agency for the VRM-MFP Shares or any selection of a replacement or additional Rating Agency for the VRM-MFP Shares, (iii)&nbsp;the issuance of
any indebtedness or additional Preferred Shares of the Fund (subject to certain exceptions including, but not limited to, certain permitted refinancing of Preferred Shares), and (iv)&nbsp;the creation or incurrence of certain liens on the
Fund&#146;s assets. The Purchaser also has certain consent rights under the Purchase Agreement that are applicable only to it. [Certain (but not all) of these consent rights are assignable by the Purchaser to subsequent beneficial owners of VRM-MFP
Shares that are permitted transferees of such VRM-MFP Shares as set forth in the Statement Supplement and the Purchase Agreement.] [In the event that the Purchaser transfers, in accordance with the Purchase Agreement, VRM-MFP Shares to a tender
option bond trust in which the Purchaser retains a residual interest, for so long as no event has occurred that results in the termination of such tender option bond trust, for purposes of each of the applicable sections of the Purchase Agreement
that requires, permits or provides for (i)&nbsp;notice to or the delivery of information to the Purchaser, (ii)&nbsp;voting of the VRM-MFP Shares by or the giving of any consent by the Purchaser or the holders of more than 50% of the outstanding
VRM-MFP Shares, or (iii)&nbsp;payment of fees, expenses or other amounts to the Purchaser, the Purchaser, and not such tender option bond trust, shall be deemed to be the actual holder and beneficial owner of such VRM-MFP Shares.] See the Purchase
Agreement for a complete description of all terms applicable to these rights and the limitations thereof. Anything in the Purchase Agreement to the contrary notwithstanding, except with respect to the applicable sections referred to above, each of
the beneficial owners of a tender option bond trust will retain all of its other rights in respect of the Fund and the VRM-MFP Shares pursuant to the Purchase Agreement, the Statement and the Statement Supplement or under law.] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-38
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Mode [Extension or] Change </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>General </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">[The Fund agrees to use its reasonable best efforts, to the
extent that it can do so on a commercially reasonable basis, to [extend the Variable Rate Mode or] transition to a new Mode by: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">[extending the Variable Rate Mode through an extension of the Mode Termination Date then in effect, the terms of which extension are agreed to in
writing by the Required Beneficial Owners; or] </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">establishing a new Mode to succeed the Variable Rate Mode that will result in a transition to such new Mode on the first Business Day immediately
following the last day of the Variable Rate Mode, as such day may be accelerated (such first Business Day, whether or not a new Mode commences on such day, as so accelerated, if applicable, the &#147;New Mode Commencement Date&#148;), the terms of
which are agreed to in writing by the Required Beneficial Owners; or </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">establishing any other Mode to succeed the Variable Rate Mode that will result in a transition to such new Mode on the New Mode Commencement Date.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">[To the extent provided as described under &#147;Adjusted Rate Terms&#148; above, or upon the occurrence of
a Failed Adjustment Event or a Failed Transition Event, or upon the Fund electing to effect an optional early transition as described below, the Fund agrees to use its reasonable best efforts, to the extent that it can do so on a commercially
reasonable basis, to transition to a new Mode by establishing a new Mode to succeed the Variable Rate Mode that will result in a transition to such new Mode on a Thursday that is a Business Day (such Business Day, the &#147;New Mode Commencement
Date&#148;); provided that, in the case of a Failed Adjustment Event or a Failed Transition Event, such Mode shall begin prior to the related scheduled redemption date.]</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">21</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In the event that the Fund successfully establishes a new Mode succeeding the Variable Rate Mode, and no Failed Transition Event otherwise shall have occurred and be continuing as of the New Mode
Commencement Date, then on and as of the New Mode Commencement Date, the VRM-MFP Shares shall be subject to the terms established for such new Mode. If a Failed Transition Event shall have occurred and be continuing, (i)&nbsp;the new Mode designated
by the Fund shall not be established, (ii)&nbsp;all tendered VRM-MFP Shares, if any, shall be returned to the relevant tendering holders by the Calculation and Paying Agent, and (iii)&nbsp;all of the then outstanding VRM-MFP Shares shall be redeemed
by the Fund on the applicable Failed Transition Redemption Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund shall use its best efforts to cause [the extension
of the Variable Rate Mode or] the transition to a new Mode succeeding the Variable Rate Mode and the terms and conditions of such new Mode to be consistent with the continuing qualification of the VRM-MFP Shares as equity in the Fund for U.S.
federal income tax purposes, and it shall be a condition precedent to a transition to a new Mode that the Fund shall have received an opinion of counsel to the effect that the VRM-MFP Shares will continue to qualify as equity in the Fund for U.S.
federal income tax purposes. </FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">21</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Include for Adjustable Rate VRM </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-39
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Election and Notice of Mode [Extension or] Change </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund shall provide notice of the termination or expiration of the Variable Rate Mode and proposed extension of the Variable Rate Mode
or transition to a new Mode succeeding the Variable Rate Mode by delivering a notice of Mode [extension or] change (a &#147;Mode Change Notice&#148;) by overnight delivery, by first class mail, postage prepaid or by electronic means to the holders
of the VRM-MFP Shares, or by requesting the Calculation and Paying Agent, on behalf of the Fund, to promptly do so. The Mode Change Notice shall be provided not more than forty-five (45)&nbsp;calendar days and not less than [&#149;]
([&#149;])&nbsp;Business Days (or such shorter or longer notice period as may be consented to by the Required Beneficial Owners (which consent shall not be deemed to be a vote required by the Statement)) prior to the Mode Termination Date[;
<U>provided</U> <U>that</U>, no minimum notice period shall be required in connection with delivery of a Mode Change Notice following a Failed Adjustment Event or a Failed Transition Event]. Any Mode must end not later than the Term Redemption Date.
The terms of [the extension of the Variable Rate Mode or] the new Mode may not, in any event, affect the parity ranking of VRM-MFP Shares relative to each other or to any other series of Preferred Shares of the Fund then outstanding with respect to
dividends or distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund. </FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may
provide in the Mode Change Notice that the Mode [extension or] change (but not the termination or expiration of the Variable Rate Mode) is subject to one or more additional conditions precedent and that the Fund shall not be required to effect such
extension or change unless each such condition has been satisfied at the time or times and in the manner specified in such Mode Change Notice. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In connection with a Mode change, the Fund, subject to compliance with the terms and conditions of the Statement and Statement Supplement then in effect, without the vote or consent of any holder of
VRM-MFP Shares, may establish terms for the new Mode that differ from those of the Variable Rate Mode, including, but not limited to, with respect to: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the dividend rate (which may be fixed or floating); </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">if the dividend may be determined by reference to an index, formula or other method, the manner in which it will be determined, the index rate or
formula, the index maturity, the index multiplier, if any, the spread, if any, the spread multiplier, if any, the rate determination date(s), the dividend reset date(s), the dividend reset period(s), the minimum or maximum dividend rate, the day
count convention, the dividend period(s) and other dividend-related terms; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">optional tender provisions and/or mandatory tender provisions; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a liquidity facility or other credit enhancement, including provisions for mandatory purchase by the provider of the liquidity facility or credit
enhancement; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">redemption provisions. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding the foregoing, the Fund may not use the Mode change provisions to modify the provisions of the Statement or the Statement Supplement governing ranking, preemptive rights, voting rights,
restrictions on dividends and other distributions, the term redemption date, restrictions on </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-40
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
redemptions if the Fund is not current on paying accumulated and unpaid dividends, compliance with applicable law in connection with redemptions, liquidation rights or restrictions on amendments
or supplements to the Statement or the Statement Supplement, or to modify any terms affecting the parity ranking of the VRM-MFP Shares relative to any other series of Preferred Shares of the Fund at any time outstanding with respect to dividends or
distributions of assets upon dissolution, liquidation or winding up of the affairs of the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>[Extension of the Variable
Rate Mode or] Transition to a New Mode </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except as described in the next paragraph, in the case of a transition to a new
Mode succeeding the Variable Rate Mode, all outstanding VRM-MFP Shares automatically shall be subject to mandatory tender for transition remarketing and delivered to the Calculation and Paying Agent for purchase by purchasers in the transition
remarketing on the New Mode Commencement Date, in the event of a successful transition remarketing. All tendered VRM-MFP Shares shall be remarketed at the purchase price of such VRM-MFP Shares. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the case of [an extension of the Variable Rate Mode or] a transition to a new Mode succeeding the Variable Rate Mode by agreement with
the Required Beneficial Owners, the Required Beneficial Owners by agreement with the Fund as to such [extension or] new Mode shall be deemed to have irrevocably waived their right to the mandatory tender of their VRM-MFP Shares and shall retain
their VRM-MFP Shares upon [the extension of the Variable Rate Mode or] as of the New Mode Commencement Date[, as applicable]. Such agreement and waiver shall be binding upon the then-current holders and beneficial owners and each subsequent holder
and beneficial owner of the VRM-MFP Shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The retention of VRM-MFP Shares by the beneficial owners thereof by agreement of
the Required Beneficial Owners shall be deemed to constitute a successful transition remarketing. Otherwise, a transition remarketing shall be deemed successful only if a Failed Transition Event shall not have occurred. Upon the occurrence of a
Failed Transition Event, all tendered VRM-MFP Shares shall be returned to the relevant tendering holders by the Calculation and Paying Agent. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Upon the occurrence of a successful transition remarketing, the Fund will be deemed to have successfully established a new Mode, and the VRM-MFP Shares will be subject to the terms established for the new
Mode. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>[Failed Transition Period </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">If a Failed Adjustment Event occurs or a Failed Transition Event occurs where the Fund has initiated a proposed optional early transition, the Failed Transition Period shall commence and continue in as
described in the next paragraph below, and shall be deemed a continuation of the Variable Rate Mode. For each Dividend Reset Period or portion thereof during the Failed Transition Period, the Dividend Rate shall be the Failed Transition Period
Dividend Rate. If a Failed Transition Event occurs, the new Mode designated by the relevant Mode Change Notice shall not be established. In such event, all tendered VRM-MFP Shares shall be returned to the relevant tendering holders by the
Calculation and Paying Agent. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">During the Failed Transition Period, the Fund shall continue to use its reasonable best efforts
to successfully establish a new Mode for the VRM-MFP Shares, and, in connection with each such </FONT></P>
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attempt, may designate by a Mode Change Notice a new Mode with new or different terms until a Mode to succeed the Variable Rate Mode is established, or no VRM-MFP Shares remain outstanding, or
the Fund and the Required Beneficial Owners mutually agree to terminate the Failed Transition Period and revert to the Variable Rate Mode on the terms mutually agreed by the Fund and the Required Beneficial Owners. If a Failed Transition Event
occurs in connection with the transition remarketing relating to such continued attempt to establish a new Mode to succeed the Variable Rate Mode, any such Failed Transition Event shall not alter the Failed Transition Period, the Failed Transition
Redemption Date or the Failed Transition Period Dividend Rate applicable thereto. In the event that the Fund successfully establishes a new Mode to succeed the Variable Rate Mode, the Failed Transition Period shall terminate, and the VRM-MFP Shares
shall be subject to the terms established for such new Mode.] </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Optional Early Transition to New Mode at the Option of the
Fund </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the purpose of effecting an early transition to a new Mode with respect to all of the outstanding VRM-MFP
Shares, the Fund may at its option accelerate the expiration date of the Variable Rate Mode to any Wednesday that is a Business Day occurring on or after [&#149;] (the &#147;Optional Early Transition Date&#148;) by delivering a Mode Change Notice as
described above. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrmprosup656069_8"></A>TAX MATTERS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Because the discussion below is general in nature and does not address all of the tax consequences of holding the VRM-MFP Shares and
because the tax laws governing the VRM-MFP Shares are complex, you are encouraged to consult your tax advisor about the tax consequences of investing in the VRM-MFP Shares under your particular circumstances before making an investment. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The discussion below is the opinion of Sidley Austin LLP (&#147;Tax Counsel&#148;) on the anticipated U.S. federal income tax
consequences to United States persons (as defined by section 7701(a)(30) of the Code) of acquiring, holding and disposing of the VRM-MFP Shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Tax Counsel&#146;s opinion is based on the current provisions and interpretations of the Code and the accompanying Treasury regulations and on current judicial and administrative rulings. All of these
authorities are subject to change and any change can apply retroactively. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Upon issuance of the VRM-MFP Shares, and subject to
certain assumptions and conditions, and based upon certain representations made by the Fund, including representations regarding the nature of the Fund&#146;s assets and the conduct of the Fund&#146;s business, it is Tax Counsel&#146;s opinion that
for U.S. federal income tax purposes (1)&nbsp;the Fund will qualify as a regulated investment company under the Code, (2)&nbsp;the VRM-MFP Shares will qualify as stock in the Fund, and (3)&nbsp;distributions made with respect to the VRM-MFP Shares
will qualify as exempt-interest dividends to the extent properly reported by the Fund and not otherwise limited under Section&nbsp;852(b)(5)(A) of the Code (under which the total amount of dividends that may be treated as exempt-interest dividends
is limited, based on the total amount of tax-exempt income generated by the Fund). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investors should be aware that Tax
Counsel&#146;s opinion is not binding on the Internal Revenue Service or any court. See the discussions below under the caption &#147;&#151;Treatment of VRM-MFP Shares as Stock.&#148; In addition, the Fund&#146;s qualification and taxation as a
regulated investment company depends upon the Fund&#146;s ability to meet on a continuing basis, through actual annual operating results, </FONT></P>
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certain requirements in the federal tax laws. Tax Counsel will not review the Fund&#146;s compliance with those requirements. Accordingly, no assurance can be given that the actual results of the
Fund&#146;s operations for any particular taxable year will satisfy such requirements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Tax Act Changes</I>. Numerous
changes to the U.S. federal income tax laws have been made by the recently enacted legislation commonly referred to as the &#147;Tax Cuts and Jobs Act&#148; (the &#147;Tax Act&#148;). Among other changes, the Tax Act temporarily replaces the
individual tax rate structure, which includes a reduction in the highest marginal rate applicable to individuals, estates and trusts. The Tax Act eliminates the graduated corporate tax rate structure and instead taxes domestic corporate taxable
income at 21%. It also modifies the individual alternative minimum tax and repeals the corporate alternative minimum tax. In general, these changes are effective for taxable years beginning after December&nbsp;31, 2017. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund cannot predict the long-term impact of the Tax Act on an investment in the VRM-MFP Shares and the effect of any administrative
and judicial interpretations of the Tax Act. Prospective investors in the VRM-MFP Shares are urged to consult their tax advisors regarding the effect of the Tax Act and other potential changes to the U.S. federal tax laws on their investment.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Qualification and Taxation of the Fund</I>. The Fund intends to continue to qualify as a regulated investment company
under Subchapter M of the Code, and intends to distribute substantially all of its net income and gains to its shareholders. Therefore, it is not expected that the Fund will be subject to any U.S. federal income tax to the extent its earnings are so
distributed. To qualify under Subchapter M for tax treatment as a regulated investment company, the Fund must, among other requirements: (a)&nbsp;distribute to its shareholders at least 90% of the sum of (i)&nbsp;its investment company taxable
income (as that term is defined in the Code) determined without regard to the deduction for dividends paid and (ii)&nbsp;its net tax-exempt income (the excess of its gross tax-exempt interest income over certain disallowed deductions) and
(b)&nbsp;diversify its holdings so that, at the end of each fiscal quarter of the Fund (i)&nbsp;at least 50% of the market value of the Fund&#146;s total assets is represented by cash, cash items, U.S. Government securities, securities of other
regulated investment companies, and other securities, with these other securities limited, with respect to any one issuer, to an amount not greater in value than 5% of the Fund&#146;s total assets, and to not more than 10% of the outstanding voting
securities of such issuer, and (ii)&nbsp;not more than 25% of the market value of the Fund&#146;s total assets is invested in the securities of any one issuer (other than U.S. Government securities or securities of other regulated investment
companies), two or more issuers (other than securities of other regulated investment companies) controlled by the Fund and engaged in the same, similar or related trades or businesses or one or more qualified publicly traded partnerships. In meeting
these requirements of Subchapter M of the Code, the Fund may be restricted in the utilization of certain of the investment techniques described under &#147;The Fund&#146;s Investments&#148; in the prospectus. If in any year the Fund should fail to
qualify under Subchapter M for tax treatment as a regulated investment company and not cure such failure, the Fund would incur a regular federal corporate income tax on its taxable income for that year, and distributions to its shareholders would be
taxable to such holders as ordinary income to the extent of the earnings and profits of the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A regulated investment
company that fails to distribute, by the close of each calendar year, an amount equal to the sum of 98% of its ordinary taxable income for such year and 98.2% of its capital gain net income for the one year period ending October&nbsp;31 in such
year, <I>plus</I> any shortfalls from the prior year&#146;s required distribution, is liable for a 4% excise tax on the excess of the required distribution for such calendar year over the distributed amount for such calendar year. To avoid the
imposition of </FONT></P>
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this excise tax, the Fund generally intends to make the required distributions of its ordinary taxable income, if any, and its capital gain net income, to the extent possible, by the close of
each calendar year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Treatment of VRM-MFP Shares as Stock</I>. In order for any distributions to owners of the Fund&#146;s
VRM-MFP Shares to be eligible to be treated as exempt-interest dividends, the VRM-MFP Shares must be classified as stock for U.S. federal income tax purposes. The Investment Adviser believes and, as discussed above, it is Tax Counsel&#146;s opinion
that, the VRM-MFP Shares will qualify as stock in the Fund for U.S. federal income tax purposes.&nbsp;By acquiring VRM-MFP Shares, an investor agrees to treat the VRM-MFP Shares as stock for U.S. federal income tax purposes. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Distributions on VRM-MFP Shares</I>. A VRM-MFP shareholder will be required to report the dividends declared by the Fund for each day
on which such VRM-MFP shareholder is the shareholder of record. Distributions, if any, in excess of the Fund&#146;s earnings and profits will first reduce the adjusted tax basis of a shareholder&#146;s shares and, after that basis has been reduced
to zero, will constitute capital gain to the shareholder (assuming the shares are held as a capital asset). As long as the Fund qualifies as a regulated investment company under the Code, no part of its distributions to shareholders will qualify for
the dividends received deduction available to corporate shareholders. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Tax Character of Distributions </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>In General</U>. The tax character of the Fund&#146;s distributions in the hands of the Fund&#146;s shareholders will be determined
primarily by the tax character of the Fund&#146;s underlying income. Although the Fund expects that most of its income will be tax-exempt, some of the Fund&#146;s income may be taxable as capital gains or ordinary income. In addition, although the
Fund expects that under normal circumstances it will not invest in municipal bonds the interest on which is subject to the federal alternative minimum tax, at times a portion of the Fund&#146;s tax-exempt income may be subject to the federal
alternative minimum tax. The Internal Revenue Service requires a regulated investment company that has two or more classes of shares outstanding to designate to each such class proportionate amounts of each type of its income for each tax year based
upon the percentage of total dividends distributed to each class for such year. The Fund intends each year to allocate, to the fullest extent practicable, net tax-exempt interest, net capital gain and ordinary income, if any, between its Common
Shares and Preferred Shares, including the VRM-MFP Shares, in proportion to the total dividends paid to each class with respect to such year. To the extent permitted under applicable law, the Fund reserves the right to make special allocations of
income within a class, consistent with the objectives of the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Exempt-Interest Dividends</U>. The Fund intends to
qualify to pay exempt-interest dividends, as defined in the Code, on its Common Shares and Preferred Shares, including the VRM-MFP Shares, by satisfying the requirement that at the close of each quarter of its taxable year, at least 50% of the value
of its total assets consists of tax-exempt municipal bonds. Exempt-interest dividends are dividends paid by the Fund that are attributable to interest on municipal bonds and are so designated by the Fund. The Fund intends to invest primarily in
municipal bonds the income of which is otherwise exempt from regular U.S. federal income tax, the federal alternative minimum tax. Thus, substantially all of the Fund&#146;s dividends to the common shareholders and VRM-MFP Shareholders will qualify
as exempt-interest dividends. Exempt-interest dividends will be exempt from U.S. federal income tax, subject to the possible application of the federal alternative minimum tax. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Exempt-Interest Dividends Subject to the Federal Alternative Minimum Tax</U>. Subject to
the changes made by the Tax Act, discussed below, Federal tax law imposes a federal alternative minimum tax with respect to corporations, individuals, trusts and estates. Interest on certain municipal securities, such as bonds issued to make loans
for housing purposes or to private entities (but not to certain tax-exempt organizations such as universities and non-profit hospitals) is included as an item of tax preference in determining the amount of a taxpayer&#146;s alternative minimum
taxable income. To the extent that the Fund receives income from municipal securities subject to the federal alternative minimum tax, a portion of the dividends paid by it, although otherwise exempt from U.S. federal income tax, will be taxable to
its shareholders to the extent that their tax liability is determined under the federal alternative minimum tax. The Fund will annually supply a report indicating the percentage of the Fund&#146;s income attributable to municipal securities subject
to the federal alternative minimum tax. In addition, for certain corporations, alternative minimum taxable income is increased by 75% of the difference between an alternative measure of income (&#147;adjusted current earnings&#148;) and the amount
otherwise determined to be the alternative minimum taxable income. Interest on all municipal securities, and therefore all distributions by the Fund that would otherwise be tax-exempt, is included in calculating a corporation&#146;s adjusted current
earnings. Certain small corporations are not subject to the federal alternative minimum tax. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Tax Act repeals the
corporate alternative minimum tax effective for taxable years beginning after December&nbsp;31, 2017. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Dividends
Attributable to Ordinary Income and Capital Gains</U>. Distributions to shareholders by the Fund of net income received, if any, from taxable temporary investments and net short-term capital gains, if any, realized by the Fund will be taxable to its
shareholders as ordinary income. In addition, gains of the Fund that are attributable to market discount on municipal securities will be treated as ordinary income. Distributions by the Fund of net capital gain (that is, the excess of net long-term
capital gain over net short-term capital loss), if any, are taxable as long-term capital gain regardless of the length of time the shareholder has owned Common Shares or VRM-MFP Shares of the Fund. The amount of capital gains and ordinary income
allocable to the Fund&#146;s VRM-MFP Shares will depend upon the amount of such income realized by the Fund, but is not generally expected to be significant. Except for dividends paid on VRM-MFP Shares that include an allocable portion of any net
capital gain or ordinary income, the Fund anticipates that all other dividends paid on VRM-MFP Shares will constitute exempt-interest dividends for U.S. federal income tax purposes. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Fund allocates any net capital gain or ordinary income for regular U.S. federal income tax purposes to a dividend on VRM-MFP
Shares, the Fund has agreed as set forth in the Supplement to make certain payments to holders of VRM-MFP Shares to offset the regular U.S. federal income tax effect thereof. In addition, the Fund has agreed as set forth in the Supplement in certain
circumstances to provide notice of the amount of any allocation prior to the date such dividend is declared. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Sales,
Exchanges and Other Dispositions of VRM-MFP Shares</I>. On the sale or other disposition of VRM-MFP Shares (other than redemptions, the rules for which are described below under the caption &#147;&#151;Redemptions of VRM-MFP Shares&#148;), the
amount paid for the seller&#146;s right to any dividends that are accumulated but unpaid at the time of such sale or other disposition will be treated as dividends and subject to the rules described above under the caption &#147;&#151;Tax Character
of Distributions.&#148; The balance of the amount paid, will generally be treated as (1)&nbsp;capital gain to the extent it exceeds the seller&#146;s basis in the VRM-MFP Shares, and (2)&nbsp;capital loss to the extent it is less than the
seller&#146;s basis in the VRM-MFP Shares. In the case of corporate taxpayers, current law taxes </FONT></P>
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both long-term and short-term capital gains at the rates applicable to ordinary income. In the case of non-corporate taxpayers, current law taxes short-term capital gains and ordinary income at a
maximum rate of 37% and long-term capital gains at a maximum rate of 20%. In addition, because of certain limitations on itemized deductions and the deduction for personal exemptions, the effective rate of tax may be higher in certain circumstances.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the case of a taxpayer that is an individual, estate or trust, and for taxable years starting after December&nbsp;31, 2017
and before January&nbsp;1, 2026, the Tax Act disallows &#147;miscellaneous itemized deductions&#148; within the meaning of Code Section&nbsp;67, repeals the personal exemption and suspends the general limitation imposed on itemized deductions by
Code Section&nbsp;68. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Losses realized by a shareholder on the sale or exchange of VRM-MFP Shares held for six months or less
are disallowed to the extent of any distribution of exempt-interest dividends received (or deemed received on a sale) with respect to such shares, and, if not disallowed, such losses are treated as long-term capital losses to the extent of any
distribution of long-term capital gain received with respect to such shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any loss realized on a sale or exchange of
VRM-MFP Shares will be disallowed to the extent those shares are replaced by other shares within a period of 61 days beginning 30 days before and ending 30 days after the date of disposition of the original shares. In that event, the basis of the
replacement shares of the Fund will be adjusted to reflect the disallowed loss. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Redemptions of VRM-MFP Shares</I>. The
Fund may, at its option, redeem VRM-MFP Shares in whole or in part, or be required to redeem all of the outstanding VRM-MFP Shares on a Failed Transition Redemption Date, and will be required to redeem Preferred Shares, which may include VRM-MFP
Shares, in which event the redemption will be made from all VRM-MFP Shareholders pro rata, or by lot or other fair method, to the extent required to maintain Asset Coverage or comply with the Effective Leverage Ratio. Gain or loss, if any, resulting
from a redemption of the VRM-MFP Shares will be taxed as gain or loss from the sale or exchange of the VRM-MFP Shares under Section&nbsp;302 of the Code rather than as a dividend, but only if the redemption distribution (a)&nbsp;is deemed not to be
essentially equivalent to a dividend, (b)&nbsp;is in complete redemption of an owner&#146;s interest in the Fund, (c)&nbsp;is substantially disproportionate with respect to the owner, or (d)&nbsp;with respect to non-corporate owners, is in partial
liquidation of the Fund. For purposes of (a), (b)&nbsp;and (c)&nbsp;above, a shareholder&#146;s ownership of the Common Shares will be taken into account. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Tax on Net Investment Income.</I> A 3.8% tax is imposed on net investment income of individuals, estates and trusts with incomes above certain threshold amounts. The types of investment income used to
calculate &#147;net investment income,&#148; include taxable distributions (if any) made by the Fund with respect to VRM-MFP Shares and gains (if any) from the sale or other disposition of VRM-MFP Shares. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Consequences of Insufficient Distributions</I>. If at any time when the Fund&#146;s VRM-MFP Shares are outstanding the Fund fails to
meet 200% asset coverage (as determined pursuant to the 1940 Act), the Fund will be required to suspend distributions to holders of its Common Shares until such maintenance amount or asset coverage, as the case may be, is restored. This may prevent
the Fund from distributing at least 90% of its investment company taxable income and net tax-exempt income (as that term is defined in the Code) determined without regard to the deduction for dividends paid, and may therefore jeopardize the
Fund&#146;s qualification for taxation as a regulated investment company or </FONT></P>
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cause the Fund to incur an income tax liability or the non-deductible 4% excise tax on the undistributed taxable income (including gain), or both. Upon failure to meet the 225% Asset Coverage
required under the Supplement, the Fund will be required to redeem Preferred Shares, which may include VRM-MFP Shares, in order to maintain or restore such asset coverage and avoid the adverse consequences to the Fund and its shareholders of failing
to qualify as a regulated investment company. There can be no assurance, however, that any such redemption would achieve such objectives. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>The foregoing is a general summary of the provisions of the Code and regulations thereunder presently in effect as they directly govern the taxation of the Fund and its VRM-MFP Shareholders. These
provisions are subject to change by legislative, judicial or administrative action, and any such change may be retroactive. Moreover, the foregoing does not address many of the factors that may be determinative of whether an investor will be liable
for the federal alternative minimum tax. Shareholders are advised to consult their own tax advisors for more detailed information concerning the regular U.S. federal income tax and federal alternative minimum income tax consequences of purchasing,
holding and disposing of VRM-MFP Shares. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrmprosup656069_9"></A>BOOK-ENTRY PROCEDURES AND SETTLEMENT
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>The information in this section concerning DTC and DTC&#146;s book-entry system has been obtained by the Fund from
DTC. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The VRM-MFP Shares will be book-entry (global) securities. Upon issuance, all book-entry securities will be
represented by one or more fully-registered global securities. Each global security will be deposited with, or on behalf of, DTC, a securities depository, and will be registered in the name of DTC or a nominee of DTC. DTC will thus be the only
registered holder of VRM-MFP Shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Purchasers of VRM-MFP Shares may only hold interests in the global securities directly
through DTC if they are participants in the DTC system. Purchasers may also hold interests through a securities intermediary&#151;banks, brokerage houses and other institutions that maintain securities accounts for customers&#151;that has an account
with DTC or its nominee. DTC will maintain accounts showing the security holdings of its Agent Members, and these Agent Members will in turn maintain accounts showing the security holdings of their customers. Some of these customers may themselves
be securities intermediaries holding securities for their customers. Thus, each beneficial owner of a book-entry security will hold that security indirectly through various intermediaries. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The interest of each beneficial owner in a book-entry security will be evidenced solely by entries on the books of the beneficial
owner&#146;s securities intermediary or Agent Member. The actual purchaser of the securities will generally not be entitled to have the securities represented by the global securities registered in its name and will not be considered the owner under
the terms of the securities and their governing documents. That means that the Fund and the Calculation and Paying Agent or any other agent of the Fund will be entitled to treat the registered holder, DTC or its nominee, as the holder of the
securities for all purposes. In most cases, the beneficial owner will also not be able to obtain a paper certificate evidencing its ownership of VRM-MFP Shares. The laws of some jurisdictions require some purchasers of securities to take physical
delivery of their securities in definitive form. These laws may impair the ability to own, transfer or pledge beneficial interests in book-entry securities. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-47
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A beneficial owner of book-entry securities represented by a global security may exchange
the securities for definitive (paper) securities only if: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">DTC is unwilling or unable to continue as depositary for such global security and the Fund does not appoint a qualified replacement for DTC within 90
days; or </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Fund in its sole discretion decides to allow some or all book-entry securities to be exchangeable for definitive securities in registered form.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unless indicated otherwise, any global security that is so exchangeable will be exchangeable in whole for
definitive securities in registered form, with the same terms and of an equal aggregate amount. Definitive securities will be registered in the name or names of the person or persons specified by DTC in a written instruction to the registrar of the
VRM-MFP Shares. DTC may base its written instruction upon directions that it receives from Agent Members. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In this prospectus
supplement, in the case of book-entry securities, references to actions taken by beneficial owners will mean actions taken by DTC upon instructions from its Agent Members, and references to payments and notices relating to redemptions or the
tendering of VRM-MFP Shares will mean payments and notices related to the redemption or tender of VRM-MFP Shares to DTC as the registered holder of the securities for distribution to Agent Members in accordance with DTC&#146;s procedures. If fewer
than all the VRM-MFP Shares are being redeemed, DTC&#146;s practice is to determine by lot the amount of the interest of each Agent Member in the VRM-MFP Shares to be redeemed. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each sale of a book-entry security will settle in immediately available funds through DTC unless otherwise stated. Neither the Fund nor
the Calculation and Paying Agent, or any agent of either, will have any responsibility or liability for any aspect of the records relating to, or payments made on account of, beneficial ownership interests in any book-entry securities or for
maintaining, supervising or reviewing any records relating to such beneficial ownership interests. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Neither DTC nor DTC&#146;s
nominee will consent or vote with respect to the VRM-MFP Shares unless authorized by a participant in accordance with DTC&#146;s procedures. Under its usual procedures, DTC mails an omnibus proxy (the &#147;Omnibus Proxy&#148;) to the Fund as soon
as possible after the record date. The Omnibus Proxy assigns DTC&#146;s nominee consenting or voting rights to the Agent Members to whose accounts the VRM-MFP Shares are credited on the record date (identified in a listing attached to the Omnibus
Proxy). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dividend payments on the VRM-MFP Shares and payments upon redemption of VRM-MFP Shares will be made to DTC&#146;s
nominee or such other nominee as may be requested by an authorized representative of DTC. DTC&#146;s practice is to credit participants&#146; accounts upon DTC&#146;s receipt of funds and corresponding detail information from the Fund or the
Calculation and Paying Agent on the payment date in accordance with their respective holdings shown on DTC records. Payments by Agent Members to beneficial owners will be governed by standing instructions and customary practices. Payment of
dividends or redemption proceeds to DTC&#146;s nominee is the responsibility of the Fund or the Calculation and Paying Agent, disbursement of such payments to participants will be the responsibility of DTC, and disbursement of such payments to the
beneficial owners will be the responsibility of Agent Members or securities intermediaries who hold through an Agent Member. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-48
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Agent Member&#148; means a person with an account at DTC that holds one or more
VRM-MFP Shares through DTC, directly or indirectly, for a beneficial owner and that will be authorized and instructed, directly or indirectly, by a beneficial owner to disclose information to the Calculation and Paying Agent with respect to such
beneficial owner. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">IT IS THE DUTY OF EACH BENEFICIAL OWNER TO ARRANGE WITH THE DTC AGENT MEMBER OR SECURITIES INTERMEDIARIES
TO RECEIVE FROM SUCH DTC AGENT MEMBER OR SECURITIES INTERMEDIARY DIVIDEND PAYMENTS AND ALL OTHER COMMUNICATIONS WHICH THE DTC AGENT MEMBER OR SECURITIES INTERMEDIARY RECEIVES FROM DTC. THE FUND WILL NOT HAVE ANY RESPONSIBILITY OR OBLIGATIONS TO ANY
DTC AGENT MEMBER, SECURITIES INTERMEDIARIES, OR THE PERSONS FOR WHOM THEY ACT AS NOMINEES WITH RESPECT TO DIVIDEND PAYMENTS TO OR THE PROVIDING OF NOTICE FOR THE DTC AGENT MEMBERS, THE SECURITIES INTERMEDIARIES OR THE BENEFICIAL OWNERS. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrmprosup656069_10"></A>UNDERWRITING </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">[TO BE FURNISHED AT THE TIME OF THE OFFERING] </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrmprosup656069_11"></A>LEGAL MATTERS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Certain legal matters in connection with the VRM-MFP Shares will be passed upon for the Fund by Sidley Austin LLP, New York, New York, and for the underwriter by [&#149;], New York, New York. Sidley
Austin LLP may rely as to certain matters of Massachusetts law on the opinion of Morgan, Lewis&nbsp;&amp; Bockius LLP, Boston, Massachusetts. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrmprosup656069_12"></A>CUSTODIAN, TRANSFER AGENT, CALCULATION AND PAYING AGENT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">State Street Bank and Trust Company (the &#147;Custodian&#148;) serves as custodian of the Fund&#146;s assets. Computershare Inc. and Computershare Trust Company, N.A. serve as transfer agent for the
Common Shares. See &#147;Custodian, Transfer Agent, Dividend Disbursing Agent and Redemption and Paying Agent&#148; in the accompanying prospectus. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">[&#149;] will serve as calculation agent and as the transfer agent and registrar, dividend disbursing agent, and paying agent and redemption price disbursing agent for the VRM-MFP Shares. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrmprosup656069_13"></A>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The audited Financial Statements and Financial Highlights of the Fund appearing in the Fund&#146;s Annual Report for the fiscal year
ended October 31, 2017 are incorporated by reference into the SAI. The audited financial statements and financial highlights have been audited by KPMG LLP, an independent registered public accounting firm, as set forth in their report thereon and
incorporated herein by reference. Such audited financial statements and financial highlights are incorporated by reference in reliance upon such report given on the authority of such firm as experts in accounting and auditing. The information with
respect to the fiscal years ended prior to October&nbsp;31, 2014 has been audited by other auditors. The principal business address of KPMG LLP is 200 East Randolph Street, Chicago, Illinois 60601. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-49
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="vrmprosup656069_14"></A>WHERE YOU CAN FIND MORE INFORMATION </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund is subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the &#147;1934 Act&#148;), and
the 1940 Act and is required to file reports, proxy statements and other information with the SEC. These documents can be inspected and copied for a fee at the SEC&#146;s public reference room, 100 F Street, NE, Washington, D.C. 20549. Reports,
proxy statements, and other information about the Fund can be inspected at the offices of the SEC. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Additional information
about the Fund and VRM-MRP Shares can be found in the Fund&#146;s registration statement (including amendments, exhibits, and schedules) on Form N-2 filed with the SEC. The SEC maintains a web site (http://www.sec.gov) that contains the Fund&#146;s
registration statement, other documents incorporated by reference, and other information the Fund has filed electronically with the SEC, including proxy statements and reports filed under the 1934 Act. Additional information may be found on the
Internet at http://www.nuveen.com. The information contained in, or that can be accessed through, those websites is not part of this prospectus supplement or the accompanying prospectus. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-50
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="font-size:120px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:2pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>$[&#149;] </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>Nuveen AMT-Free Municipal Credit Income Fund </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>[&#149;] Series [&#149;] MuniFund Preferred Shares </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Variable Rate Mode
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Liquidation Preference $[&#149;] Per Share </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PROSPECTUS SUPPLEMENT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>[&#149;], 20[&#149;] </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>[Underwriter(s)] </B></FONT></P> <P STYLE="font-size:24px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:2pt solid #000000">&nbsp;</P> <P STYLE="font-size:239px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="font-size:120px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#cc062a"><B>The information in this statement of additional information is not complete and may be
changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This statement of additional information is not an offer to sell these securities and is not soliciting offers
to buy these securities in any jurisdiction where the offer or sale is not permitted. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#cc062a"><B>Subject to
Completion </B></FONT></P>  <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#cc062a"><B>Dated October&nbsp;26, 2018 </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">333 West Wacker Drive </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, Illinois 60606 </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>STATEMENT OF ADDITIONAL INFORMATION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2018 </FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Nuveen AMT-Free Municipal Credit Income Fund (the &#147;Fund&#148;) is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund was
organized on July&nbsp;12, 1999. This statement of additional information (the &#147;SAI&#148;) relating to the common shares (&#147;Common Shares&#148;) and MuniFund Preferred Shares (&#147;MFP Shares,&#148; and the Common Shares and the MFP
Shares, collectively, the &#147;Securities&#148;) of the Fund does not constitute a prospectus, but should be read in conjunction with the prospectus relating thereto dated [&#149;], 2018 and any related prospectus supplement. This SAI relates to
the offering, on an immediate, continuous or delayed basis, in one or more offerings, of up to $550,000,000 in aggregate initial offering price of Securities. This SAI does not include all information that a prospective investor should consider
before purchasing Securities. Investors should obtain and read the prospectus and any related prospectus supplement prior to purchasing such shares. In addition, the Fund&#146;s audited financial statements and the independent registered public
accounting firm&#146;s report therein included in the Fund&#146;s annual report for the fiscal year ended October&nbsp;31, 2017 and unaudited financial statements as of and for the six months ended April&nbsp;30, 2018 are incorporated into this SAI
by reference. A copy of the prospectus and any related prospectus supplement may be obtained without charge by calling (800)&nbsp;257-8787. You may also obtain a copy of the prospectus and any related prospectus supplement on the
U.S.&nbsp;Securities and Exchange Commission&#146;s (the &#147;SEC&#148;) web site (http://www.sec.gov). Capitalized terms used but not defined in this SAI have the meanings ascribed to them in the prospectus. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="saitoc"></A>TABLE OF CONTENTS </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_1">The Fund</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_2">Investment Objectives and Policies</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_3">Investment Restrictions</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_4">The Fund&#146;s Investments</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_5">Management of the Fund</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_6">Investment Adviser, Sub-Adviser and Portfolio Manager</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_7">Code of Ethics</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">54</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_8">Proxy Voting Policies</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">55</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_9">Portfolio Transactions and Brokerage</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">55</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_10">Net Asset Value</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">57</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_11">Beneficial Owners</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">57</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_12">Tax Matters</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">58</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_13">Financial Statements</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">64</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_14">Appendix A Ratings of Investments</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_15">Appendix B Derivative Strategies and Risks</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">B-1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#saitoc656069_16">Appendix C Proxy Voting Policies and Procedures</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">C-1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="saitoc656069_1"></A>THE FUND </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nuveen AMT-Free Municipal Credit Income Fund (the &#147;Fund&#148;) is a diversified, closed-end management investment company, organized
as a Massachusetts business trust, registered under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;). </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="saitoc656069_2"></A>INVESTMENT OBJECTIVES AND POLICIES </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s investment objectives are: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">to provide current income exempt from regular federal income tax and federal alternative minimum tax applicable to individuals; and
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">to enhance portfolio value relative to the municipal bond market by investing in tax-exempt municipal bonds that the Investment Adviser believes are
underrated or undervalued or that represent municipal market sectors that are undervalued. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Underrated
municipal securities are those whose ratings do not, in the Investment Adviser&#146;s opinion, reflect their true value. Municipal securities may be underrated because of the time that has elapsed since their rating was assigned or reviewed, or
because of positive factors that may not have been fully taken into account by NRSROs, or for other similar reasons. Municipal securities that are undervalued or that represent undervalued municipal market sectors are municipal securities that, in
the Investment Adviser&#146;s opinion, are worth more than the value assigned to them in the marketplace. Municipal securities of particular types or purposes (<I>e.g.</I>, hospital bonds, industrial revenue bonds or bonds issued by a particular
municipal issuer) may be undervalued because there is a temporary excess of supply in that market sector, or because of a general decline in the market price of municipal securities of the market sector for reasons that do not apply to the
particular municipal securities that are considered undervalued. The Fund&#146;s investment in underrated or undervalued municipal securities will be based on the Investment Adviser&#146;s belief that the prices of such municipal securities should
ultimately reflect their true value. Accordingly, &#147;enhancement of portfolio value relative to the municipal bond market&#148; refers to the Fund&#146;s objective of attempting to realize above-average capital appreciation in a rising market,
and to experience less than average capital losses in a declining market. Thus, the Fund&#146;s second investment objective is not intended to suggest that capital appreciation is itself an objective of the Fund. Instead, the Fund seeks enhancement
of portfolio value relative to the municipal bond market by prudent selection of municipal securities, regardless of which direction the market may move. Any capital appreciation realized by the Fund will generally result in the distribution of
taxable capital gains to holders of Common Shares and holders of preferred shares of the Fund (&#147;Preferred Shares&#148;). The Fund is currently required to allocate net capital gains and ordinary income taxable for U.S.&nbsp;federal income tax
purposes, if any, proportionately between Common Shares and Preferred Shares. See &#147;Tax Matters&#148; in the prospectus. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">It is a fundamental policy that, under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in
municipal securities and other related investments, the income from which is exempt from regular federal income taxes. </FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As
a non-fundamental investment policy that may be changed by the Fund&#146;s trustees without prior shareholder notice, under normal circumstances, the Fund will invest 100% of its Managed Assets (as defined below) in municipal securities and other
related investments, the income from which is exempt </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1 </FONT></P>


<p Style='page-break-before:always'>
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  <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
from the federal alternative minimum tax applicable to individuals at the time of purchase. As a non-fundamental policy subject to change by the Fund&#146;s trustees upon 60 days&#146; notice to
shareholders, under normal circumstances, the Fund will invest at least 80% of its Assets in municipal securities and other related investments, the income from which is exempt from the federal alternative minimum tax applicable to individuals at
the time of purchase. </FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Assets&#148; means net assets of the Fund plus the amount of any borrowings for investment
purposes. &#147;Managed Assets&#148; means the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets
attributable to the Fund&#146;s use of leverage (whether or not those assets are reflected in the Fund&#146;s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a non-fundamental policy that may be changed by the Fund&#146;s trustees without prior shareholder notice, under normal
circumstances, the Fund may invest up to 55% of its Managed Assets in securities rated, at the time of investment, below the three highest grades (Baa or BBB or lower) by at least one NRSRO, which includes below-investment-grade securities or
unrated securities judged to be of comparable quality by NAM. The Fund may invest in distressed securities. The Fund may not invest in the securities of an issuer which, at the time of investment, is in default on its obligations to pay principal or
interest thereon when due or that is involved in a bankruptcy proceeding (i.e. rated below C-, at the time of investment), provided, however, that NAM may determine that it is in the best interest of shareholders in pursuing a workout arrangement
with issuers of defaulted securities to make loans to the defaulted issuer or another party, or purchase a debt, equity or other interest from the defaulted issuer or another party, or take other related or similar steps involving the investment of
additional monies, but only if that issuer&#146;s securities are already held by the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s greater allocation
to lower rated municipal securities is expected to result in meaningfully higher net earnings. However, investments in lower rated securities are subject to higher risks than investments in higher rated securities, including a higher risk that the
issuer will be unable to pay interest or principal when due. In addition, the Fund&#146;s greater allocation to lower rated municipal securities may have a negative effect on one or more long-term ratings of the Fund&#146;s Preferred Shares. See
&#147;Risk Factors&#148; in the prospectus for a discussion of the risks associated with an increased exposure to lower rated municipal securities and for a discussion of ratings risks. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Securities of below investment grade quality (Ba/BB or below) are commonly referred to as &#147;junk bonds.&#148; Issuers of securities
rated Ba/BB or B are regarded as having current capacity to make principal and interest payments but are subject to business, financial or economic conditions which could adversely affect such payment capacity. Municipal securities rated Baa or BBB
are considered &#147;investment grade&#148; securities; municipal securities rated Baa are considered medium grade obligations which lack outstanding investment characteristics and have speculative characteristics, while municipal securities rated
BBB are regarded as having adequate capacity to pay principal and interest. Municipal securities rated AAA in which the Fund may invest may have been so rated on the basis of the existence of insurance guaranteeing the timely payment, when due, of
all principal and interest. Municipal securities rated below investment grade quality are obligations of issuers that are considered predominately speculative with respect to the issuer&#146;s capacity to pay interest and repay principal according
to the terms of the obligation and, therefore, carry greater investment risk, including the possibility of issuer default and bankruptcy and increased market price volatility. Municipal securities rated below investment grade tend to be less
marketable than higher quality securities because the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
market for them is less broad. The market for unrated municipal securities is even narrower. During periods of thin trading in these markets, the spread between bid and asked prices is likely to
increase significantly and the Fund may have greater difficulty selling its portfolio securities. The Fund will be more dependent on the Investment Adviser and/or the Sub-Adviser&#146;s research and analysis when investing in these securities.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The foregoing credit quality policy targets apply only at the time a security is purchased, and the Fund is not required to
dispose of a security in the event that a NRSRO upgrades or downgrades its assessment of the credit characteristics of a particular issuer or that valuation changes of various municipal securities cause the Fund&#146;s portfolio to fail to satisfy
those targets. In determining whether to retain or sell such a security, the Investment Adviser and/or the Sub-Adviser may consider such factors as the Investment Adviser&#146;s and/or the Sub-Adviser&#146;s assessment of the credit quality of the
issuer of such security, the price at which such security could be sold and the rating, if any, assigned to such security by other NRSROs. The ratings of S&amp;P Global Ratings, Moody&#146;s Investor Service, Inc. and Fitch Ratings, Inc. represent
their opinions as to the quality of the municipal securities they rate. It should be emphasized, however, that ratings are general and are not absolute standards of quality. Consequently, municipal securities with the same maturity, coupon and
rating may have different yields while obligations of the same maturity and coupon with different ratings may have the same yield. See &#147;Appendix A&#151;Ratings of Investments&#148; for additional information about NRSRO ratings. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund will invest primarily in municipal securities with long-term maturities in order to maintain an average effective maturity of 15
to 30&nbsp;years, including the effects of leverage, but the average effective maturity of obligations held by the Fund may be lengthened or shortened as a result of portfolio transactions effected by the Investment Adviser and/or the Sub-Adviser,
depending on market conditions and on an assessment by the portfolio manager of which segments of the municipal securities markets offer the most favorable relative investment values and opportunities for tax-exempt income and total return. As a
result, the Fund&#146;s portfolio at any given time may include both long-term and intermediate-term municipal securities. Moreover, during temporary defensive periods (<I>e.g.</I>, times when, in the Investment Adviser&#146;s and/or the
Sub-Adviser&#146;s opinion, temporary imbalances of supply and demand or other temporary dislocations in the tax-exempt bond market adversely affect the price at which long-term or intermediate-term municipal securities are available), and in order
to keep the Fund&#146;s cash fully invested, the Fund may invest any percentage of its total assets in short-term investments including high quality, short-term debt securities that may be either tax-exempt or taxable. The Fund may not achieve its
investment objectives during such periods. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may invest up to 15% of its Managed Assets in inverse floating rate
securities. The economic effect of leverage through the Fund&#146;s purchase of inverse floating rate securities creates an opportunity for increased net income and returns for common shareholders but also creates the possibility that the
Fund&#146;s long-term returns will be diminished if the cost of leverage exceeds the return of the inverse floating rate securities purchased by the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund may invest in &#147;tobacco settlement bonds.&#148; Tobacco settlement bonds are bonds that are secured or payable solely from the collateralization of the proceeds from class action or other
litigation against the tobacco industry. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may invest in securities of other open- or closed-end investment companies
(including exchange-traded funds) that invest primarily in municipal securities of the types in which the Fund may invest directly, to the extent permitted by the 1940 Act, the rules and regulations issued
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
thereunder and applicable exemptive orders issued by the SEC. See &#147;The Fund&#146;s Investments&#151;Other Investment Companies&#148; below. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may enter into certain derivative instruments in pursuit of its investment objectives, including to seek to enhance return, to
hedge certain risks of its investments in fixed-income securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate and credit default swaps),
options on financial futures, options on swap contracts or other derivative instruments. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may purchase municipal
securities that are additionally secured by insurance, bank credit agreements or escrow accounts. The credit quality of companies which provide such credit enhancements may affect the value of those securities. Although the insurance feature may
reduce certain financial risks, the premiums for insurance and the higher market price paid for insured obligations may reduce the Fund&#146;s income. The insurance feature guarantees only the payment of principal and interest on the obligation when
due and does not guarantee the market value of the insured obligations, which will fluctuate with the bond market and the financial success of the issuer and the insurer, and the effectiveness and value of the insurance itself is dependent on the
continued creditworthiness of the insurer. No representation is made as to the insurers&#146; ability to meet their commitments. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Obligations of issuers of municipal securities are subject to the provisions of bankruptcy, insolvency and other laws affecting the rights and remedies of creditors, such as the Bankruptcy Reform Act of
1978. In addition, the obligations of such issuers may become subject to the laws enacted in the future by Congress, state legislatures or referenda extending the time for payment of principal or interest, or both, or imposing other constraints upon
enforcement of such obligations or upon municipalities to levy taxes. There is also the possibility that, as a result of legislation or other conditions, the power or ability of any issuer to pay, when due, the principal of and interest on its
municipal securities may be materially affected. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund is diversified for purposes of the 1940 Act. Consequently, as to
75% of its assets, the Fund may not invest more than 5% of its total assets in the securities of any single issuer (and in not more than 10% of the outstanding voting securities of an issuer), except that this limitation does not apply to cash,
securities of the U.S.&nbsp;government, its agencies and instrumentalities, and securities of other investment companies. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
Fund cannot change its investment objectives without the approval of the holders of a &#147;majority of the outstanding&#148; Common and Preferred Shares, voting together as a single class, and of the holders of a &#147;majority of the
outstanding&#148; Preferred Shares voting as a separate class, and with the prior written consent of the liquidity providers for Variable Rate Demand Preferred Shares (&#147;VRDP Shares&#148;), such consent to be determined in each liquidity
provider&#146;s good faith discretion, and certain other Fund counterparties. A &#147;majority of the outstanding,&#148; under the 1940 Act, means (i)&nbsp;67% or more of the shares present at a meeting, if the holders of more than 50% of the shares
are present or represented by proxy, or (ii)&nbsp;more than 50% of the shares, whichever is less. See &#147;Description of Securities&#148; in the prospectus for additional information with respect to the voting rights of holders of Common Shares
and Preferred Shares. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="saitoc656069_3"></A>INVESTMENT RESTRICTIONS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except as described below, the Fund as a fundamental policy may not without the approval of the holders of a majority of the outstanding
Common Shares and Preferred Shares, including MFP Shares, voting together as a single class, and of the holders of a majority of the outstanding Preferred Shares, including MFP Shares, voting as a separate class, and the prior written consent of
liquidity providers for VRDP Shares or other Fund counterparties: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;Invest more than 5% of its total assets in
securities of any one issuer, except that this limitation shall not apply to bonds issued by the United States Government, its agencies and instrumentalities or to the investment of 25% of its total assets.</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;Borrow money, except from banks for temporary or emergency purposes or for repurchase of its shares, and
then only in an amount not exceeding one-third of the value of the Fund&#146;s total assets (including the amount borrowed) less the Fund&#146;s liabilities (other than borrowings).</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1,</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;Issue senior securities, as defined in the 1940 Act, other than
Preferred Shares, except to the extent permitted under the 1940 Act and except as otherwise described in the prospectus and this SAI. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(4)&nbsp;Act as underwriter of another issuer&#146;s securities, except to the extent that the Fund may be deemed to be an underwriter within the meaning of the Securities Act of 1933, as amended (the
&#147;1933 Act&#148;), in connection with the purchase and sale of portfolio securities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5)&nbsp;Invest more than 25% of its
total assets in securities of issuers in any one industry; provided, however, that such limitation shall not apply to municipal bonds other than those municipal bonds backed only by the assets and revenues of nongovernmental users.</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6)&nbsp;Purchase or sell real estate, but this shall not prevent the Fund from investing in municipal bonds secured by real estate or
interests therein or foreclosing upon and selling such security. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7)&nbsp;Purchase or sell physical commodities unless
acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from purchasing or selling options, futures contracts or derivative instruments or from investing in securities or other instruments backed by
physical commodities). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(8)&nbsp;Make loans, except as permitted by the 1940 Act and exemptive orders granted under the 1940
Act.</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></P>
<P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Section&nbsp;18(c) of the 1940 Act generally limits a registered closed-end investment company to issuing one class of senior securities
representing indebtedness and one class of senior securities representing stock, except that the class of indebtedness or stock may be issued in one or more series, and promissory notes or other evidences of indebtedness issued in consideration of
any loan, extension, or renewal thereof, made by a bank or other person and privately arranged, and not intended to be publicly distributed, are not deemed a separate class of senior securities. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Section&nbsp;18(a) of the 1940 Act generally prohibits a registered closed-end fund from incurring borrowings if, immediately thereafter, the
aggregate amount of its borrowings exceeds 33 1/3% of its total assets. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">For purposes of this restriction, governments and their political subdivisions are not members of any industry. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Section&nbsp;21 of the 1940 Act makes it unlawful for a registered investment company, like the Fund, to lend money or other property if
(i)&nbsp;the investment company&#146;s policies set forth in its registration statement do not permit such loan or (ii)&nbsp;the borrower controls or is under common control with the investment company. The Fund has not applied for, and currently
does not intend to apply for, any exemptive relief that would allow it to make loans outside the limits of the 1940 Act. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">5 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(9)&nbsp;Issue debt securities that rank senior to Preferred Shares other than for temporary
or emergency purposes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For purposes of the foregoing, &#147;majority of the outstanding,&#148; when used with respect to
particular shares of the Fund, means (i)&nbsp;67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy, or (ii)&nbsp;more than 50% of the shares, whichever is less. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the purpose of applying the 25% industry limitation set forth in subparagraph (5)&nbsp;above, such limitation will apply to
tax-exempt municipal securities if the payment of principal and interest for such securities is derived principally from a specific project associated with an issuer that is not a governmental entity or a political subdivision of a government, and
in that situation the Fund will consider such municipal securities to be an industry associated with the project. </FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the
purpose of applying the 25% industry limitation set forth in subparagraph (5)&nbsp;above, the Fund will consider the investments of underlying investment companies when determining compliance with its own concentration policy, to the extent the Fund
has sufficient information about such investments after making a reasonable effort to obtain current information about the investments in underlying companies. </FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">For the purpose of applying the limitation set forth in subparagraph 1 above, an issuer shall be deemed the sole issuer of a security when its assets and revenues are separate from other governmental
entities and its securities are backed only by its assets and revenues. Similarly, in the case of a non-governmental issuer, such as an industrial corporation or a privately owned or operated hospital, if the security is backed only by the assets
and revenues of the non-governmental issuer, then such non-governmental issuer would be deemed to be the sole issuer. Where a security is also backed by the enforceable obligation of a superior or unrelated governmental or other entity (other than a
bond insurer), it shall also be included in the computation of securities owned that are issued by such governmental or other entity. Where a security is guaranteed by a governmental entity or some other facility, such as a bank guarantee or letter
of credit, such a guarantee or letter of credit would be considered a separate security and would be treated as an issue of such government, other entity or bank. When a municipal security is insured by bond insurance, it shall not be considered a
security that is issued or guaranteed by the insurer; instead, the issuer of such municipal security will be determined in accordance with the principles set forth above. The foregoing restrictions do not limit the percentage of the Fund&#146;s
assets that may be invested in municipal securities insured by any given insurer. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund is diversified for purposes of the
1940 Act. Consequently, as to 75% of the Fund&#146;s total assets, the Fund may not (1)&nbsp;purchase the securities of any one issuer (other than cash, securities of other investment companies and securities issued by the U.S.&nbsp;Government or
its agencies or instrumentalities) if immediately after such purchase, more than 5% of the value of the Fund&#146;s total assets would be invested in securities of such issuer or (2)&nbsp;purchase more than 10% of the outstanding voting securities
of such issuer. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subject to certain exemptions under the 1940 Act, the Fund may invest up to 10% of its total assets in the
aggregate in shares of other investment companies and up to 5% of its total assets in any one investment company, provided the investment does not represent more than 3% of the voting shares of beneficial interest of the acquired investment company
at the time such shares are purchased. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">6 </FONT></P>


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As a shareholder in any investment company, the Fund will bear its ratable share of that investment company&#146;s expenses and will remain subject to payment of the Fund&#146;s management,
advisory and administrative fees with respect to assets so invested. Holders of Common Shares of the Fund would therefore be subject to duplicative expenses to the extent the Fund invests in other investment companies. In addition, the securities of
other investment companies may be leveraged and therefore will be subject to leverage risk. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition to the foregoing
fundamental investment policies, the Fund is also subject to the following non-fundamental restrictions and policies that may be changed by the Board of Trustees of the Fund (the &#147;Board&#148;) without prior shareholder notice. The Fund may not:
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;Sell securities short, unless the Fund owns or has the right to obtain securities equivalent in kind and amount to
the securities sold at no added cost, and provided that transactions in options, futures contracts, options on futures contracts, or other derivative instruments are not deemed to constitute selling securities short. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;Invest in securities of other open- or closed-end investment companies (including exchange-traded funds (&#147;ETFs&#148;))
except in compliance with the 1940 Act or any exemptive relief obtained thereunder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;Enter into futures contracts or
related options or forward contracts, if more than 30% of the Fund&#146;s net assets would be represented by futures contracts or more than 5% of the Fund&#146;s net assets would be committed to initial margin deposits and premiums on futures
contracts and related options. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)&nbsp;Purchase securities when borrowings exceed 5% of its total assets if and so long as
Preferred Shares are outstanding. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5)&nbsp;Purchase securities of companies for the purpose of exercising control, except
that the Fund may invest up to 5% of its net assets in tax-exempt or taxable fixed-income securities or equity securities for the purpose of acquiring control of an issuer whose municipal bonds (a)&nbsp;the Fund already owns and (b)&nbsp;have
deteriorated or are expected shortly to deteriorate significantly in credit quality, provided that the Fund&#146;s investment adviser, Nuveen Fund Advisors, LLC (&#147;Nuveen Fund Advisors&#148; or the &#147;Investment Adviser&#148;) determines that
such investment should enable the Fund to better maximize the value of its existing investment in such issuer. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
restrictions and other limitations set forth above will apply only at the time of purchase of securities and will not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of an acquisition of
securities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may be subject to certain restrictions imposed by either guidelines of one or more nationally recognized
statistical rating organizations (&#147;NRSROs&#148;) that may issue ratings for Preferred Shares, or, if issued, commercial paper or notes, or, if the Fund borrows from a lender, by the lender. These guidelines may impose asset coverage or
portfolio composition requirements that are more stringent than those imposed on the Fund by the 1940 Act. If these restrictions were to apply, it is not anticipated that these covenants or guidelines would impede the Investment Adviser and the
Fund&#146;s investment sub-adviser, Nuveen Asset Management LLC (the &#147;Sub-Adviser&#148; or &#147;NAM&#148;), from managing the Fund&#146;s portfolio in accordance with the Fund&#146;s investment objectives and policies. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">7 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">At least six months prior to the final mandatory redemption date or term redemption date for
all outstanding Preferred Shares of each series, the Fund will earmark assets rated at least A- or the equivalent (and including deposit securities including, but not limited to, cash or cash equivalents, U.S.&nbsp;government securities, highly
rated municipal obligations or money market funds, in an amount equal to 20% of the liquidation preference of all outstanding Preferred Shares of the applicable series, with 135&nbsp;days remaining to the redemption date, increasing to 100% with
15&nbsp;days remaining) with a market value equal to at least 110% of the liquidation preference of all outstanding Preferred Shares of the applicable series until the redemption of all outstanding Preferred Shares of such series. As may be
specified for a series of Preferred Shares, including MFP Shares, the Fund also may be required to earmark assets in connection with certain mandatory redemption events if they occur prior to the final mandatory redemption date or term redemption
date. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="saitoc656069_4"></A>THE FUND&#146;S INVESTMENTS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Municipal Securities </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>General</I>.&nbsp;&nbsp;&nbsp;&nbsp;The Fund may invest in various municipal securities, including municipal bonds and notes, other
securities issued to finance and refinance public projects, and other related securities and derivative instruments creating exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from
regular federal income taxes and the federal alternative minimum tax applicable to individuals. Municipal securities are generally debt obligations issued by state and local governmental entities and may be issued by U.S.&nbsp;territories to finance
or refinance public projects such as roads, schools, and water supply systems. Municipal securities may also be issued for private activities, such as housing, medical and educational facility construction, or for privately owned transportation,
electric utility and pollution control projects. Municipal securities may be issued on a long-term basis to provide permanent financing. The repayment of such debt may be secured generally by a pledge of the full faith and credit taxing power of the
issuer, a limited or special tax, or any other revenue source including project revenues, which may include tolls, fees and other user charges, lease payments, and mortgage payments. Municipal securities may also be issued to finance projects on a
short-term interim basis, anticipating repayment with the proceeds on long term debt. Municipal securities may be issued and purchased in the form of bonds, notes, leases or certificates of participation; structured as callable or non-callable; with
payment forms including fixed coupon, variable rate, zero coupon, capital appreciation bonds, tender option bonds, and residual interest bonds or inverse floating rate securities; or acquired through investments in pooled vehicles, partnerships or
other investment companies. Inverse floating rate securities are securities that pay interest at rates that vary inversely with changes in prevailing short-term tax-exempt interest rates and represent a leveraged investment in an underlying
municipal security, which may increase the leverage of the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may invest in municipal bonds issued by U.S.
territories and possessions (such as Puerto Rico or Guam) that are exempt from regular federal income taxes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The yields on
municipal securities depend on a variety of factors, including prevailing interest rates and the condition of the general money market and the municipal bond market, the size of a particular offering, the maturity of the obligation and the rating of
the issue. The market value of municipal bonds will vary with changes in interest rate levels and as a result of changing evaluations of the ability of their issuers to meet interest and principal payments. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">8 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Tobacco Settlement Bonds.</I>&nbsp;&nbsp;&nbsp;&nbsp;Included in the general category of
municipal securities described in the Prospectus are &#147;tobacco settlement bonds.&#148; The Fund may invest in tobacco settlement bonds, which are municipal securities that are backed solely by expected revenues to be derived from lawsuits
involving tobacco related deaths and illnesses which were settled between certain states and American tobacco companies. Tobacco settlement bonds are secured by an issuing state&#146;s proportionate share in&nbsp;the Master Settlement Agreement
(&#147;MSA&#148;). The MSA is an agreement, reached out of court in November 1998 between 46&nbsp;states and nearly all of the U.S. tobacco manufacturers. The MSA provides for annual payments in perpetuity by the manufacturers to the states in
exchange for releasing all claims against the manufacturers and a pledge of no further litigation. Tobacco manufacturers pay into a master escrow trust based on their market share, and each state receives a fixed percentage of the payment as set
forth in the MSA. A number of states have securitized the future flow of those payments by selling bonds pursuant to indentures or through distinct governmental entities created for such purpose. The principal and interest payments on the bonds are
backed by the future revenue flow related to the MSA. Annual payments on the bonds, and thus risk to the Fund, are highly dependent on the receipt of future settlement payments to the state or its governmental entity. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The actual amount of future settlement payments is further dependent on many factors, including, but not limited to, annual domestic
cigarette shipments, reduced cigarette consumption, increased taxes on cigarettes, inflation, financial capability of tobacco companies, continuing litigation and the possibility of tobacco manufacturer bankruptcy. The initial and annual payments
made by the tobacco companies will be adjusted based on a number of factors, the most important of which is domestic cigarette consumption. If the volume of cigarettes shipped in the U.S. by manufacturers participating in the settlement decreases
significantly, payments due from them will also decrease. Demand for cigarettes in the U.S. could continue to decline due to price increases needed to recoup the cost of payments by tobacco companies. Demand could also be affected by: anti-smoking
campaigns, tax increases, reduced advertising, enforcement of laws prohibiting sales to minors; elimination of certain sales venues such as vending machines; and the spread of local ordinances restricting smoking in public places. As a result,
payments made by tobacco manufacturers could be negatively impacted if the decrease in tobacco consumption is significantly greater than the forecasted decline. A market share loss by the MSA companies to&nbsp;non-MSA&nbsp;participating tobacco
manufacturers would cause a downward adjustment in the payment amounts. A participating manufacturer filing for bankruptcy also could cause delays or reductions in bond payments. The MSA itself has been subject to legal challenges and has, to date,
withstood those challenges. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Municipal Leases and Certificates of Participation</I>.&nbsp;&nbsp;&nbsp;&nbsp;The Fund also
may purchase municipal securities that represent lease obligations and certificates of participation in such leases. These carry special risks because the issuer of the securities may not be obligated to appropriate money annually to make payments
under the lease. A municipal lease is an obligation in the form of a lease or installment purchase that is issued by a state or local government to acquire equipment and facilities. Income from such obligations generally is exempt from state and
local taxes in the state of issuance. Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass eventually to the governmental issuer) have evolved as a means for governmental issuers
to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt issuance limitations are deemed to be inapplicable because of the inclusion in many leases or contracts of
&#147;non-appropriation&#148; clauses that relieve the governmental issuer of any obligation to make future payments under the lease or contract unless money is appropriated for such purpose by the appropriate legislative body on a yearly or other
periodic basis. In addition, such leases or contracts may be subject to the temporary abatement of payments in the event the issuer is prevented </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">9 </FONT></P>


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from maintaining occupancy of the leased premises or utilizing the leased equipment or facilities. Although the obligations may be secured by the leased equipment or facilities, the disposition
of the property in the event of non-appropriation or foreclosure might prove difficult, time consuming and costly, and result in a delay in recovering, or the failure to recover fully, the Fund&#146;s original investment. To the extent that the Fund
invests in unrated municipal leases or participates in such leases, the credit quality rating and risk of cancellation of such unrated leases will be monitored on an ongoing basis. In order to reduce this risk, the Fund will only purchase municipal
securities representing lease obligations where the Investment Adviser and/or Sub-Adviser believes the issuer has a strong incentive to continue making appropriations until maturity. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, an installment purchase
agreement or other instruments. The certificates typically are issued by a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under such leases or installment
purchase agreements. Such certificates provide the Fund with the right to a pro&nbsp;rata undivided interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not
more than seven days&#146; notice, of all or any part of the Fund&#146;s participation interest in the underlying municipal securities, plus accrued interest. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Municipal Notes</I>.&nbsp;&nbsp;&nbsp;&nbsp;Municipal securities in the form of notes generally are used to provide for short-term capital needs, in anticipation of an issuer&#146;s receipt of other
revenues or financing, and typically have maturities of up to three years. Such instruments may include tax anticipation notes, revenue anticipation notes, bond anticipation notes, tax and revenue anticipation notes and construction loan notes. Tax
anticipation notes are issued to finance the working capital needs of governments. Generally, they are issued in anticipation of various tax revenues, such as income, sales, property, use and business taxes, and are payable from these specific
future taxes. Revenue anticipation notes are issued in expectation of receipt of other kinds of revenue, such as federal revenues available under federal revenue sharing programs. Bond anticipation notes are issued to provide interim financing until
long-term bond financing can be arranged. In most cases, the long-term bonds then provide the funds needed for repayment of the bond anticipation notes. Tax and revenue anticipation notes combine the funding sources of both tax anticipation notes
and revenue anticipation notes. Construction loan notes are sold to provide construction financing. Mortgage notes insured by the Federal Housing Authority secure these notes; however, the proceeds from the insurance may be less than the economic
equivalent of the payment of principal and interest on the mortgage note if there has been a default. The anticipated revenues from taxes, grants or bond financing generally secure the obligations of an issuer of municipal notes. An investment in
such instruments, however, presents a risk that the anticipated revenues will not be received or that such revenues will be insufficient to satisfy the issuer&#146;s payment obligations under the notes or that refinancing will be otherwise
unavailable. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Pre-Refunded Municipal Securities</I>.&nbsp;&nbsp;&nbsp;&nbsp;The principal of, and interest on, pre-refunded
municipal securities are no longer paid from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S.&nbsp;government securities. The assets in the escrow fund are derived
from the proceeds of refunding bonds issued by the same issuer as the pre-refunded municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that are not yet
subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other
governing instrument for the pre-refunded municipal securities. However, except for a change in the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">10 </FONT></P>



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revenue source from which principal and interest payments are made, the pre-refunded municipal securities remain outstanding on their original terms until they mature or are redeemed by the
issuer. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Private Activity Bonds</I>.&nbsp;&nbsp;&nbsp;&nbsp;Private activity bonds are issued by or on behalf of public
authorities to obtain funds to provide privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water
supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities,
although the current federal tax laws place substantial limitations on the size of such issues. The Fund&#146;s distributions of its interest income from private activity bonds may subject certain investors to the federal alternative minimum tax.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Inverse Floating Rate Securities</I>.&nbsp;&nbsp;&nbsp;&nbsp;The Fund may invest in inverse floating rate securities.
Inverse floating rate securities are securities whose interest rates bear an inverse relationship to the interest rate on another security or the value of an index. Generally, inverse floating rate securities represent beneficial interests in a
special purpose trust, commonly referred to as a &#147;tender option bond trust&#148; (&#147;TOB trust&#148;), that holds municipal bonds. The TOB trust typically sells two classes of beneficial interests or securities: floating rate securities
(sometimes referred to as short-term floaters or tender option bonds (&#147;TOBs&#148;)), and inverse floating rate securities (sometimes referred to as inverse floaters). Both classes of beneficial interests are represented by certificates or
receipts. The floating rate securities have first priority on the cash flow from the municipal bonds held by the TOB trust. In this structure, the floating rate security holders have the option, at periodic short-term intervals, to tender their
securities to the trust for purchase and to receive the face value thereof plus accrued interest. The obligation of the trust to repurchase tendered securities is supported by a remarketing agent and by a liquidity provider. As consideration for
providing this support, the remarketing agent and the liquidity provider receive periodic fees. The holder of the short-term floater effectively holds a demand obligation that bears interest at the prevailing short-term, tax-exempt rate. However,
the trust is not obligated to purchase tendered short-term floaters in the event of certain defaults with respect to the underlying municipal bonds or a significant downgrade in the credit rating assigned to the bond issuer. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As the holder of an inverse floating rate investment, the Fund receives the residual cash flow from the TOB trust. Because the holder of
the short-term floater is generally assured liquidity at the face value of the security plus accrued interest, the holder of the inverse floater assumes the interest rate cash flow risk and the market value risk associated with the municipal bond
deposited into the TOB trust. The volatility of the interest cash flow and the residual market value will vary with the degree to which the trust is leveraged. This is expressed in the ratio of the total face value of the short-term floaters to the
value of the inverse floaters that are issued by the TOB trust, and can exceed three times for more &#147;highly leveraged&#148; trusts. All voting rights and decisions to be made with respect to any other rights relating to the municipal bonds held
in the TOB trust are passed through, pro&nbsp;rata, to the holders of the short-term floaters and to the Fund as the holder of the associated inverse floaters. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Because any increases in the interest rate on the short-term floaters issued by a TOB trust would reduce the residual interest paid on the associated inverse floaters, and because fluctuations in the
value of the municipal bond deposited in the TOB trust would affect only the value of the inverse floater and not the value of the short-term floater issued by the trust so long as the value of the municipal bond held by the trust exceeded the face
amount of short-term floaters outstanding, the value of inverse floaters is generally more volatile than that of an otherwise comparable municipal bond held </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">11 </FONT></P>



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on an unleveraged basis outside a TOB trust. Inverse floaters generally will underperform the market of fixed-rate bonds in a rising interest rate environment (<I>i.e.</I>, when bond values are
falling), but will tend to outperform the market of fixed-rate bonds when interest rates decline or remain relatively stable. Although volatile in value and return, inverse floaters typically offer the potential for yields higher than those
available on fixed-rate bonds with comparable credit quality, coupon, call provisions and maturity. Inverse floaters have varying degrees of liquidity or illiquidity based primarily upon the inverse floater holder&#146;s ability to sell the
underlying bonds deposited in the TOB trust at an attractive price. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may invest in inverse floating rate securities
issued by TOB trusts in which the liquidity providers have recourse to the Fund pursuant to a separate shortfall and forbearance agreement. Such an agreement would require the Fund to reimburse the liquidity provider, among other circumstances, upon
termination of the TOB trust for the difference between the liquidation value of the bonds held in the trust and the principal amount and accrued interest due to the holders of floating rate securities issued by the trust. The Fund will enter into
such a recourse agreement (1)&nbsp;when the liquidity provider requires such a recourse agreement because the level of leverage in the TOB trust exceeds the level that the liquidity provider is willing to support absent such an agreement; and/or
(2)&nbsp;to seek to prevent the liquidity provider from collapsing the trust in the event the municipal bond held in the trust has declined in value to the point where it may cease to exceed the face amount of outstanding short-term floaters. In an
instance where the Fund has entered such a recourse agreement, the Fund may suffer a loss that exceeds the amount of its original investment in the inverse floating rate securities; such loss could be as great as that original investment amount plus
the face amount of the floating rate securities issued by the trust plus accrued interest thereon. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund will segregate or
earmark liquid assets with its custodian in accordance with the 1940 Act to cover its obligations with respect to its investments in TOB trusts. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund may invest in both inverse floating rate securities and floating rate securities (as discussed below) issued by the same TOB trust. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Floating Rate Securities</I>.&nbsp;&nbsp;&nbsp;&nbsp;The Fund may also invest in floating rate securities, as described above, issued
by special purpose trusts. Floating rate securities may take the form of short-term floating rate securities or the option period may be substantially longer. Generally, the interest rate earned will be based upon the market rates for municipal
securities with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option, which may vary from weekly, to monthly, to extended periods of one year or multiple years. Since the option feature
has a shorter term than the final maturity or first call date of the underlying bond deposited in the trust, the Fund, as the holder of the floating rate securities, relies upon the terms of the agreement with the financial institution furnishing
the option as well as the credit strength of that institution. As further assurance of liquidity, the terms of the trust provide for a liquidation of the municipal bond deposited in the trust and the application of the proceeds to pay off the
floating rate securities. The trusts that are organized to issue both short-term floating rate securities and inverse floaters generally include liquidation triggers to protect the investor in the floating rate securities. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Special Taxing Districts</I>.&nbsp;&nbsp;&nbsp;&nbsp;Special taxing districts are organized to plan and finance infrastructure
developments to induce residential, commercial and industrial growth and redevelopment. The bond financing methods such as tax increment finance, tax assessment, special services district and Mello-Roos bonds, generally are payable solely from taxes
or other revenues </FONT></P>
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attributable to the specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities. They often are exposed to real estate
development-related risks and can have more taxpayer concentration risk than general tax-supported bonds, such as general obligation bonds. Further, the fees, special taxes, or tax allocations and other revenues that are established to secure such
financings generally are limited as to the rate or amount that may be levied or assessed and are not subject to increase pursuant to rate covenants or municipal or corporate guarantees. The bonds could default if development failed to progress as
anticipated or if larger taxpayers failed to pay the assessments, fees and taxes as provided in the financing plans of the districts. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Short-Term Investments </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Short-Term Taxable Fixed Income Securities.</I>&nbsp;&nbsp;&nbsp;&nbsp;For temporary defensive purposes or to keep cash on hand fully
invested, the Fund may invest up to 100% of its total assets in cash equivalents and short-term taxable fixed-income securities, although the Fund intends to invest in taxable short-term investments only in the event that suitable tax-exempt
short-term investments are not available at reasonable prices and yields. Investment in taxable short-term investments would result in a portion of the dividends paid being subject to regular U.S. federal income tax and the federal alternative
minimum tax applicable to individuals. Short-term taxable fixed income investments are defined to include, without limitation, the following: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(1) U.S. government securities, including bills, notes and bonds differing as to maturity and rates of interest that are either issued or guaranteed by the U.S. Treasury or by U.S. government agencies or
instrumentalities. U.S. government agency securities include securities issued by (a)&nbsp;the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration, and the Government
National Mortgage Association, whose securities are supported by the full faith and credit of the United States; (b)&nbsp;the Federal Home Loan Banks, Federal Intermediate Credit Banks, and the Tennessee Valley Authority, whose securities are
supported by the right of the agency to borrow from the U.S. Treasury; (c)&nbsp;the Federal National Mortgage Association, whose securities are supported by the discretionary authority of the U.S. government to purchase certain obligations of the
agency or instrumentality; and (d)&nbsp;the Student Loan Marketing Association, whose securities are supported only by its credit. While the U.S. government provides financial support to such U.S. government-sponsored agencies or instrumentalities,
no assurance can be given that it always will do so since it is not so obligated by law. The U.S. government, its agencies, and instrumentalities do not guarantee the market value of their securities. Consequently, the value of such securities may
fluctuate. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) Certificates of deposit issued against funds deposited in a bank or a savings and loan association. Such
certificates are for a definite period of time, earn a specified rate of return, and are normally negotiable. The issuer of a certificate of deposit agrees to pay the amount deposited plus interest to the bearer of the certificate on the date
specified thereon. Under current Federal Deposit Insurance Corporation regulations, the maximum insurance payable as to any one certificate of deposit is $250,000; therefore, certificates of deposit purchased by the Fund may not be fully insured.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) Repurchase agreements, which involve purchases of debt securities. At the time the Fund purchases securities pursuant to
a repurchase agreement, it simultaneously agrees to resell and redeliver such securities to the seller, who also simultaneously agrees to buy back the securities at a fixed price and time. This assures a predetermined yield for the Fund during its
holding period, since </FONT></P>
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the resale price is always greater than the purchase price and reflects an agreed-upon market rate. Such actions afford an opportunity for the Fund to invest temporarily available cash. The Fund
may enter into repurchase agreements only with respect to obligations of the U.S. government, its agencies or instrumentalities; certificates of deposit; or bankers&#146; acceptances in which the Fund may invest. Repurchase agreements may be
considered loans to the seller, collateralized by the underlying securities. The risk to the Fund is limited to the ability of the seller to pay the agreed-upon sum on the repurchase date; in the event of default, the repurchase agreement provides
that the Fund is entitled to sell the underlying collateral. If the value of the collateral declines after the agreement is entered into, and if the seller defaults under a repurchase agreement when the value of the underlying collateral is less
than the repurchase price, the Fund could incur a loss of both principal and interest. The Investment Adviser monitors the value of the collateral at the time the action is entered into and at all times during the term of the repurchase agreement.
The Investment Adviser does so in an effort to determine that the value of the collateral always equals or exceeds the agreed-upon repurchase price to be paid to the Fund. If the seller were to be subject to a federal bankruptcy proceeding, the
ability of the Fund to liquidate the collateral could be delayed or impaired because of certain provisions of the bankruptcy laws. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(4) Commercial paper, which consists of short-term unsecured promissory notes, including variable rate master demand notes issued by corporations to finance their current operations. Master demand notes
are direct lending arrangements between the Fund and a corporation. There is no secondary market for such notes. However, they are redeemable by the Fund at any time. The Investment Adviser will consider the financial condition of the corporation
(<I>e.g.</I>, earning power, cash flow, and other liquidity ratios) and will continuously monitor the corporation&#146;s ability to meet all of its financial obligations, because the Fund&#146;s liquidity might be impaired if the corporation were
unable to pay principal and interest on demand. Investments in commercial paper will be limited to commercial paper rated in the highest categories by a major NRSRO and which mature within one year of the date of purchase or carry a variable or
floating rate of interest. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Short-Term Tax-Exempt Fixed Income Securities.</I>&nbsp;&nbsp;&nbsp;&nbsp;Short-term tax-exempt
fixed income securities are securities that are exempt from regular U.S. federal income tax and mature within three years or less from the date of issuance. Short-term tax-exempt fixed income securities are defined to include, without limitation,
the following: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) Bond Anticipation Notes (&#147;BANs&#148;) are usually general obligations of state and local governmental
issuers which are sold to obtain interim financing for projects that will eventually be funded through the sale of long-term debt obligations or bonds. The ability of an issuer to meet its obligations on its BANs is primarily dependent on the
issuer&#146;s access to the long-term municipal bond market and the likelihood that the proceeds of such bond sales will be used to pay the principal and interest on the BANs. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(2) Tax Anticipation Notes (&#147;TANs&#148;) are issued by state and local governments to finance the current operations of such governments. Repayment is generally to be derived from specific future tax
revenues. TANs are usually general obligations of the issuer. A weakness in an issuer&#146;s capacity to raise taxes due to, among other things, a decline in its tax base or a rise in delinquencies, could adversely affect the issuer&#146;s ability
to meet its obligations on outstanding TANs. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) Revenue Anticipation Notes (&#147;RANs&#148;) are issued by governments or
governmental bodies with the expectation that future revenues from a designated source will be used to repay the notes. In </FONT></P>
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general, they also constitute general obligations of the issuer. A decline in the receipt of projected revenues, such as anticipated revenues from another level of government, could adversely
affect an issuer&#146;s ability to meet its obligations on outstanding RANs. In addition, the possibility that the revenues would, when received, be used to meet other obligations could affect the ability of the issuer to pay the principal and
interest on RANs. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4) Construction loan notes are issued to provide construction financing for specific projects. Frequently,
these notes are redeemed with funds obtained from the Federal Housing Administration. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5) Bank notes are notes issued by
local government bodies and agencies, such as those described above, to commercial banks as evidence of borrowings. The purposes for which the notes are issued are varied but they are frequently issued to meet short-term working capital or capital
project needs. These notes may have risks similar to the risks associated with TANs and RANs. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6) Tax-exempt commercial paper
(&#147;Municipal Paper&#148;) represents very short-term unsecured, negotiable promissory notes issued by states, municipalities and their agencies. Payment of principal and interest on issues of municipal paper may be made from various sources to
the extent the funds are available therefrom. Maturities of municipal paper generally will be shorter than the maturities of TANs, BANs or RANs. There is a limited secondary market for issues of Municipal Paper. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7) Certain municipal securities may carry variable or floating rates of interest whereby the rate of interest is not fixed but varies
with changes in specified market rates or indices, such as a bank prime rate or a tax-exempt money market index. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">While the
various types of notes described above as a group represent the major portion of the short-term tax-exempt note market, other types of notes are available in the marketplace, and the Fund may invest in such other types of notes to the extent
permitted under its investment objectives, policies and limitations. Such notes may be issued for different purposes and may be secured differently from those mentioned above. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>When-Issued and Delayed Delivery Transactions </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may buy and sell
municipal securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15-45&nbsp;days of the trade date. On such transactions the payment obligation and the interest rate are fixed at the
time the buyer enters into the commitment. Beginning on the date the Fund enters into a commitment to purchase securities on a when-issued or delayed delivery basis, the Fund is required under interpretations of the SEC to maintain in a separate
account liquid assets, consisting of cash, cash equivalents or liquid securities having a market value, at all times, at least equal to the amount of the commitment. Income generated by any such assets which provide taxable income for U.S. federal
income tax purposes is includable in the taxable income of the Fund and, to the extent distributed, will be taxable to shareholders. The Fund may enter into contracts to purchase municipal securities on a forward basis (<I>i.e.</I>, where settlement
will occur more than 60&nbsp;days from the date of the transaction) only to the extent that the Fund specifically collateralizes such obligations with a security that is expected to be called or mature within sixty days before or after the
settlement date of the forward transaction. The commitment to purchase securities on a when-issued, delayed delivery or forward basis may involve an element of risk because no interest accrues on the bonds prior to settlement and at the time of
delivery the market value may be less than cost. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Derivatives and Hedging Strategies </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may periodically engage in hedging transactions, and otherwise use various types of derivative instruments, described below, to
reduce risk, to effectively gain particular market exposures, to seek to enhance returns, and to reduce transaction costs, among other reasons. In addition to inverse floating rate securities and structured notes, the Fund may invest in certain
other derivative instruments in pursuit of its investment objectives. Such instruments include financial futures contracts, swap contracts (including interest rate and credit default swaps), options on financial futures, options on swap contracts or
other derivative instruments whose prices, in the Investment Adviser&#146;s and/or the Sub-Adviser&#146;s opinion, correlate with the prices of the Fund&#146;s investments. The Investment Adviser and/or the Sub-Adviser uses derivatives to shorten or
lengthen the effective duration of the Fund&#146;s portfolio securities, and therefore the interest rate risk, and to adjust other aspects of the portfolio&#146;s risk/return profile. The Fund may use these instruments if the Fund deems it more
efficient from a transaction cost, total return or income standpoint than investing in cash securities. See &#147;Appendix B&#151;Derivative Strategies and Risks&#148; for additional information regarding the various techniques involving the use of
derivatives. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Hedging&#148; is a term used for various methods of seeking to preserve portfolio capital value by
offsetting price changes in one investment through making another investment whose price should tend to move in the opposite direction. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">A &#147;derivative&#148; is a financial contract whose value is based on (or &#147;derived&#148; from) a traditional security (such as a stock or a bond), an asset (such as a commodity like gold), or a
market index (such as the Barclays Capital Municipal Bond Index). Some forms of derivatives may trade on exchanges, while non-standardized derivatives, which tend to be more specialized and complex, trade in &#147;over-the-counter&#148;
(&#147;OTC&#148;) or a one-on-one basis. It may be desirable and possible in various market environments to partially hedge the portfolio against fluctuations in market value due to market interest rate or credit quality fluctuations, or instead to
gain a desired investment exposure, by entering into various types of derivative transactions, including financial futures and index futures as well as related put and call options on such instruments, structured notes, or interest rate swaps on
taxable or tax-exempt securities or indexes (which may be &#147;forward-starting&#148;), credit default swaps, and options on interest rate swaps, among others. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">These transactions present certain risks. In particular, the imperfect correlation between price movements in the futures contract and price movements in the securities being hedged creates the
possibility that losses on the hedge by the Fund may be greater than gains in the value of the securities in the Fund&#146;s portfolio. In addition, futures and options markets may not be liquid in all circumstances. As a result, in volatile
markets, the Fund may not be able to close out the transaction without incurring losses substantially greater than the initial deposit. Finally, the potential deposit requirements in futures contracts create an ongoing greater potential financial
risk than do options transactions, where the exposure is limited to the cost of the initial premium. Losses due to hedging transactions will reduce yield. The Fund will invest in these instruments only in markets believed by the Investment Adviser
and/or the Sub-Adviser to be active and sufficiently liquid. Net gains, if any, from hedging and other portfolio transactions will be distributed as taxable distributions to shareholders. These hedging strategies may generate taxable income.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Investment Adviser and/or the Sub-Adviser may use derivative instruments to seek to enhance return, to hedge some of the
risk of the Fund&#146;s investments in municipal securities or as a substitute for a position in the underlying asset. These types of strategies may generate taxable income. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">16 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">There is no assurance that these derivative strategies will be available at any time or that
the Investment Adviser and/or the Sub-Adviser will determine to use them for the Fund or, if used, that the strategies will be successful. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Swap Transactions</I>.&nbsp;&nbsp;&nbsp;&nbsp;The Fund may enter into total return, interest rate and credit default swap agreements and interest rate caps, floors and collars. The Fund may also enter
into options on the foregoing types of swap agreements (&#147;swap options&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Swap agreements typically are two-party
contracts entered into primarily by institutional investors for periods ranging from a few weeks to several years. In a standard &#147;swap&#148; transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or
realized on particular predetermined investments or instruments. The gross returns to be exchanged or &#147;swapped&#148; between the parties are calculated with respect to a &#147;notional amount&#148; (<I>e.g.</I>, the change in the value of a
particular dollar amount invested at a particular interest rate or in a &#147;basket&#148; of securities representing a particular index). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The &#147;notional amount&#148; of a swap agreement is the agreed upon basis for calculating the obligations that the parties to a swap agreement have agreed to exchange. Under most swap agreements
entered into by the Fund, the obligations of the parties would be exchanged on a &#147;net basis.&#148; Consequently, the Fund&#146;s obligation (or rights) under a net swap agreement will generally be equal only to the net amount to be paid or
received under the agreement based on the relative values of the positions held by each party to the agreement. See &#147;&#151;Segregation of Assets&#148; below. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The swap market has grown substantially in recent years with a large number of banking firms acting as both principals and agents using standardized swap documentation. As a result, the swap market has
become relatively liquid. However, swap agreements may still be subject to liquidity risk, which exists when a particular swap is difficult to purchase or sell. If a swap transaction is particularly large or if the relevant market is illiquid, it
may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses. Caps, floors and collars are more recent innovations for which standardized documentation has not been
fully developed and, accordingly, swaps with these features are less liquid. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Dodd-Frank Wall Street Reform and Consumer
Protection Act (the &#147;Dodd-Frank Act&#148;) sets forth a regulatory framework for certain derivatives, such as swaps, in which the Fund may be authorized to invest. The Dodd-Frank Act requires many swap transactions to be executed on registered
exchanges or through swap execution facilities, cleared through a regulated clearinghouse and publicly reported. In addition, many market participants are now regulated as swap dealers or major swap participants and are subject to required business
conduct standards and other regulatory burdens, and will be subject to minimum capital requirements upon the adoption of final capital rules. The statutory requirements of the Dodd-Frank Act have been implemented primarily through rules and
regulations adopted by the SEC and the Commodity Futures Trading Commission (the &#147;CFTC&#148;). The CFTC is responsible for the regulation of most swaps, and has completed most of its rules implementing the Dodd-Frank Act swap regulations. The
SEC has jurisdiction over a small segment of the market referred to as &#147;security-based swaps,&#148; which includes swaps on single securities or credits, or narrow-based indices of securities or credits, but has not yet completed its
rulemaking. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cleared swaps are transacted through CFTC-registered futures commission merchants that are members of central
clearinghouses with the clearinghouse serving as a central counterparty similar to </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">17 </FONT></P>



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transactions in futures contracts. Currently, central clearing is required only for certain categories of swaps, although central clearing for additional categories of swaps is expected to be
implemented by the CFTC. The Fund may face the indirect risk of the failure of another clearing member customer to meet its obligations to its clearing member. Such scenario could arise due to a default by the clearing member on its obligations to
the clearinghouse, triggered by a customer&#146;s failure to meet its obligations to the clearing member. In addition, the CFTC and bank regulators have imposed new margin requirements on uncleared OTC swaps that could adversely affect the
Fund&#146;s ability to enter into swaps in the OTC market. The SEC is expected to adopt similar margin requirements for uncleared security-based swaps. These requirements may increase the amount of collateral the Fund is required to provide and the
costs associated with providing it. These developments could cause the Fund to terminate new or existing swap agreements or to realize amounts to be received under such instruments at an inopportune time. Until the mandated rulemaking and
regulations are implemented completely, it will not be possible to determine the complete impact of the Dodd-Frank Act and related regulations on the Fund, and the establishment of centralized clearinghouses and trading facilities for swap
transactions may not result in swaps being easier to value or trade. However, it is expected that swap dealers, major market participants and swap counterparties will experience other new and/or additional regulations, requirements, compliance
burdens and associated costs, and that such costs will be passed on to customers such as the Fund. The rules that have been and will be promulgated may exert a negative effect on the Fund&#146;s ability to meet its investment objectives, either
through limits or requirements imposed on the Fund or its counterparties. The swap market could be disrupted or limited as a result of the new requirements, which may increase the cost of the Fund&#146;s investments and of doing business, which
could adversely affect the Fund&#146;s ability to buy or sell derivatives. The overall impact of the Dodd-Frank Act on the Fund remains highly uncertain and it is unclear how the swap markets will adapt to this new regulatory regime, along with
additional, sometimes overlapping, regulatory requirements imposed by non-U.S. regulators. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Interest Rate Swaps, Caps,
Collars and Floors</I>.&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps are bilateral contracts in which each party agrees to make periodic payments to the other party based on different referenced interest rates (e.g., a fixed rate and a floating rate)
applied to a specified notional amount. The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a predetermined interest rate, to receive payments of interest on a notional principal amount
from the party selling such interest rate floor. The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index rises above a predetermined interest rate, to receive payments of interest on a notional principal
amount from the party selling such interest rate cap. Interest rate collars involve selling a cap and purchasing a floor or vice versa to protect the Fund against interest rate movements exceeding given minimum or maximum levels. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The use of interest rate transactions, such as interest rate swaps and caps, is a highly specialized activity that involves investment
techniques and risks different from those associated with ordinary portfolio security transactions. Depending on the state of interest rates in general, the Fund&#146;s use of interest rate swaps or caps could enhance or harm the overall performance
of the Common Shares. To the extent there is a decline in interest rates, the value of the interest rate swap or cap could decline, and could result in a decline in the net asset value of the Common Shares. In addition, if short-term interest rates
are lower than the Fund&#146;s fixed rate of payment on the interest rate swap, the swap will reduce Common Share net earnings. If, on the other hand, short-term interest rates are higher than the fixed rate of payment on the interest rate swap, the
swap will enhance Common Share net earnings. Buying interest rate caps could enhance the performance of the Common Shares by providing a maximum leverage expense. Buying interest rate caps could also decrease the net earnings of the
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">18 </FONT></P>



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Common Shares in the event that the premium paid by the Fund to the counterparty exceeds the additional amount the Fund would have been required to pay had it not entered into the cap agreement.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Total Return Swaps</I>.&nbsp;&nbsp;&nbsp;&nbsp;In a total return swap, one party agrees to pay the other the &#147;total
return&#148; of a defined underlying asset during a specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. A total return swap may be applied to any underlying
asset but is most commonly used with equity indices, single stocks, bonds and defined baskets of loans and mortgages. The Fund might enter into a total return swap involving an underlying index or basket of securities to create exposure to a
potentially widely-diversified range of securities in a single trade. An index total return swap can be used by the Investment Adviser and/or the Sub-Adviser to assume risk, without the complications of buying the component securities from what may
not always be the most liquid of markets. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In connection with the Fund&#146;s position in a swap contract, the Fund will
segregate liquid assets or will otherwise cover its position in accordance with applicable SEC requirements. See &#147;&#151;Segregation of Assets&#148; below. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Credit Default Swaps</I>.&nbsp;&nbsp;&nbsp;&nbsp;A credit default swap is a bilateral contract that enables an investor to buy or sell protection against a defined-issuer credit event. The Fund may
enter into credit default swap agreements either as a buyer or a seller. The Fund may buy protection to attempt to mitigate the risk of default or credit quality deterioration in an individual security or a segment of the fixed income securities
market to which it has exposure, or to take a &#147;short&#148; position in individual bonds or market segments which it does not own. The Fund may sell protection in an attempt to gain exposure to the credit quality characteristics of particular
bonds or market segments without investing directly in those bonds or market segments. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As the buyer of protection in a credit
default swap, the Fund would pay a premium (by means of an upfront payment or a periodic stream of payments over the term of the agreement) in return for the right to deliver a referenced bond or group of bonds to the protection seller and receive
the full notional or par value (or other agreed upon value) upon a default (or similar event) by the issuer(s) of the underlying referenced obligation(s). If no default occurs, the protection seller would keep the stream of payments and would have
no further obligation to the Fund. Thus, the cost to the Fund would be the premium paid with respect to the agreement. If a credit event occurs, however, the Fund may elect to receive the full notional value of the swap in exchange for an equal face
amount of deliverable obligations of the reference entity that may have little or no value. The Fund bears the risk that the protection seller may fail to satisfy its payment obligations. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Fund is a seller of protection in a credit default swap and no credit event occurs, the Fund would generally receive an up-front
payment or a periodic stream of payments over the term of the swap. If a credit event occurs, however, generally the Fund would have to pay the buyer the full notional value of the swap in exchange for an equal face amount of deliverable obligations
of the reference entity that may have little or no value. As the protection seller, the Fund effectively adds economic leverage to its portfolio because, in addition to being subject to investment exposure on its total net assets, the Fund is
subject to investment exposure on the notional amount of the swap. See &#147;&#151;Segregation of Assets&#148; below. Thus, the Fund bears the same risk as it would by buying the reference obligations directly, plus the additional risks related to
obtaining investment exposure through a derivative instrument discussed below under &#147;&#151;Risks Associated with Swap Transactions.&#148; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">19 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Swap Options</I>.&nbsp;&nbsp;&nbsp;&nbsp;A swap option is a contract that gives a
counterparty the right (but not the obligation), in return for payment of a premium, to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement at some designated future time on specified terms.
A cash-settled option on a swap gives the purchaser the right, in return for the premium paid, to receive an amount of cash equal to the value of the underlying swap as of the exercise date. The Fund may write (sell) and purchase put and call swap
options. Depending on the terms of the particular option agreement, the Fund generally would incur a greater degree of risk when it writes a swap option than when it purchases a swap option. When the Fund purchases a swap option, it risks losing
only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when the Fund writes a swap option, upon exercise of the option the Fund would become obligated according to the terms of the underlying
agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Risks Associated with Swap Transactions</I>.&nbsp;&nbsp;&nbsp;&nbsp;The use of swap transactions is a highly
specialized activity which involves strategies and risks different from those associated with ordinary portfolio security transactions. If the Investment Adviser and/or the Sub-Adviser is incorrect in its forecasts of default risks, market spreads
or other applicable factors or events, the investment performance of the Fund would diminish compared with what it would have been if these techniques were not used. As the protection seller in a credit default swap, the Fund effectively adds
economic leverage to its portfolio because, in addition to being subject to investment exposure on its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The Fund generally may only close out a swap,
cap, floor, collar or other two-party contract with its particular counterparty, and generally may only transfer a position with the consent of that counterparty. In addition, the price at which the Fund may close out such a two-party contract may
not correlate with the price change in the underlying reference asset. If the counterparty defaults, the Fund will have contractual remedies, but there can be no assurance that the counterparty will be able to meet its contractual obligations or
that the Fund will succeed in enforcing its rights. It also is possible that developments in the derivatives market, including changes in government regulation, could adversely affect the Fund&#146;s ability to terminate existing swap or other
agreements or to realize amounts to be received under such agreements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Futures and Options on Futures
Generally</I>.&nbsp;&nbsp;&nbsp;&nbsp;A futures contract is an agreement between two parties to buy and sell a security, index or interest rate (each a &#147;financial instrument&#148;) for a set price on a future date. Certain futures contracts,
such as futures contracts relating to individual securities, call for making or taking delivery of the underlying financial instrument. However, these contracts generally are closed out before delivery by entering into an offsetting purchase or sale
of a matching futures contract (same exchange, underlying financial instrument, and delivery month). Other futures contracts, such as futures contracts on interest rates and indices, do not call for making or taking delivery of the underlying
financial instrument, but rather are agreements pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the financial instrument at the close of the last trading day of the
contract and the price at which the contract was originally written. These contracts also may be settled by entering into an offsetting futures contract. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Unlike when the Fund purchases or sells a security, no price is paid or received by the Fund upon the purchase or sale of a futures contract. Initially, the Fund will be required to deposit with the
futures broker, known as a futures commission merchant (&#147;FCM&#148;), an amount of cash or securities equal to a varying specified percentage of the contract amount. This amount is known as initial margin. The margin deposit is intended to
ensure completion of the contract. Minimum initial margin </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20 </FONT></P>



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requirements are established by the futures exchanges and may be revised. In addition, FCMs may establish margin deposit requirements that are higher than the exchange minimums. Cash held in the
margin account generally is not income producing. However, coupon-bearing securities, such as Treasury securities, held in margin accounts generally will earn income. Subsequent payments to and from the FCM, called variation margin, will be made on
a daily basis as the price of the underlying financial instrument fluctuates, making the futures contract more or less valuable, a process known as marking the contract to market. Changes in variation margin are recorded by the Fund as unrealized
gains or losses. At any time prior to expiration of the futures contract, the Fund may elect to close the position by taking an opposite position that will operate to terminate its position in the futures contract. A final determination of variation
margin is then made, additional cash is required to be paid by or released to the Fund, and the Fund realizes a gain or loss. In the event of the bankruptcy or insolvency of an FCM that holds margin on behalf of the Fund, the Fund may be entitled to
the return of margin owed to it only in proportion to the amount received by the FCM&#146;s other customers, potentially resulting in losses to the Fund. Futures transactions also involve brokerage costs and the Fund may have to segregate additional
liquid assets in accordance with applicable SEC requirements. See &#147;&#151;Segregation of Assets&#148; below. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A futures
option gives the purchaser of such option the right, in return for the premium paid, to assume a long position (call) or short position (put) in a futures contract at a specified exercise price at any time during the period of the option. Upon
exercise of a call option, the purchaser acquires a long position in the futures contract and the writer is assigned the opposite short position. Upon the exercise of a put option, the opposite is true. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Bond Futures and Forward Contracts</I>.&nbsp;&nbsp;&nbsp;&nbsp;Bond futures contracts are agreements in which one party agrees to
deliver to the other an amount of cash equal to a specific dollar amount times the difference between the value of a specific bond at the close of the last trading day of the contract and the price at which the agreement is made. No physical
delivery of securities is made. Forward contracts are agreements to purchase or sell a specified security or currency at a specified future date (or within a specified time period) and price set at the time of the contract. Forward contracts are
usually entered into with banks, foreign exchange dealers or broker-dealers and are usually for less than one year, but may be renewed. Forward contracts are generally purchased or sold in OTC transactions. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Under regulations of the CFTC currently in effect, which may change from time to time with respect to futures contracts purchased by the
Fund, the Fund will set aside in a segregated account liquid securities with a value at least equal to the value of instruments underlying such futures contracts less the amount of initial margin on deposit for such contracts. The current view of
the staff of the SEC is that the Fund&#146;s long and short positions in futures contracts must be collateralized with cash or certain liquid assets held in a segregated account or &#147;covered&#148; in order to counter the impact of any potential
leveraging. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Parties to a futures contract must make &#147;initial margin&#148; deposits to secure performance of the
contract. There are also requirements to make &#147;variation margin&#148; deposits from time to time as the value of the futures contract fluctuates. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Index Futures</I>.&nbsp;&nbsp;&nbsp;&nbsp;A tax-exempt bond index which assigns relative values to the tax-exempt bonds included in the index is traded on the Chicago Board of Trade. The index
fluctuates with changes in the market values of all tax-exempt bonds included rather than a single bond. An index future is a bilateral agreement pursuant to which two parties agree to take or make delivery of an
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">21 </FONT></P>



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amount of cash&#151;rather than any security&#151;equal to a specified dollar amount times the difference between the index value at the close of the last trading day of the contract and the
price at which the index future was originally written. Thus, an index future is similar to traditional financial futures except that settlement is made in cash. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Index Options</I>.&nbsp;&nbsp;&nbsp;&nbsp;The Fund may also purchase put or call options on U.S. government or tax-exempt bond index futures and enter into closing transactions with respect to such
options to terminate an existing position. Options on index futures are similar to options on debt instruments except that an option on an index future gives the purchaser the right, in return for the premium paid, to assume a position in an index
contract rather than an underlying security at a specified exercise price at any time during the period of the option. Upon exercise of the option, the delivery of the futures position by the writer of the option to the holder of the option will be
accompanied by delivery of the accumulated balance of the writer&#146;s futures margin account which represents the amount by which the market price of the index futures contract, at exercise, is less than the exercise price of the option on the
index future. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bond index futures and options transactions would be subject to risks similar to transactions in financial
futures and options thereon as described above. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Limitations on the Use of Futures, Options on Futures and
Swaps</I>.&nbsp;&nbsp;&nbsp;&nbsp;The Investment Adviser has claimed, with respect to the Fund, the exclusion from the definition of &#147;commodity pool operator&#148; under the Commodity Exchange Act of 1936, as amended (&#147;CEA&#148;), provided
by CFTC Regulation 4.5 and is therefore not currently subject to registration or regulation as such under the CEA with respect to the Fund. In addition, the Sub-Adviser has claimed the exemption from registration as a commodity trading advisor
provided by CFTC Regulation 4.14(a)(8) and is therefore not currently subject to registration or regulation as such under the CEA with respect to the Fund. In February 2012, the CFTC announced substantial amendments to certain exemptions, and to the
conditions for reliance on those exemptions, from registration as a commodity pool operator. Under amendments to the exemption provided under CFTC Regulation 4.5, if the Fund uses futures, options on futures, or swaps other than for bona fide
hedging purposes (as defined by the CFTC), the aggregate initial margin and premiums on these positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options that are
&#147;in-the-money&#148; at the time of purchase are &#147;in-the-money&#148;) may not exceed 5% of the Fund&#146;s net asset value, or alternatively, the aggregate net notional value of those positions may not exceed 100% of the Fund&#146;s net
asset value (after taking into account unrealized profits and unrealized losses on any such positions). The CFTC amendments to Regulation 4.5 took effect on December&nbsp;31, 2012, and the Fund intends to comply with amended Regulation 4.5&#146;s
requirements such that the Investment Adviser will not be required to register as a commodity pool operator with the CFTC with respect to the Fund. The Fund reserves the right to employ futures, options on futures and swaps to the extent allowed by
CFTC regulations in effect from time to time and in accordance with the Fund&#146;s policies. However, the requirements for qualification as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the
&#147;Code&#148;), may limit the extent to which the Fund may employ futures, options on futures or swaps. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Structured Notes
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may utilize structured notes and similar instruments for investment purposes and also for hedging purposes.
Structured notes are privately negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a benchmark asset, market or interest </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">22 </FONT></P>



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rate (an &#147;embedded index&#148;), such as selected securities, an index of securities or specified interest rates, or the differential performance of two assets or markets. The terms of such
structured instruments normally provide that their principal and/or interest payments are to be adjusted upwards or downwards (but not ordinarily below zero) to reflect changes in the embedded index while the structured instruments are outstanding.
As a result, the interest and/or principal payments that may be made on a structured product may vary widely, depending upon a variety of factors, including the volatility of the embedded index and the effect of changes in the embedded index on
principal and/or interest payments. The rate of return on structured notes may be determined by applying a multiplier to the performance or differential performance of the referenced index or indices or other assets. Application of a multiplier
involves leverage that will serve to magnify the potential for gain and the risk of loss. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Inter-Fund Borrowing and Lending </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The SEC has granted an exemptive order permitting the Nuveen registered open-end and closed-end funds, including the Fund, to participate
in an inter-fund lending facility whereby those funds may directly lend to and borrow money from each other for temporary purposes (<I>e.g.</I>, to satisfy redemption requests or when a sale of securities &#147;fails,&#148; resulting in an
unanticipated cash shortfall) (the &#147;Inter-Fund Program&#148;). The closed-end Nuveen funds will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to
meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1)&nbsp;no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest
rate than is typically available from a bank or other financial institution for a comparable transaction; (2)&nbsp;no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund&#146;s outstanding borrowings from all sources
immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be
secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3)&nbsp;if a fund&#146;s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total
assets, the fund may borrow through the inter-fund loan on a secured basis only; (4)&nbsp;no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of
the loan; (5)&nbsp;a fund&#146;s inter-fund loans to any one fund shall not exceed 5% of the lending fund&#146;s net assets; (6)&nbsp;the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but
in no event more than seven days; and (7)&nbsp;each inter-fund loan may be called on one business days&#146; notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund
Program only if and to the extent that such participation is consistent with the fund&#146;s investment objective and investment policies. The Board of Trustees of the Nuveen Funds is responsible for overseeing the Inter-Fund Program. The
limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no
borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day&#146;s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate
or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">23 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Other Investment Companies </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund may invest in securities of other open- or closed-end investment companies (including ETFs) that invest primarily in municipal securities of the types in which the Fund may invest directly. As a
shareholder in another investment company, the Fund will bear its ratable share of that investment company&#146;s expenses, and would remain subject to payment of the Fund&#146;s advisory and administrative fees with respect to assets so invested.
Common shareholders would therefore be subject to duplicative expenses to the extent the Fund invests in other investment companies. The Investment Adviser and/or the Sub-Adviser will take expenses into account when evaluating the investment merits
of an investment in an investment company relative to available municipal security investments. In addition, the securities of other investment companies may also be leveraged and will therefore be subject to leverage risks. The net asset value and
market value of leveraged shares will be more volatile, and the yield to common shareholders will tend to fluctuate more than the yield generated by unleveraged shares. The Fund will consider the investments of underlying investment companies when
determining compliance with Rule 35d-1 under the 1940 Act and when determining compliance with its own concentration policy, in each case to the extent the Fund has sufficient information about such investments after making a reasonable effort to
obtain current information about the investments in underlying companies. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Segregation of Assets </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a closed-end investment company registered with the SEC, the Fund is subject to the federal securities laws, including the 1940 Act,
the rules thereunder, and various interpretive positions of the SEC and its staff. In accordance with these laws, rules and positions, the Fund must maintain liquid assets (often referred to as &#147;asset segregation&#148;), or engage in other SEC
or staff-approved measures, to &#147;cover&#148; open positions with respect to certain kinds of derivative instruments and financial agreements (such as reverse repurchase agreements). Generally, the Fund will maintain an amount of liquid assets
with its custodian in an amount at least equal to the amount of its obligations, including the value of unpaid past and future payment obligations, under derivative instruments and financial agreements, in accordance with SEC guidance. However, the
Fund also may &#147;cover&#148; certain obligations by other means such as through ownership of the underlying security or financial instrument. The Fund also may enter into offsetting transactions with respect to certain obligations so that its
combined position, coupled with any liquid assets maintained by its custodian, equals its net outstanding obligation in related derivatives or financial agreements. In the case of financial futures contracts that are not contractually required to
cash settle, for example, the Fund must set aside liquid assets equal to such contracts&#146; full notional value while the positions are open. With respect to financial futures contracts that are contractually required to cash settle, however, the
Fund is permitted to set aside liquid assets in an amount equal to the Fund&#146;s daily marked-to-market net obligations (i.e., the Fund&#146;s daily net liability) under the contracts, if any, rather than such contracts&#146; full notional value.
If the Fund writes credit default swaps, it will segregate the full notional amount of the payment obligation under the credit default swap that must be paid upon the occurrence of a credit event. The Fund may invest in inverse floating rate
securities issued by special purpose trusts. With respect to such investments, the Fund will segregate or earmark assets in an amount equal to at least 100% of the face amount of the floating rate securities issued by such trusts. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund reserves the right to modify its asset segregation policies in the future to comply with any changes in the positions from time
to time articulated by the SEC or its staff regarding asset segregation. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">24 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund generally will use its assets to cover its obligations as required by the 1940 Act,
the rules thereunder, and applicable positions of the SEC and its staff. As a result of their segregation, such assets may not be used for other operational purposes. The Investment Adviser will monitor the Fund&#146;s use of derivatives and will
take action as necessary for the purpose of complying with the asset segregation policy stated above. Such actions may include the sale of the Fund&#146;s portfolio investments.</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Other Investment Policies and Techniques </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Illiquid
Securities.</I>&nbsp;&nbsp;&nbsp;&nbsp;The Fund may invest in illiquid securities (<I>i.e.</I>, securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted
under the federal securities laws), securities that may only be resold pursuant to Rule 144A under the 1933 Act and repurchase agreements with maturities in excess of seven days. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Restricted securities may be sold only in privately negotiated transactions or in a public offering with respect to which a registration
statement is in effect under the 1933 Act. Where registration is required, the Fund may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time of the decision to sell and the time the Fund
may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the Fund might obtain a less favorable price than that which prevailed when it decided to sell.
Illiquid securities will be priced at a fair value as determined in good faith by the Board or its delegate. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Portfolio
Trading and Turnover Rate</I>.&nbsp;&nbsp;&nbsp;&nbsp;Portfolio trading may be undertaken to accomplish the investment objectives of the Fund in relation to actual and anticipated movements in interest rates. In addition, a security may be sold and
another of comparable quality purchased at approximately the same time to take advantage of what the Investment Adviser and/or the Sub-Adviser believes to be a temporary price disparity between the two securities. Temporary price disparities between
two comparable securities may result from supply and demand imbalances where, for example, a temporary oversupply of certain bonds may cause a temporarily low price for such bonds, as compared with other bonds of like quality and characteristics.
The Fund may also engage to a limited extent in short-term trading consistent with its investment objectives. Securities may be sold in anticipation of a market decline (a rise in interest rates) or purchased in anticipation of a market rise (a
decline in interest rates) and later sold, but the Fund will not engage in trading solely to recognize a gain. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subject to the
foregoing, the Fund will attempt to achieve its investment objectives by prudent selection of municipal securities with a view to holding them for investment. While there can be no assurance thereof, the Fund anticipates that its annual portfolio
turnover rate will generally not exceed 100%. However, the rate of turnover will not be a limiting factor when the Fund deems it desirable to sell or purchase securities. Therefore, depending upon market conditions, the annual portfolio turnover
rate of the Fund may exceed 100% in particular years. A higher portfolio turnover rate would result in correspondingly greater brokerage commissions and other transactional expenses that are borne by the Fund. In addition, high portfolio turnover
may result in the realization of net short-term capital gains by the Fund which, when distributed to shareholders, will be taxable as ordinary income for U.S. federal income tax purposes or may result in greater amounts of net capital gain
distributions. See &#147;Tax Matters&#148; below. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Repurchase Agreements.&nbsp;&nbsp;&nbsp;&nbsp;</I>As temporary
investments, the Fund may invest in repurchase agreements. A repurchase agreement is a contractual agreement whereby the seller of securities (U.S. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">25 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
government securities or municipal bonds) agrees to repurchase the same security at a specified price on a future date agreed-upon by the parties. The agreed-upon repurchase price determines the
yield during the Fund&#146;s holding period. Repurchase agreements are considered to be loans collateralized by the underlying security that is the subject of the repurchase contract. Income generated from transactions in repurchase agreements is
taxable to shareholders of the Fund and, therefore, is required to be allocated proportionately by the Fund between Common Shares and Preferred Shares. See &#147;Tax Matters&#148; below. The Fund will only enter into repurchase agreements with
registered securities dealers or domestic banks that, in the opinion of the Investment Adviser and/or the Sub-Adviser, present minimal credit risk. The risk to the Fund is limited to the ability of the issuer to pay the agreed-upon repurchase price
on the delivery date; however, although the value of the underlying collateral at the time the transaction is entered into always equals or exceeds the agreed-upon repurchase price, if the value of the collateral declines there is a risk of loss of
both principal and interest. In the event of default, the collateral may be sold but the Fund might incur a loss if the value of the collateral declines, and might incur disposition costs or experience delays in connection with liquidating the
collateral. In addition, if bankruptcy proceedings are commenced with respect to the seller of the security, realization upon the collateral by the Fund may be delayed or limited. The Investment Adviser and/or the Sub-Adviser will monitor the value
of the collateral at the time the transaction is entered into and at all times subsequent during the term of the repurchase agreement in an effort to determine that such value always equals or exceeds the agreed-upon repurchase price. In the event
the value of the collateral declines below the repurchase price, the Investment Adviser will demand additional collateral from the issuer to increase the value of the collateral to at least that of the repurchase price, including interest.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Zero Coupon Bonds and Other Original Issue Discount Instruments</I>.&nbsp;&nbsp;&nbsp;&nbsp;A zero coupon bond is a bond
that typically does not pay interest for its entire life. When held to its maturity, the holder receives the par value of the zero coupon bond, which generates a return equal to the difference between the purchase price and its maturity value. A
zero coupon bond is normally issued and traded at a deep discount from face value. This original issue discount (&#147;OID&#148;) approximates the total amount of interest the security will accrue and compound prior to its maturity and reflects the
payment deferral and credit risk associated with the instrument. Because zero coupon securities and other OID instruments do not pay cash interest at regular intervals, the instruments&#146; ongoing accruals require ongoing judgments concerning the
collectability of deferred payments and the value of any associated collateral. As a result, these securities may be subject to greater value fluctuations and less liquidity in the event of adverse market conditions than comparably rated securities
that pay cash on a current basis. Because zero coupon bonds, and OID instruments generally, allow an issuer to avoid or delay the need to generate cash to meet current interest payments, they may involve greater payment deferral and credit risk than
coupon loans and bonds that pay interest currently or in cash. The Fund generally will be required to distribute dividends to shareholders representing the income of these instruments as it accrues, even though the Fund will not receive all of the
income on a current basis or in cash. Thus, the Fund may have to sell other investments, including when it may not be advisable to do so, and use the cash proceeds to make income distributions to its shareholders. For accounting purposes, these cash
distributions to shareholders will not be treated as a return of capital. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Further, the Investment Adviser collects management
fees on the value of a zero coupon bond or OID instrument attributable to the ongoing non-cash accrual of interest over the life of the bond or other instrument. As a result, the Investment Adviser receives non-refundable cash payments based on such
non-cash accruals while investors incur the risk that such non-cash accruals ultimately may not be realized. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">26 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="saitoc656069_5"></A>MANAGEMENT OF THE FUND </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Trustees and Officers </B></FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The management of the Fund, including general supervision of the duties performed for the Fund under the investment management agreement with Nuveen Fund Advisors (the &#147;Management Agreement&#148;),
is the responsibility of the Board of Trustees of the Fund (the &#147;Board&#148;). As of July&nbsp;1, 2018, the number of trustees of the Fund is set at eleven, one of whom is an &#147;interested person&#148; (as the term &#147;interested
person&#148; is defined in the 1940 Act) and ten of whom are not interested persons (referred to herein as &#147;independent trustees&#148;). None of the independent trustees has ever been a director, trustee or employee of, or consultant to,
Nuveen, LLC (&#147;Nuveen&#148;), Nuveen Fund Advisors, NAM, or their affiliates. The Board is divided into three classes, Class&nbsp;I, Class&nbsp;II and Class&nbsp;III, the Class&nbsp;I trustees serving until the 2019 annual meeting, the
Class&nbsp;II trustees serving until the 2020 annual meeting and the Class&nbsp;III trustees serving until the 2021 annual meeting, in each case until their respective successors are elected and qualified, as described below. Currently, William C.
Hunter, Judith M. Stockdale, Carole E. Stone and Margaret L. Wolff are slated in Class&nbsp;I, John K. Nelson, Terence J. Toth and Robert L. Young are slated in Class&nbsp;II and Margo L. Cook, Jack B. Evans, Albin F. Moschner and William J.
Schneider are slated in Class&nbsp;III. While there are Preferred Shares outstanding, two of the Fund&#146;s trustees are elected by the holders of Preferred Shares, voting separately as a class. The remaining trustees of the Fund are elected by
holders of Common Shares and Preferred Shares, voting together as a class. The officers of the Fund serve annual terms and are elected on an annual basis. The names, business addresses and years of birth of the trustees and officers of the Fund,
their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold as of September&nbsp;30, 2018 are set forth below. Except as noted in the table below, the
trustees of the Fund are directors or trustees, as the case may be, of 166 Nuveen-sponsored registered investment companies (the &#147;Nuveen Funds&#148;) which includes 80 open-end mutual funds (the &#147;Nuveen Mutual Funds&#148;); and 75
closed-end funds and 11 exchange-traded funds. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">27 </FONT></P>



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<TR>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name,&nbsp;Address&nbsp;and</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year of Birth</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Position(s)</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Held with</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Fund</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Term&nbsp;of&nbsp;Office</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>and&nbsp;Length&nbsp;of</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Time&nbsp;Served<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Principal&nbsp;Occupation(s)&nbsp;During<BR>Past Five
Years</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number&nbsp;of</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Portfolios</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>in&nbsp;Fund</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Complex</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Overseen<BR>by&nbsp;Trustee</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Other</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Directorships</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Held&nbsp;by&nbsp;Trustee</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>During&nbsp;Past<BR>Five&nbsp;Years</B></FONT></P></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" COLSPAN="11"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Independent Trustees:</B></FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Terence J. Toth</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)(3)</SUP></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">333&nbsp;West&nbsp;Wacker&nbsp;Drive</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, IL 60606</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1959</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chairman of the Board (since&nbsp;July&nbsp;1, 2018); Trustee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Class&nbsp;II</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Length of Service: Since&nbsp;2008</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Formerly, a Co-Founding Partner, Promus Capital (2008-2017); Director, Fulcrum IT Service LLC (since 2010) and Quality Control Corporation (since 2012); formerly, Director,
LogicMark LLC (2012-2016); formerly, Director, Legal&nbsp;&amp; General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007): Executive Vice President, Quantitative
Management&nbsp;&amp; Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); Member of Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and is Chair of its
Investment Committee; formerly, Member, Chicago Fellowship Board (2005-2016); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern
Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board <FONT STYLE="white-space:nowrap">(1997-2004).</FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">166</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">None</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">28 </FONT></P>



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<TR>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD></TR>

<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name,&nbsp;Address&nbsp;and</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year of Birth</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Position(s)</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Held with</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Fund</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Term&nbsp;of&nbsp;Office</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>and&nbsp;Length&nbsp;of</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Time&nbsp;Served<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Principal&nbsp;Occupation(s)&nbsp;During<BR>Past Five
Years</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number&nbsp;of</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Portfolios</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>in&nbsp;Fund</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Complex</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Overseen<BR>by&nbsp;Trustee</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Other</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Directorships</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Held&nbsp;by&nbsp;Trustee</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>During&nbsp;Past<BR>Five&nbsp;Years</B></FONT></P></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Jack B. Evans</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">333&nbsp;West&nbsp;Wacker&nbsp;Drive</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, IL
60606</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1948</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trustee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Class&nbsp;III</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Length of Service: Since&nbsp;1999</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director, Public Member, American Board of Orthopaedic Surgery (since 2015); Life Trustee
of Coe College and the Iowa College Foundation; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm; formerly, Member and President
Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, The Gazette Company.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">166</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director and Chairman, United Fire Group, a publicly held company; formerly, Director, Alliant Energy</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">William C. Hunter</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">333&nbsp;West&nbsp;Wacker&nbsp;Drive</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, IL
60606</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1948</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trustee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Class&nbsp;I</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Length of Service: Since&nbsp;2003</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); past Director (2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc., The
International Business Honor Society; formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of
Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">166</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director of Wellmark, Inc. (since 2009); formerly, Director of Xerox Corporation (2004-2018)</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">29 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD></TR>

<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name,&nbsp;Address&nbsp;and</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year of Birth</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Position(s)</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Held with</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Fund</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Term&nbsp;of&nbsp;Office</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>and&nbsp;Length&nbsp;of</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Time&nbsp;Served<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Principal&nbsp;Occupation(s)&nbsp;During<BR>Past Five
Years</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number&nbsp;of</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Portfolios</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>in&nbsp;Fund</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Complex</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Overseen<BR>by&nbsp;Trustee</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Other</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Directorships</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Held&nbsp;by&nbsp;Trustee</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>During&nbsp;Past<BR>Five&nbsp;Years</B></FONT></P></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Albin F. Moschner</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">333&nbsp;West&nbsp;Wacker&nbsp;Drive</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, IL
60606</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1952</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trustee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Class&nbsp;III</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Length of Service: Since&nbsp;2016</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); previously, held positions at Leap Wireless International, Inc., including
Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One
Point Communications (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions with Zenith Electronics Corporation (1991-1996).</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">166</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director, USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions (since 2012); formerly, Director, Wintrust Financial Corporation
(1996-2016)</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">30 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD></TR>

<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name,&nbsp;Address&nbsp;and</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year of Birth</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Position(s)</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Held with</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Fund</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Term&nbsp;of&nbsp;Office</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>and&nbsp;Length&nbsp;of</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Time&nbsp;Served<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Principal&nbsp;Occupation(s)&nbsp;During<BR>Past Five
Years</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number&nbsp;of</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Portfolios</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>in&nbsp;Fund</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Complex</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Overseen<BR>by&nbsp;Trustee</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Other</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Directorships</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Held&nbsp;by&nbsp;Trustee</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>During&nbsp;Past<BR>Five&nbsp;Years</B></FONT></P></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">John K. Nelson</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">333&nbsp;West&nbsp;Wacker&nbsp;Drive</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, IL
60606</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1962</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trustee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Class&nbsp;II</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Length of Service: Since&nbsp;2013</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center
for Catholic American Studies (since 2009) and The President&#146;s Council, Fordham University (since 2010); formerly, senior external advisor to the financial services practice of Deloitte Consulting LLP (2012-2014): formerly, Chairman of the
Board of Trustees of Marian University (2010-2014 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN
AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Wholesale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and
Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">166</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">None</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">31 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD></TR>

<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name,&nbsp;Address&nbsp;and</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year of Birth</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Position(s)</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Held with</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Fund</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Term&nbsp;of&nbsp;Office</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>and&nbsp;Length&nbsp;of</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Time&nbsp;Served<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Principal&nbsp;Occupation(s)&nbsp;During<BR>Past Five
Years</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number&nbsp;of</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Portfolios</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>in&nbsp;Fund</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Complex</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Overseen<BR>by&nbsp;Trustee</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Other</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Directorships</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Held&nbsp;by&nbsp;Trustee</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>During&nbsp;Past<BR>Five&nbsp;Years</B></FONT></P></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">William&nbsp;J.&nbsp;Schneider</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)(4)</SUP></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">333&nbsp;West&nbsp;Wacker&nbsp;Drive</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, IL 60606</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1944</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trustee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Class&nbsp;III</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Length of Service: Since&nbsp;1996</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chairman of Miller-Valentine Partners, a real estate investment company; Board Member of WDPR Public Radio station; formerly, Senior Partner and Chief Operating Officer (retired
(2004)&nbsp;of Miller-Valentine Group; formerly, Board member, Business Advisory Council of the Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council; past Chair and Director, Dayton Development
Coalition.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">166</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">None</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Judith M. Stockdale</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">333&nbsp;West&nbsp;Wacker&nbsp;Drive</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, IL
60606</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1947</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trustee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Class&nbsp;I</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Length of Service: Since&nbsp;1997</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Board Member of the Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy
Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">166</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">None</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Carole E. Stone</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">333&nbsp;West&nbsp;Wacker&nbsp;Drive</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, IL
60606</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1947</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trustee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Class&nbsp;I</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Length of Service: Since&nbsp;2007</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Former Director, Chicago Board Options Exchange, Inc. (2006-2017) and C2 Options Exchange, Incorporated (2009-2017); formerly, Commissioner, New York State Commission on Public
Authority Reform (2005-2010).</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">166</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director, CBOE Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010)</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">32 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD></TR>

<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name,&nbsp;Address&nbsp;and</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year of Birth</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Position(s)</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Held with</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Fund</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Term&nbsp;of&nbsp;Office</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>and&nbsp;Length&nbsp;of</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Time&nbsp;Served<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Principal&nbsp;Occupation(s)&nbsp;During<BR>Past Five
Years</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number&nbsp;of</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Portfolios</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>in&nbsp;Fund</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Complex</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Overseen<BR>by&nbsp;Trustee</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Other</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Directorships</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Held&nbsp;by&nbsp;Trustee</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>During&nbsp;Past<BR>Five&nbsp;Years</B></FONT></P></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Margaret L. Wolff</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">333&nbsp;West&nbsp;Wacker&nbsp;Drive</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, IL
60606</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1955</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trustee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Class&nbsp;I</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Length of Service: Since&nbsp;2016</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Formerly, Of Counsel, Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP (Mergers&nbsp;&amp; Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-
Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair
(2011-2015) of the Board of Trustees of Mt. Holyoke College.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">166</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Formerly, Member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers
Canada, the Canadian operation of The Travelers Companies, Inc.)</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Robert L. Young</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">333&nbsp;West&nbsp;Wacker&nbsp;Drive</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, IL 60606</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1963</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trustee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Class&nbsp;II</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Length of Service: Since&nbsp;2017</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Formerly, Chief Operating Officer and Director, J.P.Morgan Investment Management Inc. (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice
President and Chief Operating Officer (2005-2010), of J.P.Morgan Funds; formerly, Director and various officer positions for J.P.Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative
Services) and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer Services, Inc.) (1999-2017).</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">164</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">None</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">33 </FONT></P>



<p Style='page-break-before:always'>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD></TR>

<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name,&nbsp;Address&nbsp;and</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year of Birth</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Position(s)</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Held with</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Fund</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Term&nbsp;of&nbsp;Office</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>and&nbsp;Length&nbsp;of</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Time&nbsp;Served<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Principal&nbsp;Occupation(s)&nbsp;During<BR>Past Five
Years</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number&nbsp;of</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Portfolios</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>in&nbsp;Fund</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Complex</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Overseen<BR>by&nbsp;Trustee</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Other</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Directorships</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Held&nbsp;by&nbsp;Trustee</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>During&nbsp;Past<BR>Five&nbsp;Years</B></FONT></P></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Interested Trustee:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Margo L. Cook</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">333&nbsp;West&nbsp;Wacker&nbsp;Drive</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, IL 60606</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1964</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trustee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Class&nbsp;III</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Length of Service: Since&nbsp;2016</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">President&nbsp;(since 2017), formerly, Co-President (2016-2017), formerly, Senior Executive Vice President of Nuveen Investments, Inc.; Executive Vice President (since February
2017) of Nuveen, LLC; President (since August 2017), formerly, Co-President (October 2016-August 2017), formerly, Senior Executive Vice President (2015-2016), and formerly, Executive Vice President (2011-2015) of Nuveen Fund Advisors, LLC;
President, Global Products and Solutions (since July 2017), and&nbsp;Co-Chief&nbsp;Executive Officer (since 2015), formerly, Co-President, and formerly, Executive Vice President (2013-2015), of Nuveen Securities, LLC; President (since 2017), Nuveen
Alternative Investments, LLC; Chartered Financial Analyst.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">166</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">None</FONT></TD></TR>
</TABLE>  <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">The Board is divided into three classes, Class&nbsp;I, Class&nbsp;II and Class&nbsp;III, with each trustee being elected to serve until the
third succeeding annual shareholders&#146; meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two trustees are elected by the holders of Preferred Shares, when
applicable, to serve until the next annual shareholders&#146; meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. Length of Time Served indicates the year in which the
individual became a director or trustee of a fund in the Nuveen Funds complex. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Mr.&nbsp;Toth has been appointed Chairman of the Board, effective July&nbsp;1, 2018. Mr.&nbsp;Schneider was Chairman of the Board from
July&nbsp;1, 2013 to June&nbsp;30, 2018. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Mr.&nbsp;Toth serves as a director on the Board of Directors of the Mather Foundation (the &#147;Foundation&#148;) and is a member of its
investment committee. The Foundation is the parent of the Mather LifeWays organization, a non-profit charitable organization. Prior to Mr.&nbsp;Toth joining the Board of the Foundation, the Foundation selected Gresham Investment Management
(&#147;Gresham&#148;), an affiliate of the Investment Adviser, to manage a portion of the Foundation&#146;s investment portfolio, and pursuant to this selection, the Foundation has invested that portion of its investment portfolio in a private
commodity pool managed by Gresham. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Mr.&nbsp;Schneider is one of several owners and managing members in two limited liability companies and a general partner and one member of
the governing body of a general partnership, each engaged in real estate ownership activities. In connection with their ordinary course of investment activities, court appointed receivers have been named for certain individual properties owned by
such entities. The individual properties for which a receiver has been appointed represent an immaterial portion of the portfolio assets owned by these entities. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">34 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(5)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Effective July&nbsp;1, 2017, Mr.&nbsp;Young was appointed as a director or trustee, as the case may be, of each of the Nuveen Funds except
Nuveen Diversified Dividend and Income Fund and Nuveen Real Estate Income Fund. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(6)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Ms.&nbsp;Cook is an &#147;interested person&#148; as defined in the 1940 Act by reason of her respective position with Nuveen Investments,
Inc. and/or certain of its subsidiaries. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name,&nbsp;Business<BR>Address&nbsp;and&nbsp;Year&nbsp;of</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Birth</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Position(s)&nbsp;Held<BR>with Fund</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Term
of&nbsp;Office&nbsp;and<BR>Length&nbsp;of&nbsp;Time&nbsp;Served<BR>with&nbsp;Funds in the<BR>Fund&nbsp;Complex<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Principal&nbsp;Occupation(s)
During<BR>Past&nbsp;Five&nbsp;Years</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number&nbsp;of<BR>Portfolios&nbsp;in&nbsp;Fund<BR>Complex<BR>Overseen by<BR>Officer</B></FONT></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" COLSPAN="9"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Officers of the Fund:</B></FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedric&nbsp;H.&nbsp;Antosiewicz</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">333&nbsp;West&nbsp;Wacker&nbsp;Drive</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, IL
60606</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1962</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chief Administrative Officer</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Term: Annual</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Length of Service: Since 2007</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Managing Director (since January 2017), formerly, Managing Director (2004-2017) of&nbsp;Nuveen Securities, LLC; Senior Managing Director (since 2017), formerly, Managing
Director (2014-2017) of Nuveen Fund Advisors, LLC.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">75</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stephen D. Foy</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">333&nbsp;West&nbsp;Wacker&nbsp;Drive</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, IL
60606</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1954</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice President and Controller</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Term: Annual</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Length of Service: Since 1993</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Managing Director (since 2014), formerly, Senior Vice President (2013-2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Managing Director (since 2016) of Nuveen
Securities, LLC Managing Director (since 2016) of Nuveen Alternative Investments, LLC; Certified Public Accountant.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">166</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nathaniel T. Jones</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">333&nbsp;West&nbsp;Wacker&nbsp;Drive</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, IL
60606</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1979</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice President and Treasurer</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Term: Annual</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Length of Service: Since 2016</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Managing Director (since January 2017), formerly, Senior Vice President (2016-2017), formerly, Vice President (2011-2016) of Nuveen; Chartered Financial Analyst.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">166</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Walter M. Kelly</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">333&nbsp;West&nbsp;Wacker&nbsp;Drive</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, IL
60606</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1970</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chief Compliance Officer and Vice President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Term: Annual</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Length of Service: Since 2003</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Managing Director (since 2017), formerly, Senior Vice President (2008-2017) of Nuveen.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">166</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">David J. Lamb</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">333&nbsp;West&nbsp;Wacker&nbsp;Drive</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, IL
60606</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1963</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Term: Annual</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Length of Service: Since 2015</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Managing Director (since 2017), formerly, Senior Vice President of Nuveen (2006-2017), Vice President prior to 2006.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">75</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Tina M. Lazar</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">333&nbsp;West&nbsp;Wacker&nbsp;Drive</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, IL
60606</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1961</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Term: Annual</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Length of Service: Since 2002</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">166</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">35 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name,&nbsp;Business<BR>Address&nbsp;and&nbsp;Year&nbsp;of</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Birth</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Position(s)&nbsp;Held<BR>with Fund</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Term
of&nbsp;Office&nbsp;and<BR>Length&nbsp;of&nbsp;Time&nbsp;Served<BR>with&nbsp;Funds in the<BR>Fund&nbsp;Complex<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Principal&nbsp;Occupation(s)
During<BR>Past&nbsp;Five&nbsp;Years</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number&nbsp;of<BR>Portfolios&nbsp;in&nbsp;Fund<BR>Complex<BR>Overseen by<BR>Officer</B></FONT></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kevin J. McCarthy</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">333&nbsp;West&nbsp;Wacker&nbsp;Drive</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, IL
60606</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1966</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice<BR>President and Assistant Secretary</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Term: Annual</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Length of Service: Since 2007</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing
Director and Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); Senior Managing
Director (since 2017), Secretary (since 2016) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC, formerly, Executive Vice President (2016- 2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing
Director (since 2017), Secretary (since 2016) and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC, formerly Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Senior Managing
Director (since 2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016-2017); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management
Company, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">166</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">36 </FONT></P>



<p Style='page-break-before:always'>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name,&nbsp;Business<BR>Address&nbsp;and&nbsp;Year&nbsp;of</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Birth</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Position(s)&nbsp;Held<BR>with Fund</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Term
of&nbsp;Office&nbsp;and<BR>Length&nbsp;of&nbsp;Time&nbsp;Served<BR>with&nbsp;Funds in the<BR>Fund&nbsp;Complex<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Principal&nbsp;Occupation(s)
During<BR>Past&nbsp;Five&nbsp;Years</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number&nbsp;of<BR>Portfolios&nbsp;in&nbsp;Fund<BR>Complex<BR>Overseen by<BR>Officer</B></FONT></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">William T. Meyers</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">333&nbsp;West&nbsp;Wacker&nbsp;Drive</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, IL
60606</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1966</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice<BR>President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Term: Annual</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Length of Service: Since 2018</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Managing Director (since 2017), formerly, Managing Director (2016-2017), Senior Vice President (2010-2016) of Nuveen Securities, LLC; Senior Managing Director (since 2017),
formerly, Managing Director (2016-2017), Senior Vice President (2010-2016) of Nuveen, has held various positions with Nuveen since 1991.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">75</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Michael A. Perry</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">333&nbsp;West&nbsp;Wacker&nbsp;Drive</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, IL
60606</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1967</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice<BR>President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Term: Annual</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Length of Service: Since 2017</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Executive Vice President (since 2017, previously Managing Director (2016-2017), of Nuveen Fund Advisors, LLC and Nuveen Alternative Investments, LLC; Executive Vice President (since
2017), formerly, Managing Director (2015-2017), of Nuveen Securities, LLC; formerly, Managing Director (2010-2015) of UBS Securities, LLC.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">75</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Christopher M. Rohrbacher 333&nbsp;West&nbsp;Wacker&nbsp;Drive</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Chicago, IL 60606</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1971</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice<BR>President&nbsp;and Assistant Secretary</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Term: Annual</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Length of Service: Since 2008</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Managing Director (since 2017), formerly, Senior Vice President and Assistant Secretary (since 2016) of Nuveen Fund Advisors, LLC; Managing Director (since January 2017) of Nuveen
Securities, LLC.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">166</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">William A. Siffermann</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">333&nbsp;West&nbsp;Wacker&nbsp;Drive</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, IL
60606</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1975</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice<BR>President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Term: Annual</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Length of Service: Since 2017</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Managing Director (since 2017), formerly, Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">166</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Joel T. Slager</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">333&nbsp;West&nbsp;Wacker&nbsp;Drive</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, IL
60606</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1978</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice<BR>President&nbsp;and Assistant Secretary</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Term: Annual</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Length of Service: Since 2013</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010
to 2013).</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">166</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mark L. Winget</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">333&nbsp;West&nbsp;Wacker&nbsp;Drive</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, IL
60606</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1968</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice President&nbsp;and Assistant Secretary</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Term: Annual</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Length of Service: Since 2008</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008); Vice President (since 2010) and Associate General Counsel (since 2008) of Nuveen.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">166</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">37 </FONT></P>



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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name,&nbsp;Business<BR>Address&nbsp;and&nbsp;Year&nbsp;of</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Birth</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Position(s)&nbsp;Held<BR>with Fund</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Term
of&nbsp;Office&nbsp;and<BR>Length&nbsp;of&nbsp;Time&nbsp;Served<BR>with&nbsp;Funds in the<BR>Fund&nbsp;Complex<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Principal&nbsp;Occupation(s)
During<BR>Past&nbsp;Five&nbsp;Years</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number&nbsp;of<BR>Portfolios&nbsp;in&nbsp;Fund<BR>Complex<BR>Overseen by<BR>Officer</B></FONT></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gifford R. Zimmerman</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">333&nbsp;West&nbsp;Wacker&nbsp;Drive</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, IL
60606</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1956</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice President&nbsp;and Secretary</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Term: Annual</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Length of Service: Since 1988</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.;
Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011);
Vice President (since February 2017), formerly, Managing Director (2003-2017) and Assistant Secretary (since 2003) of Symphony Asset Management LLC; Managing Director and Assistant Secretary (since 2002) of Nuveen Investments Advisers, LLC; Vice
President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Chartered Financial Analyst.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">166</FONT></TD></TR>
</TABLE>  <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was
first elected or appointed to any fund in the Nuveen Funds Complex. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Length of Service indicates the year the individual became an officer of a fund in the Nuveen Funds complex. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Board Leadership Structure and Risk Oversight </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Board oversees the operations and management of the Fund, including the duties performed for the Fund by the Investment Adviser. The Board has adopted a unitary board structure. A unitary board
consists of one group of trustees who serves on the board of every fund in the complex. In adopting a unitary board structure, the trustees seek to provide effective governance through establishing a board, the overall composition of which will, as
a body, possess the appropriate skills, independence and experience to oversee the Fund&#146;s business. With this overall framework in mind, when the Board, through its Nominating and Governance Committee discussed below, seeks nominees for the
Board, the trustees consider, not only the candidate&#146;s particular background, skills and experience, among other things, but also whether such background, skills and experience enhance the Board&#146;s diversity and at the same time complement
the Board given its current composition and the mix of skills and experiences of the incumbent trustees. The Nominating and Governance Committee </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">38 </FONT></P>



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believes that the Board generally benefits from diversity of background, experience and views among its members, and considers this a factor in evaluating the composition of the Board, but has
not adopted any specific policy on diversity or any particular definition of diversity. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Board believes the unitary board
structure enhances good and effective governance, particularly given the nature of the structure of the investment company complex. Funds in the same complex generally are served by the same service providers and personnel and are governed by the
same regulatory scheme which raises common issues that must be addressed by the trustees across the fund complex (such as compliance, valuation, liquidity, brokerage, trade allocation or risk management). The Board believes it is more efficient to
have a single board review and oversee common policies and procedures which increases the Board&#146;s knowledge and expertise with respect to the many aspects of fund operations that are complex-wide in nature. The unitary structure also enhances
the Board&#146;s influence and oversight over the Investment Adviser and other service providers. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In an effort to enhance the
independence of the Board, the Board also has a chairman that is an independent trustee. The Board recognizes that a chairman can perform an important role in setting the agenda for the Board, establishing the boardroom culture, establishing a point
person on behalf of the Board for fund management, and reinforcing the Board&#146;s focus on the long-term interests of shareholders. The Board recognizes that a chairman may be able to better perform these functions without any conflicts of
interests arising from a position with fund management. Accordingly, the trustees have elected Terence J. Toth as the independent chairman of the Board. Specific responsibilities of the chairman include: (i)&nbsp;presiding at all meetings of the
Board and of the shareholders; (ii)&nbsp;seeing that all orders and resolutions of the trustees are carried into effect; and (iii)&nbsp;maintaining records of and, whenever necessary, certifying all proceedings of the trustees and the shareholders.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Although the Board has direct responsibility over various matters (such as advisory contracts, underwriting contracts and
Fund performance), the Board also exercises certain of its oversight responsibilities through several committees that it has established and which report back to the full Board. The Board believes that a committee structure is an effective means to
permit trustees to focus on particular operations or issues affecting the Fund, including risk oversight. More specifically, with respect to risk oversight, the Board has delegated matters relating to valuation and compliance to certain committees
(as summarized below) as well as certain aspects of investment risk. In addition, the Board believes that the periodic rotation of trustees among the different committees allows the trustees to gain additional and different perspectives of the
Fund&#146;s operations. The Board has established six standing committees: the Executive Committee, the Dividend Committee, the Audit Committee, the Compliance, Risk Management and Regulatory Oversight Committee, the Nominating and Governance
Committee and the Closed-End Funds Committee. The Board may also from time to time create ad hoc committees to focus on particular issues as the need arises. The membership and functions of the standing committees are summarized below. </FONT></P>
 <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Executive Committee.</I>&nbsp;&nbsp;&nbsp;&nbsp;The Executive Committee, which meets between regular meetings of the Board, is
authorized to exercise all of the powers of the Board. The current members of the Executive Committee are Terence J. Toth, Chair, William J. Schneider and Margo L. Cook. During the fiscal year ended October&nbsp;31, 2017, the Executive Committee met
one (1) time. </FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Dividend Committee.</I>&nbsp;&nbsp;&nbsp;&nbsp;The Dividend Committee is authorized to declare
distributions on each Fund&#146;s shares including, but not limited to, regular and special dividends, capital gains and ordinary </FONT></P>
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income distributions. The members of the Dividend Committee are William C. Hunter, Chair, Albin F.&nbsp;Moschner, Terence J. Toth and Margaret L. Wolff. During the fiscal year ended
October&nbsp;31, 2017, the Dividend Committee met four (4)&nbsp;times. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Audit Committee.</I>&nbsp;&nbsp;&nbsp;&nbsp;The
Board has an Audit Committee, in accordance with Section&nbsp;3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (the &#147;1934 Act&#148;), that is composed of independent trustees who are also &#147;independent&#148; as that term is
defined in the listing standards pertaining to closed-end funds of the New York Stock Exchange (&#147;NYSE&#148;). The Audit Committee assists the Board in the oversight and monitoring of the accounting and reporting policies, processes and
practices of the Fund, and the audits of the financial statements of the Fund; the quality and integrity of the financial statements of the Fund; the Fund&#146;s compliance with legal and regulatory requirements relating to the Fund&#146;s financial
statements; the independent auditors&#146; qualifications, performance and independence; and the pricing procedures of the Fund and the internal valuation group of Nuveen. It is the responsibility of the Audit Committee to select, evaluate and
replace any independent auditors (subject only to Board and, if applicable, shareholder ratification) and to determine their compensation. The Audit Committee is also responsible for, among other things, overseeing the valuation of securities
comprising the Fund&#146;s portfolios. Subject to the Board&#146;s general supervision of such actions, the Audit Committee addresses any valuation issues, oversees the Fund&#146;s pricing procedures and actions taken by Nuveen&#146;s internal
valuation group which provides regular reports to the Audit Committee, reviews any issues relating to the valuation of the Fund&#146;s securities brought to its attention and considers the risks to the Fund in assessing the possible resolutions of
these matters. The Audit Committee may also consider any financial risk exposures for the Fund in conjunction with performing its functions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">To fulfill its oversight duties, the Audit Committee receives annual and semi-annual reports and has regular meetings with the external auditors for the Fund and the internal audit group at Nuveen. The
Audit Committee also may review in a general manner the processes the Board or other Board committees have in place with respect to risk assessment and risk management as well as compliance with legal and regulatory matters relating to the
Fund&#146;s financial statements. The Audit Committee operates under a written Audit Committee Charter (the &#147;Charter&#148;) adopted and approved by the Board, which Charter conforms to the listing standards of the NYSE. Members of the Audit
Committee are independent (as set forth in the Charter) and free of any relationship that, in the opinion of the trustees, would interfere with their exercise of independent judgment as an Audit Committee member. The members of the Audit Committee
are Jack B. Evans, Chair, William C. Hunter, John K. Nelson, Carole E. Stone and Terence J. Toth, each of whom is an independent trustee of the Fund. A copy of the Charter is available at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx. During
the fiscal year ended October&nbsp;31, 2017, the Audit Committee met four (4)&nbsp;times. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Compliance, Risk Management and
Regulatory Oversight Committee.</I>&nbsp;&nbsp;&nbsp;&nbsp;The Compliance, Risk Management and Regulatory Oversight Committee (the &#147;Compliance Committee&#148;) is responsible for the oversight of compliance issues, risk management and other
regulatory matters affecting the Fund that are not otherwise under or within the jurisdiction of the other committees. The Board has adopted and periodically reviews policies and procedures designed to address the Fund&#146;s compliance and risk
matters. As part of its duties, the Compliance Committee reviews the policies and procedures relating to compliance matters and recommends modifications thereto as necessary or appropriate to the full Board; develops new policies and procedures as
new regulatory matters affecting the Fund arise from time to time; evaluates or considers any comments or reports from examinations from regulatory authorities and responses thereto; and performs any special reviews, investigations or other
oversight responsibilities relating to risk management, compliance and/or regulatory matters as requested by the Board. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, the Compliance Committee is responsible for risk oversight, including, but not
limited to, the oversight of risks related to investments and operations. Such risks include, among other things, exposures to particular issuers, market sectors, or types of securities; risks related to product structure elements, such as leverage;
and techniques that may be used to address those risks, such as hedging and swaps. In assessing issues brought to the Compliance Committee&#146;s attention or in reviewing a particular policy, procedure, investment technique or strategy, the
Compliance Committee evaluates the risks to the Fund in adopting a particular approach or resolution compared to the anticipated benefits to the Fund and its shareholders. In fulfilling its obligations, the Compliance Committee meets on a quarterly
basis, and at least once a year in person. The Compliance Committee receives written and oral reports from the Fund&#146;s Chief Compliance Officer (&#147;CCO&#148;) and meets privately with the CCO at each of its quarterly meetings. The CCO also
provides an annual report to the full Board regarding the operations of the Fund&#146;s and other service providers&#146; compliance programs as well as any recommendations for modifications thereto. The Compliance Committee also receives reports
from the investment services group of Nuveen regarding various investment risks. Notwithstanding the foregoing, the full Board also participates in discussions with management regarding certain matters relating to investment risk, such as the use of
leverage and hedging. The investment services group therefore also reports to the full Board at its quarterly meetings regarding, among other things, Fund performance and the various drivers of such performance. Accordingly, the Board directly
and/or in conjunction with the Compliance Committee oversees matters relating to investment risks. Matters not addressed at the committee level are addressed directly by the full Board. The Compliance Committee operates under a written charter
adopted and approved by the Board. The members of the Compliance Committee are John K. Nelson, Chair, Albin F. Moschner, Judith M. Stockdale, Margaret L. Wolff and Robert L. Young. During the fiscal year ended October&nbsp;31, 2017, the Compliance
Committee met six (6)&nbsp;times. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Nominating and Governance Committee.</I>&nbsp;&nbsp;&nbsp;&nbsp;The Nominating and
Governance Committee is responsible for seeking, identifying and recommending to the Board qualified candidates for election or appointment to the Board. In addition, the Nominating and Governance Committee oversees matters of corporate governance,
including the evaluation of Board performance and processes, the assignment and rotation of committee members, and the establishment of corporate governance guidelines and procedures, to the extent necessary or desirable, and matters related
thereto. Although the unitary and committee structure has been developed over the years and the Nominating and Governance Committee believes the structure has provided efficient and effective governance, the Nominating and Governance Committee
recognizes that, as demands on the Board evolve over time (such as through an increase in the number of funds overseen or an increase in the complexity of the issues raised), the Nominating and Governance Committee must continue to evaluate the
Board and committee structures and their processes and modify the foregoing as may be necessary or appropriate to continue to provide effective governance. Accordingly, the Nominating and Governance Committee has a separate meeting each year to,
among other things, review the Board and committee structures, their performance and functions, and recommend any modifications thereto or alternative structures or processes that would enhance the Board&#146;s governance over the Fund&#146;s
business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, the Nominating and Governance Committee, among other things, makes recommendations concerning the
continuing education of trustees; monitors performance of legal counsel and other service providers; establishes and monitors a process by which security holders are able to communicate in writing with members of the Board; and periodically reviews
and makes recommendations about any appropriate changes to trustee compensation. In the event of a vacancy on the Board, the Nominating and Governance Committee receives suggestions from various sources,
</FONT></P>
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including shareholders, as to suitable candidates. Suggestions should be sent in writing to Lorna Ferguson, Manager of Fund Board Relations, Nuveen LLC, 333 West Wacker Drive, Chicago,
IL&nbsp;60606. The Nominating and Governance Committee sets appropriate standards and requirements for nominations for new trustees and each nominee is evaluated using the same standards. However, the Nominating and Governance Committee reserves the
right to interview any and all candidates and to make the final selection of any new trustees. In considering a candidate&#146;s qualifications, each candidate must meet certain basic requirements, including relevant skills and experience, time
availability (including the time requirements for due diligence site visits to internal and external sub-advisers and service providers) and, if qualifying as an independent trustee candidate, independence from the Investment Adviser, sub-advisers,
underwriters or other service providers, including any affiliates of these entities. These skill and experience requirements may vary depending on the current composition of the Board, since the goal is to ensure an appropriate range of skills,
diversity and experience, in the aggregate. Accordingly, the particular factors considered and weight given to these factors will depend on the composition of the Board and the skills and backgrounds of the incumbent trustees at the time of
consideration of the nominees. All candidates, however, must meet high expectations of personal integrity, independence, governance experience and professional competence. All candidates must be willing to be critical within the Board and with
management and yet maintain a collegial and collaborative manner toward other Board members. The Nominating and Governance Committee operates under a written charter adopted and approved by the Board, a copy of which is available on the Funds&#146;
website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx, and is composed entirely of independent trustees, who are also &#147;independent&#148; as defined by NYSE listing standards. The members of the Nominating and Governance Committee are
Terence J. Toth, Chair, Jack B. Evans, William C. Hunter, Albin F. Moschner, John K. Nelson, Judith M. Stockdale, Carole E. Stone, William J. Schneider, Margaret L. Wolff and Robert L. Young. During the fiscal year ended October&nbsp;31, 2017, the
Nominating and Governance Committee met five (5)&nbsp;times. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Closed-End Funds Committee.</I>&nbsp;&nbsp;&nbsp;&nbsp;The
Closed-End Funds Committee is responsible for assisting the Board in the oversight and monitoring of the Nuveen Funds that are registered as closed-end management investment companies (&#147;Closed-End Funds&#148;). The committee may review and
evaluate matters related to the formation and the initial presentation to the Board of any new Closed-End Fund and may review and evaluate any matters relating to any existing Closed-End Fund. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The committee operates under a written charter adopted and approved by the Board. The members of the Closed-End Funds Committee are
Carole E. Stone, Chair, Margo L. Cook, Jack B. Evans, Albin F. Moschner, Terence J. Toth and Robert L. Young. During the fiscal year ended October&nbsp;31, 2017, the Closed-End Funds Committee met four (4)&nbsp;times. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Board Diversification and Trustee Qualifications.&nbsp;&nbsp;&nbsp;&nbsp;</B>In determining that a particular trustee was qualified to
serve on the Board, the Board has considered each trustee&#146;s background, skills, experience and other attributes in light of the composition of the Board with no particular factor controlling. The Board believes that trustees need to have the
ability to critically review, evaluate, question and discuss information provided to them, and to interact effectively with Fund management, service providers and counsel, in order to exercise effective business judgment in the performance of their
duties, and the Board believes each trustee satisfies this standard. An effective trustee may achieve this ability through his or her educational background; business, professional training or practice; public service or academic positions;
experience from service as a board member or executive of investment funds, public companies or significant private or not-for-profit entities or other organizations; and/or other life experiences. Accordingly, set forth below is a summary of the
experiences, qualifications, </FONT></P>
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attributes, and skills that led to the conclusion, as of the date of this document, that each trustee should continue to serve in that capacity. References to the experiences, qualifications,
attributes and skills of trustees are pursuant to requirements of the SEC, do not constitute holding out of the Board or any trustee as having any special expertise or experience and shall not impose any greater responsibility or liability on any
such person or on the Board by reason thereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Margo L. Cook </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Ms.&nbsp;Cook, an interested person of the Fund, is President (since 2017), formerly Co-President of Nuveen Investments, Inc. (&#147;Nuveen Investments&#148;) (2016-2017), prior to which she had been
Senior Executive Vice President of Nuveen Investments (2015-2016). Ms.&nbsp;Cook is a member of the Senior Leadership Team and Executive Vice President (since February 2017) of Nuveen, LLC, as well as&nbsp;co-chair&nbsp;of Nuveen Investments&#146;
Management and Operating Committees. She is President (since August 2017), formerly,&nbsp;Co-President&nbsp;(October 2016-August 2017), formerly Senior Executive Vice President (2015-2016) of Nuveen Fund Advisors, LLC and President, Global Products
and Solutions (since July 2017) and&nbsp;Co-Chief&nbsp;Executive Officer (since 2015), of Nuveen Securities, LLC. Since joining in 2008, she has held various leadership roles at Nuveen Investments, including as Head of Investment Services,
responsible for investment-related efforts across the firm. Ms.&nbsp;Cook also serves on the Board of Nuveen Global Fund Investors. Before joining Nuveen Investments, she was the Global Head of Bear Stearns Asset Management&#146;s institutional
business. Prior to that, she spent over 20 years within BNY Mellon&#146;s asset management business, including as Chief Investment Officer for Institutional Asset Management and Head of Institutional Fixed Income. Ms.&nbsp;Cook earned her Bachelor
of Science degree in finance from the University of Rhode Island, her Executive MBA from Columbia University, and is a Chartered Financial Analyst. She serves as Vice Chair of the University of Rhode Island Foundation Board of Trustees, and Chair of
the All Stars Project of Chicago Board. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Jack B. Evans </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Evans has served as President of The Hall-Perrine Foundation, a private philanthropic corporation, since 1996. Mr.&nbsp;Evans was formerly President and Chief Operating Officer of the SCI
Financial Group, Inc., a regional financial services firm headquartered in Cedar Rapids, Iowa. Formerly, he was a member of the Board of the Federal Reserve Bank of Chicago, a Director of Alliant Energy and a Member and President Pro Tem of the
Board of Regents for the State of Iowa University System. Mr.&nbsp;Evans is Chairman of the Board of United Fire Group, sits on the Board of The American Board of Orthopaedic Surgery as a Public Member Director (since 2015) and is a Life Trustee of
Coe College. He has a Bachelor of Arts degree from Coe College and an MBA from the University of Iowa. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>William C. Hunter </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Hunter became Dean Emeritus of the Henry B. Tippie College of Business at the University of Iowa on June&nbsp;30, 2012. He was
appointed Dean of the College on July&nbsp;1, 2006. He was previously Dean and Distinguished Professor of Finance at the University of Connecticut School of Business from 2003 to 2006. From 1995 to 2003, he was the Senior Vice President and Director
of Research at the Federal Reserve Bank of Chicago. While there he served as the Bank&#146;s Chief Economist and was an Associate Economist on the Federal Reserve System&#146;s Federal Open Market Committee (FOMC). In addition to serving as a Vice
President in charge of financial markets and basic research at the Federal Reserve Bank in Atlanta, he held faculty positions at Emory University, Atlanta </FONT></P>
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University, the University of Georgia and Northwestern University. A past Director of the Credit Research Center at Georgetown University, SS&amp;C Technologies, Inc. (2005)&nbsp;and past
President of the Financial Management Association International, he has consulted with numerous foreign central banks and official agencies in Western, Central and Eastern Europe, Asia, Central America and South America. From 1990 to 1995, he was a
U.S.&nbsp;Treasury Advisor to Central and Eastern Europe. He has been a Director of Wellmark, Inc. since 2009 and was a Director of the Xerox Corporation (2004-2018). He is a past Director and past President of Beta Gamma Sigma, Inc., The
International Business Honor Society. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Albin F. Moschner </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions.
Prior to founding Northcroft Partners, LLC, Mr.&nbsp;Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was a consultant from February 2011 to July 2012, Chief Operating Officer from July
2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr.&nbsp;Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to
2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr.&nbsp;Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President
and Chief Operating Officer from 1994 to 1995. Since 2012, Mr.&nbsp;Moschner has been a member of the Board of Directors of USA Technologies, Inc. and, from 1996 until 2016, he was a member of the Board of Directors of Wintrust Financial
Corporation. In addition, he currently serves on the Advisory Boards of the Kellogg School of Management (since 1995) and the Archdiocese of Chicago Financial Council (since May 2012). Mr.&nbsp;Moschner received a Bachelor of Engineering degree in
Electrical Engineering from The City College of New York in 1974 and a Master of Science degree in Electrical Engineering from Syracuse University in 1979. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>John K. Nelson </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Nelson currently serves on the Board of Directors
of Core12 LLC (since 2008), a private firm which develops branding, marketing, and communications strategies for clients. Mr.&nbsp;Nelson has served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and
predecessors, including LaSalle Bank Corporation from 1996 to 2008. From 2007 to 2008, Mr.&nbsp;Nelson was Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division. He was a member of the Foreign
Exchange Committee of the Federal Reserve Bank of the United States, and during his tenure with ABN AMRO, served as the bank&#146;s representative on various committees of the Bank of Canada, European Central Bank, and the Bank of England. At
Fordham University, he currently serves as a director of The Curran Center for Catholic American Studies and The President&#146;s Council. He was formerly a senior external advisor to the financial services practice of Deloitte Consulting LLP. He is
also a member of The Economic Club of Chicago and was formerly a member of The Hyde Park Angels and a Trustee at St. Edmund Preparatory School in New York City. He is former chair of the Board of Trustees of Marian University. Mr.&nbsp;Nelson
received his MBA from Fordham University. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>William J. Schneider </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Schneider was a Senior Partner and Chief Operating Officer (retired, December 2004) of Miller-Valentine Partners Ltd., a real estate investment company. He is an owner in several other
Miller-Valentine entities. He is currently a member of the Board of WDPR Public Radio Station. He was formerly a Director and Past Chair of the Dayton Development Coalition. He was formerly a member of the Community Advisory Board of the National
City Bank in Dayton as well as a former member of the Business Advisory Council of the Cleveland Federal Reserve Bank. Mr.&nbsp;Schneider was also a member of the Business Advisory Council for the University of Dayton College of Business. He also
served as Chair of the Miami Valley Hospital and as Chair of the Finance Committee of its parent holding company. Mr.&nbsp;Schneider was an independent trustee of the Flagship Funds, a group of municipal open-end funds. Mr.&nbsp;Schneider has a
Bachelor of Science in Community Planning from the University of Cincinnati and a Masters of Public Administration from the University of Dayton. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Judith M. Stockdale </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ms.&nbsp;Stockdale retired in 2012 as Executive
Director of the Gaylord and Dorothy Donnelley Foundation, a private foundation working in land conservation and artistic vitality in the Chicago region and the Lowcountry of South Carolina. She is currently a board member of the U.S.&nbsp;Endowment
for Forestry and Communities (since 2013) and rejoined the board of the Land Trust Alliance in June 2013. Her previous positions include Executive Director of the Great Lakes Protection Fund, Executive Director of Openlands, and Senior Staff
Associate at the Chicago Community Trust. She has served on the Advisory Council of the National Zoological Park, the Governor&#146;s Science Advisory Council (Illinois) and the Nancy Ryerson Ranney Leadership Grants Program. She has served on the
Boards of Brushwood Center and the Donors Forum. Ms.&nbsp;Stockdale, a native of the United Kingdom, has a Bachelor of Science degree in geography from the University of Durham (UK) and a Master of Forest Science degree from Yale University.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Carole E. Stone </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Ms.&nbsp;Stone is currently on the Board of Directors of the CBOE Global Markets, Inc. (formerly, CBOE Holdings, Inc.), having previously served on the Boards of the Chicago Board Options Exchange, and C2
Options Exchange, Incorporated. Ms.&nbsp;Stone retired from the New York State Division of the Budget in 2004, having served as its Director for nearly five years and as Deputy Director from 1995 through 1999. She has also served as the Chair of the
New York Racing Association Oversight Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the boards of directors of several New York State public authorities. Ms.&nbsp;Stone has a Bachelor of Arts
in Business Administration from Skidmore College. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Terence J. Toth </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Toth, the Board&#146;s Independent Chairman, was a Co-Founding Partner of Promus Capital (2008-2017). From 2012 to 2016, he was
a Director of LogicMark LLC. From 2008 to 2013, he was a Director of Legal&nbsp;&amp; General Investment Management America, Inc. From 2004 to 2007, he was Chief Executive Officer and President of Northern Trust Global Investments, and Executive
Vice President of Quantitative Management&nbsp;&amp; Securities Lending from 2000 to 2004. He also formerly served on the Board of the Northern Trust Mutual Funds. He joined Northern Trust in 1994 after serving as Managing Director and Head of
Global Securities Lending at Bankers Trust (1986 to 1994) and Head </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">45 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
of Government Trading and Cash Collateral Investment at Northern Trust from 1982 to 1986. He currently serves on the Boards of Fulcrum IT Service, LLC (since 2010), Quality Control Corporation
(since 2012) and Catalyst Schools of Chicago. He is on the Mather Foundation Board (since 2012) and is Chair of its Investment Committee. Mr.&nbsp;Toth graduated with a Bachelor of Science degree from the University of Illinois, and received his MBA
from New York University. In 2005, he graduated from the CEO Perspectives Program at Northwestern University. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Margaret L. Wolff
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ms.&nbsp;Wolff retired from Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP in 2014 after more than 30&nbsp;years of
providing client service in the Mergers&nbsp;&amp; Acquisitions Group. During her legal career, Ms.&nbsp;Wolff devoted significant time to advising boards and senior management on U.S.&nbsp;and international corporate, securities, regulatory and
strategic matters, including governance, shareholder, fiduciary, operational and management issues. Ms.&nbsp;Wolff has been a trustee of New York-Presbyterian Hospital since 2005 and, since 2004, she has served as a trustee of The John A. Hartford
Foundation (a philanthropy dedicated to improving the care of older adults) where she currently is the Chair. From 2013 to 2017, she was a Board member of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company
(each of which is a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.). From 2005 to 2015, she was a trustee of Mt. Holyoke College and served as Vice Chair of the Board from 2011 to 2015. Ms.&nbsp;Wolff received her
Bachelor of Arts from Mt.&nbsp;Holyoke College and her Juris Doctor from Case Western Reserve University School of Law. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Robert L. Young
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Young has more than 30&nbsp;years of experience in the investment management industry. From 1997 to 2017, he
held various positions with J.P.&nbsp;Morgan Investment Management Inc. (&#147;J.P.&nbsp;Morgan Investment&#148;) and its affiliates (collectively, &#147;J.P.&nbsp;Morgan&#148;). Most recently, he served as Chief Operating Officer and Director of
J.P.&nbsp;Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P.&nbsp;Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P.&nbsp;Morgan Investment, Mr.&nbsp;Young led service, administration
and business platform support activities for J.P.&nbsp;Morgan&#146;s domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P.&nbsp;Morgan&#146;s global retail and institutional
investment management businesses. As President of the J.P.&nbsp;Morgan Funds, Mr.&nbsp;Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in
establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P.&nbsp;Morgan, Mr.&nbsp;Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte&nbsp;&amp;
Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm&#146;s midwestern mutual fund practice. Mr.&nbsp;Young holds a Bachelor of
Business Administration degree in Accounting from the University of Dayton and, from 2008 to 2011, he served on the Investment Committee of its Board of Trustees. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Independent Chairman </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The trustees have elected Terence J. Toth as the
independent Chairman of the Board, effective July&nbsp;1, 2018. Specific responsibilities of the Chairman include (a)&nbsp;presiding at all meetings of the Board and of the shareholders; (b)&nbsp;seeing that all orders and resolutions of the
trustees are carried into effect; and (c)&nbsp;maintaining records of and, whenever necessary, certifying all proceedings of the trustees and the shareholders. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">46 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Class&nbsp;I trustees will serve until the 2019 annual meeting of shareholders;
Class&nbsp;II trustees will serve until the 2020 annual meeting of shareholders; and Class&nbsp;III trustees will serve until the 2021 annual meeting of shareholders. As each trustee&#146;s term expires, shareholders will be asked to elect trustees
and such trustees shall be elected for a term expiring at the time of the third succeeding annual meeting subsequent to their election or thereafter in each case when their respective successors are duly elected and qualified. These provisions could
delay for up to two years the replacement of a majority of the Board. See &#147;Certain Provisions in the Declaration of Trust and By-Laws&#148; in the prospectus. </FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Beneficial Ownership of Shares of the Fund and the Nuveen Family of Investment Companies by Each Trustee </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The following table sets forth the dollar range of equity securities beneficially owned by each trustee as of December&nbsp;31, 2017: </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Dollar Range<BR>of Equity<BR>Securities&nbsp;in<BR>the Fund</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Aggregate Dollar<BR>Range of Equity<BR>Securities in
All<BR>Registered<BR>Investment<BR>Companies<BR>Overseen by<BR>Trustees in<BR>Nuveen&nbsp;Family&nbsp;of<BR>Investment<BR>Companies</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Margo L. Cook</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">None</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Over $100,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Jack B. Evans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">None</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Over $100,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">William C. Hunter</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">None</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Over $100,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Albin F. Moschner</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">None</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Over $100,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">John K. Nelson</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">None</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Over $100,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">William J. Schneider</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">None</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Over $100,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Judith M. Stockdale</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">None</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Over $100,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Carole E. Stone</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">None</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Over $100,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Terence J. Toth</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="white-space:nowrap">$10,001-$50,000</FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Over $100,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Margaret L. Wolff</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">None</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Over $100,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Robert L. Young</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">None</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="white-space:nowrap">$50,001-$100,000</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Mr.&nbsp;Young joined the Board effective July&nbsp;1, 2017. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of September 30, 2018, no trustee who is not an interested person of the Fund or any of his or her immediate family members owns
beneficially or of record, any security issued by Nuveen Fund Advisors, NAM, Nuveen, the Fund&#146;s principal underwriter or any person (other than a registered investment company) directly or indirectly controlling, controlled by or under common
control with Nuveen Fund Advisors, NAM, Nuveen or the Fund&#146;s principal underwriter. </FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Compensation </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following table shows, for each independent trustee, (1)&nbsp;the aggregate compensation paid by the Fund for its fiscal year ended
October&nbsp;31, 2017, (2)&nbsp;the amount of total compensation paid by the Fund that has been deferred and (3)&nbsp;the total compensation paid to each Trustee by the Nuveen Funds during the calendar year ended December&nbsp;31, 2017. The Fund
does not have a retirement or pension plan. The officers and trustees affiliated with Nuveen serve without any compensation from </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">47 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
the Fund. Certain of the Nuveen Funds have a deferred compensation plan (the &#147;Compensation Plan&#148;) that permits any Trustee who is not an &#147;interested person&#148; of certain Nuveen
Funds to elect to defer receipt of all or a portion of his or her compensation as a Trustee. The deferred compensation of a participating Trustee is credited to the book reserve account of a Nuveen Fund when the compensation would otherwise have
been paid to the Trustee. The value of the Trustee&#146;s deferral account at any time is equal to the value that the account would have had if contributions to the account had been invested and reinvested in shares of one or more of the eligible
Nuveen Funds. At the time for commencing distributions from a trustee&#146;s deferral account, the trustee may elect to receive distributions in a lump sum or over a period of five years. The Fund will not be liable for any other Nuveen Fund&#146;s
obligations to make distributions under the Compensation Plan. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="42%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Aggregate</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Compensation&nbsp;from<BR>Fund<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Amount&nbsp;of</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Compensation</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>That&nbsp;Has</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Been</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Deferred<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total&nbsp;
Compensation<BR>from</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Fund&nbsp;and&nbsp;Fund<BR>Complex<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Jack B. Evans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,457</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,315</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">352,156</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">William C. Hunter</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,743</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">337,875</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">David J. Kundert</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,769</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,769</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">365,903</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Albin F. Moschner</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,147</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">318,125</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">John K. Nelson</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,953</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">366,125</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">William J. Schneider</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16,397</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16,397</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">420,018</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Judith M. Stockdale</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,552</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,251</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">329,708</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Carole E. Stone</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,976</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,230</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">358,658</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Terence J. Toth</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,449</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">355,825</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Margaret L. Wolff</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,521</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,305</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">329,503</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Robert L. Young</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,189</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,189</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">82,707</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">The compensation paid, including deferred amounts, to the independent trustees for the fiscal year ended October&nbsp;31, 2017 for services to
the Fund. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Pursuant to a deferred compensation agreement with certain of the Nuveen Funds, deferred amounts are treated as though an equivalent dollar
amount has been invested in shares of one or more eligible Nuveen Funds. Total deferred fees for the Fund (including the return from the assumed investment in the eligible Nuveen Funds) payable are stated above. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Based on the compensation paid (including any amounts deferred) for the calendar year ended December&nbsp;31, 2017 for services to the Nuveen
open-end and closed-end funds. Because the funds in the Nuveen Fund complex have different fiscal year ends, the amounts shown in this column are presented on a calendar year basis. All trustees except for Mr.&nbsp;Young currently serve as director
or trustee of 171 registered investment companies advised by Nuveen Fund Advisors. Mr.&nbsp;Young currently serves as director or trustee of 169 registered investment companies advised by Nuveen Fund Advisors. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Mr.&nbsp;Kundert retired from the Board effective December&nbsp;31,&nbsp;2017. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(5)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Mr.&nbsp;Young was appointed to the Board effective July&nbsp;1, 2017. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Effective January&nbsp;1, 2018, independent trustees receive a $185,000 annual retainer, increased from $177,500 as of January&nbsp;1,
2017, increased from $170,000 as of January&nbsp;1, 2016, plus (a)&nbsp;a fee of $6,000 per day, which was increased from $5,750 per day as of January&nbsp;1, 2017, for attendance in person or by telephone at regularly scheduled meetings of the
Board; (b)&nbsp;a fee of $3,000 per meeting for attendance in person or by telephone at special, non-regularly scheduled Board Meetings where in-person attendance is required and $2,000 per meeting for attendance by telephone or in person at such
meetings where in-person attendance is not required; (c)&nbsp;a fee of $2,500 per meeting for attendance in person or by telephone at Audit Committee meetings where in-person attendance is required and $2,000 per meeting for attendance by telephone
or in person at such meetings where in-person attendance is not required; (d)&nbsp;a fee of $2,500 per meeting for attendance in person or by telephone at Compliance Committee meetings where in-person attendance is required and $2,000 per meeting
for attendance by telephone or in person at such meetings where in-person attendance is not required; (e)&nbsp;a </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">48 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
fee of $1,000 per meeting for attendance in person or by telephone at Dividend Committee meetings; (f)&nbsp;a fee of $500 per meeting for attendance in person or by telephone at all other
committee meetings ($1,000 for shareholder meetings) where in person attendance is required and $250 per meeting for attendance by telephone or in person at such committee meetings (excluding shareholder meetings) where in-person attendance is not
required and $100 per meeting when the Executive Committee acts as pricing committee for initial public offerings, plus, in each case, expenses incurred in attending such meetings, provided that no fees are received for meetings held on days on
which regularly scheduled Board meetings are held and (g)&nbsp;a fee of $2,500 per meeting for attendance in person or by telephone at Closed-End Funds Committee meetings where in-person attendance is required and $2,000 per meeting for attendance
by telephone or in person at such meetings where in-person attendance is not required; provided that no fees are received for meetings held on days on which regularly scheduled Board meetings are held. In addition to the payments described above,
the Chairman of the Board receives $90,000, increased from $80,000 as of January&nbsp;1, 2017, and the chairpersons of the Audit Committee, the Dividend Committee, the Compliance Committee, the Closed-End Funds Committee and the Nominating and
Governance Committee receive $12,500 each as additional retainers. Independent trustees also receive a fee of $3,000 per day for site visits to entities that provide services to the Nuveen Funds on days on which no board meeting is held. When ad hoc
committees are organized, the Nominating and Governance Committee will at the time of formation determine compensation to be paid to the members of such committee; however, in general, such fees will be $1,000 per meeting for attendance in person or
by telephone at ad hoc committee meetings where in-person attendance is required and $500 per meeting for attendance by telephone or in person at such meetings where in-person attendance is not required. The annual retainer, fees and expenses are
allocated among the Nuveen Funds on the basis of relative net assets, although management may, in its discretion, establish a minimum amount to be allocated to each fund. In certain instances fees and expenses will be allocated only to those Nuveen
Funds that are discussed at a given meeting. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund has no employees. Its officers are compensated by Nuveen or its
affiliates. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B><A NAME="saitoc656069_6"></A>I<B>NVESTMENT ADVISER, SUB-ADVISER AND PORTFOLIO MANAGER </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nuveen Fund Advisors offers advisory and investment management services to a broad range of investment company clients. The Investment
Adviser has overall responsibility for management of the Fund, oversees the management of the Fund&#146;s portfolios, manages the Fund&#146;s business affairs and provides certain clerical, bookkeeping and other administrative services. The
Investment Adviser is located at 333 West Wacker Drive, Chicago, Illinois 60606. </FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Investment Adviser is an indirect
subsidiary of Nuveen, the investment management arm of Teachers Insurance and Annuity Association of America (&#147;TIAA&#148;). TIAA is a life insurance company founded in 1918 by the Carnegie Foundation for the Advancement of Teaching and is the
companion organization of College Retirement Equities Fund. As of September 30, 2018, Nuveen managed approximately $988.4&nbsp;billion in assets, of which approximately $142.8&nbsp;billion was managed by Nuveen Fund Advisors. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Investment Adviser has selected its wholly owned affiliate, NAM, located at 333&nbsp;West Wacker Drive, Chicago, IL 60606, to serve
as a sub-adviser to the Fund pursuant to a sub-advisory agreement between the Investment Adviser and NAM (the &#147;Sub-Advisory Agreement&#148;). NAM, a registered investment adviser, oversees day-to-day operations and manages the investment of the
Fund&#146;s assets on a discretionary basis, subject to the supervision of the Investment Adviser. Pursuant to </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">49 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
the Sub-Advisory Agreement, NAM is compensated for the services it provides to the Fund with a portion of the management fee the Investment Adviser receives from the Fund. The Investment Adviser
and NAM retain the right to reallocate investment advisory responsibilities and fees between themselves in the future. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Investment Management Agreement and Related Fees.</B>&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Investment Management Agreement, the Fund
has agreed to pay an annual management fee for the overall advisory and administrative services and general office facilities provided by the Investment Adviser. The Fund&#146;s management fee consists of two components&#151;a fund-level fee, based
only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Investment Adviser. The fund-level is a maximum of 0.50% of the Fund&#146;s average total daily net
assets (including assets attributable to Preferred Shares), with lower fee levels for such assets that exceed $125&nbsp;million. The complex-level fee is a maximum of 0.20% of the Fund&#146;s average daily managed assets based on the total daily
managed assets for all Nuveen-sponsored funds in the U.S. that constitute &#147;eligible assets,&#148; with lower fee levels of complex-level assets that exceed $55&nbsp;billion. Eligible assets do not include assets attributable to investments in
other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen Fund complex in connection with Nuveen Fund Advisors&#146; assumption of the management of the former First American Funds effective
January&nbsp;1, 2011. This pricing structure enables Nuveen Fund shareholders to benefit from growth in the assets within each individual fund as well as from growth in the amount of complex-wide assets managed by Nuveen Fund Advisors. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Fund Level Fee.</B>&nbsp;&nbsp;&nbsp;&nbsp;The annual fund-level fee for the Fund, payable monthly, is calculated according to the
following schedule: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000 ; display:table-cell;"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Average Daily Managed Assets*</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><FONT STYLE="white-space:nowrap">Fund-Level</FONT><BR>Fee&nbsp;Rate</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the first $125&nbsp;million</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.5000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the next $125&nbsp;million</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.4875</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the next $250&nbsp;million</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.4750</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the next $500&nbsp;million</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.4625</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the next $1&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.4500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the next $3&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.4250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">For managed assets over $5&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.4125</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Complex Level Fee.</B>&nbsp;&nbsp;&nbsp;&nbsp;The annual complex-level fee for the Fund, payable
monthly, is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule, by the Fund&#146;s daily managed assets: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="19%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000 ; display:table-cell;"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Complex-Level Eligible Asset Breakpoint Level*</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Effective<BR><FONT STYLE="white-space:nowrap">Complex-Level</FONT><BR>Fee&nbsp;Rate
at<BR>Breakpoint&nbsp;Level</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$55&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.2000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$56&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1996</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$57&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1989</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$60&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1961</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$63&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1931</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$66&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$71&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1851</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$76&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1806</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">50 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="19%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000 ; display:table-cell;"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Complex-Level Eligible Asset Breakpoint Level*</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Effective<BR><FONT STYLE="white-space:nowrap">Complex-Level</FONT><BR>Fee&nbsp;Rate
at<BR>Break&nbsp;point&nbsp;Level</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$80&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1773</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$91&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1691</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$125&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1599</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$200&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1505</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$250&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1469</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">$300&nbsp;billion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.1445</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">For the complex-level fees, managed assets include closed-end fund assets managed by the Investment Adviser that are attributable to certain
types of leverage. For these purposes, leverage includes the funds&#146; use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB)
trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust&#146;s issuance of floating rate securities, subject to an agreement by the Investment Adviser as to certain funds to limit the amount of
such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute &#147;eligible assets.&#148; Eligible
assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Investment Adviser&#146;s assumption of the
management of the former First American Funds effective January&nbsp;1, 2011. As of April&nbsp;30, 2018, the complex-level fee rate for the Fund was 0.1595%. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following table sets forth the management fee paid by the Fund for the last three fiscal years: </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Management<BR>Fee&nbsp;Net&nbsp;of<BR>Expense<BR>Reimbursement<BR>Paid<BR>for the Fiscal<BR>Year
Ended</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Expense<BR>Reimbursement<BR>for&nbsp;the&nbsp;Fiscal<BR>Year Ended</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fiscal year ended October&nbsp;31, 2017*</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">30,994,960</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(402,484</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fiscal year ended October&nbsp;31, 2016*</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">18,623,804</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,257,885</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fiscal year ended October&nbsp;31, 2015</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,816,323</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">During the fiscal years ended October&nbsp;31, 2017 and October&nbsp;31, 2016 the Investment Adviser voluntarily reimbursed the Fund for
certain expenses incurred in connection with its reorganization. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition to the Investment
Adviser&#146;s management fee, the Fund pays all of its other costs and expenses of its operations, including compensation of its trustees (other than those affiliated with the Investment Adviser), custodian, transfer agency and dividend disbursing
expenses, legal fees, expenses of independent auditors, expenses of repurchasing shares, expenses of issuing any preferred shares, expenses of preparing, printing and distributing shareholder reports, notices, proxy statements and reports to
governmental agencies, listing fees and taxes, if any. All fees and expenses are accrued daily and deducted before payment of distributions to shareholders. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">A discussion regarding the Board&#146;s decision to renew the Management Agreement is in the Fund&#146;s annual report to shareholders dated October&nbsp;31 of each year. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Sub-Advisory Agreement and Related Fees.</B>&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Sub-Advisory Agreement, NAM will receive from the
Investment Adviser a management fee equal to 42.8572% of the Investment Adviser&#146;s net management fee from the Fund. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">51 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following table sets forth the management fee paid by Nuveen Fund Advisors to NAM for
the last three fiscal years: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="77%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Sub-Advisory<BR>Fees<BR>Paid&nbsp;by&nbsp;Nuveen<BR>Fund Advisors<BR>to<BR>NAM</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fiscal year ended October&nbsp;31, 2017</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,283,443</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fiscal year ended October&nbsp;31, 2016</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,906,651</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fiscal year ended October&nbsp;31, 2015</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,467,815</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A discussion regarding the basis for the Board&#146;s decision to renew the Sub-Advisory Agreement for
the Fund is available in the Fund&#146;s annual report to shareholders dated October&nbsp;31 of each year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Portfolio
Manager.</B>&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated, the information below is provided as of the date of this Statement of Additional Information. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Portfolio Management.</I>&nbsp;&nbsp;&nbsp;&nbsp;Paul L. Brennan, CFA, CPA the designated portfolio manager of the Fund (the &#147;Portfolio Manager&#148;), manages several municipal funds and
portfolios. He began working in the financial industry in 1991 when he joined Flagship Financial, which was later acquired by NAM. Mr.&nbsp;Brennan became a portfolio manager in 1994. He received a B.S. from Wright State University. Mr.&nbsp;Brennan
holds the Chartered Financial Analyst designation and is a registered CPA (inactive) in the state of Ohio. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Other Accounts
Managed by the Portfolio Manager.</I>&nbsp;&nbsp;&nbsp;&nbsp;The Portfolio Manager also has responsibility for the day-to-day management of accounts other than the Fund. Information regarding these other accounts is set forth below. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Number of Other Accounts Managed and Assets by Account Type as of October&nbsp;31, 2017 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="31%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000 ; display:table-cell;"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Portfolio Manager</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Type of<BR>Account Managed</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total<BR>Number<BR>of&nbsp;Accounts</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total Assets</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number of<BR>Accounts<BR>with&nbsp;Performance<BR>Based Fees</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Assets&nbsp;of&nbsp;Accounts<BR>with Performance<BR>Based Fees</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Paul L. Brennan, CFA, CPA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registered&nbsp;Investment<BR>Companies</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.20&nbsp;billion</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other Pooled<BR>Investment Vehicles</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">36.96&nbsp;million</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other Accounts</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">54.15&nbsp;million</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As described above, the Portfolio Manager may manage other accounts with investment strategies similar to
the Fund, including other investment companies and separately managed accounts. Fees earned by the sub-advisers may vary among these accounts and the Portfolio Manager may personally invest in some but not all of these accounts. In addition, certain
accounts may be subject to performance-based fees. These factors could create conflicts of interest because a portfolio manager may have incentives to favor certain accounts over others, resulting in other accounts outperforming the Fund. A conflict
may also exist if a portfolio manager identified a limited investment opportunity that may be appropriate for more than one account, but the Fund is not able to take full advantage of that opportunity due to the need to allocate that opportunity
among multiple accounts. In addition, the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">52 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Portfolio Manager may execute transactions for another account that may adversely impact the value of securities held by the Fund. However, the Sub-Adviser believes that these risks are mitigated
by the fact that accounts with like investment strategies managed by a particular portfolio manager are generally managed in a similar fashion, subject to exceptions to account for particular investment restrictions or policies applicable only to
certain accounts, differences in cash flows and account sizes, and other factors. In addition, the Sub-Adviser has adopted trade allocation procedures so that accounts with like investment strategies are treated fairly and equitably over time.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Compensation.</B>&nbsp;&nbsp;&nbsp;&nbsp;Portfolio manager compensation consists primarily of base pay, an annual cash
bonus and long term incentive payments. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Base Pay.</I>&nbsp;&nbsp;&nbsp;&nbsp;Base pay is determined based upon an analysis
of the Portfolio Manager&#146;s general performance, experience, and market levels of base pay for such position. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Annual
Cash Bonus.</I>&nbsp;&nbsp;&nbsp;&nbsp;The Portfolio Manager is eligible for an annual cash bonus based on investment performance, qualitative evaluation and financial performance of NAM. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A portion of the Portfolio Manager&#146;s annual cash bonus is based on the Fund&#146;s pre-tax investment performance, generally
measured over the past one- and three or five-year periods unless the Portfolio Manager&#146;s tenure is shorter. Investment performance for the Fund generally is determined by evaluating the Fund&#146;s performance relative to its benchmark(s)
and/or Lipper industry peer group. A portion of the cash bonus is based on a qualitative evaluation made by the Portfolio Manager&#146;s supervisor taking into consideration a number of factors, including the Portfolio Manager&#146;s team
collaboration, expense management, support of personnel responsible for asset growth, and his or her compliance with NAM&#146;s policies and procedures. The final factor influencing a portfolio manager&#146;s cash bonus is the financial performance
of NAM based on its operating earnings. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Long-term Incentive Compensation.</I>&nbsp;&nbsp;&nbsp;&nbsp;Certain key employees
of NAM, including certain portfolio managers, have received profits interests in NAM which entitle their holders to participate in the firm&#146;s growth over time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">There are generally no differences between the methods used to determine compensation with respect to the Fund and the other accounts shown in the table above. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Potential Material Conflicts of Interest.</B>&nbsp;&nbsp;&nbsp;&nbsp;Actual or apparent conflicts of interest may arise when a
portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those
discussed below. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to
the management of each account. NAM seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a
particular investment strategy are managed using the same investment models. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If a portfolio manager identifies a limited
investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these
situations, NAM has adopted procedures for allocating limited opportunities across multiple accounts. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">53 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">With respect to many of its clients&#146; accounts, NAM determines which broker to use to
execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, NAM may be limited by the client with respect to the selection of brokers or may be instructed to direct
trades through a particular broker. In these cases, NAM may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to
the detriment of the Fund or the other accounts. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Some clients are subject to different regulations. As a consequence of this
difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager.
Finally, the appearance of a conflict of interest may arise where NAM has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management
responsibilities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">NAM has adopted certain compliance procedures which are designed to address these types of conflicts common
among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Ownership of Fund Shares by the Portfolio Manager.</B>&nbsp;&nbsp;&nbsp;&nbsp;As of October&nbsp;31, 2017, the Portfolio Manager beneficially owned (as determined pursuant to Rule&nbsp;16a-1(a)(2)
under the 1934 Act) shares of the Fund having values within the indicated dollar ranges. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="69%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000 ; display:table-cell;"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Portfolio Manager</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Dollar&nbsp;Range&nbsp;of<BR>Equity&nbsp;Securities<BR>Beneficially&nbsp;Owned<BR>in&nbsp;the
Fund</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Paul L. Brennan, CFA, CPA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="white-space:nowrap">100,001-$500,000</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="saitoc656069_7"></A>CODE OF ETHICS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund, Nuveen Fund Advisors, NAM, Nuveen and other related entities have adopted codes of ethics (the &#147;Code of Ethics&#148;) that
essentially prohibit certain of their personnel, including the Portfolio Manager, from engaging in personal investments that compete or interfere with, or attempt to take advantage of a client&#146;s, including the Fund&#146;s, anticipated or actual
portfolio transactions, and are designed to assure that the interests of clients, including Fund shareholders, are placed before the interests of personnel in connection with personal investment transactions. Personnel subject to the Code of Ethics
may purchase shares of the Fund and may generally invest in securities in which the Fund may also invest subject to the restrictions set forth in the Code of Ethics. Text-only versions of the Code of Ethics of the Fund, Nuveen Fund Advisors, NAM,
and Nuveen can be viewed online or downloaded from the EDGAR Database on the SEC&#146;s internet web site at www.sec.gov. You may also review and copy those documents by visiting the SEC&#146;s Public Reference Room in Washington, D.C. Information
on the operation of the Public Reference Room may be obtained by calling the SEC at 202-551-8090. In addition, copies of those codes of ethics may be obtained, after mailing the appropriate duplicating fee, by writing to the SEC&#146;s Public
Reference Section, 100 F Street, N.E., Washington, D.C. 20549 or by e-mail request at publicinfo@sec.gov. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">54 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="saitoc656069_8"></A>PROXY VOTING POLICIES </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund invests primarily in municipal securities. On rare occasions the Fund may acquire, directly or through a special purpose
vehicle, equity securities of a municipal bond issuer whose bonds the Fund already owns when such bonds have deteriorated or are expected shortly to deteriorate significantly in credit quality. The purpose of acquiring equity securities generally
will be to acquire control of the municipal bond issuer and to seek to prevent the credit deterioration or facilitate the liquidation or other workout of the distressed issuer&#146;s credit problem. In the course of exercising control of a
distressed municipal issuer, NAM may pursue the Fund&#146;s interests in a variety of ways, which may entail negotiating and executing consents, agreements and other arrangements, and otherwise influencing the management of the issuer. NAM does not
consider such activities proxy voting for purposes of Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended, but nevertheless provides reports to the Board on its control activities on a quarterly basis. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the rare event that a municipal issuer held by the Fund were to issue a proxy, or that the Fund were to receive a proxy issued by a
cash management security, NAM would either engage an independent third party to determine how the proxy should be voted or vote the proxy with the consent, or based on the instructions, of the Board or its representative. In the case of a conflict
of interest, the proxy would be submitted to the Board to determine how the proxy should be voted. A member of NAM&#146;s legal department would oversee the administration of the voting, and ensure that records were maintained in accordance with
Rule 206(4)-6, reports were filed with the SEC on Form N-PX, and the results provided to the Board and made available to shareholders as required by applicable rules. NAM&#146;s proxy voting policies and procedures are attached hereto as Appendix C.
If applicable, information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June&nbsp;30 is available without charge, upon request, by calling (800)&nbsp;257-8787 or from the
Fund&#146;s website at http://www.nuveen.com, and on the SEC&#146;s website at http://www.sec.gov. </FONT></P>  <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="saitoc656069_9">
</A>PORTFOLIO TRANSACTIONS AND BROKERAGE </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subject to the supervision of the Board, NAM is responsible for decisions to
purchase and sell securities for the Fund, the negotiation of the prices to be paid and the allocation of transactions among various dealer firms. Transactions on stock exchanges involve the payment by the Fund of brokerage commissions. There
generally is no stated commission in the case of securities traded in the OTC market but the price paid by the Fund usually includes an undisclosed dealer commission or mark-up. Transactions in the OTC market can also be placed with broker-dealers
who act as agents and charge brokerage commissions for effecting OTC transactions. The Fund may place its OTC transactions either directly with principal market makers, or with broker-dealers if that is consistent with NAM&#146;s obligation to
obtain best qualitative execution. In certain instances, the Fund may make purchases of underwritten issues at prices that include underwriting fees. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Portfolio securities may be purchased directly from an underwriter or in the OTC market from the principal dealers in such securities, unless it appears that a better price or execution may be obtained
through other means. Portfolio securities will not be purchased from Nuveen Securities, LLC or its affiliates or affiliates of Nuveen Fund Advisors except in compliance with the 1940 Act. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">It is NAM&#146;s policy to seek the best execution under the circumstances of each trade. NAM will evaluate price as the primary
consideration, with the financial condition, reputation and responsiveness </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">55 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
of the dealer considered secondary in determining best execution. Given the best execution obtainable, it will be NAM&#146;s practice to select dealers that, in addition, furnish research
information (primarily credit analyses of issuers and general economic reports) and statistical and other services to NAM. It is not possible to place a dollar value on information and statistical and other services received from dealers. Since it
is only supplementary to NAM&#146;s own research efforts, the receipt of research information is not expected to reduce significantly NAM&#146;s expenses. While NAM will be primarily responsible for the placement of the business of the Fund,
NAM&#146;s policies and practices in this regard must be consistent with the foregoing and will, at all times, be subject to review by the Board. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">NAM may manage other investment accounts and investment companies for other clients that may invest in the same types of securities as the Fund and that may have investment objectives similar to those of
the Fund. NAM seeks to allocate portfolio transactions equitably whenever concurrent decisions are made to purchase or sell assets or securities by the Fund and another advisory account. If an aggregated order cannot be filled completely,
allocations will generally be made on a pro rata basis. An order may not be allocated on a pro rata basis where, for example (i)&nbsp;consideration is given to portfolio managers who have been instrumental in developing or negotiating a particular
investment; (ii)&nbsp;consideration is given to an account with specialized investment policies that coincide with the particulars of a specific investment; (iii)&nbsp;pro rata allocation would result in odd-lot or <I>de minimis</I> amounts being
allocated to a portfolio or other client; or (iv)&nbsp;where NAM reasonably determines that departure from a pro rata allocation is advisable. There may also be instances where the Fund will not participate at all in a transaction that is allocated
among other accounts. While these allocation procedures could have a detrimental effect on the price or amount of the securities available to the Fund from time to time, it is the opinion of the Board that the benefits available from NAM&#146;s
management outweigh any disadvantage that may arise from NAM&#146;s larger management activities and its need to allocate securities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Substantially all of the Fund&#146;s trades are effected on a principal basis. The following table sets forth the aggregate amount of brokerage commissions paid by the Fund for the last three fiscal
years: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Brokerage<BR>Commissions<BR>Paid</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fiscal year ended October&nbsp;31, 2017</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fiscal year ended October&nbsp;31, 2016</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,345</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fiscal year ended October&nbsp;31, 2015</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">During the fiscal year ended October&nbsp;31, 2017, the Fund did not pay commissions in return for
research services or hold any securities of its regular broker-dealers. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Under the 1940 Act, the Fund may not purchase
portfolio securities from any underwriting syndicate of which Nuveen Securities, LLC is a member except under certain limited conditions set forth in Rule&nbsp;10f-3. The Rule sets forth requirements relating to, among other things, the terms of a
security purchased by the Fund, the amount of securities that may be purchased in any one issue and the assets of the Fund that may be invested in a particular issue. In addition, purchases of securities made pursuant to the terms of the Rule must
be approved at least quarterly by the Board, including a majority of the independent trustees. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">56 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="saitoc656069_10"></A>NET ASSET VALUE </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund&#146;s net asset value per Common Share is determined as of the close of regular session trading (normally 4:00&nbsp;p.m.,
Eastern time) on each day the NYSE is open for business. Net asset value is calculated by taking the Fund&#146;s total assets, including interest or dividends accrued but not yet collected, less all liabilities, and dividing by the total number of
Common Shares outstanding. The result, rounded to the nearest cent, is the net asset value per share. All valuations are subject to review by the Fund&#146;s Board or its delegate, Nuveen Asset Management. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In determining net asset value, securities and other assets for which market quotations are available are valued daily at market value
and expenses are accrued and applied daily. The prices of fixed income securities are provided by a pricing service and are based on the mean between the bid and asked price. When price quotes are not readily available, which is typically the case
for municipal bonds, the pricing service establishes a security&#146;s fair value based on various factors, including prices of comparable fixed income securities utilizing a matrix pricing system. Due to the subjective and variable nature of fair
value pricing, it is possible that the fair value determined for a particular security may be different from the value realized upon the sale of the security. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Certain securities may not be able to be priced by&nbsp;pre-established&nbsp;pricing methods. Such securities may be valued by the Board or its delegate at fair value. These securities generally include
but are not limited to, restricted securities (securities that may not be publicly sold without registration under the 1933 Act) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended;
debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is
likely to materially affect the value of the security after the market has closed but before the calculation of net asset value; a security with respect to which an event has occurred that is likely to make it difficult or impossible to obtain a
reliable market quotation; and a security whose price, as provided by the pricing service, does not reflect the security&#146;s &#147;fair value.&#148; As a general principle, the current &#147;fair value&#148; of a security would be the amount that
the owner might reasonably expect to receive for it upon its current sale. A variety of factors may be considered in determining the fair value of such securities. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="saitoc656069_11"></A>BENEFICIAL OWNERS </B></FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of September 30,
2018, the officers and trustees of the Fund, in the aggregate, beneficially owned less than 1% of the Fund&#146;s total outstanding Common Shares and less than 1% of the Fund&#146;s total outstanding Preferred Shares. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">57 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>5% Shareholders </B></FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Information regarding shareholders or groups of shareholders who beneficially own 5% or more of a class of shares of the Fund is provided below. Information in the table below regarding the number and
percentage of shares owned is based on a review of Schedule 13D and 13G filings and amendments made with respect to the Fund on or before October&nbsp;18, 2018. </FONT></P>  <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000 ; display:table-cell;" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Class</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Shareholder&nbsp;Name<BR>and Address</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number<BR>of&nbsp;Shares<BR>Owned</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Percentage<BR>Owned</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">MFP Shares (Series A)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Wells&nbsp;Fargo&nbsp;Bank,&nbsp;N.A.</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">101 North Phillips
Ave<BR></FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sioux Falls, SD 57104</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,054</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">VRDP Shares (Series 1)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Citibank, N.A.<BR>399 Park Avenue<BR>New York, NY 10022</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,790</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
</TABLE>   <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">VRDP Shares of certain series are designed to be eligible for purchase by money market funds.
Based on information provided by the remarketing agent for the VRDP Shares of each applicable series of the Fund, money market funds within certain fund complexes may hold, in the aggregate, 5% or more of the outstanding VRDP Shares of the Fund, and
individual money market funds within such complexes may beneficially own an indeterminable amount of VRDP Shares constituting 5% or more of the outstanding VRDP Shares of the Fund. Information with respect to aggregate holdings of VRDP Shares
associated with fund complexes identified by the remarketing agents for the Fund (number of VRDP Shares and percentage of total outstanding) is as follows: Series 2: The Vanguard Group (2,640 shares (69%) and Federated (1,214 shares (31%)); Series
4: JP Morgan (950 shares (53%)), The Vanguard Group (315 shares (18%)), Charles Schwab Investment Management (295 shares (16%)), and Federated (240 shares (13%)); Series 5: The Vanguard Group (1,935 shares (57%)) and JP Morgan (1,470 shares (43%));
and Series 6: The Vanguard Group (1,934 shares (59%)) and JP Morgan (1,333 shares (41%)). </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="saitoc656069_12"></A>TAX MATTERS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The following is a general summary of certain U.S. federal income tax consequences that may be relevant to a shareholder that acquires, holds and/or disposes of shares of the Fund. This discussion
addresses only U.S. federal income tax consequences to U.S. shareholders who hold their shares as capital assets and does not address all of the U.S. federal income tax consequences that may be relevant to particular shareholders in light of their
individual circumstances. This discussion also does not address the tax consequences to shareholders who are subject to special rules, including, without limitation, shareholders with large positions in the Fund, financial institutions, insurance
companies, dealers in securities or foreign currencies, foreign holders, persons who hold their shares as or in a hedge against currency risk, a constructive sale, or conversion transaction, holders who are subject to the federal alternative minimum
tax (except as discussed below), or tax-exempt or tax-advantaged plans, accounts, or entities. In addition, the discussion does not address any state, local, or foreign tax consequences. The discussion reflects applicable tax laws of the United
States as of the date of this SAI, which tax laws may be changed or subject to new interpretations by the courts or the Internal Revenue Service (the &#147;IRS&#148;) retroactively or prospectively. No attempt is made to present a detailed
explanation of all U.S. federal income tax concerns affecting the Fund and its shareholders, and the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">58 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
discussion set forth herein does not constitute tax advice.<B>&nbsp;Investors are urged to consult their own tax advisers to determine the specific tax consequences to them of investing in the
Fund, including the applicable federal, state, local and foreign tax consequences to them and the effect of possible changes in tax laws. </B> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The recently enacted tax legislation commonly referred to as Tax Cuts and Jobs Act (the &#147;Tax Act&#148;) makes significant changes to the U.S. federal income tax rules for taxation of individuals and
corporations, generally effective for taxable years beginning after December&nbsp;31, 2017. Many of the changes applicable to individuals are temporary and would apply only to taxable years beginning after December&nbsp;31, 2017 and before
January&nbsp;1, 2026. There are only minor changes with respect to the specific rules only applicable to a regulated investment company, such as the Fund. The Tax Act, however, makes numerous other changes to the tax rules that may affect
shareholders and the Fund. You are urged to consult with your own tax advisor regarding how the Tax Act affects your investment in the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund has elected to be treated, and intends to continue to qualify each year, as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the
&#147;Code&#148;), and to satisfy conditions which enable its dividends that are attributable to interest on municipal securities to be exempt from U.S. federal income tax in the hands of owners of such stock, subject to the possible application of
the federal alternative minimum tax. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">To qualify for the favorable U.S. federal income tax treatment generally accorded to
regulated investment companies, the Fund must, among other requirements, (a)&nbsp;derive in each taxable year at least 90% of its gross income from dividends, interest, payments with respect to securities loans, gains from the sale or other
disposition of stock, securities or non-U.S. currencies, other income derived with respect to its business of investing in such stock, securities or currencies, and net income derived from interests in &#147;qualified publicly traded
partnerships,&#148; as defined in the Code; (b)&nbsp;diversify its holdings so that, at the end of each quarter of each taxable year, (i)&nbsp;at least 50% of the value of the Fund&#146;s assets is represented by cash and cash items (including
receivables), U.S. government securities, the securities of other regulated investment companies and other securities, with such other securities of any one issuer limited for the purposes of this calculation to an amount not greater than 5% of the
value of the Fund&#146;s total assets and not greater than 10% of the outstanding voting securities of such issuer, and (ii)&nbsp;not more than 25% of the value of its total assets is invested in the securities (other than U.S. government securities
or the securities of other regulated investment companies) of a single issuer, or two or more issuers that the Fund controls and are engaged in the same, similar or related trades or businesses, or the securities of one or more qualified publicly
traded partnerships; and (c)&nbsp;distribute each year an amount equal to or greater than the sum of 90% of its investment company taxable income (as that term is defined in the Code, but without regard to the deduction for dividends paid) and 90%
of its net tax-exempt interest. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Fund failed to qualify as a regulated investment company in any taxable year, the Fund
would be taxed in the same manner as a regular corporation on its taxable income (even if such income were distributed to its shareholders) and distributions to shareholders would not be deductible by the Fund in computing its taxable income.
Additionally, all distributions out of earnings and profits (including distributions from net capital gains and net tax-exempt interest) would be taxed to shareholders as ordinary dividend income. Such distributions generally would be eligible
(i)&nbsp;to be treated as &#147;qualified dividend income,&#148; as discussed below in the case of noncorporate shareholders and (ii)&nbsp;for the dividends received deduction under Section&nbsp;243 of the Code (the &#147;Dividends Received
Deduction&#148;) in the case of corporate shareholders. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">59 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a regulated investment company, the Fund generally will not be subject to U.S. federal
income tax on its investment company taxable income and net capital gains (the excess of net long-term capital gains over net short-term capital losses), if any, that it distributes to shareholders. The Fund may retain for investment its net capital
gains. However, if the Fund retains any net capital gains or any investment company taxable income, it will be subject to tax at regular corporate rates on the amount retained. If the Fund retains any net capital gains, it may designate the retained
amount as undistributed capital gains in a notice to its shareholders who, if subject to U.S. federal income tax on long-term capital gains, (i)&nbsp;will be required to include in income for U.S. federal income tax purposes, as long-term capital
gains, their share of such undistributed amount, and (ii)&nbsp;will be entitled to credit their proportionate shares of the U.S. federal income tax paid by the Fund on such undistributed amount against their U.S. federal income tax liabilities, if
any, and to claim refunds to the extent the credit exceeds such liabilities. For U.S. federal income tax purposes, the basis of shares owned by a shareholder of the Fund will be increased by an amount equal to the difference between the amount of
undistributed capital gains included in the shareholder&#146;s gross income and the U.S. federal income tax deemed paid by the shareholder under clause (ii)&nbsp;of the preceding sentence. The Fund intends to distribute to its shareholders, at least
annually, substantially all of its investment company taxable income (determined without regard to the deduction for dividends paid) and the net capital gains not otherwise retained by the Fund. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4%
federal excise tax. To prevent imposition of the excise tax, the Fund must distribute during each calendar year an amount at least equal to the sum of (1)&nbsp;98% of its ordinary taxable income (not taking into account any capital gains or losses)
for the calendar year, (2)&nbsp;98.2% of its capital gains in excess of its capital losses (adjusted for certain ordinary losses) for the one-year period ending October&nbsp;31 of the calendar year, and (3)&nbsp;any ordinary taxable income and
capital gains for previous years that were not distributed during those years and on which the Fund paid no U.S. federal income tax. To prevent application of the excise tax, the Fund intends to make distributions in accordance with the calendar
year distribution requirement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund intends to continue to qualify to pay &#147;exempt-interest&#148; dividends, as
defined in the Code, by satisfying the requirement that, at the close of each quarter of its taxable year, at least 50% of the value of its total assets consist of tax-exempt state and local bonds. Exempt-interest dividends are dividends or any part
thereof (other than a capital gain dividend) paid by the Fund which are attributable to interest on state and local bonds that pay interest exempt from regular U.S. federal income tax and are so reported by the Fund. Exempt-interest dividends will
be exempt from U.S. federal income tax, subject to the possible application of the federal alternative minimum tax in the case of noncorporate investors. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund may acquire municipal obligations and other debt securities that are market discount bonds. A market discount bond is a security acquired in the secondary market at a price below its redemption
value (or its adjusted issue price if it is also an original issue discount bond). If the Fund invests in a market discount bond, it will be required to treat any gain recognized on the disposition of such market discount bond as ordinary taxable
income to the extent of the accrued market discount unless the Fund elects to include the market discount in taxable income as it accrues. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">If the Fund invests in certain taxable pay-in-kind securities, zero coupon securities, deferred interest securities or, in general, any other securities with original issue discount (or with market
discount if the Fund elects to include market discount in income currently), the Fund must accrue income on such investments for each taxable year, which generally will be prior to the receipt of the corresponding cash payments. However, the Fund
must distribute to shareholders, at least annually, all </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">60 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
or substantially all of its investment company taxable income (determined without regard to the deduction for dividends paid) and net tax-exempt interest, including such income it is required to
accrue, to continue to qualify as a regulated investment company and (with respect to taxable income) to avoid federal income and excise taxes. Therefore, the Fund may have to dispose of its portfolio securities under disadvantageous circumstances
to generate cash, or may have to leverage itself by borrowing the cash, to satisfy these distribution requirements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A portion
of the Fund&#146;s expenditures that would otherwise be deductible may not be allowed as deductions by reason of the Fund&#146;s investment in municipal securities (with such disallowed portion, in general, being the same percentage of the
Fund&#146;s aggregate expenses as the percentage of the Fund&#146;s aggregate income (other than capital gain income) that constitutes exempt-interest income). A similar disallowance rule also applies to interest expense paid or incurred by the
Fund, if any. Such disallowed deductions, if any, will reduce the amount that the Fund can report as exempt-interest dividends by the disallowed amount. Income distributions by the Fund in excess of the amount of the Fund&#146;s exempt-interest
dividends may be taxable as ordinary income. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Distributions to shareholders of net investment income received by the Fund from
taxable investments, if any, and of net short-term capital gains realized by the Fund, if any, will be taxable to its shareholders as ordinary income. Distributions by the Fund of net capital gains (<I>i.e.</I>, the excess of net long-term capital
gains over net short-term capital losses), if any, are taxable as long-term capital gains, regardless of the length of time the shareholder has owned the shares with respect to which such distributions are made. The amount of taxable income
allocable to the Fund&#146;s shares will depend upon the amount of such income realized by the Fund, but is not generally expected to be significant. Taxable distributions are subject to U.S. federal income tax whether reinvested in additional
shares of the Fund or paid in cash. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Distributions, if any, in excess of the Fund&#146;s earnings and profits will first
reduce the adjusted tax basis of a shareholder&#146;s shares and, after that basis has been reduced to zero, will constitute capital gain to the shareholder (assuming the shares are held as a capital asset). &#147;Qualified dividend income&#148;
received by noncorporate shareholders is taxed for U.S. federal income tax purposes at rates equivalent to long-term capital gains tax rates, which reach a maximum of 20%. Qualified dividend income generally includes dividends from domestic
corporations and dividends from non-U.S. corporations that meet certain specified criteria. As long as the Fund qualifies as a regulated investment company under the Code, it is not expected that any part of its distributions to shareholders from
its investments will qualify for the Dividends Received Deduction available to corporate shareholders or as qualified dividend income in the case of noncorporate shareholders. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The IRS currently requires that the Fund report distributions paid with respect to its common shares and its preferred shares as consisting of a portion of each type of income distributed by the Fund. The
portion of each type of income deemed received by the holders of each class of shares will be equal to the portion of the total Fund dividends received by such class. Thus, the Fund will report dividends paid as exempt-interest dividends in a manner
that allocates such dividends between the holders of the common shares and the preferred shares in proportion to the total dividends paid to each such class with respect to the taxable year, or otherwise as required by applicable law. Net capital
gain dividends and ordinary income dividends will similarly be allocated between the two classes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Earnings and profits are
generally treated, for U.S. federal income tax purposes, as first being used to pay distributions on preferred shares, and then to the extent remaining, if any, to pay distributions on the common shares. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">61 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Fund utilizes leverage through borrowings, or otherwise, asset coverage limitations
imposed by the 1940 Act as well as additional restrictions that may be imposed by certain lenders on the payment of dividends or distributions potentially could limit or eliminate the Fund&#146;s ability to make distributions on its common shares
and/or preferred shares until the asset coverage is restored. These limitations could prevent the Fund from distributing at least 90% of its investment company taxable income and tax-exempt interest as is required under the Code and therefore might
jeopardize the Fund&#146;s qualification as a regulated investment company, subject the Fund to a nondeductible 4% federal excise tax or both. Upon any failure to meet the asset coverage requirements imposed by the 1940 Act, the Fund may, in its
sole discretion and to the extent permitted under the 1940 Act, purchase or redeem preferred shares in order to maintain or restore the requisite asset coverage and avoid the adverse consequences to the Fund and its shareholders of failing to meet
the distribution requirements. However, there can be no assurance that any such action would achieve these objectives. The Fund endeavors to avoid restrictions on its ability to distribute dividends. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Code provides that interest on indebtedness incurred or continued to purchase or carry the Fund&#146;s shares to which
exempt-interest dividends are allocated is not deductible. Under rules used by the IRS for determining when borrowed funds are considered used for the purpose of purchasing or carrying particular assets, the purchase or ownership of shares may be
considered to have been made with borrowed funds even though such funds are not directly used for the purchase or ownership of such shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The interest on private activity bonds in most instances is not federally tax-exempt to a person who is a &#147;substantial user&#148; of a facility financed by such bonds or a &#147;related person&#148;
of such &#147;substantial user.&#148; As a result, the Fund may not be an appropriate investment for a shareholder who is considered either a &#147;substantial user&#148; or a &#147;related person&#148; within the meaning of the Code. In general, a
&#147;substantial user&#148; of a facility includes a &#147;nonexempt person who regularly uses a part of such facility in his trade or business.&#148; &#147;Related persons&#148; are in general defined to include persons among whom there exists a
relationship, either by family or business, which would result in a disallowance of losses in transactions among them under various provisions of the Code (or if they are members of the same controlled group of corporations under the Code),
including a partnership and each of its partners (and certain members of their families), an S corporation and each of its shareholders (and certain members of their families) and various combinations of these and other relationships. The foregoing
is not a complete description of all of the provisions of the Code covering the definitions of &#147;substantial user&#148; and &#147;related person.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Although dividends generally will be treated as distributed when paid, dividends declared in October, November or December, payable to shareholders of record on a specified date in one of those months and
paid during the following January, will be treated as having been distributed by the Fund (and received by the shareholders) on December&nbsp;31 of the year declared. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Certain of the Fund&#146;s investment practices are subject to special provisions of the Code that, among other consequences, may defer the use of certain deductions or losses of the Fund, affect the
holding period of securities held by the Fund and alter the character of the gains or losses realized by the Fund. These provisions may also require the Fund to recognize income or gain without receiving cash with which to make distributions in the
amounts necessary to satisfy the requirements for maintaining regulated investment company status and for avoiding federal income and excise taxes. The Fund will monitor its transactions and may make certain tax elections in order to mitigate the
effect of these rules and prevent disqualification of the Fund as a regulated investment company. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">62 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The sale or exchange of shares of the Fund normally will result in capital gains or losses
to shareholders who hold their shares as capital assets. Generally, a shareholder&#146;s gain or loss will be long-term capital gains or losses if the shares have been held for more than one year even though the increase in value in such shares is
attributable to tax-exempt interest income. The gain or loss on shares held for one year or less will generally be treated as short-term capital gains or losses. Current law taxes both long-term and short-term capital gains of corporations at the
same rates applicable to ordinary income. However, for noncorporate taxpayers, long-term capital gains are currently taxed at a maximum U.S. federal income tax rate of 20%, while short-term capital gains are currently taxed at ordinary income rates.
Any loss on the sale of shares that have been held for six months or less will be disallowed to the extent of any distribution of exempt-interest dividends received with respect to such shares, unless the shares are of a regulated investment company
that declares exempt-interest dividends on a daily basis in an amount equal to at least 90% of its net tax-exempt interest and distributes such dividends on a monthly or more frequent basis. If a shareholder sells or otherwise disposes of shares
before holding them for more than six months, any loss on the sale or disposition will be treated as a long-term capital loss to the extent of any net capital gain dividends received by the shareholder with respect to such shares. Any loss realized
on a sale or exchange of shares of the Fund will be disallowed to the extent those shares of the Fund are replaced by other substantially identical shares of the Fund or other substantially identical stock or securities (including through
reinvestment of dividends) within a period of 61 days beginning 30 days before and ending 30 days after the date of disposition of the original shares. In that event, the basis of the replacement stock or securities will be adjusted to reflect the
disallowed loss. The deductibility of capital losses is subject to limitation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subject to changes made by the Tax Act,
discussed below, U.S. federal income tax law imposes an alternative minimum tax with respect to corporations, individuals, trusts and estates. Interest on certain &#147;private activity&#148; bonds is included as an item of tax preference in
determining the amount of a taxpayer&#146;s alternative minimum taxable income. To the extent that the Fund receives income from municipal securities subject to the federal alternative minimum tax, a portion of the dividends paid by the Fund,
although otherwise exempt from U.S. federal income tax, would be taxable to its shareholders to the extent that their tax liability is determined under the federal alternative minimum tax. Pursuant to its non-fundamental investment policy adopted on
February&nbsp;4, 2016, the Fund does not intend to acquire securities whose income is subject to the federal alternative minimum tax applicable to individuals. The Fund will annually provide a report indicating the percentage of the Fund&#146;s
income attributable to municipal securities subject to the federal alternative minimum tax applicable to individuals. In addition, for certain corporations, federal alternative minimum taxable income is increased by 75% of the difference between an
alternative measure of income (&#147;adjusted current earnings&#148;) and the amount otherwise determined to be the alternative minimum taxable income. Interest on all municipal securities, and therefore a distribution by the Fund that would
otherwise be tax-exempt, is included in calculating a corporation&#146;s adjusted current earnings. Certain small corporations are not subject to the federal alternative minimum tax. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For taxable years starting after December&nbsp;31, 2017, the Tax Act eliminated the alternative minimum tax for corporations and revised
the calculation of the alternative minimum tax for noncorporate taxpayers. You are urged to consult with your own tax advisor regarding how the Tax Act affects this aspect of your investment in the Fund. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain noncorporate shareholders are subject to an additional 3.8% tax on some or all of their &#147;net investment income,&#148; which
includes items of gross income that are attributable to interest, original issue discount and market discount (but not including tax-exempt interest), as well as net gain from the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">63 </FONT></P>



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disposition of certain property. This tax generally applies to the extent net investment income, when added to other modified adjusted gross income, exceeds $200,000 for an unmarried individual,
$250,000 for a married taxpayer filing a joint return (or a surviving spouse), or $125,000 for a married individual filing a separate return. Shareholders should consult their tax advisers regarding the applicability of this tax in respect of their
shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Tax-exempt income, including exempt-interest dividends paid by the Fund, is taken into account in calculating the
amount of social security and railroad retirement benefits that may be subject to U.S. federal income tax. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may be
required to withhold U.S. federal income tax at a rate of 24% from&nbsp;all distributions (including exempt-interest dividends) and redemption proceeds payable to shareholders that fail to provide the Fund with their correct taxpayer identification
number or to make required certifications, or that have been notified by the IRS that they are subject to backup withholding. Corporate shareholders and certain other shareholders specified in the Code generally are exempt from such backup
withholding. This withholding is not an additional tax. Any amounts withheld may be credited against the shareholder&#146;s U.S. federal income tax liability, provided the required information is furnished to the IRS. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Code provides that every shareholder required to file a tax return must include for information purposes on such return the amount of
tax-exempt interest received during the taxable year, including any exempt-interest dividends received from the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">With
respect to the Preferred Shares of the Fund, the Fund has received or will receive an opinion from special tax counsel that the Preferred Shares constitute or will constitute equity of the Fund, and the foregoing discussion relies on the position
that the Preferred Shares will constitute equity of the Fund. Accordingly, distributions with respect to the Preferred Shares (other than distributions in redemption of Preferred Shares subject to Section&nbsp;302(b) of the Code) will generally
constitute dividends to the extent of the Fund&#146;s current or accumulated earnings and profits, as calculated for U.S. federal income tax purposes and to the extent allocable to such distribution. Because the treatment of a corporate security as
debt or equity is determined on the basis of the facts and circumstances of each case, and no controlling precedent exists for the Preferred Shares issued by the Fund, there can be no assurance that the IRS will not question special tax
counsel&#146;s opinion and the Fund&#146;s treatment of the Preferred Shares as equity. If the IRS were to succeed in such a challenge, holders of Preferred Shares could be characterized as receiving taxable interest income rather than
exempt-interest or other dividends, possibly requiring them to file amended income tax returns and retroactively to recognize additional amounts of ordinary income and pay additional tax, interest, and penalties. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="saitoc656069_13"></A>FINANCIAL STATEMENTS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The audited financial statements, financial highlights and notes thereto and the independent registered public accounting firm&#146;s report thereon, appearing in the Fund&#146;s Annual Report for the
fiscal year ended October&nbsp;31, 2017 and the unaudited financial statements, financial highlights and notes thereto appearing in the Fund&#146;s Semi-Annual Report for the reporting period ended April&nbsp;30, 2018 are incorporated herein by
reference in this SAI. The Fund&#146;s Annual and Semi-Annual Shareholder Reports may be obtained without charge by calling (800)&nbsp;257-8787 or on Nuveen&#146;s website at www.nuveen.com. The information contained in, or that can be accessed
through, the Fund&#146;s website is not part of this SAI. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">64 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="saitoc656069_14"></A>APPENDIX A </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>RATINGS OF INVESTMENTS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>S&amp;P Global Ratings&#151;A brief description of the applicable S&amp;P Global Ratings, a business unit of Standard&nbsp;&amp; Poor&#146;s Financial
Services LLC (&#147;Standard&nbsp;&amp; Poor&#146;s&#148; or &#147;S&amp;P&#148;), rating symbols and their meanings (as published by S&amp;P) follows: </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">A Standard&nbsp;&amp; Poor&#146;s issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial
obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the
obligation and takes into account the currency in which the obligation is denominated. The opinion reflects Standard&nbsp;&amp; Poor&#146;s view of the obligor&#146;s capacity and willingness to meet its financial commitments as they come due, and
may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Issue credit ratings can be either long-term or short-term. Short-term ratings are generally assigned to those obligations considered
short-term in the relevant market. In the U.S., for example, that means obligations with an original maturity of no more than 365&nbsp;days&#151;including commercial paper. Short-term ratings are also used to indicate the creditworthiness of an
obligor with respect to put features on long-term obligations. Medium-term notes are assigned long-term ratings. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Long-Term
Issue Credit Ratings </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Issue credit ratings are based, in varying degrees, on S&amp;P&#146;s analysis of the following
considerations: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Likelihood of payment&#151;capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of
the obligation; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nature of and provisions of the financial obligation; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Protection afforded by, and relative position of, the financial obligation in the event of bankruptcy, reorganization, or other arrangement under the
laws of bankruptcy and other laws affecting creditors&#146; rights. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Issue ratings are an assessment of
default risk, but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect the lower priority in bankruptcy, as noted above.
(Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.) </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">AAA </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">An
obligation rated &#145;AAA&#146; has the highest rating assigned by Standard&nbsp;&amp; Poor&#146;s. The obligor&#146;s capacity to meet its financial commitment on the obligation is extremely strong. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-1
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">AA </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">An obligation rated &#145;AA&#146; differs from the highest-rated obligations only to a small degree. The obligor&#146;s capacity to meet its financial commitment on the obligation is very strong.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">An obligation rated &#145;A&#146; is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions
than obligations in higher-rated categories. However, the obligor&#146;s capacity to meet its financial commitment on the obligation is still strong. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">BBB </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">An obligation rated &#145;BBB&#146; exhibits adequate protection parameters.
However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">BB, B, CCC, CC, and C </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Obligations rated &#145;BB&#146;, &#145;B&#146;, &#145;CCC&#146;, &#145;CC&#146;, and &#145;C&#146; are regarded as having significant speculative characteristics. &#145;BB&#146; indicates the least
degree of speculation and &#145;C&#146; the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">BB </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">An
obligation rated &#145;BB&#146; is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions, which could lead to the obligor&#146;s
inadequate capacity to meet its financial commitment on the obligation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">B </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">An obligation rated &#145;B&#146; is more vulnerable to nonpayment than obligations rated &#145;BB&#146;, but the obligor currently has
the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor&#146;s capacity or willingness to meet its financial commitment on the obligation. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">CCC </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">An
obligation rated &#145;CCC&#146; is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse
business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">CC </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">An obligation rated &#145;CC&#146; is currently highly vulnerable to
nonpayment. The &#145;CC&#146; rating is used when a default has not yet occurred, but Standard&nbsp;&amp; Poor&#146;s expects default to be a virtual certainty, regardless of the anticipated time to default. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-2
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">C </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">An obligation rated &#145;C&#146; is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared to obligations that are
rated higher. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">D </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">An obligation rated &#145;D&#146; is in default or in breach of an imputed promise. For non-hybrid capital instruments, the &#145;D&#146; rating category is used when payments on an obligation are not
made on the date due, unless Standard&nbsp;&amp; Poor&#146;s believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The
&#145;D&#146; rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation&#146;s rating is
lowered to &#145;D&#146; if it is subject to a distressed exchange offer. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">NR </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This indicates that no rating has been requested, or that there is insufficient information on which to base a rating, or that
Standard&nbsp;&amp; Poor&#146;s does not rate a particular obligation as a matter of policy. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Plus (+)&nbsp;or minus (-).
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The ratings from &#145;AA&#146; to &#145;CCC&#146; may be modified by the addition of a plus (+)&nbsp;or minus (-)&nbsp;sign
to show relative standing within the major rating categories. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Short-Term Issue Credit Ratings </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-1 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A
short-term obligation rated &#145;A-1&#146; is rated in the highest category by Standard&nbsp;&amp; Poor&#146;s. The obligor&#146;s capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are
designated with a plus sign (+). This indicates that the obligor&#146;s capacity to meet its financial commitment on these obligations is extremely strong. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">A-2 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A short-term obligation rated &#145;A-2&#146; is somewhat more susceptible
to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor&#146;s capacity to meet its financial commitment on the obligation is satisfactory. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-3 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A
short-term obligation rated &#145;A-3&#146; exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the
obligation. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-3
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">B </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">A short-term obligation rated &#145;B&#146; is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it
faces major ongoing uncertainties which could lead to the obligor&#146;s inadequate capacity to meet its financial commitments. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">C </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A
short-term obligation rated &#145;C&#146; is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">D </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A
short-term obligation rated &#145;D&#146; is in default or in breach of an imputed promise. For non-hybrid capital investments, the &#145;D&#146; rating category is used when payments on an obligation are not made on the date due, unless
Standard&nbsp;&amp;Poor&#146;s believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The &#145;D&#146; rating also will be used
upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligations rating is lowered to &#145;D&#146; if it is subject to
a distressed exchange offer. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dual Ratings </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Dual ratings may be assigned to debt issues that have a put option or demand feature. The first component of the rating addresses the likelihood of repayment of principal and interest as due, and the
second component of the rating addresses only the demand feature. The first component of the rating can relate to either a short-term or long-term transaction and accordingly use either short-term or long-term rating symbols. The second component of
the rating relates to the put option and is assigned a short-term rating symbol (for example, &#145;AAA/A-1+&#146; or &#145;A-1+/A-1&#146;). With U.S.&nbsp;municipal short-term demand debt, the U.S.&nbsp;municipal short-term note rating symbols are
used for the first component of the rating (for example, &#145;SP-1+/A-1+&#146;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Moody&#146;s Investors Service, Inc.&#151;A brief
description of the applicable Moody&#146;s Investors Service, Inc. (&#147;Moody&#146;s&#148;) rating symbols and their meanings (as published by Moody&#146;s) follows: </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Global Long-Term Rating Scale </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Aaa </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Aa </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Obligations
rated A are judged to be upper-medium grade and are subject to low credit risk. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-4
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Baa </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ba </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Obligations rated Ba are judged to be speculative and are subject to substantial credit risk. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">B </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Obligations
rated B are considered speculative and are subject to high credit risk. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Caa </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Obligations rated &#145;Caa&#146; are judged to be speculative of poor standing and are subject to very high credit risk. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ca </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and
interest. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">C </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Note: Moody&#146;s applies numerical modifiers 1, 2, and 3 in each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic
rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of its generic rating category. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Short-Term Obligation Ratings </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">MIG 1 </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity
support, or demonstrated broad-based access to the market for refinancing. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">MIG 2 </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">MIG 3 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-5
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">SG </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Demand Obligations Ratings </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">VMIG 1 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This designation denotes superior credit quality. Excellent protection is
afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">VMIG 2 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This
designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">VMIG 3 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This
designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon
demand. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">SG </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have an investment grade short-term rating or may
lack the structural and/or legal protections necessary to ensure that timely payment of purchase price upon demand. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Commercial Paper </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term debt obligations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-6
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Fitch Ratings Inc.&#151;A brief description of the applicable Fitch Ratings Inc. (&#147;Fitch&#148;)
ratings symbols and meanings (as published by Fitch) follows: </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Long-Term Credit Ratings </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">AAA </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Highest
credit quality. &#145;AAA&#146; ratings denote the lowest expectation of default risk. They are assigned only in case of exceptionally strong capacity for timely payment of financial commitments. This capacity is highly unlikely to be adversely
affected by foreseeable events. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">AA </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Very high credit quality. &#145;AA&#146; ratings denote expectations of a very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly
vulnerable to foreseeable events. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">High credit quality. &#145;A&#146; ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more
vulnerable to adverse business or economic conditions than is the case for higher ratings. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">BBB </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Good credit quality. &#145;BBB&#146; ratings indicate that expectations of default risk are currently low. The capacity for payment of
financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">BB </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Speculative. &#145;BB&#146; ratings indicate an elevated vulnerability to
default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists which supports the servicing of financial commitments. Securities rated in this category are
not investment grade. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">B </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Highly speculative. &#145;B&#146; ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for
continued payment is vulnerable to deterioration in business and economic environment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">CCC </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Substantial credit risk. Default is a real possibility. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">CC </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very high levels of credit risk. Default of some kind appears probable.
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-7
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">C </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Near Default. A default or default-like process has begun, or the issuer is in standstill. Conditions that are indicative of a &#145;C&#146; category rating for an issuer include: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">a. the issuer has entered into a grace or cure period following non-payment of a material financial obligation; or </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">b. the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial
obligation; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">c. Fitch Ratings otherwise believes a condition of &#145;RD&#146; or &#145;D&#146; to be imminent or
inevitable, including through the formal announcement of a distressed debt exchange. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">RD </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Restricted default. &#145;RD&#146; ratings indicate an issuer that in Fitch Ratings&#146; opinion has experienced an uncured payment
default on a bond, loan, or other material financial obligation but which has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, and which has not otherwise ceased business. This
would include: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">a. the selective payment default on a specific class or currency of debt; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">b. the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank
loan, capital markets security or other material financial obligation; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">c. the extension of multiple waivers or forbearance
periods upon a payment default on one or more material financial obligations, either in series or in parallel; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">d.
execution of a distressed debt exchange on one or more material financial obligations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">D </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Default. &#145;D&#146; ratings indicate an issuer that in Fitch Ratings&#146; opinion has entered into bankruptcy filings,
administration, receivership, liquidation or other formal winding-up procedure, or which has otherwise ceased business. Default ratings are not assigned prospectively to entities or their obligations; within this context, nonpayment on an instrument
that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstances, or by a
distressed debt exchange. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Imminent&#148; default typically refers to the occasion where a payment default has been
intimated by the issuer, and is all but inevitable. This may, for example, be where an issuer has missed a scheduled payment, but (as is typical) has a grace period during which it may cure the payment default. Another alternative would be where an
issuer has formally announced a distressed debt exchange, but the date of the exchange still lies several days or weeks in the immediate future. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-8
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In all cases, the assignment of a default rating reflects the agency&#146;s opinion as to
the most appropriate rating category consistent with the rest of its universe of ratings, and may differ from the definition of default under the terms of an issuer&#146;s financial obligations or local commercial practice. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Note: The modifiers &#147;+&#148; or &#147;-&#148; may be appended to a rating to denote relative status within major rating categories.
Such suffixes are not added to the &#145;AAA&#146; Long-Term IDR category, or to Long-Term IDR categories below &#145;B&#146;. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Specific limitations relevant to the issuer credit rating scale include: </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The ratings do not predict a specific percentage of default likelihood over any given time period. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The ratings do not opine on the market value of any issuer&#146;s securities or stock, or the likelihood that this value may change.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The ratings do not opine on the liquidity of the issuer&#146;s securities or stock. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The ratings do not opine on the possible loss severity on an obligation should an issuer default. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The ratings do not opine on the suitability of an issuer as counterparty to trade credit. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The ratings do not opine on any quality related to an issuer&#146;s business, operational or financial profile other than the agency&#146;s opinion on
its relative vulnerability to default. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ratings assigned by Fitch Ratings articulate an opinion on discrete
and specific areas of risk. The above list is not exhaustive, and is provided for the reader&#146;s convenience. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Short-Term Credit Ratings </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity or security stream and relates to the capacity to meet financial obligations
in accordance with the documentation governing the relevant obligation. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as &#147;short term&#148; based on market convention. Typically, this means up to 13&nbsp;months
for corporate, sovereign, and structured obligations, and up to 36&nbsp;months for obligations in U.S.&nbsp;public finance markets. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Fl: Highest short-term credit quality. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicates the strongest intrinsic
capacity for timely payment of financial commitments; may have an added &#147;+&#148; to denote any exceptionally strong credit feature. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">F2: Good short-term credit quality. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Good intrinsic capacity for timely payment
of financial commitments. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">F3: Fair short-term credit quality. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The intrinsic capacity for timely payment of financial commitments is adequate. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-9
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">B: Speculative short-term credit quality. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and
economic conditions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">C: High short-term default risk. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Default is a real possibility. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">RD: Restricted Default. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicates an entity that has defaulted on one or more of
its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">D: Default. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicates a broad-based default event for an entity, or the default
of a short-term obligation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Specific limitations relevant to the Short-Term Ratings scale include: </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The ratings do not predict a specific percentage of default likelihood over any given time period. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The ratings do not opine on the market value of any issuer&#146;s securities or stock, or the likelihood that this value may change.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The ratings do not opine on the liquidity of the issuer&#146;s securities or stock. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The ratings do not opine on the possible loss severity on an obligation should an issuer default. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The ratings do not opine on any quality related to an issuer&#146;s business, operational or financial profile other than the agency&#146;s opinion on
its relative vulnerability to default. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ratings assigned by Fitch Ratings articulate an opinion on discrete
and specific areas of risk. The above list is not exhaustive, and is provided for the reader&#146;s convenience. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-10
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="saitoc656069_15"></A>APPENDIX B </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>DERIVATIVE STRATEGIES AND RISKS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Set forth below is additional information regarding the various techniques involving the use of derivatives. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">FINANCIAL FUTURES </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A financial future is an agreement between two parties to buy
and sell a security for a set price on a future date. They have been designed by boards of trade which have been designated &#147;contracts markets&#148; by the Commodity Futures Trading Commission (&#147;CFTC&#148;). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The purchase of financial futures is for the purpose of hedging the Fund&#146;s existing or anticipated holdings of long-term debt
securities. For example, if the Fund desires to increase its exposure to long-term bonds and has identified long-term bonds it wishes to purchase at a future time, but expects market interest rates to decline (thereby causing the value of those
bonds to increase), it might purchase financial futures. If interest rates did decrease, the value of those&nbsp;to-be-purchased&nbsp;long-term bonds would increase, but the value of the Fund&#146;s financial futures would be expected to increase at
approximately the same rate, thereby helping maintain the Fund&#146;s purchasing power. When the Fund purchases a financial future, it deposits in cash or securities an &#147;initial margin&#148;, typically equal to an amount between 1% and 5% of
the contract amount. Thereafter, the Fund&#146;s account is either credited or debited on a daily basis in correlation with the fluctuation in price of the underlying future or other requirements imposed by the exchange in order to maintain an
orderly market. The Fund must make additional payments to cover debits to its account and has the right to withdraw credits in excess of the liquidity, the Fund may close out its position at any time prior to expiration of the financial future by
taking an opposite position. At closing a final determination of debits and credits is made, additional cash is paid by or to the Fund to settle the final determination and the Fund realizes a loss or gain depending on whether on a net basis it made
or received such payments. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The sale of financial futures is for the purpose of hedging the Fund&#146;s existing or
anticipated holdings of long-term debt securities. For example, if the Fund owns long-term bonds and market interest rates were expected to increase (causing those bonds&#146; values to decline), it might sell financial futures. If interest rates
did increase, the value of long-term bonds in the Fund&#146;s portfolio would decline, but the value of the Fund&#146;s financial futures would be expected to increase at approximately the same rate thereby keeping the net asset value of the Fund
from declining as much as it otherwise would have. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Among the risks associated with the use of financial futures by the Fund
as a hedging or anticipatory device, perhaps the most significant is the imperfect correlation between movements in the price of the financial futures and movements in the price of the debt securities which are the subject of the hedge. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Thus, if the price of the financial future moves less or more than the price of the securities which are the subject of the hedge, the
hedge will not be fully effective. To compensate for this imperfect correlation, the Fund may enter into financial futures in a greater dollar amount than the dollar amount of the securities being hedged if the historical volatility of the prices of
such securities has been greater than the historical volatility of the financial futures. Conversely, the Fund may enter into fewer financial futures if the historical volatility of the price of the securities being hedged is less than the
historical volatility of the financial futures. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">B-1
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The market prices of financial futures may also be affected by factors other than interest
rates. One of these factors is the possibility that rapid changes in the volume of closing transactions, whether due to volatile markets or movements by speculators, would temporarily distort the normal relationship between the markets in the
financial future and the chosen debt securities. In these circumstances as well as in periods of rapid and large price movements. The Fund might find it difficult or impossible to close out a particular transaction. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">OPTIONS ON FINANCIAL FUTURES </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may also purchase put or call options on financial futures which are traded on a U.S. Exchange or board of trade and enter into
closing transactions with respect to such options to terminate an existing position. The purchase of put options on financial futures is analogous to the purchase of put options by the Fund on its portfolio securities to hedge against the risk of
rising interest rates. As with options on debt securities, the holder of an option may terminate his position by selling an option of the Fund. There is no guarantee that such closing transactions can be effected. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">INDEX CONTRACTS </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">INDEX FUTURES
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A&nbsp;tax-exempt&nbsp;bond index which assigns relative values to the&nbsp;tax-exempt&nbsp;bonds included in the index is
traded on the Chicago Board of Trade. The index fluctuates with changes in the market values of all&nbsp;tax-exempt&nbsp;bonds included rather than a single bond. An index future is a bilateral agreement pursuant to which two parties agree to take
or make delivery of an amount of cash-rather than any security-equal to a specified dollar amount times the difference between the index value at the close of the last trading day of the contract and the price at which the index future was
originally written. Thus, an index future is similar to traditional financial futures except that settlement is made in cash. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">INDEX OPTIONS </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may also purchase put or call options on U.S. government or&nbsp;tax-exempt&nbsp;bond index futures and enter into closing
transactions with respect to such options to terminate an existing position. Options on index futures are similar to options on debt instruments except that an option on an index future gives the purchaser the right, in return for the premium paid,
to assume a position in an index contract rather than an underlying security at a specified exercise price at any time during the period of the option. Upon exercise of the option, the delivery of the futures position by the writer of the option to
the holder of the option will be accompanied by delivery of the accumulated balance of the writer&#146;s futures margin account which represents the amount by which the market price of the index futures contract, at exercise, is less than the
exercise price of the option on the index future. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bond index futures and options transactions would be subject to risks
similar to transactions in financial futures and options thereon as described above. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">SWAP AGREEMENTS </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Swap agreements are&nbsp;two-party&nbsp;contracts entered into primarily by institutional investors, typically for periods ranging from a
few weeks to several years. In a standard swap transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged
or swapped between the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">B-2
</FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
parties are calculated with respect to a notional amount (the amount or value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) of a
particular security, or in a basket of securities representing a particular index. Swap agreements may include, by way of example, (i)&nbsp;interest rate swaps, in which one party exchanges a commitment to pay a floating, shorter-term interest rate
(typically by reference to the rate of a specific security or index) for the other party&#146;s commitment to pay a fixed, longer-term interest rate (either as specifically agreed, or by reference to a specified security or index);
(ii)&nbsp;interest rate caps, in which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate or cap; (iii)&nbsp;interest rate floors, in which, in return for a premium, one
party agrees to make payments to the other to the extent that interest rates fall below a specified level or floor; (iv)&nbsp;interest rate collars, in which a party sells a cap and purchases a floor, or vice versa, in an attempt to protect itself
against interest rate movements exceeding given minimum or maximum levels or collar amounts; (v)&nbsp;total return swaps, in which one party commits to pay the total return of an underlying security or asset in return for receiving from the other
party a specified return or the return of another instrument (typically a floating short-term interest rate), and (vi)&nbsp;credit default swap, in which the buyer pays a periodic fee in return for a contingent payment by the seller upon a credit
event (such as a default) happening with respect to a specified instrument, typically in an amount equivalent to the loss incurred on a specific investment in that security due to the credit event. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A Fund may enter into such swap agreements for any purpose consistent with the Fund&#146;s investment objective, such as for the purpose
of attempting to obtain, enhance, or preserve a particular desired return or spread at a lower cost to the Fund than if the Fund had invested directly in an instrument that yielded that desired return or spread. The Fund also may enter into swaps in
order to protect against an increase in the price of securities that the Fund anticipates purchasing at a later date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Whether
the Fund&#146;s use of swap agreements will be successful in furthering its investment objective will depend, in part, on the ability to predict correctly whether certain types of investments are likely to produce greater returns than other
investments and the changes in the future values, indices, or rates covered by the swap agreement. Swap agreements may be considered to be illiquid. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap
agreement in the event of the default or bankruptcy of a swap agreement counterparty. The Fund will enter swap agreements only with counterparties that Nuveen Fund Advisors reasonably believes are capable of performing under the swap agreements. If
there is a default by the other party to such a transaction, the Fund will have to rely on its contractual remedies (which may be limited by bankruptcy, insolvency or similar laws) pursuant to the agreements related to the transaction. Certain
restrictions imposed on the Fund by the Internal Revenue Code of 1986, as amended, may limit the Fund&#146;s ability to use swap agreements. The swap market is largely unregulated. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">B-3
</FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="saitoc656069_16"></A>APPENDIX C </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Proxy Voting Policies and Procedures </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Effective Date: January&nbsp;1, 2011, as last amended September&nbsp;20, 2016 </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>I.&nbsp;&nbsp;&nbsp;&nbsp;General Principles </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>A.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nuveen Asset Management, LLC (&#147;NAM&#148;) is an <FONT STYLE="white-space:nowrap">investment&nbsp;sub-adviser&nbsp;for</FONT> certain of the Nuveen
Funds (the &#147;Funds&#148;) and investment adviser for institutional and other separately managed accounts (collectively, with the Funds, &#147;Accounts&#148;). As such, Accounts may confer upon NAM complete discretion to vote proxies.</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>B.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">It is NAM&#146;s duty to vote proxies in the best interests of its clients (which may involve affirmatively deciding that voting the proxies
may not be in the best interests of certain clients on certain matters). In voting proxies, NAM also seeks to enhance total investment return for its clients. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>C.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">If NAM contracts with another investment adviser to act as <FONT STYLE="white-space:nowrap">a&nbsp;sub-adviser&nbsp;for</FONT> an Account, NAM
may delegate proxy voting responsibility to <FONT STYLE="white-space:nowrap">the&nbsp;sub-adviser.&nbsp;Where</FONT> NAM has delegated proxy voting responsibility, <FONT STYLE="white-space:nowrap">the&nbsp;sub-adviser&nbsp;will</FONT> be responsible
for developing and adhering to its own proxy voting policies, subject to oversight by NAM. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>D.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">NAM&#146;s Proxy Voting Committee (&#147;PVC&#148;) provides oversight of NAM&#146;s proxy voting policies and procedures, including
(1)&nbsp;providing an administrative framework to facilitate and monitor the exercise of such proxy voting and to fulfill the obligations of reporting and recordkeeping under the federal securities laws; and (2)&nbsp;approving the proxy voting
policies and procedures. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>II.&nbsp;&nbsp;&nbsp;&nbsp;Policies </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2">The PVC after reviewing and concluding that such policies are reasonably designed to vote proxies in the best interests of clients,
has approved and adopted the proxy voting policies of&nbsp;Institutional Shareholder Services, Inc.&nbsp;(&#147;ISS&#148;), a leading national provider of proxy voting administrative and research services.</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">i</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;As a result, such policies set forth NAM&#146;s positions on
recurring proxy issues and criteria for <FONT STYLE="white-space:nowrap">addressing&nbsp;non-recurring&nbsp;issues.</FONT> These policies are reviewed periodically by ISS, and therefore are subject to change. Even though it has adopted ISS policies,
NAM maintains the fiduciary responsibility for all proxy voting decisions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>III.&nbsp;&nbsp;&nbsp;&nbsp;Procedures </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>A.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Supervision of Proxy
Voting.</I></B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&nbsp;Day-to-day&nbsp;administration</FONT></FONT> of proxy voting may be provided internally or by a third-party service provider, depending on client type, subject to
the ultimate oversight of the PVC. The PVC shall supervise the relationships with NAM&#146;s proxy voting services, ISS. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">ISS apprises Nuveen Global Operations (&#147;NGO&#148;) of shareholder meeting dates, and casts the actual proxy votes. ISS also provides research on
proxy proposals and voting recommendations. ISS serves as NAM&#146;s proxy voting record keepers and generate reports on how proxies were voted. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">NAM does not vote proxies where a client withholds proxy voting authority, and in
<FONT STYLE="white-space:nowrap">certain&nbsp;non-discretionary&nbsp;and</FONT> model programs NAM votes proxies in accordance with its policies and procedures in effect from time to time. Clients may opt to vote proxies themselves, or to have
proxies voted by an independent third party or other named fiduciary or agent, at the client&#146;s cost.<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">i</SUP> ISS has separate polices for Taft Hartley plans and it is
NAM&#146;s policy to apply the Taft Hartley polices to accounts that are Taft Hartley Plans. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">C-1
</FONT></P>


<p Style='page-break-before:always'>
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>B.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Conflicts of Interest. </I></B></FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following relationships or circumstances may give rise to conflicts of interest</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">: </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="14%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The issuer or proxy proponent (<I>e.g.</I>, a special interest group) is TIAA-CREF, the ultimate principal owner of NAM, or any of its
affiliates. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="14%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">b.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The issuer is an entity in which an executive officer of NAM or a spouse or domestic partner of any such executive officer is or was (within
the past three years of the proxy vote) an executive officer or director. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="14%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">c.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The issuer is a registered or unregistered fund for which NAM or another affiliated adviser serves as investment adviser <FONT
STYLE="white-space:nowrap">or&nbsp;sub-adviser&nbsp;(</FONT><I>e.g.</I>, Nuveen Funds and TIAA Funds). </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="14%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">d.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any other circumstances that NAM is aware of where NAM&#146;s duty to serve its clients&#146; interests, typically referred to as its
&#147;duty of loyalty,&#148; could be materially compromised. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">NAM will vote proxies in the best interest of its clients regardless of such real or perceived conflicts of interest. By adopting ISS
policies, NAM believes the risk related to conflicts will be minimized. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">To further minimize this risk, Compliance will review ISS&#146; conflict avoidance policy at least annually to ensure that it adequately
addresses both the actual and perceived conflicts of interest the proxy voting service may face. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the event that ISS faces a material conflict of interest with respect to a specific vote, the PVC shall direct ISS how to vote. The PVC
shall receive voting direction from appropriate investment personnel. Before doing so, the PVC will consult with Legal to confirm that NAM faces no material conflicts of its own with respect to the specific proxy vote. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Where ISS and NAM are determined to face a conflict, the PVC will recommend to NAM&#146;s Compliance Committee or designee a course of action
designed to address the conflict. Such actions could include, but are not limited to: </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="14%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Obtaining instructions from the affected client(s) on how to vote the proxy; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="14%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">b.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Disclosing the conflict to the affected client(s) and seeking their consent to permit NAM to vote the proxy; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="14%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">c.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Voting in proportion to the other shareholders; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="14%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">e.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Recusing the individual with the actual or potential conflict of interest from all discussion or consideration of the matter, if the material
conflict is due to such person&#146;s actual or potential conflict of interest; or </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="14%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">f.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Following the recommendation of a different independent third party. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">A conflict of interest shall not be considered material for the purposes of these Policies and Procedures with respect to a specific vote or
circumstance if the matter to be voted on relates to a restructuring of the terms of existing securities or the issuance of new securities or a similar matter arising out of the holding of securities, other than common equity, in the context of a
bankruptcy or threatened bankruptcy of the issuer. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">C-2
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition to all of the above-mentioned and other conflicts, the Head of Equity Research, NGO and any member of the PVC must notify
NAM&#146;s Chief Compliance Officer (&#147;CCO&#148;) of any direct, indirect or perceived improper influence exerted by any employee, officer or director of TIAA or its subsidiaries with regard to how NAM should vote proxies. NAM Compliance will
investigate any such allegations and will report the findings to NAM&#146;s Compliance Committee. If it is determined that improper influence was attempted, appropriate action shall be taken. Such appropriate action may include disciplinary action,
notification of the appropriate senior managers, or notification of the appropriate regulatory authorities. In all cases, NAM will not consider any improper influence in determining how to vote proxies, and will vote in the best interests of
clients. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>C.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Proxy Vote Override.</I></B>&nbsp;From time to time, a portfolio manager of an account (a &#147;<U>Portfolio Manager</U>&#148;) may
initiate action to override ISS&#146;s recommendation for a particular vote. Any such override by a NAM Portfolio Manager (but not <FONT STYLE="white-space:nowrap">a&nbsp;sub-adviser&nbsp;Portfolio</FONT> Manager) shall be reviewed by NAM&#146;s
Legal Department for material conflicts. If the Legal Department determines that no material conflicts exist, the approval of one member of the PVC shall authorize the override. If a material conflict exists, the conflict and, ultimately, the
override recommendation will be rejected and will revert to the original ISS recommendation or will be addressed pursuant to the procedures described above under &#147;Conflicts of Interest.&#148; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>D.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Securities Lending. </I></B></FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">In order to generate incremental revenue, some clients may participate in a securities lending program. If a client has elected to participate
in the lending program then it will not have the right to vote the proxies of any securities that are on loan as of the shareholder meeting record date. A client, or a Portfolio Manager, may place restrictions on loaning securities and/or recall a
security on loan at any time. Such actions must be affected prior to the record date for a meeting if the purpose for the restriction or recall is to secure the vote. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Portfolio Managers and/or analysts who become aware of upcoming proxy issues relating to any securities in portfolios they manage, or issuers
they follow, will consider the desirability of recalling the affected securities that are on loan or restricting the affected securities prior to the record date for the matter. If the proxy issue is determined to be material, and the determination
is made prior to the shareholder meeting record date the Portfolio Manager(s) will contact the Securities Lending Agent to recall securities on loan or restrict the loaning of any security held in any portfolio they manage, if they determine that it
is in the best interest of shareholders to do so. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>E.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Proxy Voting Records.</I></B>&nbsp;As required by <FONT STYLE="white-space:nowrap">Rule&nbsp;204-2&nbsp;of</FONT> the Investment
Advisers Act of 1940, NAM shall make and retain five types of records relating to proxy voting; (1)&nbsp;NAM&#146;s proxy voting policies and procedures; (2)&nbsp;proxy statements received with respect to securities in client accounts;
(3)&nbsp;records of proxy votes cast by NAM on behalf of clients accounts; (4)&nbsp;records of written requests from clients for proxy voting information relating to such client&#146;s account, and written responses from NAM to either a written or
oral request by clients; and (5)&nbsp;any documents prepared by the adviser that were material to making a proxy voting decision or that memorialized the basis for the decision. NAM may rely on&nbsp;ISS to make and retain on NAM&#146;s behalf
certain records pertaining to <FONT STYLE="white-space:nowrap">Rule&nbsp;204-2.</FONT> </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">C-3
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>F.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Fund of Funds Provision</I></B>. In instances where NAM provides investment advice to a fund of funds that acquires shares of affiliated
funds or three percent or more of the outstanding voting securities of an unaffiliated fund, the acquiring fund shall vote the shares in the same proportion as the vote of all other shareholders of the acquired fund. If compliance with this policy
results in a vote of any shares in a manner different than the ISS recommendation, such vote will not require compliance with the Proxy Vote Override procedures set forth above. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>G.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Legacy Securities.</I></B>&nbsp;To the extent that NAM receives proxies for securities that are transferred into an account&#146;s
portfolio that were not recommended or selected by it and are sold or expected to be sold promptly in an orderly manner (&#147;legacy securities&#148;), NAM will generally refrain from voting such proxies. In such circumstances, since legacy
securities are expected to be sold promptly, voting proxies on such securities would not further NAM&#146;s interest in maximizing the value of client investments. NAM may agree to an account&#146;s special request to vote a legacy security proxy,
and would vote such proxy in accordance with NAM&#146;s guidelines. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>H.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Terminated Accounts.</I></B>&nbsp;Proxies received after the termination date of an account generally will not be voted. An exception
will be made if the record date is for a period in which an account was under NAM&#146;s discretionary management or if a separately managed account (&#147;SMA&#148;) custodian failed to remove the account&#146;s holdings from its aggregated voting
list. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>I.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I><FONT STYLE="white-space:nowrap">Non-votes.</FONT></I></B>&nbsp;NGO shall be responsible for obtaining reasonable assurance that proxies
are voted (or, in rare instances, for voting proxies) on behalf, and in cases where further instruction from NAM may be required in order to vote a given proxy or proxies, for ensuring that such instructions are submitted in a timely manner. It
should not be considered a breach of this responsibility if NAM does not receive a proxy from ISS or a custodian with adequate time to analyze and direct to vote or vote a proxy by the required voting deadline. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:14%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">NAM may determine not to vote proxies associated with the securities of any issuer if as a result of voting such proxies,
subsequent purchases or sales of such securities would be blocked. However, NAM may decide, on an individual security basis that it is in the best interests of its clients to vote the proxy associated with such a security, taking into account the
loss of liquidity. In addition, NAM may not vote proxies where the voting would in NAM&#146;s judgment result in some other financial, legal, regulatory disability or burden to the client (such as imputing control with respect to the issuer) or
subject to resolution of any conflict of interest as provided herein, to NAM. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:14%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the case of SMAs, NAM may
determine not to vote securities where voting would require the transfer of the security to another custodian designated by the issuer. Such transfer is generally outside the scope of NAM&#146;s authority and may result in significant operational
limitations on NAM&#146;s ability to conduct transactions relating to the securities during the period of transfer. From time to time, situations may arise (operational or otherwise) that prevent NAM from voting proxies after reasonable attempts
have been made. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>J.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Review and Reports. </I></B></FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The PVC shall maintain a review schedule. The schedule shall include reviews of the proxy voting policy (including the policies of <FONT
STYLE="white-space:nowrap">any&nbsp;Sub-adviser&nbsp;engaged</FONT> by NAM), the </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">C-4
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="14%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
proxy voting record, account maintenance, and other reviews as deemed appropriate by the PVC. The PVC shall review the schedule at least annually. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The PVC will report to NAM&#146;s Compliance Committee with respect to all identified conflicts and how they were addressed. These reports
will include all accounts, including those <FONT STYLE="white-space:nowrap">that&nbsp;are&nbsp;sub-advised.&nbsp;NAM&nbsp;also</FONT> shall provide the Funds that <FONT STYLE="white-space:nowrap">it&nbsp;sub-advises&nbsp;with</FONT> information
necessary for preparing <FONT STYLE="white-space:nowrap">Form&nbsp;N-PX.</FONT> </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>K.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Vote Disclosure to Clients.</I></B>&nbsp;NAM&#146;s institutional and SMA clients can contact their relationship manager for more
information on NAM&#146;s policies and the proxy voting record for their account. The information available includes name of issuer, ticker/CUSIP, shareholder meeting date, description of item and NAM&#146;s vote. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>IV.&nbsp;&nbsp;&nbsp;&nbsp;Policy Owner </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">PVC </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>V.&nbsp;&nbsp;&nbsp;&nbsp;Responsible
Parties </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">PVC </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">NGO </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Compliance </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Legal Department </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">As amended:&nbsp;September&nbsp;20, 2016 </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">C-5
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:200px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Nuveen AMT-Free Municipal Credit Income Fund </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Common Shares </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>MuniFund Preferred Shares </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>STATEMENT OF ADDITIONAL
INFORMATION </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2018 </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PART C&#151;OTHER INFORMATION </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;25:</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Financial Statements and Exhibits. </B></FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD></TD>
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<TD WIDTH="91%"></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Contained in Part A:</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Financial Highlights for Nuveen AMT-Free Municipal Credit Income Fund (the &#147;Fund&#148; or the &#147;Registrant&#148;) for fiscal years ended October&nbsp;31, 2008,
October&nbsp;31, 2009, October&nbsp;31, 2010, October&nbsp;31, 2011, October&nbsp;31, 2012, October&nbsp;31, 2013, October&nbsp;31, 2014, October&nbsp;31, 2015, October&nbsp;31, 2016, October&nbsp;31, 2017 and the six months ended April&nbsp;30,
2018 are filed in Part A of this Registration Statement under the caption &#147;Financial Highlights&#148;.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Contained in Part B:</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The financial statements and financial highlights and the accompanying notes thereto, and the report of the independent accounting firm included therein, for the fiscal year ended
October&nbsp;31, 2017 and the financial statements, financial highlights and notes thereto appearing in the Fund&#146;s semi-annual report for the reporting period ended April&nbsp;30, 2018 are incorporated by reference in Part B.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibits:</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">a.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Declaration of Trust dated July&nbsp;12, 1999 is incorporated by reference to Exhibit a.1 to Registrant&#146;s Registration Statement on Form N-2 (File Nos.&nbsp;333-160630 and <FONT
STYLE="white-space:nowrap">811-09475)</FONT> as filed with the SEC on July&nbsp;17, 2009.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">a.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certificate of Amendment to Declaration of Trust dated October&nbsp;6, 2009 is incorporated by reference to Exhibit a.3 to Registrant&#146;s Registration Statement on Form N-2 (File
Nos.&nbsp;333-160630 and <FONT STYLE="white-space:nowrap">811-09475)</FONT> as filed with the SEC on October&nbsp;9, 2009.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">a.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certificate of Name Change Amendment to the Declaration of Trust dated December&nbsp;9, 2011 is incorporated by reference to Exhibit (1)(b) to Registrant&#146;s Registration
Statement on Form N-14 (File&nbsp;No.&nbsp;333-206627) as filed with the SEC on August&nbsp;27, 2015.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">a.4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Statement Establishing and Fixing the Rights and Preferences of Series 1 Variable Rate Demand Preferred Shares dated December&nbsp;12, 2013 and related Notice of Special Rate
Period.**</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">a.5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certificate of Name Change Amendment to the Declaration of Trust dated April&nbsp;1, 2016 is incorporated by reference to Exhibit (1)(c) to Registrant&#146;s Registration Statement
on Form N-14 (File&nbsp;No.&nbsp;333-206627) as filed with the SEC on May&nbsp;19, 2016.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">a.6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Statement Establishing and Fixing the Rights and Preferences of Series 2 Variable Rate Demand Preferred Shares dated April&nbsp;7, 2016.**</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">a.7</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Statement Establishing and Fixing the Rights and Preferences of Series 4 Variable Rate Demand Preferred Shares dated June&nbsp;15, 2016 and related Amendment No.
1.**</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">a.8</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Statement Establishing and Fixing the Rights and Preferences of Series 5 Variable Rate Demand Preferred Shares dated November&nbsp;9, 2016.**</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">a.9</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Statement Establishing and Fixing the Rights and Preferences of Series 6 Variable Rate Demand Preferred Shares dated November&nbsp;9, 2016.**</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">a.10</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certificate of Name Change Amendment to the Declaration of Trust dated December&nbsp;12, 2016.**</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">a.11</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Statement Establishing and Fixing the Rights and Preferences of Series A MuniFund Preferred Shares dated January&nbsp;25, 2018 and related Supplement Initially Designating the
Variable Rate Mode.**</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">b.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registrant&#146;s By-laws (Amended and Restated as of November&nbsp;18, 2009) is incorporated herein by reference to Exhibit b. of Registrant&#146;s Registration Statement on Form
N-2 (File Nos.&nbsp;333-173036 and <FONT STYLE="white-space:nowrap">811-09475)</FONT> as filed with the SEC on March&nbsp;24, 2011.</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Part C-1
</FONT></P>


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<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="91%"></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">c.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Not Applicable.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">d.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Share Certificate for Common Shares is incorporated herein by reference to Exhibit d. to Pre-Effective Amendment No.&nbsp;1 to Registrant&#146;s Registration Statement on
Form N-2 (File Nos. 333-59770 and 811-09475) as filed with the SEC on October&nbsp;24, 2001.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">d.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Share Certificate for MFP Shares.*</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">d.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Statement Establishing and Fixing the Rights and Preferences of MuniFund Preferred Shares.*</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">d.4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Supplement to the Statement Establishing and Fixing the Rights and Preferences of MuniFund Preferred Shares Designating the Variable Rate Remarketed Mode.*</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">d.5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Supplement to the Statement Establishing and Fixing the Rights and Preferences of MuniFund Preferred Shares Designating the Variable Rate Mode.*</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">d.6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Supplement to the Statement Establishing and Fixing the Rights and Preferences of MuniFund Preferred Shares Designating the Variable Rate Mode (Adjustable
Rate).*</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">e.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Terms and Conditions of the Dividend Reinvestment Plan is incorporated by reference to Exhibit e. to Nuveen Municipal Income Fund, Inc.&#146;s Registration Statement on Form N-2
(File Nos. 333-211435 and 811-05488) as filed with the SEC on May&nbsp;18, 2016.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">f.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Not Applicable.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">g.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investment Management Agreement dated April&nbsp;11, 2016 (the &#147;Investment Management Agreement&#148;) is incorporated by reference to Exhibit (6)(a) to Registrant&#146;s
Registration Statement on Form N-14 (File No.&nbsp;333-206627) as filed with the SEC on May&nbsp;19, 2016.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">g.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investment Sub-Advisory Agreement dated April&nbsp;11, 2016 (the &#147;Investment Sub-Advisory Agreement&#148;) is incorporated by reference to Exhibit (6)(b) to Registrant&#146;s
Registration Statement on Form N-14 (File No.&nbsp;333-206627) as filed with the SEC on May&nbsp;19, 2016.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">g.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Renewal of the Investment Management Agreement dated July&nbsp;24, 2017 is incorporated by reference to Exhibit g.2 to Nuveen California AMT-Free Quality Municipal Income
Fund&#146;s Registration Statement on Form N-2 (File Nos. 333-184971 and 811-21212) as filed with the SEC on November&nbsp;16, 2017.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">g.4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notice of Continuance of Investment Sub-Advisory Agreements dated July&nbsp;24, 2017 is incorporated by reference to Exhibit g.4 to Nuveen California AMT-Free Quality Municipal
Income Fund&#146;s Registration Statement on Form N-2 (File Nos. 333-184971 and 811-21212) as filed with the SEC on November&nbsp;16, 2017.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">h.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Distribution Agreement between Registrant and Nuveen Securities, LLC.*</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">h.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Underwriting Agreement.*</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">h.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Nuveen Master Selected Dealer Agreement is incorporated herein by reference to Exhibit h.3 of Registrant&#146;s Registration Statement on Form N-2 (File Nos.&nbsp;333-173036
and <FONT STYLE="white-space:nowrap">811-09475)</FONT> as filed with the SEC on March&nbsp;24, 2011.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">h.4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Dealer Letter Agreement is incorporated herein by reference to Exhibit h.5 of Registrant&#146;s Registration Statement on Form N-2 (File Nos.&nbsp;333-173036 and <FONT
STYLE="white-space:nowrap">811-09475)</FONT> as filed with the SEC on March&nbsp;24, 2011.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">i.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nuveen Open-End and Closed-End Fund Deferred Compensation Plan for Independent Directors and Trustees (Restated effective April&nbsp;27, 2017) is incorporated by reference to
Exhibit i. to Nuveen California AMT-Free Quality Municipal Income Fund&#146;s Registration Statement on Form N-2 (File Nos. 333-184971 and 811-21212) as filed with the SEC on November&nbsp;16,
2017.</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Part C-2
</FONT></P>


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<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">j.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amended and Restated Master Custodian Agreement between Registrant and State Street Bank and Trust Company dated July&nbsp;15, 2015 (the &#147;Custodian Agreement&#148;) is
incorporated by reference to Exhibit 9(a) to Registrant&#146;s Registration Statement on Form N-14 (File No.&nbsp;333-206627) as filed with the SEC on October&nbsp;2, 2015.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">j.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Transfer Agency and Service Agreement dated June&nbsp;15, 2017 between Registrant and Computer Share Inc. and Computershare Trust Company, N.A. (the &#147;Transfer Agency
Agreement&#148;) is incorporated by reference to Exhibit k.1 to Nuveen California AMT-Free Quality Municipal Income Fund&#146;s Registration Statement on Form N-2 (File Nos. 333-184971 and 811-21212) as filed with the SEC on November&nbsp;16,
2017.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">j.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Appendix A to the Custodian Agreement (Updated as of August&nbsp;1, 2017) is incorporated by reference to Exhibit j.2 to Nuveen California AMT-Free Quality Municipal Income
Fund&#146;s Registration Statement on Form N-2 (File Nos. 333-184971 and 811-21212) as filed with the SEC on November&nbsp;16, 2017.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">j.4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">First Amendment to Transfer Agency Agreement dated September&nbsp;7, 2017 is incorporated by reference to Exhibit k.2 to Nuveen California AMT-Free Quality Municipal Income
Fund&#146;s Registration Statement on Form N-2 (File Nos. 333-184971 and 811-21212) as filed with the SEC on November&nbsp;16, 2017.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">k.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Not Applicable.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">l.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Opinion of Morgan, Lewis &amp; Bockius LLP.***</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">l.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Opinion of Sidley Austin LLP.****</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">m.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Not Applicable.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">n.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consent of KPMG LLP.*</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">o.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Not Applicable.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">p.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Not Applicable.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">q.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Not Applicable.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">r.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Code of Ethics and Reporting Requirements of Nuveen (including affiliated entities) and the Nuveen Funds as amended July&nbsp;1, 2018 is incorporated by reference to Exhibit r.1 to
Nuveen S&amp;P 500 Buy-Write Income Fund&#146;s Registration Statement on Form N-2 (File No. 811-21619) as filed with the SEC on July 6, 2018.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">s.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Powers of Attorney dated May&nbsp;23, 2018.**</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">s.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Remarketing Agreement for VRRM-MFP Shares.*</FONT></TD></TR>
</TABLE>  <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Filed herewith. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">**</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Filed as an Exhibit to the Registrant&#146;s Registration Statement of Form N-2 (File No.&nbsp;811-09475) on July&nbsp;12, 2018.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">***</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Qualified opinion filed herewith. Unqualified opinion relating to the securities issued to be filed by post-effective amendment.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">****</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">Tax opinion to be filed by post-effective amendment. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;26:</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Marketing Arrangements. </B></FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Reference is made to the forms of the Underwriting Agreements, the form of Distribution Agreement and the form of Dealer Agreement for the Registrant&#146;s Common Shares and Preferred Shares filed as
exhibits to the Registration Statement and the Underwriting Agreements, Distribution Agreements and Dealer Agreements (or forms thereof) which relate to the specific issuances of Common Shares and Preferred Shares under the Registration Statement
and filed as exhibits to the Registration Statement. Reference also is made to the information under the headings &#147;Plan of Distribution&#148; in the Registrant&#146;s prospectus and under the heading &#147;Underwriting,&#148; or other similar
such captions, in the Registrant&#146;s prospectus supplement relating to specific issuances of Common Shares and Preferred Shares filed with the Securities and Exchange Commission from time to time. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Part C-3
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;27:</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Other Expenses of Issuance and Distribution. </B></FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission Registration Fees</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">66,663.30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Printing and Engraving Fees</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">60,000.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Legal Fees</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">700,000.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Audit Fees</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,500.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Rating Agency Fees</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">433,125.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Miscellaneous Expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,711.70</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,275,000.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>    <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;28:</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Persons Controlled by or under Common Control with Registrant. </B></FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">None. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;29:</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Number of Holders of Securities. </B></FONT></P></TD></TR></TABLE>  <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">As of September 30, 2018: </FONT></P>  <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="75%"></TD>
<TD VALIGN="bottom" WIDTH="19%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000 ; display:table-cell;"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Title of Class</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number&nbsp;of&nbsp;Record&nbsp;Holders</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Common Shares, $0.01 par value</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">76,243</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Preferred Shares</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE>  <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;30: Indemnification. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;4 of Article&nbsp;XII of the Registrant&#146;s Declaration of Trust provides as follows: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Subject to the exceptions and limitations contained in this Section&nbsp;4, every person who is, or has been, a Trustee, officer, employee or agent of the Trust, including persons who serve at the request
of the Trust as directors, trustees, officers, employees or agents of another organization in which the Trust has an interest as a shareholder, creditor or otherwise (hereinafter referred to as a &#147;Covered Person&#148;), shall be indemnified by
the Trust to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him in connection with any claim, action, suit or proceeding in which he becomes involved as a party or otherwise by virtue of
his being or having been such a Trustee, director, officer, employee or agent and against amounts paid or incurred by him in settlement thereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">No indemnification shall be provided hereunder to a Covered Person: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) against
any liability to the Trust or its Shareholders by reason of a final adjudication by the court or other body before which the proceeding was brought that he engaged in willful misfeasance, bad faith, gross negligence or reckless disregard of the
duties involved in the conduct of his office; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) with respect to any matter as to which he shall have been finally
adjudicated not to have acted in good faith in the reasonable belief that his action was in the best interests of the Trust; or </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) in the event of a settlement or other disposition not involving a final adjudication (as provided in paragraph (a)&nbsp;or (b)) and
resulting in a payment by a Covered Person, unless there has been either a determination that such Covered Person did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his
office by the court or other body approving the settlement or other disposition or a reasonable determination, based on a review of readily available facts (as opposed to a full trial-type inquiry), that he did not engage in such conduct:
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Part C-4
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) by a vote of a majority of the Disinterested Trustees acting on the matter (provided
that a majority of the Disinterested Trustees then in office act on the matter); or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) by written opinion of independent
legal counsel. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The rights of indemnification herein provided may be insured against by policies maintained by the Trust,
shall be severable, shall not affect any other rights to which any Covered Person may now or hereafter be entitled, shall continue as to a person who has ceased to be such a Covered Person and shall inure to the benefit of the heirs, executors and
administrators of such a person. Nothing contained herein shall affect any rights to indemnification to which Trust personnel other than Covered Persons may be entitled by contract or otherwise under law. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Expenses of preparation and presentation of a defense to any claim, action, suit or proceeding subject to a claim for indemnification
under this Section&nbsp;4 shall be advanced by the Trust prior to final disposition thereof upon receipt of an undertaking by or on behalf of the recipient to repay such amount if it is ultimately determined that he is not entitled to
indemnification under this Section&nbsp;4, provided that either: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) such undertaking is secured by a surety bond or some
other appropriate security or the Trust shall be insured against losses arising out of any such advances; or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) a majority of
the Disinterested Trustees acting on the matter (provided that a majority of the Disinterested Trustees then in office act on the matter) or independent legal counsel in a written opinion shall determine, based upon a review of the readily available
facts (as opposed to a full trial-type inquiry), that there is reason to believe that the recipient ultimately will be found entitled to indemnification. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">As used in this Section&nbsp;4, a &#147;Disinterested Trustee&#148; is one (x)&nbsp;who is not an Interested Person of the Trust (including anyone, as such Disinterested Trustee, who has been exempted
from being an Interested Person by any rule, regulation or order of the Commission), and (y)&nbsp;against whom none of such actions, suits or other proceedings or another action, suit or other proceeding on the same or similar grounds is then or has
been pending. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As used in this Section&nbsp;4, the words &#147;claim,&#148; &#147;action,&#148; &#147;suit&#148; or
&#147;proceeding&#148; shall apply to all claims, actions, suits, proceedings (civil, criminal, administrative or other, including appeals), actual or threatened; and the words &#147;liability&#148; and &#147;expenses&#148; shall include without
limitation, attorneys&#146; fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
trustees and officers of the Registrant are covered by the Mutual Fund Professional Liability policy in the aggregate amount of $70,000,000 against liability and expenses of claims of wrongful acts arising out of their position with the Registrant
and other Nuveen funds, except for matters that involve willful acts, bad faith, gross negligence and willful disregard of duty (<I>i.e</I>., where the insured did not act in good faith for a purpose he or she reasonably believed to be in the best
interest of the Registrant or where he or she had reasonable cause to believe this conduct was unlawful). The policy has a $1,000,000 deductible for operational failures and $1,000,000 deductible for all other claims. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section [&#149;] of the Form of Underwriting Agreement filed as Exhibit&nbsp;h.2 to this Registration Statement provides for each of the
parties thereto, including the Registrant and the underwriter, to indemnify the others, their trustees, directors, certain of their officers, trustees, directors and persons who control them against certain liabilities in connection with the
offering described herein, including liabilities under the federal securities laws. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Insofar as indemnification for liability
arising under the Securities Act of 1933, as amended, (the &#147;1933 Act&#148;) may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised
that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the 1993 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Part C-5
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;31: Business and Other Connections of Investment Adviser and Sub-Adviser. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Nuveen Fund Advisors manages the Registrant and serves as investment adviser or manager to other open-end and closed-end management investment companies and to separately managed accounts. The principal
business address for all of these investment companies and the persons named below is 333 West Wacker Drive, Chicago, Illinois 60606. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">A description of any other business, profession, vocation or employment of a substantial nature in which the directors and officers of Nuveen Fund Advisors who serve as officers or Trustees of the
Registrant have engaged during the last two years for his or her account or in the capacity of director, officer, employee, partner or trustee appears under &#147;Management&#148; in the Statement of Additional Information. Such information for the
remaining senior officers appears below: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="61%"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000 ; display:table-cell;"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name and Position with Nuveen Fund Advisors</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Other Business, Profession, Vocation or Employment
During&nbsp;Past Two Years</B></FONT></P></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Michelle Beck, Executive Vice President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Executive Vice President (since 2017), formerly, Managing Director of Nuveen Alternative Investments, LLC; Chief Risk Officer and Executive Vice President (since 2017), formerly,
Senior Managing Director, Chief Risk Officer (since 2016) of Teachers Advisors, LLC; Executive Vice President (since 2017) of Nuveen Services, LLC and TIAA-CREF Investment Management, LLC; Chief Risk Officer and Senior Managing Director (since 2016)
of Nuveen Alternatives Advisors LLC; Chief Risk Officer (since 2017) of Nuveen, LLC; Managing Director, Head of Risk Management, Nuveen Investments, Inc. (2010-2017).</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Joseph T. Castro, Senior Managing Director</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Managing Director (since 2017), Head of Compliance (since 2013) of Nuveen, LLC; Senior Managing Director (since&nbsp;2017) of Nuveen Services, LLC.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Anthony E. Ciccarone, Executive Vice President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Executive Vice President (since 2016), formerly, Managing Director (2015-2016) of Nuveen Securities, LLC; Executive Vice President (since 2018) of Nuveen Services, LLC; formerly,
Executive Vice President (2016-2017), of Nuveen Investments, Inc.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Erik Mogavero, Managing Director and Chief Compliance Officer</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Formerly employed by Deutsche Bank (2013- August 2017) as Managing Director, Head of Asset Management and Wealth Management Compliance for the Americas region and Chief Compliance
Officer of Deutsche Investment Management Americas.</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Part C-6
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="61%"></TD></TR>

<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000 ; display:table-cell;"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name and Position with Nuveen Fund Advisors</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Other Business, Profession, Vocation or Employment
During&nbsp;Past Two Years</B></FONT></P></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Austin P. Wachter, Managing Director and Controller</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Managing Director and Controller (since 2017) (formerly, Assistant Treasurer and Assistant Controller) of Nuveen Asset Management, LLC; Controller (since 2017) of Nuveen
Investments, Inc., Nuveen Alternative Investments, LLC, Nuveen Alternatives Advisors LLC, Nuveen Finance, LLC, Nuveen Services, LLC, NWQ Investment Management Company, Nuveen Investments Advisers, LLC, Santa Barbara Asset Management, LLC and Winslow
Capital Management, LLC; Controller (since 2014) of Nuveen, LLC; Controller (since&nbsp;2016) formerly, Vice President and Funds Treasurer (2014-2016) of Teachers Advisors, LLC; Controller (since&nbsp;2016), formerly, Senior Director and Funds
Treasurer&nbsp;(2014-2016)&nbsp;of Teachers Insurance and Annuity Association of America.</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nuveen Asset Management LLC (&#147;NAM&#148;) currently serves as sub-adviser to the Fund and as an
investment adviser or sub-adviser to certain other open-end and closed-end funds and as investment adviser to separately managed accounts. The address for NAM is 333 West Wacker Drive, Chicago, Illinois 60606. See &#147;Investment Adviser,
Sub-Adviser and Portfolio Manager&#148; in Part B of the Registration Statement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Set forth below is a list of each director
and officer of NAM, indicating each business, profession, vocation or employment of a substantial nature in which such person has been, at any time during the past two fiscal years, engaged for his or her own account or in the capacity of director,
officer, partner or trustee. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="61%"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000 ; display:table-cell;"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name and Position with NAM</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Other Business Profession, Vocation or Employment During
Past Two Years</B></FONT></P></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">William T. Huffman, President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">None.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stuart J. Cohen, Managing Director and Head of Legal</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Managing Director and Assistant Secretary (since 2002) of Nuveen Securities, LLC; Managing Director (since 2007) and Assistant Secretary (since 2003) of Nuveen Fund Advisors,
LLC.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Diane S. Meggs, Managing Director and Chief Compliance Officer</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Managing Director and Compliance Manager (since 2011) of Nuveen Fund Advisors, LLC; Managing Director and Chief Compliance Officer (since 2013) of Nuveen Investments Advisers
Inc.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Austin P. Wachter, Managing Director, Treasurer and Controller</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Managing Director and Controller (since 2017) (formerly, Assistant Treasurer and Assistant Controller) of Nuveen Asset Management, LLC; Controller (since 2017) of Nuveen
Investments, Inc., Nuveen Alternative Investments, LLC, Nuveen Alternatives Advisors LLC, Nuveen Finance, LLC, Nuveen Services, LLC, NWQ Investment Management Company, Nuveen Investments Advisers, LLC, Santa Barbara Asset Management, LLC and Winslow
Capital Management, LLC; Controller (since&nbsp;2014) of Nuveen, LLC; Controller (since&nbsp;2016) formerly, Vice President and Funds Treasurer (2014-2016) of Teachers Advisors, LLC; Controller (since 2016), formerly, Senior Director and Funds
Treasurer&nbsp;(2014-2016)&nbsp;of&nbsp;Teachers Insurance and Annuity Association of America.</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;32: Location of Accounts and Records. </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nuveen Fund Advisors, LLC, 333 West Wacker Drive, Chicago, Illinois 60606, maintains the Fund&#146;s Declaration of Trust, By-Laws,
minutes of trustee and shareholder meetings, and contracts of the Registrant and all advisory material of the investment adviser. Nuveen Asset Management, LLC, in its capacity as sub-adviser, may also hold certain accounts and records of the Fund.
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Part C-7
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Computershare Inc., 250 Royall Street, Canton, Massachusetts 02021 maintains all general and
subsidiary ledgers, journals, trial balances, records of all portfolio purchases and sales, and all other required records not maintained by Nuveen Fund Advisors or NAM. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;33: Management Services. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Not applicable. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;34: Undertakings. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">1. The Registrant undertakes to suspend the offering of its shares until the prospectus is amended if: (1)&nbsp;subsequent to the effective date of its registration statement, the net asset value declines
more than ten percent from its net asset value as of the effective date of the registration statement; or (2)&nbsp;the net asset value increases to an amount greater than its net proceeds as stated in the prospectus. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. Not applicable. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">3. Not applicable. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4. The Registrant undertakes: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) to include any prospectus required by Section&nbsp;10(a)(3) of the 1933 Act; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) to reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:13%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(3) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration
statement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) that, for the purpose of determining any liability under the 1933 Act, each such post-effective amendment
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona&nbsp;fide offering thereof; and </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) that, for the purpose of determining liability under the 1933 Act to any purchaser, if the
Registrant is subject to Rule&nbsp;430C: Each prospectus filed pursuant to Rule&nbsp;497(b), (c), (d)&nbsp;or (e)&nbsp;under the 1933 Act as part of a registration statement relating to an offering, other than prospectuses filed in reliance on
Rule&nbsp;430A under the 1933 Act, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. <I>Provided</I>, <I>however</I>, that no statement made in a registration statement or
prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into this registration statement or prospectus that is part of the registration statement will, as to a purchaser with a
time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of
first use. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Part C-8
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) that for the purpose of determining liability of the Registrant under the 1933 Act to
any purchaser in the initial distribution of securities: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The undersigned Registrant undertakes that in a primary offering of
securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the
following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:13%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule&nbsp;497 under the 1933 Act; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) the portion of any advertisement pursuant to Rule&nbsp;482 under the 1933 Act relating to the offering containing material
information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5. The Registrant undertakes that: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) For purposes of determining any liability under the 1933 Act, the information omitted from the form of prospectus filed as part of this Registration Statement in reliance upon Rule&nbsp;430A and
contained in the form of prospectus filed by the Registrant under Rule&nbsp;497(h) under the 1933 Act shall be deemed to be part of this Registration Statement as of the time it was declared effective; and </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) For the purpose of determining any liability under the 1933 Act, each post-effective amendment that contains a form of prospectus
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona&nbsp;fide offering thereof. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6. The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business
days of receipt of a written or oral request, any Statement of Additional Information. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Part C-9
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURES </B></FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in this City of Chicago, and State of Illinois, on the 26th day of October, 2018. </B></FONT></P>  <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/&nbsp;&nbsp;G<SMALL>IFFORD</SMALL> R. Z<SMALL>IMMERMAN</SMALL></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gifford R. Zimmerman,</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice President and Secretary</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by
the following persons in the capacities and on the date indicated. </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="18%"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000 ; display:table-cell;"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Signature</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="border-bottom:1px solid #000000 ; display:table-cell;" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Title</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="border-bottom:1px solid #000000 ; display:table-cell;"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Date</B></FONT></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/&nbsp;&nbsp;S<SMALL>TEPHEN</SMALL> D. F<SMALL>OY</SMALL></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stephen D. Foy</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice President and Controller<BR>(Principal Financial and Accounting Officer)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">October 26,&nbsp;2018</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/&nbsp;&nbsp;C<SMALL>EDRIC</SMALL> H. A<SMALL>NTOSIEWICZ</SMALL></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedric H. Antosiewicz</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chief Administrative Officer<BR>(principal executive officer)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">October 26,&nbsp;2018</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Terence J. Toth*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chairman of the Board and Trustee</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Margo L. Cook*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trustee</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Jack B. Evans*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trustee</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">William C. Hunter*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trustee</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Albin F. Moschner*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trustee</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">John K. Nelson*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trustee</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">William J. Schneider*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trustee</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Judith M. Stockdale*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trustee</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Carole E. Stone*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trustee</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Margaret L. Wolff*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trustee</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Robert L. Young*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trustee</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
</TABLE>  <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="89%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By*:</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/&nbsp;&nbsp;G<SMALL>IFFORD</SMALL> R. Z<SMALL>IMMERMAN</SMALL></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gifford R. Zimmerman,</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-in-Fact</FONT></FONT></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">October 26, 2018</FONT></TD></TR>
</TABLE>  <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The powers of attorney authorizing Gifford R. Zimmerman, among others, to execute this Registration Statement, and Amendments thereto, for the
Trustees of the Registrant on whose behalf this Registration Statement is filed, have been executed and are filed as Exhibits to the Registrant&#146;s Registration Statement of Form N-2 (File No.&nbsp;811-09475) on July&nbsp;12, 2018 and are
incorporated herein by reference. </FONT></P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXHIBIT INDEX </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="91%"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000 ; display:table-cell;" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Exhibit</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000 ; display:table-cell;"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name</B></FONT></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">d.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Share Certificate for MFP Shares </FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">d.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Statement Establishing and Fixing the Rights and Preferences of MuniFund Preferred Shares</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">d.4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Supplement to the Statement Establishing and Fixing the Rights and Preferences of MuniFund Preferred Shares Designating the Variable Rate Remarketed Mode</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">d.5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Supplement to the Statement Establishing and Fixing the Rights and Preferences of MuniFund Preferred Shares Designating the Variable Rate Mode</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">d.6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Supplement to the Statement Establishing and Fixing the Rights and Preferences of MuniFund Preferred Shares Designating the Variable Rate Mode (Adjustable
Rate)</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">h.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Distribution Agreement between Registrant and Nuveen Securities, LLC</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">h.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Underwriting Agreement</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">l.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Opinion of Morgan, Lewis&nbsp;&amp; Bockius LLP.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">n.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consent of KPMG LLP</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">s.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Remarketing Agreement for VRRM-MFP Shares</FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.D.2
<SEQUENCE>2
<FILENAME>d656069dex99d2.htm
<DESCRIPTION>FORM OF SHARE CERTIFICATE FOR MFP SHARES
<TEXT>
<HTML><HEAD>
<TITLE>Form of Share Certificate for MFP Shares</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><I>Exhibit d.2 </I></B></P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">CERTIFICATE</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">NUMBER OF&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">NUMBER</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SHARES <U>[</U><U>&#9679;</U><U>]</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:11pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:13pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">NUVEEN <FONT STYLE="white-space:nowrap">AMT-FREE</FONT> MUNICIPAL CREDIT INCOME FUND </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">Organized Under the Laws of the Commonwealth of Massachusetts </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">Series [&#9679;] MFP Shares </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">$.01
Par Value Per Share </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><U>$[&#9679;]</U> Liquidation Preference Per Share </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">CUSIP NO. [&#9679;] </P> <P STYLE="margin-top:13pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">This
Certifies that <U>CEDE</U><U></U><U>&nbsp;&amp; CO.</U> is the owner of <U>[</U><U>&#9679;</U><U>]</U> fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> shares of Series [&#9679;] MuniFund Preferred Shares (&#147;MFP
Shares&#148;), $.01 par value per share, <U>$[</U><U>&#9679;</U><U>]</U> liquidation preference per share, of Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund (the &#147;Fund&#148;) transferable only on the books
of the Fund by the holder thereof in person or by duly authorized Attorney upon surrender of this Certificate properly endorsed. This Certificate is not valid unless countersigned by the transfer agent and registrar. </P>
<P STYLE="margin-top:13pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">A statement in full, of all the designations, preferences, qualifications, limitations, restrictions and special or relative rights of the
shares of each class or series of the Fund authorized to be issued, will be furnished by the Fund to any shareholder upon request and without charge. The Fund is organized as a Massachusetts business trust. </P>
<P STYLE="margin-top:13pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">The Fund&#146;s Declaration of Trust is on file with the Secretary of the Commonwealth of Massachusetts and this Certificate is executed on
behalf of the Fund by the officers and not individually and the obligations of the Fund hereunder are not binding upon any of the trustees, officers, or shareholders individually but are binding only upon the assets and property of the Fund. </P>
<P STYLE="margin-top:13pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">IN WITNESS WHEREOF, the Fund has caused this Certificate to be signed by its duly authorized officers this [&#9679;] day of [&#9679;],
20[&#9679;] A.D. </P> <P STYLE="font-size:13pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">THE BANK OF NEW YORK MELLON,</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt"><FONT STYLE="white-space:nowrap">NUVEEN&nbsp;AMT-FREE&nbsp;MUNICIPAL&nbsp;CREDIT&nbsp;INCOME&nbsp;FUND</FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">as Transfer Agent and Registrar</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</U></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Signature</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE>
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<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Attest:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">FOR VALUE RECEIVED, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; hereby sell, assign and
transfer unto
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp; MFP Shares represented by the within Certificate, and do hereby irrevocably constitute and appoint &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attorney to
transfer the said MFP Shares on the books of the within named Fund with full power of substitution in the premises. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Dated [&#9679;],
20[&#9679;] </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">In presence of </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:23%">&nbsp;</P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:7%; font-size:9pt; font-family:Times New Roman" ALIGN="justify">MFP Shares
evidenced by this Certificate may be sold, transferred, or otherwise disposed of only pursuant to the provisions of the Fund&#146;s Statement Establishing and Fixing the Rights and Preferences of such MFP Shares, as modified by the Supplement to the
Statement Establishing and Fixing the Rights and Preferences of such MFP Shares Initially Designating the [Variable Rate Remarketed Mode][Variable Rate Mode] (the MFP Shares in the [Variable Rate Remarketed Mode, the
<FONT STYLE="white-space:nowrap">&#147;VRRM-MFP</FONT> Shares&#148;] [Variable Rate Mode, the <FONT STYLE="white-space:nowrap">&#147;VRM-MFP</FONT> Shares&#148;]), copies of which will be furnished by the Fund to any shareholder upon request and
without charge. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:7%; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund will furnish to any shareholder, upon request and without charge, a full statement of the
designations, preferences, limitations and relative rights of the shares of each class or series of the Fund authorized to be issued, so far as they have been determined, and the authority of the Board of Trustees to determine the relative rights
and preferences of subsequent classes or series.&nbsp;&nbsp;&nbsp;&nbsp;Any such request should be addressed to the Secretary of the Fund. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:7%; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(&#147;DTC&#148;), to the Fund or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede&nbsp;&amp; Co. or in such other name as is requested by an authorized representative of DTC
(and any payment is made to Cede&nbsp;&amp; Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR THE VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede&nbsp;&amp; Co., has an interest herein. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:7%; font-size:9pt; font-family:Times New Roman" ALIGN="justify">THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF
SHALL BE DEEMED TO HAVE AGREED THAT, IN CONNECTION WITH ANY TRANSFER OF MFP SHARES, IT IS TRANSFERRING TO THE TRANSFEREE THE RIGHT TO RECEIVE FROM THE FUND ANY DIVIDENDS DECLARED AND UNPAID FOR EACH DAY PRIOR TO THE TRANSFEREE BECOMING THE
BENEFICIAL OWNER OF THE MFP SHARES IN EXCHANGE FOR PAYMENT OF THE PURCHASE PRICE FOR SUCH MFP SHARES BY THE TRANSFEREE. </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.D.3
<SEQUENCE>3
<FILENAME>d656069dex99d3.htm
<DESCRIPTION>FORM OF STATEMENT ESTABLISHING AND FIXING THE RIGHTS AND PREFERENCES
<TEXT>
<HTML><HEAD>
<TITLE>Form of Statement Establishing and Fixing the Rights and Preferences</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><I>Exhibit d.3 </I></B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NUVEEN <FONT STYLE="white-space:nowrap">AMT-FREE</FONT> MUNICIPAL CREDIT INCOME FUND </B></P>
<P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>STATEMENT ESTABLISHING AND FIXING THE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RIGHTS AND PREFERENCES OF SERIES [-] </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MUNIFUND PREFERRED SHARES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(NVG SERIES [-] MFP) </B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>TABLE OF CONTENTS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><U>Page </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="97%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">DESIGNATION OF SERIES [-] MFP</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">DEFINITIONS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of Authorized
Shares; Ranking; Preemptive Rights; Effectiveness</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Cash
Dividends</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
Cumulative from Date of Original Issue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Payment
Dates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Rates
and Calculation of Dividends</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends Paid to
Holders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
Credited Against Earliest Accumulated But Unpaid Dividends</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
Reported as Exempt-Interest Dividends</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Amount
Payments and Taxable Allocations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designation of
Modes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Mode and
Subsequent Modes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designation of
Change in or Extension of Mode</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices in
Respect of Mode Designation or Extension</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designation of
Mode Provisions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modification of
Statement in a Supplement Designating Mode Provisions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting Rights</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Vote Per MFP
Share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting for
Additional Trustees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of MFP
Shares to Vote on Certain Other Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund May Take
Certain Actions Without Shareholder Approval</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting Rights Set
Forth Herein are Sole Voting Rights</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Preemptive
Rights or Cumulative Voting</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sole Remedy for
Fund&#146;s Failure to Pay Dividends</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders Entitled
to Vote</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; font-size:10pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset
Coverage</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; font-size:10pt; font-family:Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rating
Agencies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; font-size:10pt; font-family:Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restrictions on
Dividends and Other Distributions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends on
Preferred Shares Other than the MFP Shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and
Other Distributions With Respect to Common Shares Under the 1940 Act</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
Restrictions on Dividends and Other Distributions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; font-size:10pt; font-family:Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Additional
Preferred Shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; font-size:10pt; font-family:Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optional
Redemption</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mandatory
Redemption</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of
Redemption</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Redemption
Under Certain Circumstances</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">i </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Absence of Funds Available for Redemption</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Tender and Paying Agent as Trustee of Redemption Payments by Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:6.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Deposit with the Tender and Paying Agent; MFP Shares for Which Notice of Redemption Has Been Given Are No Longer Outstanding</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Compliance With Applicable Law</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Only Whole MFP Shares May Be Redeemed</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Modification of Redemption Procedures</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Term Redemption Liquidity Account and Liquidity Requirement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="3"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; font-size:10pt; font-family:Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidation Rights</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Distributions Upon Liquidation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Pro Rata Distributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Rights of Junior Shares</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Certain Events Not Constituting Liquidation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="3"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; font-size:10pt; font-family:Times New Roman">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Amendment of or Supplements to this Statement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">No Fractional Shares</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Status of MFP Shares Redeemed, Exchanged or Otherwise Acquired by the Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Treatment of MFP Shares as Stock</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Board May Resolve Ambiguities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Headings Not Determinative</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="3"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; font-size:10pt; font-family:Times New Roman">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="3"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; font-size:10pt; font-family:Times New Roman">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Certificate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">APPENDIX A: Supplement Initially Designating the [Variable Rate Remarketed Mode] [Variable Rate Mode] for the Series [-]
MuniFund Preferred Shares </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ii </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NUVEEN <FONT STYLE="white-space:nowrap">AMT-FREE</FONT> MUNICIPAL CREDIT INCOME FUND </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>STATEMENT ESTABLISHING AND FIXING THE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RIGHTS AND PREFERENCES OF SERIES [-] </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MUNIFUND PREFERRED SHARES </B></P>
<P STYLE="margin-top:36pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>NUVEEN <FONT STYLE="white-space:nowrap">AMT-FREE</FONT> MUNICIPAL CREDIT INCOME FUND</B>, a Massachusetts business trust
(the &#147;<B>Fund</B>&#148;), hereby certifies that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">FIRST: Pursuant to authority expressly vested in the Board of
Trustees of the Fund by Article IV of the Fund&#146;s Declaration of Trust, the Board of Trustees has, by resolution, authorized the issuance of preferred shares, $.01 par value per share, classified as MuniFund Preferred Shares with a liquidation
preference of $[&#149;] per share in such one or more series as may be authorized and issued from time to time; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">SECOND:&nbsp;&nbsp;The preferences (including liquidation preference), voting powers, restrictions, limitations as to
dividends, qualifications, and terms and conditions of redemption, of the Series [-] MuniFund Preferred Shares designated below are as follows or as set forth in an amendment or supplement hereto. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DESIGNATION OF SERIES [-] MFP </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Series [-]:&nbsp;&nbsp;A series of preferred shares, par value $.01 per share, liquidation preference $[&#149;] per share, is
hereby authorized and designated &#147;<B>Series [-] MuniFund Preferred Shares</B>,&#148; also referred to herein as &#147;<B>Series [-] MFP</B>&#148; or &#147;<B>MFP Shares</B>,&#148; and references to &#147;such series&#148; with respect to the
MFP Shares shall be interpreted as references to &#147;shares of such series,&#148; as the context may require. Each MFP Share shall be issued on a date determined by the Board of Trustees of the Fund or pursuant to their delegated authority; and
have such other preferences, voting powers, limitations as to dividends, qualifications and terms and conditions of redemption, in addition to those required by applicable law or as set forth in the Declaration (as defined below), as set forth in
this Statement (as defined below), as amended or supplemented. The Fund initially shall designate in Appendix A hereto the additional or different terms and conditions to apply to the MFP Shares for a period commencing on the effective date of this
Statement and ending not later than the Term Redemption Date, referred to herein as the &#147;<B>Initial Mode</B>.&#148; In accordance with the terms and conditions set forth in Section&nbsp;4 below and, as applicable, Appendix A or any other
Supplement (as defined below) hereto as then in effect, the Fund, by means of a further Supplement, may establish a new Mode (as defined below) or, if applicable, extend the Initial Mode or any subsequent Mode to a date not later than the Term
Redemption Date, and, if the Initial Mode or any subsequent Mode (in each case, as it may be extended) is designated to end on a date earlier than the Term Redemption Date (including through an optional or accelerated expiration), shall use its
reasonable best efforts, to the extent that it can do so on a commercially reasonable basis, to extend such Mode or establish a new Mode to succeed such Mode then in effect for the MFP Shares. In the Supplement for any Mode or Mode extension, the
Fund may designate different or additional terms and conditions for the MFP Shares, subject to Section&nbsp;4(e) of this Statement and the applicable Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The number of MFP Shares which the Board of Trustees has initially authorized for issuance is [-]. The Board of Trustees may,
from time to time, authorize the issuance of additional MFP Shares in accordance with the terms hereof. The MFP Shares shall constitute a separate series of preferred shares of the Fund and each MFP Share shall be identical. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The following terms shall have the following meanings (with terms defined in the singular having comparable meanings when used
in the plural and vice versa), unless the context otherwise requires: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Additional Amount Payment</B>&#148; has
the meaning if and as set forth in the Supplement for the Mode then in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Agent Member</B>&#148; means a Person
with an account at the Securities Depository that holds one or more MFP Shares through the Securities Depository, directly or indirectly, for a Beneficial Owner and that will be authorized and instructed, directly or indirectly, by a Beneficial
Owner to disclose information to the Remarketing Agent, if any, and the Tender and Paying Agent with respect to such Beneficial Owner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Asset Coverage</B>&#148; means asset
coverage, as defined in Section&nbsp;18(h) of the 1940 Act as of the effective date of this Statement, of at least 200% or such higher percentage as required and specified in the Supplement for the Mode then in effect, but, in any event, not more
than 250%, with respect to all outstanding senior securities of the Fund which are stock, including all Outstanding MFP Shares (or, in each case, if higher, such other asset coverage as may in the future be specified in or under the 1940 Act as the
minimum asset coverage for senior securities which are shares of stock of a <FONT STYLE="white-space:nowrap">closed-end</FONT> investment company as a condition of declaring dividends on its common shares or stock). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Beneficial Owner</B>&#148; means a Person
to the extent such Person is at any time the beneficial owner of MFP Shares, in whose name MFP Shares are recorded as beneficial owner of such MFP Shares by the Securities Depository, an Agent Member or other securities intermediary on the records
of such Securities Depository, Agent Member or securities intermediary, as the case may be, or such Person&#146;s subrogee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Board of Trustees</B>&#148; means the
Board of Trustees of the Fund or any duly authorized committee thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Business Day</B>&#148; means a day
(a)&nbsp;other than a day on which commercial banks in The City of New York, New York are required or authorized by law or executive order to close and (b)&nbsp;on which the New York Stock Exchange is not closed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Code</B>&#148; means the Internal Revenue
Code of 1986, as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Common
Shares</B>&#148; means the common shares of beneficial interest, par value $.01 per share, of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Custodian</B>&#148; means a bank, as
defined in Section&nbsp;2(a)(5) of the 1940 Act, that has the qualifications prescribed in paragraph 1 of Section&nbsp;26(a) of the 1940 Act, or such other entity as shall be providing custodian services to the Fund as permitted by the 1940 Act or
any rule, regulation, or order thereunder, and shall include, as appropriate, any similarly qualified <FONT STYLE="white-space:nowrap">sub-custodian</FONT> duly appointed by the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Date of Original Issue</B>,&#148; with
respect to any MFP Share, means the date on which the Fund initially issued such MFP Share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Declaration</B>&#148; means the
Declaration of Trust of the Fund, as it may be amended from time to time in accordance with the provisions thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Deposit Securities</B>&#148; means, as of
any date, any United States dollar-denominated security or other investment of a type described below that either (i)&nbsp;is a demand obligation payable to the holder thereof on any Business Day or (ii)&nbsp;has a maturity date, mandatory
redemption date or mandatory payment date, on </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
its face or at the option of the holder, preceding the relevant payment date in respect of which such security or other investment has been deposited or set aside as a Deposit Security: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">cash or any cash equivalent; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">any U.S. Government Security; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">any Municipal Security that has a credit rating from at least one NRSRO that is the highest applicable
rating generally ascribed by such NRSRO to Municipal Securities (long-term or short-term as to the applicable type of obligation) as of the date of this Statement (or such rating&#146;s future equivalent), including (A)&nbsp;any such Municipal
Security that has been <FONT STYLE="white-space:nowrap">pre-refunded</FONT> by the issuer thereof with the proceeds of such refunding having been irrevocably deposited in trust or escrow for the repayment thereof and (B)&nbsp;any such fixed or
variable rate Municipal Security that qualifies as an eligible security under Rule <FONT STYLE="white-space:nowrap">2a-7</FONT> under the 1940 Act; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">any investment in any money market fund registered under the 1940 Act that qualifies under Rule <FONT
STYLE="white-space:nowrap">2a-7</FONT> under the 1940 Act, or similar investment vehicle described in Rule <FONT STYLE="white-space:nowrap">12d1-1(b)(2)</FONT> under the 1940 Act, that invests principally in Municipal Securities or U.S. Government
Securities or any combination thereof; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">any letter of credit from a bank or other financial institution that has a credit rating from at least one
NRSRO that is the highest applicable rating generally ascribed by such NRSRO to bank deposits or short-term debt of banks or other financial institutions as of the date of this Statement (or such rating&#146;s future equivalent).
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dividend Payment
Date</B>&#148; has the meaning set forth in paragraph (c)&nbsp;of Section&nbsp;2 of this Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dividend Period</B>&#148; has the meaning
as set forth in the Supplement for the Mode then in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dividend Rate</B>&#148; has the meaning
set forth in paragraph (d)(i) of Section&nbsp;2 of this Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Electronic Means</B>&#148; means email
transmission, facsimile transmission or other similar electronic means of communication providing evidence of transmission (but excluding online communications systems covered by a separate agreement) acceptable to the sending party and the
receiving party, in any case if operative as between the relevant two parties, or, if not operative, by telephone (promptly confirmed by any other method set forth in this definition), which, in the case of notices to the Tender and Paying Agent,
shall be sent by such means as set forth in of the Tender and Paying Agent Agreement or as specified in the related notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Exchange Act</B>&#148; means the U.S.
Securities Exchange Act of 1934, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Fitch</B>&#148; means Fitch Ratings,
Inc., a Delaware corporation, and its successors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Holder</B>&#148; means a Person in whose
name an MFP Share is registered in the registration books of the Fund maintained by the Tender and Paying Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Initial Mode</B>&#148; has the meaning
set forth in &#147;Designation of Series [-] MFP&#148; above. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">3 </P>


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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Investment Adviser</B>&#148; means Nuveen
Fund Advisors, LLC, or any successor company or entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Liquidity Account</B>&#148; has the
meaning set forth in paragraph (k)(i) of Section&nbsp;10 of this Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Liquidation Preference</B>,&#148; with
respect to a given number of MFP Shares, means $[-] times that number. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Liquidity Requirement</B>&#148; has the
meaning set forth in paragraph (k)(ii) of Section&nbsp;10 of this Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Liquidity Account Investments</B>&#148;
means any Deposit Security or any other security or investment owned by the Fund that is rated at least <FONT STYLE="white-space:nowrap">A-</FONT> or the equivalent rating by each NRSRO then rating such security or investment, provided that any such
Deposit Security or other security or investment shall be so rated by at least one NRSRO. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Market Value</B>&#148; of any asset of
the Fund means the market value thereof determined by an independent third-party pricing service designated from time to time by the Board of Trustees. The Market Value of any asset shall include any interest accrued thereon. The pricing service
shall value portfolio securities at the mean between the quoted bid and asked price or the yield equivalent when quotations are readily available. Securities for which quotations are not readily available shall be valued at fair value as determined
by the pricing service using methods which include consideration of: yields or prices of municipal bonds of comparable quality, type of issue, coupon, maturity and rating; indications as to value from dealers; and general market conditions. The
pricing service may employ electronic data processing techniques or a matrix system, or both, to determine valuations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Prospectus</B>&#148; means the
prospectus in respect of the Fund&#146;s offering of MFP Shares, dated [-], 20[-], as amended, revised or supplemented from time to time, including in connection with any remarketing, if applicable, or offering of additional MFP Shares, if
applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Mode</B>&#148; means
the Initial Mode, including any extension thereof, or any subsequent Mode, including any extension thereof, for which terms and conditions of the MFP Shares are designated pursuant to Section&nbsp;4 of this Statement and the Supplement in effect at
the time of designation of such subsequent Mode or any Mode extension and set forth in a further Supplement hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Moody&#146;s</B>&#148; means
Moody&#146;s Investors Service, Inc., a Delaware corporation, and its successors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Municipal Securities</B>&#148; means
municipal securities as described under &#147;The Fund&#146;s Investments &#150; Municipal Securities&#148; in the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>1940 Act</B>&#148; means the U.S.
Investment Company Act of 1940, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Notice of Redemption</B>&#148; has the
meaning specified in paragraph&nbsp;(c) of Section&nbsp;10 of this Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(gg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>NRSRO</B>&#148; means a &#147;nationally
recognized statistical rating organization&#148; within the meaning of Section&nbsp;3(a)(62) of the Exchange Act that is not an &#147;affiliated person&#148; (as defined in Section&nbsp;2(a)(3) of the 1940 Act) of the Fund, including, at the date
hereof, Fitch, Moody&#146;s and S&amp;P. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">4 </P>


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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Optional Redemption Premium,</B>&#148; if any, has
the meaning if and as set forth in the Supplement for the Mode then in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Outstanding</B>&#148; means, as of any
date with respect to Preferred Shares of any series, the number of shares of such series theretofore issued by the Fund except, without duplication, (i)&nbsp;any shares of such series theretofore exchanged, redeemed or cancelled or delivered to the
Tender and Paying Agent (or other relevant tender and paying agent) for cancellation or redemption by the Fund, (ii)&nbsp;any shares of such series with respect to which, in the case of MFP Shares, the Fund has given a Notice of Redemption and
irrevocably deposited with the Tender and Paying Agent sufficient Deposit Securities to redeem such MFP Shares, pursuant to Section&nbsp;10 of this Statement or, in the case of Preferred Shares of any other series, the Fund has taken the equivalent
action under the statement applicable to such shares, (iii)&nbsp;any shares of such series of which the Fund is Beneficial Owner, and (iv)&nbsp;any shares of such series represented by any certificate in lieu of which a new certificate has been
executed and delivered by the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Person</B>&#148; means and includes an
individual, a partnership, a corporation, a limited liability company, a trust, an unincorporated association, a joint venture or other entity or a government or any agency or political subdivision thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Preferred Shares</B>&#148; means the
preferred shares of the Fund, including the MFP Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ll)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Rating Agency</B>&#148; means each
NRSRO, if any, then providing a rating for the MFP Shares pursuant to the request of the Fund, including, at the date hereof, [-]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(mm)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Redemption Date</B>&#148; means the Term Redemption
Date and any redemption dates for optional or mandatory redemption otherwise provided in the Supplement for the Mode then in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(nn)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Redemption Price</B>&#148; means the
applicable redemption price specified in, or in the applicable Supplement for the Mode then in effect for purposes of redemption of MFP Shares pursuant to, paragraph (a)&nbsp;or (b) of Section&nbsp;10 of this Statement and the applicable Supplement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(oo)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Remarketing Agent</B>&#148; means any
entity appointed as such with respect to MFP Shares by a resolution of the Board of Trustees and any additional or successor companies or entities appointed by the Board of Trustees which have entered into a Remarketing Agreement with the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(pp)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Remarketing Agreement</B>&#148; means
the Remarketing Agreement, if any, with respect to the MFP Shares, between the Fund and the Remarketing Agent and any other party thereto, as amended, modified or supplemented from time to time, or any similar agreement with a successor Remarketing
Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(qq)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>S&amp;P</B>&#148; means
S&amp;P Global Ratings, a business unit of Standard&nbsp;&amp; Poor&#146;s Financial Services LLC, and its successors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(rr)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>SEC</B>&#148; means the Securities and
Exchange Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ss)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Securities
Act</B>&#148; means the U.S. Securities Act of 1933, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(tt)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Securities Depository</B>&#148; means
The Depository Trust Company, New York, New York, and any substitute for or successor to such securities depository that shall maintain a book-entry system with respect to the MFP Shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">5 </P>


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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(uu)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Statement</B>&#148; means this statement
establishing and fixing the rights and preferences of Series [-] MuniFund Preferred Shares, as it may be amended or supplemented from time to time in accordance with the provisions hereof, including by any Supplement hereto relating to the Mode then
in effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(vv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Supplement</B>&#148;
means Appendix A to this Statement and any further supplement hereto entered into in accordance with the provisions of this Statement for the purpose of designating or extending a Mode pursuant to Section&nbsp;4 of this Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ww)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Taxable Allocation</B>&#148; has the
meaning specified in the Supplement for the Mode then in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(xx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Tender and Paying
Agent</B>&#148; means The Bank of New York Mellon, or any successor Person, which has entered into an agreement with the Fund to act in such capacity as the Fund&#146;s tender agent, transfer agent, registrar, dividend disbursing agent, paying
agent, redemption price disbursing agent and calculation agent in connection with the payment of regularly scheduled dividends with respect to the MFP Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(yy)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Tender and Paying Agent
Agreement</B>&#148; means the Tender and Paying Agent Agreement with respect to the MFP Shares, dated as of [-], 20[-], between the Fund and the Tender and Paying Agent, as amended, modified or supplemented from time to time, or any similar
agreement with a successor Tender and Paying Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(zz)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Term Redemption
Date</B>&#148; means [-], 20[-]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(aaa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>U.S. Government Securities</B>&#148;
means direct obligations of the United States or of its agencies or instrumentalities that are entitled to the full faith and credit of the United States and that, other than United States Treasury Bills, provide for the periodic payment of interest
and the full payment of principal at maturity or call for redemption. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(bbb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#147;<B>Voting Period</B>&#148; shall have the
meaning specified in paragraph (b)(i) of Section&nbsp;5 of this Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>1.<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of Authorized Shares; Ranking; Preemptive Rights;
Effectiveness. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The initial number of authorized shares
constituting MFP is as set forth above under the title &#147;Designation of Series [-] MFP.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The MFP Shares shall rank on a parity with each other and with shares of
any other series of Preferred Shares as to the payment of dividends by the Fund and as to the distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Holder of MFP Shares shall have, solely by reason of being such a
Holder, any preemptive or other right to acquire, purchase or subscribe for any Preferred Shares, including MFP Shares, or Common Shares or other securities of the Fund which the Fund may hereafter issue or sell. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The effective date of this Statement is [-], 20[-]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B></B>2.<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Cumulative Cash Dividends</B>.&nbsp;&nbsp;&nbsp;&nbsp;The Holders of
MFP Shares shall be entitled to receive, when, as and if declared by the Board of Trustees, out of funds legally available therefor in accordance with the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
Declaration and applicable law, cumulative cash dividends at the Dividend Rate for the MFP Shares determined as set forth in the Supplement for the Mode then in effect, and no more, payable on
the Dividend Payment Dates with respect to the MFP Shares as set forth in the Supplement for the Mode then in effect, as provided in paragraph&nbsp;(c) below. Holders of MFP Shares shall not be entitled to any dividend, whether payable in cash,
property or shares, in excess of full cumulative dividends, as herein provided, on MFP Shares. No interest, or sum of money in lieu of interest, shall be payable in respect of any dividend payment or payments on MFP Shares which may be in arrears,
and no additional sum of money shall be payable in respect of such arrearage. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Dividends Cumulative from Date of Original
Issue.</B>&nbsp;&nbsp;Dividends on the MFP Shares shall be declared daily and accumulate at the applicable Dividend Rate for the MFP Shares from the Date of Original Issue thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Dividend Payment Dates.</B>&nbsp;&nbsp;The dividend payment dates
(each, a &#147;<B>Dividend Payment Date</B>&#148;) with respect to the MFP Shares shall be as provided in the Supplement for the Mode then in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Dividend Rates and Calculation of Dividends.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:14%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Applicable Rates</B>.&nbsp;&nbsp;The dividend rate or
rates (in each case, the &#147;<B>Dividend Rate</B>&#148;) on the MFP Shares shall be as provided in the Supplement for the Mode then in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:14%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Calculation of Dividends</B>.&nbsp;&nbsp;The amount of
dividends per share payable on the MFP Shares on any Dividend Payment Date shall equal the sum of the dividends accumulated but not yet paid for the related Dividend Period or Dividend Periods (or applicable portion thereof). The amount of dividends
accumulated shall be computed as provided in the Supplement for the Mode then in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Dividends Paid to Holders.</B>&nbsp;&nbsp;Dividends on the MFP Shares
shall be paid to the Holders thereof as provided in the Supplement for the Mode then in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Dividends Credited Against Earliest Accumulated But Unpaid
Dividends.</B>&nbsp;&nbsp;Any dividend payment made on MFP Shares that is insufficient to cover the entire amount of dividends payable shall first be credited against the earliest accumulated but unpaid dividends due with respect to such shares.
Dividends in arrears for any past Dividend Period may be declared (to the extent not previously declared as required under paragraph (b)&nbsp;above) and paid at any time, without reference to any regular Dividend Payment Date, to the Holders as
their names appear on the record books of the Fund on such date, not exceeding 15 days preceding the payment date thereof, as may be fixed by the Board of Trustees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Dividends Reported as Exempt-Interest
Dividends.</B>&nbsp;&nbsp;Dividends on MFP Shares shall be reported as exempt-interest dividends up to the amount of <FONT STYLE="white-space:nowrap">tax-exempt</FONT> income of the Fund, to the extent permitted by, and for purposes of,
Section&nbsp;852 of the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Additional
Amount</B><B> Payments</B><B> and Taxable Allocations</B>.&nbsp;&nbsp;Holders of MFP Shares shall be entitled to receive, when, as and if declared by the Board of Trustees, out of funds legally available therefor, dividends in an amount equal to the
aggregate Additional Amount Payments as provided in the Supplement for the Mode then in effect. The Fund shall not be required to make Additional Amount Payments with respect to any net capital gains or ordinary income determined by the Internal
Revenue Service to be allocable in a manner different from the manner used by the Fund. The Fund may make Taxable Allocations as provided in the Supplement for the Mode then in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Designation of </B><B>Modes</B><B>.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Initial Mode and Subsequent Modes.</B>&nbsp;&nbsp;The additional or
different terms and conditions applicable to the MFP Shares in the Initial Mode effective on the effective date of this Statement are as set forth in the Supplement attached as Appendix&nbsp;A hereto. The additional or different terms and conditions
applicable to the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">7 </P>


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MFP Shares in any subsequent Modes or extensions of the Initial Mode or any Subsequent Mode will be set forth in future new or amended Supplements effective on the dates set forth in any such new
or amended Supplements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Designation of Change in or Extension of
Mode.</B>&nbsp;&nbsp;The Fund, at its option, may change the terms of or extend the Mode then in effect or, if applicable, designate a new Mode for the MFP Shares in accordance with the terms and subject to the conditions of this Statement and the
Supplement for the Mode then in effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Notices in Respect of Mode
Designation or Extension.</B>&nbsp;&nbsp;The Fund shall deliver a notice of Mode designation or extension or proposed Mode designation or extension as specified in and otherwise in accordance with the Supplement that designated the Mode being
succeeded or extended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Designation of Mode
Provisions.</B>&nbsp;&nbsp;In connection with any Mode designated or extended pursuant to this Section&nbsp;4, the Fund, subject to compliance with paragraph (e)&nbsp;below, without the vote or consent of any Holder of MFP Shares, may
(i)&nbsp;provide in the Supplement for such Mode for provisions relating solely to such Mode that differ from those provided in this Statement or any other Supplement, including, but not limited to, with respect to optional tender provisions,
mandatory tender provisions, a liquidity facility or other credit enhancement, mandatory purchase provisions, the dividend rate setting provisions (including as to any maximum rate), and, if the dividend may be determined by reference to an index,
formula or other method, the manner in which it will be determined, redemption provisions and modified or new definitions, and (ii)&nbsp;subject to any restrictions on modification specifically set forth in such Supplement for a Mode then in effect,
modify such Supplement then in effect to provide for optional tender provisions, and/or mandatory tender provisions, a liquidity facility or other credit enhancement, and other provisions. Extension of any Mode, and the modification of any
provisions relating to such Mode, shall be subject to any restrictions on extension or modification set forth herein or in the Supplement for such Mode. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Modification of Statement in a Supplement Designating Mode
Provisions.</B>&nbsp;&nbsp;Notwithstanding paragraph (d)&nbsp;above, no Supplement adopted in accordance with paragraph (d)&nbsp;above shall modify the terms of Section&nbsp;1, this Section&nbsp;4(e), Section&nbsp;5, Section&nbsp;8,
Section&nbsp;10(b)(i), Section&nbsp;11 or Section&nbsp;12(a) of this Statement. Furthermore, subject only to the immediately preceding sentence, for purposes of any provision of this Statement that purports to limit the right of the Fund or the
Board of Trustees to take any action with respect to this Statement or the MFP Shares, no terms or conditions adopted for a Mode shall be considered to affect the rights and preferences of the MFP Shares or any Holder or Beneficial Owner thereof as
in effect for any preceding or succeeding Mode. The provisions of this Section&nbsp;4 are subject to the further restriction that no Mode may be designated to end, or extended to end, on a date later than the Term Redemption Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Voting Rights</B><B>.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>One Vote Per MFP Share.</B>&nbsp;&nbsp;Except as otherwise provided in
the Declaration or as otherwise required by law, (i)&nbsp;each Holder of MFP Shares shall be entitled to one vote for each MFP Share held by such Holder on each matter submitted to a vote of shareholders of the Fund, and (ii)&nbsp;the holders of
Outstanding Preferred Shares, including each MFP Share, and of Common Shares shall vote together as a single class; <U>provided</U>, <U>however</U>, that the holders of Outstanding Preferred Shares, including MFP Shares, voting as a class, to the
exclusion of the holders of all other securities and classes of shares of beneficial interest of the Fund, shall be entitled to elect two trustees of the Fund at all times, each Preferred Share, including each MFP Share, entitling the holder thereof
to one vote. Subject to paragraph (b)&nbsp;of this Section&nbsp;5, the holders of outstanding Common Shares and Preferred Shares, including MFP Shares, voting together as a single class, shall elect the balance of the trustees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Voting for Additional Trustees.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Voting Period</B>.&nbsp;&nbsp;During any period in
which any one or more of the conditions described in subparagraphs (A)&nbsp;or (B) of this paragraph (b)(i) shall exist (such period being referred to herein as a &#147;<B>Voting Period</B>&#148;), the number of trustees constituting the Board of
Trustees shall be </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">8 </P>


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automatically increased by the smallest number that, when added to the two trustees elected exclusively by the holders of Preferred Shares, including MFP Shares, would constitute a majority of
the Board of Trustees as so increased by such smallest number; and the holders of Preferred Shares, including MFP Shares, shall be entitled, voting as a class on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">one-vote-per-share</FONT></FONT></FONT> basis (to the exclusion of the holders of all other securities and classes of shares of beneficial interest of the Fund), to elect such smallest number of additional trustees,
together with the two trustees that such holders are in any event entitled to elect. A Voting Period shall commence: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:15%; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if at the close of business on any Dividend Payment Date
accumulated dividends (whether or not earned or declared) on any Outstanding Preferred Shares, including MFP Shares, equal to at least two full years&#146; dividends shall be due and unpaid and sufficient cash or specified securities shall not have
been deposited with the Tender and Paying Agent for the payment of such accumulated dividends; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:15%; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if at any time holders of Preferred Shares are entitled
under the 1940 Act to elect a majority of the trustees of the Fund. A Voting Period shall terminate upon all of the foregoing conditions ceasing to exist. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Upon the termination of a Voting Period, the voting rights described in this paragraph (b)(i) shall cease, subject always,
however, to the revesting of such voting rights in the holders of Preferred Shares upon the further occurrence of any of the events described in this paragraph (b)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Notice of Special Meeting</B>.&nbsp;&nbsp;As soon as
practicable after the accrual of any right of the holders of Preferred Shares to elect additional trustees as described in paragraph (b)(i) of this Section&nbsp;5, the Fund shall call a special meeting of such holders, and the Fund shall mail a
notice of such special meeting to such holders, such meeting to be held not less than 10 nor more than 20 calendar days after the date of mailing of such notice. If a special meeting is not called by the Fund, it may be called by any such holder on
like notice. The record date for determining the holders entitled to notice of and to vote at such special meeting shall be the close of business on the fifth Business Day preceding the day on which such notice is mailed. At any such special meeting
and at each meeting of holders of Preferred Shares held during a Voting Period at which trustees are to be elected, such holders, voting together as a class (to the exclusion of the holders of all other securities and classes of shares of beneficial
interest of the Fund), shall be entitled to elect the number of trustees prescribed in paragraph (b)(i) of this Section&nbsp;5 on a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">one-vote-per-share</FONT></FONT></FONT> basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Terms of Office of Existing Trustees</B>.&nbsp;&nbsp;The terms of
office of all persons who are trustees of the Fund at the time of a special meeting of Holders and holders of other Preferred Shares to elect trustees shall continue, notwithstanding the election at such meeting by the Holders and such other holders
of other Preferred Shares of the number of trustees that they are entitled to elect, and the persons so elected by the Holders and such other holders of other Preferred Shares, together with the two incumbent trustees elected by the Holders and such
other holders of other Preferred Shares and the remaining incumbent trustees elected by the holders of the Common Shares and Preferred Shares, shall constitute the duly elected trustees of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Terms of Office of Certain Trustees to Terminate Upon Termination
of Voting Period</B>.&nbsp;&nbsp;Simultaneously with the termination of a Voting Period, the terms of office of the additional trustees elected by the Holders and holders of other Preferred Shares pursuant to paragraph (b)(i) of this Section&nbsp;5
shall terminate, the remaining trustees shall constitute the trustees of the Fund and the voting rights of the Holders and such other holders to elect additional trustees pursuant to paragraph (b)(i) of this Section&nbsp;5 shall cease, subject to
the provisions of the last sentence of paragraph (b)(i) of this Section&nbsp;5. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Holders of MFP Shares to
Vote on Certain Other Matters.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Certain
Amendments Requiring Approval of MFP Shares</B>.&nbsp;&nbsp;Except as otherwise permitted by the terms of this Statement including, without limitation, Section&nbsp;4 hereof, so long as any MFP Shares are Outstanding, the Fund shall not, without the
affirmative vote or consent of the Holders of at least a majority of the MFP Shares Outstanding at the time, voting together as a separate class, amend, alter or repeal the provisions of the Declaration or this Statement, whether by merger,
consolidation or otherwise, (x)&nbsp;to modify the terms of Section&nbsp;1, Section&nbsp;4(e), Section&nbsp;8, Section&nbsp;10(b)(i), Section&nbsp;11 or Section&nbsp;12(a) of this Statement or (y)&nbsp;so as to materially and adversely affect any
preference, right or power of such MFP Shares or the Holders thereof; <U>provided</U>, <U>however</U>, that (i)&nbsp;a change in the capitalization of the Fund in accordance with Section&nbsp;9 hereof shall not be considered to materially and
adversely affect the rights and preferences of the MFP Shares, (ii)&nbsp;a division of an MFP Share shall be deemed to materially and adversely affect such preferences, rights or powers only if the terms of such division materially and adversely
affect the Holders of the MFP Shares and (iii)&nbsp;a Supplement establishing terms and conditions for a new Mode in accordance with Section&nbsp;4 hereof or a modification of a Supplement then in effect in accordance with the terms of
Section&nbsp;4(d) hereof shall not be considered to materially and adversely affect the rights and preferences of the MFP Shares. For purposes of the foregoing, no other matter shall be deemed to materially and adversely affect any preference, right
or power of an MFP Share or the Holder thereof unless such matter (i)&nbsp;reduces or abolishes any preferential right of such MFP Share or (ii)&nbsp;reduces or abolishes any right in respect of redemption of such MFP Share applicable to the Mode
then in effect (other than solely as a result of a division of an MFP Share or as provided in the Supplement designating such Mode in accordance with Section&nbsp;4 hereof). So long as any MFP Shares are Outstanding, the Fund shall not, without the
affirmative vote or consent of at least 66<SUP STYLE="vertical-align:top">&nbsp;2</SUP>&#8260;<SUB STYLE="vertical-align:bottom">3</SUB>% of the Holders of the MFP Shares Outstanding at the time, voting as a separate class, file a voluntary
application for relief under federal bankruptcy law or any similar application under state law for so long as the Fund is solvent and does not foresee becoming insolvent. Additionally, notwithstanding the foregoing, (1) (x) no extension of the Term
Redemption Date or (y)&nbsp;reduction or repeal of the Liquidation Preference of the MFP Shares that adversely affects the rights of the Holders of the MFP Shares relative to each other or any other shares of the Fund shall be effected without, in
each case, the prior unanimous vote or consent of the Holders of the MFP Shares, and (2)&nbsp;with respect to a Supplement then in effect, no change reducing the amount or extending the timing of any payment due on the MFP Shares or adversely
affecting the taxability of any payments due on the MFP Shares, in each case, other than in accordance with the terms of such Supplement, or to the obligation of the Fund to (x)&nbsp;pay the Redemption Price on any Redemption Date,
(y)&nbsp;accumulate dividends at the Dividend Rate for, or other required distributions on, the MFP Shares, or (z)&nbsp;pay the Optional Redemption Premium, if any, shall be effected without, in each case, the prior unanimous vote or consent of the
Holders of the MFP Shares in the Mode to which such Supplement relates. No vote of the holders of Common Shares shall be required to amend, alter or repeal the provisions of this Statement including any Supplement hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1940 Act Matters</B>.&nbsp;&nbsp;Unless a higher
percentage is provided for in the Declaration, the affirmative vote of the holders of at least a &#147;majority of the Outstanding Preferred Shares,&#148; including MFP Shares Outstanding at the time, voting as a separate class, shall be required to
approve (A)&nbsp;any conversion of the Fund from a <FONT STYLE="white-space:nowrap">closed-end</FONT> to an <FONT STYLE="white-space:nowrap">open-end</FONT> investment company, (B)&nbsp;any plan of reorganization (as such term is used in the 1940
Act) adversely affecting such shares and (C)&nbsp;any other action requiring a vote of security holders of the Fund under Section&nbsp;13(a) of the 1940 Act. For purposes of the foregoing, &#147;majority of the Outstanding Preferred Shares&#148;
means (i) 67% or more of such shares present at a meeting, if the holders of more than 50% of such shares are present or represented by proxy, or (ii)&nbsp;more than 50% of such shares, whichever is less. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Exclusive Right to Vote on Certain
Matters.</B>&nbsp;&nbsp;Except as otherwise required by the 1940 Act, other applicable law or the Declaration, (i)&nbsp;whenever a vote of Holders of MFP Shares is otherwise required by this Statement, Holders of Outstanding MFP Shares will be
entitled as a series, to the exclusion of the holders of all other shares, including other Preferred Shares, Common Shares and other </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">10 </P>


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classes of shares of beneficial interest of the Fund, to vote on matters affecting MFP Shares only and (ii)&nbsp;Holders of Outstanding MFP Shares will not be entitled to vote on matters
affecting any other Preferred Shares that do not adversely affect any of the rights of Holders of MFP Shares, as expressly set forth in the Declaration and this Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Fund May Take Certain Actions Without Shareholder
Approval.</B>&nbsp;&nbsp;Notwithstanding the foregoing, nothing in this Section&nbsp;5 is intended in any way to limit the ability of the Board of Trustees to amend or alter other provisions of this Statement or any Supplement, without the vote,
approval or consent of any Holder of MFP Shares, or any other shareholder of the Fund, as otherwise provided in this Statement or any such Supplement; <U>provided</U>, that nothing in this Statement or any Supplement shall be deemed to preclude or
limit the right of the Fund (to the extent permitted by applicable law) to contractually agree with any Holder or Beneficial Owner of MFP Shares with regard to any special rights of such Holder or Beneficial Owner with respect to its investment in
the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Voting Rights Set Forth Herein are Sole Voting
Rights.</B>&nbsp;&nbsp;Unless otherwise required by law, the Holders of MFP Shares shall not have any voting rights, relative rights or preferences or other special rights other than those specifically set forth herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No Preemptive Rights or Cumulative Voting.</B>&nbsp;&nbsp;The Holders
of MFP Shares shall have no preemptive rights or rights to cumulative voting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Sole Remedy for Fund&#146;s Failure to Pay Dividends.</B>&nbsp;&nbsp;In
the event that the Fund fails to pay any dividends on the MFP Shares, the sole remedy of the Holders under this Statement, without limitation of any rights to payment of such dividends or other rights under the Declaration, this Statement (including
any Supplement hereto) and applicable law, shall be the right to vote for trustees pursuant to the provisions of this Section&nbsp;5. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Holders Entitled to Vote.</B>&nbsp;&nbsp;For purposes of determining
any rights of the Holders to vote on any matter, whether such right is created by this Statement, by the other provisions of the Declaration, by statute or otherwise, no Holder shall be entitled to vote any MFP Share and no MFP Share shall be deemed
to be &#147;outstanding&#148; for the purpose of voting or determining the number of shares required to constitute a quorum if, prior to or concurrently with the time of determination of shares entitled to vote or shares deemed outstanding for
quorum purposes, as the case may be, the requisite Notice of Redemption with respect to such shares shall have been provided as set forth in paragraph (c)&nbsp;of Section&nbsp;10 of this Statement and Deposit Securities with a Market Value at least
equal to the Redemption Price for the redemption of such shares shall have been deposited in trust with the Tender and Paying Agent for that purpose. MFP Shares owned (legally or beneficially) or controlled by the Fund shall not have any voting
rights or be deemed to be outstanding for voting or for calculating the voting percentage required on any other matter or other purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Asset Coverage</B><B>.&nbsp;&nbsp;</B>The Fund shall maintain minimum
Asset Coverage as provided in the Supplement applicable to the Mode then in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Rating Agencies</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is not required to maintain any particular short-term or
long-term ratings for the MFP Shares, and the Fund, without the vote, approval or consent of any holder of Preferred Shares, including the MFP Shares, or any other shareholder of the Fund, may from time to time adopt, amend, alter or repeal any or
all of the definitions contained herein, add covenants and other obligations of the Fund, or confirm the applicability of covenants and other obligations set forth herein, in connection with obtaining, maintaining or changing the rating of any
Rating Agency which is then rating the MFP Shares, and any such adoption, amendment, alteration or repeal will not be deemed to affect the preferences, rights or powers of MFP Shares or the Holders thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may, at any time,
replace a Rating Agency or terminate the services of any Rating Agencies then providing a rating for the MFP Shares without replacement, in either case, without the vote, approval or consent of Holders of MFP Shares or other shareholders of the
Fund. In the event a Rating Agency ceases to furnish a rating for the MFP Shares or the Fund terminates the services of a Rating Agency then providing a rating for the MFP Shares, such rating, to the extent it would have been taken into account in
any of the provisions of the MFP Shares included in this Statement, will be disregarded, and only the ratings of the then-designated Rating Agency or Agencies, if any, will be taken into account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Restrictions on Dividends and Other Distributions</B><B>.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Dividends on Preferred Shares Other than the MFP
Shares.</B>&nbsp;&nbsp;Except as set forth in the next sentence, no dividends and other distributions shall be declared or paid or set apart for payment on the shares of any class or series of shares of beneficial interest of the Fund ranking, as to
the payment of dividends, on a parity with the MFP Shares for any period unless full cumulative dividends and other distributions have been or contemporaneously are declared and paid on the shares of each series of Preferred Shares through its most
recent dividend payment date. When dividends and other distributions due are not paid in full upon the shares of each series of Preferred Shares through its most recent dividend payment date or upon the shares of any other class or series of shares
of beneficial interest of the Fund ranking on a parity as to the payment of dividends with the MFP Shares through their most recent respective dividend payment dates, all dividends declared and paid upon the MFP Shares and any other such class or
series of shares of beneficial interest ranking on a parity as to the payment of dividends with the MFP Shares shall be declared and paid pro rata so that the amount of dividends declared and paid per share on the MFP Shares and such other class or
series of shares of beneficial interest shall in all cases bear to each other the same ratio that accumulated dividends per share on the MFP Shares and such other class or series of shares of beneficial interest bear to each other (for purposes of
this sentence, the amount of dividends declared and paid per MFP Share shall be based on the Dividend Rate for such share for the Dividend Periods during which dividends were not paid in full). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Dividends and Other Distributions With Respect to Common Shares Under
the 1940 Act.</B>&nbsp;&nbsp;The Board of Trustees shall not declare or pay any dividend or distribution (except a dividend payable in Common Shares) upon the Common Shares, or purchase or redeem or otherwise acquire for consideration any Common
Shares or pay any proceeds of the liquidation of the Fund in respect of any Common Shares, unless in every such case the Preferred Shares have, at the time of any such declaration or purchase, an asset coverage (as defined in and determined pursuant
to the 1940 Act) of at least 200% (or such other asset coverage as may in the future be specified in or under the 1940 Act as the minimum asset coverage for senior securities which are shares or stock of a
<FONT STYLE="white-space:nowrap">closed-end</FONT> investment company as a condition of declaring dividends on its common shares or stock) after deducting the amount of such dividend, distribution or redemption or purchase price, as the case may be.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Other Restrictions on Dividends and Other
Distributions.</B>&nbsp;&nbsp;For so long as any MFP Share is Outstanding, and except as set forth in paragraph (a)&nbsp;of this Section&nbsp;8 and paragraph (b)&nbsp;of Section&nbsp;11 hereof, the Fund shall not declare, pay or set apart for
payment any dividend or other distribution (other than a dividend or distribution paid in shares of, or in options, warrants or rights to subscribe for or purchase, Common Shares or other shares, if any, ranking junior to the MFP Shares as to the
payment of dividends and the distribution of assets upon dissolution, liquidation or winding up) in respect of the Common Shares or any other shares of the Fund ranking junior to or on a parity with the MFP Shares as to the payment of dividends or
the distribution of assets upon dissolution, liquidation or winding up, or call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares or any other such junior shares (except by conversion into or exchange for
shares of the Fund ranking junior to the MFP Shares as to the payment of dividends and the distribution of assets upon dissolution, liquidation or winding up), or any such parity shares (except by conversion into or exchange for shares of the Fund
ranking junior to or on a parity with the MFP Shares as to the payment of dividends and the distribution of assets upon dissolution, liquidation or winding up), unless (i)&nbsp;full cumulative dividends on the MFP Shares through the most recently
ended Dividend Period therefor shall have been paid or shall have been declared and sufficient funds for the payment thereof deposited with the Tender and Paying Agent and (ii)&nbsp;the Fund has redeemed
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">12 </P>


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the full number of MFP Shares required to be redeemed by any provision for mandatory redemption pertaining thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Issuance of Additional Preferred Shares</B>.&nbsp;&nbsp;So long as any
MFP Shares are Outstanding, the Fund may, without the vote or consent of the Holders thereof, authorize, establish and create and issue and sell shares of one or more series of a class of Preferred Shares ranking on a parity with MFP Shares as to
the payment of dividends and the distribution of assets upon dissolution, liquidation or the winding up of the affairs of the Fund, in addition to then Outstanding MFP Shares, and authorize, issue and sell additional shares of any such series of
Preferred Shares then Outstanding or so established and created, including additional MFP Shares, in each case in accordance with applicable law, provided that the Fund shall, immediately after giving effect to the issuance of such Preferred Shares
and to its receipt and application of the proceeds thereof, including to the redemption of Preferred Shares with such proceeds, have at least the Asset Coverage (calculated in the same manner as is contemplated by the Supplement for the Mode then in
effect) specified in the Supplement for the Mode then in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Redemption</B><B>.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Optional Redemption</B>.&nbsp;&nbsp;The MFP Shares may be redeemed, at
the option of the Fund, on such terms and conditions as are set forth in the Supplement applicable to the Mode then in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Mandatory Redemption</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund shall redeem all Outstanding MFP Shares on the
Term Redemption Date, at a redemption price equal to $[&#149;] per share <I>plus</I> accumulated but unpaid dividends thereon (whether or not earned or declared) to, but excluding, such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The MFP Shares otherwise shall be subject to mandatory
redemption by the Fund on such terms and conditions as are set forth in the Supplement applicable to the Mode then in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Notice of Redemption</B>.&nbsp;&nbsp;The Fund will send a notice of
redemption (a &#147;<B>Notice of Redemption</B>&#148;) in accordance with the provisions set forth in the Supplement applicable to the Mode then in effect. The Fund may provide in any Notice of Redemption relating to an optional redemption
contemplated to be effected pursuant to this Statement that such redemption is subject to one or more conditions precedent not otherwise expressly stated herein and that the Fund shall not be required to effect such redemption unless each such
condition has been satisfied at the time or times and in the manner specified in such Notice of Redemption. No defect in the Notice of Redemption or delivery thereof shall affect the validity of redemption proceedings, except as required by
applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No Redemption Under Certain
Circumstances.</B>&nbsp;&nbsp;Notwithstanding the other provisions of this Section&nbsp;10, except as otherwise required by law, the Fund shall not redeem any MFP Shares or other series of Preferred Shares unless all accumulated and unpaid dividends
and other distributions on all Outstanding MFP Shares and shares of other series of Preferred Shares for all applicable past Dividend Periods (or the equivalent for other series of Preferred Shares) (whether or not earned or declared by the
Fund)&nbsp;(x) shall have been or are contemporaneously paid or (y)&nbsp;shall have been or are contemporaneously declared and Deposit Securities or sufficient funds (in accordance with the terms of such Preferred Shares for the payment of such
dividends and other distributions) shall have been or are contemporaneously deposited with the Tender and Paying Agent or other applicable paying agent for such Preferred Shares in accordance with the terms of such Preferred Shares, provided,
however, that the foregoing shall not prevent the purchase or acquisition of Outstanding MFP Shares pursuant to an otherwise lawful purchase or exchange offer made on the same terms to Holders of all Outstanding MFP Shares and any other series of
Preferred Shares for which all accumulated and unpaid dividends and other distributions have not been paid. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Absence of Funds Available for Redemption.</B>&nbsp;&nbsp;To the extent
that any redemption for which a Notice of Redemption has been provided is not made by reason of the absence of legally available funds </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">13 </P>


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therefor in accordance with the Declaration and applicable law, such redemption shall be made as soon as practicable to the extent such funds become available. A failure to redeem MFP Shares
shall be deemed to exist at any time after the date specified for redemption in a Notice of Redemption when the Fund shall have failed, for any reason whatsoever, to deposit in trust with the Tender and Paying Agent the Redemption Price with respect
to any shares for which such Notice of Redemption has been sent; <U>provided</U>, <U>however</U>, that the foregoing shall not apply in the case of the Fund&#146;s failure to deposit in trust with the Tender and Paying Agent the Redemption Price
with respect to any shares where (i)&nbsp;the Notice of Redemption relating to such redemption provided that such redemption was subject to one or more conditions precedent and (ii)&nbsp;any such condition precedent shall not have been satisfied at
the time or times and in the manner specified in such Notice of Redemption. Notwithstanding the fact that the Fund may not have redeemed MFP Shares for which a Notice of Redemption has been provided, dividends shall be declared and paid on MFP
Shares in accordance with and subject to the conditions of this Statement and shall be included in the Redemption Price in respect of those MFP Shares for which a Notice of Redemption has been provided. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Tender and Paying Agent as Trustee of Redemption Payments by
Fund.</B>&nbsp;&nbsp;All moneys paid to the Tender and Paying Agent for payment of the Redemption Price of MFP Shares called for redemption shall be held in trust by the Tender and Paying Agent for the benefit of Holders of shares so to be redeemed
or returned to the Fund in accordance with paragraph (g)&nbsp;below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Deposit with the Tender and Paying Agent; MFP Shares for Which Notice
of Redemption Has Been Given Are No Longer Outstanding.</B>&nbsp;&nbsp;Provided a Notice of Redemption has been given pursuant to paragraph (c)&nbsp;of this Section&nbsp;10 in accordance with the Supplement for the Mode then in effect, the Fund
shall irrevocably deposit with the Tender and Paying Agent in accordance with the Supplement for the Mode then in effect an aggregate amount of Deposit Securities with a Market Value at least equal to the Redemption Price to be paid on the
Redemption Date for the MFP Shares that are subject to such notice. Provided a Notice of Redemption has been given pursuant to paragraph (c)&nbsp;of this Section&nbsp;10, upon the deposit with the Tender and Paying Agent of Deposit Securities with a
Market Value at least equal to the Redemption Price to be paid on the Redemption Date for the MFP Shares that are the subject of such notice, dividends on such shares shall cease to accumulate, except as included in the Redemption Price, and such
shares shall no longer be deemed to be Outstanding, for any purpose, and all rights of the Holders of the shares so called for redemption shall cease and terminate, except the right of such Holders to receive the Redemption Price, but without any
interest or other additional amount, except as provided in the Supplement for the Mode then in effect. Upon surrender in accordance with the Notice of Redemption of the certificates for any shares so redeemed (properly endorsed or assigned for
transfer, if the Board of Trustees shall so require and the Notice of Redemption shall so state), the Redemption Price shall be paid by the Tender and Paying Agent to the Holders of MFP Shares subject to redemption. In the case that fewer than all
of the MFP Shares represented by any such certificate are redeemed, a new certificate shall be issued, representing the unredeemed shares, without cost to the Holder thereof. The Fund shall be entitled to receive from the Tender and Paying Agent,
promptly after the date fixed for redemption, any Deposit Securities deposited with the Tender and Paying Agent in excess of (i)&nbsp;the aggregate Redemption Price of the MFP Shares called for redemption on such date and (ii)&nbsp;all other amounts
to which Holders of MFP Shares called for redemption may be entitled. Any funds so deposited that are unclaimed at the end of 90 days from such Redemption Date shall, to the extent permitted by law, be repaid to the Fund, after which time the
Holders of MFP Shares so called for redemption may look only to the Fund for payment of the Redemption Price and all other amounts to which they may be entitled. The Fund shall be entitled to receive, from time to time after the date fixed for
redemption, any interest on the funds so deposited. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Compliance
With Applicable Law.</B>&nbsp;&nbsp;In effecting any redemption pursuant to this Section&nbsp;10, the Fund shall use its best efforts to comply with all applicable conditions precedent to effecting such redemption under the 1940 Act and any
applicable Massachusetts law, but shall effect no redemption except in accordance with the 1940 Act and any applicable Massachusetts law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Only Whole MFP Shares May Be Redeemed.&nbsp;&nbsp;</B>In the case of
any redemption pursuant to this Section&nbsp;10, only whole MFP Shares shall be redeemed, and in the event that any provision of the Declaration </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">14 </P>


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would require redemption of a fractional share, the Tender and Paying Agent shall be authorized to round up so that only whole shares are redeemed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Modification of Redemption Procedures.</B>&nbsp;&nbsp;Notwithstanding
the foregoing provisions of this Section&nbsp;10, the Fund may, in its sole discretion, modify the procedures set forth above and in the Supplement with respect to notification of redemption for the MFP Shares; <U>provided</U>, that such
modification does not materially and adversely affect the Holders of the MFP Shares or cause the Fund to violate any law, rule or regulation; and provided further that no such modification shall in any way alter the obligations of the Tender and
Paying Agent without its prior written consent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Term Redemption
Liquidity Account and Liquidity Requirement</B>.&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;At least six months prior to the Term Redemption Date, the Fund shall cause the Custodian to earmark, by means of appropriate identification on its
books and records or otherwise in accordance with the Custodian&#146;s normal procedures, from the other assets of the Fund (a &#147;<B>Liquidity Account</B>&#148;) Liquidity Account Investments with a Market Value equal to at least 110% of the
Liquidation Preference of the Outstanding MFP Shares. If, during the <FONT STYLE="white-space:nowrap">six-month</FONT> period, the aggregate Market Value of the Liquidity Account Investments included in the Liquidity Account as of the close of
business on any Business Day is less than 110% of the Liquidation Preference of the Outstanding MFP Shares, then the Fund shall cause the Custodian and the Investment Adviser to take all such necessary actions, including earmarking additional assets
of the Fund as Liquidity Account Investments, so that the aggregate Market Value of the Liquidity Account Investments included in the Liquidity Account is at least equal to 110% of the Liquidation Preference of the Outstanding MFP Shares not later
than the close of business on the next succeeding Business Day. With respect to assets of the Fund earmarked as Liquidity Account Investments, the Investment Adviser, on behalf of the Fund, shall be entitled to instruct the Custodian on any date to
release any Liquidity Account Investments from such earmarking and to substitute therefor other Liquidity Account Investments, so long as (x)&nbsp;the assets of the Fund earmarked as Liquidity Account Investments at the close of business on such
date have a Market Value at least equal to 110% of the Liquidation Preference of the Outstanding MFP Shares and (y)&nbsp;the assets of the Fund designated and earmarked as Deposit Securities at the close of business on such date have a Market Value
at least equal to the Liquidity Requirement (if any) determined in accordance with paragraph&nbsp;(ii) below with respect to the Outstanding MFP Shares for such date. The Fund shall cause the Custodian not to permit, and the Fund shall otherwise not
permit, any lien, security interest or encumbrance to be created or permitted to exist on or in respect of any Liquidity Account Investments included in the Liquidity Account, other than liens, security interests or encumbrances arising by operation
of law and any lien of the Custodian with respect to the payment of its fees or repayment for its advances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Market Value of the Deposit Securities held in the
Liquidity Account, from and after the day (or, if such day is not a Business Day, the next succeeding Business Day) preceding the Term Redemption Date specified in the table set forth below, shall not be less than the percentage of the Liquidation
Preference for the Outstanding MFP Shares set forth below opposite such day (the &#147;<B>Liquidity Requirement</B>&#148;), but in all cases subject to the cure provisions of subsection (iii)&nbsp;below: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center">Number of Days<BR>Preceding the<BR>Term Redemption Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Market Value of Deposit Securities<BR>as Percentage of Liquidation Preference</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]%</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the aggregate Market
Value of the Deposit Securities included in the Liquidity Account as of the close of business on any Business Day is less than the Liquidity Requirement in respect of the Outstanding MFP Shares for such Business Day, then the Fund shall cause the
earmarking of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">15 </P>


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additional or substitute Deposit Securities in respect of the Liquidity Account, so that the aggregate Market Value of the Deposit Securities included in the Liquidity Account is at least equal
to the Liquidity Requirement for the Outstanding MFP Shares not later than the close of business on the next succeeding Business Day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Deposit Securities included in the Liquidity Account
may be applied by the Fund, in its discretion, towards payment of the Redemption Price for the Outstanding MFP Shares. Upon the deposit by the Fund with the Tender and Paying Agent of Deposit Securities having an initial combined Market Value
sufficient to effect the redemption of the Outstanding MFP Shares on the Term Redemption Date for the Outstanding MFP Shares, the requirement of the Fund to maintain a Liquidity Account for the Outstanding MFP Shares as contemplated by this
Section&nbsp;10(k) shall lapse and be of no further force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Liquidation Rights</B><B>.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Distributions Upon Liquidation.</B>&nbsp;&nbsp;Upon the dissolution,
liquidation or winding up of the affairs of the Fund, whether voluntary or involuntary, the Holders of MFP Shares then Outstanding shall be entitled to receive and to be paid out of the assets of the Fund available for distribution to its
shareholders, before any payment or distribution shall be made on the Common Shares or on any other class of shares of the Fund ranking junior to the MFP Shares upon dissolution, liquidation or winding up, an amount equal to the Liquidation
Preference with respect to such shares <I>plus</I> an amount equal to all dividends thereon (whether or not earned or declared) accumulated but unpaid to (but not including) the date of final distribution in same day funds, together with any
payments required to be made pursuant to Section&nbsp;3 of this Statement in connection with the liquidation of the Fund. After the payment to the Holders of the MFP Shares of the full preferential amounts provided for in this paragraph (a), the
Holders of MFP Shares as such shall have no right or claim to any of the remaining assets of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Pro Rata Distributions.</B>&nbsp;&nbsp;In the event the assets of the
Fund available for distribution to the Holders of MFP Shares upon any dissolution, liquidation or winding up of the affairs of the Fund, whether voluntary or involuntary, shall be insufficient to pay in full all amounts to which such Holders are
entitled pursuant to paragraph (a)&nbsp;of this Section&nbsp;11, no such distribution shall be made on account of MFP or any shares of any other class or series of Preferred Shares ranking on a parity with the MFP Shares with respect to the
distribution of assets upon such dissolution, liquidation or winding up unless proportionate distributive amounts shall be paid on account of the MFP Shares, ratably, in proportion to the full distributable amounts for which holders of MFP Shares
and all such parity shares are respectively entitled upon such dissolution, liquidation or winding up. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Rights of Junior Shares.</B>&nbsp;&nbsp;Subject to the rights of the
holders of shares of any other series or class or classes of shares ranking on a parity with the MFP Shares with respect to the distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund, after payment shall have
been made in full to the Holders of the MFP Shares as provided in paragraph (a)&nbsp;of this Section&nbsp;11, but not prior thereto, any other series or class or classes of shares ranking junior to the MFP Shares with respect to the distribution of
assets upon dissolution, liquidation or winding up of the affairs of the Fund shall, subject to the respective terms and provisions (if any) applying thereto, be entitled to receive any and all assets remaining to be paid or distributed, and the
Holders of the MFP Shares shall not be entitled to share therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Certain Events Not Constituting Liquidation.</B>&nbsp;&nbsp;Neither the
sale of all or substantially all the property or business of the Fund, nor the merger, consolidation or reorganization of the Fund into or with any business or statutory trust, corporation or other entity nor the merger, consolidation or
reorganization of any business or statutory trust, corporation or other entity into or with the Fund shall be a dissolution, liquidation or winding up, whether voluntary or involuntary, for the purposes of this Section&nbsp;11. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">16 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Miscellaneous</B><B>.</B>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Amendment of or Supplements to this
Statement.</B>&nbsp;&nbsp;Subject to Section&nbsp;5 hereof, in addition to adopting a Supplement or Supplements in accordance with Section&nbsp;4 hereof, the Board of Trustees may, by resolution duly adopted, without shareholder approval (except as
otherwise required by applicable law or any applicable Supplement), amend or supplement this Statement including any Supplement hereto, to (1)&nbsp;provide for the issuance of additional MFP Shares (and terms relating thereto), each such additional
MFP Share to be governed by the terms of this Statement as so amended or supplemented, or (2)&nbsp;reflect any amendments or supplements to this Statement including amendments to any Supplement hereto made in accordance with Section&nbsp;5(c)(i)
hereto. Furthermore, subject only to the immediately preceding sentence, for purposes of any provision of this Statement that purports to limit the right of the Fund or the Board of Trustees to take any action with respect to this Statement or the
MFP Shares, no amendment or supplement to a Supplement adopted for a Mode shall be considered to affect the rights and preferences of the MFP Shares or any Holder or Beneficial Owner thereof as in effect for any preceding or succeeding Mode. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No Fractional Shares.</B>&nbsp;&nbsp;No fractional MFP Shares shall be
issued. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Status of MFP Shares Redeemed, Exchanged or Otherwise
Acquired by the Fund.</B>&nbsp;&nbsp;MFP Shares which are redeemed, exchanged or otherwise acquired by the Fund shall return to the status of authorized and unissued Preferred Shares without designation as to series; <U>provided</U>, <U>however</U>,
that any MFP Shares which are provisionally delivered by the Fund to or for the account of an agent of the Fund or to or for the account of a purchaser of such MFP Shares, but for which final payment is not received by the Fund, shall return to the
status of authorized and unissued MFP Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Treatment of MFP
Shares as Stock.</B>&nbsp;&nbsp;Each Holder and Beneficial Owner, by virtue of acquiring MFP Shares or any beneficial interest therein, is deemed to have agreed, for U.S. federal income tax purposes, to treat the MFP Shares as stock in the Fund.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Board May Resolve Ambiguities.</B>&nbsp;&nbsp;To the extent
permitted by applicable law, without shareholder approval, the Board of Trustees may interpret or adjust the provisions of this Statement to resolve any inconsistency or ambiguity or to remedy any formal defect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Headings Not Determinative.</B>&nbsp;&nbsp;The headings contained in
this Statement are for convenience of reference only and shall not affect the meaning or interpretation of this Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Notices.</B>&nbsp;&nbsp;All notices or communications, unless otherwise
specified in the <FONT STYLE="white-space:nowrap">by-laws</FONT> of the Fund or this Statement, shall be sufficiently given if in writing and delivered in person, by Electronic Means or mailed by first-class mail, postage prepaid. Any notice given
to Holders or Beneficial Owners in accordance with the terms hereof or the applicable Supplement will be conclusively presumed to have been duly given, whether or not the Holders or Beneficial Owners receive such notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Transfers</B><B>.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Unless otherwise permitted by the Fund, a Beneficial Owner or Holder may sell, transfer or otherwise dispose of MFP Shares
only in whole shares and only as permitted by the terms of the Supplement for the Mode then in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Global Certificate</B><B>.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">So long as any MFP Share shall be represented by one or more global certificates registered in the name of the Securities
Depository or its nominee, no registration of transfer of such MFP Share shall be made on the books of the Fund to any Person other than the Securities Depository or its nominee. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">17 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund,
having duly adopted this Statement, has caused these presents to be signed as of [-], 20[-], in its name and on its behalf by its Chief Administrative Officer and attested by its Vice President and Assistant Secretary. The Declaration is on file
with the Secretary of the Commonwealth of Massachusetts, and such officers of the Fund have executed this Statement as officers and not individually, and the obligations of the Fund set forth in this Statement are not binding upon any such officers,
or the trustees of the Fund or shareholders of the Fund, individually, but are binding only upon the assets and property of the Fund. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="90%"></TD></TR>


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<TD VALIGN="top" COLSPAN="3"><B>NUVEEN <FONT STYLE="white-space:nowrap">AMT-FREE</FONT> MUNICIPAL CREDIT INCOME FUND</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Name:</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Title:</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">ATTEST: </P> <P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:47%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Name: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Title:&nbsp;&nbsp;&nbsp;&nbsp; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to
Statement (NVG Series [-] MFP) </I></P>

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<DOCUMENT>
<TYPE>EX-99.D.4
<SEQUENCE>4
<FILENAME>d656069dex99d4.htm
<DESCRIPTION>FORM OF SUPPLEMENT TO THE STATEMENT ESTABLISHING AND FIXING THE RIGHTS
<TEXT>
<HTML><HEAD>
<TITLE>Form of Supplement to the Statement Establishing and Fixing the Rights</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><I>Exhibit d.4 </I></B></P>
<P STYLE="margin-top:130pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NUVEEN <FONT STYLE="white-space:nowrap">AMT-FREE</FONT> MUNICIPAL CREDIT INCOME FUND </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUPPLEMENT TO THE STATEMENT ESTABLISHING AND FIXING THE RIGHTS AND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PREFERENCES OF SERIES [</B>&#9679;<B></B><B>] MUNIFUND PREFERRED SHARES INITIALLY DESIGNATING THE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>VARIABLE RATE REMARKETED MODE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FOR THE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SERIES
[</B>&#9679;<B></B><B>] MUNIFUND PREFERRED SHARES </B></P> <P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(NVG SERIES [</B>&#9679;<B></B><B>] MFP) </B></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE I DEFINITIONS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Definitions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Interpretation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE II TERMS APPLICABLE TO THE [INITIAL] MODE FOR SERIES [&#9679;]</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">VARIABLE RATE MUNIFUND PREFERRED SHARES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Dividends and Distributions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Remarketing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Coverage&nbsp;&amp; Leverage Tests</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Redemption</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Rating Agencies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.6</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Issuance of Additional Preferred Shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.7</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Distributions with respect to Taxable Allocations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.8</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Failed Remarketing Mandatory Redemption Liquidity Account and Liquidity Requirement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.9</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Termination</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.10&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Actions on Other than Business Days</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Modification</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE III TRANSITION TO NEW MODE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Election and Notice of Mode Change</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Transition to New Mode</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Failed Transition</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">i </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NUVEEN <FONT STYLE="white-space:nowrap">AMT-FREE</FONT> MUNICIPAL CREDIT INCOME FUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUPPLEMENT TO THE STATEMENT ESTABLISHING AND FIXING THE RIGHTS AND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PREFERENCES OF SERIES [</B>&#9679;<B></B><B>] MUNIFUND PREFERRED SHARES [INITIALLY] DESIGNATING THE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>VARIABLE RATE REMARKETED MODE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FOR THE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SERIES
[</B>&#9679;<B></B><B>] MUNIFUND PREFERRED SHARES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This Supplement to the Statement Establishing and Fixing the Rights
and Preferences of Series [&#9679;] MuniFund Preferred Shares [Initially] Designating the Variable Rate Remarketed Mode for the Series [&#9679;] MuniFund Preferred Shares (the &#147;<B>Supplement</B>&#148;) designates the [Initial] Mode (as defined
below) as a Variable Rate Remarketed Mode for the Series [&#9679;] MuniFund Preferred Shares of Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund (the &#147;<B>Fund</B>&#148;). This Supplement establishes pursuant
to Section&nbsp;4 of the Statement Establishing and Fixing the Rights and Preferences of Series [&#9679;] MuniFund Preferred Shares, effective on the effective date hereof (the &#147;<B>Statement</B>&#148;), the additional or different terms and
conditions of the Series [&#9679;] MuniFund Preferred Shares for the Variable Rate Remarketed Mode effective commencing on the Mode Commencement Date and ending on the Mode Termination Date. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Section</B><B></B><B>&nbsp;1.1</B>&nbsp;&nbsp;&nbsp;&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;Definitions</B>.&nbsp;&nbsp;
Capitalized terms used herein that are not otherwise defined shall have the meanings assigned to them in the Statement. The following terms shall have the following meanings (with terms defined in the singular having comparable meanings when used in
the plural and vice versa), unless the context otherwise requires: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Additional Amount Payment</B>&#148; means a
payment to a Beneficial Owner of MFP Shares of an amount which, when taken together with the aggregate amount of Taxable Allocations made to such Beneficial Owner to which such Additional Amount Payment relates, would cause such Beneficial
Owner&#146;s dividends in dollars (after regular federal income tax consequences) from the aggregate of such Taxable Allocations and the related Additional Amount Payment to be equal to the dollar amount of the dividends that would have been
received by such Beneficial Owner if the amount of such aggregate Taxable Allocations would have been excludable (for regular federal income tax purposes) from the gross income of such Beneficial Owner. Such Additional Amount Payment shall be
calculated (i)&nbsp;without consideration being given to the time value of money; (ii)&nbsp;assuming that no Beneficial Owner of MFP Shares is subject to the federal alternative minimum tax with respect to dividends received from the Fund and
without giving effect to any other federal tax based on income, such as the &#147;Medicare tax,&#148; which at the date hereof is imposed at the rate of 3.8% on the net investment income (which includes taxable dividends and net capital gains) of
certain individuals, trusts and estates; and (iii)&nbsp;assuming that each Taxable Allocation and each Additional Amount Payment (except to the extent such Additional Amount Payment is reported as an exempt-interest dividend for purposes of
Section&nbsp;852(b)(5) of the Code or successor provisions) would be taxable in the hands of each Beneficial Owner of MFP Shares at the maximum marginal regular federal individual income tax rate applicable to ordinary income or net capital gains,
as applicable, or the maximum marginal regular federal corporate income tax rate applicable to ordinary income or net capital gains, as applicable, whichever is greater, in effect at the time such Additional Amount Payment is made. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Agent Member</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Asset Coverage</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Asset Coverage Cure Date</B>&#148; means, with respect to the failure by the Fund to maintain Asset Coverage of at
least 225% as of the close of business on a Business Day (as required by Section&nbsp;2.3(a)), the date that is thirty (30)&nbsp;calendar days following such Business Day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Beneficial Owner</B>&#148; has the meaning set forth in the Statement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Board of Trustees</B>&#148; has the meaning set forth in the Statement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Business Day</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Calculation and Paying Agent</B>&#148; means [&#9679;] and its successors or any other calculation and paying agent
appointed by the Fund. References in the Statement to the &#147;Tender and Paying Agent&#147; are deemed to refer to the Calculation and Paying Agent for purposes of this Supplement and the Variable Rate Remarkted Mode to which it relates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Code</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Custodian</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Date of Original Issue</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Declaration</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Deposit Securities</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Designated Amount</B>&#148; has the meaning set forth in Section&nbsp;2.2(a)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Dividend Default</B>&#148; has the meaning set forth in Section&nbsp;2.1(f)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Dividend Factor</B>&#148; has the meaning set forth in Section&nbsp;2.1(a)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Dividend Payment Date</B>&#148; means the first Business Day of the month next following each Dividend Period, the
New Mode Commencement Date, if any, and each other date designated for the payment of dividends in accordance with this Supplement, including, as applicable, any Special Dividend Payment Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Dividend Period</B>&#148; means, with respect to any Dividend Payment Date, (i)&nbsp;in the case of the first
Dividend Payment Date, the period from and including the Mode Commencement Date to and including [&#9679;], and (ii)&nbsp;for each subsequent Dividend Payment Date, (a)&nbsp;for each regular monthly Dividend Payment Date following a regular monthly
Dividend Payment Date, the period from and including the first calendar day of the month ending immediately preceding the month in which the current Dividend Payment Date falls to and including the last calendar day of such immediately preceding
month, (b)&nbsp;for each regular monthly Dividend Payment Date following a Special Dividend Payment Date, the period from and including the Special Dividend Payment Date to and including the last calendar day of the month immediately preceding the
month in which the current Dividend Payment Date falls, (c)&nbsp;for each Special Dividend Payment Date following a regular monthly Dividend Payment Date, the period from and including the first calendar day of the month in which such regular
monthly Dividend Payment Date falls to but excluding the Special Dividend Payment Date, and (d)&nbsp;for each Special Dividend Payment Date following another Special Dividend Payment Date, the period from and including the prior Special Dividend
Payment to but excluding the current Special Dividend Payment Date. Notwithstanding the foregoing, the final Dividend Period in the [Initial] Mode shall end on and include the last calendar day of the [Initial] Mode. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Dividend Rate</B>&#148; means, with respect to any day, and subject to the adjustment described in
Section&nbsp;2.7(a), the Regular Dividend Rate or the <FONT STYLE="white-space:nowrap">Step-Up</FONT> Dividend Rate, as applicable, applicable for such day in accordance with Section&nbsp;2.1(a); <U>provided</U>, <U>however</U>, that with respect to
any Increased Rate Period, the Dividend Rate shall mean the Increased Rate for such Increased Rate Period; and <U>provided</U> <U>further</U> that the Dividend Rate for any day shall in no event exceed the Maximum Rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Effective Leverage Ratio</B>&#148; has the meaning set forth in Section&nbsp;2.3(d). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Effective Leverage Ratio Cure Date</B>&#148; has the meaning set forth in Section&nbsp;2.4(c)(ii)(A). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Electronic Means</B>&#148; has the meaning set forth in the Statement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Failed Remarketing Event</B>&#148; has the meaning set forth in
Section&nbsp;2.2(b)(i), 2.2(c)(iii) or Section&nbsp;3.2(c), as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Failed Remarketing Mandatory</B>
<B>Redemption Date</B>&#148; means the first Business Day falling on or after the 365<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> calendar day following the Tender Notice Date that resulted in the related Failed Remarketing Event under
Section&nbsp;2.2(b)(i) or Section&nbsp;3.3(a), as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Failed Remarketing Mandatory</B> <B>Redemption
Liquidity Account</B>&#148; has the meaning set forth in Section&nbsp;2.8(a). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Failed Remarketing
Notice</B>&#148; means a notice of a Failed Remarketing Event provided in accordance with Section&nbsp;2.2(b)(ii), Section&nbsp;2.2(c)(iii) or Section&nbsp;3.2(c), as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Failed Remarketing Period</B>&#148; means: (i)&nbsp;for purposes of Section&nbsp;2.2, the period commencing on the
Tender Date relating to the Failed Remarketing Event and ending upon the earliest to occur of (a)&nbsp;the redemption or repurchase by the Fund of all of the Outstanding MFP Shares, (b)&nbsp;the date on which all (but not less than all) of the MFP
Shares are successfully remarketed pursuant to a mandatory tender for remarketing, and (c)&nbsp;the date on which the Fund completes a successful transition to a new Mode for all of the MFP Shares, and (ii)&nbsp;for purposes of Section&nbsp;3.3, the
period commencing on the date of Remarketing Notice relating to the Failed Remarketing Event and ending upon the earliest to occur of (a)&nbsp;the redemption or repurchase by the Fund of all of the Outstanding MFP Shares, and (b)&nbsp;as applicable,
(x)&nbsp;the date on which all (but not less than all) of the MFP Shares are successfully remarketed pursuant to a mandatory tender for remarketing, or (y)&nbsp;the date on which the Fund completes a successful transition to a new Mode for all of
the MFP Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Failed Transition Election Notice</B>&#148; means a notice of the Fund&#146;s election in
accordance with Section&nbsp;3.3(b) upon a failed transition to a new Mode to either cancel the attempted Mode transition or continue to attempt to transition to a new Mode. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Fed Funds Rate</B>&#148; means, as of any date of determination, the rate labeled Federal Funds (effective) (or any
successor thereto) as published in the Federal Reserve Bank Publication H.15 Daily Update (or any successor thereto) on such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Fitch</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Fund</B>&#148; has the meaning set forth in the preamble to this Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Holder</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Increased Rate</B>&#148; means, for any Increased Rate Period, the applicable Regular Dividend Rate or <FONT
STYLE="white-space:nowrap">Step-Up</FONT> Dividend Rate as in effect from time to to time plus [&#9679;]% per annum. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Increased Rate Period</B>&#148; has the meaning set forth in Section&nbsp;2.1(f)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>[Initial] Mode</B>&#148; means the Variable Rate Remarketed Mode designated by this Supplement for the period
commencing on the Mode Commencement Date and ending on the Mode Termination Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Investment</B>
<B>Adviser</B>&#148; means Nuveen Fund Advisors, LLC, a Delaware limited liability company, or such other entity as shall be then serving as the investment adviser of the Fund, and shall include, as appropriate, any
<FONT STYLE="white-space:nowrap">sub-adviser</FONT> duly appointed by the Adviser. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Liquidation
Preference</B>&#148; has the meaning set forth in the Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Liquidity Account Investments</B>&#148; has
the meaning set forth in the Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Liquidity Requirement</B>&#148; has the meaning set forth in
Section&nbsp;2.8(b). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Market Value</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Maximum Rate</B>&#148; means 15% per annum. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Mode</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Mode Change Notice</B>&#148; has the meaning set forth in Section&nbsp;3.1(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Mode Commencement Date</B>&#148; means [&#9679;]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Mode Termination Date</B>&#148; means the earlier of (i)&nbsp;the Term Redemption Date and (ii)&nbsp;the date
established pursuant to Section&nbsp;3.1(a) as the final day of the current Mode preceding a successful transition to a new Mode commencing on the New Mode Commencement Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Moody&#146;s</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>MuniFund Preferred Shares</B>&#148; or &#147;<B>MFP Shares</B>&#148; has the meaning set forth in the Statement and
as used in this Supplement refers only to the Series [&#9679;] MuniFund Preferred Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>New Mode Commencement
Date</B>&#148; has the meaning set forth in Section&nbsp;3.1(a). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>1940 Act</B>&#148; has the meaning set forth
in the Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Notice of Redemption</B>&#148; has the meaning set forth in Section&nbsp;2.4(e)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Notice of Taxable Allocation</B>&#148; has the meaning set forth in Section&nbsp;2.7(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>NRSRO</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><FONT STYLE="white-space:nowrap">One-Year</FONT> AAA</B> <B>MMD Rate</B>&#148; means, as of any date of
determination, the rate equal to the <FONT STYLE="white-space:nowrap">one-year</FONT> yield on the Thomson Reuters Municipal Market Data (MMD)&nbsp;AAA Curve (or any successor thereto) made available by Thomson Reuters (or any successor thereto) as
the definitive such yield curve on such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Optional Redemption Date</B>&#148; has the meaning set forth in
Section&nbsp;2.4(d)(i). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Outstanding</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Person</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Preferred Shares</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Purchase Date</B>&#148; has the meaning set forth in Section&nbsp;2.2(a)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Purchase Price</B>&#148; has the meaning set forth in Section&nbsp;2.2(a)(ii). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Rating Agencies</B>&#148; means, as of any date, (i)&nbsp;each of [&#9679;] and [&#9679;], to the extent each
maintains a rating on the MFP Shares on such date and has not been replaced as a Rating Agency in accordance with Section&nbsp;2.5 and (ii)&nbsp;any other NRSRO designated as a Rating Agency on such date in accordance with Section&nbsp;2.5.
[&#9679;] and [&#9679;] have initially been designated as the Rating Agencies for purposes of the MFP Shares. In the event that at any time any Rating Agency (i)&nbsp;ceases to be a Rating Agency for purposes of the MFP Shares and such Rating Agency
has been replaced by another Rating Agency in accordance with Section&nbsp;2.5, any references to any credit rating of the replaced Rating Agency in this Supplement shall be deleted for purposes hereof as provided below and shall be deemed instead
to be references to the equivalent credit rating of the Rating Agency that has replaced such Rating Agency as of the most recent date on which such replacement Rating Agency published credit ratings for the MFP Shares or (ii)&nbsp;designates a new
rating definition for any credit rating of such Rating Agency to replace a corresponding rating </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
definition of such Rating Agency, any references to such replaced rating definition of such Rating Agency contained in this Supplement shall instead be deemed to be references to such
corresponding replacement rating definition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Rating Agency Guidelines</B>&#148; means the guidelines of any
Rating Agency, as they may be amended or modified from time to time, compliance with which is required to cause such Rating Agency to continue to issue a rating with respect to the MFP Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Redemption Date</B>&#148; has the meaning set forth in Section&nbsp;2.4(e)(i) and includes the Failed Remarketing
Mandatory Redemption Date, if any, and any Optional Redemption Date, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Redemption
Default</B>&#148; has the meaning set forth in Section&nbsp;2.1(f)(i). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Redemption Price</B>&#148; for each MFP
Share means an amount equal to the Liquidation Preference per MFP Share plus an amount equal to all unpaid dividends and other distributions on such MFP Share accumulated from and including the Date of Original Issue to (but excluding) the
Redemption Date (whether or not earned or declared by the Fund, but without interest thereon). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Regular Dividend
Rate</B>&#148; has the meaning set forth in Section&nbsp;2.1(a)(ii). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Remarketing Agent</B>&#148; means
[&#9679;] or any entity subsequently appointed as such in replacement thereof or in addition thereto with respect to MFP Shares by a resolution of the Board of Trustees and which has entered into a Remarketing Agreement with the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Remarketing Date</B>&#148; has the meaning set forth in Section&nbsp;2.2(c)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Remarketing Notice</B>&#148; has the meaning set forth in Section&nbsp;2.2(a)(iii). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Remarketing Window</B>&#148; has the meaning set forth in Section&nbsp;2.2(a)(iii). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Required Beneficial Owners</B>&#148; means the Beneficial Owners of 100% of the Outstanding MFP Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Retaining Beneficial Owner</B>&#148; has the meaning set forth in Section&nbsp;2.2(c)(ii). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Retention Notice</B>&#148; has the meaning set forth in Section&nbsp;2.2(c)(ii). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Securities Act</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Securities Depository</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Special Dividend Payment Date</B>&#148; has the meaning set forth in Section&nbsp;2.1(g). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Statement</B>&#148; has the meaning set forth in the preamble to this Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><FONT STYLE="white-space:nowrap">Step-Up</FONT> Dividend Rate</B>&#148; has the meaning set forth in
Section&nbsp;2.1(a)(iii). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Supplement</B>&#148; has the meaning set forth in the preamble to this Supplement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Tax Event</B>&#148; has the meaning set forth in Section&nbsp;2.1(f)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Taxable Allocation</B>&#148; means the allocation of any net capital gains or ordinary income taxable for regular
federal income tax purposes, to a dividend paid in respect of the MFP Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Tender Notice</B>&#148; has the
meaning set forth in Section&nbsp;2.2(a)(i). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Tender Notice Date</B>&#148; has the meaning set forth in
Section&nbsp;2.2(a)(i). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Tendered MFP Shares</B>&#148; has the meaning set forth in Section&nbsp;2.2(a)(ii).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Term Redemption Date</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Variable Rate Remarketed Mode</B>&#148; means the Mode established for the MFP Shares by the terms and conditions of
the Statement as modified by this Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Section</B><B></B><B>&nbsp;1.2</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Interpretation</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>. The headings preceding the text of Sections included in
this Supplement are for convenience only and shall not be deemed part of this Supplement or be given any effect in interpreting this Supplement. The use of the masculine, feminine or neuter gender or the singular or plural form of words herein shall
not limit any provision of this Supplement. The use of the terms &#147;including&#148; or &#147;include&#148; shall in all cases herein mean &#147;including, without limitation&#148; or &#147;include, without limitation,&#148; respectively.
Reference to any Person includes such Person&#146;s successors and assigns to the extent such successors and assigns are permitted by the terms of any applicable agreement, and reference to a Person in a particular capacity excludes such Person in
any other capacity or individually. Reference to any agreement (including this Supplement), document or instrument means such agreement, document or instrument as amended or modified and in effect from time to time in accordance with the terms
thereof and, if applicable, the terms hereof. Except as otherwise expressly set forth herein, reference to any law means such law as amended, modified, codified, replaced or <FONT STYLE="white-space:nowrap">re-enacted,</FONT> in whole or in part,
including rules, regulations, enforcement procedures and any interpretations promulgated thereunder. Underscored references to Sections shall refer to those portions of this Supplement. The use of the terms &#147;hereunder,&#148; &#147;hereof,&#148;
&#147;hereto&#148; and words of similar import shall refer to this Supplement as a whole and not to any particular Article, Section or clause of this Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interpretation of the Statement and this Supplement</U>.
&nbsp;&nbsp;Subject to Section&nbsp;4(e) of the Statement, the terms and conditions of the MFP Shares set forth in this Supplement supersede the terms and conditions of the Statement, to the extent inconsistent therewith, for the Variable Rate
Remarketed Mode. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mode Commencement Date</U>. &nbsp;&nbsp;This
Supplement shall be effective on the Mode Commencement Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TERMS&nbsp;APPLICABLE&nbsp;TO&nbsp;THE&nbsp;[INITIAL]&nbsp;MODE&nbsp;FOR&nbsp;SERIES&nbsp;[</B>&#9679;<B></B><B>] </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>VARIABLE RATE MUNIFUND PREFERRED SHARES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Section</B><B></B><B>&nbsp;2.1</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Dividends and Distributions</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Applicable Rates</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amount of dividends per share payable on the MuniFund Preferred Shares
on any Dividend Payment Date shall equal the sum of the dividends accumulated but not yet paid for the related Dividend Period. The amount of dividends per MuniFund Preferred Share accumulated for each such Dividend Period shall be calculated by
adding the &#147;<B>Dividend Factor</B>&#148; for each calendar day in such Dividend Period. The Dividend Factor for each calendar day in a Dividend Period shall be equal to: (x)&nbsp;the Dividend Rate in effect for such calendar day;
(y)&nbsp;divided by the actual number of days in the year in which such day occurs (365 or 366); and (z)&nbsp;multiplied by the Liquidation Preference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as provided in the last sentence of this paragraph or during a
Failed Remarketing Period or an Increased Rate Period, the Dividend Rate on the MFP Shares shall be the &#147;<B>Regular Dividend Rate</B>.&#148; The Regular Dividend Rate applicable to the MFP Shares for the Mode Commencement Date shall be equal to
the sum of [&#9679;]% per annum, plus the Securities Industry and Financial Markets Association (&#147;<B>SIFMA</B>&#148;) Municipal Swap Index published after 3:00 p.m., New York City time on Wednesday, [&#9679;] or [&#9679;]% per annum if the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">6 </P>


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SIFMA Municipal Swap Index is not so published. Thereafter, the Regular Dividend Rate shall be determined by the Remarketing Agent on each Business Day, commencing on the Mode Commencement Date,
by 6:00 p.m., New York City time, for applicability on the following day; <U>provided,</U> that the Regular Dividend Rate for any day that is not a Business Day shall be the same as the Dividend Rate for the immediately preceding Business Day. The
Regular Dividend Rate shall be the minimum rate which, if borne by the MFP Shares, would enable the Remarketing Agent to sell all of the Outstanding MFP Shares on such Business Day for settlement in seven (7)&nbsp;days at a price (without regard to
accumulated but unpaid dividends) equal to the aggregate Liquidation Preference thereof. In determining the Regular Dividend Rate, the Remarketing Agent shall consider (but not be limited to considering) the following factors: existing short-term <FONT
STYLE="white-space:nowrap">tax-exempt</FONT> market rates for securities, indices of such short-term rates and the existing market supply and demand for securities bearing such short-term rates; existing yield curves for short-term and long-term
securities for securities of issuers of credit quality comparable to the MFP Shares; and such general economic conditions, industry and financial conditions as the Remarketing Agent, in its sole discretion, shall determine to be relevant. In the
event that the Remarketing Agent fails to determine the Regular Dividend Rate on any Business Day as set forth above, then the Regular Dividend Rate applicable for the following day shall be the same as the Regular Dividend Rate for the immediately
preceding Business Day and such rate shall continue until the earlier of (A)&nbsp;the Business Day on which the Remarketing Agent determines a new Regular Dividend Rate or <FONT STYLE="white-space:nowrap">Step-Up</FONT> Dividend Rate, as applicable,
or (B)&nbsp;the fifth consecutive Business Day succeeding the first such Business Day on which such Dividend Rate is not determined by the Remarketing Agent. In the event that the Remarketing Agent fails to determine a new Regular Dividend Rate for
a period of five consecutive Business Days as described in clause&nbsp;(B) of the immediately preceding sentence, the Dividend Rate shall be equal to the <FONT STYLE="white-space:nowrap">Step-Up</FONT> Dividend Rate until a new Regular Dividend Rate
is established by the Remarketing Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During a Failed
Remarketing Period, the Dividend Rate on the MFP Shares shall be the &#147;<B><FONT STYLE="white-space:nowrap">Step-Up</FONT> Dividend Rate</B>,&#148; subject to the application of the Increased Rate provisions in paragraph (f)&nbsp;below, if
applicable. The <FONT STYLE="white-space:nowrap">Step-Up</FONT> Dividend Rate shall mean a Dividend Rate, determined by the Remarketing Agent, equal to the highest, as of the date of determination, of: (x) [&#9679;]% per annum; (y)&nbsp;the Fed
Funds Rate plus [&#9679;]% per annum; and (z)&nbsp;the <FONT STYLE="white-space:nowrap">One-Year</FONT> AAA MMD Rate plus [&#9679;]% per annum. In the event that the Fed Funds Rate (or a successor thereto) or the
<FONT STYLE="white-space:nowrap">One-Year</FONT> AAA MMD Rate (or a successor thereto) is no longer published or available for purposes of determining the <FONT STYLE="white-space:nowrap">Step-Up</FONT> Dividend Rate on any date, the Remarketing
Agent, with the prior agreement of the Fund, will determine an equivalent rate in good faith on a commercially reasonable basis using a formulation by reference to market practice at such date. The <FONT STYLE="white-space:nowrap">Step-Up</FONT>
Dividend Rate shall be determined by the Remarketing Agent commencing on the first day of the Failed Remarketing Period and thereafter on each Business Day in the Failed Remarketing Period by 6:00 p.m., New York City time, for applicability on the
following day; <U>provided</U>, that the <FONT STYLE="white-space:nowrap">Step-Up</FONT> Dividend Rate for any day that is not a Business Day shall be the same as the <FONT STYLE="white-space:nowrap">Step-Up</FONT> Dividend Rate for the immediately
preceding Business Day. In the event that the Remarketing Agent fails to determine the <FONT STYLE="white-space:nowrap">Step-Up</FONT> Dividend Rate on any Business Day as set forth above, then the <FONT STYLE="white-space:nowrap">Step-Up</FONT>
Dividend Rate applicable for the following day shall be the same as the <FONT STYLE="white-space:nowrap">Step-Up</FONT> Dividend Rate for the immediately preceding Business Day and such rate shall continue until the Business Day on which the
Remarketing Agent determines a new <FONT STYLE="white-space:nowrap">Step-Up</FONT> Dividend Rate or Regular Dividend Rate, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividend Declaration and Entitlement</U>.&nbsp;&nbsp;Dividends on MFP
Shares with respect to any Dividend Period shall be declared to the Holders of such shares as their names shall appear on the registration books of the Fund at the close of business on each day in such Dividend Period and shall be paid as provided
in Section&nbsp;2.1(e) hereof. In connection with any transfer of MFP Shares, the transferor as Beneficial Owner of MFP Shares shall be deemed to have agreed pursuant to the terms of the MFP Shares to transfer to the transferee the right to receive
from the Fund any dividends declared and unpaid for each day prior to the transferee becoming the Holder or Beneficial Owner, as applicable, of the MFP Shares in exchange for payment of the Purchase Price for such MFP Shares by the transferee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividend Payment by Fund to Calculation and Paying
Agent</U>.&nbsp;&nbsp;Not later than 5:00 p.m., New York City time, on the Business Day immediately preceding each Dividend Payment Date, the Fund shall deposit with the Calculation and Paying Agent Deposit Securities having an aggregate Market
Value on such date sufficient to pay the dividends and other distributions that are payable on such Dividend Payment Date. The Fund may direct the Calculation and Paying Agent with respect to the investment or reinvestment of any such Deposit
Securities so deposited prior to the Dividend Payment Date, provided that such investment consists exclusively of Deposit </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">7 </P>


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Securities and provided further that the proceeds of any such investment will be available as same day funds at the opening of business on such Dividend Payment Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Calculation and Paying Agent as Trustee of Dividend Payments by
Fund</U>.&nbsp;&nbsp;All Deposit Securities deposited with the Calculation and Paying Agent for the payment of dividends or other distributions payable on MFP Shares shall be held in trust for the payment of such dividends or other distributions by
the Calculation and Paying Agent for the benefit of the Holders of the MFP Shares entitled to the payment of such dividends or other distributions pursuant to Section&nbsp;2.1(e). Any moneys paid to the Calculation and Paying Agent in accordance
with the foregoing but not applied by the Calculation and Paying Agent to the payment of dividends or other distributions, including interest earned on such moneys while so held, will, to the extent permitted by law, be repaid to the Fund as soon as
possible after the date on which such moneys were to have been so applied, upon request of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends Paid to Holders</U>.&nbsp;&nbsp;Dividends on MFP Shares shall
be paid on each Dividend Payment Date to the Holders of the MFP Shares as their names appear on the registration books of the Fund at the close of business on the day immediately preceding such Dividend Payment Date (or, if such day is not a
Business Day, the next preceding Business Day). Dividends in arrears on MFP Shares for any past Dividend Period may be declared and paid at any time, without reference to any regular Dividend Payment Date, to the Holders of the MFP Shares as their
names appear on the registration books of the Fund on such date, not exceeding fifteen (15)&nbsp;calendar days preceding the payment date thereof, as may be fixed by the Board of Trustees. No interest or sum of money in lieu of interest will be
payable in respect of any dividend payment or other distributions on MFP Shares which may be in arrears. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Increased Rate</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i) The Dividend Rate shall be adjusted to the Increased Rate for each Increased Rate Period (as hereinafter defined). An
&#147;<B>Increased Rate Period</B>&#148; shall commence (A)&nbsp;on a Dividend Payment Date for the MFP Shares if the Fund has failed to deposit with the Calculation and Paying Agent by 12:00 noon, New York City time, on such Dividend Payment Date,
Deposit Securities that will provide funds available to the Calculation and Paying Agent on such Dividend Payment Date sufficient to pay the full amount of any dividend on the MFP Shares payable on such Dividend Payment Date (a &#147;<B>Dividend
Default</B>&#148;), and continue to, but exclude, the Business Day on which such Dividend Default has ended as contemplated by Section&nbsp;2.1(f)(ii); (B) on an applicable Redemption Date for the MFP Shares subject to redemption on such date
if&nbsp;the Fund has failed to deposit with the Calculation and Paying Agent by 12:00 noon, New York City time, on such Redemption Date, Deposit Securities that will provide funds available to the Calculation and Paying Agent on such Redemption Date
sufficient to pay the full amount of the Redemption Price payable in respect of such MFP Shares&nbsp;on such Redemption Date (a &#147;<B>Redemption Default</B>&#148;), and continue to, but exclude, the Business Day on which such Redemption Default
has ended as contemplated by Section&nbsp;2.1(f)(ii); (C)&nbsp;(x)&nbsp;on the Business Day on which a court or other applicable governmental authority has made a final determination that for U.S. federal income tax purposes the MFP Shares do not
qualify as equity in the Fund and (y)&nbsp;such determination results from an act or failure to act on the part of the Fund (a &#147;<B>Tax Event</B>&#148;) and continue so long as any MFP Shares are Outstanding. For the avoidance of doubt, no
determination by any court or other applicable governmental authority that requires the Fund to make an Additional Amount Payment in respect of a Taxable Allocation shall be deemed to be a Tax Event hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Dividend Default or a Redemption Default shall end on the Business Day
on which, by 12:00 noon, New York City time, an amount equal to all unpaid dividends on the MFP Shares and any unpaid Redemption Price on the MFP Shares shall have been deposited irrevocably in trust in
<FONT STYLE="white-space:nowrap">same-day</FONT> funds with the Calculation and Paying Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Special Dividend Payment Dates</U>.&nbsp;&nbsp;Notwithstanding the
foregoing, the Fund in its discretion may establish Dividend Payment Dates (each, a &#147;<B>Special Dividend Payment Date</B>&#148;) more frequent than monthly Dividend Payment Dates; provided, that any such Special Dividend Payment Date shall be a
Business Day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Calculation and Reporting of Dividend
Rate</U>.&nbsp;&nbsp;With respect to any Outstanding MFP Shares, the Remarketing Agent shall determine the Regular Dividend Rate, the <FONT STYLE="white-space:nowrap">Step-Up</FONT> Dividend Rate and the Increased Rate, as applicable, applicable for
each day in accordance with the terms hereof, and shall provide notice </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">8 </P>


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thereof by Electronic Means to the Fund and the Calculation and Paying Agent and post the applicable Dividend Rate on Bloomberg promptly on each date of determination of the Dividend Rate. In the
case of the notice to the Fund and the Calculation and Paying Agent with respect to the <FONT STYLE="white-space:nowrap">Step-Up</FONT> Dividend Rate, such notice shall set forth in reasonable detail the basis for and calculation of the highest rate
as determined by the Remarketing Agent. If, on any Business Day on which the Dividend Rate is required to be determined, there is no Remarketing Agent, the Dividend Rate determined on such Business Day shall be the
<FONT STYLE="white-space:nowrap">Step-Up</FONT> Dividend Rate, subject to the application of the Increased Rate provisions in paragraph (f)&nbsp;above.&nbsp;In such case, or, if there is a Remarketing Agent but the Remarketing Agent does not or is
unable to calculate the <FONT STYLE="white-space:nowrap">Step-Up</FONT> Dividend Rate, the <FONT STYLE="white-space:nowrap">Step-Up</FONT> Dividend Rate shall be calculated by the Fund or a calculation agent appointed by the Fund for such
purpose.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Section</B><B></B><B>&nbsp;2.2</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Remarketing</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Optional Tender for Remarketing</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Beneficial Owner of MFP Shares has the right to tender its MFP Shares
(in whole shares only) for remarketing by delivering an irrevocable written notice (a &#147;<B>Tender Notice</B>&#148;) by Electronic Means to the Remarketing Agent on any Business Day (the &#147;<B>Tender Notice Date</B>&#148;). A Tender Notice
shall state the series designation, the CUSIP number and the number of MFP Shares tendered for remarketing (the &#147;<B>Designated Amount</B>&#148;), and shall include an acknowledgement by the tendering Beneficial Owner that such Beneficial Owner
is required to deliver the Designated Amount of MFP Shares on or before 11:00 a.m., New York City time, on the Purchase Date. The giving of a Tender Notice shall constitute the irrevocable tender for remarketing of the Designated Amount of such MFP
Shares on the seventh calendar day following the Tender Notice Date or, if such seventh calendar day is not a Business Day, the next succeeding Business Day (the &#147;<B>Purchase Date</B>&#148;); provided, however, that if a Tender Notice is not
received by the Remarketing Agent prior to 5:00&nbsp;p.m., New York City time, on any day it will not be deemed received by the Remarketing Agent until the following Business Day. Upon receipt of a Tender Notice, the Remarketing Agent shall provide
a copy to the Fund as promptly as practicable by Electronic Means on the date of receipt or deemed receipt. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon receipt of a Tender Notice, the Remarketing Agent shall offer for
sale, and use its best efforts to sell, the Designated Amount of MFP Shares with respect to which a Tender Notice has been received by the Remarketing Agent (the &#147;<B>Tendered MFP Shares</B>&#148;) at a price equal to $[&#149;] per share plus
any accumulated but unpaid dividends (whether or not earned or declared), if any, to, but excluding, the relevant Purchase Date (the &#147;<B>Purchase Price</B>&#148;) for purchase on the Purchase Date. If multiple Beneficial Owners deliver Tender
Notices on different Tender Notice Dates, there will be multiple Purchase Dates and the Remarketing Agent shall first remarket Tendered MFP Shares having the earliest Purchase Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Remarketing Agent successfully remarkets the Tendered MFP Shares
by identifying a purchaser for such Tendered MFP Shares during the period beginning on the Tender Notice Date for such Tendered MFP Shares and ending on the Business Day immediately preceding the Purchase Date for such Tendered MFP Shares (a
&#147;<B>Remarketing Window</B>&#148;), the Remarketing Agent shall give written notice (a &#147;<B>Remarketing Notice</B>&#148;) by Electronic Means to the Beneficial Owner of such Tendered MFP Shares, with a copy to the Fund and the Calculation
and Paying Agent, that a purchaser has been identified for a purchase of such Tendered MFP Shares on the Purchase Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For payment of the Purchase Price on the Purchase Date, Tendered MFP
Shares must be delivered at or prior to 11:00&nbsp;a.m., New York City time, on the Purchase Date to the Remarketing Agent by or for the account of the tendering Beneficial Owner through the Securities Depository, so long as the MFP Shares are in
book-entry form, or at the principal office of the Remarketing Agent, accompanied by an instrument of transfer thereof, in form satisfactory to the Remarketing Agent, executed in blank by the Holder thereof or by the Holder&#146;s duly-authorized
attorney, with such signature guaranteed by a commercial bank, trust company or member firm of the New York Stock Exchange, if the MFP Shares are in certificated form. If Tendered MFP Shares are delivered after that time on any Business Day, the
Purchase Price will be paid on the next succeeding Business Day. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Failed Remarketing
Event</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If for any reason (other than a
failure to timely deliver Tendered MFP Shares by or on behalf of the tendering Beneficial Owner) any Tendered MFP Share is not successfully remarketed during the related Remarketing Window a &#147;<B>Failed Remarketing Event</B>&#148; shall occur.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of a Failed Remarketing Event
(a)&nbsp;all Tendered MFP Shares shall be retained by their respective Beneficial Owners, and no such Tendered MFP Shares shall be purchased on their respective Purchase Date, (b)&nbsp;the Remarketing Agent shall provide a Failed Remarketing Notice
in writing to the Calculation and Paying Agent, the Fund and the Holders of the MFP Shares by Electronic Means, (c)&nbsp;a Failed Remarketing Period shall commence and (d)&nbsp;all Outstanding MFP Shares shall become subject to mandatory redemption
on the Failed Remarketing Mandatory Redemption Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the Failed Remarketing Period, the Remarketing Agent
will no longer determine the Regular Dividend Rate on a daily basis;&nbsp;dividends on all MFP Shares shall be payable at the <FONT STYLE="white-space:nowrap">Step-Up</FONT> Dividend Rate (as determined by the Remarketing Agent commencing on the
date of the Failed Remarketing Event); the right of Beneficial Owners to make optional tenders of their MFP Shares for remarketing shall be suspended; and all of the Outstanding MFP Shares shall be subject to mandatory tender for remarketing as
provided in subsection (c)&nbsp;below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mandatory Tender for
Remarketing Following a Failed Remarketing Event</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During a Failed Remarketing Period, the Remarketing Agent
shall offer for sale, and use its best efforts to sell, all (but not less than all) of the Outstanding MFP Shares at a price per share equal to the Purchase Price. Upon identifying a purchaser or purchasers for all of the Outstanding MFP Shares (but
subject to paragraph (ii)&nbsp;below) and establishing the Regular Dividend Rate to apply to the MFP Shares on the Remarketing Date, the Remarketing Agent shall give a Remarketing Notice to the Calculation and Paying Agent, the Fund and the Holders
of the MFP Shares by Electronic Means stating (A)&nbsp;that a purchaser or purchasers have been identified for the purchase of all (but not less than all) of the MFP Shares on the date set forth in such Remarketing Notice (the &#147;<B>Remarketing
Date</B>&#148;), which Remarketing Date shall be the fifth Business Day following delivery of the Remarketing Notice, (B)&nbsp;the Regular Dividend Rate to be applicable to the MFP Shares on the Remarketing Date and (C)&nbsp;that all MFP Shares
shall be subject to mandatory tender for purchase at a price equal to the Purchase Price on the Remarketing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Beneficial Owner of a MFP Share that is not a Tendered
MFP Share that was part of the related Failed Remarketing Event, as determined by the Remarketing Agent, may deliver written notice (a &#147;<B>Retention Notice</B>&#148;) to the Remarketing Agent and the Calculation and Paying Agent by Electronic
Means at least three Business Days prior to the related Remarketing Date that it wishes to retain its MFP Shares (each such Beneficial Owner, a &#147;<B>Retaining Beneficial Owner</B>&#148;). On the Remarketing Date, the MFP Shares held by such
Retaining Beneficial Owner shall be (a)&nbsp;subject to mandatory tender as set forth in the immediately preceding paragraph and (b)&nbsp;repurchased by the Retaining Beneficial Owner at a price equal to the Purchase Price on the Remarketing Date.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If for any reason (other than a failure to timely deliver MFP
Shares by or on behalf of a tendering Holder) any MFP Share is not successfully remarketed pursuant to the related mandatory tender a &#147;<B>Failed Remarketing Event</B>&#148; shall occur. Upon the occurrence of a Failed Remarketing Event,
(a)&nbsp;all MFP Shares shall be retained by their respective Holders, and no MFP Shares shall be purchased on the Remarketing Date, (b)&nbsp;the Remarketing Agent shall provide a Failed Remarketing Notice in writing to the Calculation and Paying
Agent, the Fund and the Holders of the MFP Shares by Electronic Means, (c)&nbsp;the then-prevailing Failed Remarketing Period shall continue and (d)&nbsp;all Outstanding MFP Shares shall remain subject to mandatory redemption on the related Failed
Remarketing Mandatory Redemption Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the consummation of a
successful remarketing on the Remarketing Date, the Remarketing Agent shall resume resetting the Regular Dividend Rate on the MFP Shares, the Failed </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">10 </P>


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Remarketing Mandatory Redemption Date with respect to the related Failed Remarketing Event shall be cancelled and the MFP Shares will no longer be subject to mandatory redemption on such date.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For payment of the Purchase Price on the Remarketing Date, MFP Shares
must be delivered at or prior to 11:00&nbsp;a.m., New York City time, on the Remarketing Date to the Remarketing Agent by or for the account of the tendering Beneficial Owner through the Securities Depository, so long as the MFP Shares are in
book-entry form, or at the principal office of the Remarketing Agent, accompanied by an instrument of transfer thereof, in form satisfactory to the Remarketing Agent, executed in blank by the Holder thereof or by the Holder&#146;s duly-authorized
attorney, with such signature guaranteed by a commercial bank, trust company or member firm of the New York Stock Exchange, if the MFP Shares are in certificated form. If any MFP Shares are delivered after that time on any Business Day, the Purchase
Price for such MFP Shares will be paid on the next succeeding Business Day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that MFP Shares are issued in certificated form outside the book-entry system of the Securities Depository and a Holder of MFP Shares fails to deliver such MFP Shares to which a mandatory tender relates on or prior to the Remarketing Date,
the Holder of such MFP Shares shall not be entitled to any payment (including any accumulated but unpaid dividends thereon, whether or not earned or declared) other than the Purchase Price of such undelivered MFP Shares as of the scheduled
Remarketing Date. Any such undelivered MFP Shares will be deemed to be delivered to the Calculation and Paying Agent, and the Calculation and Paying Agent will place stop-transfer orders against the undelivered MFP Shares. Any moneys held by the
Calculation and Paying Agent for the purchase of undelivered MFP Shares will be held in a separate account by the Calculation and Paying Agent, will not be invested, and will be held for the exclusive benefit of the Holder of such undelivered MFP
Shares. The undelivered MFP Shares will be deemed to be no longer Outstanding (except as to entitlement to payment of the Purchase Price), and the Fund will issue to the purchaser replacement MFP Share certificates in lieu of such undelivered MFP
Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Section</B><B></B><B>&nbsp;2.3</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Coverage</B><B></B><B>&nbsp;&amp;
Leverage Tests</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Asset Coverage Requirement</U>.&nbsp;&nbsp;The
Fund shall have Asset Coverage of at least 225% as of the close of business on each Business Day. If the Fund shall fail to maintain such Asset Coverage as of any time as of which such compliance is required to be determined as aforesaid, the
provisions of Section&nbsp;2.4(c)(i) shall be applicable, which provisions to the extent complied with shall constitute the sole remedy for the Fund&#146;s failure to comply with the provisions of this Section&nbsp;2.3(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Calculation of Asset Coverage</U>.&nbsp;&nbsp;For purposes of
determining whether the requirements of Section&nbsp;2.3(a) are satisfied, (i)&nbsp;no MFP Shares or other Preferred Shares shall be deemed to be Outstanding for purposes of any computation required by Section&nbsp;2.3(a) if, prior to or
concurrently with such determination, sufficient Deposit Securities or other sufficient funds (in accordance with the terms of the MFP Shares or other Preferred Shares) to pay the full redemption price for the MFP Shares or other Preferred Shares
(or the portion thereof to be redeemed) shall have been deposited in trust with the paying agent for the MFP Shares or other Preferred Shares and the requisite notice of redemption for the MFP Shares or other Preferred Shares (or the portion thereof
to be redeemed) shall have been given, and (ii)&nbsp;the Deposit Securities or other funds that shall have been so deposited with the applicable paying agent shall not be included as assets of the Fund for purposes of such computation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective Leverage Ratio Requirement</U>.&nbsp;&nbsp;The Effective
Leverage Ratio shall not exceed 45% (or 46% solely by reason of fluctuations in the Market Value of the Fund&#146;s portfolio securities) as of the close of business on any Business Day. If the Effective Leverage Ratio shall exceed the applicable
percentage provided in the preceding sentence as of any time as of which such compliance is required to be determined as aforesaid, the provisions of Section&nbsp;2.4(c)(ii) shall be applicable, which provisions to the extent complied with shall
constitute the sole remedy for the Fund&#146;s failure to comply with the provisions of this Section&nbsp;2.3(c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Calculation of Effective Leverage Ratio</U>.&nbsp;&nbsp;For purposes of
determining whether the requirements of Section&nbsp;2.3(c) are satisfied, the &#147;<B>Effective Leverage Ratio</B>&#148; on any date shall mean the quotient of: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">11 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The sum of (A)&nbsp;the
aggregate liquidation preference of the Fund&#146;s &#147;senior securities&#148; (as that term is defined in the 1940 Act) that are stock for purposes of the 1940 Act, excluding, without duplication, (1)&nbsp;any such senior securities for which
the Fund has issued a notice of redemption and either has delivered Deposit Securities or sufficient funds (in accordance with the terms of such senior securities) to the paying agent for such senior securities or otherwise has adequate Deposit
Securities or sufficient funds on hand for the purpose of such redemption and (2)&nbsp;any such senior securities that are to be redeemed with net proceeds from the sale of the MFP Shares, for which the Fund has delivered Deposit Securities or
sufficient funds (in accordance with the terms of such senior securities) to the paying agent for such senior securities or otherwise has adequate Deposit Securities or sufficient funds on hand for the purpose of such redemption; (B)&nbsp;the
aggregate principal amount of the Fund&#146;s &#147;senior securities representing indebtedness&#148; (as that term is defined in the 1940 Act); and (C)&nbsp;the aggregate principal amount of floating rate securities not owned by the Fund that
correspond to the associated inverse floating rate securities owned by the Fund; <U>divided</U> <U>by</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The sum of (A)&nbsp;the Market Value of the Fund&#146;s total assets (including
amounts attributable to senior securities, but excluding any assets consisting of Deposit Securities or funds referred to in clauses (A)(1) and (A)(2) of Section&nbsp;2.3(d)(i) above), less the amount of the Fund&#146;s accrued liabilities (other
than liabilities for the aggregate principal amount of senior securities representing indebtedness), and (B)&nbsp;the aggregate principal amount of floating rate securities not owned by the Fund that correspond to the associated inverse floating
rate securities owned by the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Section</B><B></B><B>&nbsp;2.4</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Redemption</B>. MFP Shares shall be
subject to redemption by the Fund as provided below: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term
Redemption</U>.&nbsp;&nbsp;The Fund shall redeem all MFP Shares on the Term Redemption Date as provided in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Failed Remarketing Mandatory Redemption</U>.&nbsp;&nbsp;The Fund shall
redeem all Outstanding MFP Shares at the aggregate Redemption Price on the Failed Remarketing Mandatory Redemption Date, if a Failed Remarketing Period shall have commenced and be continuing for 365&nbsp;days, or, if earlier, on the Term Redemption
Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Asset Coverage and Effective Leverage Ratio Mandatory
Redemption</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Asset Coverage Mandatory Redemption</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:15%; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund fails to comply with the Asset Coverage
requirement as provided in Section&nbsp;2.3(a) as of any time as of which such compliance is required to be determined in accordance with Section&nbsp;2.3(a) and such failure is not cured as of the Asset Coverage Cure Date other than as a result of
the redemption required by this Section&nbsp;2.4(c)(i), the Fund shall, to the extent permitted by the 1940 Act and Massachusetts law, by the close of business on the Business Day next following such Asset Coverage Cure Date, cause a notice of
redemption to be issued in accordance with the terms of the Preferred Shares to be redeemed. In addition, in accordance with the terms of the Preferred Shares to be redeemed, the Fund shall cause to be deposited Deposit Securities or other
sufficient funds in trust with the Calculation and Paying Agent or other applicable paying agent, for the redemption of a sufficient number of Preferred Shares, which at the Fund&#146;s sole option (to the extent permitted by the 1940 Act and
Massachusetts law) may include any number or proportion of MFP Shares, to enable it to meet the requirements of Section&nbsp;2.4(c)(i)(B). In the event that any MFP Shares then Outstanding are to be redeemed pursuant to this Section&nbsp;2.4(c)(i),
the Fund shall redeem such MFP Shares at a price per MFP Share equal to the Redemption Price on the Redemption Date therefor. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:15%; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the Redemption Date for a redemption contemplated by
Section&nbsp;2.4(c)(i)(A), the Fund shall redeem at the Redemption Price, out of funds legally available therefor, such number of Preferred Shares as determined by the Fund (which may include at the sole option of the Fund any number or proportion
of MFP Shares) as shall be no fewer than (x)&nbsp;the </P>
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minimum number of Preferred Shares, the redemption of which, if deemed to have occurred immediately prior to the opening of business on the Asset Coverage Cure Date, would result in the Fund
having Asset Coverage on such Asset Coverage Cure Date of at least 225% (provided, however, that if there is no such minimum number of MFP Shares and other Preferred Shares the redemption or retirement of which would have such result, all MFP Shares
and other Preferred Shares then outstanding shall be redeemed), or more than (y)&nbsp;the maximum number of Preferred Shares that can be redeemed out of funds expected to be legally available therefor in accordance with the Declaration and
applicable law. The Fund shall effect such redemption on the date fixed by the Fund therefor, which date shall not be later than thirty (30)&nbsp;calendar days after such Asset Coverage Cure Date, except that if the Fund does not have funds legally
available for the redemption of all of the required number of MFP Shares and other Preferred Shares which have been designated to be redeemed or the Fund otherwise is unable to effect such redemption on or prior to thirty (30)&nbsp;calendar days
after such Asset Coverage Cure Date, the Fund shall redeem those MFP Shares and other Preferred Shares which it was unable to redeem on the earliest practicable date on which it is able to effect such redemption. If fewer than all of the Outstanding
MFP Shares are to be redeemed pursuant to this Section&nbsp;2.4(c)(i), the number of MFP Shares to be redeemed from the respective Holders shall be determined (A)&nbsp;pro rata among the Outstanding MFP Shares, (B)&nbsp;by lot or (C)&nbsp;in such
other manner as the Board of Trustees may determine to be fair and equitable and that is in accordance with the 1940 Act; <U>provided</U>, in each such case, that such method of redemption as set forth in this Section&nbsp;2.4(c)(i)(B) shall be
subject to any applicable procedures established by the Securities Depository. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective Leverage Ratio Mandatory Redemption</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:15%; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund fails to comply with the Effective Leverage
Ratio requirement as provided in Section&nbsp;2.3(c) as of any time as of which such compliance is required to be determined in accordance with Section&nbsp;2.3(c) and such failure is not cured as of the close of business on the date that is seven
Business Days following the Business Day on which such <FONT STYLE="white-space:nowrap">non-compliance</FONT> is first determined (the &#147;<B>Effective Leverage Ratio Cure Date</B>&#148;) other than as a result of the redemption or other
transactions required by this Section&nbsp;2.4(c)(ii), the Fund shall cause the Effective Leverage Ratio (determined in accordance with the requirements applicable to the determination of the Effective Leverage Ratio under this Supplement) to not
exceed the Effective Leverage Ratio required under Section&nbsp;2.3(c) (without giving effect to the parenthetical provision in the first sentence of Section&nbsp;2.3(c)) as so determined by (x)&nbsp;not later than the close of business on the
Business Day next following the Effective Leverage Ratio Cure Date, engaging in transactions involving or relating to the floating rate securities not owned by the Fund and/or the inverse floating rate securities owned by the Fund, including the
purchase, sale or retirement thereof, (y)&nbsp;to the extent permitted by the 1940 Act and Massachusetts law, not later than the close of business on the Business Day next following the Effective Leverage Ratio Cure Date, causing notices of
redemption to be issued, and causing to be deposited Deposit Securities or other sufficient funds in trust with the Calculation and Paying Agent or other applicable paying agent, in each case in accordance with the terms of the Preferred Shares to
be redeemed, for the redemption of such number of Preferred Shares as determined by the Fund, which shall be no fewer than the sufficient number of Preferred Shares, which at the Fund&#146;s sole option (to the extent permitted by the 1940 Act and
Massachusetts law) may include any number or proportion of MFP Shares, or (z)&nbsp;engaging in any combination of the actions contemplated by clauses (x)&nbsp;and (y) of this Section&nbsp;2.4(c)(ii)(A). In the event that any MFP Shares are to be
redeemed pursuant to clause (y)&nbsp;of this Section&nbsp;2.4(c)(ii)(A), the Fund shall redeem such MFP Shares at a price per MFP Share equal to the Redemption Price on the Redemption Date therefor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:15%; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the Redemption Date for a redemption contemplated by
clause (y)&nbsp;of Section&nbsp;2.4(c)(ii)(A), the Fund shall not redeem more than the maximum number of Preferred Shares that can be redeemed out of funds expected to be legally available therefor in accordance with the Declaration and applicable
law. If the Fund is unable to redeem the required number of MFP Shares and other Preferred Shares which have been designated to be redeemed in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">13 </P>


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accordance with clause (y)&nbsp;of Section&nbsp;2.4(c)(ii)(A) due to the unavailability of legally available funds, the Fund shall redeem those MFP Shares and other Preferred Shares which it was
unable to redeem on the earliest practicable date on which it is able to effect such redemption. If fewer than all of the Outstanding MFP Shares are to be redeemed pursuant to clause (y)&nbsp;of Section&nbsp;2.4(c)(ii)(A), the number of MFP Shares
to be redeemed from the respective Holders shall be redeemed (A)&nbsp;pro rata among the Outstanding MFP Shares, (B)&nbsp;by lot or (C)&nbsp;in such other manner as the Board of Trustees may determine to be fair and equitable and that is in
accordance with the 1940 Act; <U>provided</U>, in each such case, that such method of redemption as set forth in this Section&nbsp;2.4(c)(ii)(B) shall be subject to any applicable procedures established by the Securities Depository. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Optional Redemption</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of Section&nbsp;2.4(d)(ii), the Fund may at its
option on any Business Day (any such Business Day referred to above in this sentence, an &#147;<B>Optional Redemption Date</B>&#148;), redeem in whole or from time to time in part the Outstanding MFP Shares, at a price per MFP Share equal to the
Redemption Price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If fewer than all of the Outstanding MFP Shares are to
be redeemed pursuant to Section&nbsp;2.4(d)(i), the shares to be redeemed from the respective Holders shall be selected either (A)&nbsp;pro rata among the Holders of the MFP Shares, (B)&nbsp;by lot or (C)&nbsp;in such other manner as the Board of
Trustees may determine to be fair and equitable. Subject to the provisions of this Supplement and applicable law, the Board of Trustees will have the full power and authority to prescribe the terms and conditions upon which MFP Shares will be
redeemed pursuant to this Section&nbsp;2.4(d) from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not on
any date deliver a Notice of Redemption pursuant to Section&nbsp;2.4(e) in respect of a redemption contemplated to be effected pursuant to this Section&nbsp;2.4(d) unless on such date the Fund has available Deposit Securities for the Optional
Redemption Date contemplated by such Notice of Redemption having a Market Value not less than the amount (including any applicable premium) due to Holders of MFP Shares by reason of the redemption of such MFP Shares on such Optional Redemption Date.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any MFP Shares redeemed at the sole option of the Fund in accordance with, but
solely to the extent contemplated by, Section&nbsp;2.4(c)(i)(B) or Section&nbsp;2.4(c)(ii)(B) shall be considered mandatorily redeemed in accordance therewith and not subject to this Section&nbsp;2.4(d). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Procedures for Redemption</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund shall determine or be required to redeem, in whole or in part,
MFP Shares pursuant to Section&nbsp;2.4(a), (b), (c) or (d), the Fund shall deliver a notice of redemption (the &#147;<B>Notice of Redemption</B>&#148;) with respect to any redemption pursuant to Section&nbsp;2.4(a), (b), (c) or (d), by overnight
delivery, by first class mail, postage prepaid, or by Electronic Means to Holders thereof, or request the Calculation and Paying Agent, on behalf of the Fund, to promptly do so by overnight delivery, by first class mail, postage prepaid, or by
Electronic Means. A Notice of Redemption shall be provided not more than forty-five (45)&nbsp;calendar days and not less than five&nbsp;(5) Business Days prior to the date fixed for redemption pursuant to Section&nbsp;2.4(a), (b), (c) or (d)&nbsp;in
such Notice of Redemption (the &#147;<B>Redemption Date</B>&#148;). Each such Notice of Redemption shall state: (A)&nbsp;the Redemption Date; (B)&nbsp;that it applies to the MFP Shares and the number of MFP Shares to be redeemed; (C)&nbsp;the CUSIP
number for the MFP Shares; (D)&nbsp;the applicable Redemption Price on a per share basis; (E)&nbsp;if applicable, the place or places where the certificate(s) for such shares (properly endorsed or assigned for transfer, if the Board of Trustees
requires and the Notice of Redemption states) are to be surrendered for payment of the Redemption Price; (F)&nbsp;that dividends on the MFP Shares to be redeemed will cease to accumulate from and after such Redemption Date; and (G)&nbsp;the
provisions of this Supplement under which such redemption is made. If fewer than all MFP Shares held by any Holder are to be redeemed, the Notice of Redemption delivered to such Holder shall also specify the number of MFP Shares to be redeemed from
such Holder and/or the method of determining such number. The Fund may provide in any Notice of Redemption relating to an optional redemption contemplated to be effected pursuant to Section&nbsp;2.4(d) of this Supplement that such redemption is
subject to one or more conditions precedent and that the Fund shall not be required to effect such redemption unless each such condition has been satisfied at the time or times and in the manner specified
</P>
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in such Notice of Redemption. No defect in the Notice of Redemption or delivery thereof shall affect the validity of redemption proceedings, except as required by applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund shall give a Notice of Redemption, then at any time from and
after the giving of such Notice of Redemption and prior to 5:00 p.m., New York City time, on the Business Day immediately preceding the Redemption Date (so long as any conditions precedent to such redemption have been met or waived by the Fund), the
Fund shall (A)&nbsp;deposit with the Calculation and Paying Agent Deposit Securities having an aggregate Market Value on the date thereof no less than the Redemption Price of the MFP Shares to be redeemed on the Redemption Date and (B)&nbsp;give the
Calculation and Paying Agent irrevocable instructions and authority to pay the applicable Redemption Price to the Holders of the MFP Shares called for redemption on the Redemption Date. The Fund may direct the Calculation and Paying Agent with
respect to the investment of any Deposit Securities consisting of cash so deposited prior to the Redemption Date, provided that the proceeds of any such investment shall be available at the opening of business on the Redemption Date as same day
funds. Notwithstanding the provisions of clause (A)&nbsp;of the preceding sentence, if the Redemption Date is the Failed Remarketing Mandatory Redemption Date, then such deposit of Deposit Securities (which may come in whole or in part from the
Failed Remarketing Mandatory Redemption Liquidity Account) shall be made no later than fifteen (15)&nbsp;calendar days prior to the Failed Remarketing Mandatory Redemption Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of any redemption pursuant to Section&nbsp;2.4(d), no Redemption Default
shall be deemed to have occurred if the Fund shall fail to deposit in trust with the Calculation and Paying Agent Deposit Securities having an aggregate Market Value on the date thereof of no less than the Redemption Price with respect to any shares
where (1)&nbsp;the Notice of Redemption relating to such redemption provided that such redemption was subject to one or more conditions precedent and (2)&nbsp;any such condition precedent shall not have been satisfied at the time or times and in the
manner specified in such Notice of Redemption. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the
contrary herein or in any Notice of Redemption, if the Fund shall not have redeemed MFP Shares on the applicable Redemption Date, the Holders of the MFP Shares subject to redemption shall continue to be entitled to (a)&nbsp;receive dividends on such
MFP Shares accumulated at the Dividend Rate for the period from, and including, such Redemption Date through, but excluding, the date on which such MFP Shares are actually redeemed and such dividends, to the extent accumulated, but unpaid, during
such period (whether or not earned or declared but without interest thereon), together with any Additional Amount Payment applicable thereto, shall be included in the Redemption Price for such MFP Shares and (b)&nbsp;transfer the MFP Shares prior to
the date on which such MFP Shares are actually redeemed; <U>provided</U>, that all other rights of Holders of such MFP Shares shall have terminated upon the date of deposit of Deposit Securities in accordance with and as provided in Sections
2.4(e)(ii) and Section&nbsp;10(g) of the Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Calculation
and Paying Agent as Trustee of Redemption Payments by Fund</U>.&nbsp;&nbsp;&nbsp;&nbsp;All Deposit Securities transferred to the Calculation and Paying Agent for payment of the Redemption Price of MFP Shares called for redemption shall be held in
trust by the Calculation and Paying Agent for the benefit of Holders of MFP Shares so to be redeemed until paid to such Holders in accordance with the terms hereof or returned to the Fund in accordance with the provisions of Section&nbsp;10(g) of
the Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Modification of Redemption
Procedures</U>.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of this Section&nbsp;2.4, the Fund may, in its sole discretion and without a shareholder vote, modify the procedures set forth above with respect to notification of
redemption for the MFP Shares (other than the five (5)&nbsp;Business Day minimum notice period set forth in Section&nbsp;2.4(e)(i)); <U>provided</U>, that such modification does not materially and adversely affect the Holders of the MFP Shares or
cause the Fund to violate any applicable law, rule or regulation; and provided further that no such modification shall in any way alter the rights or obligations of the Calculation and Paying Agent without its prior written consent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Section</B><B></B><B>&nbsp;2.5</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Rating Agencies</B>.&nbsp;&nbsp;The
Fund shall use commercially reasonable efforts to cause the Rating Agencies to issue long-term credit ratings with respect to the MFP Shares for so long as the MFP Shares are Outstanding. The Fund shall use commercially reasonable efforts to comply
with any applicable Rating Agency Guidelines. If a Rating Agency shall cease to rate the securities of <FONT STYLE="white-space:nowrap">tax-exempt</FONT> <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment companies generally,
the Board of Trustees shall terminate the designation of such Rating Agency as a Rating Agency </P>
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hereunder. The Board of Trustees may elect to terminate the designation of any Rating Agency as a Rating Agency hereunder so long as either (i)&nbsp;immediately following such termination, there
would be at least two Rating Agencies with respect to the MFP Shares or (ii)&nbsp;it replaces the terminated Rating Agency with another NRSRO and provides notice thereof to the Holders of the MFP Shares; <U>provided</U> that such replacement shall
not occur unless such replacement Rating Agency shall have at the time of such replacement (i)&nbsp;published a rating for the MFP Shares and (ii)&nbsp;entered into an agreement with the Fund to continue to publish such rating subject to the Rating
Agency&#146;s customary conditions. The Board of Trustees may also elect to designate one or more other NRSROs as Rating Agencies hereunder by notice to the Holders of the MFP Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Section</B><B></B><B>&nbsp;2.6</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Issuance of Additional Preferred
Shares</B>.&nbsp;&nbsp;So long as any MFP Shares are Outstanding, the Fund may, without the vote or consent of the Holders thereof authorize, establish and create and issue and sell shares of one or more series of a class of Preferred Shares,
ranking on a parity with MFP Shares as to the payment of dividends and the distribution of assets upon dissolution, liquidation or the winding up of the affairs of the Fund, in addition to then Outstanding MFP Shares, including additional MFP
Shares, in each case in accordance with applicable law, provided that the Fund shall, immediately after giving effect to the issuance and sale of such additional Preferred Shares and to its receipt and application of the proceeds thereof, including
to the redemption of Preferred Shares with such proceeds, have Asset Coverage (calculated in the same manner as is contemplated by Section&nbsp;2.3(b) hereof) of at least 225%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Section</B><B></B><B>&nbsp;2.7</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Distributions with respect to Taxable
Allocations</B>.&nbsp;&nbsp;Holders of MFP Shares shall be entitled to receive, when, as and if declared by the Board of Trustees, out of funds legally available therefor in accordance with applicable law, the Declaration and the Statement,
additional dividends or other distributions payable in an amount or amounts equal to the aggregate Additional Amount Payments, as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Fund intends or expects to include a Taxable Allocation in
any dividend on MFP Shares, the Fund shall, subject to Section&nbsp;2.7(b), (i) in addition to and in conjunction with the payment of such dividend, pay the Additional Amount Payment, payable in respect of the Taxable Allocation that was included as
part of such dividend and (ii)&nbsp;notify the Calculation and Paying Agent and the Remarketing Agent of the fact that a Taxable Allocation will be so included not later than fourteen (14)&nbsp;calendar days preceding the earliest date on which a
dividend is declared with respect to which the Taxable Allocation will relate (as provided in Section&nbsp;2.7(d)). Whenever such advance notice (a &#147;<B>Notice of Taxable Allocation</B>&#148;) is received from the Fund, the Calculation and
Paying Agent will, in turn, provide notice thereof to the Remarketing Agent, each Holder and to each Beneficial Owner or its Agent Member that has been identified in writing to the Calculation and Paying Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund determines that a Taxable Allocation must be included in a
dividend on MFP Shares but it is not practicable to pay any required Additional Amount Payment concurrently with such dividend pursuant to Section&nbsp;2.7(a), then the Fund shall pay such Additional Amount Payment as soon as reasonably practicable
and without reference to any regular Dividend Payment Date. Similarly, if the Fund determines that a Taxable Allocation must be included in a dividend on MFP Shares but it is not practicable to comply with the requirements for prior notice in
Section&nbsp;2.7(a), then the Fund shall provide notice thereof to the Calculation and Paying Agent and the Remarketing Agent as soon as practicable, but in any event prior to the end of the calendar year in which such dividend is paid. Whenever
such notice is received from the Fund, the Calculation and Paying Agent will, in turn, provide notice thereof to each Holder and each Beneficial Owner or its Agent Member that has been identified in writing to the Calculation and Paying Agent. For
the avoidance of doubt, this Section&nbsp;2.7(b) is not intended to excuse the Fund&#146;s obligations under Section&nbsp;2.7(a), but rather to provide a mechanism for paying Additional Amount Payments and providing notice thereof under
circumstances in which the Fund may not become aware of the need to report a dividend as other than as wholly an exempt-interest dividend until it is not practicable to comply fully with Section&nbsp;2.7(a). Moreover, the Fund shall not be
considered to have failed to comply with the notice provisions of Section&nbsp;2.7(a)(ii) to the extent that (i)&nbsp;the Fund&#146;s determination of whether a Taxable Allocation will be required cannot be made prior to the date on which notice
would otherwise be required, (ii)&nbsp;such Taxable Allocation cannot be made with respect to a later dividend because the current dividend is the last with respect to the Fund&#146;s taxable year, and (iii)&nbsp;the Fund timely complies with its
obligations for notice under this Section&nbsp;2.7(b) with respect to such events and Taxable Allocation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">16 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to
the contrary in this Supplement, the Fund shall not be required to make Additional Amount Payments with respect to any net capital gains or ordinary income determined by the Internal Revenue Service to be allocable in a manner different from the
manner used by the Fund. The Fund will promptly give notice to the Calculation and Paying Agent and the Remarketing Agent of any such determination, with instructions to the Calculation and Paying Agent to forward such notice to each Holder of
affected MFP Shares during the affected periods at such Holder&#146;s address as the same appears or last appeared on the record books of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund determines that a Taxable Allocation will be made with respect
to a dividend to be paid with respect to MFP Shares on a date specified in Section&nbsp;2.1(e) and notice of such Taxable Allocation is required pursuant to Section&nbsp;2.7(a)(ii) or Section&nbsp;2.7(b), to the extent possible the Fund will cause
such Taxable Allocation to relate to the last day on which dividends are declared that will be paid on such specified date (and, if the amount of the dividend declared on such last day is less than the Taxable Allocation, the immediately preceding
day, with such process continuing to each preceding day in the applicable Dividend Period until the full amount of the Taxable Allocation is exhausted) so that, to the extent possible, the dividends declared on the earlier dates will be reported
entirely as exempt-interest dividends and only the dividends declared with respect to such last day or preceding days will include a Taxable Allocation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Section</B><B></B><B>&nbsp;2.8</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Failed Remarketing Mandatory
Redemption Liquidity Account and Liquidity Requirement</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At least
six months prior to the Failed Remarketing Mandatory Redemption Date, if any, the Fund shall cause the Custodian to earmark, by means of appropriate identification on its books and records or otherwise in accordance with the Custodian&#146;s normal
procedures, from the other assets of the Fund (the &#147;<B>Failed Remarketing Mandatory Redemption Liquidity Account</B>&#148;) Liquidity Account Investments with a Market Value equal to at least one hundred ten percent (110%) of the Liquidation
Preference of the Outstanding MFP Shares. If, during the <FONT STYLE="white-space:nowrap">six-month</FONT> period, the aggregate Market Value of the Liquidity Account Investments included in the Failed Remarketing Mandatory Redemption Liquidity
Account as of the close of business on any Business Day is less than one hundred ten percent (110%) of the Liquidation Preference of the Outstanding MFP Shares, then the Fund shall cause the Custodian and the Investment Adviser to take all such
necessary actions, including earmarking additional assets of the Fund as Liquidity Account Investments, so that the aggregate Market Value of the Liquidity Account Investments included in the Failed Remarketing Mandatory Redemption Liquidity Account
for the MFP Shares is equal to at least one hundred ten percent (110%) of the Liquidation Preference of the Outstanding MFP Shares not later than the close of business on the next succeeding Business Day. With respect to assets of the Fund earmarked
as Liquidity Account Investments, the Investment Adviser, on behalf of the Fund, shall be entitled to instruct the Custodian on any date to release any Liquidity Account Investments from such earmarking and to substitute therefor other Liquidity
Account Investments, so long as (i)&nbsp;the assets of the Fund earmarked as Liquidity Account Investments at the close of business on such date have a Market Value equal to at least one hundred ten percent (110%) of the Liquidation Preference of
the Outstanding MFP Shares and (ii)&nbsp;the assets of the Fund constituting Deposit Securities earmarked in the Failed Remarketing Mandatory Redemption Liquidity Account at the close of business on such date have a Market Value equal to the
Liquidity Requirement (if any) determined in accordance with Section&nbsp;2.8(b) below with respect to the MFP Shares for such date. The Fund shall not, and shall cause the Custodian not to, permit any lien, security interest or encumbrance to be
created or permitted to exist on or in respect of any Liquidity Account Investments included in the Failed Remarketing Mandatory Redemption Liquidity Account for the MFP Shares, other than liens, security interests or encumbrances arising by
operation of law and any lien of the Custodian with respect to the payment of its fees or repayment for its advances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Market Value of the Deposit Securities held in the Failed Remarketing
Mandatory Redemption Liquidity Account, from and after the day (or, if such day is not a Business Day, the next succeeding Business Day) preceding the Failed Remarketing Mandatory Redemption Date specified in the table set forth below, shall not be
less than the percentage of the Liquidation Preference of the Outstanding MFP Shares set forth below opposite such number of months (the &#147;<B>Liquidity Requirement</B>&#148;), but in all cases subject to the cure provisions of
Section&nbsp;2.8(c) below: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">17 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="54%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Number&nbsp;of&nbsp;Days</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;Preceding&nbsp;the&nbsp;Failed&nbsp;Remarketing&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Mandatory Redemption Date:</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>&nbsp;&nbsp;Market&nbsp;Value&nbsp;of&nbsp;Deposit&nbsp;Securities&nbsp;&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>as Percentage of Liquidation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Preference</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">[&#9679;]</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">[&#9679;]</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">[&#9679;]</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">[&#9679;]</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">[&#9679;]</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]%</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the aggregate Market Value of the
Deposit Securities included in the Failed Remarketing Mandatory Redemption Liquidity Account as of the close of business on any Business Day is less than the Liquidity Requirement for such Business Day, then the Fund shall cause the earmarking of
additional or substitute Deposit Securities in respect of the Failed Remarketing Mandatory Redemption Liquidity Account, so that the aggregate Market Value of the Deposit Securities included in the Failed Remarketing Mandatory Redemption Liquidity
Account is at least equal to the Liquidity Requirement not later than the close of business on the next succeeding Business Day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Deposit Securities included in the Failed Remarketing Mandatory
Redemption Liquidity Account may be applied by the Fund, in its discretion, towards payment of the Redemption Price as contemplated by Section&nbsp;2.4(b). Upon the earlier to occur of (x)&nbsp;the successful remarketing of all of the Outstanding
MFP Shares in accordance with Section&nbsp;2.2(c) or (y)&nbsp;the deposit by the Fund with the Calculation and Paying Agent of Deposit Securities having an initial combined Market Value sufficient to effect the redemption of the MFP Shares on the
Failed Remarketing Mandatory Redemption Date in accordance with Section&nbsp;2.4(e)(ii), the requirement of the Fund to maintain the Failed Remarketing Mandatory Redemption Liquidity Account as contemplated by this Section&nbsp;2.8 shall lapse and
be of no further force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Section</B><B></B><B>&nbsp;2.9</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination</B>.&nbsp;&nbsp;Upon the
earlier to occur of (a)&nbsp;no MFP Shares being Outstanding or (b)&nbsp;the successful transition to a new Mode for the MFP Shares, all rights and preferences of the MFP Shares established and designated hereunder shall cease and terminate, and all
obligations of the Fund under this Supplement with respect to the MFP Shares shall terminate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Section</B><B></B><B>&nbsp;2.10</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Actions on Other than Business
Days</B>.&nbsp;&nbsp;Unless otherwise provided herein, if the date for making any payment, performing any act or exercising any right, in each case as provided for in this Supplement, is not a Business Day, such payment shall be made, act performed
or right exercised on the next succeeding Business Day, with the same force and effect as if made or done on the nominal date provided therefor, and, with respect to any payment so made, no dividends, interest or other amount shall accrue for the
period between such nominal date and the date of payment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Section</B><B></B><B>&nbsp;2.11</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Modification</B>.&nbsp;&nbsp;To the
extent permitted by law and the Statement, the Board of Trustees, without the vote of the Holders of MFP Shares, may interpret, supplement or amend the provisions of this Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TRANSITION
TO NEW MODE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Section</B><B></B><B>&nbsp;3.1</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Election and
Notice of Mode Change</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may at its option elect to
terminate the [Initial] Mode and change the MFP Shares to a new Mode by delivering a notice of Mode change (a &#147;<B>Mode Change Notice</B>&#148;) by Electronic Means to the Remarketing Agent and the Calculation and Paying Agent and by overnight
delivery, by first class mail, postage prepaid or by Electronic Means to the Holders of the MFP Shares, or by requesting the Calculation and Paying Agent, on behalf of the Fund, to promptly do so. The Mode Change Notice shall be provided not more
than forty-five (45)&nbsp;calendar days and not less than ten (10)&nbsp;Business Days prior to the Mode Termination Date for the [Initial] Mode </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">18 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
specified in such Mode Change Notice. Subject to the notice requirement in the immediately preceding sentence, the Fund may select any Wednesday that is a Business Day, and for which the next
calendar day is also a Business Day, as the Mode Termination Date, with the new Mode to commence on the Business Day immediately following the Mode Termination Date (the &#147;<B>New Mode Commencement Date</B>&#148;) and end not later than the Term
Redemption Date. The terms of the new Mode may not, in any event, affect the parity ranking of MFP Shares relative to each other or to any other series of Preferred Shares of the Fund then outstanding with respect to dividends or distribution of
assets upon dissolution, liquidation or winding up of the affairs of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mode Change Notice shall state: (A)&nbsp;the Mode Termination Date;
(B)&nbsp;that the notice relates to the MFP Shares; (C)&nbsp;the CUSIP number for the MFP Shares; (D)&nbsp;the Purchase Price on a per share basis; (E)&nbsp;that (i) all Outstanding MFP Shares will be subject to Mandatory Tender for Mode Change
Remarketing on the New Mode Commencement Date, and (ii)&nbsp;in the event of a Failed Remarketing Event, all MFP Shares will be returned to the relevant tendering Holders; and (F)&nbsp;if applicable, the place or places where the certificate(s) for
such shares (properly endorsed or assigned for transfer, if the Board of Trustees requires and the Mode Change Notice states) are to be surrendered for payment of the Purchase Price. The Fund may provide in any Mode Change Notice that such Mode
change is subject to one or more conditions precedent and that the Fund shall not be required to effect such change unless each such condition has been satisfied at the time or times and in the manner specified in such Mode Change Notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund shall use its best efforts to cause the transition to a new Mode
and the terms and conditions of such new Mode to be consistent with the continuing qualification of the MFP Shares as equity in the Fund for U.S. federal income tax purposes, and it shall be a condition precedent to such transition that the Fund
shall have received an opinion of counsel to the effect that the MFP Shares will continue to qualify as equity in the Fund for U.S. federal income tax purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Section</B><B></B><B>&nbsp;3.2</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Transition to New Mode</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Outstanding MFP Shares automatically will be subject to mandatory
tender for remarketing and delivered to the Calculation and Paying Agent for delivery to the Remarketing Agent, or directly to the Remarketing Agent, for sale to, and purchase by, purchasers in the remarketing on the New Mode Commencement Date, in
the event of a successful remarketing. All Tendered MFP Shares will be remarketed at the Purchase Price of such MFP Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of a successful remarketing, the proceeds of the sale of the
Tendered MFP Shares may be paid (i)&nbsp;through the Calculation and Paying Agent or (ii)&nbsp;to the Beneficial Owners (directly or through the Securities Depository) as directed by the Fund. In the case of (i), the proceeds shall be used by the
Calculation and Paying Agent, or directly by the Remarketing Agent, for the purchase of the Tendered MFP Shares at the Purchase Price, and the terms of the sale will provide for the wire transfer of such Purchase Price by the Remarketing Agent to be
received by the Calculation and Paying Agent no later than 11:00 a.m., New York City time, on the New Mode Commencement Date for payment to the Beneficial Owners tendering MFP Shares for sale through the Securities Depository, in immediately
available funds, and, in the case of (ii), the terms of the sale will provide for the wire transfer of such Purchase Price by the Remarketing Agent to be made by no later than 11:00 a.m., New York City time (or such other time as the Remarketing
Agent and the Beneficial Owners may agree), on the New Mode Commencement Date, in either case, against delivery of the Tendered MFP Shares either (x)&nbsp;to the Calculation and Paying Agent through the Securities Depository on the New Mode
Commencement Date and the <FONT STYLE="white-space:nowrap">re-delivery</FONT> of such MFP Shares by means of &#147;FREE&#148; delivery through the Securities Depository to the Remarketing Agent for delivery to the relevant purchaser&#146;s Agent
Member or (y)&nbsp;directly to the Remarketing Agent or such Agent Member through the Securities Depository by 3:00 p.m., New York City time, on the New Mode Commencement Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By 3:30 p.m., New York City time, on the New Mode Commencement Date, the
Remarketing Agent shall deliver a Remarketing Notice to the Calculation and Paying Agent, the Fund and the Holders, by Electronic Means, that provides notice of the successful remarketing of all Outstanding MFP Shares or, if applicable, the number
of MFP Shares, if any, not successfully remarketed for purchase on the New Mode Commencement Date, and the Purchase Price per MFP Share. If the Remarketing Notice states that the Remarketing Agent has not successfully remarketed all of the MFP
Shares to be purchased on the New Mode Commencement Date </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">19 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
or if remarketing proceeds for any Tendered MFP Shares have not been received for any reason by the Calculation and Paying Agent by 4:30 p.m., New York City time, or, if payment is made directly
to the Beneficial Owners, by the Beneficial Owners by 3:00 p.m., New York City time, in each case on the New Mode Commencement Date (in which case the related MFP Shares will be treated as not having been successfully remarketed), a &#147;<B>Failed
Remarketing Event</B>&#148; shall have occurred, and the Remarketing Agent will promptly, and in any event by approximately 5:00 p.m., New York City time, on such day, deliver by Electronic Means to the Holders, the Fund and the Calculation and
Paying Agent a Failed Remarketing Notice; <U>provided</U>, that, if payment for all Outstanding MFP Shares is received by, as applicable, the Calculation and Paying Agent after 2:45 p.m., New York City time, but by 4:30 p.m., New York City time, on
such day, or if the Fund and the Required Beneficial Owners agree to waive the occurrence of a Failed Remarketing Event on such day, then the Mode Termination Date shall be deemed changed to such day and the New Mode Commencement Date shall be
deemed changed to the immediately succeeding Business Day. The New Mode Commencement Date, and the date, if any, to which it shall have been postponed in accordance with the foregoing shall be a Dividend Payment Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that MFP Shares are issued in certificated form outside the
book-entry system of the Securities Depository and a Holder of MFP Shares fails to deliver such MFP Shares to which a mandatory tender relates on or prior to the New Mode Commencement Date, the Holder of such MFP Shares shall not be entitled to any
payment (including any accumulated but unpaid dividends thereon, whether or not earned or declared) other than the Purchase Price of such undelivered MFP Shares as of the scheduled New Mode Commencement Date. Any such undelivered MFP Shares will be
deemed to be delivered to the Calculation and Paying Agent, and the Calculation and Paying Agent will place stop-transfer orders against the undelivered MFP Shares. Any moneys held by the Calculation and Paying Agent for the purchase of undelivered
MFP Shares will be held in a separate account by the Calculation and Paying Agent, will not be invested, and will be held for the exclusive benefit of the Holder of such undelivered MFP Shares. The undelivered MFP Shares will be deemed to be no
longer Outstanding (except as to entitlement to payment of the Purchase Price), and the Fund will issue to the purchaser replacement MFP Share certificates in lieu of such undelivered MFP Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Section</B><B></B><B>&nbsp;3.3</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Failed Transition</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that a Failed Remarketing Event occurs, the new Mode
designated by the relevant Mode Change Notice shall not be established. In such event, the [Initial] Mode shall continue in the form determined by the Fund&#146;s election pursuant to Section&nbsp;3.3(b) below, a Failed Remarketing Period shall
commence and the Dividend Rate shall be the <FONT STYLE="white-space:nowrap">Step-Up</FONT> Dividend Rate. All Tendered MFP Shares shall be returned to the relevant tendering Holders by the Calculation and Paying Agent. Upon the occurrence of a
Failed Remarketing Event, (i)&nbsp;the Remarketing Agent shall provide written notice to the Calculation and Paying Agent, the Fund and the Holders of the MFP Shares by Electronic Means and (ii)&nbsp;all Outstanding MFP Shares shall become subject
to mandatory redemption on the Failed Remarketing Mandatory Redemption Date, subject to paragraph (c)&nbsp;below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By not later than the Business Day immediately following the occurrence of
a Failed Remarketing Event as contemplated in Section&nbsp;3.2(c), the Fund shall make an election, and provide a Failed Transition Election Notice in writing by Electronic Means to the Holders, the Remarketing Agent and the Calculation and Paying
Agent, to either (i)&nbsp;cancel the related attempted transition to a new Mode, in which case the provisions of Section&nbsp;2.2(c) shall apply to the Failed Remarketing Period,&nbsp;&nbsp;&nbsp;&nbsp;or (ii)&nbsp;continue to attempt to transition
to a new Mode, in which case the Fund shall continue to use its reasonable best efforts to successfully establish a new Mode for the MFP Shares and, in connection with each such attempt, may designate by a Mode Change Notice a new Mode with new or
different terms, until (x)&nbsp;a new Mode is established, (y)&nbsp;the Fund makes a new election to cancel the attempted Mode transition as provided in clause (i)&nbsp;above in connection with a subsequent failure to establish a new Mode, or
(z)&nbsp;no MFP Shares remain Outstanding. If a subsequent Failed Remarketing Event occurs in connection with the remarketing relating to such continued attempt to establish a new Mode, any such Failed Remarketing Event shall not alter the Failed
Remarketing Period, the Failed Remarketing Mandatory Redemption Date or the <FONT STYLE="white-space:nowrap">Step-Up</FONT> Dividend Rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that, within the Failed Remarketing Period, (i)&nbsp;if the
Fund shall have made the election set forth in Section&nbsp;3.3(b)(i) above, all (but not less than all) of the MFP Shares are successfully remarketed pursuant to a mandatory tender for remarketing in accordance with Section&nbsp;2.2(c) above, or
(ii)&nbsp;if the Fund </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">20 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
shall have made the election set forth in Section&nbsp;3.3(b)(ii) above, the Fund successfully establishes a new Mode, the Failed Remarketing Period shall terminate, the MFP Shares shall not be
subject to redemption on the related Failed Remarketing Mandatory Redemption Date and, as applicable, the [Initial] Mode shall continue or the MFP Shares shall be subject to the terms established for the new Mode. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page Begins on the Following Page] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">21 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, Nuveen
<FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund, having duly adopted this Supplement, has caused this Supplement to be signed on [&#9679;] in its name and on its behalf by a duly authorized officer. The Declaration is
on file with the Secretary of the Commonwealth of Massachusetts, and the said officer of the Fund has executed this Supplement as an officer and not individually, and the obligations of the Fund set forth in this Supplement are not binding upon any
such officer, or the trustees of the Fund or shareholders of the Fund, individually, but are binding only upon the assets and property of the Fund. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>NUVEEN <FONT STYLE="white-space:nowrap">AMT-FREE</FONT> MUNICIPAL CREDIT INCOME FUND</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49"></TD>
<TD HEIGHT="49" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;
&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Name:</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Title:</P></TD></TR>
</TABLE></DIV>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.D.5
<SEQUENCE>5
<FILENAME>d656069dex99d5.htm
<DESCRIPTION>FORM OF SUPPLEMENT TO THE STATEMENT ESTABLISHING AND FIXING THE RIGHTS
<TEXT>
<HTML><HEAD>
<TITLE>Form of Supplement to the Statement Establishing and Fixing the Rights</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><I>Exhibit d.5 </I></B></P>
<P STYLE="margin-top:130pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NUVEEN <FONT STYLE="white-space:nowrap">AMT-FREE</FONT> MUNICIPAL CREDIT INCOME FUND </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUPPLEMENT TO THE STATEMENT ESTABLISHING AND FIXING THE RIGHTS AND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PREFERENCES OF SERIES [</B>&#9679;<B></B><B>] MUNIFUND PREFERRED SHARES INITIALLY DESIGNATING THE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>VARIABLE RATE MODE FOR THE SERIES [</B>&#9679;<B></B><B>] MUNIFUND PREFERRED SHARES </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(NVG SERIES [</B>&#9679;<B></B><B>] MFP) </B></P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">ARTICLE&nbsp;1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;DEFINITIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">1.1&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Definitions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">1.2&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Interpretation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">ARTICLE&nbsp;2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;TERMS APPLICABLE TO THE [INITIAL] MODE FOR SERIES [&#9679;] MUNIFUND PREFERRED SHARES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">2.1&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Dividends and Distributions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">2.2&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Coverage&nbsp;&amp; Leverage Tests</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">2.3&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Redemption</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">2.4&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Grant of Irrevocable Proxy</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">2.5&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Rating Agencies</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">2.6&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Additional Preferred Shares</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">2.7&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Distributions with respect to Taxable Allocations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">2.8&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Failed Transition Redemption Liquidity Account and Liquidity Requirement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">2.9&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Termination</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">2.10&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Actions on Other than Business Days</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">2.11&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Modification</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">2.12&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Acknowledgement of Contractual Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">ARTICLE&nbsp;3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;DESIGNATION OF NEW MODE OR MODE EXTENSION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">3.1&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;General Provisions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">3.2&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Election and Notice of Mode Extension or Change</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">3.3&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Extension of the [Initial] Mode or Transition to a New Mode</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">3.4&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Failed Transition Event</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">3.5&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Optional Early Transition to New Mode at the Option of the Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NUVEEN <FONT STYLE="white-space:nowrap">AMT-FREE</FONT> MUNICIPAL CREDIT INCOME FUND </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUPPLEMENT TO THE STATEMENT ESTABLISHING AND FIXING THE RIGHTS AND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PREFERENCES OF SERIES [</B>&#9679;<B></B><B>] MUNIFUND PREFERRED SHARES [INITIALLY] DESIGNATING THE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>VARIABLE RATE MODE FOR THE SERIES [</B>&#9679;<B></B><B>] MUNIFUND PREFERRED SHARES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This Supplement to the Statement Establishing and Fixing the Rights and Preferences of Series [&#9679;] MuniFund Preferred
Shares [Initially] Designating the Variable Rate Mode for the Series [&#9679;] MuniFund Preferred Shares (this &#147;<B>Supplement</B>&#148;) designates the [Initial] Mode (as defined below) as a Variable Rate Mode for the Series [&#9679;uniFund
Preferred Shares of Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund (the &#147;<B>Fund</B>&#148;). This Supplement establishes, pursuant to Section&nbsp;4 of the Statement Establishing and Fixing the Rights and
Preferences of Series [&#9679;] MuniFund Preferred Shares, effective [&#9679;], 20[&#9679;] (the &#147;<B>Statement</B>&#148;), the additional or different terms and conditions of the Series [&#9679;] MuniFund Preferred Shares for the Variable Rate
Mode commencing on the Mode Commencement Date and ending on the Mode Termination Date (subject to early transition in accordance with Section&nbsp;3.5 below or extension in accordance with Section&nbsp;3.1(a)(i) below or in the event of a Failed
Transition Event (defined below)). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.&nbsp;&nbsp;Capitalized terms used herein that are not
otherwise defined shall have the meanings assigned to them in the Statement. The following terms shall have the following meanings (with terms defined in the singular having comparable meanings when used in the plural and vice versa), unless the
context otherwise requires: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Additional Amount Payment</B>&#148; means a payment to a Beneficial Owner of MFP
Shares of an amount which, when taken together with the aggregate amount of Taxable Allocations made to such Beneficial Owner to which such Additional Amount Payment relates, would cause such Beneficial Owner&#146;s dividends in dollars (after
regular federal income tax consequences) from the aggregate of such Taxable Allocations and the related Additional Amount Payment to be equal to the dollar amount of the dividends that would have been received by such Beneficial Owner if the amount
of such aggregate Taxable Allocations would have been excludable (for regular federal income tax purposes) from the gross income of such Beneficial Owner. Such Additional Amount Payment shall be calculated (i)&nbsp;without consideration being given
to the time value of money; (ii)&nbsp;assuming that no Beneficial Owner of MFP Shares is subject to the federal alternative minimum tax with respect to dividends received from the Fund and without giving effect to any other federal tax based on
income, such as the &#147;Medicare tax,&#148; which at the date hereof is imposed at the rate of 3.8% on the net investment income (which includes taxable dividends and net capital gains) of certain individuals, trusts and estates; and
(iii)&nbsp;assuming that each Taxable Allocation and each Additional Amount Payment (except to the extent such Additional Amount Payment is reported as an exempt-interest dividend for purposes of Section&nbsp;852(b)(5) of the Code or successor
provisions) would be taxable in the hands of each Beneficial Owner of MFP Shares at the maximum marginal regular federal individual income tax rate applicable to ordinary income or net capital gains, as applicable, or the maximum marginal regular
federal corporate income tax rate applicable to ordinary income or net capital gains, as applicable, whichever is greater, in effect at the time such Additional Amount Payment is made. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Agent Member</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Applicable Spread</B>&#148; means, with respect to any Dividend Reset Period, the percentage per annum set forth
opposite the highest applicable credit rating most recently assigned to the MFP Shares by any Rating Agency in the table set forth directly below on the Rate Determination Date for such Dividend Reset Period; <U>provided</U>, <U>however</U>, that,
&#147;Applicable Spread&#148; shall not apply for any Dividend Reset Period or portion thereof occurring during the Failed Transition Period, if any, except in the case of an Increased Rate Period occurring during the Failed Transition Period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="75%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="38%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="54%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Long&nbsp;Term&nbsp;Ratings*</U></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>[&#9679;]</U></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Applicable&nbsp;Percentage**</U></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AAA to AA</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[&#9679;]%</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AA-</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[&#9679;]%</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A+</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[&#9679;]%</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[&#9679;]%</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[&#9679;]%</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BBB+</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[&#9679;]%</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BBB</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[&#9679;]%</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BBB-</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[&#9679;]%</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">*And/or the equivalent ratings of another Rating Agency then rating the MFP Shares utilizing the highest of the ratings of the Rating Agencies
then rating the MFP Shares.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">**Unless an Increased Rate Period is in effect or the Increased Rate otherwise applies to any portion of a Dividend Reset Period, in which
case the Applicable Spread shall be [&#9679;]% for such Increased Rate Period or such portion of a Dividend Reset Period, as the case may be.</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Asset Coverage</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Asset Coverage Cure Date</B>&#148; means, with respect to the failure by the Fund to maintain Asset Coverage of at
least 225% as of the close of business on a Business Day (as required by Section&nbsp;2.2(a)), the date that is thirty (30)&nbsp;calendar days following such Business Day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Below Investment Grade</B>&#148; means, as of any date, the following ratings with respect to each Rating Agency (to
the extent it is a Rating Agency on such date): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lower
than <FONT STYLE="white-space:nowrap">BBB-,</FONT> in the case of Fitch; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lower than an equivalent long-term credit rating to that
set forth in clause (i), in the case of any other Rating Agency. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Beneficial Owner</B>&#148; has the meaning set
forth in the Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Business Day</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Code</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Custodian</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Declaration</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Deposit Securities</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Dividend Default</B>&#148; has the meaning set forth in Section&nbsp;2.1(f)(i). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Dividend Payment Date</B>&#148; means (i)&nbsp;the first Business Day of
each calendar month, commencing on (and including) [&#9679;], 20[&#9679;], (ii) the first Business Day following the last calendar day of the [Initial] Mode, (iii)&nbsp;the New Mode Commencement Date (and the date, if any, to which it shall have
been postponed in accordance with Section&nbsp;3.3(e)) and (iv)&nbsp;each other date designated for the payment of dividends in accordance with this Supplement, including, as applicable, any Special Dividend Payment Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Dividend Period</B>&#148; means, with respect to any Dividend Payment Date, (i)&nbsp;in the case of the first
Dividend Payment Date, the period from and including the Mode Commencement Date to and including [&#9679;], 20[&#9679;], and (ii)&nbsp;for each subsequent Dividend Payment Date, (a)&nbsp;for each regular monthly Dividend Payment Date following a
regular monthly Dividend Payment Date, the period from and including the first calendar day of the month ending immediately preceding the month in which the current Dividend Payment Date falls to and including the last calendar day of such month,
(b)&nbsp;for each regular monthly Dividend Payment Date following a Special Dividend Payment Date, the period from and including the Special Dividend Payment Date to and including the last calendar day of the month immediately preceding the month in
which the current Dividend Payment Date falls, (c)&nbsp;for each Special Dividend Payment Date following a regular monthly Dividend Payment Date, the period from and including the first calendar day of the month in which such regular monthly
Dividend Payment Date falls to but excluding the Special Dividend Payment Date, and (d)&nbsp;for each Special Dividend Payment Date following another Special Dividend Payment Date, the period from and including the prior Special Dividend Payment
Date to but excluding the current Special Dividend Payment Date. Notwithstanding the foregoing, the final Dividend Period in the [Initial] Mode shall end on and include the last calendar day of the [Initial] Mode. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Dividend Rate</B>&#148; means, with respect to any Dividend Reset Period and subject to the adjustment described in
Section&nbsp;2.7, for the Initial Dividend Reset Period, the Index Rate for the Initial Dividend Reset Period plus the Applicable Spread for such Dividend Reset Period and for each Subsequent Dividend Reset Period, the Index Rate in effect as of the
Dividend Reset Date constituting the first day of such Dividend Reset Period plus the Applicable Spread for such Dividend Reset Period; <U>provided</U>, <U>however</U>, that, with respect to any Increased Rate Period (or any portion of a Dividend
Reset Period to which the Increased Rate otherwise applies), the Dividend Rate shall mean the Increased Rate for such Increased Rate Period (or such portion of a Dividend Reset Period); <U>provided</U> <U>further</U>, that for any Dividend Reset
Period (or portion thereof) during the Failed Transition Period, if any, &#147;Dividend Rate&#148; shall mean the Failed Transition Period Dividend Rate; and <U>provided</U> <U>further</U> that the Dividend Rate for any Dividend Reset Period (or
portion thereof) shall in no event exceed the Maximum Rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Dividend Reset Date</B>&#148; means the Mode
Commencement Date and, thereafter, the first day of each Dividend Reset Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Dividend Reset Period</B>&#148;
means the Initial Dividend Reset Period and any Subsequent Dividend Reset Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Effective Leverage
Ratio</B>&#148; has the meaning set forth in Section&nbsp;2.2(d). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Effective Leverage Ratio Cure Date</B>&#148;
has the meaning set forth in Section&nbsp;2.3(c)(ii)(A). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Electronic Means</B>&#148; has the meaning set forth in
the Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Failed Transition Event</B>&#148; means that either (i)&nbsp;the Transition Notice required by
Section&nbsp;3.3(e) states that the Transition Remarketing Agent was unable to successfully remarket all of the MFP Shares to be purchased on the New Mode Commencement Date, (ii)&nbsp;the remarketing proceeds for any tendered MFP Shares are not
received for any reason (x)&nbsp;by the Tender and Paying Agent by 4:30 p.m., New York City timeor (y)&nbsp;if payment is made directly to the Beneficial Owners, by the Beneficial Owners by 3:00 p.m., New York City time, subject to the proviso in
Section&nbsp;3.3(e), in each case, on the New Mode Commencement Date, or (iii)&nbsp;the Fund has otherwise been unsuccessful in extending the [Initial] Mode or establishing a new Mode (in each of which cases the related MFP Shares will be treated as
not having been successfully remarketed). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Failed Transition Period</B>&#148; means, upon the occurrence of a
Failed Transition Event, the period commencing on the date of such Failed Transition Event and ending on the earlier to occur of (i)&nbsp;the Failed </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
Transition Redemption Date and (ii)&nbsp;the redemption, repurchase or successful Transition Remarketing of 100% of the Outstanding MFP Shares in accordance with the terms of this Supplement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Failed Transition Period Applicable Spread</B>&#148; means, for each Dividend Reset Period or portion thereof
occurring while the Failed Transition Period, if any, has occurred and is continuing: [&#9679;] basis points ([&#9679;]%) (up to [&#9679;] days of the continued Failed Transition Period), [&#9679;] basis points ([&#9679;]%) ([&#9679;]&nbsp;days but
fewer than [&#9679;]&nbsp;days of the continued Failed Transition Period), [&#9679;] basis points ([&#9679;]%) ([&#9679;]&nbsp;days but fewer than [&#9679;]&nbsp;days of the continued Failed Transition Period), [&#9679;] basis points ([&#9679;]%)
([&#9679;]&nbsp;days but fewer than [&#9679;]&nbsp;days of the continued Failed Transition Period), [&#9679;] basis points ([&#9679;]%) ([&#9679;]&nbsp;days but fewer than [&#9679;]&nbsp;days of the Failed Transition Period), and [&#9679;] basis
points ([&#9679;]%) ([&#9679;]&nbsp;days or more of the continued Failed Transition Period). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Failed Transition
Period Dividend Rate</B>&#148; means, with respect to any Dividend Reset Period (or portion thereof) occurring during the Failed Transition Period, if any, subject to the adjustment described in Section&nbsp;2.7(a), the Index Rate for such Dividend
Reset Period (or portion thereof) plus the Failed Transition Period Applicable Spread for such Dividend Reset Period (or portion thereof); provided, however, that, with respect to any Increased Rate Period (or any portion of a Dividend Reset Period
to which the Increased Rate otherwise applies), the Failed Transition Period Dividend Rate shall mean the Increased Rate for such Increased Rate Period (or such portion of a Dividend Reset Period); and provided further, that the Failed Transition
Period Dividend Rate for any Dividend Reset Period (or portion thereof) shall in no event exceed the Maximum Rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Failed Transition Redemption Date</B>&#148; means [&#9679;], 20[&#9679;], only if a Failed Transition Period has
occurred and is continuing as of such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Failed Transition Redemption Price</B>&#148; has the meaning set
forth in Section&nbsp;2.3(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Fitch</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Fund</B>&#148; has the meaning set forth the preamble to this Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Holder</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Increased Rate</B>&#148; means, for any Increased Rate Period or any portion of a Dividend Reset Period to which the
Increased Rate otherwise applies, the Index Rate for such Increased Rate Period or portion thereof <U>plus</U> an Applicable Spread of [&#9679;]%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Increased Rate Period</B>&#148; has the meaning set forth in Section&nbsp;2.1(f)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Index Rate</B>&#148; means, with respect to any Dividend Reset Period or portion thereof, [(i) the SIFMA Municipal
Swap Index made available by approximately 4:00 p.m., New York City time, on the Rate Determination Date for such Dividend Reset Period or (ii)&nbsp;if such index is not made available by approximately 4:00 p.m., New York City time, on such date,
the SIFMA Municipal Swap Index as determined on the previous Rate Determination Date.] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Initial Dividend Reset
Period</B>&#148; means [the period commencing on and including the Mode Commencement Date and ending on, and including, the next succeeding calendar day that is a Wednesday (or, if such Wednesday is not a Business Day, the next succeeding Business
Day).] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;[<B>Initial] Mode</B>&#148; means the Variable Rate Mode designated by this Supplement for the period
commencing on the Mode Commencement Date and ending on the Mode Termination Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Investment Adviser</B>&#148;
has the meaning set forth in the Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Liquidation Preference</B>&#148; has the meaning set forth in the
Statement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Liquidity Account</B>&#148; in connection with a Failed Transition
Redemption, has the meaning set forth in Section&nbsp;2.8(a). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Liquidity Account Investments</B>&#148; has the
meaning set forth in the Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Liquidity Requirement</B>&#148; in connection with a Failed Transition
Redemption, has the meaning set forth in Section&nbsp;2.8(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Mandatory Redemption Price</B>&#148; has the
meaning set forth in Section&nbsp;2.3(c)(i)(A). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Mandatory Tender</B>&#148; means the mandatory tender of all MFP
Shares by the Beneficial Owners thereof for Transition Remarketing and purchase on the New Mode Commencement Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Market Value</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Maximum Rate</B>&#148; means 15% per annum. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Mode</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Mode Commencement Date</B>&#148; means [&#9679;], 20[&#9679;]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Mode Extension/Change Notice</B>&#148; has the meaning set forth in Section&nbsp;3.2(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Mode Termination Date</B>&#148; means the earliest of (i)&nbsp;the Optional Early Transition Date, in the case of a
successful transition to a new Mode pursuant to Section&nbsp;3.5, (ii) [&#9679;], 20[&#9679;], in the event of a successful transition to a new Mode upon expiration of the [Initial] Mode, as such date may be extended in accordance with
Section&nbsp;3.1(a)(i) and (iii)&nbsp;the Failed Transition Redemption Date, as it may be extended in accordance with Section&nbsp;3.1(a)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>MuniFund Preferred Shares</B>&#148; or &#147;<B>MFP Shares</B>&#148; has the meaning set forth in the Statement and
as used in this Supplement refers only to the Series [&#9679;] MuniFund Preferred Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>New Mode Commencement
Date</B>&#148; has the meaning set forth in Section&nbsp;3.1(a). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Notice of Redemption</B>&#148; has the meaning
set forth in Section&nbsp;2.3(e)(i). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Notice of Taxable Allocation</B>&#148; has the meaning set forth in
Section&nbsp;2.7(a). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>NRSRO</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Optional Early Transition Date</B>&#148; has the meaning set forth in Section&nbsp;3.5(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Optional Early Transition</B>&#148; has the meaning set forth in Section&nbsp;3.5(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Optional Redemption Date</B>&#148; has the meaning set forth in Section&nbsp;2.3(d)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">[&#147;<B>Optional Redemption Premium</B>&#148; means with respect to each MFP Share to be redeemed an amount equal to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the Optional Redemption Date for such MFP Share occurs prior to
[&#9679;], 20[&#9679;], the product of (i) [&#9679;]%, (ii) the Liquidation Preference of such MFP Share and (iii)&nbsp;a fraction, the numerator of which is the number of days from and including the date of redemption to and including [&#9679;],
20[&#9679;] and the denominator of which is the actual number of days from and including [&#9679;], 20[&#9679;] to and including [&#9679;], 20[&#9679;]; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the Optional Redemption Date for such MFP Share occurs on or after
[&#9679;], 20[&#9679;], zero.] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Optional Redemption Price</B>&#148; has the meaning set forth in
Section&nbsp;2.3(d)(i). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Outstanding</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Person</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Preferred Shares</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Purchase Agreement</B>&#148; means, with respect to the MFP Shares issued pursuant to the Statement and this
Supplement, the [Initial] Series [&#9679;] MuniFund Preferred Shares (MFP) Purchase Agreement to be dated as of [&#9679;], 20[&#9679;] between the Fund and the Purchaser, as the same may be amended, restated or modified from time to time in
accordance with its terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Purchase Price</B>&#148; means an amount equal to the Liquidation Preference of each
MFP Share to be purchased on the New Mode Commencement Date, <I>plus</I> any accumulated but unpaid dividends thereon (whether or not earned or declared), if any, to, but excluding, the New Mode Commencement Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Purchaser</B>&#148; means [&#9679;], a [&#9679;], as the [initial] purchaser of the MFP Shares pursuant to the
Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Rate Determination Date</B>&#148; means, with respect to the Initial Dividend Reset Period,
the Wednesday immediately preceding the Date of Original Issue in connection with the initial issuance of MFP Shares and, with respect to any Subsequent Dividend Reset Period, the last day of the immediately preceding Dividend Reset Period or, if
such day is not a Business Day, the next succeeding Business Day; <U>provided</U>, <U>however</U>, that the next succeeding Rate Determination Date will be determined without regard to any prior extension of a Rate Determination Date to a Business
Day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Rating Agencies</B>&#148; means, as of any date, (i) [&#9679;] and (ii)&nbsp;any other NRSRO designated as
a Rating Agency on such date in accordance with Section&nbsp;2.5, in each case above, to the extent it maintains a rating on the MFP Shares on such date and the Board of Trustees has not terminated its designation as a Rating Agency in accordance
with Section&nbsp;2.5. [&#9679;] has initially been designated as a Rating Agency for purposes of the MFP Shares. In the event that at any time any Rating Agency (i)&nbsp;ceases to be a Rating Agency for purposes of the MFP Shares and such Rating
Agency has been replaced by another Rating Agency in accordance with Section&nbsp;2.5, any references to any credit rating of such replaced Rating Agency in this Supplement shall be deleted for purposes hereof as provided below and shall be deemed
instead to be references to the equivalent credit rating of the other Rating Agency that has replaced such Rating Agency using the most recent published credit ratings for the MFP Shares of such replacement Rating Agency or (ii)&nbsp;designates a
new rating definition for any credit rating of such Rating Agency with a corresponding replacement rating definition for such credit rating of such Rating Agency, any references to such replaced rating definition of such Rating Agency contained in
this Supplement shall instead be deemed to be references to such corresponding replacement rating definition. Notwithstanding anything to the contrary in Section&nbsp;7 of the Statement, in the event that at any time the designation of any Rating
Agency as a Rating Agency for purposes of the MFP Shares is terminated in accordance with Section&nbsp;2.5, any rating of such terminated Rating Agency, to the extent it would have been taken into account in any of the provisions of this Supplement
for such Series, shall be disregarded, and only the ratings of the then-designated Rating Agencies for such Series shall be taken into account for purposes of this Supplement, <U>provided</U> <U>that</U>, for purposes of determining the Dividend
Rate applicable to a Dividend Reset Period, any designation of a Rating Agency after the Rate Determination Date for such Dividend Reset Period will take effect on or as of the next succeeding Rate Determination Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Rating Agency Guidelines</B>&#148; means the guidelines of any Rating Agency, as they may be amended or modified from
time to time, compliance with which is required to cause such Rating Agency to continue to issue a rating with respect to the MFP Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Ratings Event</B>&#148; has the meaning set forth in Section&nbsp;2.1(f)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Redemption Date</B>&#148; has the meaning set forth in Section&nbsp;2.3(e)(i). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Redemption Default</B>&#148; has the meaning set forth in
Section&nbsp;2.1(f)(i). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Redemption Price</B>&#148; means the Failed Transition Redemption Price, the Mandatory
Redemption Price or the Optional Redemption Price, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Required Beneficial Owners</B>&#148; has the
meaning set forth in Section&nbsp;3.1(a)(i). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Retention Transition</B>&#148; has the meaning set forth in
Section&nbsp;3.3(c). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Securities Depository</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">[&#147;<B>SIFMA Municipal Swap Index</B>&#148; means the Securities Industry and Financial Markets Association Municipal Swap Index, or such
other weekly, high-grade index comprised of <FONT STYLE="white-space:nowrap">seven-day,</FONT> <FONT STYLE="white-space:nowrap">tax-exempt</FONT> variable rate demand notes produced by Bloomberg or its successor, or as otherwise designated by the
Securities Industry and Financial Markets Association; <U>provided</U>, <U>however</U>, that if such index is no longer produced by Bloomberg or its successor, then SIFMA Municipal Swap Index shall mean (i)&nbsp;the S&amp;P Municipal Bond 7 Day High
Grade Rate Index produced by Standard&nbsp;&amp; Poor&#146;s Financial Services LLC or its successors or (ii)&nbsp;if the S&amp;P Municipal Bond 7 Day High Grade Rate Index is no longer produced, such other reasonably comparable index selected in
good faith by the Board of Trustees of the Fund.] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Special Dividend Payment Date</B>&#148; has the meaning set
forth in Section&nbsp;2.1(g). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Statement</B>&#148; has the meaning set forth in the preamble to this Supplement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Subsequent Dividend Reset Period</B>&#148; means the period from, and including, the first day following the
Initial Dividend Reset Period to, and including, the next Wednesday (or, if such Wednesday is not a Business Day, the next Business Day) and each subsequent period from, and including, the first day following the end of the previous Subsequent
Dividend Reset Period to, and including, the next Wednesday (or, if such Wednesday is not a Business Day, the next Business Day). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Supplement</B>&#148; has the meaning set forth in the preamble to this Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Tax Event</B>&#148; has the meaning set forth in Section&nbsp;2.1(f)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Taxable Allocation</B>&#148; means the allocation of any net capital gains or ordinary income taxable for regular
federal income tax purposes to a dividend paid in respect of the MFP Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Tender and Paying Agent</B>&#148;
means The Bank of New York Mellon and its successors or any other tender and paying agent appointed by the Fund with respect to such Series. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Tender and Paying Agent Agreement</B>&#148; means the Tender and Paying Agent Agreement dated as of [&#9679;],
20[&#9679;], by and between the Fund and the Tender and Paying Agent, and as the same may be amended, restated or modified from time to time, or any similar agreement between the Fund and any other tender and paying agent appointed by the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Term Redemption Date</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Transition Notice</B>&#148; has the meaning set forth in Section&nbsp;3.3(e). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Transition Remarketing</B>&#148; means the remarketing of the MFP Shares by the Transition Remarketing Agent on
behalf of the Beneficial Owners thereof pursuant to the Mandatory Tender in connection with the transition from the [Initial] Mode to a new Mode. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Transition Remarketing Agent</B>&#148; means the entity or entities
appointed as such by the Fund to conduct the Transition Remarketing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Variable Rate Mode</B>&#148; means the Mode
established for the MFP Shares by the terms and conditions of the Statement as modified by this Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interpretation</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>.&nbsp;&nbsp;The headings preceding the text of Sections
included in this Supplement are for convenience only and shall not be deemed part of this Supplement or be given any effect in interpreting this Supplement. The use of the masculine, feminine or neuter gender or the singular or plural form of words
herein shall not limit any provision of this Supplement. The use of the terms &#147;including&#148; or &#147;include&#148; shall in all cases herein mean &#147;including, without limitation&#148; or &#147;include, without limitation,&#148;
respectively. Reference to any Person includes such Person&#146;s successors and assigns to the extent such successors and assigns are permitted by the terms of any applicable agreement, and reference to a Person in a particular capacity excludes
such Person in any other capacity or individually. Reference to any agreement (including this Supplement), document or instrument means such agreement, document or instrument as amended or modified and in effect from time to time in accordance with
the terms thereof and, if applicable, the terms hereof. Except as otherwise expressly set forth herein, reference to any law means such law as amended, modified, codified, replaced or <FONT STYLE="white-space:nowrap">re-enacted,</FONT> in whole or
in part, including rules, regulations, enforcement procedures and any interpretations promulgated thereunder. References to Sections shall refer to those portions of this Supplement, unless otherwise provided. The use of the terms
&#147;hereunder,&#148; &#147;hereof,&#148; &#147;hereto&#148; and words of similar import shall refer to this Supplement as a whole and not to any particular Article, Section or clause of this Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interpretation of the Statement and this
Supplement</U>.&nbsp;&nbsp;Subject to Section&nbsp;4(e) of the Statement, the terms and conditions of the MFP Shares set forth in this Supplement supersede the terms and conditions of the Statement, to the extent inconsistent therewith, for the
Variable Rate Mode. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mode Commencement Date</U>.&nbsp;&nbsp;This
Supplement shall be effective on the Mode Commencement Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 2 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TERMS APPLICABLE TO THE [INITIAL] MODE FOR SERIES [</B>&#9679;<B></B><B>] </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MUNIFUND PREFERRED SHARES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends and Distributions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Applicable Rates</U>.&nbsp;&nbsp;The amount of dividends per share
payable on MFP Shares on any Dividend Payment Date shall equal the sum of the dividends accumulated but not yet paid for each Dividend Reset Period (or portion thereof) in the related Dividend Period. The amount of dividends per share accumulated
for each such Dividend Reset Period (or portion thereof) shall be computed by (i)&nbsp;multiplying the Dividend Rate in effect for MFP Shares for such Dividend Reset Period (or portion thereof) by a fraction, the numerator of which shall be the
actual number of days in such Dividend Reset Period (or portion thereof) and the denominator of which shall be the actual number of days in the year in which such Dividend Reset Period (or portion thereof) occurs (365 or 366) and
(ii)&nbsp;multiplying the product determined pursuant to clause (i)&nbsp;by the Liquidation Preference for a MFP Share. The Dividend Rate shall be adjusted to the Increased Rate for each Increased Rate Period as provided in Section&nbsp;2.1(f)
below. For each Dividend Reset Period (or portion thereof) during the Failed Transition Period, if any, the Dividend Rate shall be the Failed Transition Period Dividend Rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividend Declaration and Entitlement</U>.&nbsp;&nbsp;Dividends on MFP
Shares with respect to any Dividend Period shall be declared to the Holders of such shares as their names shall appear on the registration books of the Fund at the close of business on each day in such Dividend Period and shall be paid as provided
in Section&nbsp;2.1(e) hereof. In connection with any transfer of MFP Shares, the transferor shall, subject to any agreement between the transferor and transferee, transfer to the transferee the transferor&#146;s right to receive from the Fund any
unpaid </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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dividends so declared for each day prior to the transferee becoming the Holder or Beneficial Owner, as applicable, of the MFP Shares in consideration of a portion of the purchase price for such
MFP Shares paid by the transferee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividend Payment by Fund to
Tender and Paying Agent</U>.&nbsp;&nbsp;Not later than 5:00 p.m., New York City time, on the Business Day immediately preceding each Dividend Payment Date, the Fund shall deposit with the Tender and Paying Agent Deposit Securities having an
aggregate Market Value on such date sufficient to pay the dividends and other distributions, if any, that are payable on such Dividend Payment Date in respect of the MFP Shares. The Fund may direct the Tender and Paying Agent with respect to the
investment or reinvestment of any such Deposit Securities so deposited prior to the Dividend Payment Date, provided that such investment consists exclusively of Deposit Securities and provided further that the proceeds of any such investment will be
available as <FONT STYLE="white-space:nowrap">same-day</FONT> funds at the opening of business on such Dividend Payment Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tender and Paying Agent as Trustee of Dividend Payments by
Fund</U>.&nbsp;&nbsp;All Deposit Securities deposited with the Tender and Paying Agent for the payment of dividends and other distributions, if any, payable on MFP Shares shall be held in trust for the payment of such dividends and other
distributions by the Tender and Paying Agent for the benefit of the Holders of the MFP Shares entitled to the payment of such dividends and other distributions pursuant to Section&nbsp;2.1(e). Any moneys paid to the Tender and Paying Agent in
accordance with the foregoing but not applied by the Tender and Paying Agent to the payment of dividends and other distributions, including interest earned on such moneys while so held, will, to the extent permitted by law, be repaid to the Fund as
soon as possible after the date on which such moneys were to have been so applied, upon request of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends Paid to Holders</U>.&nbsp;&nbsp;Dividends and any
distributions made pursuant to Section&nbsp;2.7(a) on the MFP Shares shall be paid on each Dividend Payment Date to the Holders of the MFP Shares as their names appear on the registration books of the Fund at the close of business on the day
immediately preceding such Dividend Payment Date (or, if such day is not a Business Day, the next preceding Business Day). Dividends and any distributions made pursuant to Section&nbsp;2.7(a) in arrears on MFP Shares for any past Dividend Period may
be declared (to the extent not previously declared) and paid at any time, without reference to any regular Dividend Payment Date, to the Holders of such shares as their names appear on the registration books of the Fund on such date, not exceeding
fifteen (15)&nbsp;calendar days preceding the payment date thereof, as may be fixed by the Board of Trustees. No interest or sum of money in lieu of interest will be payable in respect of any dividend payment or payments of other distributions on
MFP Shares which may be in arrears. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Increased
Rate</U>.&nbsp;&nbsp;(i)&nbsp;&nbsp;The Dividend Rate shall be adjusted to the Increased Rate for each Increased Rate Period. Subject to the cure provisions of Section&nbsp;2.1(f)(iii), an &#147;<B>Increased Rate Period</B>&#148; shall commence
(A)&nbsp;on a Dividend Payment Date if the Fund has failed (as a result of complying with Section&nbsp;8(a) of the Statement or otherwise) to deposit with the Tender and Paying Agent by 12:00 noon, New York City time, on such Dividend Payment Date,
Deposit Securities that will provide funds available to the Tender and Paying Agent on such Dividend Payment Date sufficient to pay the full amount of any dividend on the MFP Shares payable on such Dividend Payment Date (a &#147;<B>Dividend
Default</B>&#148;), and continue to, but excluding, the Business Day on which such Dividend Default has ended as contemplated by Section&nbsp;2.1(f)(ii); (B) on an applicable Redemption Date (or any thereof) if the Fund has failed (as a result of
complying with Section&nbsp;8(a) of the Statement or otherwise) to deposit with the Tender and Paying Agent by 12:00 noon, New York City time, on such Redemption Date, Deposit Securities that will provide funds available to the Tender and Paying
Agent on such Redemption Date sufficient to pay the full amount of the Redemption Price payable in respect of such shares on such Redemption Date (a &#147;<B>Redemption Default</B>&#148;), and continue to, but excluding, the Business Day on which
such Redemption Default has ended as contemplated by Section&nbsp;2.1(f)(ii); (C) on the Business Day on which any Rating Agency has withdrawn the credit rating required to be maintained with respect to the MFP Shares pursuant to Section&nbsp;2.5
other than due to the Rating Agency ceasing to rate <FONT STYLE="white-space:nowrap">tax-exempt</FONT> <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment companies generally, or on which the Board of Trustees has terminated the
designation of a Rating Agency without complying with the requirements of Section&nbsp;2.5, and the MFP Shares are not then rated by a Rating Agency, and continue to, but excluding, the Business Day on which compliance with Section&nbsp;2.5 is
restored; (D)&nbsp;on the Business Day on which a Ratings Event (as defined below) has occurred with respect to the MFP Shares and continue to, but excluding, the Business Day on which such Ratings Event has ended; or (E)&nbsp;(x) on the Business
Day on which a court or other applicable governmental authority has made a final determination that for U.S. federal income tax purposes the MFP Shares do </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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not qualify as equity in the Fund and (y)&nbsp;such determination results from an act or failure to act on the part of the Fund (a &#147;<B>Tax Event</B>&#148;) and continue so long as any MFP
Shares are Outstanding. A &#147;<B>Ratings Event</B>&#148; shall be deemed to exist with respect to the MFP Shares at any time the MFP Shares have a long-term credit rating from at least <FONT STYLE="white-space:nowrap">one-half</FONT> of the Rating
Agencies designated at such time (or from the Rating Agency designated at such time if only one Rating Agency is then designated) that is Below Investment Grade. For the avoidance of doubt, no determination by any court or other applicable
governmental authority that requires the Fund to make an Additional Amount Payment in respect of a Taxable Allocation shall be deemed to be a Tax Event hereunder. In no event shall an Increased Rate be cumulative, notwithstanding the existence of
and continuation of multiple conditions giving rise to an Increased Rate Period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the cure provisions of Section&nbsp;2.1(f)(iii), a Dividend
Default or a Redemption Default shall end on the Business Day on which, by 12:00 noon, New York City time, an amount equal to all unpaid dividends and other distributions on such shares and any unpaid Redemption Price on such shares shall have been
deposited irrevocably in trust in <FONT STYLE="white-space:nowrap">same-day</FONT> funds with the Tender and Paying Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Increased Rate Period for the MFP Shares with respect to any Dividend
Default or Redemption Default on such shares shall be deemed to have commenced if the amount of any dividend or any Redemption Price due in respect of the MFP Shares&nbsp;is deposited irrevocably in trust, in
<FONT STYLE="white-space:nowrap">same-day</FONT> funds, with the Tender and Paying Agent by 12:00 noon, New York City time, on a Business Day that is not later than three (3)&nbsp;Business Days after the applicable Dividend Payment Date or
Redemption Date for the MFP Shares with respect to which such Default occurred, together with an amount equal to the Increased Rate on such shares applied to the aggregate Liquidation Preference of and for the period of such <FONT
STYLE="white-space:nowrap">non-payment</FONT> on such shares, determined as provided in Section&nbsp;2.1(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Special Dividend Payment Dates</U>.&nbsp;&nbsp;Notwithstanding the
foregoing, the Fund in its discretion may establish Dividend Payment Dates (each, a &#147;<B>Special Dividend Payment Date</B>&#148;) more frequent than monthly Dividend Payment Dates; provided, that any such Special Dividend Payment Date shall be a
Business Day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Coverage</U><U></U><U>&nbsp;&amp; Leverage Tests</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Asset Coverage Requirement</U>.&nbsp;&nbsp;For so long as any MFP
Shares are Outstanding during the [Initial] Mode, the Fund shall have Asset Coverage of at least 225% as of the close of business on each Business Day. If the Fund shall fail to maintain such Asset Coverage as of the close of business on any
Business Day, the provisions of Section&nbsp;2.3(c)(i) shall apply, which provisions to the extent complied with shall constitute the sole remedy for the Fund&#146;s failure to comply with the provisions of this Section&nbsp;2.2(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Calculation of Asset Coverage</U>.&nbsp;&nbsp;For purposes of
determining whether the requirements of Section&nbsp;2.2(a) are satisfied, (i)&nbsp;no MFP Shares or other Preferred Shares shall be deemed to be Outstanding for purposes of any computation required by Section&nbsp;2.2(a) if, prior to or
concurrently with such determination, sufficient Deposit Securities or other sufficient funds (in accordance with the terms of such shares or other Preferred Shares) to pay the full redemption price for such shares or other Preferred Shares (or the
portion thereof to be redeemed) shall have been deposited in trust with the paying agent for the MFP Shares or other Preferred Shares and the requisite notice of redemption for such shares or other Preferred Shares (or the portion thereof to be
redeemed) shall have been given, and (ii)&nbsp;the Deposit Securities or other sufficient funds that shall have been so deposited with the applicable paying agent shall not be included as assets of the Fund for purposes of such computation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective Leverage Ratio Requirement</U>.&nbsp;&nbsp;For so long as MFP
Shares are Outstanding during the [Initial] Mode, the Effective Leverage Ratio shall not exceed 45% (or 46% solely by reason of fluctuations in the market value of the Fund&#146;s portfolio securities) as of the close of business on any Business
Day. If the Effective Leverage Ratio shall exceed the applicable percentage provided in the preceding sentence as of the close of business on any Business Day, the provisions of Section&nbsp;2.3(c)(ii) shall apply, which provisions to the extent
complied with shall constitute the sole remedy for the Fund&#146;s failure to comply with the provisions of this Section&nbsp;2.2(c). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Calculation of Effective
Leverage Ratio</U>.&nbsp;&nbsp;For purposes of determining whether the requirements of Section&nbsp;2.2(c) are satisfied, the &#147;<B>Effective Leverage Ratio</B>&#148; on any date shall mean the quotient of: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The sum of (A)&nbsp;the aggregate liquidation preference of the
Fund&#146;s &#147;senior securities&#148; (as that term is defined in the 1940 Act) that are stock for purposes of the 1940 Act, excluding, without duplication, (1)&nbsp;any such senior securities for which the Fund has issued a notice of redemption
and either has delivered Deposit Securities or sufficient funds (in accordance with the terms of such senior securities) to the paying agent for such senior securities or otherwise has adequate Deposit Securities or sufficient funds on hand for the
purpose of such redemption and (2)&nbsp;any such senior securities that are to be redeemed with net proceeds from the sale of the MFP Shares, for which the Fund has delivered Deposit Securities or sufficient funds (in accordance with the terms of
such senior securities) to the paying agent for such senior securities or otherwise has adequate Deposit Securities or sufficient funds on hand for the purpose of such redemption; (B)&nbsp;the aggregate principal amount of the Fund&#146;s
&#147;senior securities representing indebtedness&#148; (as that term is defined in the 1940 Act); and (C)&nbsp;the aggregate principal amount of floating rate securities not owned by the Fund that correspond to the associated inverse floating rate
securities owned by the Fund; <U>divided</U> <U>by</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The sum of
(A)&nbsp;the Market Value of the Fund&#146;s total assets (including amounts attributable to senior securities but excluding any assets consisting of Deposit Securities or funds referred to in clauses (A)(1) and (A)(2) of Section&nbsp;2.2(d)(i)
above), less the amount of the Fund&#146;s accrued liabilities (other than liabilities for the aggregate principal amount of senior securities representing indebtedness), and (B)&nbsp;the aggregate principal amount of floating rate securities not
owned by the Fund that correspond to the associated inverse floating rate securities owned by the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption</U>.&nbsp;&nbsp;The MFP Shares shall be subject to redemption
by the Fund as provided below: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term Redemption</U>.&nbsp;&nbsp;The
Fund shall redeem all MFP Shares on the Term Redemption Date as provided in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Failed Transition Redemption</U>.&nbsp;&nbsp;The Fund shall redeem all
Outstanding MFP Shares on the Failed Transition Redemption Date, if a Failed Transition Period is then continuing, at a price per share equal to the Liquidation Preference per MFP Share plus an amount equal to all unpaid dividends and other
distributions on such MFP Share accumulated from (and including) the Mode Commencement Date to (but excluding) the Failed Transition Redemption Date (whether or not earned or declared by the Fund, but without interest thereon, and subject to
Section&nbsp;2.3(e)(vii)) (the &#147;<B>Failed Transition Redemption Price</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Asset Coverage and Effective Leverage Ratio Mandatory Redemption</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Asset Coverage Mandatory Redemption</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(A).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund fails to comply with the Asset Coverage requirement as
provided in Section&nbsp;2.2(a) as of any time as of which such compliance is required to be determined in accordance with Section&nbsp;2.2(a) and such failure is not cured as of the Asset Coverage Cure Date other than as a result of the redemption
required by this Section&nbsp;2.3(c)(i), the Fund shall, to the extent permitted by the 1940 Act and Massachusetts law, by the close of business on the Business Day next following such Asset Coverage Cure Date, cause a notice of redemption to be
issued, and cause to be deposited Deposit Securities or other sufficient funds in trust with the Tender and Paying Agent or other applicable paying agent, in each case in accordance with the terms of the Preferred Shares to be redeemed, for the
redemption of a sufficient number of Preferred Shares, which at the Fund&#146;s sole option (to the extent permitted by the 1940 Act and Massachusetts law) may include any number or proportion of MFP Shares, to enable it to meet the requirements of
Section&nbsp;2.3(c)(i)(B). In the event that any MFP Shares then Outstanding are to be redeemed pursuant to this Section&nbsp;2.3(c)(i) or Section&nbsp;2.3(c)(ii), the Fund shall redeem such shares at a price per share equal to the Liquidation
Preference of each MFP Share plus an amount equal to all unpaid dividends and other distributions on such MFP Share accumulated from and including the Mode Commencement Date to (but excluding) the date fixed for such redemption by the Board of
Trustees (whether or not earned or declared by the Fund, but without interest thereon, and subject to Section&nbsp;2.3(e)(vii)) (the &#147;<B>Mandatory Redemption Price</B>&#148;). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(B).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the Redemption Date for a
redemption contemplated by Section&nbsp;2.3(c)(i)(A), the Fund shall redeem at the Mandatory Redemption Price, out of funds legally available therefor, such number of Preferred Shares (which may include at the sole option of the Fund any number or
proportion of MFP Shares) as shall be equal to the lesser of (x)&nbsp;the minimum number of Preferred Shares, the redemption of which, if deemed to have occurred immediately prior to the opening of business on the Asset Coverage Cure Date, would
result in the Fund having Asset Coverage on such Asset Coverage Cure Date of at least 225% (provided, however, that if there is no such minimum number of MFP Shares and other Preferred Shares the redemption or retirement of which would have such
result, all MFP Shares and other Preferred Shares then outstanding shall be redeemed) and (y)&nbsp;the maximum number of Preferred Shares that can be redeemed out of funds expected to be legally available therefor in accordance with the Declaration
and applicable law. Notwithstanding the foregoing, in the event that Preferred Shares are redeemed pursuant to this Section&nbsp;2.3(c)(i), the Fund may at its sole option, but is not required to, include in the number of Preferred Shares being
mandatorily redeemed pursuant to this Section&nbsp;2.3(c) a sufficient number of MFP Shares that, when aggregated with other Preferred Shares redeemed by the Fund, would result, if deemed to have occurred immediately prior to the opening of business
on the Asset Coverage Cure Date, in the Fund having Asset Coverage on such Asset Coverage Cure Date of up to and including 250%. The Fund shall effect such redemption on the date fixed by the Fund therefor, which date shall not be later than thirty
(30)&nbsp;calendar days after such Asset Coverage Cure Date, except that if the Fund does not have funds legally available for the redemption of all of the required number of MFP Shares and other Preferred Shares which have been designated to be
redeemed or the Fund otherwise is unable to effect such redemption on or prior to thirty (30)&nbsp;calendar days after such Asset Coverage Cure Date, the Fund shall redeem those MFP Shares and other Preferred Shares which it was unable to redeem on
the earliest practicable date on which it is able to effect such redemption. If fewer than all of the Outstanding MFP Shares are to be redeemed pursuant to this Section&nbsp;2.3(c)(i), the number of MFP Shares to be redeemed from the respective
Holders shall be selected (A)&nbsp;pro rata among the Outstanding shares of such Series, (B)&nbsp;by lot or (C)&nbsp;in such other manner as the Board of Trustees may determine to be fair and equitable, in each case, in accordance with the 1940 Act;
<U>provided</U> <U>that</U> such method of redemption as set forth in clause (A), (B) or (C)&nbsp;of this Section&nbsp;2.3(c)(i)(B) shall be subject to any applicable procedures established by the Securities Depository. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective Leverage Ratio Mandatory Redemption</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(A).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund fails to comply with the Effective Leverage Ratio requirement
as provided in Section&nbsp;2.2(c) or as determined in accordance with Section&nbsp;6.13 of the Purchase Agreement (if then in effect) as of any time as of which such compliance is required to be determined in accordance with Section&nbsp;2.2(c)
and, in any such case, such failure is not cured as of the close of business on the date that is seven (7)&nbsp;Business Days following the Business Day on which such <FONT STYLE="white-space:nowrap">non-compliance</FONT> is first determined (the
&#147;<B>Effective Leverage Ratio Cure Date</B>&#148;) other than as a result of the redemption or other transactions required by this Section&nbsp;2.3(c)(ii), the Fund shall not later than the close of business on the Business Day next following
the Effective Leverage Ratio Cure Date cause the Effective Leverage Ratio (determined in accordance with the requirements applicable to the determination of the Effective Leverage Ratio under this Supplement and under the Purchase Agreement) to not
exceed the Effective Leverage Ratio required under Section&nbsp;2.2(c) (without giving effect to the parenthetical provision in the first sentence of Section&nbsp;2.2(c)) as so determined, by (x)&nbsp;engaging in transactions involving or relating
to the floating rate securities not owned by the Fund and/or the inverse floating rate securities owned by the Fund, including the purchase, sale or retirement thereof, (y)&nbsp;to the extent permitted by the 1940 Act and Massachusetts law, causing
a notice of redemption to be issued, and, in addition, causing to be irrevocably deposited Deposit Securities or other sufficient funds in trust with the Tender and Paying Agent or other applicable paying agent, in each case in accordance with the
terms of the Preferred Shares to be redeemed, for the redemption at the redemption price specified in the terms of such Preferred Shares of a sufficient number of Preferred Shares, which at the Fund&#146;s sole option (to the extent permitted by the
1940 Act and Massachusetts law) may include any number or proportion of MFP Shares, or (z)&nbsp;engaging in any combination of the actions contemplated by clauses (x)&nbsp;and (y) of this Section&nbsp;2.3(c)(ii)(A). In the event that any MFP Shares
are to be redeemed pursuant to clause (y)&nbsp;of this Section&nbsp;2.3(c)(ii)(A), the Fund shall redeem such MFP Shares at a price per MFP Share equal to the Mandatory Redemption Price. Notwithstanding the foregoing, in the event that Preferred
Shares are redeemed pursuant to this Section&nbsp;2.3(c)(ii), the Fund may at its sole option, but is not required to, include in the number of Preferred Shares being mandatorily redeemed pursuant to this Section&nbsp;2.3(c)(ii) a sufficient number
of MFP Shares that, when aggregated with other Preferred Shares redeemed by the Fund and after giving effect to the transactions described in clause (x)&nbsp;of this Section&nbsp;2.3(c)(ii)(A), would result, if deemed to have
</P>
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occurred immediately prior to the opening of business on the Effective Leverage Ratio Cure Date, in the Fund having an Effective Leverage Ratio on such Effective Leverage Ratio Cure Date of no
less than 40%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(B).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the Redemption Date for a redemption contemplated
by clause (y)&nbsp;of Section&nbsp;2.3(c)(ii)(A), the Fund shall not redeem more than the maximum number of Preferred Shares that can be redeemed out of funds expected to be legally available therefor in accordance with the Declaration and
applicable law. If the Fund is unable to redeem the required number of MFP Shares and other Preferred Shares which have been designated to be redeemed in accordance with clause (y)&nbsp;of Section&nbsp;2.3(c)(ii)(A) due to the unavailability of
legally available funds, the Fund shall redeem those MFP Shares and other Preferred Shares which it was unable to redeem on the earliest practicable date on which it is able to effect such redemption. If fewer than all of the Outstanding MFP Shares
are to be redeemed pursuant to clause (y)&nbsp;of Section&nbsp;2.3(c)(ii)(A), the number of MFP Shares to be redeemed from the respective Holders shall be selected (A)&nbsp;pro rata among the Outstanding shares of such Series, (B)&nbsp;by lot or
(C)&nbsp;in such other manner as the Board of Trustees may determine to be fair and equitable, in each case, in accordance with the 1940 Act; <U>provided</U> <U>that</U> such method of redemption as set forth in clause (A), (B) or (C)&nbsp;of this
Section&nbsp;2.3(c)(ii)(B) shall be subject to any applicable procedures established by the Securities Depository. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Optional Redemption</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of Section&nbsp;2.3(d)(ii), the Fund may at its
option on any Business Day (an &#147;<B>Optional Redemption Date</B>&#148;) redeem in whole or from time to time in part the Outstanding MFP Shares, at a redemption price per MFP Share (the &#147;<B>Optional Redemption Price</B>&#148;) equal to
(x)&nbsp;the Liquidation Preference per MFP Share plus (y)&nbsp;an amount equal to all unpaid dividends and other distributions on such MFP Share accumulated from (and including) the Mode Commencement Date to (but excluding) the Optional Redemption
Date (whether or not earned or declared by the Fund, but without interest thereon and subject to Section&nbsp;2.3(e)(vi)) plus (z)&nbsp;the Optional Redemption Premium per share that is applicable to an optional redemption of MFP Shares that is
effected on such Optional Redemption Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If fewer than all of the
Outstanding MFP Shares are to be redeemed pursuant to Section&nbsp;2.3(d)(i), the shares of such Series to be redeemed from the respective Holders shall be selected either (A)&nbsp;pro rata among the Holders of such Series, (B)&nbsp;by lot or
(C)&nbsp;in such other manner as the Board of Trustees may determine to be fair and equitable; <U>provided</U> <U>that</U>, in each case, such method of redemption as set forth in clause (A), (B) or (C)&nbsp;of this Section&nbsp;2.3(d)(ii) shall be
subject to any applicable procedures established by the Securities Depository. Subject to the provisions of the Statement and this Supplement and applicable law, the Board of Trustees will have the full power and authority to prescribe the terms and
conditions upon which MFP Shares will be redeemed pursuant to this Section&nbsp;2.3(d) from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not on any date deliver a Notice of Redemption pursuant to
Section&nbsp;2.3(e) in respect of a redemption contemplated to be effected pursuant to this Section&nbsp;2.3(d) unless on such date the Fund has available Deposit Securities for the Optional Redemption Date contemplated by such Notice of Redemption
having a Market Value not less than the amount (including any applicable premium) due to Holders of MFP Shares by reason of the redemption of such MFP Shares on such Optional Redemption Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFP Shares redeemed at the Fund&#146;s sole option in accordance with,
but solely to the extent contemplated by, Section&nbsp;2.3(c)(i)(B) or Section&nbsp;2.3(c)(ii) shall be considered mandatorily redeemed in accordance therewith and not subject to this Section&nbsp;2.3(d). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Procedures for Redemption</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund shall determine or be required to redeem, in whole or in part,
MFP Shares pursuant to Section&nbsp;2.3(a), (b), (c) or (d), the Fund shall deliver a notice of redemption (the &#147;<B>Notice of Redemption</B>&#148;), by overnight delivery, by first class mail, postage prepaid or by Electronic Means to Holders
thereof, or request the Tender and Paying Agent, on behalf of the Fund, to promptly do so by overnight delivery, by first class mail, postage prepaid or by Electronic Means. A Notice of Redemption shall be provided not more than forty-five
(45)&nbsp;calendar days prior to the date fixed for redemption and not less than five (5)&nbsp;calendar days (or such </P>
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shorter or longer notice period as may be consented to by all of the Beneficial Owners of the MFP Shares, which consent shall not be deemed to be a vote required by Section&nbsp;5 of the
Statement) prior to the date fixed for redemption pursuant to this Section&nbsp;2.3(e) in such Notice of Redemption (the &#147;<B>Redemption Date</B>&#148;). Each such Notice of Redemption shall state: (A)&nbsp;the Redemption Date; (B)&nbsp;that it
applies to the MFP Shares and the number of MFP Shares to be redeemed; (C)&nbsp;the CUSIP number for the MFP Shares; (D)&nbsp;the applicable Redemption Price on a per share basis; (E)&nbsp;if applicable, the place or places where the certificate(s)
for such shares (properly endorsed or assigned for transfer, if the Board of Trustees requires and the Notice of Redemption states) are to be surrendered for payment of the Redemption Price; (F)&nbsp;that dividends on the MFP Shares to be redeemed
will cease to accumulate from and after such Redemption Date; and (G)&nbsp;the provisions of this Supplement under which such redemption is made. If fewer than all MFP Shares held by any Holder are to be redeemed, the Notice of Redemption delivered
to such Holder shall also specify the number of MFP Shares to be redeemed from such Holder and/or the method of determining such number. The Fund may provide in the Notice of Redemption relating to the Failed Transition Redemption Date that such
redemption is subject to the condition of the Failed Transition Period being continuing on the related Failed Transition Redemption Date. The Fund may provide in any Notice of Redemption relating to an optional redemption contemplated to be effected
pursuant to this Supplement that such redemption is subject to one or more conditions precedent and that the Fund shall not be required to effect such redemption unless each such condition has been satisfied at the time or times and in the manner
specified in such Notice of Redemption. No defect in the Notice of Redemption or delivery thereof shall affect the validity of redemption proceedings, except as required by applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund shall give a Notice of Redemption, then at any time from and
after the giving of a Notice of Redemption and prior to 5:00 p.m., New York City time, on the Business Day immediately preceding the Redemption Date (so long as any applicable conditions precedent to such redemption have been met or waived by the
Fund), the Fund shall (A)&nbsp;deposit with the Tender and Paying Agent Deposit Securities having an aggregate Market Value on the date thereof no less than the Redemption Price of the MFP Shares to be redeemed on the Redemption Date and
(B)&nbsp;give the Tender and Paying Agent irrevocable instructions and authority to pay the applicable Redemption Price to the Holders of the MFP Shares called for redemption and redeemed on the Redemption Date. Notwithstanding the provisions of
clause (A)&nbsp;of the preceding sentence, if the Redemption Date is the Failed Transition Redemption Date, then such deposit of Deposit Securities (which may come in whole or in part from the Liquidity Account) shall be made no later than fifteen
(15)&nbsp;calendar days prior to the Failed Transition Redemption Date. The Fund may direct the Tender and Paying Agent with respect to the investment of any Deposit Securities consisting of cash so deposited prior to the Redemption Date, provided
that the proceeds of any such investment shall be available at the opening of business on the Redemption Date as same day funds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the date of the deposit of such Deposit Securities, all rights of
the Holders of the MFP Shares so called for redemption shall cease and terminate except the right of the Holders thereof to receive the Redemption Price thereof and such MFP Shares shall no longer be deemed Outstanding for any purpose whatsoever
(other than (A)&nbsp;the transfer thereof prior to the applicable Redemption Date and (B)&nbsp;the accumulation of dividends thereon in accordance with the terms hereof, including Section&nbsp;2.3(e)(vi), up to (but excluding) the applicable date of
redemption of the MFP Shares, which accumulated dividends, unless previously declared and paid as contemplated by the last sentence of Section&nbsp;2.3(e)(v) below, shall be payable as part of the applicable Redemption Price on the date of
redemption of the MFP Shares). The Fund shall be entitled to receive, promptly after the Redemption Date, any Deposit Securities in excess of the aggregate Redemption Price of the MFP Shares called for redemption and redeemed on the Redemption Date.
Any Deposit Securities so deposited that are unclaimed at the end of three hundred and sixty five (365)&nbsp;calendar days from the date of redemption of the MFP Shares shall, to the extent permitted by law, be repaid to the Fund, after which the
Holders of the MFP Shares so called for redemption shall look only to the Fund for payment of the Redemption Price thereof. The Fund shall be entitled to receive, from time to time after the date of redemption, any interest on the Deposit Securities
so deposited. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or after the Redemption Date, each Holder of MFP
Shares in certificated form (if any) that are subject to redemption shall surrender the certificate(s) evidencing such MFP Shares to the Fund at the place designated in the Notice of Redemption and shall then be entitled to receive the Redemption
Price for such MFP Shares, without interest, and, in the case of a redemption of fewer than all the MFP Shares represented by such certificate(s), a new certificate representing the MFP Shares that were not redeemed. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of any redemption
pursuant to Section&nbsp;2.3(d), no Redemption Default shall be deemed to have occurred if the Fund shall fail to deposit in trust with the Tender and Paying Agent the Redemption Price with respect to any shares where (1)&nbsp;the Notice of
Redemption relating to such redemption provided that such redemption was subject to one or more conditions precedent and (2)&nbsp;any such condition precedent shall not have been satisfied at the time or times and in the manner specified in such
Notice of Redemption. Notwithstanding the fact that a Notice of Redemption has been provided with respect to any MFP Shares, dividends shall be declared and paid on each Dividend Payment Date in accordance with their terms regardless of whether
Deposit Securities for the payment of the Redemption Price of such MFP Shares shall have been deposited in trust with the Tender and Paying Agent for that purpose. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein, or in the Statement or
in any Notice of Redemption, if the Fund shall not have redeemed MFP Shares on the applicable Redemption Date, the Holders of the MFP Shares subject to redemption shall continue to be entitled to receive dividends on such shares at the Dividend Rate
for the period from, and including, such Redemption Date through, but excluding, the date on which such shares are actually redeemed and such dividends, to the extent accumulated, but unpaid, during such period (whether or not earned or declared but
without interest thereon), together with any Additional Amount Payment applicable thereto, shall be included in the Redemption Price. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tender and Paying Agent as Trustee of Redemption Payments by
Fund</U>.&nbsp;&nbsp; All Deposit Securities transferred to the Tender and Paying Agent for payment of the Redemption Price of MFP Shares called for redemption shall be held in trust by the Tender and Paying Agent for the benefit of Holders of MFP
Shares so to be redeemed until paid to such Holders in accordance with the terms hereof or returned to the Fund in accordance with the provisions of Section&nbsp;2.3(e)(iii) above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Modification of Redemption Procedures</U>.&nbsp;&nbsp; Notwithstanding
the foregoing provisions of this Section&nbsp;2.3, the Fund may, in its sole discretion and without a shareholder vote, modify the procedures set forth above with respect to notification of redemption for the MFP Shares, <U>provided</U> <U>that</U>
such modification does not materially and adversely affect the Holders of the MFP Shares or cause the Fund to violate any applicable law, rule or regulation; and provided further that no such modification shall in any way alter the rights or
obligations of the Tender and Paying Agent without its prior written consent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant of Irrevocable Proxy</U>.&nbsp;&nbsp; To the fullest extent
permitted by applicable law, each Holder and Beneficial Owner may in its discretion grant an irrevocable proxy with respect to MFP Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rating Agencies</U>.&nbsp;&nbsp; The Fund shall use commercially
reasonable efforts to cause a Rating Agency to issue a long-term credit rating with respect to the MFP Shares for so long as such Series is Outstanding during the [Initial] Mode. The Fund shall use commercially reasonable efforts to comply with any
applicable Rating Agency Guidelines. If a Rating Agency shall cease to rate the securities of <FONT STYLE="white-space:nowrap">tax-exempt</FONT> <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment companies generally, the Board
of Trustees shall terminate the designation of such Rating Agency as a Rating Agency hereunder. The Board of Trustees may elect to terminate the designation of any Rating Agency as a Rating Agency hereunder with respect to MFP Shares so long as it
replaces the terminated Rating Agency with another NRSRO and provides notice thereof to the Holders of such Series; <U>provided</U> <U>that</U> such replacement shall not occur unless such a replacement Rating Agency shall have at the time of such
replacement (i)&nbsp;published a rating for the MFP Shares and (ii)&nbsp;entered into an agreement with the Fund to continue to publish such rating subject to the Rating Agency&#146;s customary conditions. The Board of Trustees may also elect to
designate one or more other NRSROs as Rating Agencies hereunder with respect to MFP Shares by notice to the Holders of the MFP Shares. The Rating Agency Guidelines of any Rating Agency may be amended by such Rating Agency without the vote, consent
or approval of the Fund, the Board of Trustees or any Holder of MFP Shares or any other shareholder of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance of Additional Preferred Shares</U>.&nbsp;&nbsp; So long as any
MFP Shares are Outstanding, the Fund may, without the vote or consent of the Holders thereof, authorize, establish and create and issue and sell shares of one or more series of a class of Preferred Shares ranking on a parity with MFP Shares as to
the payment of dividends and the distribution of assets upon dissolution, liquidation or the winding up of the affairs of the Fund, in addition to then Outstanding MFP Shares, and authorize, issue and sell additional shares of any such Series of
Preferred Shares then outstanding or so established and created, including additional MFP Shares, in each case in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
accordance with applicable law, <U>provided</U> <U>that</U> the Fund shall, immediately after giving effect to the issuance of such Preferred Shares and to its receipt and application of the
proceeds thereof, including to the redemption of Preferred Shares with such proceeds, have Asset Coverage (calculated in the same manner as is contemplated by Section&nbsp;2.2(b) hereof) of at least 225%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Distributions with respect to Taxable Allocations</U>.&nbsp;&nbsp;
Whenever a Taxable Allocation is to be paid by the Fund with respect to the MFP Shares with respect to any Dividend Period and either the Increased Rate or the Maximum Rate is not in effect during such Dividend Period, the Fund shall comply with one
of clause (a), clause (b)&nbsp;or clause (c)&nbsp;of this Section&nbsp;2.7: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may provide notice to the Tender and Paying Agent prior to the
commencement of any Dividend Period of the amount of the Taxable Allocation that will be made in respect of MFP Shares for such Dividend Period (a &#147;<B>Notice of Taxable Allocation</B>&#148;). Such Notice of the Taxable Allocation will state the
amount of the dividends payable in respect of each MFP Share for such Dividend Period that will be treated as a Taxable Allocation and the adjustment to the Dividend Rate for each Dividend Reset Period (or portion thereof) included in such Dividend
Period that will be required to pay the Additional Amount Payment in respect of the Taxable Allocation paid on such MFP Share for such Dividend Period. In lieu of adjusting the Dividend Rate, the Fund may make, in addition to and in conjunction with
the payment of regular dividends for such Dividend Period, a supplemental distribution in respect of each share of such series for such Dividend Period equal to the Additional Amount Payment payable in respect of the Taxable Allocation paid on such
share for such Dividend Period. The Fund will use commercially reasonable efforts to effect the adjustment or distribution in respect of Taxable Allocations in respect of the MFP Shares as provided in this Section&nbsp;2.7(a), and shall only effect
the distribution in respect of Taxable Allocations as described in Section&nbsp;2.7(b) and/or Section&nbsp;2.7(c) if such commercially reasonable efforts do not reasonably permit the Fund to effect the adjustment or distribution in respect of a
Taxable Allocation as contemplated by this Section&nbsp;2.7(a). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Fund does not provide a Notice of Taxable Allocation as provided in Section&nbsp;2.7(a) with respect to a Taxable Allocation that is made in respect of the MFP Shares, the Fund may make one or more supplemental distributions on the MFP Shares
equal to the Additional Amount Payment due in respect of such Taxable Allocation. Any such supplemental distribution in respect of the MFP Shares shall be made reasonably promptly following any such Taxable Allocation and may be declared and paid on
any date, without reference to any regular Dividend Payment Date, to the Holders of the MFP Shares as their names appear on the registration books of the Fund on such date, not exceeding fifteen (15)&nbsp;calendar days preceding the payment date of
such supplemental distribution, as may be fixed by the Board of Trustees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If in connection with a redemption of MFP Shares, the Fund makes a Taxable
Allocation without having either given advance notice thereof pursuant to Section&nbsp;2.7(a) or made one or more supplemental distributions pursuant to Section&nbsp;2.7(b), the Fund shall direct the Tender and Paying Agent to send an Additional
Amount Payment in respect of such Taxable Allocation to each Beneficial Owner of such shares at such Person&#146;s address as the same appears or last appeared on the record books of the Fund. For such purpose, the Fund and the Tender and Paying
Agent may rely on the address most recently provided by the Beneficial Owner in accordance with the Purchase Agreement (including any transferee certificate delivered in accordance therewith). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in this Supplement, the Fund
shall not be required to pay an Additional Amount Payment, with respect to the MFP Shares with respect to any net capital gain or ordinary income determined by the Internal Revenue Service to be allocable in a manner different from the manner used
by the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Failed Transition Redemption Liquidity Account and
Liquidity Requirement.</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By the first Business Day following the
occurrence and during the continuance of the Failed Transition Period, the Fund shall cause the Custodian to earmark, by means of appropriate identification on its books and records or otherwise in accordance with the Custodian&#146;s normal
procedures, from the other assets of the Fund (a &#147;<B>Liquidity Account</B>&#148;) Liquidity Account Investments with a Market Value equal to at least 110% of the Liquidation Preference of the Outstanding MFP Shares. If, while the Failed
Transition Period is continuing, the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
aggregate Market Value of the Liquidity Account Investments included in the Liquidity Account as of the close of business on any Business Day is less than 110% of the Liquidation Preference of
the Outstanding MFP Shares, then the Fund shall cause the Custodian and the Investment Adviser to take all such necessary actions, including earmarking additional assets of the Fund as Liquidity Account Investments, so that the aggregate Market
Value of the Liquidity Account Investments included in the Liquidity Account is at least equal to 110% of the Liquidation Preference of the Outstanding MFP Shares not later than the close of business on the next succeeding Business Day. With respect
to assets of the Fund earmarked as Liquidity Account Investments, the Investment Adviser, on behalf of the Fund, shall be entitled to instruct the Custodian on any date to release any Liquidity Account Investments from such earmarking and to
substitute therefor other Liquidity Account Investments, so long as (x)&nbsp;the assets of the Fund earmarked as Liquidity Account Investments at the close of business on such date have a Market Value at least equal to 110% of the Liquidation
Preference of the Outstanding MFP Shares and (y)&nbsp;the assets of the Fund designated and earmarked as Deposit Securities at the close of business on such date have a Market Value at least equal to the Liquidity Requirement (if any) determined in
accordance with paragraph&nbsp;(b) below with respect to the Outstanding MFP Shares for such date. The Fund shall cause the Custodian not to permit, and the Fund shall otherwise not permit, any lien, security interest or encumbrance to be created or
permitted to exist on or in respect of any Liquidity Account Investments included in the Liquidity Account, other than liens, security interests or encumbrances arising by operation of law and any lien of the Custodian with respect to the payment of
its fees or repayment for its advances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Market Value of the
Deposit Securities held in the Liquidity Account, from and after the day (or, if such day is not a Business Day, the next succeeding Business Day) preceding the Failed Transition Redemption Date specified in the table set forth below, shall not be
less than the percentage of the Liquidation Preference for the Outstanding MFP Shares set forth below opposite such day (the &#147;<B>Liquidity Requirement</B>&#148;), but in all cases subject to the cure provisions of subsection (c)&nbsp;below:
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center">Number of Days<BR>Preceding the<BR>Failed Transition Redemption Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Market Value of Deposit Securities<BR>as Percentage of Liquidation Preference</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]%</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the aggregate Market Value of the
Deposit Securities included in the Liquidity Account as of the close of business on any Business Day is less than the Liquidity Requirement in respect of the Outstanding MFP Shares for such Business Day, then the Fund shall cause the earmarking of
additional or substitute Deposit Securities in respect of the Liquidity Account, so that the aggregate Market Value of the Deposit Securities included in the Liquidity Account is at least equal to the Liquidity Requirement for the Outstanding MFP
Shares not later than the close of business on the next succeeding Business Day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Deposit Securities included in the Liquidity Account may be applied by
the Fund, in its discretion, towards payment of the Failed Transition Redemption Price for the Outstanding MFP Shares. Upon the earlier to occur of (x)&nbsp;the successful Transition Remarketing of the Outstanding MFP Shares or (y)&nbsp;the deposit
by the Fund with the Tender and Paying Agent of Deposit Securities having an initial combined Market Value sufficient to effect the redemption of the Outstanding MFP Shares on the Failed Transition Redemption Date for the Outstanding MFP Shares, the
requirement of the Fund to maintain a Liquidity Account for the Outstanding MFP Shares as contemplated by this Section&nbsp;2.8 shall lapse and be of no further force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.&nbsp;&nbsp;Upon the earlier to occur of (a)&nbsp;no MFP
Shares being Outstanding or (b)&nbsp;the successful transition to a new Mode for the MFP Shares, all rights and preferences of the MFP Shares established and designated hereunder shall cease and terminate, and all obligations of the Fund under this
Supplement with respect to the MFP Shares shall terminate. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Actions on Other than
Business Days</U>.&nbsp;&nbsp;Unless otherwise provided herein, if the date for making any payment, performing any act or exercising any right, in each case as provided for in this Supplement, is not a Business Day, such payment shall be made, act
performed or right exercised on the next succeeding Business Day, with the same force and effect as if made or done on the nominal date provided therefor, and, with respect to any payment so made, no dividends, interest or other amount shall accrue
for the period between such nominal date and the date of payment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Modification</U>.&nbsp;&nbsp;To the extent permitted by law, the
Statement and the Purchase Agreement, the Board of Trustees, without the vote of the Holders of MFP Shares, may interpret, supplement or amend the provisions of this Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acknowledgement of Contractual Rights</U>.&nbsp;&nbsp;Nothing in this
Supplement or the Statement (including, without limitation, Section&nbsp;5(e) of the Statement) shall be deemed to preclude or limit the right of the Fund (to the extent permitted by applicable law) to contractually agree with any Holder or
Beneficial Owner of MFP Shares with regard to any special rights of such Holder or Beneficial Owner with respect to its investment in the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 3 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DESIGNATION
OF NEW MODE OR MODE EXTENSION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General Provisions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund agrees to use its reasonable best efforts, to the extent that it
can do so on a commercially reasonable basis, to extend the [Initial] Mode or transition to a new Mode by: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;extending the [Initial] Mode through an extension of the Mode Termination
Date then in effect, the terms of which extension are agreed to in writing by the Beneficial Owners of 100% of the Outstanding MFP Shares (the &#147;<B>Required Beneficial Owners</B>&#148;) and, to the extent different from the terms of the
[Initial] Mode already in effect, are set forth in a new or amended Supplement; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;establishing a new Mode to succeed the [Initial] Mode that will result in
a transition to such new Mode on the first Business Day immediately following the last day of the [Initial] Mode, as such day may be accelerated in accordance with Section&nbsp;3.5 (such first Business Day, whether or not a new Mode commences on
such day, as so accelerated, being referred to in this Supplement as the &#147;<B>New Mode Commencement Date</B>&#148;), the terms of which are agreed to in writing by the Required Beneficial Owners and are set forth in a new Supplement; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;establishing any other Mode to succeed the [Initial] Mode that will
result in a transition to such Mode on the New Mode Commencement Date, with terms as set forth in a new Supplement designating the terms of such Mode; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">provided, that, if the Fund is not successful in extending the [Initial] Mode or transitioning to a new Mode by using its reasonable best
efforts to implement any one of the actions described in clauses (i), (ii) and (iii)&nbsp;above, it shall use its reasonable best efforts to attempt the actions described in one or both of the remaining two clauses until a Mode to succeed the
[Initial] Mode or an extension of the [Initial] Mode is established or no MFP Shares remain Outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Fund successfully establishes a new Mode succeeding
the [Initial] Mode, and no Failed Transition Event otherwise shall have occurred and be continuing as of the New Mode Commencement Date, then on and as of the New Mode Commencement Date, the MFP Shares shall be subject to the terms established for
such Mode. If a Failed Transition Event shall have occurred, the Mode designated by the Fund shall not be established, pursuant to Section&nbsp;3.3(c), all tendered MFP Shares, if any, shall be returned to the relevant tendering Holders by the
Tender and Paying Agent, and all of the then Outstanding MFP Shares shall be redeemed by the Fund on the Failed Transition Redemption Date in accordance with Section&nbsp;2.3(b). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund shall use its best
efforts to cause the extension of the [Initial] Mode or transition to a new Mode succeeding the [Initial] Mode and the terms and conditions of such Mode to be consistent with the continuing qualification of the MFP Shares as equity in the Fund for
U.S. federal income tax purposes, and it shall be a condition precedent to such transition that the Fund shall have received an opinion of counsel to the effect that the MFP Shares will continue to qualify as equity in the Fund for U.S. federal
income tax purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Election and Notice of Mode Extension or
Change</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund shall provide notice of the termination or
expiration of the [Initial] Mode and proposed extension of the [Initial] Mode or transition to a Mode succeeding the [Initial] Mode by delivering a notice of Mode extension or change (a &#147;<B>Mode Extension/Change Notice</B>&#148;) by overnight
delivery, by first class mail, postage prepaid or by Electronic Means to the Holders of the MFP Shares, or by requesting the Tender and Paying Agent, on behalf of the Fund, to promptly do so. The Mode Extension/Change Notice shall be provided not
more than forty-five (45)&nbsp;calendar days and not less than [&#9679;] ([&#9679;]) Business Days (or such lesser number of Business Days as may be agreed to by the Fund and the Required Beneficial Owners or, if so provided in the Purchase
Agreement (if in effect) the Purchaser) prior to the Mode Termination Date for the [Initial] Mode specified in such Mode Extension/Change Notice. Subject to the notice requirement in the immediately preceding sentence, in the case of an Optional
Early Transition, the Fund may select any Wednesday that is a Business Day, and for which the next calendar day is also a Business Day, as the Mode Termination Date, with the new Mode to commence on the New Mode Commencement Date and end not later
than the Term Redemption Date. The terms of the extension of the [Initial] Mode or the new Mode may not, in any event, affect the parity ranking of MFP Shares relative to each other or to any other series of Preferred Shares of the Fund then
outstanding with respect to dividends or distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mode Extension/Change Notice shall state, as applicable: (A)&nbsp;the
Mode Termination Date then in effect and the proposed extended Mode Termination Date, if any; (B)&nbsp;that the notice relates to the MFP Shares; (C)&nbsp;the CUSIP number for the MFP Shares; (D)&nbsp;the Purchase Price on a per share basis;
(E)&nbsp;that (i) all Outstanding MFP Shares will be subject to Mandatory Tender for Transition Remarketing and purchase on the New Mode Commencement Date, and (ii)&nbsp;in the event of a Failed Transition Event, all tendered MFP Shares will be
returned to the relevant tendering Holders; (F)&nbsp;if applicable, the place or places where the certificate(s) for such shares (properly endorsed or assigned for transfer, if the Board of Trustees requires and the Mode Extension/Change Notice
states) are to be surrendered for payment of the Purchase Price; and (G)&nbsp;that the notice relates to a Mode extension or Mode change and, if applicable, pursuant to an Optional Early Transition. The Fund may provide in any Mode Extension/Change
Notice that such Mode extension or change is subject to one or more additional conditions precedent and that the Fund shall not be required to effect such change unless each such condition has been satisfied at the time or times and in the manner
specified in such Mode Extension/Change Notice; provided, that no such conditions shall affect the timing of termination or expiration of the [Initial] Mode or the consequences of a Failed Transition Event. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Extension of the [Initial] Mode or Transition to a New Mode</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of an extension of the [Initial] Mode in accordance with
Section&nbsp;3.1(a)(i) above or a transition to a new Mode succeeding the [Initial] Mode established in accordance with Section&nbsp;3.1(a)(ii) above, the Required Beneficial Owners by agreement with the Fund as to such extension or new Mode shall
be deemed to have irrevocably waived their right to the Mandatory Tender of their MFP Shares and shall retain their MFP Shares upon the extension of the [Initial] Mode or as of the New Mode Commencement Date, as applicable. Such agreement and waiver
shall be binding upon the then-current Holders and Beneficial Owners and each subsequent Holder and Beneficial Owner of the MFP Shares. Notice of such agreement, waiver and retention of shares shall be delivered by the Fund by Electronic Means to
the Tender and Paying Agent by not later than 4:00 p.m., New York City time, on the Business Day preceding the Mode Termination Date then in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of a transition to a new Mode succeeding the [Initial] Mode in
accordance with Section&nbsp;3.1(a)(iii) above, or otherwise in a successful transition not consented to by the Required Beneficial Owners, all Outstanding MFP Shares automatically shall be subject to Mandatory Tender for Transition Remarketing and
delivered to the Tender and Paying Agent for purchase by purchasers in the Transition </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


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Remarketing on the New Mode Commencement Date, in the event of a successful Transition Remarketing. All tendered MFP Shares shall be remarketed at the Purchase Price of such MFP Shares. The
calculation of the Purchase Price of the MFP Shares shall be made by the Transition Remarketing Agent in advance of the New Mode Commencement Date. The Fund shall use its best efforts to engage Nuveen Securities, LLC or another Person with expertise
in remarketing variable-rate securities as Transition Remarketing Agent, and to cause the Transition Remarketing Agent to agree to use its best efforts to find purchasers for all the MFP Shares subject to Mandatory Tender pursuant to this
Section&nbsp;3.3. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The retention of MFP Shares by the Beneficial
Owners thereof pursuant to Section&nbsp;3.3(a) (a &#147;<B>Retention Transition</B>&#148;) shall be deemed to constitute a successful Transition Remarketing. Otherwise, a Transition Remarketing shall be deemed successful only if a Failed Transition
Event shall not have occurred. Upon the occurrence of a Failed Transition Event, all tendered MFP Shares shall be returned to the relevant tendering Holders by the Tender and Paying Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of a successful Transition Remarketing (other than a
Retention Transition), the proceeds of the sale of the tendered MFP Shares may be paid (i)&nbsp;through the Tender and Paying Agent or (ii)&nbsp;to the Beneficial Owners (directly or through the Securities Depository) as directed by the Fund. In the
case of (i), the proceeds shall be used by the Tender and Paying Agent for the purchase of the tendered MFP Shares at the Purchase Price, and the terms of the sale will provide for the wire transfer of such Purchase Price by the Transition
Remarketing Agent to be received by the Tender and Paying Agent no later than 11:00 a.m., New York City time, on the New Mode Commencement Date for payment to the Holders tendering MFP Shares for sale through the Securities Depository in immediately
available funds, and, in the case of (ii), the terms of the sale will provide for the wire transfer of such Purchase Price by the Transition Remarketing Agent to be made by no later than 11:00 a.m., New York City time (or such other time as the
Transition Remarketing Agent and the Beneficial Owners may agree), on the New Mode Commencement Date, in either case, against delivery of the tendered MFP Shares either (x)&nbsp;to the Tender and Paying Agent through the Securities Depository on the
New Mode Commencement Date and the <FONT STYLE="white-space:nowrap">re-delivery</FONT> of such MFP Shares by means of &#147;FREE&#148; delivery through the Securities Depository to the Transition Remarketing Agent for delivery to the relevant
purchaser&#146;s Agent Member or (y)&nbsp;directly to the Transition Remarketing Agent or such Agent Member, through the Securities Depository by 3:00 p.m., New York City time, on the New Mode Commencement Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By 3:30 p.m., New York City time, on the New Mode Commencement Date, the
Transition Remarketing Agent shall deliver a notice to the Tender and Paying Agent and the Fund (a &#147;<B>Transition Notice</B>&#148;), by Electronic Means, that provides notice of the successful Transition Remarketing of all Outstanding MFP
Shares or, if applicable, the number of MFP Shares, if any, not successfully remarketed for purchase on the New Mode Commencement Date, and the Purchase Price per MFP Share. If (i)&nbsp;the Transition Notice states that the Transition Remarketing
Agent has not successfully remarketed all of the MFP Shares to be purchased on the New Mode Commencement Date, or (ii)&nbsp;the remarketing proceeds for any tendered MFP Shares have not been received for any reason (x)&nbsp;by the Tender and Paying
Agent by 4:30 p.m., New York City time, or (y)&nbsp;if payment is made directly to the Beneficial Owners, by the Beneficial Owners by 3:00 p.m., New York City time, in each case on the New Mode Commencement Date, or (iii)&nbsp;the Fund has otherwise
been unsuccessful in establishing a new Mode (in each of which cases the MFP Shares will be treated as not having been successfully remarketed), the Tender and Paying Agent will promptly, and in any event by approximately 5:00 p.m., New York City
time, on the New Mode Commencement Date, deliver by Electronic Means to the Holders, the Fund and the Transition Remarketing Agent a notice stating that a Failed Transition Event has occurred; <U>provided</U>, that, if payment for all Outstanding
MFP Shares is being made through the Tender and Paying Agent and is received by the Tender and Paying Agent after 2:45 p.m., New York City time, but by 4:30 p.m., New York City time, on such day, if applicable, or if the Fund and the Required
Beneficial Owners agree to waive the occurrence of a Failed Transition Event on such day, then the Mode Termination Date shall be deemed changed to such day and the New Mode Commencement Date shall be deemed changed to the immediately succeeding
Business Day. The New Mode Commencement Date, and the date, if any, to which it shall have been postponed in accordance with the foregoing, shall be a Dividend Payment Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any funds paid by the Transition Remarketing Agent and held in an account
of the Tender and Paying Agent for the payment of the Purchase Price in connection with the Transition Remarketing shall be held in trust for the benefit of the Transition Remarketing Agent on account of purchasers of the MFP Shares in
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


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the Transition Remarketing until the MFP Shares are delivered by the tendering Holders against payment therefor, or returned to the Transition Remarketing Agent on account of such purchasers. In
the event of a successful Transition Remarketing, upon receipt of MFP Shares from the tendering Holders by the Tender and Paying Agent, the Tender and Paying Agent shall pay, subject to receipt of the Purchase Price by the Tender and Paying Agent in
the form of remarketing proceeds from the Transition Remarketing Agent, the Purchase Price for such MFP Shares to such tendering Holders. In accordance with and subject to the foregoing, the Tender and Paying Agent shall effect any such payment on
the New Mode Commencement Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly
provided for herein, the purchase and delivery of tendered MFP Shares in the form of global securities, the Transition Remarketing, and payments with respect to the foregoing, will be accomplished in accordance with the applicable procedures of the
Securities Depository. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Transition Remarketing Agent shall not be
obligated to purchase any MFP Shares that would otherwise remain unsold in the Transition Remarketing. The Transition Remarketing Agent in its sole discretion may, however, purchase for its own account MFP Shares in the Transition Remarketing. None
of the Fund, the Tender and Paying Agent or the Transition Remarketing Agent shall be obligated in any case to provide funds to make payment to a Holder upon such Holder&#146;s tender of its MFP Shares in the Transition Remarketing unless, in each
case, such MFP Shares were acquired for the account of the Fund, the Tender and Paying Agent or the Transition Remarketing Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that MFP Shares are issued in certificated form outside the
book-entry system of the Securities Depository and a Holder of MFP Shares fails to deliver such MFP Shares on or prior to the New Mode Commencement Date, the Holder of such MFP Shares shall not be entitled to any payment (including any accumulated
but unpaid dividends thereon, whether or not earned or declared) other than the Purchase Price of such undelivered MFP Shares as of the New Mode Commencement Date. Any such undelivered MFP Shares will be deemed to be delivered to the Tender and
Paying Agent, and the Tender and Paying Agent will place stop-transfer orders against the undelivered MFP Shares. Any moneys held by the Tender and Paying Agent for the purchase of undelivered MFP Shares will be held in a separate account by the
Tender and Paying Agent, will not be invested, and will be held for the exclusive benefit of the Holder of such undelivered MFP Shares. The undelivered MFP Shares will be deemed to be no longer Outstanding (except as to entitlement to payment of the
Purchase Price), and the Fund will issue to the purchaser replacement MFP Share certificates in lieu of such undelivered MFP Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Transition Remarketing Agent may modify the settlement procedures set
forth above with respect to the Transition Remarketing (other than timing requirements) with the written consent of the Fund, the Tender and Paying Agent and the Beneficial Owners. The Fund may modify or waive each of the timing requirements set
forth above with the written consent of the Beneficial Owners, the Transition Remarketing Agent and the Tender and Paying Agent, in each case such consent to be required only to the extent such party is affected thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of a successful Transition Remarketing, the Fund will
be deemed to have successfully established a new Mode, and the MFP Shares shall be subject to the terms established for the new Mode. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Failed Transition Event</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Failed Transition Event occurs, the extension of the [Initial] Mode
or the new Mode, as applicable, designated by the relevant Mode Extension/Change Notice shall not be established. In such event, subject to Section&nbsp;3.4(b), the Failed Transition Period shall commence and be deemed an extension of the [Initial]
Mode and, for each Dividend Reset Period or portion thereof during the Failed Transition Period, the Dividend Rate shall be the Failed Transition Period Dividend Rate. Pursuant to Section&nbsp;3.3(c), all tendered MFP Shares shall be returned to the
relevant tendering Holders by the Tender and Paying Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the
Failed Transition Period, the Fund shall continue to use its reasonable best efforts to successfully establish a Mode for the MFP Shares, or use its reasonable best efforts to extend the [Initial] Mode in accordance with Section&nbsp;3.1 and, in
connection with each such attempt, may designate by a Mode </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


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Extension/Change Notice, a Mode with new or different terms in accordance with Section&nbsp;3.2, until a Mode to succeed the [Initial] Mode or an extension of the [Initial] Mode is established or
no MFP Shares remain Outstanding. If a Failed Transition Event occurs in connection with the Transition Remarketing relating to such continued attempt to establish a Mode to extend or succeed the [Initial] Mode, any such Failed Transition Event
shall not alter the Failed Transition Period, the Failed Transition Redemption Date or the Failed Transition Period Dividend Rate. In the event that the Fund successfully extends the [Initial] Mode or establishes a Mode to succeed the [Initial]
Mode, the Failed Transition Period shall terminate, and the MFP Shares shall be subject to the terms established for such extension or new Mode. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Optional Early Transition to New Mode at the Option of the Fund</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purpose of effecting an early transition to a new Mode with
respect to all of the Outstanding MFP Shares, the Fund may at its option accelerate the expiration date of the [Initial] Mode (an &#147;<B>Optional Early Transition</B>&#148;) to any Wednesday that is a Business Day occurring on or after [&#9679;],
20[&#9679;] (the &#147;<B>Optional Early Transition Date</B>&#148;) by delivering a Mode Extension/Change Notice in accordance with Section&nbsp;3.2 above. The proposed transition to a new Mode to follow the expiration of the [Initial] Mode on the
Optional Early Transition Date shall otherwise be effected in accordance with, and governed by, this Article 3 of this Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of this Section&nbsp;3.5, the
Fund may, in its sole discretion and without a shareholder vote, modify the procedures set forth above with respect to notification of optional early transition for the MFP Shares, <U>provided</U> <U>that</U> such modification does not materially
and adversely affect the Holders of the MFP Shares or cause the Fund to violate any applicable law, rule or regulation; and provided further that no such modification shall in any way alter the rights or obligations of the Tender and Paying Agent
without its prior written consent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page Begins on the Following Page] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>


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<FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund has caused these presents to be signed as of [&#9679;], 20[&#9679;] in its name and on its behalf by its Chief Administrative Officer. The Declaration is on file with the
Secretary of the Commonwealth of Massachusetts, and the said officer of the Fund has executed this Supplement as an officer and not individually, and the obligations of the Fund set forth in this Supplement are not binding upon such officer, or the
trustees of the Fund or shareholders of the Fund, individually, but are binding only upon the assets and property of the Fund. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"><B>NUVEEN <FONT STYLE="white-space:nowrap">AMT-FREE</FONT> MUNICIPAL CREDIT INCOME FUND</B></TD></TR>
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<DOCUMENT>
<TYPE>EX-99.D.6
<SEQUENCE>6
<FILENAME>d656069dex99d6.htm
<DESCRIPTION>FORM OF SUPPLEMENT TO THE STATEMENT ESTABLISHING AND FIXING THE RIGHTS
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<TITLE>Form of Supplement to the Statement Establishing and Fixing the Rights</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><I>Exhibit d.6 </I></B></P>
<P STYLE="margin-top:140pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NUVEEN <FONT STYLE="white-space:nowrap">AMT-FREE</FONT> MUNICIPAL CREDIT INCOME FUND </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUPPLEMENT TO THE STATEMENT ESTABLISHING AND FIXING THE RIGHTS AND PREFERENCES OF SERIES&nbsp;[</B>&#9679;<B></B><B>] MUNIFUND PREFERRED
SHARES INITIALLY DESIGNATING THE VARIABLE RATE MODE FOR THE SERIES [</B>&#9679;<B></B><B>] MUNIFUND PREFERRED SHARES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(ADJUSTABLE
RATE) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(NVG SERIES [</B>&#9679;<B></B><B>] MFP) </B></P>

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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">ARTICLE 1 DEFINITIONS</P></TD>
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<TD VALIGN="bottom" ALIGN="right">1</TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions</P></TD>
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<TD VALIGN="bottom" ALIGN="right">1</TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpretation</P></TD>
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<TD VALIGN="bottom" ALIGN="right">8</TD>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">ARTICLE 2 TERMS APPLICABLE TO THE SERIES [&#9679;] MUNIFUND PREFERRED SHARES FOR THE</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VARIABLE RATE
MODE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and Distributions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coverage&nbsp;&amp; Leverage Tests</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grant of Irrevocable Proxy</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rating Agencies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Additional Preferred Shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions with respect to Taxable Allocations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failed Transition Redemption Liquidity Account and Liquidity
Requirement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actions on Other than Business Days</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modification</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acknowledgement of Contractual Rights</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="3"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">ARTICLE 3 DESIGNATION OF NEW MODE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Provisions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Election and Notice of Mode Change</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transition to a New Mode</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failed Transition Period</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transition to New Mode at the Option of the Fund</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:40pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Appendix A &nbsp;&nbsp;&nbsp;&nbsp;Form of Rate Adjustment Notice </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NUVEEN <FONT STYLE="white-space:nowrap">AMT-FREE</FONT> MUNICIPAL CREDIT INCOME FUND </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUPPLEMENT TO THE STATEMENT ESTABLISHING AND FIXING THE RIGHTS AND PREFERENCES OF SERIES [</B>&#9679;<B></B><B>] MUNIFUND PREFERRED SHARES
[INITIALLY] DESIGNATING THE VARIABLE RATE MODE FOR THE SERIES [</B>&#9679;<B></B><B>] MUNIFUND PREFERRED SHARES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(ADJUSTABLE RATE)
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This Supplement to the Statement Establishing and Fixing the Rights and Preferences of Series [&#9679;] MuniFund
Preferred Shares [Initially] Designating the Variable Rate Mode for the Series [&#9679;] MuniFund Preferred Shares (this &#147;<B>Supplement</B>&#148;) designates the [Initial] Mode (as defined below) as a Variable Rate Mode for the Series [&#9679;]
MuniFund Preferred Shares of Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund (the &#147;<B>Fund</B>&#148;). This Supplement establishes, pursuant to Section&nbsp;4 of the Statement Establishing and Fixing the
Rights and Preferences of Series [&#9679;] MuniFund Preferred Shares, effective on the effective date hereof (the &#147;<B>Statement</B>&#148;), the additional or different terms and conditions of the Series [&#9679;] MuniFund Preferred Shares for
the Variable Rate Mode commencing on the Mode Commencement Date and ending on the Mode Termination Date (subject to early transition in accordance with Article 3 below). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 1 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>. Capitalized terms used herein that are not
otherwise defined shall have the meanings assigned to them in the Statement. The following terms shall have the following meanings (with terms defined in the singular having comparable meanings when used in the plural and vice versa), unless the
context otherwise requires: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Additional Amount Payment</B>&#148; means a payment to a Beneficial Owner of MFP
Shares of an amount which, when taken together with the aggregate amount of Taxable Allocations made to such Beneficial Owner to which such Additional Amount Payment relates, would cause such Beneficial Owner&#146;s dividends in dollars (after
regular federal income tax consequences) from the aggregate of such Taxable Allocations and the related Additional Amount Payment to be equal to the dollar amount of the dividends that would have been received by such Beneficial Owner if the amount
of such aggregate Taxable Allocations would have been excludable (for regular federal income tax purposes) from the gross income of such Beneficial Owner. Such Additional Amount Payment shall be calculated (i)&nbsp;without consideration being given
to the time value of money; (ii)&nbsp;assuming that no Beneficial Owner of MFP Shares is subject to the federal alternative minimum tax with respect to dividends received from the Fund and without giving effect to any other federal tax based on
income, such as the &#147;Medicare tax,&#148; which at the date hereof is imposed at the rate of 3.8% on the net investment income (which includes taxable dividends and net capital gains) of certain individuals, trusts and estates; and
(iii)&nbsp;assuming that each Taxable Allocation and each Additional Amount Payment (except to the extent such Additional Amount Payment is reported as an exempt-interest dividend for purposes of Section&nbsp;852(b)(5) of the Code or successor
provisions) would be taxable in the hands of each Beneficial Owner of MFP Shares at the maximum marginal regular federal individual income tax rate applicable to ordinary income or net capital gains, as applicable, or the maximum marginal regular
federal corporate income tax rate applicable to ordinary income or net capital gains, as applicable, whichever is greater, in effect at the time such Additional Amount Payment is made. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Adjusted Rate Terms</B>&#148; has the meaning set forth in Section&nbsp;2.1(h)(viii). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Agent Member</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Applicable Spread</B>&#148; means, with respect to any Dividend Reset Period: (i)&nbsp;the percentage per annum set
forth opposite the highest applicable credit rating most recently assigned to the MFP Shares by any Rating Agency in the table set forth directly below on the Rate Determination Date for such Dividend Reset Period; or (ii)&nbsp;such spread or
spreads as may be provided for in the Adjusted Rate Terms established pursuant to Section&nbsp;2.1(h); <U>provided</U>, <U>however</U>, that the &#147;Applicable Spread&#148; shall not apply for any Dividend Reset Period or portion thereof occurring
during the Failed Transition Period, if any, except as provided in the definition of Failed Transition Period Applicable Spread or in the case of an Increased Rate Period occurring during the Failed Transition Period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


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<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><U>Long Term Ratings*</U></P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">[&#9679;]</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><U>Applicable
Percentage**</U></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="font-size:0pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">AAA
to AA</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">[&#9679;]%</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">AA-</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">[&#9679;]%</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">A+</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">[&#9679;]%</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">A</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">[&#9679;]%</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">A-</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">[&#9679;]%</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">BBB+</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">[&#9679;]%</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">BBB</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">[&#9679;]%</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">BBB-</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">[&#9679;]%</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
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<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.22em; font-size:9pt; font-family:Times New Roman">*And/or&nbsp;the&nbsp;equivalent&nbsp;ratings&nbsp;of&nbsp;another&nbsp;Rating Agency then rating the MFP Shares utilizing the highest of
the ratings of the Rating Agencies then rating the MFP Shares.</P></TD>
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<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:0.33em; font-size:9pt; font-family:Times New Roman" ALIGN="center">**Unless&nbsp;an&nbsp;Increased&nbsp;Rate&nbsp;Period&nbsp;is&nbsp;in&nbsp;effect or the Increased Rate otherwise applies to
any portion of a Dividend Reset Period, in which case the Applicable Spread shall be [&#9679;]% for such Increased Rate Period or such portion of a Dividend Reset Period, as the case may be.</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="font-size:0pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Asset Coverage</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Asset Coverage Cure Date</B>&#148; means, with respect to the failure by the Fund to maintain Asset Coverage of at
least 225% as of the close of business on a Business Day (as required by Section&nbsp;2.2(a)), the date that is thirty (30)&nbsp;calendar days following such Business Day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Below Investment Grade</B>&#148; means, with respect to the MFP Shares and as of any date, the following ratings with
respect to each Rating Agency (to the extent it is a Rating Agency on such date): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:15%; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;lower than <FONT STYLE="white-space:nowrap">BBB-,</FONT> in the case of Fitch; and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;lower than an equivalent long-term credit rating to that set forth in
clause&nbsp;(i), in the case of any other Rating Agency. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Beneficial Owner</B>&#148; has the meaning set forth in
the Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Business Day</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Code</B>&#148; means the Internal Revenue Code of 1986, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Custodian</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Declaration</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Default</B>&#148; means a Dividend Default or a Redemption Default. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>&#147;Deposit Securities&#148;</B> has the meaning set forth in the Statement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Dividend Default</B>&#148; has the meaning set forth in Section&nbsp;2.1(f)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Dividend Payment Date</B>&#148; means the first Business Day of each calendar month, commencing [&#9679;],
20[&#9679;], the New Mode Commencement Date, if any, and each other date designated for the payment of dividends in accordance with this Supplement, including, as applicable, any Special Dividend Payment Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Dividend Period</B>&#148; means, with respect to any Dividend Payment Date, (i)&nbsp;in the case of the first
Dividend Payment Date, the period from and including the Mode Commencement Date to and including [&#9679;], 20[&#9679;], and (ii)&nbsp;for each subsequent Dividend Payment Date, (a)&nbsp;for each regular monthly Dividend Payment Date following a
regular monthly Dividend Payment Date, the period from and including the first calendar day of the month ending immediately preceding the month in which the current Dividend Payment Date falls to and including the last calendar day of such month,
(b)&nbsp;for each regular monthly Dividend Payment Date following a Special Dividend Payment Date, the period from and including the Special Dividend Payment Date to and including the last calendar day of the month immediately preceding the month in
which the current Dividend Payment Date falls, (c)&nbsp;for each Special Dividend Payment Date following a regular monthly Dividend Payment Date, the period from and including the first calendar day of the month in which such regular monthly
Dividend Payment Date falls to but excluding the Special Dividend Payment Date, (d)&nbsp;for each Special Dividend Payment Date following another Special Dividend Payment Date, the period from and including the prior Special Dividend Payment Date to
but excluding the current Special Dividend Payment Date and (e)&nbsp;the date or dates of the period as may be provided for in the Adjusted Rate Terms pursuant to Section&nbsp;2.1(h). Notwithstanding the foregoing, the final Dividend Period in the
Variable Rate Mode shall end on and include the last calendar day of the Variable Rate Mode. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Dividend
Rate</B>&#148; means, with respect to any Dividend Reset Period and subject to the adjustment described in Section&nbsp;2.7, (i) the Index Rate for the Initial Dividend Reset Period plus the Applicable Spread for such Dividend Reset Period and
(ii)&nbsp;for each Subsequent Dividend Reset Period, (A)&nbsp;the Index Rate in effect as of the Dividend Reset Date commencing such Dividend Reset Period plus the Applicable Spread for such Dividend Reset Period or (B)&nbsp;the Dividend Rate as may
be provided for in the Adjusted Rate Terms pursuant to Section&nbsp;2.1(h) and applicable to such Dividend Reset Period; <U>provided</U>, <U>however</U>, that, with respect to any Increased Rate Period (or any portion of a Dividend Reset Period to
which the Increased Rate otherwise applies), the Dividend Rate shall mean the Increased Rate for such Increased Rate Period (or such portion of a Dividend Reset Period); <U>provided</U> <U>further</U>, that for any Dividend Reset Period (or portion
thereof) during the Failed Transition Period, if any, &#147;Dividend Rate&#148; shall mean the Failed Transition Period Dividend Rate; and <U>provided</U> <U>further</U> that the Dividend Rate for any Dividend Reset Period (or portion thereof) shall
in no event exceed the Maximum Rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>&#147;Dividend Reset Date&#148;</B> means (i)&nbsp;the Mode Commencement Date,
(ii)&nbsp;thereafter, the first day of each Dividend Reset Period and (iii)&nbsp;as may be otherwise provided for in the Adjusted Rate Terms pursuant to Section&nbsp;2.1(h). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Dividend Reset Period</B>&#148; means the Initial Dividend Reset Period and any Subsequent Dividend Reset Period.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Effective Leverage Ratio</B>&#148; has the meaning set forth in Section&nbsp;2.2(d). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Effective Leverage Ratio Cure Date</B>&#148; has the meaning set forth in Section&nbsp;2.3(c)(ii)(A). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Electronic Means</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Failed Adjustment Event</B>&#148; means that, in the case of Adjusted Rate Terms proposed by the Majority Beneficial
Owner, the Fund and the Required Beneficial Owners shall have failed to agree in writing to Adjusted Rate Terms by the [&#9679;] calendar day, or such other date as the Fund and the Required Beneficial Owners shall agree, following the date of
delivery of a Rate Adjustment Notice, unless the Rate Adjustment Notice shall have been withdrawn prior to such [&#9679;] calendar day or other agreed day. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Failed Transition Event</B>&#148; means that, in the case of a proposed
transition to a new Mode to succeed the Variable Rate Mode pursuant to Article 3, (i) the Transition Notice required by Section&nbsp;3.3(c) states that the Transition Remarketing Agent was unable to successfully remarket all of the MFP Shares to be
purchased on the New Mode Commencement Date, (ii)&nbsp;the remarketing proceeds for any tendered MFP Shares are not received for any reason by the Tender and Paying Agent by 4:30 p.m., New York City time, or, if payment is made directly to the
Beneficial Owners, by the Beneficial Owners by 3:00 p.m., New York City time, subject to the proviso in Section&nbsp;3.3(e), in each case, on the New Mode Commencement Date, or (iii)&nbsp;the Fund has otherwise been unsuccessful in establishing a
new Mode to succeed the Variable Rate Mode (in each of which cases the related MFP Shares will be treated as not having been successfully remarketed). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Failed Transition Period</B>&#148; means, upon the occurrence of a Failed Adjustment Event or a Failed Transition
Event, the period commencing on the date of such Failed Adjustment Event or Failed Transition Event and ending on the earliest to occur of (i)&nbsp;the redemption by the Fund on the Failed Transition Redemption Date or, if earlier, another
Redemption Date, if any, of 100% of the Outstanding MFP Shares, or (ii)&nbsp;the repurchase by the Fund of 100% of the Outstanding MFP Shares, or (iii)&nbsp;the successful Transition Remarketing of 100% of the Outstanding MFP Shares in accordance
with the terms of this Supplement, or (iv)&nbsp;mutual agreement by the Fund and the Required Beneficial Owners to terminate the Failed Transition Period and revert to the Variable Rate Mode on the terms mutually agreed by the Fund and the Required
Beneficial Owners. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Failed Transition Period Applicable Spread</B>&#148; means, for each Dividend Reset Period or
portion thereof occurring while the Failed Transition Period, if any, has occurred and is continuing: the higher of (i)&nbsp;the Applicable Spread that would otherwise be in effect absent a Failed Transition Event and (ii) [&#9679;] basis points
([&#9679;]%) (up to [&#9679;] days of the continued Failed Transition Period), [&#9679;] basis points ([&#9679;]%) ([&#9679;]&nbsp;days but fewer than [&#9679;]&nbsp;days of the continued Failed Transition Period), [&#9679;] basis points
([&#9679;]%) ([&#9679;]&nbsp;days but fewer than [&#9679;]&nbsp;days of the continued Failed Transition Period), [&#9679;] basis points ([&#9679;]%) ([&#9679;]&nbsp;days but fewer than [&#9679;]&nbsp;days of the continued Failed Transition Period),
[&#9679;] basis points ([&#9679;]%) ([&#9679;]&nbsp;days but fewer than [&#9679;]&nbsp;days of the Failed Transition Period), and [&#9679;] basis points ([&#9679;]%) ([&#9679;]&nbsp;days or more of the continued Failed Transition Period). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Failed Transition Period Dividend Rate</B>&#148; means, with respect to any Dividend Reset Period (or portion
thereof) occurring during the Failed Transition Period, if any, subject to the adjustment described in Section&nbsp;2.7(a), the Index Rate for such Dividend Reset Period (or portion thereof) plus the Failed Transition Period Applicable Spread for
such Dividend Reset Period (or portion thereof); <U>provided</U>, <U>however</U>, that, with respect to any Increased Rate Period (or any portion of a Dividend Reset Period to which the Increased Rate otherwise applies), the Failed Transition Period
Dividend Rate shall mean the Increased Rate for such Increased Rate Period (or such portion of a Dividend Reset Period); and <U>provided</U> <U>further</U>, that the Failed Transition Period Dividend Rate for any Dividend Reset Period (or portion
thereof) shall in no event exceed the Maximum Rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Failed Transition Redemption Date</B>&#148; means
(i)&nbsp;in the case of a Failed Adjustment Event, the first Business Day falling on or after the [&#9679;] calendar day following the Failed Adjustment Event or (ii)&nbsp;in the case of a Failed Transition Event, the first Business Day falling on
or after the [&#9679;] calendar day following the Failed Transition Event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>&#147;Fitch&#148;</B> has the meaning set
forth in the Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>&#147;Fund&#148;</B> has the meaning set forth in the preamble to this Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Holder</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Increased Rate</B>&#148; means, for any Increased Rate Period or any portion thereof to which the Increased Rate
otherwise applies, the Index Rate for such Increased Rate Period or portion thereof <U>plus</U> an Applicable Spread of [&#9679;]%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Increased Rate Period</B>&#148; has the meaning set forth in Section&nbsp;2.1(f)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Index Rate</B>&#148; means, with respect to any Dividend Reset Period or portion thereof, [(i) the SIFMA Municipal
Swap Index made available by approximately 4:00&nbsp;p.m., New York City time, on the Rate Determination Date for such Dividend Reset Period or (ii)&nbsp;if such index is not made so available on such date, the SIFMA Municipal Swap
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
Index as determined on the previous Rate Determination Date or (iii)&nbsp;such index rate or rates as may be provided for in the Adjusted Rate Terms pursuant to Section&nbsp;2.1(h)]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Initial Dividend Reset Period</B>&#148; means the period commencing on and including the Mode Commencement Date, and
ending on, and including, the next succeeding calendar day that is a Wednesday (or, if such Wednesday is not a Business Day, the next succeeding Business Day). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;[<B>Initial] Mode</B>&#148; means, the Variable Rate Mode designated by this Supplement for the period commencing on the
Mode Commencement Date and ending on the Mode Termination Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>&#147;Investment Adviser&#148;</B> has the meaning set
forth in the Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>&#147;Liquidation Preference&#148;</B> has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Liquidity Account</B>&#148; has the meaning set forth in Section&nbsp;2.8(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Liquidity Account Investments</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Liquidity Requirement</B>&#148; has the meaning set forth in Section&nbsp;2.8(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Majority Beneficial Owner</B>&#148; means the Beneficial Owner at the relevant date of more than 50% of the
Outstanding MFP Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Mandatory Redemption Date</B>&#148; has the meaning set forth in
Section&nbsp;2.3(c)(iii). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Mandatory Tender</B>&#148; means the mandatory tender of all MFP Shares by the
Beneficial Owners thereof for Transition Remarketing and purchase on the New Mode Commencement Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>&#147;Market
Value&#148;</B> has the meaning set forth in the Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Maximum Rate</B>&#148; means 15% per annum. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Mode</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Mode Change Notice</B>&#148; has the meaning set forth in Section&nbsp;3.2(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Mode Commencement Date</B>&#148; means [&#9679;], 20[&#9679;]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Mode Termination Date</B>&#148; means the earliest of (i)&nbsp;the date established pursuant to Article 3 as the
final day of the Variable Rate Mode preceding a successful transition to a new Mode, (ii)&nbsp;the Term Redemption Date and (iii)&nbsp;the date of earlier redemption of all of the Outstanding MFP Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>New Mode Commencement Date</B>&#148; has the meaning set forth in Section&nbsp;3.1(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Notice of Redemption</B>&#148; has the meaning set forth in Section&nbsp;2.3(e)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Notice of Taxable Allocation</B>&#148; has the meaning set forth in Section&nbsp;2.7(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>&#147;NRSRO&#148;</B> has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Optional Redemption Date</B>&#148; has the meaning set forth in Section&nbsp;2.3(d)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Outstanding</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Person</B>&#148; has the meaning set forth in the Statement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Preferred Shares</B>&#148; has the meaning set forth in the Statement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Purchase Agreement</B>&#148; means, with respect to the MFP Shares issued pursuant to the Statement and this
Supplement, the Series [&#9679;] MuniFund Preferred Shares (MFP) Purchase Agreement to be dated as of [&#9679;], 20[&#9679;] between the Fund and the Purchaser. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Purchase Price</B>&#148; means an amount equal to the Liquidation Preference of each MFP Share to be purchased on the
New Mode Commencement Date, <I>plus </I>any accumulated but unpaid dividends thereon (whether or not earned or declared), if any, to, but excluding, the New Mode Commencement Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Purchaser</B>&#148; means [&#9679;] as the [initial] purchaser of the MFP Shares pursuant to the Purchase Agreement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Rate Adjustment Agreement Date</B>&#148; has the meaning set forth in Section&nbsp;2.1(h)(iv). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Rate Adjustment Notice</B>&#148; means a notice of a proposed Adjusted Rate Terms, in the form of Appendix A hereto,
delivered by either the Fund or the Majority Beneficial Owner in accordance with Section&nbsp;2.1(h). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Rate
Adjustment Notice Period</B>&#148; means, with respect to any Rate Adjustment Notice, the period commencing on the date of delivery of the Rate Adjustment Notice and ending on the earliest to occur of (i)&nbsp;withdrawal or deemed withdrawal of the
Rate Adjustment Notice in accordance with Section&nbsp;2.1(h)(iii) or (vi), (ii) the related Rate Adjustment Agreement Date, (iii)&nbsp;the redemption, repurchase or successful Transition Remarketing of 100% of the Outstanding MFP Shares in
accordance with the terms of this Supplement or (iv)&nbsp;the date of a Failed Adjustment Event, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Rate Determination Date</B>&#148; means, with respect to the Initial Dividend Reset Period, [&#9679;], 20[&#9679;],
and, with respect to any Subsequent Dividend Reset Period, (i)&nbsp;the last day of the immediately preceding Dividend Reset Period or, if such day is not a Business Day, the next succeeding Business Day (<U>provided</U>, <U>however</U>, that the
next succeeding Rate Determination Date will be determined without regard to any prior extension of a Rate Determination Date to a Business Day) or (ii)&nbsp;as may be otherwise provided for in the Adjusted Rate Terms pursuant to
Section&nbsp;2.1(h). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Rating Agencies</B>&#148; means, as of any date, (i)&nbsp;[&#9679;] and (ii)&nbsp;any other
NRSRO designated as a Rating Agency on such date in accordance with Section&nbsp;2.5, in each case above, to the extent it maintains a rating on the MFP Shares on such date and the Board of Trustees has not terminated its designation as a Rating
Agency in accordance with Section&nbsp;2.5. [&#9679;] has initially been designated as the Rating Agency for purposes of the MFP Shares. In the event that at any time any Rating Agency (i)&nbsp;ceases to be a Rating Agency for purposes of the MFP
Shares and such Rating Agency has been replaced by another Rating Agency in accordance with Section&nbsp;2.5, any references to any credit rating of such replaced Rating Agency in this Supplement shall be deleted for purposes hereof as provided
below and shall be deemed instead to be references to the equivalent credit rating of the other Rating Agency that has replaced such Rating Agency using the most recent published credit ratings for the MFP Shares of such replacement Rating Agency or
(ii)&nbsp;designates a new rating definition for any credit rating of such Rating Agency with a corresponding replacement rating definition for such credit rating of such Rating Agency, any references to such replaced rating definition of such
Rating Agency contained in this Supplement shall instead be deemed to be references to such corresponding replacement rating definition. Notwithstanding anything to the contrary in Section&nbsp;7 of the Statement, in the event that at any time the
designation of any Rating Agency as a Rating Agency for purposes of the MFP Shares is terminated in accordance with Section&nbsp;2.5, any rating of such terminated Rating Agency, to the extent it would have been taken into account in any of the
provisions of this Supplement for the MFP Shares, shall be disregarded, and only the ratings of the then-designated Rating Agencies for the MFP Shares shall be taken into account for purposes of this Supplement, <U>provided</U> that, for purposes of
determining the Dividend Rate applicable to a Dividend Reset Period, any designation of a Rating Agency after the Rate Determination Date for such Dividend Reset Period will take effect on or as of the next succeeding Rate Determination Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Rating Agency Guidelines</B>&#148; means the guidelines of any Rating Agency, as they may be amended or modified from
time to time, compliance with which is required to cause such Rating Agency to continue to issue a rating with respect to the MFP Shares for so long as the MFP Shares are Outstanding during the Variable Rate Mode. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Ratings Event</B>&#148; has the meaning set forth in
Section&nbsp;2.1(f)(i). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Redemption Date</B>&#148; has the meaning set forth in Section&nbsp;2.3(e)(i) and
includes, as applicable, the Term Redemption Date, a Failed Transition Redemption Date, any Mandatory Redemption Date or any Optional Redemption Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Redemption Default</B>&#148; has the meaning set forth in Section&nbsp;2.1(f)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Redemption Price</B>&#148; means, for each MFP Share to be redeemed pursuant to Section&nbsp;2.3, a price per share
equal to (x)&nbsp;the Liquidation Preference per MFP Share plus (y)&nbsp;an amount equal to all unpaid dividends and other distributions on such MFP Share accumulated from and including the Date of Original Issue of such MFP Share to (but excluding)
the date fixed for such redemption by the Board of Trustees (whether or not earned or declared by the Fund, but without interest thereon, and subject to Section&nbsp;2.3(e)(vi)). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>&#147;Required Beneficial Owners&#148;</B> means the Beneficial Owners of 100% of the Outstanding MFP Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Securities Depository</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">[&#147;<B>SIFMA Municipal Swap Index</B>&#148; means the Securities Industry and Financial Markets Association Municipal Swap
Index, or such other weekly, high-grade index comprised of <FONT STYLE="white-space:nowrap">seven-day,</FONT> <FONT STYLE="white-space:nowrap">tax-exempt</FONT> variable rate demand notes produced by Bloomberg or its successor, or as otherwise
designated by the Securities Industry and Financial Markets Association; <U>provided</U>, <U>however</U>, that if such index is no longer produced by Bloomberg or its successor, then SIFMA Municipal Swap Index shall mean (i)&nbsp;the S&amp;P
Municipal Bond 7 Day High Grade Rate Index produced by Standard&nbsp;&amp; Poor&#146;s Financial Services LLC or its successors or (ii)&nbsp;if the S&amp;P Municipal Bond 7 Day High Grade Rate Index is no longer produced, such other reasonably
comparable index selected in good faith by the Board of Trustees of the Fund.] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Special Dividend Payment
Date</B>&#148; has the meaning set forth in Section&nbsp;2.1(g). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Statement</B>&#148; has the meaning set forth
in the preamble to this Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Subsequent Dividend Reset Period</B>&#148; means [(i) the period from, and
including, the first day following the Initial Dividend Reset Period to, and including, the next Wednesday (or, if such Wednesday is not a Business Day, the next Business Day) and each subsequent period from, and including, the first day following
the end of the previous Subsequent Dividend Reset Period to, and including, the next Wednesday (or, if such Wednesday is not a Business Day, the next Business Day), or (ii)&nbsp;as may be otherwise provided for in the Adjusted Rate Terms pursuant to
Section&nbsp;2.1(h).] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Supplement</B>&#148; has the meaning set forth in the preamble to this Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Tax Event</B>&#148; has the meaning set forth in Section&nbsp;2.1(f)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Taxable Allocation</B>&#148; means the allocation of any net capital gains or other income taxable for regular
federal income tax purposes to a dividend paid in respect of the MFP Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Tender and Paying Agent</B>&#148;
means, with respect to the MFP Shares, The Bank of New York Mellon and its successors or any other tender and paying agent appointed by the Fund with respect to the MFP Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Tender and Paying Agent Agreement</B>&#148; means, with respect to the MFP Shares, the Tender and Paying Agent
Agreement to be dated as of [&#9679;], 20[&#9679;], by and between the Fund and the Tender and Paying Agent, and as the same may be amended, restated or modified from time to time, or any similar agreement between the Fund and any other tender and
paying agent appointed by the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Term Redemption Date</B>&#148; has the meaning set forth in the Statement.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Transition</B>&#148; has the meaning set forth in Section&nbsp;3.5(a).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Transition Date</B>&#148; has the meaning set forth in Section&nbsp;3.5(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Transition Notice</B>&#148; has the meaning set forth in Section&nbsp;3.3(c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Transition Remarketing</B>&#148; means the remarketing of the MFP Shares by the Transition Remarketing Agent on
behalf of the Beneficial Owners thereof pursuant to the Mandatory Tender in connection with the transition from the Variable Rate Mode to a new Mode. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Transition Remarketing Agent</B>&#148; means the entity or entities appointed as such by the Fund to conduct the
Transition Remarketing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Variable Rate Mode</B>&#148; means the Mode established for the MFP Shares by the terms
and conditions of the Statement as modified by this Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interpretation</U>.&nbsp;&nbsp;
(a)<U>&nbsp;&nbsp;&nbsp;General</U>.&nbsp;&nbsp;&nbsp;&nbsp; The headings preceding the text of Sections included in this Supplement are for convenience only and shall not be deemed part of this Supplement or be given any effect in interpreting this
Supplement. The use of the masculine, feminine or neuter gender or the singular or plural form of words herein shall not limit any provision of this Supplement. The use of the terms &#147;including&#148; or &#147;include&#148; shall in all cases
herein mean &#147;including, without limitation&#148; or &#147;include, without limitation,&#148; respectively. Reference to any Person includes such Person&#146;s successors and assigns to the extent such successors and assigns are permitted by the
terms of any applicable agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity or individually. Reference to any agreement (including this Supplement), document or instrument means such agreement,
document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof and, if applicable, the terms hereof. Except as otherwise expressly set forth herein, reference to any law means such law as amended,
modified, codified, replaced or <FONT STYLE="white-space:nowrap">re-enacted,</FONT> in whole or in part, including rules, regulations, enforcement procedures and any interpretations promulgated thereunder. References to Sections shall refer to those
portions of this Supplement, unless otherwise provided. The use of the terms &#147;hereunder,&#148; &#147;hereof,&#148; &#147;hereto&#148; and words of similar import shall refer to this Supplement as a whole and not to any particular Article,
Section or clause of this Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interpretation of the
Statement and this Supplement</U>. &nbsp;&nbsp;&nbsp;&nbsp;Subject to Section&nbsp;4(e) of the Statement, the terms and conditions of the MFP Shares set forth in this Supplement supersede the terms of the Statement, to the extent inconsistent
therewith, for the Variable Rate Mode. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mode Commencement Date</U>.
&nbsp;&nbsp;&nbsp;&nbsp;This Supplement shall be effective on the Mode Commencement Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 2 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TERMS APPLICABLE TO THE SERIES [</B>&#9679;<B></B><B>] MUNIFUND PREFERRED SHARES FOR </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE VARIABLE RATE MODE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The MFP Shares shall have the following terms for the Variable Rate Mode: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends and Distributions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Applicable Rates</U>. &nbsp;&nbsp;&nbsp;&nbsp;The amount of dividends
per share payable on MFP Shares on any Dividend Payment Date shall equal the sum of the dividends accumulated but not yet paid for each Dividend Reset Period (or portion thereof) in the related Dividend Period. The amount of dividends per share
accumulated for each such Dividend Reset Period (or portion thereof) shall be computed by [(i)&nbsp;multiplying the Dividend Rate in effect for MFP Shares for such Dividend Reset Period (or portion thereof) by a fraction, the numerator of which
shall be the actual number of days in such Dividend Reset Period (or portion thereof) and the denominator of which shall be the actual number of days in the year in which such Dividend Reset Period (or portion thereof) occurs (365 or 366) and
(ii)&nbsp;multiplying the product determined pursuant to clause&nbsp;(i) by the Liquidation Preference for an MFP Share.] The </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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Dividend Rate may be adjusted to a new Dividend Rate as provided in the Adjusted Rate Terms pursuant to Section&nbsp;2.1(h) below. The Dividend Rate shall be adjusted to the Increased Rate for
each Increased Rate Period (or portion thereof) as provided in Section&nbsp;2.1(f) below. For each Dividend Reset Period (or portion thereof) during the Failed Transition Period, if any, the Dividend Rate shall be the Failed Transition Period
Dividend Rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividend Declaration and
Entitlement</U>.&nbsp;&nbsp; Dividends on MFP Shares with respect to any Dividend Period shall be declared to the Holders of such shares as their names shall appear on the registration books of the Fund at the close of business on each day in such
Dividend Period and shall be paid as provided in Section&nbsp;2.1(e) hereof. In connection with any transfer of MFP Shares, the transferor shall, subject to any agreement between the transferor and transferee, transfer to the transferee the
transferor&#146;s right to receive from the Fund any unpaid dividends so declared for each day prior to the transferee becoming the Holder or Beneficial Owner, as applicable, of the MFP Shares in consideration of a portion of the purchase price for
such MFP Shares paid by the transferee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividend Payment by Fund
to Tender and Paying Agent</U>.&nbsp;&nbsp; Not later than 5:00 p.m., New York City time, on the Business Day immediately preceding each Dividend Payment Date, the Fund shall deposit with the Tender and Paying Agent Deposit Securities having an
aggregate Market Value on such date sufficient to pay the dividends and other distributions, if any, that are payable on such Dividend Payment Date in respect of the MFP Shares. The Fund may direct the Tender and Paying Agent with respect to the
investment or reinvestment of any such Deposit Securities so deposited prior to the Dividend Payment Date, provided that such investment consists exclusively of Deposit Securities and provided further that the proceeds of any such investment will be
available as same day funds at the opening of business on such Dividend Payment Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tender and Paying Agent as Trustee of Dividend Payments by
Fund</U>.&nbsp;&nbsp; All Deposit Securities deposited with the Tender and Paying Agent for the payment of dividends and other distributions, if any, payable on MFP Shares shall be held in trust for the payment of such dividends and other
distributions by the Tender and Paying Agent for the benefit of the Holders of the MFP Shares entitled to the payment of such dividends and other distributions pursuant to Section&nbsp;2.1(e). Any moneys paid to the Tender and Paying Agent in
accordance with the foregoing but not applied by the Tender and Paying Agent to the payment of dividends and other distributions, including interest earned on such moneys while so held, will, to the extent permitted by law, be repaid to the Fund as
soon as possible after the date on which such moneys were to have been so applied, upon request of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends Paid to Holders</U>.&nbsp;&nbsp; Dividends and any
distributions made pursuant to Section&nbsp;2.7(a) on the MFP Shares shall be paid on each Dividend Payment Date to the Holders of the MFP Shares&nbsp;as their names appear on the registration books of the Fund at the close of business on the day
immediately preceding such Dividend Payment Date (or, if such day is not a Business Day, the next preceding Business Day). Dividends and any distributions made pursuant to Section&nbsp;2.7(a) in arrears on MFP Shares for any past Dividend Period may
be declared (to the extent not previously declared) and paid at any time, without reference to any regular Dividend Payment Date, to the Holders of such shares&nbsp;as their names appear on the registration books of the Fund on such date, not
exceeding fifteen (15)&nbsp;calendar days preceding the payment date thereof, as may be fixed by the Board of Trustees. No interest or sum of money in lieu of interest will be payable in respect of any dividend payment or payments of other
distributions on MFP Shares which may be in arrears. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Increased
Rate</U>.&nbsp;&nbsp; (i)&nbsp;&nbsp;&nbsp;The Dividend Rate shall be adjusted to the Increased Rate for each Increased Rate Period. Subject to the cure provisions of Section&nbsp;2.1(f)(iii), a Dividend Reset Period with respect to the MFP Shares
shall be deemed to be an &#147;<B>Increased Rate Period</B>&#148; if on the first day of such Dividend Reset Period, (A)&nbsp;the Fund has failed to deposit with the Tender and Paying Agent by 12:00 noon, New York City time, on a Dividend Payment
Date, Deposit Securities that will provide funds available to the Tender and Paying Agent on such Dividend Payment Date sufficient to pay the full amount of any dividend on the MFP Shares payable on such Dividend Payment Date (a &#147;<B>Dividend
Default</B>&#148;) and such Dividend Default has not ended as contemplated by Section&nbsp;2.1(f)(ii) on or prior to such first day; (B)&nbsp;the Fund has failed to deposit with the Tender and Paying Agent by 12:00 noon, New York City time, on an
applicable Redemption Date for the MFP Shares (or any thereof), Deposit Securities that will provide funds available to the Tender and Paying Agent on such Redemption Date sufficient to pay the full amount of the Redemption Price payable in respect
of such shares&nbsp;on such Redemption Date (a &#147;<B>Redemption Default</B>&#148;) and such Redemption Default has not ended as contemplated by Section&nbsp;2.1(f)(ii) on or prior to such first day; (C)&nbsp;any Rating Agency has withdrawn the
credit rating required to be maintained with respect to the MFP Shares pursuant to Section&nbsp;2.5, other than due to the Rating Agency ceasing to rate <FONT STYLE="white-space:nowrap">tax-exempt</FONT>
<FONT STYLE="white-space:nowrap">closed-end</FONT> management investment </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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companies generally, and such withdrawal is continuing, or the Board of Trustees has terminated the designation of a Rating Agency without complying with the requirements of Section&nbsp;2.5, and
the MFP Shares are not then rated by a Rating Agency, and such condition is continuing; (D)&nbsp;a Ratings Event (as defined below) has occurred and is continuing with respect to the MFP Shares; or (E)&nbsp;(i)&nbsp;a court or other applicable
governmental authority has made a final determination that for U.S. federal income tax purposes the MFP Shares do not qualify as equity in the Fund and (ii)&nbsp;such determination results from an act or failure to act on the part of the Fund (a
&#147;<B>Tax Event</B>&#148;). A &#147;<B>Ratings Event</B>&#148; shall be deemed to exist with respect to the MFP Shares at any time the MFP Shares have a long-term credit rating from at least <FONT STYLE="white-space:nowrap">one-half</FONT> of the
Rating Agencies designated at such time (or from the Rating Agency designated at such time if only one Rating Agency is then designated) that is Below Investment Grade. For the avoidance of doubt, no determination by any court or other applicable
governmental authority that requires the Fund to make an Additional Amount Payment in respect of a Taxable Allocation shall be deemed to be a Tax Event hereunder. In no event shall an Increased Rate be cumulative, notwithstanding the existence of
and continuation of multiple conditions giving rise to an Increased Rate Period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the cure provisions of Section&nbsp;2.1(f)(iii), a Dividend
Default or a Redemption Default shall end on the Business Day on which, by 12:00 noon, New York City time, an amount equal to all unpaid dividends and other distributions on the MFP Shares and any unpaid Redemption Price on the MFP Shares (or any
thereof, as applicable) shall have been deposited irrevocably in trust in <FONT STYLE="white-space:nowrap">same-day</FONT> funds with the Tender and Paying Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Increased Rate Period for the MFP Shares with respect to any Dividend
Default or Redemption Default on such shares shall be deemed to have commenced if the amount of any dividend or any Redemption Price due in respect of the MFP Shares&nbsp;is deposited irrevocably in trust, in
<FONT STYLE="white-space:nowrap">same-day</FONT> funds, with the Tender and Paying Agent by 12:00 noon, New York City time, on a Business Day that is not later than three (3)&nbsp;Business Days after the applicable Dividend Payment Date or
Redemption Date for the MFP Shares with respect to which such Default occurred, together with an amount equal to the Increased Rate on such shares applied to the aggregate Liquidation Preference of and for the period of such <FONT
STYLE="white-space:nowrap">non-payment</FONT> on such shares, determined as provided in Section&nbsp;2.1(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Special Dividend Payment Dates</U>. Notwithstanding the foregoing, the
Fund in its discretion may establish Dividend Payment Dates (each, a &#147;<B>Special Dividend Payment Date</B>&#148;) more frequent than monthly Dividend Payment Dates in respect of the Variable Rate Mode; provided, that any such Special Dividend
Payment Date shall be a Business Day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustable Rate Terms</U>.
The following are the procedures for proposing and establishing Adjusted Rate Terms: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On any day after [&#9679;], 20[&#9679;], the Fund, at its option, may seek
to establish Adjusted Rate Terms by delivering a Rate Adjustment Notice by email transmission, confirmed promptly by telephone, to the Holders of the MFP Shares and the Purchaser, or by requesting the Tender and Paying Agent, on behalf of the Fund,
to promptly do so; <U>provided</U>, that, if the MFP Shares are in certificated form, the Rate Adjustment Notice may be delivered to the Holders at their addresses as shown on the records of the Tender and Paying Agent by overnight delivery or by
first class mail, postage prepaid. The date of delivery of a Rate Adjustment Notice shall be deemed to be the day on which it is sent by email transmission or, if applicable, overnight delivery or by first class mail, postage prepaid. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On any day after [&#9679;], 20[&#9679;], a Majority Beneficial Owner, at
its option, may seek to have the Fund establish Adjusted Rate Terms by delivering a Rate Adjustment Notice by email transmission, confirmed promptly by telephone, to the Fund. Promptly after receiving such notice from such Majority Beneficial Owner,
if such Majority Beneficial Owner then owns less than 100% of the Outstanding MFP Shares, the Fund shall deliver, or request the Tender and Paying Agent, on behalf of the Fund, to deliver, notice thereof by overnight delivery, by first class mail,
postage prepaid or by Electronic Means to the Holders of the MFP Shares. The date of delivery of a Rate Adjustment Notice shall be deemed to be the day on which it is sent by email transmission or, if applicable, overnight delivery or by first class
mail, postage prepaid. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Rate Adjustment Notice may be
withdrawn at any time by the proposing party prior to agreement in writing to proposed Adjusted Rate Terms with the other party pursuant to such Rate Adjustment Notice, in which case the Rate Adjustment Notice Period shall terminate. Notice of
withdrawal of a Rate Adjustment Notice shall be made by email transmission, confirmed promptly by telephone; provided, that if the MFP Shares are in certificated form, notice of withdrawal may be made by overnight delivery, by first class mail,
postage prepaid to the Holders at their addresses as shown on the records of the Tender and Paying Agent. If at any time after the Majority Beneficial Owner delivers a Rate Adjustment Notice and while the related Rate Adjustment Notice Period is
continuing, the Majority Beneficial Owner decreases its ownership level of MFP Shares to 50% or less of the Outstanding MFP Shares, its Rate Adjustment Notice shall be deemed withdrawn and the Rate Adjustment Notice Period shall terminate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund and the Required Beneficial Owners shall have until the 180th calendar day
following the date of delivery of a Rate Adjustment Notice, or such other date as the Fund and the Required Beneficial Owners shall agree, to agree in writing to proposed Adjusted Rate Terms pursuant to the Rate Adjustment Notice (the date of such
written agreement, the &#147;<B>Rate Adjustment Agreement Date</B>&#148;). The agreed Adjusted Rate Terms, if any, may be the Adjusted Rate Terms proposed in the Rate Adjustment Notice or such other Adjusted Rate Terms as the Fund and the Required
Beneficial Owners may agree. If the Fund and the Required Beneficial Owners agree to Adjusted Rate Terms during the Rate Adjustment Notice Period, then the Adjusted Rate Terms shall become effective from and including the Dividend Reset Period
immediately succeeding the Rate Adjustment Agreement Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During a Rate
Adjustment Notice Period, if the Majority Beneficial Owner is the proposing party, the Fund shall use its reasonable best efforts, to the extent it can do so on a commercially reasonable basis, to either agree with the Required Beneficial Owners on
the Adjusted Rate Terms or establish a new Mode for the MFP Shares in accordance with Section&nbsp;3.1(a). If the Majority Beneficial Owner is the proposing party, and the Fund and the Required Beneficial Owners fail to agree in writing to Adjusted
Rate Terms during the Rate Adjustment Notice Period, then the proposed Adjusted Rate Terms shall not take effect, such failure shall constitute a Failed Adjustment Event and a Failed Transition Period shall commence. In such case, the Fund shall use
its reasonable best efforts, to the extent that it can do so on a commercially reasonable basis, to establish a new Mode for the MFP Shares prior to the Failed Transition Redemption Date resulting from such Failed Adjustment Event in accordance with
Section&nbsp;3.1(a). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During a Rate Adjustment Notice Period, if the Fund is the
proposing party, the Fund shall use its reasonable best efforts, to the extent it can do so on a commercially reasonable basis, to agree with the Required Beneficial Owners on the Adjusted Rate Terms. If the Fund and the Required Beneficial Owners
fail to reach such agreement during the Rate Adjustment Notice Period, then the Rate Adjustment Notice shall be deemed withdrawn and the Rate Adjustment Notice Period shall terminate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Rate Terms, once established, may be further adjusted or replaced with new
Adjusted Rate Terms in accordance with the terms hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(viii)&nbsp;&nbsp;&nbsp;&nbsp;A Rate Adjustment Notice pursuant
to this Section&nbsp;2.1(h) may propose modified or new terms for the MFP Shares, including, but not limited to, the Dividend Rate (which may be fixed or floating), as well as, as applicable, the Index Rate, the Index Maturity, the Index Multiplier,
the Applicable Spread, the Spread Multiplier, the Rate Determination Date(s), the Dividend Reset Date(s), the Dividend Reset Period(s), the Minimum Dividend Rate, the Day Count Convention, the Dividend Period(s) and other terms as set forth in the
Rate Adjustment Notice (collectively, &#147;<B>Adjusted Rate Terms</B>&#148;); provided, that no Adjusted Rate Terms adopted in accordance with this Supplement shall modify the terms or applicability of Section&nbsp;1, Section&nbsp;4(e),
Section&nbsp;5, Section&nbsp;8, Section&nbsp;10(b)(i), Section&nbsp;10(d), Section&nbsp;10(h), Section&nbsp;11 or Section&nbsp;12(a) of the Statement; and provided further, that no Adjusted Rate Terms adopted in accordance with this Supplement shall
modify any terms affecting the parity ranking of MFP Shares relative to any other series of Preferred Shares of the Fund at any time outstanding with respect to dividends or distributions of assets upon dissolution, liquidation or winding up of the
affairs of the Fund. The Adjusted Rate Terms, if any, agreed to in accordance with the foregoing procedures shall be set forth in a supplement to this Supplement or in an amended Supplement. Any Adjusted Rate Terms used in this Supplement but not
otherwise defined shall, as applicable, be defined in the Rate Adjustment Notice and such supplement or amended Supplement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Coverage</U><U></U><U>&nbsp;&amp; Leverage Tests</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Asset Coverage Requirement</U>.&nbsp;&nbsp; For so long as any MFP
Shares are Outstanding during the Variable Rate Mode, the Fund shall have Asset Coverage of at least 225% as of the close of business on each Business Day. If the Fund shall fail to maintain such Asset Coverage as of the close of business on any
Business Day, the provisions of Section&nbsp;2.3(c)(i) shall apply, which provisions to the extent complied with shall constitute the sole remedy for the Fund&#146;s failure to comply with the provisions of this Section&nbsp;2.2(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Calculation of Asset Coverage</U>.&nbsp;&nbsp; For purposes of
determining whether the requirements of Section&nbsp;2.2(a) are satisfied, (i)&nbsp;no MFP Shares or other Preferred Shares shall be deemed to be Outstanding for purposes of any computation required by Section&nbsp;2.2(a) if, prior to or
concurrently with such determination, sufficient Deposit Securities or other sufficient funds (in accordance with the terms of such shares&nbsp;or other Preferred Shares) to pay the full redemption price for such shares&nbsp;or other Preferred
Shares (or the portion thereof to be redeemed) shall have been deposited in trust with the paying agent for the MFP Shares&nbsp;or other Preferred Shares and the requisite notice of redemption for such shares&nbsp;or other Preferred Shares (or the
portion thereof to be redeemed) shall have been given, and (ii)&nbsp;the Deposit Securities or other sufficient funds that shall have been so deposited with the applicable paying agent shall not be included as assets of the Fund for purposes of such
computation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective Leverage Ratio Requirement</U>.&nbsp;&nbsp;
For so long as MFP Shares are Outstanding during the Variable Rate Mode, the Effective Leverage Ratio shall not exceed 45% (or 46% solely by reason of fluctuations in the market value of the Fund&#146;s portfolio securities) as of the close of
business on any Business Day. If the Effective Leverage Ratio shall exceed the applicable percentage provided in the preceding sentence as of the close of business on any Business Day, the provisions of Section&nbsp;2.3(c)(ii) shall apply, which
provisions to the extent complied with shall constitute the sole remedy for the Fund&#146;s failure to comply with the provisions of this Section&nbsp;2.2(c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Calculation of Effective Leverage Ratio</U>.&nbsp;&nbsp; For purposes
of determining whether the requirements of Section&nbsp;2.2(c) are satisfied, the &#147;<B>Effective Leverage Ratio</B>&#148; on any date shall mean the quotient of: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The sum of (A)&nbsp;the aggregate liquidation preference of the
Fund&#146;s &#147;senior securities&#148; (as that term is defined in the 1940 Act) that are stock for purposes of the 1940 Act, excluding, without duplication, any such senior securities for which the Fund has issued a notice of redemption and
either has delivered Deposit Securities or sufficient funds (in accordance with the terms of such senior securities) to the paying agent for such senior securities or otherwise has adequate Deposit Securities or sufficient funds on hand for the
purpose of such redemption; (B)&nbsp;the aggregate principal amount of the Fund&#146;s &#147;senior securities representing indebtedness&#148; (as that term is defined in the 1940 Act); and (C)&nbsp;the aggregate principal amount of floating rate
securities not owned by the Fund that correspond to the associated inverse floating rate securities owned by the Fund; <U>divided</U> <U>by</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The sum of (A)&nbsp;the Market Value of the Fund&#146;s total assets (including
amounts attributable to senior securities but excluding any assets consisting of Deposit Securities or funds referred to in clause&nbsp;(A) of Section&nbsp;2.2(d)(i) above), less the amount of the Fund&#146;s accrued liabilities (other than
liabilities for the aggregate principal amount of senior securities representing indebtedness), and (B)&nbsp;the aggregate principal amount of floating rate securities not owned by the Fund that correspond to the associated inverse floating rate
securities owned by the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption</U>.&nbsp;&nbsp; The MFP
Shares shall be subject to redemption by the Fund as provided below: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term Redemption</U>.&nbsp;&nbsp; The Fund shall redeem all Outstanding
MFP Shares on the Term Redemption Date as provided in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Failed Transition Redemption</U>.&nbsp;&nbsp; The Fund shall redeem all
Outstanding MFP Shares on the Failed Transition Redemption Date, if any, if the Failed Transition Period is then continuing, at a price per MFP Share equal to the Redemption Price. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Asset Coverage and
Effective Leverage Ratio Mandatory Redemption</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Asset Coverage
Mandatory Redemption</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund fails to comply with the Asset
Coverage requirement as provided in Section&nbsp;2.2(a) as of any time as of which such compliance is required to be determined in accordance with Section&nbsp;2.2(a) and such failure is not cured as of the Asset Coverage Cure Date other than as a
result of the redemption required by this Section&nbsp;2.3(c)(i), the Fund shall, to the extent permitted by the 1940 Act and Massachusetts law, by the close of business on the Business Day next following such Asset Coverage Cure Date, cause a
notice of redemption to be issued, and cause to be deposited Deposit Securities or other sufficient funds in trust with the Tender and Paying Agent or other applicable paying agent, in each case in accordance with the terms of the Preferred Shares
to be redeemed, for the redemption of a sufficient number of Preferred Shares, which at the Fund&#146;s sole option (to the extent permitted by the 1940 Act and Massachusetts law) may include any number or proportion of MFP Shares, to enable it to
meet the requirements of Section&nbsp;2.3(c)(i)(B). In the event that any MFP Shares then Outstanding are to be redeemed pursuant to this Section&nbsp;2.3(c)(i) or Section&nbsp;2.3(c)(ii), the Fund shall redeem such shares at a price per MFP Share
equal to the Redemption Price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the Redemption Date for a
redemption contemplated by Section&nbsp;2.3(c)(i)(A), the Fund shall redeem, at the Redemption Price per MFP Share or specified redemption price for any other Preferred Shares, as applicable, out of funds legally available therefor, such number of
Preferred Shares (which may include at the sole option of the Fund any number or proportion of MFP Shares) as shall be equal to the lesser of (x)&nbsp;the minimum number of Preferred Shares, the redemption of which, if deemed to have occurred
immediately prior to the opening of business on the Asset Coverage Cure Date, would result in the Fund having Asset Coverage on such Asset Coverage Cure Date of at least 225% (provided, however, that if there is no such minimum number of MFP Shares
and other Preferred Shares the redemption or retirement of which would have such result, all MFP Shares and other Preferred Shares then outstanding shall be redeemed) and (y)&nbsp;the maximum number of Preferred Shares that can be redeemed out of
funds expected to be legally available therefor in accordance with the Declaration and applicable law. Notwithstanding the foregoing, in the event that Preferred Shares are redeemed pursuant to this Section&nbsp;2.3(c)(i), the Fund may at its sole
option, but is not required to, include in the number of Preferred Shares being mandatorily redeemed pursuant to this Section&nbsp;2.3(c) a sufficient number of MFP Shares that, when aggregated with other Preferred Shares redeemed by the Fund, would
result, if deemed to have occurred immediately prior to the opening of business on the Asset Coverage Cure Date, in the Fund having Asset Coverage on such Asset Coverage Cure Date of up to and including 250%. The Fund shall effect such redemption on
the date fixed by the Fund therefor, which date shall not be later than thirty (30)&nbsp;calendar days after such Asset Coverage Cure Date, except that if the Fund does not have funds legally available for the redemption of all of the required
number of MFP Shares and other Preferred Shares which have been designated to be redeemed or the Fund otherwise is unable to effect such redemption on or prior to thirty (30)&nbsp;calendar days after such Asset Coverage Cure Date, the Fund shall
redeem those MFP Shares and other Preferred Shares which it was unable to redeem on the earliest practicable date on which it is able to effect such redemption. If fewer than all of the Outstanding MFP Shares are to be redeemed pursuant to this
Section&nbsp;2.3(c)(i), the number of MFP Shares to be redeemed from the respective Holders shall be selected (A)&nbsp;pro&nbsp;rata among the Outstanding shares of such Series, (B)&nbsp;by lot or (C)&nbsp;in such other manner as the Board of
Trustees may determine to be fair and equitable, in each case, in accordance with the 1940 Act; <U>provided</U> <U>that</U> such method of redemption as set forth in clause (A), (B) or (C)&nbsp;of this Section&nbsp;2.3(c)(i)(B) shall be subject to
any applicable procedures established by the Securities Depository. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective Leverage Ratio Mandatory Redemption</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund fails to comply with the Effective Leverage Ratio requirement
as provided in Section&nbsp;2.2(c) or as determined in accordance with Section&nbsp;6.13 of the Purchase Agreement (if then in effect) as of any time as of which such compliance is required to be determined in accordance with Section&nbsp;2.2(c)
and, in any such case, such failure is not cured as of the close of business on the date that is seven (7)&nbsp;Business Days following the Business Day on which such <FONT STYLE="white-space:nowrap">non-compliance</FONT> is first determined (the
&#147;<B>Effective Leverage Ratio Cure Date</B>&#148;) other than as a result of the redemption or other transactions required by this Section&nbsp;2.3(c)(ii), the Fund shall not later than the close of business on the Business Day next following
the Effective Leverage Ratio Cure Date cause the Effective Leverage Ratio (determined in accordance with the requirements applicable to the determination of the Effective Leverage Ratio under this Supplement and under the Purchase Agreement) to not
exceed the Effective Leverage Ratio required under Section&nbsp;2.2(c) (without giving effect to the parenthetical provision in the first sentence of Section&nbsp;2.2(c)) as so determined, by (x)&nbsp;engaging in transactions
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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involving or relating to the floating rate securities not owned by the Fund and/or the inverse floating rate securities owned by the Fund, including the purchase, sale or retirement thereof,
(y)&nbsp;to the extent permitted by the 1940 Act and Massachusetts law, causing a notice of redemption to be issued, and, in addition, causing to be irrevocably deposited Deposit Securities or other sufficient funds in trust with the Tender and
Paying Agent or other applicable paying agent, in each case in accordance with the terms of the Preferred Shares to be redeemed, for the redemption at the redemption price specified in the terms of such Preferred Shares of a sufficient number of
Preferred Shares, which at the Fund&#146;s sole option (to the extent permitted by the 1940 Act and Massachusetts law) may include any number or proportion of MFP Shares, or (z)&nbsp;engaging in any combination of the actions contemplated by
clauses&nbsp;(x) and (y)&nbsp;of this Section&nbsp;2.3(c)(ii)(A). In the event that any MFP Shares are to be redeemed pursuant to clause&nbsp;(y) of this Section&nbsp;2.3(c)(ii)(A), the Fund shall redeem such MFP Shares at a price per MFP Share
equal to the Redemption Price. Notwithstanding the foregoing, in the event that Preferred Shares are redeemed pursuant to this Section&nbsp;2.3(c)(ii), the Fund may at its sole option, but is not required to, include in the number of Preferred
Shares being mandatorily redeemed pursuant to this Section&nbsp;2.3(c)(ii) a sufficient number of MFP Shares that, when aggregated with other Preferred Shares redeemed by the Fund and after giving effect to the transactions described in clause
(x)&nbsp;of this Section&nbsp;2.3(c)(ii)(A), would result, if deemed to have occurred immediately prior to the opening of business on the Effective Leverage Ratio Cure Date, in the Fund having an Effective Leverage Ratio on such Effective Leverage
Ratio Cure Date of no less than 40%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:31%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the Redemption Date for a
redemption contemplated by clause&nbsp;(y) of Section&nbsp;2.3(c)(ii)(A), the Fund shall not redeem more than the maximum number of Preferred Shares that can be redeemed out of funds expected to be legally available therefor in accordance with the
Declaration and applicable law. If the Fund is unable to redeem the required number of MFP Shares and other Preferred Shares which have been designated to be redeemed in accordance with clause&nbsp;(y) of Section&nbsp;2.3(c)(ii)(A) due to the
unavailability of legally available funds, the Fund shall redeem those MFP Shares and other Preferred Shares which it was unable to redeem on the earliest practicable date on which it is able to effect such redemption. If fewer than all of the
Outstanding MFP Shares are to be redeemed pursuant to clause&nbsp;(y) of Section&nbsp;2.3(c)(ii)(A), the number of MFP Shares to be redeemed from the respective Holders shall be selected (A)&nbsp;pro&nbsp;rata among the Outstanding shares of such
Series, (B)&nbsp;by lot or (C)&nbsp;in such other manner as the Board of Trustees may determine to be fair and equitable, in each case, in accordance with the 1940 Act; <U>provided</U> <U>that</U> such method of redemption as set forth in clause
(A), (B) or (C)&nbsp;of this Section&nbsp;2.3(c)(ii)(B) shall be subject to any applicable procedures established by the Securities Depository. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mandatory Redemption Date</U>. Any date fixed for the redemption of
MFP Shares pursuant to the requirements of this Section&nbsp;2.3(c) and in accordance with Section&nbsp;2.3(e) shall constitute a &#147;<B>Mandatory Redemption Date</B>.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Optional Redemption</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of Section&nbsp;2.3(d)(ii), the Fund may at its
option on any Business Day after [&#9679;], 20[&#9679;] (an &#147;<B>Optional Redemption Date</B>&#148;) redeem in whole or from time to time in part the Outstanding MFP Shares, at a price per MFP Share equal to the Redemption Price. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If fewer than all of the Outstanding MFP Shares are to be redeemed
pursuant to Section&nbsp;2.3(d)(i), the MFP Shares&nbsp;to be redeemed from the respective Holders shall be selected either (A)&nbsp;pro&nbsp;rata among the Holders of the MFP Shares, (B)&nbsp;by lot or (C)&nbsp;in such other manner as the Board of
Trustees may determine to be fair and equitable; <U>provided</U> <U>that,</U> in each case, such method of redemption as set forth in clause (A), (B) or (C)&nbsp;of this Section&nbsp;2.3(d)(ii) shall be subject to any applicable procedures
established by the Securities Depository. Subject to the provisions of the Statement and this Supplement and applicable law, the Board of Trustees will have the full power and authority to prescribe the terms and conditions upon which MFP Shares
will be redeemed pursuant to this Section&nbsp;2.3(d) from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not on any date deliver a Notice of Redemption pursuant to
Section&nbsp;2.3(d) in respect of a redemption contemplated to be effected pursuant to this Section&nbsp;2.3(d) unless on such date the Fund has available Deposit Securities for the Optional Redemption Date contemplated by such Notice of Redemption
having a Market Value not less than the amount (including any applicable premium) due to Holders of MFP Shares by reason of the redemption of such MFP Shares on such Optional Redemption Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFP Shares redeemed at the
Fund&#146;s sole option in accordance with, but solely to the extent contemplated by, Section&nbsp;2.3(c)(i)(B) or Section&nbsp;2.3(c)(ii) shall be considered mandatorily redeemed in accordance therewith and not subject to this Section&nbsp;2.3(d).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Procedures for Redemption</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund shall determine or be required to redeem, in whole or in part,
MFP Shares pursuant to Section&nbsp;2.3(a), (b), (c) or (d), the Fund shall deliver a notice of redemption (the &#147;<B>Notice of Redemption</B>&#148;), by overnight delivery, by first class mail, postage prepaid or by Electronic Means to Holders
thereof, or request the Tender and Paying Agent, on behalf of the Fund, to promptly do so by overnight delivery, by first class mail, postage prepaid or by Electronic Means. A Notice of Redemption shall be provided not more than forty-five
(45)&nbsp;calendar days prior to the date fixed for redemption and not less than [&#9679;] ([&#9679;])&nbsp;calendar days (or such shorter or longer notice period as may be consented to by the Required Beneficial Owners, which consent shall not be
deemed to be a vote required by Section&nbsp;5 of the Statement) prior to the date fixed for redemption pursuant to this Section&nbsp;2.3(e) in such Notice of Redemption (the &#147;<B>Redemption Date</B>&#148;). Each such Notice of Redemption shall
state: (A)&nbsp;the Redemption Date; (B)&nbsp;that it applies to the MFP Shares and the number of MFP Shares to be redeemed; (C)&nbsp;the CUSIP number for the MFP Shares; (D)&nbsp;the applicable Redemption Price on a per share basis or, if not then
ascertainable, the manner of calculation thereof; (E)&nbsp;if applicable, the place or places where the certificate(s) for such shares (properly endorsed or assigned for transfer, if the Board of Trustees requires and the Notice of Redemption
states) are to be surrendered for payment of the Redemption Price; (F)&nbsp;that dividends on the MFP Shares to be redeemed will cease to accumulate from and after such Redemption Date; and (G)&nbsp;the provisions of this Supplement under which such
redemption is made. If fewer than all MFP Shares held by any Holder are to be redeemed, the Notice of Redemption delivered to such Holder shall also specify the number of MFP Shares to be redeemed from such Holder and/or the method of determining
such number. The Fund may provide in the Notice of Redemption relating to a Failed Transition Period redemption that such redemption is subject to the condition of the Failed Transition Period being continuing on the related Redemption Date. The
Fund may provide in any Notice of Redemption relating to an optional redemption contemplated to be effected pursuant to this Supplement that such redemption is subject to one or more conditions precedent and that the Fund shall not be required to
effect such redemption unless each such condition has been satisfied at the time or times and in the manner specified in such Notice of Redemption. No defect in the Notice of Redemption or delivery thereof shall affect the validity of redemption
proceedings, except as required by applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund shall
give a Notice of Redemption, then at any time from and after the giving of a Notice of Redemption and prior to 5:00 p.m., New York City time, on the Business Day immediately preceding the Redemption Date (so long as any applicable conditions
precedent to such redemption have been met or waived by the Fund), the Fund shall (A)&nbsp;deposit with the Tender and Paying Agent Deposit Securities having an aggregate Market Value on the date thereof no less than the Redemption Price of the MFP
Shares to be redeemed on the Redemption Date and (B)&nbsp;give the Tender and Paying Agent irrevocable instructions and authority to pay the applicable Redemption Price to the Holders of the MFP Shares called for redemption and redeemed on the
Redemption Date. Notwithstanding the provisions of clause&nbsp;(A) of the preceding sentence, if the Redemption Date is the Failed Transition Redemption Date, then such deposit of Deposit Securities (which may come in whole or in part from the
Liquidity Account) shall be made no later than fifteen (15)&nbsp;calendar days prior to the Failed Transition Redemption Date. The Fund may direct the Tender and Paying Agent with respect to the investment of any Deposit Securities consisting of
cash so deposited prior to the Redemption Date, provided that the proceeds of any such investment shall be available at the opening of business on the Redemption Date as same day funds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the date of the deposit of such Deposit Securities, all rights of
the Holders of the MFP Shares so called for redemption shall cease and terminate except the right of the Holders thereof to receive the Redemption Price thereof and such MFP Shares shall no longer be deemed Outstanding for any purpose whatsoever
(other than (A)&nbsp;the transfer thereof prior to the applicable Redemption Date and (B)&nbsp;the accumulation of dividends thereon in accordance with the terms hereof, including Section&nbsp;2.3(e)(vi), up to (but excluding) the applicable date of
redemption of the MFP Shares, which accumulated dividends, unless previously declared and paid as contemplated by the last sentence of Section&nbsp;2.3(e)(v) below, shall be payable as part of the applicable Redemption Price on the date of
redemption of the MFP Shares). The Fund shall be entitled to receive, promptly after the Redemption Date, any Deposit Securities in excess of the aggregate Redemption Price of the MFP Shares called for redemption and redeemed on the Redemption Date.
Any Deposit Securities so deposited that are unclaimed at the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


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end of three hundred and sixty five (365)&nbsp;calendar days from the date of redemption of the MFP Shares shall, to the extent permitted by law, be repaid to the Fund, after which the Holders of
the MFP Shares so called for redemption shall look only to the Fund for payment of the Redemption Price thereof. The Fund shall be entitled to receive, from time to time after the date of redemption, any interest on the Deposit Securities so
deposited. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or after the Redemption Date, each Holder of MFP
Shares in certificated form (if any) that are subject to redemption shall surrender the certificate(s) evidencing such MFP Shares to the Fund at the place designated in the Notice of Redemption and shall then be entitled to receive the Redemption
Price for such MFP Shares, without interest, and, in the case of a redemption of fewer than all the MFP Shares represented by such certificate(s), a new certificate representing the MFP Shares that were not redeemed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of any redemption pursuant to Section&nbsp;2.3(d), no
Redemption Default shall be deemed to have occurred if the Fund shall fail to deposit in trust with the Tender and Paying Agent the Redemption Price with respect to any shares where (1)&nbsp;the Notice of Redemption relating to such redemption
provided that such redemption was subject to one or more conditions precedent and (2)&nbsp;any such condition precedent shall not have been satisfied at the time or times and in the manner specified in such Notice of Redemption. Notwithstanding the
fact that a Notice of Redemption has been provided with respect to any MFP Shares, dividends may be declared and paid on each Dividend Payment Date in accordance with their terms if Deposit Securities for the payment of the Redemption Price of such
MFP Shares shall not have been deposited in trust with the Tender and Paying Agent for that purpose. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein or in the Statement or in
any Notice of Redemption, if the Fund shall not have redeemed MFP Shares on the applicable Redemption Date, the Holders of the MFP Shares subject to redemption shall continue to be entitled to receive dividends on such shares at the Dividend Rate
for the period from, and including, such Redemption Date through, but excluding, the date on which such shares are actually redeemed and such dividends, to the extent accumulated, but unpaid, during such period (whether or not earned or declared but
without interest thereon), together with any Additional Amount Payment applicable thereto, shall be included in the Redemption Price for the MFP Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tender and Paying Agent as Trustee of Redemption Payments by
Fund</U>.&nbsp;&nbsp; All Deposit Securities transferred to the Tender and Paying Agent for payment of the Redemption Price of MFP Shares called for redemption shall be held in trust by the Tender and Paying Agent for the benefit of Holders of MFP
Shares so to be redeemed until paid to such Holders in accordance with the terms hereof or returned to the Fund in accordance with the provisions of Section&nbsp;2.3(e)(iii) above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Modification of Redemption Procedures</U>.&nbsp;&nbsp; Notwithstanding
the foregoing provisions of this Section&nbsp;2.3, the Fund may, in its sole discretion and without a shareholder vote, modify the procedures set forth above with respect to notification of redemption for the MFP Shares, provided that such
modification does not materially and adversely affect the Holders of the MFP Shares or cause the Fund to violate any applicable law, rule or regulation; and provided further that no such modification shall in any way alter the rights or obligations
of the Tender and Paying Agent without its prior consent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant of
Irrevocable Proxy</U>.&nbsp;&nbsp; To the fullest extent permitted by applicable law, each Holder and Beneficial Owner may in its discretion grant an irrevocable proxy with respect to MFP Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rating Agencies</U>.&nbsp;&nbsp; The Fund shall use commercially
reasonable efforts to cause a Rating Agency to issue a long-term credit rating with respect to the MFP Shares for so long as the MFP Shares are Outstanding during the Variable Rate Mode. The Fund shall use commercially reasonable efforts to comply
with any applicable Rating Agency Guidelines. If a Rating Agency shall cease to rate the securities of <FONT STYLE="white-space:nowrap">tax-exempt</FONT> <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment companies generally,
the Board of Trustees shall terminate the designation of such Rating Agency as a Rating Agency hereunder. The Board of Trustees may elect to terminate the designation of any Rating Agency as a Rating Agency hereunder with respect to the MFP Shares
so long as either (i)&nbsp;immediately following such termination, there would be at least one Rating Agency with respect to the MFP Shares&nbsp;or (ii)&nbsp;it replaces the terminated Rating Agency with another NRSRO and provides notice thereof to
the Holders of the MFP Shares; <U>provided</U> that such replacement shall not occur unless such a replacement Rating Agency shall have at the time of such replacement (i)&nbsp;published a rating for the MFP Shares and (ii)&nbsp;entered into an
agreement with the Fund to continue to publish such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


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rating subject to the Rating Agency&#146;s customary conditions. The Board of Trustees may also elect to designate one or more other NRSROs as Rating Agencies hereunder with respect to the MFP
Shares by notice to the Holders of the MFP Shares. The Rating Agency Guidelines of any Rating Agency may be amended by such Rating Agency without the vote, consent or approval of the Fund, the Board of Trustees or any Holder of the MFP Shares or any
other shareholder of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance of Additional Preferred
Shares</U>.&nbsp;&nbsp; So long as any MFP Shares are Outstanding, the Fund may, without the vote or consent of the Holders thereof, authorize, establish and create and issue and sell shares of one or more series of a class of Preferred Shares
ranking on a parity with MFP Shares as to the payment of dividends and the distribution of assets upon dissolution, liquidation or the winding up of the affairs of the Fund, in addition to then Outstanding MFP Shares, and authorize, issue and sell
additional shares of any such Series of Preferred Shares then outstanding or so established and created, including additional MFP Shares, in each case in accordance with applicable law, provided that the Fund shall, immediately after giving effect
to the issuance of such Preferred Shares and to its receipt and application of the proceeds thereof, including to the redemption of Preferred Shares with such proceeds, have Asset Coverage (calculated in the same manner as is contemplated by
Section&nbsp;2.2(b)) of at least 225% and an Effective Leverage Ratio not in excess of 45%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Distributions with respect to Taxable Allocations</U>.&nbsp;&nbsp;
Whenever a Taxable Allocation is to be paid by the Fund with respect to the MFP Shares with respect to any Dividend Period and either the Increased Rate or the Maximum Rate is not in effect during such Dividend Period, the Fund shall comply with one
of clause (a), clause (b)&nbsp;or clause (c)&nbsp;of this Section&nbsp;2.7: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may provide notice to the Tender and Paying Agent prior to the
commencement of any Dividend Period for the MFP Shares of the amount of the Taxable Allocation that will be made in respect of shares of such Series for such Dividend Period (a &#147;<B>Notice of Taxable Allocation</B>&#148;). Such Notice of the
Taxable Allocation will state the amount of the dividends payable in respect of each MFP Share for such Dividend Period that will be treated as a Taxable Allocation and the adjustment to the Dividend Rate for each Dividend Reset Period (or portion
thereof) included in such Dividend Period that will be required to pay the Additional Amount Payment in respect of the Taxable Allocation paid on such MFP Share for such Dividend Period. In lieu of adjusting the Dividend Rate, the Fund may make, in
addition to and in conjunction with the payment of regular dividends for such Dividend Period, a supplemental distribution in respect of each share of such series for such Dividend Period equal to the Additional Amount Payment payable in respect of
the Taxable Allocation paid on such share for such Dividend Period. The Fund will use commercially reasonable efforts to effect the distribution of Taxable Allocations in respect of the MFP Shares as provided in this Section&nbsp;2.7(a), and shall
only effect the adjustment or distribution in respect of Taxable Allocations as described in Section&nbsp;2.7(b) and/or Section&nbsp;2.7(c) if such commercially reasonable efforts do not reasonably permit the Fund to effect the adjustment or
distribution in respect of a Taxable Allocation as contemplated by this Section&nbsp;2.7(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund does not provide a Notice of Taxable Allocation as provided in
Section&nbsp;2.7(a) with respect to a Taxable Allocation that is made in respect of the MFP Shares, the Fund may make one or more supplemental distributions on the MFP Shares equal to the Additional Amount Payment due in respect of such Taxable
Allocation. Any such supplemental distribution in respect of the MFP Shares shall be made reasonably promptly following any such Taxable Allocation and may be declared and paid on any date, without reference to any regular Dividend Payment Date, to
the Holders of the MFP Shares as their names appear on the registration books of the Fund on such date, not exceeding fifteen (15)&nbsp;calendar days preceding the payment date of such supplemental distribution, as may be fixed by the Board of
Trustees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If in connection with a redemption of MFP Shares, the Fund
makes a Taxable Allocation without having either given advance notice thereof pursuant to Section&nbsp;2.7(a) or made one or more supplemental distributions pursuant to Section&nbsp;2.7(b), the Fund shall direct the Tender and Paying Agent to send
an Additional Amount Payment in respect of such Taxable Allocation to each Beneficial Owner of such shares at such Person&#146;s address as the same appears or last appeared on the record books of the Fund. For such purpose, the Fund and the Tender
and Paying Agent may rely on the address most recently <U>provided</U> by the Beneficial Owner in accordance with the Purchase Agreement (including any transferee certificate delivered in accordance therewith). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to
the contrary in this Supplement, the Fund shall not be required to pay Additional Amount Payments with respect to the MFP Shares with respect to any net capital gain or ordinary income determined by the Internal Revenue Service to be allocable in a
manner different from the manner used by the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Failed
Transition Redemption Liquidity Account and Liquidity Requirement</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By the first Business Day following the commencement and during the
continuance of the Failed Transition Period, the Fund shall cause the Custodian to earmark, by means of appropriate identification on its books and records or otherwise in accordance with the Custodian&#146;s normal procedures, from the other assets
of the Fund (a &#147;<B>Liquidity Account</B>&#148;) Liquidity Account Investments with a Market Value equal to at least 110% of the Liquidation Preference of the Outstanding MFP Shares. If, while the Failed Transition Period is continuing, the
aggregate Market Value of the Liquidity Account Investments included in the Liquidity Account as of the close of business on any Business Day is less than 110% of the Liquidation Preference of the Outstanding MFP Shares, then the Fund shall cause
the Custodian and the Investment Adviser to take all such necessary actions, including earmarking additional assets of the Fund as Liquidity Account Investments, so that the aggregate Market Value of the Liquidity Account Investments included in the
Liquidity Account is at least equal to 110% of the Liquidation Preference of the Outstanding MFP Shares not later than the close of business on the next succeeding Business Day. With respect to assets of the Fund earmarked as Liquidity Account
Investments, the Investment Adviser, on behalf of the Fund, shall be entitled to instruct the Custodian on any date to release any Liquidity Account Investments from such earmarking and to substitute therefor other Liquidity Account Investments, so
long as (x)&nbsp;the assets of the Fund earmarked as Liquidity Account Investments at the close of business on such date have a Market Value at least equal to 110% of the Liquidation Preference of the Outstanding MFP Shares and (y)&nbsp;the assets
of the Fund designated and earmarked as Deposit Securities at the close of business on such date have a Market Value at least equal to the Liquidity Requirement (if any) determined in accordance with paragraph&nbsp;(b) below with respect to the
Outstanding MFP Shares for such date. The Fund shall cause the Custodian not to permit, and the Fund shall otherwise not permit, any lien, security interest or encumbrance to be created or permitted to exist on or in respect of any Liquidity Account
Investments included in the Liquidity Account, other than liens, security interests or encumbrances arising by operation of law and any lien of the Custodian with respect to the payment of its fees or repayment for its advances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of a Failed Transition Period relating to a Failed Adjustment
Event, the Market Value of the Deposit Securities held in the Liquidity Account, from and after the day (or, if such day is not a Business Day, the next succeeding Business Day) preceding the Failed Transition Redemption Date specified in the table
set forth below, shall not be less than the percentage of the Liquidation Preference for the Outstanding MFP Shares set forth below opposite such day (the &#147;<B>Liquidity Requirement</B>&#148;), but in all cases subject to the cure provisions of
subsection (c)&nbsp;below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">Number of Days<BR>Preceding the<BR>Failed Transition Redemption Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Market Value of Deposit Securities<BR>as Percentage of Liquidation Preference</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]%</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:23%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of a Failed Transition Period
relating to a Failed Transition Event where the Fund has initiated a proposed Transition pursuant to Section&nbsp;3.5, the Market Value of the Deposit Securities held in the Liquidity Account, from and after the day (or, if such day is not a
Business Day, the next succeeding Business Day) preceding the Failed Transition Redemption Date specified in the table set forth below, shall not be less than the Liquidity Requirement set forth below opposite such day, but in all cases subject to
the cure provisions of subsection (c)&nbsp;below: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


<p Style='page-break-before:always'>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">Number of Days<BR>Preceding the<BR>Failed Transition Redemption Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Market Value of Deposit Securities<BR>as Percentage of Liquidation Preference</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]%</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the aggregate Market Value of the
Deposit Securities included in the Liquidity Account as of the close of business on any Business Day is less than the Liquidity Requirement in respect of the Outstanding MFP Shares for such Business Day, then the Fund shall cause the earmarking of
additional or substitute Deposit Securities in respect of the Liquidity Account, so that the aggregate Market Value of the Deposit Securities included in the Liquidity Account is at least equal to the Liquidity Requirement for the Outstanding MFP
Shares not later than the close of business on the next succeeding Business Day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Deposit Securities included in the Liquidity Account may be applied by
the Fund, in its discretion, towards payment of the Redemption Price for the Outstanding MFP Shares. Upon the earlier to occur of (x)&nbsp;the successful Transition Remarketing of the Outstanding MFP Shares or (y)&nbsp;the deposit by the Fund with
the Tender and Paying Agent of Deposit Securities having an initial combined Market Value sufficient to effect the redemption of the Outstanding MFP Shares on the Failed Transition Redemption Date for the Outstanding MFP Shares, the requirement of
the Fund to maintain a Liquidity Account for the Outstanding MFP Shares as contemplated by this Section&nbsp;2.8 shall lapse and be of no further force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.&nbsp;&nbsp;Upon the earlier to occur of (a)&nbsp;no
MFP Shares being Outstanding or (b)&nbsp;the successful transition to a new Mode for the MFP Shares, all rights and preferences of the MFP Shares established and designated hereunder shall cease and terminate, and all obligations of the Fund under
this Supplement with respect to the MFP Shares shall terminate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Actions on Other than Business Days</U>.&nbsp;&nbsp;Unless otherwise
provided herein, if the date for making any payment, performing any act or exercising any right, in each case as provided for in this Supplement, is not a Business Day, such payment shall be made, act performed or right exercised on the next
succeeding Business Day, with the same force and effect as if made or done on the nominal date provided therefor, and, with respect to any payment so made, no dividends, interest or other amount shall accrue for the period between such nominal date
and the date of payment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Modification</U>.&nbsp;&nbsp;To the
extent permitted by law, the Statement and the Purchase Agreement, the Board of Trustees, without the vote of the Holders of the MFP Shares, may interpret, supplement or amend the provisions of this Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acknowledgement of Contractual Rights</U>.&nbsp;&nbsp;Nothing in this
Supplement or the Statement (including, without limitation, Section&nbsp;5 of the Statement) shall be deemed to preclude or limit the right of the Fund (to the extent permitted by applicable law) to contractually agree with any Holder or Beneficial
Owner of MFP Shares with regard to any special rights of such Holder or Beneficial Owner with respect to its investment in the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 3 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DESIGNATION
OF NEW MODE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">3.1.&nbsp;&nbsp;&nbsp;&nbsp;<U>General Provisions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent provided in Section&nbsp;2.1(h)(v), or upon the occurrence
of a Failed Adjustment Event or a Failed Transition Event, or upon the Fund electing to effect a Transition in accordance with Section&nbsp;3.5, the Fund agrees to use its reasonable best efforts, to the extent that it can do so on a commercially
reasonable basis, to transition to a new Mode by establishing a new Mode to succeed the Variable Rate Mode that will result in a transition to such new Mode on a Thursday that is a Business Day (such Business Day, the &#147;<B>New Mode Commencement
Date</B>&#148;), with terms as set forth in a new supplement designating the terms of such Mode; provided that, in the case of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


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a Failed Adjustment Event or a Failed Transition Event, such Mode shall begin prior to the related scheduled Redemption Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Fund successfully designates a new Mode succeeding
the Variable Rate Mode, and no Failed Transition Event otherwise shall have occurred and be continuing as of the designated New Mode Commencement Date, then on and as of the New Mode Commencement Date, the MFP Shares shall be subject to the terms
established for such new Mode. If a Failed Transition Event shall have occurred and be continuing, (i)&nbsp;the new Mode designated by the Fund shall not be established, (ii)&nbsp;pursuant to Section&nbsp;3.3(c), all tendered MFP Shares, if any,
shall be returned to the relevant tendering Holders by the Tender and Paying Agent, and (iii)&nbsp;all of the then Outstanding MFP Shares shall be redeemed by the Fund on the applicable Failed Transition Redemption Date in accordance with
Section&nbsp;2.3(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund shall use its best efforts to cause the
transition to a new Mode succeeding the Variable Rate Mode and the terms and conditions of such new Mode to be consistent with the continuing qualification of the MFP Shares as equity in the Fund for U.S. federal income tax purposes, and it shall be
a condition precedent to such transition that the Fund shall have received an opinion of counsel to the effect that the MFP Shares will continue to qualify as equity in the Fund for U.S. federal income tax purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Election and Notice of Mode Change</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund shall provide notice of the termination of the Variable Rate Mode
and proposed transition to a new Mode succeeding the Variable Rate Mode by delivering a notice of Mode change (a &#147;<B>Mode Change Notice</B>&#148;) by overnight delivery, by first class mail, postage prepaid or by Electronic Means to the Holders
of the MFP Shares, or by requesting the Tender and Paying Agent, on behalf of the Fund, to promptly do so.&nbsp;&nbsp;&nbsp;&nbsp;In the case of an optional Transition, the Mode Change Notice shall be provided not more than forty-five
(45)&nbsp;calendar days and not less than [&#9679;] ([&#9679;]) calendar days (or such shorter or longer notice period as may be consented to by the Required Beneficial Owners, or, if so provided in the Purchase Agreement (if in effect), the
Purchaser (which consent shall not be deemed to be a vote required by Section&nbsp;5 of the Statement)) prior to the Mode Termination Date for the Variable Rate Mode specified in such Mode Change Notice; <U>provided</U> <U>that</U>, no minimum
notice period shall be required in connection with delivery of a Mode Change Notice following a Failed Adjustment Event or a Failed Transition Event. Subject to the notice requirement in the immediately preceding sentence, the Fund may select any
Wednesday that is a Business Day, and for which the next calendar day is also a Business Day, as the Mode Termination Date, with the new Mode to commence on the New Mode Commencement Date and end not later than the Term Redemption Date. The terms of
the new Mode may not, in any event, affect the parity ranking of MFP Shares relative to each other or to any other series of Preferred Shares of the Fund then outstanding with respect to dividends or distribution of assets upon dissolution,
liquidation or winding up of the affairs of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mode Change
Notice shall state, as applicable: (A)&nbsp;the Mode Termination Date; (B)&nbsp;that the notice relates to the MFP Shares; (C)&nbsp;the CUSIP number for the MFP Shares; (D)&nbsp;the Purchase Price on a per share basis; (E)&nbsp;that (i) all
Outstanding MFP Shares will be subject to Mandatory Tender for Transition Remarketing and purchase on the New Mode Commencement Date, and (ii)&nbsp;in the event of a Failed Transition Event, all tendered MFP Shares will be returned to the relevant
tendering Holders; (F)&nbsp;if applicable, the place or places where the certificate(s) for such shares (properly endorsed or assigned for transfer, if the Board of Trustees requires and the Mode Change Notice states) are to be surrendered for
payment of the Purchase Price; and (G)&nbsp;that the notice relates to a Mode change and, if applicable, pursuant to an optional Transition. The Fund may provide in the Mode Change Notice that such Mode change is subject to one or more additional
conditions precedent and that the Fund shall not be required to effect such change unless each such condition has been satisfied at the time or times and in the manner specified in such Mode Change Notice; provided, that no such conditions shall
affect the consequences of a Failed Adjustment Event or a Failed Transition Event. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">3.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transition to a New Mode</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;In the case of a transition to a new Mode succeeding the Variable Rate Mode, all Outstanding MFP
Shares automatically shall be subject to Mandatory Tender for Transition Remarketing and delivered to the Tender and Paying Agent for purchase by purchasers in the Transition Remarketing on the New Mode Commencement Date, in the event of a
successful Transition Remarketing. All tendered MFP Shares shall be </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
remarketed at the Purchase Price of such MFP Shares. The calculation of the Purchase Price of the MFP Shares shall be made by the Transition Remarketing Agent in advance of the New Mode
Commencement Date. The Fund shall use its best efforts to engage Nuveen Securities, LLC or another Person with expertise in remarketing variable-rate securities as Transition Remarketing Agent, and to cause the Transition Remarketing Agent to agree
to use its best efforts to find purchasers for all the MFP Shares subject to Mandatory Tender pursuant to this Section&nbsp;3.3. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of a successful Transition Remarketing, the proceeds of the
sale of the tendered MFP Shares may be paid (i)&nbsp;through the Tender and Paying Agent or (ii)&nbsp;to the Beneficial Owners (directly or through the Securities Depository) as directed by the Fund. In the case of (i), the proceeds shall be used by
the Tender and Paying Agent for the purchase of the tendered MFP Shares at the Purchase Price, and the terms of the sale will provide for the wire transfer of such Purchase Price by the Transition Remarketing Agent to be received by the Tender and
Paying Agent no later than 11:00 a.m., New York City time, on the New Mode Commencement Date for payment to the Holders tendering MFP Shares for sale through the Securities Depository in immediately available funds, and, in the case of (ii), the
terms of the sale will provide for the wire transfer of such Purchase Price by the Transition Remarketing Agent to be made by no later than 11:00 a.m., New York City time (or such other time as the Transition Remarketing Agent and the Beneficial
Owners may agree), on the New Mode Commencement Date, in either case, against delivery of the tendered MFP Shares either (x)&nbsp;to the Tender and Paying Agent through the Securities Depository on the New Mode Commencement Date and the <FONT
STYLE="white-space:nowrap">re-delivery</FONT> of such MFP Shares by means of &#147;FREE&#148; delivery through the Securities Depository to the Transition Remarketing Agent for delivery to the relevant purchaser&#146;s Agent Member or
(y)&nbsp;directly to the Transition Remarketing Agent or such Agent Member, through the Securities Depository by 3:00 p.m., New York City time, on the New Mode Commencement Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By 3:30 p.m., New York City time, on the New Mode Commencement Date, the
Transition Remarketing Agent shall deliver a notice to the Tender and Paying Agent and the Fund (a &#147;<B>Transition Notice</B>&#148;), by Electronic Means, that provides notice of the successful Transition Remarketing of all Outstanding MFP
Shares or, if applicable, the number of MFP Shares, if any, not successfully remarketed for purchase on the New Mode Commencement Date, and the Purchase Price per MFP Share. If (i)&nbsp;the Transition Notice states that the Transition Remarketing
Agent has not successfully remarketed all of the MFP Shares to be purchased on the New Mode Commencement Date, or (ii)&nbsp;the remarketing proceeds for any tendered MFP Shares have not been received for any reason (x)&nbsp;by the Tender and Paying
Agent by 4:30 p.m., New York City time, or (y)&nbsp;if payment is made directly to the Beneficial Owners, by the Beneficial Owners by 3:00 p.m., New York City time, in each case on the New Mode Commencement Date, or (iii)&nbsp;the Fund has otherwise
been unsuccessful in establishing a new Mode (in each of which cases the MFP Shares will be treated as not having been successfully remarketed), the Tender and Paying Agent will promptly, and in any event by approximately 5:00 p.m., New York City
time, on the New Mode Commencement Date, deliver by Electronic Means to the Holders, the Fund and the Transition Remarketing Agent a notice stating that a Failed Transition Event has occurred; <U>provided</U>, that, if payment for all Outstanding
MFP Shares is being made through the Tender and Paying Agent and is received by the Tender and Paying Agent after 2:45 p.m., New York City time, but by 4:30 p.m., New York City time, on such day, if applicable, or if the Fund and the Required
Beneficial Owners agree to waive the occurrence of a Failed Transition Event on such day, then the Mode Termination Date shall be deemed changed to such day and the New Mode Commencement Date shall be deemed changed to the immediately succeeding
Business Day. The New Mode Commencement Date, and the date, if any, to which it shall have been postponed in accordance with the foregoing, shall be a Dividend Payment Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any funds paid by the Transition Remarketing Agent and held in an account
of the Tender and Paying Agent for the payment of the Purchase Price in connection with the Transition Remarketing shall be held in trust for the benefit of the Transition Remarketing Agent on account of purchasers of the MFP Shares in the
Transition Remarketing until the MFP Shares are delivered by the tendering Holders against payment therefor, or returned to the Transition Remarketing Agent on account of such purchasers. In the event of a successful Transition Remarketing, upon
receipt of MFP Shares from the tendering Holders by the Tender and Paying Agent, the Tender and Paying Agent shall pay, subject to receipt of the Purchase Price by the Tender and Paying Agent in the form of remarketing proceeds from the Transition
Remarketing Agent, the Purchase Price for such MFP Shares to such tendering Holders. In accordance with and subject to the foregoing, the Tender and Paying Agent shall effect any such payment on the New Mode Commencement Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly
provided for herein, the purchase and delivery of tendered MFP Shares in the form of global securities, the Transition Remarketing, and payments with respect to the foregoing, will be accomplished in accordance with the applicable procedures of the
Securities Depository. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Transition Remarketing Agent shall not be
obligated to purchase any MFP Shares that would otherwise remain unsold in the Transition Remarketing. The Transition Remarketing Agent in its sole discretion may, however, purchase for its own account MFP Shares in the Transition Remarketing. None
of the Fund, the Tender and Paying Agent or the Transition Remarketing Agent shall be obligated in any case to provide funds to make payment to a Holder upon such Holder&#146;s tender of its MFP Shares in the Transition Remarketing unless, in each
case, such MFP Shares were acquired for the account of the Fund, the Tender and Paying Agent or the Transition Remarketing Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that MFP Shares are issued in certificated form outside the <FONT
STYLE="white-space:nowrap">book-entry</FONT> system of the Securities Depository and a Holder of MFP Shares fails to deliver such MFP Shares on or prior to the New Mode Commencement Date, the Holder of such MFP Shares shall not be entitled to any
payment (including any accumulated but unpaid dividends thereon, whether or not earned or declared) other than the Purchase Price of such undelivered MFP Shares as of the New Mode Commencement Date. Any such undelivered MFP Shares will be deemed to
be delivered to the Tender and Paying Agent, and the Tender and Paying Agent will place stop-transfer orders against the undelivered MFP Shares. Any moneys held by the Tender and Paying Agent for the purchase of undelivered MFP Shares will be held
in a separate account by the Tender and Paying Agent, will not be invested, and will be held for the exclusive benefit of the Holder of such undelivered MFP Shares. The undelivered MFP Shares will be deemed to be no longer Outstanding (except as to
entitlement to payment of the Purchase Price), and the Fund will issue to the purchaser replacement MFP Share certificates in lieu of such undelivered MFP Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Transition Remarketing Agent may modify the settlement procedures set
forth above with respect to the Transition Remarketing (other than timing requirements) with the written consent of the Fund, the Tender and Paying Agent and the Beneficial Owners. The Fund may modify or waive each of the timing requirements set
forth above with the written consent of the Beneficial Owners, the Transition Remarketing Agent and the Tender and Paying Agent, in each case such consent to be required only to the extent such party is affected thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of a successful Transition Remarketing, the Fund will
be deemed to have successfully established a new Mode, and the MFP Shares shall be subject to the terms established for the new Mode. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">3.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Failed Transition Period</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Failed Adjustment Event occurs or a Failed Transition Event occurs
where the Fund has initiated a proposed Transition pursuant to Section&nbsp;3.5, the Failed Transition Period shall commence and continue in accordance with, and to the extent provided in, Section&nbsp;3.4(b) below, and shall be deemed a
continuation of the Variable Rate Mode. For each Dividend Reset Period or portion thereof during the Failed Transition Period, the Dividend Rate shall be the Failed Transition Period Dividend Rate. If a Failed Transition Event occurs, the new Mode
designated by the relevant Mode Change Notice shall not be established. In such event, pursuant to Section&nbsp;3.3(c), all tendered MFP Shares shall be returned to the relevant tendering Holders by the Tender and Paying Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the Failed Transition Period, the Fund shall continue to use its
reasonable best efforts to successfully establish a new Mode for the MFP Shares, in accordance with Section&nbsp;3.1 and, in connection with each such attempt, may designate by a Mode Change Notice a new Mode with new or different terms in
accordance with Section&nbsp;3.2, until a Mode to succeed the Variable Rate Mode is established, or no MFP Shares remain Outstanding, or the Fund and the Required Beneficial Owners mutually agree to terminate the Failed Transition Period and revert
to the Variable Rate Mode on the terms mutually agreed by the Fund and the Required Beneficial Owners. If a Failed Transition Event occurs in connection with the Transition Remarketing relating to such continued attempt to establish a new Mode to
succeed the Variable Rate Mode, any such Failed Transition Event shall not alter the Failed Transition Period, the Failed Transition Redemption Date or the Failed Transition Period Dividend Rate applicable thereto. In the event that the Fund
successfully establishes a new Mode to succeed the Variable Rate Mode, the Failed Transition Period shall terminate, and the MFP Shares shall be subject to the terms established for such new Mode. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">3.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transition to New Mode at
the Option of the Fund</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purpose of effecting a transition
to a new Mode with respect to all of the Outstanding MFP Shares, on any day after [&#9679;], 20[&#9679;], the Fund may, at its option, accelerate the expiration date of the Variable Rate Mode (a &#147;<B>Transition</B>&#148;) to any Wednesday that
is a Business Day (the &#147;<B>Transition Date</B>&#148;) by delivering a Mode Change Notice in accordance with Section&nbsp;3.2 above. The proposed transition to a new Mode to follow the termination of the Variable Rate Mode on the Transition Date
shall otherwise be effected in accordance with, and governed by, this Article 3 of this Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of this Section&nbsp;3.5, the
Fund may, in its sole discretion and without a shareholder vote, modify the procedures set forth above with respect to notification of a Transition for the MFP Shares, <U>provided</U> <U>that</U> such modification does not materially and adversely
affect the Holders of the MFP Shares or cause the Fund to violate any applicable law, rule or regulation; and provided further that no such modification shall in any way alter the rights or obligations of the Tender and Paying Agent without its
prior written consent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page Begins on the Following Page] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, Nuveen
<FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund, having duly adopted this Supplement, has caused these presents to be signed as of [&#9679;], 20[&#9679;] in its name and on its behalf by its Chief Administrative
Officer. The Declaration is on file with the Secretary of the Commonwealth of Massachusetts, and the said officer of the Fund has executed this Supplement as an officer and not individually, and the obligations of the Fund set forth in this
Supplement are not binding upon such officer, or the trustees of the Fund or shareholders of the Fund, individually, but are binding only upon the assets and property of the Fund. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="94%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Name:</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Title:</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>APPENDIX A </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>NUVEEN <FONT STYLE="white-space:nowrap">AMT-FREE</FONT> MUNICIPAL CREDIT INCOME FUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SERIES&nbsp;[</B>&#9679;<B></B><B>] </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>MUNIFUND PREFERRED SHARES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>RATE ADJUSTMENT NOTICE </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Date: </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Deadline For
Rate Adjustment Agreement Date </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>(Subject to Change by Agreement between the Fund and </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>the Required Beneficial Owners): </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>PROPOSING PARTY: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>PROPOSED ADJUSTED RATE TERMS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>(or such other rate terms as the Fund and </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>the Required Beneficial Owners may agree during </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>the Rate Adjustment Notice Period: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>FIXED RATE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">DIVIDEND
RATE:&nbsp;&nbsp;&nbsp;&nbsp;% </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FLOATING RATE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">INDEX RATE:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">INDEX MATURITY:&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">INDEX MULTPLIER:&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">APPLICABLE SPREAD (PLUS OR MINUS): &nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">SPREAD MULTIPLIER:&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">RATE DETERMINATION DATE(S): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">DIVIDEND RESET DATE(S): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">DIVIDEND RESET PERIOD(S): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">MINIMUM DIVIDEND RATE: % </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">DAY
COUNT CONVENTION: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">[ ] 30/360 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">[ ] Actual/360&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">[ ] Actual/Actual </P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">[ ] Other: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>OTHER/ADDITIONAL PROVISIONS</B>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">DIVIDEND PERIOD(S): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">OTHER:
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="90%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>[PROPOSING PARTY]</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>&nbsp;&nbsp;By:</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>&nbsp;&nbsp;Name:</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>&nbsp;&nbsp;Title:</B></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:40pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] MFP Shares Beneficially Owned </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>[Majority Beneficial Owner is the Proposing Party] </B></P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.H.1
<SEQUENCE>7
<FILENAME>d656069dex99h1.htm
<DESCRIPTION>FORM OF DISTRIBUTION AGREEMENT BETWEEN REGISTRANT AND NUVEEN SECURITIES, LLC
<TEXT>
<HTML><HEAD>
<TITLE>Form of Distribution Agreement between Registrant and Nuveen Securities, LLC</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><I>Exhibit h.1 </I></B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>NUVEEN QUALITY MUNICIPAL CREDIT INCOME FUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">333 West Wacker Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Chicago,
Illinois 60606 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">[ - ], 20[&#9679;] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Nuveen
Securities, LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">333 West Wacker Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Chicago, Illinois
60606 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Re: <U>Distribution Agreement Relating to
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">At-the-Market</FONT></FONT> Offerings</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Quality Municipal Income Fund is a Massachusetts business trust operating as a <FONT
STYLE="white-space:nowrap">closed-end</FONT> management investment company (hereinafter referred to as the &#147;<B>Fund</B>&#148;). The Fund has filed a registration statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File <FONT
STYLE="white-space:nowrap">Nos.&nbsp;333-226136</FONT> and <FONT STYLE="white-space:nowrap">811-09475)</FONT> (the &#147;<B>Registration Statement</B>&#148;) pursuant to the Investment Company Act of 1940, as amended, and the Securities Act of 1933,
as amended (the &#147;<B>1933 Act</B>&#148;), to register different securities of the funds, including additional common shares of the Fund, which may be issued and sold from time to time through various specified transactions, including <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">at-the-market</FONT></FONT> (&#147;<B>ATM</B>&#148;) offerings. The base prospectus included in the Registration Statement at the time it became effective is herein called the &#147;<B>Base
Prospectus</B>&#148;. The final prospectus in the form first filed under paragraphs (c)&nbsp;and (h) of Rule 497 under the 1933 Act, including the Base Prospectus, and furnished to you for use in connection with the offering of the shares (as
defined below), including the statements of additional information and any other information incorporated therein by reference, is herein called the &#147;<B>Prospectus</B>&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">You have informed us that Nuveen Securities, LLC is registered as a broker-dealer under the provisions of the Securities Exchange Act of 1934,
as amended, and is a member in good standing of the Financial Industry Regulatory Authority, Inc. You have indicated your desire to act as distributor for the Fund&#146;s common shares issued pursuant to the Registration Statement. We have been
authorized by the Fund to execute and deliver this Agreement to you by a resolution of our Board of Trustees (the &#147;<B>Trustees</B>&#148;) adopted at a meeting of the Trustees, at which a majority of Trustees, including a majority of our
Trustees who are not otherwise interested persons of our investment manager or its related organizations, were present and voted in favor of said resolution approving this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;APPOINTMENT OF DISTRIBUTOR.&nbsp;&nbsp;Upon the execution of this Agreement and in consideration of the agreements
on your part herein expressed and upon the terms and conditions set forth herein, we hereby appoint you as the distributor for up to [&#9679;] of the common shares of the Fund to be issued pursuant to the Registration Statement through ATM offerings
(the &#147;<B>Shares</B>&#148;) and agree that we will issue such Shares as you may sell. You agree to use reasonable efforts to identify opportunities for the sale of Shares, but you are not obligated to sell any specific number of the Shares. The
Shares will only be sold on such days as shall be agreed to by you and the Fund. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;SELECTED DEALERS.&nbsp;&nbsp;You may enter into selected dealer
agreements, on such terms and conditions as you determine are not inconsistent with this Agreement, with broker-dealers to act as your agent to effect the sale of the Shares. Such selected broker-dealers shall sell Shares only at market prices
subject to a minimum price to be established each day by you and the Fund (see paragraph 3 below). This Agreement shall not be construed as authorizing any dealer or other person to accept orders for sale on our behalf or to otherwise act as our
agent for any purpose. You shall not be responsible for the acts of other dealers or agents except as and to the extent that they shall be acting for you or under your direction or authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;SHARE PRICE.&nbsp;&nbsp;The price per Share shall be determined by reference to trades on the Fund&#146;s primary
exchange. In no event shall the price be less than the current net asset value per share plus the per share amount of the commission to be paid to you (the &#147;<B>Minimum Price</B>&#148;). You shall suspend the sale of Shares if the per share
price of the Shares is less than the Minimum Price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;SALES COMMISSION. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;You shall be entitled to receive a sales commission from the Fund of [&#9679;] of the gross sales price per Share
of the Shares sold. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;You may pay to selected broker-dealers such selling agent commissions (not exceeding 80%
of the total sales commission) (the &#147;<B>ATM Sales Agent Commission</B>&#148;) as you shall deem advisable, which shall be payable from the commissions payable to you under Section&nbsp;4(a) above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;FURNISHING OF INFORMATION. We will furnish you with copies of the Registration Statement, and we warrant that the
statements therein contained are true and correct as of the date of the Registration Statement, as it may be amended or supplemented from time to time. We will also furnish you with such other information that you may reasonably request for use in
connection with the distribution of the Shares, including, at least annually, audited financial statements of our books and accounts certified by independent public accountants. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;CONDUCT OF BUSINESS. Other than the currently effective Prospectus and Statement of Additional Information, you will
not use any sales materials or statements except literature or advertising that conforms to the requirements of federal and state securities laws and regulations and that have been filed, where necessary, with the appropriate regulatory authorities.
You will furnish us with copies of all material prior to their use and no such material shall be published if we shall reasonably and promptly object. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">You shall comply with the applicable federal and state laws and regulations where our shares are offered for sale and conduct your affairs
with us and with dealers, brokers or investors in accordance with the Conduct Rules of the Financial Industry Regulatory Authority, Inc. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;OTHER ACTIVITIES. Your services pursuant to this Agreement shall not be deemed to be exclusive and you may render
similar services and act as an underwriter, distributor, or dealer for other investment companies in the offering of their shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;SUSPENSION OF SALES. We reserve the right at all times to suspend or
limit the offering of the shares upon written notice to you and to reject any order in whole or in part. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;PAYMENT OF EXPENSES. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;You shall bear all expenses incurred by you in connection with your duties and activities under this Agreement
including the payment to selected dealers of any sales commissions for sales of the Fund&#146;s Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The
Fund shall bear all costs and expenses of the Fund, including expenses (including legal fees) pertaining to the preparation and filing of the Registration Statement and Prospectus and any amendment or supplement thereto, and expenses pertaining to
the preparation, printing and distribution of any reports or communications to shareholders, including Prospectuses and Statements of Additional Information, annual and interim reports, or proxy materials. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;TERMINATION. This Agreement (i)&nbsp;may be terminated by the Fund at any time without the payment of any penalty
and (ii)&nbsp;may be terminated by you at any time without the payment of any penalty. This Agreement shall remain in full force and effect unless terminated pursuant to this provision or by the mutual agreement of the parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;MISCELLANEOUS. This Agreement shall be subject to the laws of the State of Illinois and shall be interpreted and
construed to further and promote the operation of the Fund as a <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">12.&nbsp;&nbsp;&nbsp;&nbsp;STANDARD OF CARE. You shall be responsible for exercising reasonable care in carrying out the provisions of this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">13.&nbsp;&nbsp;&nbsp;&nbsp;DECLARATION OF TRUST AND LIMITATION OF LIABILITY. A copy of the Declaration of Trust of the Fund is
on file with the Secretary of State of the Commonwealth of Massachusetts, and notice is hereby given that this Agreement is executed by an officer of the Fund on behalf of the Trustees, as trustees and not individually, and that the obligations of
this Agreement with respect to the Fund shall be binding upon the assets and properties of the Fund only and shall not be binding upon the assets or properties of the Trustees, officers, employees, agents or shareholders of the Fund individually.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">If the foregoing meets with your approval, please acknowledge your acceptance by signing each of
the enclosed counterparts hereof and returning such counterparts to us, whereupon this shall constitute a binding agreement as of the date first above written. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Very truly yours, </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">NUVEEN <FONT STYLE="white-space:nowrap">AMT-FREE</FONT> MUNICIPAL CREDIT INCOME FUND</P></TD></TR>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Agreed to and Accepted: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">NUVEEN SECURITIES, LLC</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:12pt">By:&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-99.H.2
<SEQUENCE>8
<FILENAME>d656069dex99h2.htm
<DESCRIPTION>FORM OF UNDERWRITING AGREEMENT
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<TITLE>Form of Underwriting Agreement</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><I>Exhibit h.2 </I></B></P>
<P STYLE="margin-top:150pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>NUVEEN <FONT STYLE="white-space:nowrap">AMT-FREE</FONT> MUNICIPAL CREDIT INCOME FUND </B></P>
<P STYLE="margin-top:28pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>UNDERWRITING AGREEMENT (the &#147;AGREEMENT&#148;) </B></P>
<P STYLE="margin-top:28pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>[(MFP Shares)] </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>[(Common
Shares)]<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> </B></P> <P STYLE="margin-top:100pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>[DATE] </B></P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp;&nbsp; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">[&#9679;] </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As representatives of the several </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Underwriters named in Schedule A hereto </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">c/o [&#9679;] </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[&#9679;] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund (the &#147;<B>Fund</B>&#148;), Nuveen
Fund Advisors, LLC (the &#147;<B>Investment Adviser</B>&#148;) and Nuveen Asset Management, LLC (the &#147;<B><FONT STYLE="white-space:nowrap">Sub-Adviser</FONT></B>,&#148; and together with the Investment Adviser, the &#147;<B>Advisers</B>&#148;),
confirm their respective agreements with [&#9679;] [and [&#9679;] and each of the other Underwriters named in Schedule A hereto (collectively,] the &#147;<B>Underwriter(s)</B>,&#148; [which term shall also include any underwriter substituted as
hereinafter provided in Section&nbsp;11 hereof]), for whom [&#9679;] and [&#9679;] [are][is] acting as representative(s) (in such capacity, the &#147;<B>Representative(s)</B>&#148;), with respect to the issue and sale by the Fund and the purchase by
the Underwriter(s), [acting severally and not jointly,] of the [respective] number of [common shares, $0.01 par value per share (the &#147;<B>Common Shares</B>&#148;)][Series [&#9679;] MuniFund Preferred Shares (the &#147;<B>MFP Shares</B>&#148;),
liquidation preference of $[&#9679;] per share , [in the Variable Rate [Remarketed] Mode (the MFP Shares, while in the Variable Rate [Remarketed] Mode, the &#147;<B>VR[R]M</B><B><FONT STYLE="white-space:nowrap">-MFP</FONT> Shares</B>&#148;)] set
forth in Schedule A [and with respect to the grant by the Fund to the Underwriter(s), [acting severally and not jointly,] of the option described in Section&nbsp;2(b) hereof to purchase all or any part of [&#9679;] additional [Common <FONT
STYLE="white-space:nowrap">Shares][VR[R]M-MFP</FONT> Shares] for the sole purpose of covering overallotments, if any. The aforesaid [&#9679;] [Common <FONT STYLE="white-space:nowrap">Shares][VR[R]M-MFP</FONT> Shares] (the &#147;<B>Initial
Securities</B>&#148;) to be purchased by the Underwriter(s) and all or any part of the [&#9679;] [Common <FONT STYLE="white-space:nowrap">Shares][VR[R]M-MFP</FONT> Shares] subject to the option described in Section&nbsp;2(b) hereof (the
&#147;<B>Option Securities</B>&#148;) are hereinafter called, collectively, the &#147;<B>Securities</B>.&#148;]<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">[The Securities will be authorized by, and subject to the terms and conditions of, the Statement Establishing and Fixing the
Rights and Preferences of Series [&#9679;] MuniFund Preferred Shares and the Supplement to the Statement Establishing and Fixing the Rights and Preferences of Series [&#9679;] MuniFund Preferred Shares (collectively, the
&#147;<B>Statement</B>&#148;) and the Declaration of Trust of the Fund dated July&nbsp;12, 1999, as amended (the &#147;<B>Declaration of Trust</B>&#148;) in the forms filed as exhibits to the Registration Statement (as defined in this Agreement).]<SUP
STYLE="font-size:85%; vertical-align:top">3</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund has filed with the Securities and Exchange Commission (the
&#147;<B>Commission</B>&#148;) a shelf registration statement, including a base prospectus, on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File Nos. <FONT STYLE="white-space:nowrap">333-226136</FONT> and
<FONT STYLE="white-space:nowrap">811-09475),</FONT> for the registration of the Securities and other securities under the Securities Act of 1933, as amended (the &#147;<B>1933 Act</B>&#148;), and the rules and regulations of the Commission
thereunder (the &#147;<B>1933 Act Regulations</B>&#148;), and a notification on Form <FONT STYLE="white-space:nowrap">N-8A</FONT> of registration of the </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:31%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify"><SUP
STYLE="font-size:85%; vertical-align:top">2</SUP> Relevant provisions of this agreement to be modified for an agency offering, if applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP> Include this provision and the &#147;Statement&#148; generally for <FONT
STYLE="white-space:nowrap">VR[R]M-MFP</FONT> offerings. </P>

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Fund as an investment company under the Investment Company Act of 1940, as amended (the &#147;<B>1940 Act</B>&#148;), and the rules and regulations of the Commission thereunder (the &#147;<B>1940
Act Regulations</B>&#148;). Promptly after execution and delivery of this Agreement, the Fund will prepare and file a prospectus and statement of additional information in accordance with the provisions of Rule 430B (&#147;<B>Rule 430B</B>&#148;) of
the 1933 Act Regulations and of Rule 497 (&#147;<B>Rule 497</B>&#148;) of the 1933 Act Regulations. The information included in any such prospectus (including the statement of additional information incorporated therein by reference) that was
omitted from such registration statement at the time it became effective but that is deemed to be part of such registration statement at the time it became effective pursuant to Rule 430B is referred to as &#147;<B>Rule 430B Information</B>.&#148;
The registration statement, including the exhibits thereto and schedules thereto at the time it became effective and including the Rule 430B Information and any information incorporated by reference therein is herein called the &#147;<B>Registration
Statement</B>.&#148; Any registration statement filed pursuant to Rule 462(b) of the 1933 Act Regulations is herein referred to as the &#147;<B>Rule 462(b) Registration Statement</B>,&#148; and after such filing the term &#147;<B>Registration
Statement</B>&#148; shall include the Rule 462(b) Registration Statement. The base prospectus included in the Registration Statement at the time it became effective is called the &#147;<B>Base Prospectus</B>.&#148; The Base Prospectus, together with
the preliminary prospectus supplement dated [&#9679;], which is identified on Schedule C hereto under the caption &#147;Time of Sale Prospectus,&#148; is herein called the &#147;<B>Preliminary Prospectus</B>.&#148; The final prospectus in the form
first filed under Rule 497, including the Base Prospectus, and furnished to the Underwriter(s) for use in connection with the offering of the Securities, including the statement of additional information and any other information incorporated
therein by reference, is herein called the &#147;<B>Prospectus</B>.&#148; For purposes of this Agreement, all references to the Registration Statement, the Preliminary Prospectus, the Time of Sale Prospectus (as defined below) or the Prospectus or
any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval system (&#147;<B>EDGAR</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund understands that the Underwriter(s) propose(s) to make a public offering of the Securities as soon as the
Representative(s) deem(s) advisable after this Agreement has been executed on the terms and in the manner set forth herein and in the Time of Sale Prospectus (as defined below) and agrees that the Underwriter(s) may resell, subject to the conditions
set forth herein, all or a portion of the Securities to purchasers on the terms set forth in the Time of Sale Prospectus. &#147;<B>Time of Sale</B>&#148; means [&nbsp;&nbsp;&nbsp;&nbsp;][a.m.][p.m.] (Eastern Time) on [&nbsp;&nbsp;&nbsp;&nbsp;],
20&nbsp;&nbsp;&nbsp;&nbsp; or such other time as agreed by the Fund and the Representative(s). &#147;<B>Time of Sale Prospectus</B>&#148; means the Preliminary Prospectus together with the other information, if any, identified in Schedule C hereto
under the caption Time of Sale Prospectus and any Rule 482 Statement (as defined below) identified on Schedule D hereto. The Fund hereby confirms that it has authorized the use of the Preliminary Prospectus, the Time of Sale Prospectus and the
Prospectus in connection with the offer and sale of the Securities by the Underwriter(s). All references in this Agreement to financial statements and schedules and other information which is &#147;contained,&#148; &#147;included&#148; or
&#147;stated&#148; in the Registration Statement, the Time of Sale Prospectus or the Prospectus (or other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information which is
incorporated by reference in the Registration Statement, the Time of Sale Prospectus or the Prospectus, as the case may be. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">SECTION 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Representations and
Warranties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) <I>Representations and Warranties by the Fund and the Advisers</I>.&nbsp;&nbsp; The Fund and the Advisers
jointly and severally represent and warrant to [each][the] Underwriter as of the date hereof, as of the Time of Sale, as of the Closing Time referred to in Section&nbsp;2(c) hereof, [and as of each Date of Delivery (if any) referred to in
Section&nbsp;2(b) hereof]<SUP STYLE="font-size:85%; vertical-align:top">4</SUP>, and agree with [each][the] Underwriter, as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance with Registration
Requirements</U>.&nbsp;&nbsp;Each of the Registration Statement and any Rule 462(b) Registration Statement has become effective under the 1933 Act, no stop order suspending the effectiveness of the Registration Statement or any Rule 462(b)
Registration Statement has been issued under the 1933 Act, and no order of suspension or revocation of the registration of the Fund pursuant to Section&nbsp;8(e) of the 1940 Act has been issued, and no proceedings for any such purpose have been
instituted or are pending or, to the knowledge of the Fund or the Advisers, are contemplated by the Commission, and any request on the part of the Commission for additional information has been complied with. The Registration Statement, at the date
hereof, meets the requirements set forth in Rule 415(a)(1)(x) applicable for use on Form <FONT STYLE="white-space:nowrap">N-2</FONT> based on interpretative guidance of the staff of the Commission set forth in the
<FONT STYLE="white-space:nowrap">&#147;no-action&#148;</FONT> letter Nuveen Virginia Premium Income Municipal Fund (available October&nbsp;6, 2006). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; text-indent:10%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A) Each document, if any, filed or to be filed pursuant to the Securities and Exchange Act of 1934, as
amended (the &#147;<B>1934 Act</B>&#148;), and the rules and regulations of the Commission thereunder (the &#147;<B>1934 Act Regulations</B>&#148;), or the 1940 Act and the 1940 Act Regulations and incorporated by reference in the Registration
Statement, the Time of Sale Prospectus or the Prospectus complied or will comply when so filed in all material respects with the 1934 Act, the 1934 Act Regulations, the 1940 Act and the 1940 Act Regulations, (B)&nbsp;the Registration Statement, any
Rule 462(b) Registration Statement, the notification on Form <FONT STYLE="white-space:nowrap">N-8A</FONT> and any post-effective amendments thereto at the respective times they became effective did not, and as of the Closing Time [, and as of each
Date of Delivery (if any),] will not, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (C)&nbsp;the Time of Sale Prospectus as
of the Time of Sale did not, and as of the Closing Time [, and as of each Date of Delivery (if any),], will not, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading, (D)&nbsp;any Rule 482 Statement prepared, used or referred to by the Fund or by the Underwriter(s) with the consent of the Fund, when considered together with the Time of Sale
Prospectus, at the time of its use did not, and as of the Closing Time [, and as of each Date of Delivery (if any),] will not, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading, and (E)&nbsp;the Preliminary Prospectus as of its date did not, the Time of Sale Prospectus as of its date did not and the Prospectus as of its date and the Closing Time
[, and as of each Date of Delivery (if any),] will not, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:31%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify"><SUP
STYLE="font-size:85%; vertical-align:top">4</SUP> Include this and other references to &#147;Date of Delivery&#148; if there is an overallotment option. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">3 </P>


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therein, in the light of the circumstances under which they were made, not misleading, except that the representations and warranties set forth in this paragraph do not apply to statements or
omissions in the Preliminary Prospectus, the Time of Sale Prospectus, the Prospectus or any Rule 482 Statement based upon information relating to the Underwriter(s) furnished to the Fund in writing by the Representative(s) expressly for use therein.
The Fund hereby acknowledges that the only information that the Underwriter(s) [have][has] furnished to the Fund expressly for use in the Preliminary Prospectus, the Time of Sale Prospectus, the Prospectus or any Rule 482 Statement is the statement
set forth in [&#9679;] under the caption &#147;Underwriting&#148; in the Time of Sale Prospectus and the Prospectus (the &#147;<B>Underwriter Information</B>&#148;). </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">At the respective times the Registration Statement, any Rule 462(b) Registration Statement and any
post-effective amendments thereto became effective and at the Closing Time [, and as of each Date of Delivery (if any),] the Registration Statement, the Rule 462(b) Registration Statement, the notification on Form
<FONT STYLE="white-space:nowrap">N-8A</FONT> and any amendments and supplements thereto complied and will comply in all material respects with the requirements of the 1933 Act, the 1933 Act Regulations, the 1940 Act and the 1940 Act Regulations. The
Preliminary Prospectus and the Prospectus complied or will comply when so filed in all material respects with the 1933 Act, the 1933 Act Regulations, the 1940 Act and the 1940 Act Regulations, and the Preliminary Prospectus and the Prospectus
delivered to the Underwriter(s) for use in connection with this offering were or will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation <FONT
STYLE="white-space:nowrap">S-T.</FONT> </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If a Rule 462(b) Registration Statement is required in connection
with the offering and sale of the Securities, the Fund has complied or will comply with the requirements of Rule 111 of the 1933 Act Regulations and Rule 3a of the Commission&#146;s Internal and Other Procedures (&#147;<B>Rule 3a</B>&#148;) relating
to the payment of the required filing fee and the filing of the Prospectus under Rule 497, and the Fund has taken all required action under the 1933 Act, the 1934 Act and the 1940 Act to make the public offering and consummate the sale of the
Securities as contemplated by this Agreement. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Independent Registered Public Accounting
Firm</U>.&nbsp;&nbsp;The independent registered public accounting firm which certified the financial highlights, the statement of assets and liabilities and related statement of operations and delivered its report with respect to the audited
financial statements included or incorporated by reference in the Registration Statement, the Time of Sale Prospectus and the Prospectus is an independent registered public accounting firm with respect to the Fund as required by the 1933 Act, the
1933 Act Regulations, the 1940 Act and the 1940 Act Regulations. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial Statements</U>.<B>&nbsp;&nbsp;</B>The
financial highlights, the statement of assets and liabilities and related statement of operations included or incorporated by reference in the Registration Statement, the Time of Sale Prospectus and the Prospectus, together with the related notes,
present fairly, or will present fairly in the case of the Prospectus, the financial position of the Fund at the dates and for the periods indicated; said financial highlights and statements have been prepared in conformity with generally accepted
accounting principles in the United States (&#147;<B>GAAP</B>&#148;) applied on a consistent basis throughout the periods involved (except as otherwise noted therein); and the other financial and statistical
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">4 </P>


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information and data included or incorporated by reference in the Registration Statement, the Time of Sale Prospectus and the Prospectus are accurately derived, or will be accurately derived in
the case of the Prospectus, from such financial statements and the books and records of the Fund. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Material Adverse Change</U>.&nbsp;&nbsp;Since the
respective dates as of which information is given in the Registration Statement, the Time of Sale Prospectus and the Prospectus, except as otherwise stated therein, (A)&nbsp;there has been no material adverse change in the condition, financial or
otherwise, or in the earnings, properties, business affairs or business prospects of the Fund, whether or not arising in the ordinary course of business (a &#147;<B>Material Adverse Effect</B>&#148;), (B) there have been no transactions entered into
by the Fund, other than those in the ordinary course of business, which are material with respect to the Fund, and (C)&nbsp;except for regular dividends on the Fund&#146;s outstanding common and preferred shares of beneficial interest, there has
been no dividend or distribution of any kind declared, paid or made by the Fund on any class of its shares of beneficial interest. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Good Standing of the Fund</U>.&nbsp;&nbsp;The Fund has
been organized and is validly existing and in good standing as a business trust under the laws of the Commonwealth of Massachusetts and has full power and authority to own, lease and operate its properties and to conduct its business as described in
the Registration Statement, the Time of Sale Prospectus and the Prospectus and to enter into and perform its obligations under this Agreement; and the Fund is duly qualified to transact business and is in good standing in each other jurisdiction in
which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure to so qualify would not, singly or in the aggregate, have a Material Adverse Effect on the Fund.
</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Subsidiaries</U>.&nbsp;&nbsp;The Fund has no
subsidiaries. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investment Company
Status</U>.&nbsp;&nbsp;The Fund is duly registered with the Commission under the 1940 Act as a <FONT STYLE="white-space:nowrap">closed-end,</FONT> diversified management investment company, and no order of suspension or revocation of such
registration has been issued or proceedings therefor initiated or threatened by the Commission. The Fund is, and at all times through the completion of the transactions contemplated hereby, will be, in compliance with the applicable provisions of
the 1940 Act and the 1940 Act Regulations. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Officers and Trustees</U>.&nbsp;&nbsp;No individual or
entity is serving or acting as an officer, trustee or investment adviser of the Fund except in accordance with the provisions of the 1940 Act, the 1940 Act Regulations, the Investment Advisers Act of 1940, as amended (the &#147;<B>Advisers
Act</B>&#148;), and the rules and regulations of the Commission thereunder (the &#147;<B>Advisers Act Regulations</B>&#148;). Except as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus (or any amendment or
supplement to any of them), no trustee of the Fund is (A)&nbsp;an &#147;interested person&#148; (as defined in the 1940 Act) of the Fund or (B)&nbsp;an &#147;affiliated person&#148; (as defined in the 1940 Act) of any Underwriter. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Capitalization</U>.&nbsp;&nbsp;The authorized, issued
and outstanding shares of beneficial interest of the Fund are as set forth or incorporated by reference in the Registration Statement, the Time of Sale Prospectus and the Prospectus. All issued and outstanding shares of beneficial interest of the
Fund have been duly authorized and validly issued and are fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> (except as described in the Registration Statement, the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">5 </P>


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Time of Sale Prospectus and the Prospectus) and have been offered and sold or exchanged by the Fund in compliance with all applicable laws (including, without limitation, federal and state
securities laws); none of the outstanding shares of beneficial interest of the Fund were issued in violation of the preemptive or other similar rights of any securityholder of the Fund; and, except as set forth in the Registration Statement, the
Time of Sale Prospectus and the Prospectus, no options, warrants or other rights to purchase, agreements or other obligations to issue, or rights to convert any obligations into or exchange any securities for, shares of beneficial interest of or
ownership interests in the Fund are outstanding. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorization and Description of
Securities</U>.&nbsp;&nbsp;The Securities to be purchased by the Underwriter(s) from the Fund have been duly authorized for issuance and sale to the Underwriter(s) pursuant to this Agreement and, when issued and delivered by the Fund pursuant to
this Agreement against payment of the consideration set forth herein, will be validly issued and fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> (except as described in the Registration Statement, the Time of Sale Prospectus
and the Prospectus). The Securities conform to all statements relating thereto contained in the Registration Statement, the Time of Sale Prospectus and the Prospectus and such statements conform to the rights set forth in the instruments defining
the same, to the extent such rights are set forth; except as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus, no holder of the Securities will be subject to personal liability by reason of being such a holder;
and the issuance of the Securities is not subject to the preemptive or other similar rights of any securityholder of the Fund. [The Statement creating the Securities will have been duly filed with the Secretary of the Commonwealth of Massachusetts
and with all other offices where such filing is required, at or before the Closing Time.] </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence of Defaults and Conflicts</U>.&nbsp;&nbsp;The
Fund is not (A)&nbsp;in violation or default of any provision of its Declaration of Trust[,][or] <FONT STYLE="white-space:nowrap">by-laws</FONT> [or the Statement,] or (B)&nbsp;in default in the performance or observance of any obligation,
agreement, covenant or condition contained in any contract, indenture, mortgage, deed of trust, loan or credit agreement, note, lease or other agreement or instrument to which it is a party or by which it may be bound, or to which any of the
property or assets of the Fund is subject (together with the Declaration of Trust[,][and] <FONT STYLE="white-space:nowrap">by-laws</FONT> [and the Statement,] the &#147;<B>Agreements and Instruments</B>&#148;), except, with respect to clause
(B)&nbsp;only, for such defaults that would not, singly or in the aggregate, result in a Material Adverse Effect; and the execution, delivery and performance of this Agreement, the Investment Management Agreement dated as of April&nbsp;11, 2016
between the Fund and the Investment Adviser, as amended (the &#147;<B>Investment Management Agreement</B>&#148;), the Amended and Restated Master Custodian Agreement dated as of July&nbsp;15, 2015, between the Fund and State Street Bank and Trust
Company, as amended (the &#147;<B>Custodian Agreement</B>&#148;), [the Tender and Paying Agent Agreement dated as of [&#9679;] between the Fund and The Bank of New York Mellon (the &#147;<B>Tender and Paying Agent</B>&#148;), with respect to the
Securities (the &#147;<B>Tender and Paying Agent Agreement</B>&#148;),] [and the Remarketing Agreement dated as of [&#9679;] between the Fund and the Investment Adviser and [&#9679;], with respect to the Securities (the &#147;<B>Remarketing
Agreement</B>&#148;)] [and the MFP Shares Purchase Agreement dated as of [&#9679;] between the Fund and [&#9679;] (the &#147;<B>Purchase Agreement</B>&#148;)][the Transfer Agency and Service Agreement dated June&nbsp;15, 2017 between the Fund and
Computer Share Inc. and Computershare Trust Company, N.A.] (collectively, the Investment Management Agreement, the Custodian Agreement, [the Tender and Paying </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">6 </P>


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Agent Agreement] [and the Remarketing Agreement][and the Purchase Agreement] are herein referred to as the &#147;<B>Fund Agreements</B>&#148;), and any other material agreements, and the
consummation of the transactions contemplated herein and in the Registration Statement, the Time of Sale Prospectus and the Prospectus (including the issuance and sale of the Securities and the use of the proceeds from the sale of the Securities as
described in the Registration Statement, the Time of Sale Prospectus and the Prospectus under the caption &#147;Use of Proceeds&#148;) and compliance by the Fund with its obligations hereunder have been duly authorized by all necessary trust action
and do not and will not, whether with or without the giving of notice or passage of time or both, conflict with or constitute a breach of, or default or Repayment Event (as defined below) under, or result in the creation or imposition of any lien,
charge or encumbrance upon any property or assets of the Fund pursuant to, the Agreements and Instruments (except for such conflicts, breaches or defaults or liens, charges or encumbrances that would not, singly or in the aggregate, result in a
Material Adverse Effect), nor will such action result in any violation of the provisions of the Declaration of Trust, the <FONT STYLE="white-space:nowrap">by-laws</FONT> of the Fund [or the Statement,] or any applicable law, statute, rule,
regulation, judgment, order, writ or decree of any government, government instrumentality, regulatory body, administrative agency or court, domestic or foreign, or other authority having jurisdiction over the Fund or any of its assets, properties or
operations. As used herein, a &#147;<B>Repayment Event</B>&#148; means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder&#146;s behalf) the right to require
the repurchase, redemption or repayment of all or a portion of such indebtedness by the Fund. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence of Proceedings</U>.&nbsp;&nbsp;There is no
action, suit, proceeding, inquiry or investigation before or brought by any court or governmental agency or body or arbitrator, domestic or foreign, now pending, or, to the knowledge of the Fund, threatened, against or affecting the Fund, which is
required by the 1940 Act to be disclosed in the Registration Statement by reference to Item 12 of Form <FONT STYLE="white-space:nowrap">N-2</FONT> that has not been disclosed in the Registration Statement, the Time of Sale Prospectus and the
Prospectus, or which might reasonably be expected, singly or in the aggregate, to result in a Material Adverse Effect or a material adverse effect on the Fund&#146;s consummation of the transactions contemplated in this Agreement or the performance
by the Fund of its obligations hereunder. The aggregate of all pending legal or governmental proceedings to which the Fund is a party or of which any of its property or assets is subject which are not described in the Registration Statement, the
Time of Sale Prospectus and the Prospectus, including ordinary routine litigation incidental to the business, could not reasonably be expected, singly or in the aggregate, to result in a Material Adverse Effect. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Accuracy of Exhibits and
Disclosure</U>.&nbsp;&nbsp;There are no contracts or documents which are required to be described in the Registration Statement, the Time of Sale Prospectus or the Prospectus or to be filed as exhibits to the Registration Statement which have not
been so described and filed as required; the information in the Registration Statement, the Time of Sale Prospectus and the Prospectus under the captions &#147;Description of Securities,&#148; &#147;Certain Provisions in the Declaration of Trust and
<FONT STYLE="white-space:nowrap">By-Laws&#148;</FONT> and &#147;Tax Matters&#148; and in the Registration Statement under Item 30 (Indemnification) to the extent that it constitutes summaries of matters of law, legal matters, the Fund&#146;s
Declaration of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">7 </P>


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Trust and <FONT STYLE="white-space:nowrap">by-laws,</FONT> [the Statement] or legal proceedings, or legal conclusions, is correct in all material respects. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Possession of Intellectual Property</U>.&nbsp;&nbsp;The Fund owns or
possesses, or can acquire on reasonable terms, adequate patents, patent rights, licenses, inventions, copyrights, <FONT STYLE="white-space:nowrap">know-how</FONT> (including trade secrets and other unpatented and/or unpatentable proprietary or
confidential information, systems or procedures), trademarks, service marks, trade names or other intellectual property (collectively, &#147;<B>Intellectual Property</B>&#148;) necessary to carry on the business now operated by the Fund, and the
Fund has not received any notice or is not otherwise aware of any infringement of or conflict with asserted rights of others with respect to any Intellectual Property or of any facts or circumstances which would render any Intellectual Property
invalid or inadequate to protect the interest of the Fund therein, and which infringement or conflict (if the subject of any unfavorable decision, ruling or finding) or invalidity or inadequacy, singly or in the aggregate, would result in a Material
Adverse Effect. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence of Further Requirements</U>.&nbsp;&nbsp;No filing
with, or authorization, approval, consent, license, order, registration, qualification or decree of, any court or governmental authority or agency is necessary or required for the performance by the Fund of its obligations hereunder, in connection
with the offering, issuance or sale of the Securities hereunder or the consummation of the transactions contemplated by this Agreement or in the Fund Agreements, except such as have been already obtained or as may be required under the 1933 Act, the
1933 Act Regulations, the 1940 Act, the 1940 Act Regulations, the Advisers Act, the Advisers Act Regulations, state securities laws or the rules of the Financial Industry Regulatory Authority, Inc. (&#147;<B>FINRA</B>&#148;). </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xv)&nbsp;&nbsp;&nbsp;&nbsp;<U>Possession of Licenses and Permits</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Fund
possesses all permits, licenses, approvals, consents and other authorizations (collectively, &#147;<B>Governmental Licenses</B>&#148;) issued by the appropriate federal, state, local or foreign regulatory agencies or bodies necessary to operate its
properties and to conduct the business as contemplated in the Registration Statement, the Time of Sale Prospectus or the Prospectus; the Fund is in compliance with the terms and conditions of all such Governmental Licenses; all of the Governmental
Licenses are valid and in full force and effect; and the Fund has not received any notice of proceedings relating to the revocation or modification of any such Governmental Licenses which, singly or in the aggregate, if the subject of an unfavorable
decision, ruling or finding, would result in a Material Adverse Effect. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xvi)&nbsp;&nbsp;&nbsp;&nbsp;<U>Insurance</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Fund is insured by insurers of
recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which it is engaged and which the Fund deems adequate; all policies of insurance insuring the Fund or its
business, assets, employees, officers and trustees, including the Fund&#146;s trustees and officers errors and omissions insurance policy and its fidelity bond required by Rule <FONT STYLE="white-space:nowrap">17g-1</FONT> of the 1940 Act
Regulations, are in full force and effect; the Fund is in compliance with the terms of such policy and fidelity bond in all material respects; and there are no claims by the Fund under any such policy or fidelity bond as to which any insurance
company is denying liability or defending under a reservation of rights clause; the Fund has not been refused any insurance coverage sought or applied for; and the Fund has no reason to believe that it will not be able to renew its existing
insurance </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">8 </P>


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coverage and fidelity bond as and when such coverage and fidelity bond expires or to obtain similar coverage and fidelity bond from similar insurers as may be necessary to continue its business
at a cost that would not have a Material Adverse Effect on the Fund, whether or not arising from transactions in the ordinary course of business, except as set forth in or contemplated in the Registration Statement, the Time of Sale Prospectus and
the Prospectus. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xvii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Material Lending or Other
Relationship</U>.&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus, the Fund (i)&nbsp;does not have any material lending or other relationship with any bank or lending affiliate
of [any of] the Underwriter(s) and (ii)&nbsp;does not intend to use any of the proceeds from the sale of the Securities hereunder to repay any outstanding debt owed to any affiliate of [any of] the Underwriter(s). </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xviii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Subchapter M</U>.&nbsp;&nbsp;The Fund intends to direct the investment of the
proceeds of the offering described in the Registration Statement, the Time of Sale Prospectus and the Prospectus in such a manner as to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended
(&#147;<B>Subchapter M of the Code</B>&#148; and the &#147;<B>Code</B>,&#148; respectively), and is currently, and at all times since inception of investment operations has been, in compliance with the requirements to qualify as a regulated
investment company under Subchapter M of the Code. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xix)&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax
Returns</U>.&nbsp;&nbsp;The Fund has filed all foreign, federal, state and local tax returns required to be filed or has properly requested extensions thereof (except in any case in which the failure so to file would not, singly or in the aggregate,
have a Material Adverse Effect, except as set forth in or contemplated in the Registration Statement, the Time of Sale Prospectus and the Prospectus) and has paid all taxes required to be paid by it and any other assessment, fine or penalty levied
against it, to the extent that any of the foregoing is due and payable, except for any such assessment, fine or penalty that is currently being contested in good faith or as would not, singly or in the aggregate, have a Material Adverse Effect,
except as set forth in or contemplated in the Registration Statement, the Time of Sale Prospectus and the Prospectus. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xx)&nbsp;&nbsp;&nbsp;&nbsp;<U>Sarbanes-Oxley Act of 2002</U>.&nbsp;&nbsp;There is and has been no failure on
the part of the Fund or any of the Fund&#146;s trustees or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith (the
&#147;<B>Sarbanes-Oxley Act</B>&#148;) applicable to them. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xxi)&nbsp;&nbsp;&nbsp;&nbsp;<U>Rule <FONT
STYLE="white-space:nowrap">38a-1</FONT></U>. The Fund has adopted and implemented written policies and procedures reasonably designed to prevent violation of the Federal Securities Laws (as that term is defined in Rule
<FONT STYLE="white-space:nowrap">38a-1</FONT> of the 1940 Act Regulations) by the Fund, including policies and procedures that provide oversight of compliance by the Advisers, administrator and transfer agent of the Fund. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xxii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Distribution of Offering Materials</U>.&nbsp;&nbsp;The Fund has not
distributed and, prior to the later to occur of (A)&nbsp;the Closing Time and (B)&nbsp;completion of the distribution of the Securities, will not distribute any offering material in connection with the offering and sale of the Securities other than
the Registration Statement, the Time of Sale Prospectus, the Prospectus or any document prepared in accordance with the provisions of Rule 482 of the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">9 </P>


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1933 Act Regulations, a copy of which shall be attached as Schedule D hereto (the &#147;<B>Rule 482 Statement</B>&#148;). </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xxiii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Accounting Controls</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Fund maintains and will
maintain a system of internal accounting controls sufficient to provide reasonable assurances that (A)&nbsp;transactions are executed in accordance with management&#146;s general or specific authorization, with the investment objective, policies and
restrictions of the Fund and with the applicable requirements of the 1940 Act, the 1940 Act Regulations and the Code; (B)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP, to calculate
net asset value and to maintain accountability for assets and to maintain compliance with the books and records requirements under the 1940 Act and the 1940 Act Regulations; (C)&nbsp;access to assets is permitted only in accordance with
management&#146;s general or specific authorization; and (D)&nbsp;the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xxiv)&nbsp;&nbsp;&nbsp;&nbsp;<U>Controls and Procedures</U>.&nbsp;&nbsp;The Fund maintains and will maintain
&#147;disclosure controls and procedures&#148; and &#147;internal control over financial reporting&#148; (as such terms are defined in Rule <FONT STYLE="white-space:nowrap">30a-3</FONT> of the 1940 Act Regulations), and such disclosure controls and
procedures are and have been effective as required by the 1940 Act Regulations. Since the end of the Fund&#146;s most recent fiscal year, there has been (A)&nbsp;no material weakness in the Fund&#146;s internal control over financial reporting
(whether or not remediated) and (B)&nbsp;no change in the Fund&#146;s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Fund&#146;s internal control over financial reporting.
</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xxv)&nbsp;&nbsp;&nbsp;&nbsp;<U>No Manipulation.</U>&nbsp;&nbsp;Except as stated in this Agreement and as
described in the Registration Statement, the Time of Sale Prospectus and the Prospectus, [and except with respect to transactions under the Fund&#146;s dividend reinvestment plan,] the Fund has not taken, directly or indirectly, any action designed
to, or that would constitute or that might reasonably be expected to, cause or result in any violation of federal securities laws or any stabilization or manipulation of the price of any security of the Fund to facilitate the sale or resale of the
Securities, and the Fund is not aware of any such action taken or to be taken by any affiliates of the Fund. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xxvi)&nbsp;&nbsp;&nbsp;&nbsp;<U>Anti-Corruption Laws and Sanctions</U>.&nbsp;&nbsp;The Advisers have
implemented and maintain in effect policies and procedures designed to ensure compliance by the Advisers, the Fund and their respective directors or trustees, officers and employees with all laws, rules and regulations of any jurisdiction applicable
to the Advisers or the Fund from time to time concerning or relating to money laundering, bribery or corruption (&#147;<B>Anti-Corruption Laws</B>&#148;), and applicable sanctions administered or enforced by the U.S. Department of Treasury&#146;s
Office of Foreign Assets Control, the United Nations Security Council, the European Union, Her Majesty&#146;s Treasury, or other relevant sanctions authority (&#147;<B>Sanctions</B>&#148;), and the Advisers and the Fund and, to the knowledge of the
Advisers or the Fund, their respective directors or trustees, officers and employees, are in compliance with Anti-Corruption Laws in all material respects. None of the Advisers or the Fund or, to the knowledge of the Advisers or the Fund, any of
their respective directors or trustees, officers or employees is currently the subject of any Sanctions. No proceeds from the issuance of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">10 </P>


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the Securities is intended to be used for the purpose of violating any Anti-Corruption Law or in violation of applicable Sanctions. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xxvii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence of Undisclosed Payments</U>.&nbsp;&nbsp;Neither the Fund nor any
employee or agent of the Fund has made any payment of funds of the Fund or received or retained any funds, which payment, receipt or retention of funds is of a character required to be disclosed in the Registration Statement, the Time of Sale of
Prospectus or the Prospectus. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xxviii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorization of
Agreements</U>.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and the Fund Agreements have each been duly authorized by all requisite action on the part of the Fund. This Agreement and the Fund Agreements have been, or will have been as of the Closing Time,
executed and delivered by the Fund, as of the dates noted therein, and each complies with all applicable provisions of the 1940 Act, the 1940 Act Regulations, the Advisers Act and the Advisers Act Regulations, and the Investment Management Agreement
has been approved in accordance with Section&nbsp;15 of the 1940 Act. Assuming due authorization, execution and delivery by the other parties thereto, each such agreement constitutes a valid and binding agreement of the Fund, enforceable in
accordance with its terms, except as affected by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws, whether statutory or decisional, relating to or affecting creditors&#146; rights generally, general
equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing and except as rights to indemnification or contribution thereunder may be limited by federal or state securities
laws or principles of public policy. The Investment Management Agreement and Custodian Agreement are in full force and effect. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xxix)&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration Rights</U>.&nbsp;&nbsp;Except as disclosed in the Registration
Statement, the Time of Sale Prospectus and the Prospectus, there are no persons with registration rights or other similar rights to have any securities of the Fund registered pursuant to the Registration Statement or otherwise registered by the Fund
under the 1933 Act. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xxx)&nbsp;&nbsp;&nbsp;&nbsp;<U>NYSE Listing</U>.&nbsp;&nbsp;The Fund&#146;s [common
shares][Common Shares]<SUP STYLE="font-size:85%; vertical-align:top">5</SUP> have been duly authorized for listing on the New York Stock Exchange, Inc. (the &#147;<B>NYSE</B>&#148;) and the Fund&#146;s registration statement on Form <FONT
STYLE="white-space:nowrap">8-A</FONT> with respect to the common shares under the 1934 Act is effective. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xxxi)&nbsp;&nbsp;&nbsp;&nbsp;<U>Ratings</U>. [The Securities have been, or prior to the Closing Time will be,
assigned the rating by Moody&#146;s Investors Service, Inc. (&#147;<B>Moody&#146;s</B>&#148;) and Fitch Ratings, Inc. (&#147;<B><I>Fitch</I></B>,&#148; and together with Moody&#146;s, the &#147;<B>Rating Agencies</B>&#148;) as advised by the Fund to
the Underwriter(s) prior to the execution of this Agreement.]<SUP STYLE="font-size:85%; vertical-align:top">6</SUP> </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xxxii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Leverage</U>.&nbsp;&nbsp;Except as contemplated in the Registration
Statement, the Time of Sale Prospectus and the Prospectus, the Fund has no liability for borrowed money or under any reverse repurchase agreement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:31%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify"><SUP
STYLE="font-size:85%; vertical-align:top">5</SUP> Use defined term for Common Shares offerings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify"><SUP
STYLE="font-size:85%; vertical-align:top">6</SUP> Include for <FONT STYLE="white-space:nowrap">VR[R]M-MFP</FONT> offerings. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xxxiii)&nbsp;&nbsp;&nbsp;&nbsp; <U>Regulation T, Regulation U or
Regulation X</U>.&nbsp;&nbsp;Neither the Fund nor any agent thereof acting on its behalf has taken, and none of them will take, any action that might cause this Agreement or the issuance or sale of the Securities to violate Regulation T, Regulation
U or Regulation X of the Board of Governors of the Federal Reserve System. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xxxiv)&nbsp;&nbsp;&nbsp;&nbsp;<U>[Tax Treatment of the Securities</U>.&nbsp;&nbsp;&nbsp;&nbsp;For federal
income tax purposes, the Securities will constitute equity of the Fund and distributions made with respect to the Securities will qualify as exempt-interest dividends to the extent reported by the Fund and permitted by Section&nbsp;852(b)(5)(A) of
the Code.]<SUP STYLE="font-size:85%; vertical-align:top">7</SUP> </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xxxv)&nbsp;&nbsp;&nbsp;&nbsp;<U>Portfolio Securities</U>.&nbsp;&nbsp;The Fund has good and marketable title to
all portfolio securities owned by it which are material to the business of the Fund, free and clear of all liens, encumbrances and defects, except such as are described in the Registration Statement, the Time of Sale Prospectus and the Prospectus or
such as do not materially affect the value of such portfolio securities. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xxxvi)&nbsp;&nbsp;&nbsp;&nbsp;<U>[Asset Coverage and Leverage Ratio Requirements</U>.&nbsp;&nbsp;As of the
date hereof the Fund complies, and as of the Closing Time, assuming the receipt of the net proceeds from the sale of the Securities and the application of such net proceeds as set forth in the Time of Sale Prospectus under &#147;Use of
Proceeds,&#148; the Fund will comply, with the asset coverage requirements of the 1940 Act [and the asset coverage and effective leverage ratio requirements of the Securities (as calculated in accordance with the Statement and as described in the
Time of Sale Prospectus).]<SUP STYLE="font-size:85%; vertical-align:top">8</SUP> </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Representations and Warranties by the Investment Adviser</I>.&nbsp;&nbsp;The Investment Adviser
represents and warrants to [each][the] Underwriter, and in the case of paragraph (iii)&nbsp;also represents to the Fund, as of the date hereof, as of the Time of Sale and as of the Closing Time referred to in Section&nbsp;2(b) hereof, [and as of
each Date of Delivery (if any)] and agrees with [each][the] Underwriter, as follows: </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Good Standing of the Investment Adviser</U>.&nbsp;&nbsp;The
Investment Adviser has been duly organized and is validly existing and in good standing as a limited liability company under the laws of the State of Delaware with full power and authority to own, lease and operate its properties and to conduct its
business as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus and is duly qualified as a foreign limited liability company to transact business and is in good standing in each other jurisdiction in which such
qualification is required, except where the failure to so qualify would not reasonably be expected to result in any material adverse change in the condition, financial or otherwise, or earnings, business affairs or business prospects of the
Investment Adviser, to materially and adversely affect the properties or assets of the Investment Adviser or to materially impair or adversely affect the ability of the Investment Adviser to function as an investment adviser or perform its
obligations under the Investment Management Agreement or this Agreement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:31%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify"><SUP
STYLE="font-size:85%; vertical-align:top">7</SUP> Include for <FONT STYLE="white-space:nowrap">VR[R]M-MFP</FONT> offerings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify"><SUP
STYLE="font-size:85%; vertical-align:top">8</SUP> Include for <FONT STYLE="white-space:nowrap">VR[R]M-MFP</FONT> offerings. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">12 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investment Adviser
Status</U>.&nbsp;&nbsp; The Investment Adviser is duly registered and in good standing with the Commission as an investment adviser under the Advisers Act, and is not prohibited by the Advisers Act, the Advisers Act Regulations, the 1940 Act or the
1940 Act Regulations from acting under the Investment Management Agreement as contemplated by the Registration Statement, the Time of Sale Prospectus and the Prospectus. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Description of the Investment Adviser</U>. &nbsp;&nbsp;The
description of the Investment Adviser and the statements attributable to the Investment Adviser in the Registration Statement, the Time of Sale Prospectus and the Prospectus complied and comply with the provisions of the 1933 Act, the1940 Act and
the Advisers Act, and are true and correct and do not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the
circumstances under which they are made, not misleading. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Capitalization</U>. &nbsp;&nbsp;The Investment Adviser has the
financial resources available to it necessary for the performance of its services and obligations as contemplated in the Registration Statement, the Time of Sale Prospectus and the Prospectus and this Agreement and under the Investment Management
Agreement. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorization of Agreements; Absence of Defaults and
Conflicts</U>. &nbsp;&nbsp;The Investment Adviser has full power and authority to enter into and perform its obligations under this Agreement, the Investment Management Agreement and the Investment
<FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement dated as of April&nbsp;11, 2016 between the Investment Adviser and the <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> as amended (the
&#147;<B><FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement</B>&#148;). This Agreement, the Investment Management Agreement and the <FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement have each been duly authorized, executed
and delivered by the Investment Adviser, and, assuming due authorization, execution and delivery by the other parties thereto, such agreements constitute valid and binding obligations of the Investment Adviser, enforceable in accordance with their
respective terms, except as affected by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws, whether statutory or decisional, relating to or affecting creditors&#146; rights generally and general
equitable principles (whether considered in a proceeding in equity or at law), and the Investment Management Agreement and the <FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement are in full force and effect; and neither the execution and
delivery of this Agreement, the Investment Management Agreement or the <FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement nor the performance by the Investment Adviser of its obligations hereunder or thereunder nor the consummation of
the transactions herein or therein contemplated will conflict with, or result in a breach of any of the terms and provisions of, or constitute, with or without the giving of notice or lapse of time or both, a default under, any agreement or
instrument to which the Investment Adviser is a party or by which it is bound, the organizational documents of the Investment Adviser, or any law, order, decree, rule or regulation applicable to it of any jurisdiction, court, federal or state
regulatory body, administrative agency or other governmental body, stock exchange or securities association having jurisdiction over the Investment Adviser or its properties or operations; and no consent, approval, authorization or order of any
court or governmental authority, regulatory body or agency is required for the consummation by the Investment Adviser of the transactions contemplated by this Agreement, the Investment Management Agreement or the
<FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement, except as have been obtained or may be </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">13 </P>


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required under the 1933 Act, the 1933 Act Regulations, the 1934 Act, the 1934 Act Regulations, the 1940 Act, the 1940 Act Regulations or state securities laws. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;<U>No Material Adverse Change</U>. &nbsp;&nbsp;Since the respective dates as of
which information is given in the Registration Statement, the Time of Sale Prospectus and the Prospectus, except as otherwise stated therein, (A)&nbsp;there has not occurred any event which would reasonably be expected to result in any material
adverse change in the condition, financial or otherwise, or earnings, business affairs or business prospects of the Investment Adviser, to materially and adversely affect the properties or assets of the Investment Adviser or to materially impair or
adversely affect the ability of the Investment Adviser to function as an investment adviser or perform its obligations under the Investment Management Agreement, the <FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement or this Agreement
and (B)&nbsp;there have been no transactions entered into by the Investment Adviser which are material to the Investment Adviser other than those in the ordinary course of its business as described in the Registration Statement, the Time of Sale
Prospectus and the Prospectus. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence of
Proceedings</U>.&nbsp;&nbsp;There is no action, suit, proceeding, inquiry or investigation before or brought by any court or governmental agency or body or arbitrator, domestic or foreign, now pending, or threatened against or affecting the
Investment Adviser or any parent or subsidiary of the Investment Adviser or any partners, directors, officers or employees of the foregoing, whether or not arising in the ordinary course of business, which might reasonably be expected to result in
any material adverse change in the condition, financial or otherwise, or earnings, business affairs or business prospects of the Investment Adviser, to materially and adversely affect the properties or assets of the Investment Adviser or to
materially impair or adversely affect the ability of the Investment Adviser to function as an investment adviser or perform its obligations under the Investment Management Agreement, the <FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement
or this Agreement, or which is required to be disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus, except as so disclosed. There are no agreements, contracts, indentures, leases, permits or other instruments
relating to the Investment Adviser that are required to be described in the Registration Statement, the Time of Sale Prospectus or the Prospectus or to be filed as an exhibit to the Registration Statement that are not described or filed as required
by the 1933 Act, the 1933 Act Regulations, the 1940 Act or the 1940 Act Regulations. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(viii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Possession of Licenses and Permits</U>.&nbsp;&nbsp;The Investment Adviser
possesses all Governmental Licenses issued by the appropriate federal, state, local or foreign regulatory agencies or bodies necessary to operate its properties and to conduct its business as contemplated in the Registration Statement, the Time of
Sale Prospectus and the Prospectus; the Investment Adviser is in compliance with the terms and conditions of all such Governmental Licenses; all of the Governmental Licenses are valid and in full force and effect; and the Investment Adviser has not
received any notice of proceedings relating to the revocation or modification of any such Governmental Licenses which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, might reasonably be expected to result
in any material adverse change in the condition, financial or otherwise, or earnings, business affairs or business prospects of the Investment Adviser, to materially and adversely affect the properties or assets of the Investment Adviser or to
materially impair or adversely affect the ability of the Investment Adviser to function as an investment adviser or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
perform its obligations under the Investment Management Agreement, the <FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement or this Agreement. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ix)&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence of Violation or Default</U>.&nbsp;&nbsp; The Investment Adviser is not
(A)&nbsp;in violation of its organizational documents or (B)&nbsp;in default under any agreement, indenture or instrument, except, with respect to (B)&nbsp;only, where such default would not, singly or in the aggregate, reasonably be expected to
have a material adverse effect on the ability of the Investment Adviser to perform its obligations under the Investment Management Agreement or the <FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(x)&nbsp;&nbsp;&nbsp;&nbsp;<U>No Manipulation.</U> &nbsp;&nbsp;Except as stated in this Agreement and as
described in the Registration Statement, the Time of Sale Prospectus and the Prospectus, and except with respect to transactions under the Fund&#146;s dividend reinvestment plan, the Investment Adviser has not taken, directly or indirectly, any
action designed to, or that would constitute or that might reasonably be expected to, cause or result in any violation of federal securities laws or any stabilization or manipulation of the price of any security of the Fund to facilitate the sale or
resale of the Securities, and the Investment Adviser is not aware of any such action taken or to be taken by any affiliates of the Investment Adviser. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xi)&nbsp;&nbsp;&nbsp;&nbsp;<U>Promotional Material</U>. &nbsp;&nbsp;In the event that the Fund or the
Investment Adviser makes available any promotional materials related to the Securities or the transactions contemplated hereby intended for use only by registered broker-dealers and registered representatives thereof by means of an internet web site
or similar electronic means, the Investment Adviser will install and maintain or will cause to be installed and maintained, <FONT STYLE="white-space:nowrap">pre-qualification</FONT> and <FONT STYLE="white-space:nowrap">password-protection</FONT> or
similar procedures which are reasonably designed to effectively prohibit access to such promotional materials by persons other than registered broker-dealers and registered representatives thereof. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Internal Controls</U>. &nbsp;&nbsp;The Investment Adviser maintains a system of
internal controls sufficient to provide reasonable assurance that (A)&nbsp;transactions effectuated by it under the Investment Management Agreement and the <FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement are executed in accordance
with its management&#146;s general or specific authorization; and (B)&nbsp;access to the Fund&#146;s assets is permitted only in accordance with its management&#146;s general or specific authorization. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;<I>Representations and Warranties by the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT></I>.
&nbsp;&nbsp;The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> represents and warrants to the Underwriter(s), and in the case of paragraph (iii)&nbsp;also represents to the Fund, as of the date hereof, as of the Time of Sale, as of the Closing
Time referred to in Section&nbsp;2(c) hereof, [and as of each Date of Delivery (if any) referred to in Section&nbsp;2(b) hereof], and agrees with [each][the] Underwriter, as follows: </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Good Standing of the
<FONT STYLE="white-space:nowrap">Sub-Adviser</FONT></U>.&nbsp;&nbsp; The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> has been duly organized and is validly existing and in good standing as a limited liability company under the laws of the
state of Delaware with full power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus and is duly qualified as a foreign
limited liability company to transact business and is in good standing in each other jurisdiction in which such qualification is required, except where the failure to so qualify would not reasonably be expected to result in any material adverse
change in the condition, financial or otherwise, or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">15 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
earnings, business affairs or business prospects of the <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> to materially and adversely affect the properties or assets of the <FONT
STYLE="white-space:nowrap">Sub-Adviser</FONT> or to materially impair or adversely affect the ability of the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> to function as an investment adviser or perform its obligations under the <FONT
STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement or this Agreement. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investment Adviser Status</U>. &nbsp;&nbsp;The <FONT
STYLE="white-space:nowrap">Sub-Adviser</FONT> is duly registered and in good standing with the Commission as an investment adviser under the Advisers Act, and is not prohibited by the Advisers Act, the Advisers Act Regulations, the 1940 Act or the
1940 Act Regulations from acting under the <FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement as contemplated by the Registration Statement, the Time of Sale of Prospectus and the Prospectus. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Description of the
<FONT STYLE="white-space:nowrap">Sub-Adviser</FONT></U>. &nbsp;&nbsp;The description of the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> and the statements attributable to the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> in the
Registration Statement, the Time of Sale Prospectus and the Prospectus complied and comply with the provisions of the 1933 Act, the 1940 Act, the Advisers Act and the Advisers Act are true and correct and do not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Capitalization</U>. &nbsp;&nbsp;The
<FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> has the financial resources available to it necessary for the performance of its services and obligations as contemplated in the Registration Statement, the Time of Sale Prospectus, the Prospectus
and this Agreement and under the <FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorization of Agreements; Absence of Defaults and
Conflicts</U>.&nbsp;&nbsp;The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> has full power and authority to enter into and perform its obligations under this Agreement and the <FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement.
This Agreement and the <FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement have each been duly authorized, executed and delivered by the <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> and, assuming due authorization, execution and
delivery by the other parties thereto, such agreements constitute valid and binding obligations of the <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> enforceable in accordance with their respective terms, except as affected by bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws, whether statutory or decisional, relating to or affecting creditors&#146; rights generally and general equitable principles (whether considered in a proceeding in
equity or at law), and the <FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement is in full force and effect; and neither the execution and delivery of this Agreement or the <FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement nor
the performance by the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> of its obligations hereunder or thereunder nor the consummation of the transactions herein or therein contemplated will conflict with, or result in a breach of any of the
terms and provisions of, or constitute, with or without the giving of notice or lapse of time or both, a default under, any agreement or instrument to which the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> is a party or by which it is bound,
the organizational documents of the <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> or any law, order, decree, rule or regulation applicable to it of any jurisdiction, court, federal or state regulatory body, administrative agency or other
governmental body, stock exchange or securities association having jurisdiction over the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> or its properties or operations; and no consent, approval, authorization or order of any court or
governmental authority, regulatory body or agency is required for the consummation by the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> of the transactions contemplated by this Agreement or the
<FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement except as have been obtained or may be required under the 1933 Act, the 1933 Act Regulations, the 1940 Act, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">16 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
the 1940 Act Regulations, the Advisers Act, the Advisers Act Regulations or state securities laws. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Material Adverse Change</U>. &nbsp;&nbsp;Since the respective
dates as of which information is given in the Registration Statement, the Time of Sale Prospectus and the Prospectus, except as otherwise stated therein, (A)&nbsp;there has not occurred any event which would reasonably be expected to result in any
material adverse change in the condition, financial or otherwise, or earnings, business affairs or business prospects of the <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> to materially and adversely affect the properties or assets of the <FONT
STYLE="white-space:nowrap">Sub-Adviser</FONT> or to materially impair or adversely affect the ability of the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> to function as an investment adviser or perform its obligations under the <FONT
STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement or this Agreement and (B)&nbsp;there have been no transactions entered into by the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> which are material to the
<FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> other than those in the ordinary course of its business as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence of Proceedings</U>. &nbsp;&nbsp;There is no action, suit,
proceeding, inquiry or investigation before or brought by any court or governmental agency or body or arbitrator, domestic or foreign, now pending, or threatened against or affecting the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> or any
parent or subsidiary of the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> or any partners, directors, officers or employees of the foregoing, whether or not arising in the ordinary course of business, which might reasonably be expected to
result in any material adverse change in the condition, financial or otherwise, or earnings, business affairs or business prospects of the <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> to materially and adversely affect the properties or
assets of the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> or to materially impair or adversely affect the ability of the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> to function as an investment adviser or perform its obligations
under the <FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement or this Agreement, or which is required to be disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus, except as so disclosed. There are no
agreements, contracts, indentures, leases, permits or other instruments relating to the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> that are required to be described in the Registration Statement, the Time of Sale Prospectus or the
Prospectus or to be filed as an exhibit to the Registration Statement that are not described or filed as required by the 1933 Act or the 1940 Act. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Possession of Licenses and Permits</U>. &nbsp;&nbsp;The <FONT
STYLE="white-space:nowrap">Sub-Adviser</FONT> possesses all Governmental Licenses issued by the appropriate federal, state, local or foreign regulatory agencies or bodies necessary to operate its properties and to conduct its business as
contemplated in the Registration Statement, the Time of Sale Prospectus and the Prospectus; the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> is in compliance with the terms and conditions of all such Governmental Licenses; all of the
Governmental Licenses are valid and in full force and effect; and the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> has not received any notice of proceedings relating to the revocation or modification of any such Governmental Licenses which,
singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, might reasonably be expected to result in any material adverse change in the condition, financial or otherwise, or earnings, business affairs or business
prospects of the <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> to materially and adversely affect the properties or assets of the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> or to materially impair or adversely affect the ability of
the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> to function as an investment adviser or perform its obligations under the <FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement or this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">17 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence of
Violation or Default</U>.&nbsp;&nbsp;The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> is not (A)&nbsp;in violation of its organizational documents or (B)&nbsp;in default under any agreement, indenture or instrument, except, with respect to
(B)&nbsp;only, where such violation or default would not, singly or in the aggregate, reasonably be expected to have a material adverse effect on the ability of the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> to perform its obligations under
the <FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Manipulation</U>. &nbsp;&nbsp;Except as stated in this
Agreement and as described in the Registration Statement, the Time of Sale of Prospectus and the Prospectus, the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> has not taken, directly or indirectly, any action designed to, or that would
constitute or that might reasonably be expected to, cause or result in any violation of federal securities laws or any stabilization or manipulation of the price of any security of the Fund to facilitate the sale or resale of the Securities, and the
<FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> is not aware of any such action taken or to be taken by any affiliates of the <FONT STYLE="white-space:nowrap">Sub-Adviser.</FONT> </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Promotional Material</U>. &nbsp;&nbsp;In the event that
the Fund or the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> makes available any promotional materials related to the Securities or the transactions contemplated hereby intended for use only by registered broker-dealers and registered
representatives thereof by means of an internet web site or similar electronic means, the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> will install and maintain or will cause to be installed and maintained,
<FONT STYLE="white-space:nowrap">pre-qualification</FONT> and password protection or similar procedures which are reasonably designed to effectively prohibit access to such promotional materials by persons other than registered broker-dealers and
registered representatives thereof. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Internal
Controls</U>. &nbsp;&nbsp;The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> maintains a system of internal controls sufficient to provide reasonable assurance that (A)&nbsp;transactions effectuated by it under the <FONT
STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement are executed in accordance with its management&#146;s general or specific authorization; and (B)&nbsp;access to the Fund&#146;s assets is permitted only in accordance with its
management&#146;s general or specific authorization. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;<I>Officer&#146;s Certificates</I>. &nbsp;&nbsp;Any
certificate signed by any officer of the Fund or the Advisers delivered to the Representative(s) or to counsel for the Underwriter(s) shall be deemed a representation and warranty by the Fund or the Advisers, as the case may be, to [each][the]
Underwriter as to the matters covered thereby. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">SECTION 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale and Delivery
to the Underwriter(s); Closing. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;<I>[Initial] Securities. </I>On the basis of the representations and
warranties herein contained and subject to the terms and conditions herein set forth, the Fund agrees to sell to [each][the] Underwriter[, severally and not jointly,] and [each][the] Underwriter, [severally and not jointly,] agrees to purchase from
the Fund, at the price per share set forth in Schedule B, the number of [Initial] Securities set forth in Schedule A opposite the name of [the][such] Underwriter[, plus any additional number of [Initial] Securities which [the][such] Underwriter may
become obligated to purchase pursuant to the provisions of Section&nbsp;11 hereof.] </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;<I>[Option
Securities</I>. In addition, on the basis of the representations and warranties herein contained and subject to the terms and conditions herein set forth, the Fund hereby grants an option to the Underwriter(s)[, severally and not jointly,] to
purchase up to an additional [&#9679;] Preferred Shares in the aggregate at the price per share set forth in Schedule B, increased by an amount per share equal to the per share amount of the accumulated dividends and distributions
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">18 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
(whether or not declared or paid) with respect to the Initial Securities from the date of the original issuance of the Initial Securities through the date prior to the Date of Delivery. The
option hereby granted will expire [30 days] after the date hereof and may be exercised in whole or in part from time to time only for the purpose of covering overallotments which may be made in connection with the offering and distribution of the
Initial Securities upon written notice by the Representative(s) to the Fund setting forth the number of Option Securities as to which the [several] Underwriter(s) [are][is] then exercising the option and the time and date of payment and delivery for
such Option Securities. Any such time and date of delivery (a &#147;<B>Date of Delivery</B>&#148;) shall be determined by the Representative(s), but shall not be earlier than the second day after the date on which the option is being exercised nor
later than seven full business days after the exercise of said option, nor in any event prior to the Closing Time, as hereinafter defined. If the option is exercised as to all or any portion of the Option Securities, [each of] the Underwriter(s)[,
acting severally and not jointly,] will purchase that proportion of the total number of Option Securities then being purchased which the number of Initial Securities set forth in Schedule A opposite the name of [the][such] Underwriter bears to the
total number of Initial Securities, subject in each case to such adjustments as [&#9679;] in its discretion shall make to eliminate any sales or purchases of a fractional number of Option Securities [plus any additional number of Option Securities
which [the][such] Underwriter may become obligated to purchase pursuant to the provisions of Section&nbsp;11 hereof.] </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;<I>Payment and Delivery. </I>Payment of the purchase price for, and delivery of certificates, if any, for, the
[Initial] Securities shall be made at the offices of Sidley Austin LLP, special counsel for the Fund, at 787 Seventh Avenue, New York, New York 10019, or at such other place as shall be agreed upon by the Representative(s) and the Fund, at 10:00
A.M. (Eastern time) on the second (third, if the pricing occurs after 4:30 P.M. (Eastern time) on any given day) business day after the date hereof (unless postponed in accordance with the provisions of Section&nbsp;11 hereof), or such other time
not later than ten business days after such date as shall be agreed upon by the Representative(s) and the Fund (such time and date of payment and delivery being herein called &#147;<B>Closing Time</B>&#148;). </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">[In addition, in the event that any or all of the Option Securities are purchased by the Underwriter(s), payment of the
purchase price for, and delivery of certificates, if any, for, such Option Securities shall be made at the above-mentioned offices, or at such other place as shall be agreed upon by the Representative(s) and the Fund, on each Date of Delivery as
specified in the notice from the Representative(s) to the Fund.] </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Payment shall be made to the Fund by wire transfer of
immediately available funds to a bank account designated by the Fund, against delivery to the Representative(s) for the [respective] account(s) of the Underwriter(s) of certificates, if any, for the [Initial] Securities [and the Option Securities,
if any,] to be purchased by [them]. It is understood that [each][the] Underwriter has authorized the Representative(s), for its account, to accept delivery of, receipt for, and make payment of the purchase price for, the [Initial] Securities [and
the Option Securities, if any,] which it has agreed to purchase. [&#9679;], individually and not as representative of the Underwriter(s), may (but shall not be obligated to) make payment of the purchase price for the [Initial] Securities [and the
Option Securities, if any,] to be purchased by [any][the] Underwriter whose funds have not been received by the Closing Time, [or the relevant Date of Delivery as the case may be,] but such payment shall not relieve [the][such] Underwriter from its
obligations hereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">19 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;<I>Delivery; Global Certificate</I>. Delivery of the [Initial]
Securities shall be made through the facilities of The Depository Trust Company unless the Representative(s) shall otherwise instruct. The Securities will be represented by a global certificate to be held by The Depository Trust Company. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">SECTION 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covenants. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund and the Advisers, jointly and severally, covenant with [each][the] Underwriter as follows: </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;<I>Compliance with Securities Regulations and Commission Requests. </I>The Fund, subject to Section&nbsp;3(d),
will comply with the requirements of Rule 430B and will notify the Representative(s) immediately, and confirm the notice in writing, (i)&nbsp;when any post-effective amendment to the Registration Statement shall become effective, or any supplement
to the Prospectus or any amended Prospectus shall have been filed, (ii)&nbsp;of the receipt of any comments from the Commission, (iii)&nbsp;of any request by the Commission for any amendment to the Registration Statement or any amendment or
supplement to the Prospectus or any document incorporated by reference therein or for additional information, (iv)&nbsp;of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or of any order
preventing or suspending the use of the Preliminary Prospectus or the Prospectus, or of the suspension of the qualification of the Securities for offering or sale in any jurisdiction, or of the initiation or threatening of any proceedings for any of
such purposes or of any examination pursuant to Section&nbsp;8(e) of the 1933 Act concerning the Registration Statement and (v)&nbsp;if the Fund becomes the subject of a proceeding under Section&nbsp;8A of the 1933 Act in connection with the
offering of the Securities. The Fund will promptly effect the filings necessary pursuant to Rule 497 and will take such steps as it deems necessary to ascertain promptly whether the form of prospectus transmitted for filing under Rule 497 was
received for filing by the Commission and, in the event that it was not, it will promptly file such prospectus. The Fund will make every reasonable effort to prevent the issuance of any stop order, or order of suspension or revocation of
registration pursuant to Section&nbsp;8(e) of the 1940 Act, and, if any such stop order or order of suspension or revocation of registration is issued, to obtain the lifting thereof at the earliest possible moment. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;<I>Filing of Amendments. </I>The Fund will give the Representative(s) notice of its intention to file or prepare
any amendment to the Registration Statement (including any filing under Rule 462(b)) or any amendment, supplement or revision to either the prospectus included in the Registration Statement at the time it became effective or to the Prospectus, and
will furnish the Representative(s) with copies of any such documents a reasonable amount of time prior to such proposed filing or use, as the case may be, and will not file or use any such document to which the Representative(s) or counsel for the
Underwriter(s) shall object. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;<I>Delivery of Prospectuses. </I>The Fund has delivered to [each][the]
Underwriter, without charge, as many copies of the Preliminary Prospectus as [the][such] Underwriter reasonably requested, and the Fund hereby consents to the use of such copies for purposes permitted by the 1933 Act. The Fund will furnish to
[each][the] Underwriter, without charge, during the period when the Prospectus is required to be delivered under the 1933 Act or the 1934 Act, such number of copies of the Prospectus (as amended or supplemented) as [the][such] Underwriter may
reasonably request. The Preliminary Prospectus, the Prospectus and any amendments or supplements thereto furnished to the Underwriter(s) will be identical to the electronically </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">20 </P>


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transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation <FONT STYLE="white-space:nowrap">S-T.</FONT><I> </I> </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;<I>Continued Compliance with Securities Laws</I>. If at any time when the Prospectus (as amended or
supplemented) is required by the 1933 Act to be delivered in connection with sales of the Securities, any event shall occur or condition shall exist as a result of which it is necessary, in the opinion of counsel for the Underwriter(s) or for the
Fund, to amend the Registration Statement or amend or supplement the Prospectus in order that the Prospectus will not include any untrue statements of a material fact or omit to state a material fact necessary in order to make the statements therein
not misleading in the light of the circumstances existing at the time it is delivered to a purchaser, or if it shall be necessary, in the opinion of such counsel, at any such time to amend the Registration Statement or amend or supplement the
Prospectus in order to comply with the requirements of the 1933 Act or the 1933 Act Regulations, the Fund will promptly notify the Underwriter(s) of such event and prepare and file with the Commission, subject to Section&nbsp;3(b) of this Agreement,
such amendment or supplement as may be necessary to correct such statement or omission or to make the Registration Statement or the Prospectus comply with such requirements, and the Fund will furnish to the Underwriter(s) such number of copies of
such amendment or supplement as the Underwriter(s) may reasonably request. If at any time following issuance of a Rule 482 Statement, there occurred or occurs an event or development as a result of which such Rule 482 Statement included or would
include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in light of the circumstances, prevailing at that subsequent time, not misleading, or would conflict
with the information otherwise contained in the Time of Sale Prospectus, the Fund will promptly notify the Representative(s) and will promptly amend or supplement, at its own expense, such Rule 482 Statement to eliminate or correct such statement,
omission or conflict. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;<I>Blue Sky Qualifications. </I>The Fund will use its best efforts, in cooperation
with the Underwriter(s), to qualify the Securities for offering and sale under the applicable securities laws of such states and other jurisdictions of the United States as the Representative(s) may designate and to maintain such qualifications in
effect for a period of not less than one year from the later of the effective date of the Registration Statement and any Rule 462(b) Registration Statement; provided, however, that the Fund shall not be obligated to file any general consent to
service of process or to qualify as a foreign entity or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so
subject. In each jurisdiction in which the Securities have been so qualified, the Fund will file such statements and reports as may be required by the laws of such jurisdiction to continue such qualification in effect for a period of not less than
one year from the effective date of the Registration Statement and any Rule 462(b) Registration Statement. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;[<I>NYSE Listing</I>. The Securities shall have been listed and admitted and authorized for trading on the NYSE,
and satisfactory evidence of such actions shall have been provided to the Representative(s).]<SUP STYLE="font-size:85%; vertical-align:top">9</SUP> </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:31%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify"><SUP
STYLE="font-size:85%; vertical-align:top">9</SUP> Include for Common Shares offerings. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">21 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;<I>Rule 158. </I>The Fund will make generally available to its
securityholders as soon as practicable an earnings statement, if applicable, for the purposes of, and to provide to the Underwriter(s) the benefits contemplated by, the last paragraph of Section&nbsp;11(a) of the 1933 Act. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;<I>Use of Proceeds. </I>The Fund will use the net proceeds received by it from the sale of the Securities
substantially in the manner specified in the Prospectus under &#147;Use of Proceeds.&#148; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;<I>Ratings</I>.
The Fund will use its reasonable best efforts to cause the Securities, prior to the Closing Time to be assigned the ratings by the Rating Agencies advised by the Fund to the Underwriter(s) in accordance with Section&nbsp;1(a)(xxxi) of this
Agreement. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;<I>[Restriction on Sale of Securities</I>. During a period of [90] days from the date of the
Prospectus, the Fund will not, without the prior written consent of [&#9679;], (A) directly or indirectly, offer, pledge, sell, contract to sell, sell any option, rights or warrant to purchase, purchase any option or contract to sell, grant any
option, right or warrant to purchase or otherwise transfer or dispose of any senior securities (as defined in the 1940 Act) or any securities convertible into or exercisable or exchangeable for senior securities or file any registration statement
under the 1933 Act with respect to any of the foregoing or (B)&nbsp;enter into any swap or any other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of the Securities,
whether any such swap or transaction described in clause (A)&nbsp;or (B) above is to be settled by delivery of Securities or such other securities, in cash or otherwise. The foregoing sentence shall not apply to (1)&nbsp;the Securities to be sold
hereunder or (2)&nbsp;common shares issued or, for the avoidance of doubt, purchased in the open market pursuant to any dividend reinvestment plan.] </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;<I><FONT STYLE="white-space:nowrap">[Lock-Ups.</FONT> </I>On or prior to the Closing Time, the Representative(s)
shall have received <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements substantially in the form of Exhibit E hereto from the parties listed on Schedule E hereof.]<SUP STYLE="font-size:85%; vertical-align:top">10</SUP> </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(l)&nbsp;&nbsp;<I>Reporting Requirements.</I> The Fund, during the period when the Prospectus is required to be delivered under
the 1933 Act, will file all documents required to be filed with the Commission pursuant to the 1940 Act and the 1934 Act within the time periods required by the 1940 Act, the 1940 Act Regulations, the 1934 Act and the 1934 Act Regulations. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(m)&nbsp;&nbsp;<I>Subchapter M</I>. The Fund will comply with the requirements of Subchapter M of the Code to qualify as a
regulated investment company under the Code. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(n)&nbsp;&nbsp;<I>Sarbanes-Oxley Act. </I>The Fund will comply with all
applicable securities and other applicable laws, rules and regulations, including, without limitation, the Sarbanes-Oxley Act, and will use its reasonable best efforts to cause the Fund&#146;s trustees and officers, in their capacities as such, to
comply with such laws, rules and regulations, including, without limitation, the provisions of the Sarbanes-Oxley Act. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(o)&nbsp;&nbsp;<I> No Manipulation of Market for Securities. </I>The Fund will not (i)&nbsp;take, directly or indirectly, any
action designed to cause or to result in, or that might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Fund to facilitate the sale or resale of the Securities in violation of federal or
state securities laws, and (ii)&nbsp;except for </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:31%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">10</SUP> Include for Common Shares offerings. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">22 </P>


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share repurchases permitted in accordance with applicable laws and purchases of common shares in the open market pursuant to the Fund&#146;s dividend reinvestment plan, until the Closing Time[,
or the Date of Delivery, if any,] (A) sell, bid for or purchase the Securities or pay any person any compensation for soliciting purchases of the Securities or (B)&nbsp;pay or agree to pay to any person any compensation for soliciting another to
purchase any other securities of the Fund. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(p)&nbsp;&nbsp;<I>Rule 462(b) Registration Statement.&nbsp;&nbsp; </I>If the
Fund elects to rely upon Rule 462(b), the Fund shall file a Rule 462(b) Registration Statement with the Commission in compliance with Rule 462(b) by 10:00 P.M., Washington, D.C. time, on the date of this Agreement, and the Fund shall at the time of
filing either pay to the Commission the filing fee for the Rule 462(b) Registration Statement or give irrevocable instructions for the payment of such fee pursuant to Rule 3a. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(q)&nbsp;&nbsp;<I>[Asset Coverage and Effective Leverage Ratio Reporting</I>.&nbsp;&nbsp; For so long as any of the Securities
remain outstanding in the Variable Rate Remarketed Mode (as defined in the Statement), the Fund will disseminate its asset coverage and effective leverage ratios (as calculated in accordance with the Statement and as described in the Registration
Statement) monthly, through its publicly available website at www.nuveen.com, or through such other publicly available website as may be agreed to from time to time between the Fund and [the Remarketing Agent] (the &#147;<B>Website</B>&#148;). The
asset coverage and effective leverage ratios shall be reported as calculated as of the close of business on the last business day of the preceding month and posted to the Website within ten business days from the first business day of each
subsequent month.] </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(r)&nbsp;&nbsp;<I>Best Efforts</I>.&nbsp;&nbsp; The Fund and the Advisers will use their reasonable
best efforts to perform all of the agreements required of them by this Agreement and discharge all conditions of theirs to closing as set forth in this Agreement. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">SECTION 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of Expenses. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;<I>Expenses.</I>&nbsp;&nbsp; The Fund will pay all expenses incident to the performance of its obligations under
this Agreement, including (i)&nbsp;the preparation, printing and filing of the Registration Statement (including financial statements and exhibits) as originally filed and of each amendment thereto, (ii)&nbsp;the registration of the Securities under
the 1933 Act [and the listing of the Securities on the NYSE] (iii)&nbsp;the preparation, printing and delivery to the Underwriter(s) of this Agreement[, any Agreement among Underwriter(s)] and such other documents as may be required in connection
with the offering, purchase, sale, issuance or delivery of the Securities, (iv)&nbsp;the preparation, issuance and delivery of the certificates, if any, for the Securities to the Underwriter(s), including any stock or other transfer taxes and any
stamp or other duties payable upon the sale, issuance or delivery of the Securities to the Underwriter(s), (v) the fees and disbursements of the Fund&#146;s counsel and the independent registered public accounting firm, (vi)&nbsp;the qualification
of the Securities, if required, under securities laws in accordance with the provisions of Section&nbsp;3(e) hereof, including filing fees and the reasonable fees and disbursements of counsel for the Underwriter(s) in connection therewith and in
connection with the preparation of the Blue Sky Survey and any supplement thereto, (vii)&nbsp;if applicable, the printing and delivery to the Underwriter(s) of copies of the Preliminary Prospectus, the Rule 482 Statement, if any, the Prospectus and
any amendments or supplements thereto, and any costs associated with electronic delivery of any of the Registration Statement, the Time of Sale Prospectus or the Prospectus by the Underwriter(s) to investors, (viii)&nbsp;the preparation, printing
and delivery to the Underwriter(s) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">23 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
of copies of the Blue Sky Survey, if any, and any supplement thereto, (ix)&nbsp;the fees and expenses of any transfer agent or registrar for the Securities, (x)&nbsp;the filing fees, if any,
incident to, and the reasonable fees and disbursements of counsel to the Underwriter(s), if any, in connection with, the review by the FINRA of the terms of the sale of the Securities and (xi)&nbsp;the fees and expenses incurred in connection with
the rating of the Securities with Moody&#146;s and Fitch. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;<I>Termination of Agreement</I>. If this
Agreement is terminated by the Representative(s) in accordance with the provisions of Section&nbsp;5 or Section&nbsp;10 hereof, the Fund and the Advisers, jointly and severally, agree that they shall reimburse the Underwriter(s) for all of their <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses, including the reasonable fees and disbursements of counsel for the Underwriter(s). </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">SECTION 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conditions of Underwriter(&#146;s)(s&#146;) Obligations. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The obligations of the [several] Underwriter(s) hereunder are subject to the accuracy of the representations and warranties of
the Fund and the Advisers contained in Section&nbsp;1 hereof and in certificates of any officer of the Fund or the Advisers delivered pursuant to the provisions hereof, to the performance by the Fund and the Advisers of their respective covenants
and other obligations hereunder, and to the following further conditions: </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;<I>Effectiveness of Registration
Statement</I>. The Registration Statement, including any Rule&nbsp;462(b) Registration Statement, has become effective [prior to the date hereof] [or will have become effective by [&#9679;] [A.M./P.M.], Eastern time on the date hereof,] and at
Closing Time no stop order suspending the effectiveness of the Registration Statement shall have been issued under the 1933 Act, no notice or order pursuant to Section&nbsp;8(e) of the 1940 Act shall have been issued, and no proceedings with respect
to either shall have been initiated or, to the knowledge of counsel to the Underwriter(s) and counsel to the Fund, threatened by the Commission and any request on the part of the Commission for additional information shall have been complied with or
waived to the reasonable satisfaction of counsel to the Underwriter(s). A prospectus containing the Rule&nbsp;430B Information shall have been filed with the Commission in accordance with Rule&nbsp;497 (or a post-effective amendment providing such
information shall have been filed and declared effective in accordance with the requirements of Rule&nbsp;430B or a certificate must have been filed in accordance with Rule 497(j)). </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;<I>Opinions of Counsel for Fund and the Advisers</I>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Closing
Time, the Representative(s) shall have received the favorable opinions, dated as of Closing Time, of (i)&nbsp;Sidley Austin LLP, special counsel for the Fund and the Advisers, substantially in the form set forth in <U>Exhibit A</U>, (ii)&nbsp;Sidley
Austin LLP, special tax counsel to the Fund, substantially in the form set forth in <U>Exhibit B</U>, (iii)&nbsp;Gifford R. Zimmerman, Managing Director, <FONT STYLE="white-space:nowrap">Co-General</FONT> Counsel and Assistant Secretary of the
Investment Adviser and Managing Director, Associate General Counsel and Assistant Secretary of the <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> or Kevin J. McCarthy, Senior Managing Director and Secretary of the Investment Adviser and Senior
Managing Director, Secretary and Associate General Counsel of the <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> counsel for the Advisers, substantially in the form set forth in <U>Exhibit C</U>, and (iv)&nbsp;Morgan Lewis&nbsp;&amp; Bockius
LLP, Massachusetts counsel for the Fund, substantially in the form set forth in <U>Exhibit D</U>, or in such other forms and substance reasonably satisfactory to counsel to the Underwriter(s). Such counsel may also state that, insofar as such
opinion involves factual matters, they have relied, to the extent they deem proper, upon </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">24 </P>


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certificates of officers of the Fund or the Advisers, as applicable, and certificates of public officials.&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;<I>Opinion of Counsel for Underwriter(s)</I>. &nbsp;&nbsp;The Representative(s) shall have received from
[&#9679;], counsel for the Underwriter(s), such opinion or opinions, dated the Closing Time and addressed to the Representative(s), with respect to such matters as the Representative(s) may reasonably require, and the Fund and the Advisers shall
have furnished to such counsel such documents as they reasonably request for the purpose of enabling them to pass upon such matters. Such counsel may also state that, insofar as such opinion involves factual matters, they have relied, to the extent
they deem proper, upon certificates of officers of the Fund and certificates of public officials. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;<I>Officers&#146; Certificates</I>. &nbsp;&nbsp;At Closing Time, there shall not have been, since the date
hereof or since the respective dates as of which information is given in the Registration Statement, the Time of Sale Prospectus and the Prospectus, any material adverse change in the condition, financial or otherwise, or in the earnings,
properties, business affairs or business prospects of the Fund, whether or not arising in the ordinary course of business, and the Representative(s) shall have received a certificate of the President or a Vice President of the Fund and of the
treasurer, assistant treasurer, chief financial or chief accounting officer of the Fund, of the President or a Vice President or Managing Director of the Investment Adviser and of the treasurer, assistant treasurer, controller, assistant controller,
chief financial or chief accounting officer of the Investment Adviser and of the President or a Vice President or Managing Director of the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> and of the treasurer, assistant treasurer, chief financial
or chief accounting officer of the <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> dated as of Closing Time, to the effect that (i)&nbsp;there has been no such material adverse change, (ii)&nbsp;the representations and warranties in
Sections&nbsp;1(a), (b) and (c)&nbsp;hereof, as applicable, are true and correct with the same force and effect as though expressly made at and as of Closing Time, (iii)&nbsp;each of the Fund, the Investment Adviser and the <FONT
STYLE="white-space:nowrap">Sub-Adviser,</FONT> respectively, has complied with all agreements and satisfied all conditions on its part to be performed or satisfied pursuant to this Agreement at or prior to Closing Time, (iv)&nbsp;with respect to the
certificates by an officer or Managing Director of the Investment Adviser and the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> only, there has been no material adverse change in the condition, financial or otherwise, or in the earnings,
properties, business affairs or business prospects of the Investment Adviser and the <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> respectively, whether or not arising in the ordinary course of business, and (v)&nbsp;with respect to the Fund
only, no stop order suspending the effectiveness of the Registration Statement, or order of suspension or revocation of registration pursuant to Section&nbsp;8(e) of the 1940 Act has been issued and no proceedings for any such purpose have been
instituted or are pending or, to the knowledge of such officer, are contemplated by the Commission. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;<I>Independent Registered Public Accounting Firm&#146;s Comfort Letter</I>. &nbsp;&nbsp;At the time of the
execution of this Agreement, the Representative(s) shall have received from KPMG LLP a letter dated the date of this Agreement, in form and substance satisfactory to the Representative(s), together with signed or reproduced copies of such letter for
[each of the other] [the] Underwriter(s) containing statements and information of the type customarily included in independent registered public accounting firm&#146;s &#147;comfort letters&#148; to underwriters with respect to the financial
statements and certain financial information contained in the Registration Statement and the Time of Sale Prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">25 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;<I>Bring-down Comfort Letter</I>. &nbsp;&nbsp;At Closing Time, the
Representative(s) shall have received from KPMG LLP a letter, dated as of Closing Time, to the effect that they reaffirm the statements made in the letter furnished pursuant to subsection&nbsp;(e) of this Section, except that the statements shall be
made with respect to the Registration Statement and the Prospectus and except that the specified date referred to shall be a date not more than three business days prior to Closing Time. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;[The Securities are duly listed and admitted and authorized for trading, subject to official notice of issuance,
on the NYSE.]<SUP STYLE="font-size:85%; vertical-align:top">11</SUP> </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;<I>[Maintenance of
Ratings</I>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent to the execution and delivery of this Agreement, there shall not have been received by the Fund or the Advisers any notice of any intended or potential downgrading, or of any review for a
potential downgrading, in the rating accorded to the Securities by any of the Rating Agencies.]<SUP STYLE="font-size:85%; vertical-align:top">12</SUP> </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;<SUP STYLE="font-size:85%; vertical-align:top">13</SUP>[<I>Conditions to Purchase of Option Securities</I>. In
the event that the Underwriter(s) exercise(s) [their][its] option provided in Section&nbsp;2(b) hereof to purchase all or any portion of the Option Securities, the representations and warranties of the Fund contained herein and the statements in any
certificates furnished by the Fund hereunder shall be true and correct as of each Date of Delivery and, at the relevant Date of Delivery, the Representative(s) shall have received: </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;<U>Officers&#146; Certificates</U>. Certificates, dated such Date of Delivery, of
the President or Vice President of the Fund and of the treasurer, chief financial or chief accounting officer of the Fund and of the President or a Vice President or Managing Director of the Investment Adviser and of the treasurer, chief financial
or chief accounting officer of the Investment Adviser confirming that the information contained in the certificate delivered by each of them at the Closing Time pursuant to Section&nbsp;5(d) hereof remains true and correct as of such Date of
Delivery. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Opinions of Counsel for the Fund and the Advisers</U>. The
favorable opinions of counsel for the Fund, substantially in the forms set forth in Exhibit A [and Exhibit B] hereto, the Advisers, substantially in the form set forth in Exhibit C hereto, and the Fund&#146;s Massachusetts counsel, substantially in
the form set forth in Exhibit D hereto, each dated such Date of Delivery, relating to the Option Securities to be purchased on such Date of Delivery and otherwise to the same effect as the opinions required by Section&nbsp;5(b) hereof. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Opinion of Counsel for the Underwriter(s)</U>. The favorable opinion of
[&#9679;], counsel for the Underwriter(s), dated such Date of Delivery, relating to the Option Securities to be purchased on such Date of Delivery and otherwise to the same effect as the opinion required by Section&nbsp;5(c) hereof. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;<U>Bring-down Comfort Letter</U>. A letter from KPMG LLP, in form and substance
satisfactory to the Representative(s) and dated such Date of Delivery, substantially in the same form and substance as the letter furnished to the Representative(s) </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:31%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify"><SUP
STYLE="font-size:85%; vertical-align:top">11</SUP> Include for Common Shares offerings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">12</SUP> Include for <FONT STYLE="white-space:nowrap">VR[R]M-MFP</FONT> offerings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">13</SUP> Include if there is an overallotment option. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">26 </P>


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pursuant to Section&nbsp;5(f) hereof, except that the &#147;specified date&#148; in the letter furnished pursuant to this paragraph shall be a date not more than three business days prior to such
Date of Delivery. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Maintenance of Rating</U>.
&nbsp;&nbsp;The Fund shall have delivered and the Representative(s) shall have received evidence satisfactory to the Representative(s) that the Fund or the Advisers have not received any notice of any intended or potential downgrading, or of any
review for a potential downgrading, in the rating accorded to the Securities by any Rating Agency. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;[<I>Asset Coverage and Leverage Ratio Requirements</I>. &nbsp;&nbsp;At the Closing Time, the Fund will furnish
to the Representative(s) a report showing compliance with the asset coverage requirements of the 1940 Act [and the asset coverage and effective leverage ratio requirements of the Securities (as calculated in accordance with the Statement and as
described in the Registration Statement)] as of the Closing Time in form and substance satisfactory to the Representative(s). Such report shall be prepared on a pro forma basis assuming the receipt of the net proceeds from the sale of the Securities
and the application of such net proceeds as set forth in the Time of Sale Prospectus under &#147;Use of Proceeds.&#148;]<SUP STYLE="font-size:85%; vertical-align:top">14</SUP> </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;[<I>Tender and Paying Agent Agreement</I>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At or prior to the Closing Time,
the Fund will execute and deliver the Tender and Paying Agent Agreement, and the Tender and Paying Agent Agreement will comply with all applicable provisions of the 1940 Act, the 1940 Act Regulations, the Advisers Act and the Advisers Act
Regulations. Assuming due authorization, execution and delivery by the other party thereto, the Tender and Paying Agent Agreement will constitute a valid and binding agreement of the Fund, enforceable in accordance with its terms, except as affected
by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws, whether statutory or decisional, relating to or affecting creditors&#146; rights generally, general equitable principles (whether considered in a
proceeding in equity or at law) and an implied covenant of good faith and fair dealing and except as rights to indemnification or contribution thereunder may be limited by federal or state securities laws or principles of public policy.]<SUP
STYLE="font-size:85%; vertical-align:top">15</SUP> </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(l)&nbsp;&nbsp;[<I>Remarketing Agreement</I>. &nbsp;&nbsp;At or prior
to the Closing Time, the Fund and the Investment Adviser will execute and deliver the Remarketing Agreement, and the Remarketing Agreement will comply with all applicable provisions of the 1940 Act, the 1940 Act Regulations, the Advisers Act and the
Advisers Act Regulations. Assuming due authorization, execution and delivery by the other parties thereto, the Remarketing Agreement will constitute a valid and binding agreement of the Fund and the Investment Adviser, enforceable in accordance with
its terms, except as affected by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws, whether statutory or decisional, relating to or affecting creditors&#146; rights generally, general equitable
principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing and except as rights to </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:31%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify"><SUP
STYLE="font-size:85%; vertical-align:top">14</SUP> Include for <FONT STYLE="white-space:nowrap">VR[R]M-MFP</FONT> offerings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify"><SUP
STYLE="font-size:85%; vertical-align:top">15</SUP> Include for <FONT STYLE="white-space:nowrap">VR[R]M-MFP</FONT> offerings. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">27 </P>


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indemnification or contribution thereunder may be limited by federal or state securities laws or principles of public policy.]<SUP STYLE="font-size:85%; vertical-align:top">16</SUP> </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(m)<I>Additional Documents</I>. &nbsp;&nbsp;At Closing Time, [and at each Date of Delivery,] counsel for the Underwriter(s)
shall have been furnished with such documents and opinions as they may reasonably require for the purpose of enabling them to pass upon the issuance and sale of the Securities as herein contemplated, or in order to evidence the accuracy of any of
the representations or warranties, or the fulfillment of any of the conditions, herein contained; and all proceedings taken by the Fund and the Advisers in connection with the organization and registration of the Fund under the 1940 Act and the
issuance and sale of the Securities as herein contemplated shall be satisfactory in form and substance to the Representative(s) and counsel for the Underwriter(s). </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(n) <I>Termination of Agreement</I>. &nbsp;&nbsp;If any condition specified in this Section shall not have been fulfilled when
and as required to be fulfilled, this Agreement, [or, in the case of any condition to the purchase of Option Securities, on a Date of Delivery which is after the Closing Time, the obligations of the [several] Underwriter(s) to purchase the relevant
Option Securities,] may be terminated by the Representative(s) by notice to the Fund at any time at or prior to Closing Time [or such Date of Delivery, as the case may be,] and such termination shall be without liability of any party to any other
party except as provided in Section&nbsp;4 and except that [Sections 1, 6, 7, 8, 12 and 13] shall survive any such termination and remain in full force and effect. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">SECTION 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Additional
Opinions.]<SUP STYLE="font-size:85%; vertical-align:top">17</SUP> </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) [<I>Opinion of Counsel for Remarketing Agent</I>.
The Fund and the Underwriter(s) shall have received from [&#9679;], counsel for the Remarketing Agent, such opinions, dated the Closing Time and addressed to the Fund and the Underwriter(s), with respect to such matters as the Fund may reasonably
require, and the Remarketing Agent shall have furnished to such counsel such documents as they request for the purpose of enabling them to pass upon such matters. Such counsel may also state that, insofar as such opinion involves factual matters,
they have relied, to the extent they deem proper, upon certificates of officers of the Remarketing Agent and certificates of public officials.] </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) [<I>Opinion of Counsel for Tender and Paying Agent</I>. The Fund and the Underwriter(s) shall have received from [&#9679;],
counsel for the Tender and Paying Agent, such opinion or opinions, dated the Closing Time and addressed to the Fund and the Underwriter(s), with respect to such matters as the Fund or the Underwriter(s) may reasonably require, and the Tender and
Paying Agent shall have furnished to such counsel such documents as they request for the purpose of enabling them to pass upon such matters. Such counsel may also state that, insofar as such opinion involves factual matters, they have relied, to the
extent they deem proper, upon certificates of officers of the Tender and Paying Agent and certificates of public officials.] </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:31%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">16</SUP> Include for <FONT STYLE="white-space:nowrap">VR[R]M-MFP</FONT> offerings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">17</SUP> Include for <FONT STYLE="white-space:nowrap">VR[R]M-MFP</FONT> offerings. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">28 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">SECTION 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indemnification. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;<I>Indemnification of Underwriter(s)</I>. &nbsp;&nbsp;The Fund and the Advisers, jointly and severally, agree to
indemnify and hold harmless [each][the] Underwriter, the affiliates, directors, officers, employees and agents of the Underwriter(s), and each person, if any, who controls [each][the] Underwriter within the meaning of Section&nbsp;15 of the 1933 Act
or Section&nbsp;20 of the 1934 Act, as follows: </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), including any
information deemed to be a part thereof pursuant to Rule 430B, or any Rule 462(b) Registration Statement, or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein not misleading, or arising
out of any untrue statement or alleged untrue statement of a material fact included in the Time of Sale Prospectus, any Rule 482 Statement prepared by or on behalf of, used by, or referred to by the Fund, any road show as defined in Rule 433(h) of
the 1933 Act Regulations (a &#147;<B>road show</B>&#148;) or the Prospectus (or any amendment or supplement to any of the foregoing), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against any and all loss, liability, claim, damage and
expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any (x)&nbsp;litigation, (y) investigation or proceeding by any governmental agency or body, commenced or threatened, or (z)&nbsp;claim whatsoever based
upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject to Section&nbsp;7(d) below) any such settlement is effected with the written consent of the Fund; and </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against any and all expense whatsoever, as incurred
(including the fees and disbursements of counsel chosen by the Representative(s)), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced
or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under (i)&nbsp;or (ii) above; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>provided</U>, <U>however</U>, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent
arising out of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with the Underwriter Information. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;<I>Indemnification of the Fund, the Advisers, Directors and Officers</I>. [Each][The] Underwriter [severally and
not jointly] agrees to indemnify and hold harmless the Fund and the Advisers, their respective directors, trustees and shareholders, each of the Fund&#146;s officers who signed the Registration Statement, and each person, if any, who controls the
Fund or the Advisers within the meaning of Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934 Act against any and all loss, liability, claim, damage and expense described in the indemnity contained in subsection (a)&nbsp;of this Section,
as incurred, but only to the extent arising out of any untrue statement or omission, or alleged untrue statements or omissions, made in the Registration Statement, the Time </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">29 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
of Sale Prospectus, any Rule 482 Statement or the Prospectus (or any amendment or supplement to any of the foregoing), or the omission or alleged omission therefrom of a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, made in reliance upon and in conformity with the Underwriter Information. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;<I>Actions against Parties; Notification</I>. &nbsp;&nbsp;Each indemnified party shall give notice as promptly
as reasonably practicable to each indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party shall not relieve such indemnifying party from any
liability hereunder to the extent it is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement. In the case of parties
indemnified pursuant to Section&nbsp;7(a) above, counsel to the indemnified parties shall be selected by the Underwriter(s), and, in the case of parties indemnified pursuant to Section&nbsp;7(b) above, counsel to the indemnified parties shall be
selected by the Fund and the Advisers. An indemnifying party may participate at its own expense in the defense of any such action; provided, however, that counsel to the indemnifying party shall not (except with the consent of the indemnified party)
also be counsel to the indemnified party. In no event shall the indemnifying parties be liable for fees and expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for all indemnified parties in
connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without the prior written consent of the indemnified
parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which
indemnification or contribution could be sought under this Section&nbsp;7 or Section&nbsp;8 hereof (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i)&nbsp;includes an
unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (ii)&nbsp;does not include a statement as to or an admission of fault, culpability or a failure to act by or on
behalf of any indemnified party. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;<I>Settlement without Consent if Failure to Reimburse</I>. &nbsp;&nbsp;If
at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by
this Section&nbsp;7 effected without its written consent if (i)&nbsp;such settlement is entered into more than 60 days after receipt by such indemnifying party of the aforesaid request, (ii)&nbsp;such indemnifying party shall have received notice of
the terms of such settlement at least 30 days prior to such settlement being entered into and (iii)&nbsp;such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.
</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">SECTION 8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contribution. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If the indemnification provided for in Section&nbsp;7 hereof is for any reason unavailable to or insufficient to hold harmless
an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then, in lieu of indemnifying such indemnified party, each indemnifying party shall contribute to the aggregate amount of such losses,
liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, (i)&nbsp;in such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">30 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
proportion as is appropriate to reflect the relative benefits received by the Fund and the Advisers on the one hand and the Underwriter(s) on the other hand from the offering of the Securities
pursuant to this Agreement or (ii)&nbsp;if the allocation provided by clause&nbsp;(i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause&nbsp;(i) above but also
the relative fault of the Fund and the Advisers on the one hand and of the Underwriter(s) on the other hand in connection with the statements or omissions which resulted in such losses, liabilities, claims, damages or expenses, as well as any other
relevant equitable considerations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The relative benefits received by the Fund and the Advisers on the one hand and the
Underwriter(s) on the other hand in connection with the offering of the Securities pursuant to this Agreement shall be deemed to be in the same respective proportions as the total net proceeds from the offering of the Securities pursuant to this
Agreement (before deducting expenses) received by the Fund and the total discount received by the Underwriter(s) (whether from the Fund or otherwise), in each case as set forth on the cover of the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The relative fault of the Fund and the Advisers on the one hand and the Underwriter(s) on the other hand shall be determined
by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Fund or the Advisers or by the Underwriter(s)
and the parties&#146; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund, the Advisers and the Underwriter(s) agree that it would not be just and equitable if contribution pursuant to this
Section&nbsp;8 were determined by pro rata allocation (even if the Underwriter(s) [were][was] treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above
in this Section&nbsp;8. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this Section&nbsp;8 shall be deemed to include any legal or other expenses reasonably
incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or
alleged untrue statement or omission or alleged omission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Notwithstanding the provisions of this Section&nbsp;8, the
Underwriter(s) shall not be required to contribute any amount in excess of the amount by which the total price at which the Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages
which [the][such] Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the 1933 Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent misrepresentation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For purposes of this
Section&nbsp;8, affiliates, directors, officers, employees and agents of [each][the] Underwriter, and each person, if any, who controls [an][the] Underwriter within the meaning of Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934 Act
shall have the same rights </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">31 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
to contribution as [the][such] Underwriter, and each trustee and shareholder of the Fund, each director of the Investment Adviser and each member of the
<FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> respectively, each officer of the Fund who signed the Registration Statement and each person, if any, who controls the Fund or the Advisers, within the meaning of Section&nbsp;15 of the 1933 Act or
Section&nbsp;20 of the 1934 Act shall have the same rights to contribution as the Fund and the Advisers, respectively. The Underwriter(&#146;s)(s&#146;) [respective] obligations to contribute pursuant to this Section&nbsp;8 are several in proportion
to the number of Securities set forth opposite their respective names in Schedule A hereto and not joint. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">SECTION 9.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations, Warranties and Agreements to Survive Delivery. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All
representations, warranties and covenants contained in this Agreement or in certificates of officers of the Fund, the Investment Adviser or the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> submitted pursuant hereto, shall remain operative and
in full force and effect, regardless of any investigation made by or on behalf of any Underwriter or controlling person, or by or on behalf of the Fund or the Advisers, and shall survive delivery of the Securities to the Underwriter(s). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">SECTION 10. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination of Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;<I>Termination; General</I>. &nbsp;&nbsp;&nbsp;&nbsp;The Representative(s) may terminate this Agreement, by
notice to the Fund, at any time at or prior to the Closing Time [or a Date of Delivery], (i)&nbsp;if there has been, since the time of execution of this Agreement or since the respective dates as of which information is given in the Registration
Statement, the Time of Sale Prospectus or Prospectus, any material adverse change in the condition, financial or otherwise, or in the earnings, properties, business affairs or business prospects of the Fund or the Advisers, whether or not arising in
the ordinary course of business, or (ii)&nbsp;if there has occurred any material adverse change in the financial markets in the United States or the international financial markets, any outbreak or escalation of hostilities or other calamity or
crisis or any change or development involving a prospective change in national or international political, financial or economic conditions, in each case the effect of which is such as to make it, in the judgment of the Representative(s),
impracticable or inadvisable to market the Securities or to enforce contracts for the sale of the Securities, or (iii)&nbsp;if trading of any securities of the Fund has been suspended or materially limited by the Commission or any exchange or in any
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market, or if trading generally on the NYSE, the NYSE MKT or on the NASDAQ Global Market, the Chicago Board of Options Exchange, the Chicago Mercantile
Exchange or the Chicago Board of Trade has been suspended or materially limited, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices have been required, by any of said exchanges or by such system or by order of the
Commission, FINRA or any other governmental authority, or a material disruption has occurred in commercial banking or securities settlement, payment or clearance services in the United States, or (iv)&nbsp;any moratorium on commercial banking
activities shall have been declared by United States federal or New York State authorities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;<I>Liabilities</I>. &nbsp;&nbsp;If this Agreement is terminated pursuant to this Section, such termination
shall be without liability of any party to any other party except as provided in Section&nbsp;4 hereof, and provided further that [Sections 1, 6, 7, 8, 12 and 13] shall survive such termination and remain in full force and effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">32 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">SECTION 11. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP
STYLE="font-size:85%; vertical-align:top">18</SUP>[Default by One or More of the Underwriters. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If one or more of the
Underwriters shall fail at Closing Time [or a Date of Delivery] to purchase the Securities which it or they are obligated to purchase under this Agreement (the &#147;<B>Defaulted Securities</B>&#148;), the Representative(s) shall have the right,
within 24 hours thereafter, to make arrangements for one or more of the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriters, or any other underwriters, to purchase all, but not less than all, of the Defaulted Securities in such
amounts as may be agreed upon and upon the terms herein set forth; if, however, the Representative(s) shall not have completed such arrangements within such <FONT STYLE="white-space:nowrap">24-hour</FONT> period, then: </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;if the number of Defaulted Securities does not exceed 10% of the number of Securities to be purchased on such
date, each of the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriters shall be obligated, severally and not jointly, to purchase the full amount thereof in the proportions that their respective underwriting obligations hereunder bear
to the underwriting obligations of all <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriters, or </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;if the number of Defaulted Securities exceeds 10% of the number of Securities to be purchased on such date, this
Agreement [or, with respect to any Date of Delivery which occurs after the Closing Time, the obligation of the Underwriters to purchase and of the Fund to sell the Option Securities to be purchased and sold on such Date of Delivery] shall terminate
without liability on the part of any <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriter. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">No action taken
pursuant to this Section shall relieve any defaulting Underwriter from liability in respect of its default. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In the event
of any such default which does not result in a termination of this Agreement [or, in the case of a Date of Delivery which is after the Closing Time, which does not result in a termination of the obligation of the Underwriters to purchase and the
Fund to sell the relevant Option Securities, as the case may be,] either the Representative(s) or the Fund shall have the right to postpone Closing Time [or the relevant Date of Delivery, as the case may be,] for a period not exceeding seven days in
order to effect any required changes in the Registration Statement or Prospectus or in any other documents or arrangements. As used herein, the term &#147;Underwriter&#148; includes any person substituted for an Underwriter under this Section.] </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">SECTION 12. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or
transmitted by any standard form of telecommunication. Notices to the Underwriter(s) shall be directed to [&#9679;], [&#9679;], Attention: [&#9679;], Telephone: [&#9679;], Fax: [&#9679;], Email: [&#9679;]; and notices to the Fund or the Advisers
shall be directed to 333 West Wacker Drive, Chicago, Illinois 60606, Attention: [&#9679;]. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">SECTION 13.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parties. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Agreement shall inure to the benefit of and be binding upon
each of the Underwriter(s), the Fund, the Investment Adviser, the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> and their respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:31%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">18</SUP> Include if there are more than one underwriter. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">33 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
to give any person, other than the Underwriter(s), the Fund, the Investment Adviser, the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> and their respective successors and the controlling
persons and officers, shareholders and directors referred to in Sections 7 and 8 and their heirs and legal representatives, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision herein contained. This
Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the Underwriter(s), the Fund, the Investment Adviser, the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> and their respective
successors, and said controlling persons and officers, shareholders and directors and their heirs and legal representatives, and for the benefit of no other person. No purchaser of Securities from any Underwriter shall be deemed to be a successor by
reason merely of such purchase. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">SECTION 14. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Advisory or Fiduciary
Relationship. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund, the Investment Adviser and the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> each
acknowledges and agrees that (i)&nbsp;the purchase and sale of the Securities pursuant to this Agreement, including the determination of the offering price and dividend rate of the Securities and any related discounts and commissions, is an <FONT
STYLE="white-space:nowrap">arm&#146;s-length</FONT> commercial transaction between the Fund, on the one hand, and the [several] Underwriter(s), on the other hand, (ii)&nbsp;in connection with the offering contemplated hereby and the process leading
to such transaction [each][the] Underwriter is and has been acting solely as a principal and is not the agent or fiduciary of the Fund or the Advisers or their shareholders, creditors, employees or any other party, (iii)&nbsp;the Underwriter(s)
[have][has] not assumed and will not assume an advisory or fiduciary responsibility in favor of the Fund or the Advisers with respect to the offering contemplated hereby or the process leading thereto, (irrespective of whether the Underwriter(s)
[have][has] advised or is currently advising the Fund or the Advisers on other matters) and the Underwriter(s) [have][has] no obligation to the Fund or the Advisers with respect to the offering contemplated hereby except the obligations expressly
set forth in this Agreement, (iv)&nbsp;the Underwriter(s) and [their][its] respective affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Fund and the Advisers, and (v)&nbsp;the
Underwriter(s) [have][has] not provided any legal, accounting, regulatory or tax advice with respect to the offering contemplated hereby and the Fund and the Advisers have consulted their own legal, accounting, regulatory and tax advisors to the
extent they deemed appropriate. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">SECTION 15. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GOVERNING LAW. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">SECTION 16. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of Headings. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Section headings herein are for convenience only and shall not affect the construction hereof. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">SECTION 17. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclaimer of Liability of Trustees and Beneficiaries. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A copy of the Declaration of Trust of the Fund is on file with the Secretary of the Commonwealth of Massachusetts, and notice
hereby is given that this Agreement is executed on behalf of the Fund by an officer or trustee of the Fund in his or her capacity as an officer or trustee of the Fund and not individually and that the obligations under or arising out of this
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">34 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Agreement are not binding upon any of the trustees, officers or shareholders individually but are binding only upon the assets and properties of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">SECTION 18. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partial Unenforceability. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
their reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">SECTION 19. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparts. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Agreement may be signed in two or more counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by telecopier, facsimile or other electronic transmission (i.e., a &#147;pdf&#148; or &#147;tif&#148;) shall be
effective as delivery of a manually executed counterpart thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">SECTION 20.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Agreement, together with any contemporaneous
written agreements that relate to the offering of the Securities, represents the entire agreement between the Fund, the Investment Adviser, the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> and the Underwriter(s) with respect to the
preparation of the Registration Statement, the Time of Sale Prospectus and the Prospectus, the conduct of the offering, and the purchase and sale of the Securities. This Agreement supersedes all prior agreements and understandings (whether written
or oral) between the Fund, the Investment Adviser, the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> and the Underwriter(s), or any of them, with respect to the subject matter hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">SECTION 21. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver of Jury Trial. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each of the parties to this Agreement hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all
right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[<I>Signatures on Following Pages</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">35 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If the foregoing is in accordance with your understanding of our agreement,
please sign and return to us a counterpart hereof, whereupon this instrument, along with all counterparts, will become a binding agreement among the Underwriter(s), the Fund, the Investment Adviser and the
<FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> in accordance with its terms. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="30%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="89%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Very truly yours,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><FONT STYLE="white-space:nowrap">NUVEEN&nbsp;AMT-FREE&nbsp;MUNICIPAL&nbsp;CREDIT</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">INCOME FUND</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">NUVEEN FUND ADVISORS, LLC</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">NUVEEN ASSET MANAGEMENT, LLC</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">THE&nbsp;FOREGOING&nbsp;AGREEMENT&nbsp;IS&nbsp;HEREBY</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">CONFIRMED AND ACCEPTED,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">as of the date first above
written:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="90%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As representatives of the [several] Underwriter(s) </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE A </B></P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="79%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>
<TD WIDTH="75%"></TD>
<TD VALIGN="bottom" WIDTH="24%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:12pt; font-family:Times New Roman; "><B>Underwriter</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;Number&nbsp;of&nbsp;Securities&nbsp;&nbsp;</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">[NAME]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">[NAME]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; font-size:12pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Sch A-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE B </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1. The initial public offering price per share for the Securities, determined as provided in Section&nbsp;2 of the Agreement shall be
$[&#9679;]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2. The purchase price per share for the Securities to be paid by the [several] Underwriter(s) shall be $[&#9679;], being an
amount equal to the initial public offering price set forth above less $[&#9679;] per share; [provided that the purchase price per share for any Option Securities purchased upon the exercise of the overallotment option described in Section&nbsp;2(b)
shall be increased by an amount per share equal to the per share amount of the accumulated dividends and distributions (whether or not declared or paid) with respect to the Initial Securities from the date of the original issuance of the Initial
Securities through the date prior to the Date of Delivery.] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Sch B-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE C </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Permitted Communications </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Time of Sale
Prospectus </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1. Preliminary Prospectus dated [&#9679;], 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2. The following orally confirmed pricing information: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The number of Securities offered by the Fund is [&#9679;]. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The initial offering price of the Securities is $[&#9679;] per share. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">[The dividend rate for [DATE] will be equal to the sum of [&#9679;]% per annum plus the Securities Industry
Financial Markets Association (&#147;SIFMA&#148;) Municipal Swap Index published at approximately 4:00 p.m., New York City time, on [DATE], or [&#9679;]% per annum if the SIFMA Municipal Swap Index is not so published; the expected closing date is
[DATE].] </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">[The trade date for the offering is [DATE], and the Securities will be delivered on or about [DATE]. By agreeing
to purchase Securities on the trade date, investors are agreeing to an alternate settlement cycle of [&#9679;] business days (T+[&#9679;]). Investors who wish to trade the Securities [on the trade date or the next business day] will be required to
specify an alternative settlement cycle at the time of any such trade to prevent a failed settlement. Investors who wish to trade the Securities on such dates should consult their own advisors. [In addition, the [Tender Notice] that an investor is
required to provide in connection with any optional tender for remarketing of Securities includes agreement to an alternative settlement cycle for settlement on the seventh calendar day following the [Tender Notice Date] or, if such seventh calendar
day is not a business day, the next succeeding business day.]] </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Sch C-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE D </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Rule 482 Statement </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[Attached.] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Sch D-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE E </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[List of parties that will be executing a <FONT STYLE="white-space:nowrap">lock-up</FONT> agreement] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>[TO COME] </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit A </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF OPINION OF SPECIAL COUNSEL TO THE FUND AND THE ADVISERS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>TO BE DELIVERED PURSUANT TO </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SECTION 5(b) </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">With respect
to the Fund and the Advisers: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Underwriting Agreement,
[the Tender and Paying Agent Agreement] [and the Remarketing Agreement][and the Purchase Agreement] (together the &#147;<B>Transaction Agreements</B>&#148;) constitutes a valid and binding agreement of the Fund under the laws of the State of New
York, enforceable against the Fund in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy and insolvency (including, without limitation, all laws relating to fraudulent transfers, reorganization, moratorium or
similar laws affecting enforcement of creditors&#146; rights generally) and except as enforcement thereof is subject to general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law), and except
further as the enforcement thereof may be subject to limitations on rights to indemnity or contribution or both by federal or state securities laws or the public policies underlying such laws; each of the Transaction Agreements complies with all
applicable provisions of the 1940 Act; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Underwriting Agreement
constitutes a valid and binding agreement of the Advisers under the laws of the State of New York, enforceable against the Advisers in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy and insolvency
(including, without limitation, all laws relating to fraudulent transfers, reorganization, moratorium or similar laws affecting enforcement of creditors&#146; rights generally) and except as enforcement thereof is subject to general principles of
equity (regardless of whether enforcement is considered in a proceeding in equity or at law), and except further as the enforcement thereof may be subject to limitations on rights to indemnity or contribution or both by federal or state securities
laws or the public policies underlying such laws; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;[The Remarketing Agreement
constitutes a valid and binding agreement of the Investment Adviser under the laws of the State of New York, enforceable against the Investment Adviser in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy and
insolvency (including, without limitation, all laws relating to fraudulent transfers, reorganization, moratorium or similar laws affecting enforcement of creditors&#146; rights generally) and except as enforcement thereof is subject to general
principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law), and except further as the enforcement thereof may be subject to limitations on rights to indemnity or contribution or both by federal or
state securities laws or the public policies underlying such laws;] </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;[The
Purchase Agreement constitutes a valid and binding agreement of the Fund under the laws of the State of New York, enforceable against the Fund in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy and
insolvency (including, without limitation, all laws relating to fraudulent transfers, reorganization, moratorium or similar laws affecting enforcement of creditors&#146; rights generally) and except as enforcement thereof is subject to general
principles of equity </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
(regardless of whether enforcement is considered in a proceeding in equity or at law), and except further as the enforcement thereof may be subject to limitations on rights to indemnity or
contribution or both by federal or state securities laws or the public policies underlying such laws;] </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the issuance and sale of the Securities by the Fund
pursuant to the Underwriting Agreement, the execution and delivery of any of the Transaction Agreements by the Fund, or the performance by the Fund of its agreements under any of the Transaction Agreements (A)&nbsp;requires any consent, approval,
authorization or other order of, or registration or filing with any governmental body or agency or arbitrator or court of the United States of America or the State of New York (except (1)&nbsp;such as may be required under the 1933 Act and the 1940
Act, (2)&nbsp;such as may have been obtained prior to the date hereof or, with respect to performance, as specified to be obtained, maintained or made in the applicable Transaction Agreement and (3)&nbsp;that no opinion is given in this paragraph
with respect to the federal securities laws or the state securities or Blue Sky laws of various jurisdictions) [or violates or will violate or constitutes or will constitute a breach of any of the provisions of the Statement of the Fund,] (B)
violates or will violate or constitutes or will constitute a breach of, or a default under, any material agreement, indenture, lease or other instrument known to such counsel to which the Fund is party or by which it or any of its properties may be
bound, except to the extent that any such violation, breach or default would not, in the aggregate, result in a material adverse effect on the Fund or violate any existing United States of America or the State of New York statute, law, regulation
(assuming compliance with all applicable federal and state securities and Blue Sky laws, but without limiting the opinion in paragraph (vi)&nbsp;below), or judgment, injunction, order or decree known to such counsel and applicable to the Fund or any
of its properties, or (C)&nbsp;will result in the creation or imposition of any material lien, charge or encumbrance upon any property or assets of the Fund pursuant to the terms of any agreement or instrument known to us to which the Fund is a
party or by which any of its property or assets is bound; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund
is registered under the 1940 Act as a <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The statements made in the Registration Statement, the Time of Sale
Prospectus and the Prospectus under the captions [&#147;Prospectus Summary &#151; Federal Income Taxes&#148;], [&#147;Tax Matters&#148;] and [&#147;Prospectus Supplement Summary &#151; Tax Exemptions,&#148;] insofar as they constitute matters of
U.S. Federal tax law or legal conclusions with respect thereto, have been reviewed by us and constitute accurate statements of any such matters of law or legal conclusions, and fairly present the information set forth therein, in all material
respects; </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(viii)&nbsp;&nbsp;&nbsp;&nbsp;[The description of the Securities contained under the caption
[&#147;Description of Securities&#151;Preferred Shares&#148;] [&#147;Description of Securities&#151;Common Shares&#148;]in the Time of Sale Prospectus at the Time of Sale and in the Prospectus conforms in all material respects as to legal matters to
the terms thereof contained in the Statement; and] </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registration Statement has been declared effective under the 1933 Act; any required filing of the Preliminary Prospectus or the Prospectus pursuant to Rule&nbsp;497(c) or Rule&nbsp;497(h) has been made in the manner and within the time period
required by Rule&nbsp;497. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the best of
our knowledge, based solely on a review of the Commission&#146;s website, no stop order suspending the effectiveness of the Registration Statement or any notice objecting to its use has been issued under the 1933 Act, no order of suspension or
revocation of registration pursuant to Section&nbsp;8(e) of the 1940 Act has been issued with respect to the Fund, and no proceedings for any such purpose have been instituted or are pending or threatened by the Commission. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registration Statement [and Rule 462(b) Registration Statement
each] complied as to form in all material respects with the requirements of the 1933 Act and the 1940 Act, as applicable. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In acting as special counsel to the Fund and the Advisers in connection with the transactions described in the first paragraph
above, we have participated in conferences with officers and other representatives of the Fund and the Advisers, representatives of the Fund&#146;s independent public accountants, the Fund&#146;s Massachusetts counsel and your representatives and
counsel, at which conferences certain contents of the Registration Statement, the Time of Sale Prospectus and the Prospectus and related matters were discussed. Although we are not passing upon or assuming responsibility for the accuracy,
completeness or fairness of the statements included or incorporated by reference in or omitted from the Registration Statement, the Time of Sale Prospectus or the Prospectus (except as provided in paragraphs (vii)&nbsp;and (viii) above) and have
made no independent check or verification thereof, based upon our participation in such conferences, no facts have come to our attention that have caused us to believe that, insofar as is relevant to the offering of the Securities: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">the Registration Statement (including the information in the Prospectus that was omitted from the
Registration Statement at the time it originally became effective under the 1933 Act but that is deemed, pursuant to Rule 430B(f)(1) of the 1933 Act Regulations to be part of, and included in, the Registration Statement), as of [DATE], contained an
untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">the Time of Sale Prospectus, at [TIME] (Eastern time) on [DATE], included an untrue statement of a material
fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; or </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">the Prospectus, at the time it was first provided to the Underwriter(s) for use or as of the date hereof,
included or includes an untrue statement of a material fact or omitted or omits to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;
</P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">except that, in each case, we express no belief, and make no statement, with respect to the financial statements
(including notes) or supporting schedules, if any, thereto, or other financial data and statistical data derived therefrom, contained or incorporated or deemed to be incorporated by reference therein or omitted therefrom. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In rendering the opinions set forth herein and in making the statement set forth
in item 1. in the immediately preceding paragraph we have assumed that [TIME] (Eastern Time) on [DATE] is the &#147;the earlier of the date such subsequent form of prospectus is first used or the date and time of the first contract of sale of
securities in the offering to which such subsequent form of prospectus relates&#148; within the meaning of Rule 430B(f)(1) under the 1933 Act Regulations, insofar as it relates to the Prospectus and the Shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>[Exhibit B] </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>[FORM OF OPINION OF SPECIAL TAX COUNSEL TO THE FUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>TO BE DELIVERED PURSUANT TO </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SECTION 5(b)]<SUP STYLE="font-size:85%; vertical-align:top">19</SUP> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">With respect to the Fund: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For U.S. federal income tax purposes, (i)&nbsp;the Fund
will qualify as a regulated investment company (a &#147;RIC&#148;) under the Internal Revenue Code of 1986 (the &#147;Code&#148;), (ii) the Securities will qualify as stock in the Fund, and (iii)&nbsp;distributions made with respect to the
Securities will qualify as exempt-interest dividends to the extent properly reported by the Fund and not otherwise limited under Section&nbsp;852(b)(5)(A) of the Code; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The statements set forth under the captions &#147;Tax
Matters&#148; in the Prospectus insofar as they purport to constitute matters of United States federal tax law or legal conclusions with respect thereto, are a fair and accurate summary of the matters addressed therein in all material respects,
subject to the assumptions and limitations stated therein. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">These opinions are furnished to the Fund and the Underwriter(s)
solely for their benefit in connection with the Underwriting Agreement and except as follows are not to be relied upon, quoted, circulated, published or otherwise referred to for any other purpose, in whole or in part, without our express prior
written consent. This opinion letter may be disclosed to the holders and beneficial owners of the Securities and they may rely on it as if they were addressees of this opinion letter, it being understood that we are not establishing any
lawyer-client relationship with the holders or beneficial owners of the Securities. This opinion letter is not to be relied upon for the benefit of any other person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In addition to the assumptions set forth in the opinion, these opinions are subject to the following exceptions, limitations
and qualifications: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our opinions are based upon our
interpretation of the current provisions of the Code and current judicial decisions, administrative regulations and published notices, rulings and procedures. Our opinions only represent our best judgment and are not binding on the Internal Revenue
Service (the &#147;IRS&#148;), or the courts and there is no assurance that the IRS will not successfully challenge the conclusions set forth herein. The IRS has not yet issued regulations or administrative interpretations with respect to various
provisions of the Code relating to RIC qualification. Consequently, no assurance can be given that future legislative, judicial or administrative changes, on either a prospective or retroactive basis, would not adversely affect the accuracy of the
conclusions stated herein. We undertake no obligation to advise you of changes in law which may occur after the date hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our opinions are limited to the U.S. federal income tax matters
addressed herein, and no other opinions are rendered with respect to any other matter not specifically </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:31%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">19</SUP> To be delivered in connection with VR[R]M offerings. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
set forth in the foregoing opinions, including without limitation with respect to any other U.S. federal, state or local tax consequences or foreign tax consequences. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s qualification and taxation as a RIC depend
upon the Fund&#146;s ability to satisfy through actual operations the applicable asset composition, source of income, distribution and other requirements of the Code necessary to qualify and be taxed as a RIC, which operations will not be reviewed
by special counsel. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our opinions are based upon the
proposed method of operation of the Fund as described in the Registration Statement, the Time of Sale Prospectus, the Prospectus and the representations and covenants set forth in the documents described herein. We undertake no obligation to review
at any time in the future either the Fund&#146;s operations or its compliance with such representations and covenants and, consequently, no assurance can be given that the Fund will satisfy the requirements of the Code necessary to qualify or be
taxed as a RIC for any particular taxable year. Further, we assume no obligation to advise you of any changes in our opinions subsequent to the delivery of this opinion letter. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event any one of the statements,
representations, warranties, covenants or assumptions we have relied upon to issue these opinions is incorrect in a material respect, our opinions might be adversely affected and if so may not be relied on. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit C </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF OPINION OF INVESTMENT ADVISER&#146;S COUNSEL </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>TO BE DELIVERED PURSUANT TO </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SECTION 5(b) </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">With respect
to the Investment Adviser and the <FONT STYLE="white-space:nowrap">Sub-Adviser:</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Investment Adviser and
<FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> has been duly formed and is validly existing in good standing as a limited liability company under the laws of the State of Delaware, with full limited liability company power and authority to own,
lease and operate its properties and to conduct its business as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus, and each is duly qualified to do business and is in good standing under the laws of each
jurisdiction which requires such qualification, except where the failure to so qualify does not have a material adverse effect on the condition (financial or other), business, properties or results of operations of either the Investment Adviser or
the <FONT STYLE="white-space:nowrap">Sub-Adviser;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Investment Adviser and <FONT
STYLE="white-space:nowrap">Sub-Adviser</FONT> is duly registered with the Securities and Exchange Commission as an investment adviser under the Advisers Act and is not prohibited by the Advisers Act or the 1940 Act from acting under, as applicable,
the Investment Management Agreement or the <FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement as contemplated by the Time of Sale Prospectus and the Prospectus; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investment Adviser has full limited liability company power and
authority to enter into the Underwriting Agreement, the Investment Management Agreement, the <FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement [and the Remarketing Agreement]; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> has full
limited liability company power and authority to enter into the Underwriting Agreement and the <FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Underwriting Agreement has been duly authorized, executed and
delivered by the Investment Adviser and the <FONT STYLE="white-space:nowrap">Sub-Adviser;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Investment Management Agreement, the <FONT
STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement [and the Remarketing Agreement] has been duly authorized, executed and delivered by the Investment Adviser and each of the Investment Management Agreement and the <FONT
STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement is a valid and legally binding agreement of the Investment Adviser, assuming due authorization, execution and delivery by the Fund in the case of the Investment Management Agreement,
enforceable against the Investment Adviser in accordance with its terms subject to the qualification that the enforceability of the Investment Adviser&#146;s obligations thereunder may be limited by bankruptcy, insolvency, reorganization, moratorium
and other laws relating to or affecting creditors&#146; rights generally and by general equitable principles; it being understood that the enforceability of indemnification provisions may be subject to limitations under applicable federal and state
securities laws or the public policies underlying such laws; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">C-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vii)&nbsp;&nbsp;&nbsp;&nbsp;The
<FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement has been duly authorized, executed and delivered by <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> and the <FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement is a valid
and legally binding agreement of the <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> enforceable against the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> in accordance with its terms subject to the qualification that the enforceability
of the <FONT STYLE="white-space:nowrap">Sub-Adviser&#146;s</FONT> obligations thereunder may be limited by bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors&#146; rights generally and by general
equitable principles; it being understood that the enforceability of indemnification provisions may be subject to limitations under applicable federal and state securities laws or the public policies underlying such laws; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(viii)&nbsp;&nbsp;&nbsp;&nbsp;The Underwriting Agreement, the Investment Management Agreement and the <FONT
STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement [, the Purchase Agreement] [and the Remarketing Agreement] comply in all material respects with all applicable provisions of the 1933 Act, the 1940 Act and the Advisers Act; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the execution or delivery of the Underwriting Agreement, the
Investment Management Agreement, the <FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement [, the Purchase Agreement] [nor the Remarketing Agreement], nor the consummation of the transactions therein contemplated, nor the fulfillment of the
terms thereof, result in a breach or violation of, or imposition of any material lien, charge or encumbrance upon any property or assets of the Investment Adviser pursuant to, (i)&nbsp;the certificate of formation, limited liability company
agreement or other organizational documents of the Investment Adviser, (ii)&nbsp;the terms of any material indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or
instrument to which the Investment Adviser is a party or bound or to which its property is subject that is known to me after reasonable inquiry or (iii)&nbsp;any material statute, law, rule, regulation, judgment, order or decree that is known to me
after reasonable inquiry applicable to the Investment Adviser of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Investment Adviser or any of its properties; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the execution or delivery of the
<FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement or the Underwriting Agreement, nor the consummation of the transactions therein contemplated, nor the fulfillment of the terms thereof, result in a breach or violation of, or imposition
of any material lien, charge or encumbrance upon any property or assets of the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> pursuant to, (i)&nbsp;the certificate of formation, limited liability company agreement or other organizational
documents of the <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> (ii)&nbsp;the terms of any material indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or
instrument to which the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> is a party or bound or to which its property is subject that is known to me after reasonable inquiry or (iii)&nbsp;any material statute, law, rule, regulation, judgment,
order or decree that is known to me after reasonable inquiry applicable to the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having
jurisdiction over the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> or any of its properties; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the best of my knowledge after reasonable inquiry, other than as
described or contemplated in the Time of Sale Prospectus or the Prospectus, there is no pending or threatened action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving either the
Investment Adviser, the Sub-</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">C-2 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Adviser or their property which is not adequately disclosed in the Time of Sale Prospectus and the Prospectus, and there are no agreements, contracts, indentures, leases, permits or other
instruments which are not adequately described as required in the Prospectus; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Investment Adviser and
<FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> owns, possesses or has obtained and currently maintains all governmental licenses, permits, consents, orders, approvals and other authorizations as are necessary to carry on its business as
contemplated in the Time of Sale Prospectus and the Prospectus; and </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No material consent, approval, authorization, filing with or order of
any court or governmental agency or body is required on the part of either the Investment Adviser or <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> in connection with the transactions contemplated in the Underwriting Agreement or in the
Investment Management Agreement, the <FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement [, the Purchase Agreement] [or the Remarketing Agreement], except such as have been made or obtained or as may be required under the 1933 Act, the
1940 Act and the Advisers Act, the rules and regulations of the Financial Industry Regulatory Authority, Inc. and under the blue sky laws of any jurisdiction in connection with the purchase and distribution of the Securities by the Underwriter(s) in
the manner contemplated in the Underwriting Agreement and in the Time of Sale Prospectus and the Prospectus. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Although I
have not undertaken, except as otherwise indicated herein, to determine independently, and I do not assume any responsibility for, the accuracy and completeness of the statements in the Registration Statement, the Time of Sale Prospectus and the
Prospectus, I and other members of the legal department have participated in the preparation of the Registration Statement, the Time of Sale Prospectus and the Prospectus, including review and discussion of the contents thereof, and nothing has come
to my attention that has caused me to believe that (a)&nbsp;the Time of Sale Prospectus, at the Time of Sale, contained an untrue statement of a material fact or omitted to state any material fact necessary to make the statements contained therein,
in the light of the circumstances under which they were made, not misleading; or (b)&nbsp;the Prospectus, as of its issue date and as of the date hereof, contained or contains an untrue statement of a material fact or omitted or omits to state a
material fact necessary to make the statements contained therein, in the light of the circumstances under which they were made, not misleading (except, in each case for (i)&nbsp;the Underwriter Information and (ii)&nbsp;the financial statements and
other financial and statistical data included in or omitted from the Time of Sale Prospectus or the Prospectus, as to which I express no belief). </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">These opinions are given as of the date hereof and are limited in all respects to the law and facts existing as of the date
hereof. I assume no obligation to update or supplement this opinion to reflect any facts or circumstances which may hereafter come to my attention or any changes in laws which may hereafter occur. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">I am admitted to practice in the State of Illinois, and I express no opinions whatsoever with respect to any laws other than
the internal laws of the State of Illinois, the federal laws of the United States and the Limited Liability Company Act of the State of Delaware. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">C-3 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit D </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF OPINION OF FUND&#146;S MASSACHUSETTS COUNSEL </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>TO BE DELIVERED PURSUANT TO </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SECTION 5(b) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">With respect
to the Fund: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund (A)&nbsp;has been formed and is validly
existing under the Fund&#146;s Declaration of Trust and the laws of the Commonwealth of Massachusetts as a voluntary association with transferable shares of beneficial interest, commonly referred to as a &#147;Massachusetts business trust,&#148; (B)
is in good standing with the Secretary of the Commonwealth of Massachusetts and (C)&nbsp;has power under its Declaration of Trust as a Massachusetts business trust to conduct its business as described in the Time of Sale Prospectus and the
Prospectus, and to enter into and perform its obligations under the Underwriting Agreement [and under the Tender and Paying Agent Agreement] [and the Remarketing Agreement] [and the Purchase Agreement] ([the Tender and Paying Agent Agreement] [and
the Remarketing Agreement][and the Purchase Agreement], together, the &#147;<B><I>Transaction Agreements</I></B>&#148;). The global share certificate complies as to form with any requirements of Massachusetts law applicable to Massachusetts business
trusts; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Securities have been duly authorized by the Fund for issuance and
sale pursuant to the terms set forth in the Underwriting Agreement, and, when issued and delivered against payment therefor in accordance with the terms set forth in the Underwriting Agreement, will be validly issued, fully paid and nonassessable,
except that, as set forth in the Prospectus, shareholders of a Massachusetts business trust may under certain circumstances be held liable for its obligations, and, to our knowledge, no holder of shares of beneficial interest in the Fund has, as
such holder, any preemptive right or other rights to purchase beneficial interests in the Fund pursuant to the Declaration of Trust, the <FONT STYLE="white-space:nowrap">By-Laws</FONT> of the Fund or Massachusetts law applicable to Massachusetts
business trusts; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Underwriting Agreement and the Transaction Agreements
have each been duly authorized, executed and delivered by the Fund; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;The
execution, delivery and performance of the Underwriting Agreement and each of the Transaction Agreements by the Fund and the consummation of the transactions contemplated in the Underwriting Agreement and the Transaction Agreements, including the
issuance and sale of the Securities, do not constitute a violation of the provisions of the Declaration of Trust, [the Statement] or <FONT STYLE="white-space:nowrap">By-Laws</FONT> of the Fund, or, any Massachusetts law, statute, rule or regulation
applicable to Massachusetts business trusts (except with respect to any Massachusetts securities law, rule or regulation, about which we express no opinion) or any judgment, order writ or decree, known to us, of the government or an instrumentality
of the government of the Commonwealth of Massachusetts or Massachusetts court having jurisdiction over the Fund; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No filing or registration with, or authorization, approval, consent,
license, order, qualification, or decree of any Massachusetts court or government authority or agency of the Commonwealth of Massachusetts (except (a)&nbsp;such as may have been made or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">D-1 </P>


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obtained on or prior to the date hereof, [including the filing of the Statement with the Secretary of the Commonwealth of Massachusetts] and (b)&nbsp;with respect to any Massachusetts securities
law, rule or regulation, about which we express no opinion), is required under Massachusetts law in connection with the execution, delivery or performance by the Fund of the Underwriting Agreement and the Transaction Agreements and the consummation
by the Fund of the transactions contemplated thereby. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">D-2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit E </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Form of <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Agreement </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>[TO COME] </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">E-1 </P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.L.1
<SEQUENCE>9
<FILENAME>d656069dex99l1.htm
<DESCRIPTION>OPINION OF MORGAN, LEWIS & BOCKIUS LLP
<TEXT>
<HTML><HEAD>
<TITLE>Opinion of Morgan, Lewis &amp;amp; Bockius LLP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Book Antiqua" ALIGN="right"><B><I>Exhibit l.1 </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Book Antiqua" ALIGN="center">[Letterhead of Morgan, Lewis and Bockius LLP] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Book Antiqua" ALIGN="center">October&nbsp;26, 2018 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Book Antiqua">Nuveen <FONT
STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Book Antiqua">333 West Wacker Drive </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Book Antiqua">Chicago, Illinois 60606 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Book Antiqua; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">RE:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Book Antiqua; " ALIGN="left"><U>Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Book Antiqua">Ladies and Gentlemen: </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Book Antiqua">We have acted as special
Massachusetts counsel to Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund, a Massachusetts business trust (the &#147;Fund&#148;), in connection with the Fund&#146;s
<FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment to its Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> to be filed with the Securities and Exchange Commission (the &#147;Commission&#148;) on or about
October&nbsp;26, 2018 (the &#147;Registration Statement&#148;), with respect to the Fund&#146;s (i)&nbsp;common shares of beneficial interest, $.01 par value per share (the &#147;Common Shares&#148;), and (ii)&nbsp;MuniFund Preferred Shares of
beneficial interest, $.01 par value per share (the &#147;MFP Shares,&#148; and collectively with the Common Shares, the &#147;Shares&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Book Antiqua">In connection with the furnishing of this opinion, we have examined the following documents: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Book Antiqua">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a certificate dated as of a recent date of the Secretary of the Commonwealth of Massachusetts
as to the existence of the Fund; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Book Antiqua">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;copies of the Fund&#146;s Declaration of Trust dated
July&nbsp;12, 1999, the amendment thereto dated as of October&nbsp;6, 2009, and the name change amendments effective as of January&nbsp;2, 2012, April&nbsp;11, 2016, and December&nbsp;28, 2016, each as on file in the office of the Secretary of the
Commonwealth of Massachusetts (as so amended, the &#147;Declaration&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Book Antiqua">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a copy of the
Fund&#146;s Statement Establishing and Fixing the Rights and Preferences of Series 1 Variable Rate Demand Preferred Shares as modified by the Notice of Special Rate Period, each as filed with the Secretary of the Commonwealth of Massachusetts on
December&nbsp;12, 2013 and the Notice of Special Rate Period as filed with the Secretary of the Commonwealth of Massachusetts on June&nbsp;24, 2016 and the Amended and Restated Notice of Special Rate Period as filed with the Secretary of the
Commonwealth of Massachusetts on May&nbsp;31, 2018; </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Book Antiqua">Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Book Antiqua">October&nbsp;26, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Book Antiqua">Page 2 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Book Antiqua">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a copy of the Fund&#146;s Statement
Establishing and Fixing the Rights and Preferences of Series 2 Variable Rate Demand Preferred Shares, as filed with the Secretary of the Commonwealth of Massachusetts on April&nbsp;7, 2016; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Book Antiqua">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a copy of the Fund&#146;s Statement Establishing and Fixing the Rights and Preferences of
Series 4 Variable Rate Demand Preferred Shares as modified by the Notice of Special Rate Period, each as filed with the Secretary of the Commonwealth of Massachusetts on June&nbsp;16, 2016 and as further modified by Amendment No.&nbsp;1 to Statement
Establishing and Fixing the Rights and Preferences of Series 4 Variable Rate Demand Preferred Shares as filed with the Secretary of the Commonwealth of Massachusetts on June&nbsp;19, 2018 and the Notice of Subsequent Rate Period as filed with the
Secretary of the Commonwealth of Massachusetts on June&nbsp;21, 2018; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Book Antiqua">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a copy of the
Fund&#146;s Statement Establishing and Fixing the Rights and Preferences of Series 5 Variable Rate Demand Preferred Shares, as filed with the Secretary of the Commonwealth of Massachusetts on November&nbsp;9, 2016; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Book Antiqua">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a copy of the Fund&#146;s Statement Establishing and Fixing the Rights and Preferences of
Series 6 Variable Rate Demand Preferred Shares, as filed with the Secretary of the Commonwealth of Massachusetts on November&nbsp;9, 2016; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Book Antiqua">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a copy of the Fund&#146;s Statement Establishing and Fixing the Rights and Preferences of
Series A MuniFund Preferred Shares and the Supplement attached as Appendix A thereto, as filed at the office of the Secretary of the Commonwealth of Massachusetts on January&nbsp;26, 2018, and as amended on October&nbsp;1, 2018, and together with
the Statements referred to in subparagraphs (c), (d), (e), (f), and (g)&nbsp;above, the &#147;Existing Preferred Statements&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Book Antiqua">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the form of the Fund&#146;s Statement Establishing and Fixing the Rights and Preferences of
MuniFund Preferred Shares (the &#147;New MFP Statement&#148;), and (i)&nbsp;the form of Supplement to the Statement Establishing and Fixing the Rights and Preferences of MuniFund Preferred Shares Designating the Variable Rate Remarketed Mode,
(ii)&nbsp;the form of Supplement to the Statement Establishing and Fixing the Rights and Preferences of MuniFund Preferred Shares Designating the Variable Rate Mode, and (iii)&nbsp;the form of Supplement to the Statement Establishing and Fixing the
Rights and Preferences of MuniFund Preferred Shares Designating the Variable Rate Mode (Adjustable Rate) (each, a &#147;Mode Supplement&#148;), each as filed as an exhibit to the Registration Statement; </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Book Antiqua">Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Book Antiqua">October&nbsp;26, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Book Antiqua">Page 3 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Book Antiqua">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a certificate executed by an Assistant
Secretary of the Fund, certifying as to the Declaration, the Existing Preferred Statements, the Fund&#146;s <FONT STYLE="white-space:nowrap">By-Laws,</FONT> certain resolutions adopted by the Fund&#146;s Board of Trustees at meetings held on April <FONT
STYLE="white-space:nowrap">10-11,</FONT> 2018 and October&nbsp;11, 2018 (the &#147;Prior Resolutions,&#148; and together with the Declaration, the Existing Preferred Statements, and the <FONT STYLE="white-space:nowrap">By-laws,</FONT> the
&#147;Existing Governing Instruments&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Book Antiqua">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a printer&#146;s proof of the
Registration Statement received on October&nbsp;25, 2018. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Book Antiqua">In such examination, we have assumed the genuineness of all signatures, the
conformity to the originals of all of the documents reviewed by us as copies, the authenticity and completeness of all original documents reviewed by us in original or copy form and the legal competence of each individual executing any document. We
have also assumed that the Registration Statement, when filed with the Commission, will be in substantially the form of the printer&#146;s proof referenced in subparagraph (k)&nbsp;above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Book Antiqua">We understand that the Shares to be registered under the Registration Statement will be offered on a delayed or continuous basis in reliance on
Rule 415 under the Securities Act of 1933 (the &#147;1933 Act&#148;). In this regard, we have assumed that in connection with any such offering of the Common Shares pursuant to the Registration Statement (a &#147;Common Offering&#148;) and any
offering of MFP Shares pursuant to the Registration Statement (an &#147;MFP Offering&#148;) (in each case, a &#147;Share Offering&#148;): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Book Antiqua">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Fund will file with the Commission a prospectus supplement pursuant to Rule 497 under the
1933 Act relating to such Share Offering (each, an &#147;Offering Supplement&#148;) and that each such Offering Supplement will identify (a)&nbsp;the number of Shares to be offered pursuant to such Share Offering, (b)&nbsp;any agents or underwriters
involved in the sale of the Shares pursuant to such Share Offering (the &#147;Distributors&#148;), (c) the applicable purchase price of the Shares offered in the Share Offering or the basis on which such amount may be calculated, (d)&nbsp;any
applicable fee, commission or discount arrangement between any Distributor named in the Offering Supplement and the Fund, or among such one or more Distributors, or the basis on which such amount may be calculated, (e)&nbsp;any other material terms
of any agreement by and between the Fund and any such Distributor relating to the conditions under which the Shares will be issued and sold (in each case, a &#147;Distribution Agreement&#148;) and (f)&nbsp;any other specific terms of the Share
Offering. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Book Antiqua">Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Book Antiqua">October&nbsp;26, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Book Antiqua">Page 4 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Book Antiqua">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if not taken in the Prior Resolutions, the
Board of Trustees or the Executive Committee of the Board of Trustees, acting pursuant to delegated authority (the &#147;Trustees&#148;) will have taken, by resolution (the &#147;Subsequent Resolutions&#148;, such Subsequent Resolutions and the
Prior Resolutions referred to herein as the &#147;Resolutions&#148;), all appropriate action as contemplated by the Existing Governing Instruments (a)&nbsp;to authorize the issuance of the number of Shares to be offered pursuant to such Share
Offering and the applicable purchase price of such Shares, (b)&nbsp;to appoint the Distributors and authorize the entering into, by the Fund, of the Distribution Agreements, (c)&nbsp;to authorize any applicable fee, commission or discount
arrangement between the Distributors and the Fund, (d)&nbsp;with respect to an MFP Offering, to authorize the final terms and conditions, execution and filing of the New MFP Statement and the applicable Mode Supplement, which New MFP Statement and
Mode Supplement will be in substantially the form referenced in subparagraph (i)&nbsp;above with such changes as shall have been approved by the Trustees (together, an &#147;Operative MFP Statement&#148;), and the entering into of agreements with a
remarketing agent, if applicable, and a tender and paying agent consistent with such Operative MFP Statement and (e)&nbsp;any other actions, including the entering into of such other agreements as may be considered appropriate or necessary in
connection with such Share Offering (the &#147;Offering Actions&#148;), and in each case as described in the Offering Supplement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Book Antiqua">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if applicable, the Fund will have duly entered into such Distribution Agreements, and with
respect to an MFP Offering, will have executed and delivered the Operative MFP Statement with respect to such offering and, in each case, will have duly taken all of the other Offering Actions in accordance with the Existing Governing Instruments,
the Operative MFP Statement, any other statements or similar instruments with respect to preferred shares of the Fund then in effect, and the Resolutions (collectively, the &#147;Governing Instruments&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Book Antiqua">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that the activities of the Fund have been and will be conducted in accordance with the
Governing Instruments and applicable Massachusetts law; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Book Antiqua">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that no event has occurred that
would cause a termination of the Fund; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Book Antiqua">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that the required consideration for the Shares
is paid in accordance with the terms, conditions, requirements and procedures set forth in the Governing Instruments and the Distribution Agreements and that the Shares are otherwise issued in accordance with the terms, conditions, requirements,
limitations and procedures set </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Book Antiqua">Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Book Antiqua">October&nbsp;26, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Book Antiqua">Page 5 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Book Antiqua">
forth in the Governing Instruments, the Distribution Agreements and Massachusetts law; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Book Antiqua">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that, with respect to the Shares, (a)&nbsp;there will be no changes in applicable law
between the date of this opinion and any date of issuance or delivery of any Shares and (b)&nbsp;at the time of delivery of any Shares, all contemplated additional actions shall have been taken and the authorization of the issuance of the Shares
will not have been modified or rescinded; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Book Antiqua">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that the Fund&#146;s Governing
Instruments will be in full force and effect and the Existing Governing Instruments will not have been modified, supplemented or otherwise amended in any manner that would affect the issuance of the Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Book Antiqua">This opinion is based entirely on our review of the documents listed above and such investigation of law as we have deemed necessary or
appropriate. We have made no other review or investigation of any kind whatsoever, and we have assumed, without independent inquiry, the accuracy of the information set forth in such documents. We have further assumed that there are no other
documents that are contrary to or inconsistent with the opinions expressed herein. As to our opinion below relating to the valid existence of the Fund, our opinion relies entirely upon and is limited by the certificate referenced in subparagraph
(a)&nbsp;above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Book Antiqua">This opinion is limited solely to the laws of the Commonwealth of Massachusetts as applied by courts located in such
Commonwealth, except that we express no opinion as to any Massachusetts securities law. No opinion is given herein as to the choice of law or internal substantive rules of law which any tribunal may apply. In addition, to the extent that the
Fund&#146;s Governing Instruments refer to, incorporate or require compliance with the Investment Company Act of 1940, as amended, or any other law or regulation applicable to the Fund, except for the internal substantive laws of the Commonwealth of
Massachusetts, as aforesaid, we have assumed compliance by the Fund with such Act and such other laws and regulations. Further, we express no opinion with respect to, and we assume no responsibility for, any offering documentation relating to the
Fund, including the Registration Statement and any Offering Supplement, any Share Offering or the Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Book Antiqua">We understand that all of the
foregoing assumptions and limitations are acceptable to you. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Book Antiqua">Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Book Antiqua">October&nbsp;26, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Book Antiqua">Page 6 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Book Antiqua">Based upon and subject to the foregoing, please be advised that it is our opinion that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Book Antiqua">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has been formed and is validly existing under the Fund&#146;s Declaration and the
laws of the Commonwealth of Massachusetts as a voluntary association with transferable shares of beneficial interest commonly referred to as a &#147;Massachusetts business trust.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Book Antiqua">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Shares, when issued and sold in accordance with the terms, conditions, requirements and
procedures set forth in the Governing Instruments, and following the due adoption by the Trustees of the Resolutions, as well as the accuracy of our other assumptions, will be validly issued, fully paid and nonassessable, except that, as set forth
in the Registration Statement, shareholders of the Fund may under certain circumstances be held personally liable for its obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Book Antiqua">This
opinion is given as of the date hereof and we assume no obligation to update this opinion to reflect any changes in law or any other facts or circumstances which may hereafter come to our attention. We hereby consent to the reference to our name in
the Registration Statement and in the prospectus forming a part thereof under the heading &#147;Legal Matters&#148; and to the filing of this opinion as an exhibit to the Registration Statement. In rendering this opinion and giving this consent, we
do not concede that we are in the category of persons whose consent is required under Section&nbsp;7 of the 1933 Act. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; margin-left:52%; font-size:11pt; font-family:Book Antiqua">Very truly yours,
</P> <P STYLE="margin-top:48pt; margin-bottom:0pt; margin-left:52%; font-size:11pt; font-family:Book Antiqua">/s/ Morgan, Lewis &amp; Bockius LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:52%; font-size:11pt; font-family:Book Antiqua">MORGAN, LEWIS&nbsp;&amp; BOCKIUS LLP </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.N
<SEQUENCE>10
<FILENAME>d656069dex99n.htm
<DESCRIPTION>CONSENT OF KPMG LLP
<TEXT>
<HTML><HEAD>
<TITLE>Consent of KPMG LLP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right"><B><I>Exhibit n </I></B></P>
<P STYLE="margin-top:65pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>Consent of Independent Registered Public Accounting Firm </B></P>
<P STYLE="margin-top:39pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">The Board of Trustees </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Nuveen
<FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund: </P> <P STYLE="margin-top:13pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We consent to the use of our report dated December&nbsp;27, 2017, with
respect to the financial statements and financial highlights of Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund, incorporated herein by reference, and to the references to our firm under the headings
&#147;Financial Highlights&#148; and &#147;Independent Registered Public Accounting Firm&#148; in the Prospectus and &#147;Independent Registered Public Accounting Firm&#148; in the Prospectus Supplements filed on Form
<FONT STYLE="white-space:nowrap">N-2.</FONT> </P> <P STYLE="margin-top:39pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">/s/ KPMG LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Chicago, Illinois </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">October&nbsp;24, 2018 </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.S.2
<SEQUENCE>11
<FILENAME>d656069dex99s2.htm
<DESCRIPTION>FORM OF REMARKETING AGREEMENT FOR VRRM-MFP SHARES
<TEXT>
<HTML><HEAD>
<TITLE>Form of Remarketing Agreement for VRRM-MFP Shares</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><I>Exhibit s.2 </I></B></P>
<P STYLE="font-size:150pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>NUVEEN <FONT STYLE="white-space:nowrap">AMT-FREE</FONT> MUNICIPAL CREDIT INCOME FUND (NVG) </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>AND </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>NUVEEN FUND
ADVISORS, LLC </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>AND </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>[</B>&#9679;<B></B><B>] </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REMARKETING AGREEMENT </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Dated as of [</B>&#9679;<B></B><B>] </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Series [</B>&#9679;<B></B><B>] MuniFund Preferred Shares </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Variable Rate Remarketed Mode </B></P> <P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(NVG &#150; Series
[</B>&#9679;<B></B><B>] MFP) </B></P>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Table of Contents </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Definitions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">1</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Appointment and
Obligations of the Remarketing Agent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">3</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Representations,
Warranties and Covenants of the Remarketing Agent and the Fund</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">6</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Fees and
Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">7</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Resignation, Suspension
and Removal of the Remarketing Agent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">7</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Dealing in the <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">7</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Information</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">8</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;8.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Conditions to Obligations
of the Remarketing Agent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">9</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Indemnification</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">9</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;10.</P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Termination of
Remarketing Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">12</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;11.</P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Remarketing Agent&#146;s
Performance; Duty of Care</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">13</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;12.</P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Amendment, Supplement or
Modification of Agreements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">13</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;13.</P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Books and
Records</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">13</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;14.</P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Governing Law</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">13</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;15.</P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Waiver of Jury
Trial</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">14</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;16.</P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Certain Provisions to
Survive Termination of Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">14</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;17.</P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Successors and
Assigns</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">14</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;18.</P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Headings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">14</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;19.</P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Severability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">14</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;20.</P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Counterparts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">14</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;21.</P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Remarketing Agent Not
Acting as Underwriter</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">15</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;22.</P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Amendment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">15</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">i </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;23.</P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Benefits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">15</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;24.</P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Notices and Wire
Instructions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">15</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;25.</P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Liability of Officers,
Trustees and Shareholders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">16</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;26.</P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Nonpetition
Covenant</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">16</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6"><FONT STYLE="font-size:12pt"><B>Exhibit A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Tender Notice (Optional Tenders)</B></FONT></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:12pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6"><FONT STYLE="font-size:12pt"><B>Exhibit B&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Remarketing Notice (Optional and Mandatory Tenders, Mode Transition)</B></FONT></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:12pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6"><FONT STYLE="font-size:12pt"><B>Exhibit C&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Failed Remarketing Notice (Optional and Mandatory Tenders, Mode Transition)</B></FONT></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:12pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6"><FONT STYLE="font-size:12pt"><B>Exhibit D&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Retention Notice (Mandatory Tenders)</B></FONT></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:12pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ii </P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REMARKETING AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This REMARKETING AGREEMENT, dated as of [&#9679;] (this &#147;<B>Agreemen</B>t&#148;), by and among Nuveen <FONT
STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund, a <FONT STYLE="white-space:nowrap">closed-end</FONT> investment company organized as a Massachusetts business trust (the &#147;<B>Fund</B>&#148;), Nuveen Fund Advisors, LLC, a
registered investment adviser and wholly-owned subsidiary of Nuveen Investments, Inc. (the &#147;<B>Investment Adviser</B>&#148;),<B> </B>and [&#9679;]<B> </B>(the &#147;<B>Remarketing Agent</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WITNESSETH: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, the Fund is issuing Series [&#9679;] MuniFund Preferred Shares, par value $.01 per share (the &#147;<B>MFP
Shares</B>&#148;), with a liquidation preference of $[&#9679;]<B> </B>per share, pursuant to and with the preferences, voting powers, restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption assigned to them
in the Fund&#146;s Statement Establishing and Fixing the Rights and Preferences of Series [&#9679;] MuniFund Preferred Shares effective [&#9679;], as amended, revised or supplemented from time to time (the &#147;<B>Statement</B>&#148;), as modified
with respect to the Initial Mode by the Supplement to the Statement Establishing and Fixing the Rights and Preferences of Series [&#9679;] MuniFund Preferred Shares Initially Designating the Variable Rate Remarketed Mode for the Series [&#9679;]
MuniFund Preferred Shares effective [&#9679;], as amended, revised or supplemented from time to time (the &#147;<B>Supplement</B>&#148;; references in this Agreement to the Supplement shall be deemed to include the Statement); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, the Fund has requested [&#9679;] to act as the Remarketing Agent under this Agreement while the MFP Shares are in the
Variable Rate Remarketed Mode in accordance with the provisions of the Supplement (and the Board of Trustees of the Fund has adopted a resolution appointing [&#9679;] as the Remarketing Agent) to perform the duties set forth herein and to perform
such other duties as are assigned to the Remarketing Agent herein and in the Supplement, all pursuant to the procedures set forth in the Supplement and this Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, the Remarketing Agent is willing to assume such duties on the terms and conditions expressly set forth herein; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.&nbsp;&nbsp;Capitalized terms used
herein that are not otherwise defined shall have the meanings assigned to them in the Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>1933
Act</B>&#148; means the Securities Act of 1933, as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>1933 Act Regulations</B>&#148; means the rules and
regulations under the 1933 Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>1934 Act</B>&#148; means the Securities Exchange Act of 1934, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>1940 Act</B>&#148; means the Investment Company Act of 1940, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>1940 Act Documents</B>&#148; has the meaning set forth in Section&nbsp;3(b) hereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>1940 Act Regulations</B>&#148; means the rules and regulations under the
1940 Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Agreement</B>&#148; has the meaning set forth in the preamble. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Calculation and Paying Agent</B>&#148; means The Bank of New York Mellon acting pursuant to the Tender and Paying
Agent Agreement or any successor thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Commission</B>&#148; has the meaning set forth in Section&nbsp;3(d)
hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Fund</B>&#148; has the meaning set forth in the preamble. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#147;Indemnified Person</B>&#148; has the meaning set forth in Section&nbsp;9(a) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Indemnifying Person</B>&#148; has the meaning set forth in Section&nbsp;9(c) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Investment Adviser</B>&#148; has the meaning set forth in the preamble. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Losses</B>&#148; has the meaning set forth in Section&nbsp;9(b) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>MFP Shares</B>&#148; has the meaning set forth in the preamble. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Mode</B>&#148; has the meaning set forth in the Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Prospectus</B>&#148; means the final prospectus, including the statement of additional information incorporated by
reference therein, each dated [&#9679;], and the prospectus supplement, dated [&#9679;], relating to the initial offering of the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Registration Statement</B>&#148; means the Fund&#146;s registration statement
<FONT STYLE="white-space:nowrap">(No.&nbsp;333-226136</FONT> and <FONT STYLE="white-space:nowrap">No.&nbsp;811-09475),</FONT> relating to the MFP Shares and other securities of the Fund, declared effective by order of the Commission on October
[&#9679;], 2018, as it may be amended from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Remarketing Agent</B>&#148; has the meaning set forth
in the preamble. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Remarketing Materials</B>&#148; has the meaning set forth in Section&nbsp;7(b) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Remarketing Memorandum</B>&#148; means the Prospectus or any other written communication describing the Fund and/or
the terms of the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares, which has been approved by the Fund in writing for use in connection with remarketing prior to its use, which approval shall not be unreasonably withheld or delayed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Representation Date</B>&#148; has the meaning set forth in Section&nbsp;3(b) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Statement</B>&#148; has the meaning set forth in the preamble. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Supplement</B>&#148; has the meaning set forth in the preamble. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Transition Remarketing</B>&#148; means a remarketing in connection with a Mode change pursuant to Article 3 of the
Supplement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares</B>&#148; means
the MFP Shares while in the Variable Rate Remarketed Mode pursuant to the Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Appointment and Obligations of the Remarketing
Agent</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Appointment</U>.&nbsp;&nbsp;The Fund hereby appoints
[&#9679;], and [&#9679;] hereby accepts such appointment, as the exclusive Remarketing Agent of the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares for the Variable Rate Remarketed Mode for the purpose of establishing on each Business Day
the Dividend Rate in respect of the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares and, in connection with a tender, remarketing such <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares on behalf of the Beneficial Owners or Holders
thereof, as applicable, and calculating the Purchase Price therefor, among other things; and performing such other duties as are assigned to the Remarketing Agent in the Supplement, all pursuant to the procedures set forth in the Supplement and this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General Duties</U>.&nbsp;&nbsp;The Remarketing Agent
agrees with respect to the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:15%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;use its best efforts to remarket Tendered <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares in connection with an optional tender or mandatory tender of <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares as provided in the Supplement, but shall in no way be liable if no purchasers are
found, provided it has otherwise performed its obligations as set forth in this Agreement and the Supplement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:15%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;calculate the Purchase Price to be paid in connection with a
remarketing of <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:15%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;establish the Dividend Rate as provided in the Supplement; provided, that
the Dividend Rate may not exceed the Maximum Rate; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:15%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;notify the
Fund and the Calculation and Paying Agent of the Dividend Rate by Electronic Means and post the Dividend Rate on Bloomberg promptly on each date of determination of the Dividend Rate as provided in the Supplement; in the case of the notice to the
Fund and the Calculation and Paying Agent with respect to the <FONT STYLE="white-space:nowrap">Step-Up</FONT> Dividend Rate, such notice shall set forth in reasonable detail the basis for and calculation of the highest rate as determined by the
Remarketing Agent; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:15%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provide any other notices to be provided
by the Remarketing Agent to the Fund, the Calculation and Paying Agent, Holders and Beneficial Owners as set forth in the Supplement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:15%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;make available to a Beneficial Owner, upon request by such Beneficial Owner
in connection with a remarketing, a copy of the Contact Notification Form (as such term is defined in the Tender and Paying Agent Agreement); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:15%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;make available to a Beneficial Owner or a former Beneficial Owner, upon
request by such Beneficial Owner or former Beneficial Owner (as the case may be) in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">3 </P>


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connection with a remarketing, a copy of the Cancellation Form (as such term is defined in the Tender and Paying Agent Agreement); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:15%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;carry out such other duties as are assigned to the Remarketing Agent
herein and in the Supplement, or as are reasonably requested by the Fund and agreed to by the Remarketing Agent, all in accordance with the provisions in this Agreement and the Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remarketing at Purchase Price; Principal to Principal
Basis</U>.&nbsp;&nbsp;It is further understood and agreed by and between the parties that, in connection with any attempted remarketing, all Tendered <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares shall be remarketed at the Purchase Price
of such <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares. With respect to the Remarketing Agent&#146;s responsibilities, but without affecting the Calculation and Paying Agent&#146;s role as intermediary (if applicable), the Remarketing Agent
hereby agrees that, if the Remarketing Agent obtains a bid at the Purchase Price for any <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares being remarketed, which, if accepted, would be binding on the bidder for the consummation of the sale of
such <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares (an &#147;actionable bid&#148;), and the Remarketing Agent elects in its sole discretion to accept such actionable bid, the Remarketing Agent shall (i)&nbsp;purchase the Tendered <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares, as a principal and not as an agent, from the Beneficial Owner or Holder thereof on the Purchase Date at the Purchase Price, (ii)&nbsp;resell such <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT>
Shares, as a principal and not as an agent, to the Person making such actionable bid at the Purchase Price, and (iii)&nbsp;record such purchase and resale on its books and records in accordance with this provision. Any such purchases by the
Remarketing Agent from the Beneficial Owner or Holder shall be made with the Remarketing Agent&#146;s own funds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Optional Tender for Remarketing Notices</U>.&nbsp;&nbsp;If, in
connection with an optional tender for remarketing in accordance with Section&nbsp;2.2(a) of the Supplement, a Beneficial Owner tendering <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares for remarketing delivers to the Remarketing Agent a
Tender Notice in substantially the form of and containing the information set forth in Exhibit A hereto and the Remarketing Agent identifies a purchaser for the Tendered <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares during the related
Remarketing Window, the Remarketing Agent shall deliver a Remarketing Notice in substantially the form of and containing the information set forth in Exhibit B hereto to the Beneficial Owner of the Tendered
<FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares, with a copy to the Fund and the Calculation and Paying Agent as provided in Section&nbsp;2.2(a) of the Supplement. Upon the occurrence of a Failed Remarketing Event, the Remarketing Agent
shall provide a Failed Remarketing Notice in substantially the form of and containing the information set forth in Exhibit C hereto to the Holders, the Fund and the Calculation and Paying Agent as provided in Section&nbsp;2.2(b) of the Supplement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mandatory Tender for Remarketing Notices</U>.&nbsp;&nbsp;In
connection with a mandatory tender for remarketing in accordance with Section&nbsp;2.2(c) of the Supplement, the Remarketing Agent shall provide a Remarketing Notice in substantially the form of and containing the information set forth in Exhibit B
hereto to the Holders, the Fund and the Calculation and Paying Agent as provided in Section&nbsp;2.2(c) of the Supplement. Each Beneficial Owner wishing (and eligible) to retain its <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares shall
provide a Retention Notice in substantially the form of and containing the information set forth in Exhibit D hereto to the Remarketing Agent </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">4 </P>


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and the Calculation and Paying Agent as provided in Section&nbsp;2.2(c) of the Supplement. Upon the occurrence of a Failed Remarketing Event, the Remarketing Agent shall provide a Failed
Remarketing Notice in substantially the form of and containing the information set forth in Exhibit C hereto to the Holders, the Fund and the Calculation and Paying Agent as provided in Section&nbsp;2.2(c) of the Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mode Change Notices</U>.&nbsp;&nbsp;In connection with a mandatory
tender for remarketing for a transition to a new Mode in accordance with Section&nbsp;3.2 of the Supplement, the Remarketing Agent shall provide a Remarketing Notice in substantially the form of and containing the information set forth in Exhibit B
hereto to the Holders, the Fund and the Calculation and Paying Agent as provided in Section&nbsp;3.2(c) of the Supplement. Upon the occurrence of a Failed Remarketing Event, the Remarketing Agent shall provide a Failed Remarketing Notice in
substantially the form of and containing the information set forth in Exhibit C hereto to the Holders, the Fund and the Calculation and Paying Agent as provided in Section&nbsp;3.2(c) of the Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Book-Entry Procedures</U>.&nbsp;&nbsp;Except as otherwise expressly
provided for herein, the purchase and delivery of Tendered <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares and the remarketing thereof, and payments with respect to the foregoing, will be accomplished in accordance with the applicable
procedures of the Securities Depository. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Return of Unsold <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares</U>.&nbsp;&nbsp;Any <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares unsold in a remarketing will be returned to the relevant tendering Beneficial Owners or their Agent Members, or the
relevant tendering Holders, as the case may be, by the Remarketing Agent; provided that such tender will continue until the earlier of the occurrence of a successful remarketing or the Failed Remarketing Mandatory Redemption Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Timing Requirements</U>. The Remarketing Agent agrees to the remarketing
timing requirements applicable to it in the Supplement. The Remarketing Agent may, in its sole discretion, modify the settlement procedures set forth therein with respect to any Remarketing upon ten (10)&nbsp;days&#146; prior written notice to the
Fund and the Calculation and Paying Agent, provided any such modification does not adversely affect the Holders, the Beneficial Owners, the Calculation and Paying Agent or the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchases by Remarketing Agent</U>.&nbsp;&nbsp;If the Remarketing Agent
in its sole discretion decides to purchase unsold <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares for its own account, on each Purchase Date, the Remarketing Agent will settle such purchase through delivery against payment of the Purchase
Price for such <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares to be received by the Remarketing Agent by 11:00 a.m., New York City time, on such Purchase Date. The Remarketing Agent is not obligated to purchase any <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares that would otherwise remain unsold in a remarketing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sales by Remarketing Agent for its Own Account</U>.&nbsp;&nbsp;It is
expressly understood and agreed by the parties hereto that <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares as to which the Remarketing Agent is the Beneficial Owner may be held by the Remarketing Agent for its own account or for the account
of others, and may be sold in a remarketing or otherwise sold by the Remarketing Agent. The Remarketing Agent may sell <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares for its own account outside of a remarketing at a price other than the
Purchase Price. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice of Taxable
Allocations</U>.&nbsp;&nbsp;Whenever the Fund intends or expects to include any Taxable Allocation in any dividend on <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares, the Fund shall provide a Notice of Taxable Allocation in accordance with
Section&nbsp;2.7(a) of the Supplement. Whenever such advance notice is received from the Fund, the Calculation and Paying Agent will notify each Holder and the Remarketing Agent. The Remarketing Agent shall promptly notify each potential Beneficial
Owner or its Agent Member after receipt of such advance notice by the Remarketing Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations, Warranties and Covenants of the Remarketing
Agent and the Fund</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Remarketing Agent hereby represents,
warrants and agrees that it has, and during the term of this Agreement shall maintain, all licenses, consents and other rights required for the use of any index or other data in connection with calculation of the Dividend Rate or dissemination
thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund represents and warrants to, and agrees with, the
Remarketing Agent as as of each Purchase Date, Remarketing Date or New Mode Commencement Date, as applicable (each, a &#147;<B>Representation Date</B>&#148;), that (i)&nbsp;the Fund has made all the filings with the United States Securities and
Exchange Commission (the &#147;<B>Commission</B>&#148;) that are required to be made under the 1940 Act and the 1940 Act Regulations (collectively, the &#147;<B>1940 Act Documents</B>&#148;), (ii) each 1940 Act Document complies in all material
respects with the requirements of the 1940 Act and the 1940 Act Regulations, and each 1940 Act Document did not at the time of filing with the Commission include an untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading and (iii)&nbsp;the applicable Remarketing Materials, as amended or supplemented, including by any
subsequently filed 1940 Act Document on or prior to such Representation Date (or, if applicable, by any document filed pursuant to the 1933 Act and the 1933 Act Regulations), as provided by the Fund, will not include an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; <I>provided, however</I>, that the Fund
makes no representations or warranties with respect to information provided by the Remarketing Agent specifically for use in the Remarketing Materials. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements included or incorporated by reference in the 1940
Act Documents, together with the related notes and schedules, present fairly the financial position of the Fund as of the dates indicated and the results of operations, cash flows and changes in shareholders&#146; equity of the Fund for the periods
specified and have been prepared in compliance with the requirements of the 1940 Act and the 1940 Act Regulations and in conformity with U.S.&nbsp;generally accepted accounting principles applied on a consistent basis during the periods involved;
the other financial and statistical data contained or incorporated by reference in the 1940 Act Documents are accurately and fairly presented and prepared on a basis consistent with the financial statements and books and records of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund agrees (i)&nbsp;to deliver to the Remarketing Agent, within
fifteen (15)&nbsp;calendar days following the last day of each calendar month beginning with [&#9679;], a report of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">6 </P>


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portfolio holdings of the Fund as of the close of business as of the last Business Day of such calendar month, listing portfolio holdings of the Fund by CUSIP and principal amount, and
(ii)&nbsp;that, on or after such fifteenth calendar day (or earlier, with the Fund&#146;s prior approval) the Remarketing Agent may provide such report and/or the information therein to investors in
<FONT STYLE="white-space:nowrap">the&nbsp;VRRM-MFP</FONT> Shares, upon the investor&#146;s request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fees and Expenses</U>.&nbsp;&nbsp;For the performance of its
services as Remarketing Agent hereunder, the Fund shall pay to the Remarketing Agent in arrears on the first day of each calendar month (or, if such day is not a Business Day, on the next succeeding Business Day) a monthly fee for each MFP Share
Outstanding on the first calendar day of the preceding calendar month (or the date hereof in the case of the first such payment), in an amount, rounded upward to the nearest dollar, equal to (a)&nbsp;the product of (i)&nbsp;the rate of compensation
as then in effect, as shall be agreed upon from time to time in writing by the Fund and the Remarketing Agent, times $[&#9679;] multiplied by (ii)&nbsp;the actual number of days from and including such first calendar day of the preceding calendar
month (or the date hereof in the case of the first such payment) to and including the last calendar day of such preceding calendar month or, if applicable, the date of termination of this Agreement, if earlier, or the date of any prior redemption or
liquidation for such share (as the case may be), divided by (b) 360. The obligation of the Fund to make the payments required by this Section shall survive the termination of this Agreement and remain in full force and effect until all such payments
shall have been made in full. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Resignation, Suspension
and Removal of the Remarketing Agent</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Remarketing Agent may
resign and be discharged from its duties and obligations hereunder with respect to the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares by giving 90 days&#146; prior written notice to the Fund and the Calculation and Paying Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may remove the Remarketing Agent with respect to the <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares by giving at least 60 days&#146; prior written notice to the Remarketing Agent (and will provide prior notice also to the Calculation and Paying Agent, if any); <U>provided</U>, <U>however</U>, that
no such removal shall become effective for an additional 30 days unless the Fund shall have appointed at least one nationally recognized securities dealer with expertise in remarketing variable rate securities as a successor Remarketing Agent for
the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares and the successor Remarketing Agent shall have entered into a remarketing agreement with the Fund, in form and substance satisfactory to the Fund, in which it shall have agreed to, among
other duties, conduct remarketings in respect of <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares and determine the Dividend Rate on each Business Day for the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares in accordance with the
terms and conditions of the Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In each of the occurrences described in clause (a)&nbsp;or (b), the Fund shall use its best
efforts to appoint a successor Remarketing Agent for such <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares and enter into a remarketing agreement with such Person as soon as reasonably practicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dealing in the
</U><U><FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares</U>.&nbsp;&nbsp;The Remarketing Agent in its sole discretion may purchase for its own account <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares in a remarketing; however, subject
to the last two sentences in Section&nbsp;2(c) above, the Remarketing Agent shall not be obligated to purchase any <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares that would otherwise remain unsold in a
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">7 </P>


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remarketing. None of the Fund, the Calculation and Paying Agent nor the Remarketing Agent (subject to the last sentence in Section&nbsp;2(c) above) shall be obligated in any case to provide funds
to make payment to a Beneficial Owner or its Agent Member or a Holder upon such Beneficial Owner&#146;s or Holder&#146;s tender of its <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares in a remarketing unless, in each case, such <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares were acquired for the account of the Fund, the Calculation and Paying Agent or the Remarketing Agent, as applicable. The Remarketing Agent may exercise any vote or join in any action which any Holder
of <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares may be entitled to exercise or take pursuant to the Statement with like effect as if it did not act in any capacity hereunder. The Remarketing Agent, in its individual capacity, either as
principal or agent, may also engage in or have an interest in any financial or other transaction with the Fund as freely as if it did not act in any capacity hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Information</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund agrees to furnish to the Remarketing
Agent:&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;copies of the Registration Statement, the Prospectus, the Statement, the Supplement and its bylaws and any amendment thereto and each report or other document mailed or made available to Holders (including
annual reports to shareholders) or filed by the Fund with the Commission (including any documents incorporated therein by reference) as the Remarketing Agent may reasonably request from time to time; (ii)&nbsp;notice of the creation of any
subsidiary by the Fund; (iii)&nbsp;notice of the purchase of <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares by a subsidiary or affiliate of the Fund as soon as the Fund shall become aware of such purchase; (iv)&nbsp;notice of any change
(including being put on Credit Watch or Watchlist), suspension or termination in or of the ratings on the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares by any NRSRO then rating the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares or
any change of an NRSRO rating the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares as promptly as practicable upon the occurrence thereof or the occurrence of any of the events set forth in clause (b)(i) or (b)(ii) of Section&nbsp;8 hereof
(with the occurrence of any of the events described in clause (b)(ii) to be determined without regard to the opinion of the Remarketing Agent referred to therein); and (v)&nbsp;in connection with a remarketing, a Remarketing Memorandum, and such
other remarketing information, as the Remarketing Agent may reasonably request from time to time, including but not limited to the financial condition of the Fund. The Fund agrees to provide the Remarketing Agent with as many copies of the foregoing
materials and information as the Remarketing Agent may reasonably request for use in connection with a remarketing or Transition Remarketing, as the case may be, of <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares and consents to the use
thereof for such purpose. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time during the term of this
Agreement any event or condition known to the Fund relating to or affecting the Fund or the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares shall occur which might affect the accuracy or completeness of any statement of a material fact
contained in any of the reports, documents, materials and information referred to in clause (a)(v) above or any document incorporated therein by reference (collectively, the &#147;<B>Remarketing Materials</B>&#148;) or any other materials or
information made publicly available by the Fund, the Fund shall promptly notify the Remarketing Agent in writing of the circumstances and details of such event or condition and the Fund shall promptly prepare or cause to be prepared and delivered to
the Remarketing Agent, at the Fund&#146;s expense, a supplement or amendment to the Remarketing Materials describing the circumstances and details of such event or condition. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions to
Obligations of the Remarketing Agent</U>.&nbsp;&nbsp;The obligations of the Remarketing Agent with respect to <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares under this Agreement have been undertaken in reliance on, and shall be subject to:
(a)&nbsp;the due performance in all material respects by the Fund of its obligations and agreements as set forth in this Agreement (including Sections 3(c) and 7(b) hereof); and (b)&nbsp;the <FONT STYLE="white-space:nowrap">non-occurrence</FONT> of
any of the following events: (i)&nbsp;all of the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares shall have been redeemed by the Fund; (ii)&nbsp;without the prior written consent of the Remarketing Agent, the Supplement, the Statement, the
Declaration, the <FONT STYLE="white-space:nowrap">by-laws</FONT> of the Fund, or the Tender and Paying Agent Agreement shall either not be in full force and effect or have been amended in any manner that in the reasonable opinion of the Remarketing
Agent materially changes the nature of the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares or the remarketing procedures; (iii)&nbsp;legislation, or a decision by a court of the United States shall be rendered, or a stop order, ruling,
regulation or official statement by, or on behalf of, the Commission or other governmental agency having jurisdiction of the subject matter shall be made, to the effect that the offering or sale of the
<FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares is or would be in violation of any provision of the 1933 Act as then in effect, or the 1934 Act as then in effect, or with the purpose or effect of otherwise prohibiting the offering or sale of
the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares, as contemplated hereby, without registration under the 1933 Act; (iv)&nbsp;any legislation, resolution, ordinance, rule or regulation shall be enacted by, any governmental body, department
or agency of the United States or the State of New York, or a decision by any court of competent jurisdiction within the United States or the State of New York shall be rendered, which, in the Remarketing Agent&#146;s reasonable opinion, materially
adversely affects the marketability of the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares; (v)&nbsp;additional material restrictions not in force as of the date hereof shall have been imposed upon trading in securities generally by any
governmental authority or by any national securities exchange, which, in the Remarketing Agent&#146;s reasonable opinion, would cause the performance of the Remarketing Agent&#146;s obligations hereunder to violate applicable law; (vi)&nbsp;any
litigation shall be instituted and be outstanding, to restrain or enjoin the sale or remarketing of the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares or in any way protesting or affecting any authority of the Fund with respect to the
validity of the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares or this Agreement, or the existence or powers of the Fund to perform its obligations hereunder; (vii)&nbsp;a general banking moratorium has been declared by federal or New York
authorities having jurisdiction, a material disruption in commercial banking or securities settlement or clearance services or a force majeure event shall have occurred which in the reasonable opinion of the Remarketing Agent materially adversely
affects the settlement or clearance of the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares; or (viii)&nbsp;a material misstatement or omission in the Remarketing Materials has occurred, so that it is not advisable, in the reasonable judgment
of the Remarketing Agent, to attempt to remarket the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares, provided that the Remarketing Agent, upon identifying any such material misstatement or omission in the Remarketing Materials, shall
promptly notify the Fund. In the event of the failure of any such conditions with respect to the <FONT STYLE="white-space:nowrap">VRMM-MFP</FONT> Shares, the Remarketing Agent may terminate its obligations under this Agreement with respect to the <FONT
STYLE="white-space:nowrap">VRMM-MFP</FONT> Shares as provided in Section&nbsp;10(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund and the Investment Adviser, jointly and severally, agree to
indemnify and hold harmless the Remarketing Agent and its respective officers, directors, employees and control persons within the meaning of the 1934 Act (collectively, the &#147;<B>Indemnified Persons</B>&#148;
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
and individually, an &#147;<B>Indemnified Person</B>&#148;) from and against any losses, claims, damages or liabilities to which any Indemnified Person may become subject insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in any of the Remarketing Materials or the omission or alleged omission to
state therein a material fact necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading (except with respect to information provided by the Remarketing Agent specifically for use therein), or
arise out of, or are based upon, any violation by the Fund or the Investment Adviser of, or any failure by the Fund or the Investment Adviser to perform, any of its obligations under, this Agreement. The Fund and the Investment Adviser agree to
promptly reimburse each Indemnified Person for any legal or other expenses reasonably incurred by such Indemnified Person in investigating, defending or preparing to defend any such action or claim; provided, however, that neither the Fund nor the
Investment Adviser shall be liable in any such case to the extent that any such loss, claim, damage or liability arises out of the use by the Remarketing Agent of any information that is not contained in the Remarketing Materials (in the form
provided for use in connection with the remarketing). The indemnity agreement in this paragraph shall be in addition to any liability or obligation which the Fund or the Investment Adviser may otherwise have to any Indemnified Person and shall
extend upon the same terms and conditions to each Person, if any, who controls any Indemnified Person within the meaning of the 1934 Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund agrees to indemnify and hold harmless the Indemnified Persons from
and against every loss, liability or expense, including without limitation, damages, fines, suits, actions, demands, costs, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses, and reasonable legal
fees and expenses (collectively, &#147;<B>Losses</B>&#148;), that may be imposed on, incurred by, or asserted against, any Indemnified Person for or in respect of its (1)&nbsp;execution and delivery of this Agreement, (2)&nbsp;compliance or
attempted compliance with or reliance upon any instruction or other direction upon which the Remarketing Agent is authorized to rely pursuant to the terms of this Agreement and (3)&nbsp;performance under this Agreement, except to the extent that the
Loss resulted from such Indemnified Person&#146;s gross negligence, willful misconduct, bad faith, violations of law or violations of the terms and conditions of this Agreement. For the avoidance of doubt, the Fund agrees to indemnify and hold
harmless the Indemnified Persons from and against any and all Losses that may be imposed on, incurred by, or asserted against, any Indemnified Person for or in respect of the failure of the Remarketing Agent to deliver Remarketing Materials during
the course of a remarketing, if such failure is due to the failure by the Fund to provide to the Remarketing Agent such Remarketing Materials for delivery (regardless of whether the Remarketing Agent has requested such Remarketing Materials),
notwithstanding that such failure by the Remarketing Agent to deliver Remarketing Materials during the course of a Remarketing could be deemed a violation of law by an Indemnified Person. The indemnity agreement in this paragraph shall be in
addition to any liability or obligation which the Fund may otherwise have to any Indemnified Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Indemnified Person shall give notice as promptly as reasonably
practicable to each of the Fund and the Investment Adviser (collectively, the &#147;<B>Indemnifying Persons</B>&#148; and individually, an &#147;<B>Indemnifying Person</B>&#148;) of any action commenced against it in respect of which indemnity may
be sought hereunder, but failure to so notify the Indemnifying Persons </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
shall not relieve any Indemnifying Person from any liability which it may have otherwise than on account of this indemnity agreement. No settlement or compromise of any such action shall be made
without the consent of the Indemnifying Persons, which consent shall not be unreasonably withheld. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any such action is brought against any Indemnified Person, and it
notifies each Indemnifying Person from which it seeks indemnification of the commencement thereof, such Indemnifying Person (which may be the Fund and/or the Investment Adviser, in the case of notification of either) will be entitled to participate
in, and, to the extent that it may wish, jointly with any other Indemnifying Person, similarly notified, to assume the defense thereof so long as its interests are not adverse to those of the Indemnified Person, with counsel reasonably satisfactory
to such Indemnified Person, and after notice from each Indemnifying Person to such Indemnified Person of its election to assume the defense thereof, the Indemnifying Person will not be liable to such Indemnified Person under this Section&nbsp;9 for
any legal or other expenses subsequently incurred by such Indemnified Person in connection with the defense thereof other than reasonable costs of investigation. Upon assumption by any Indemnifying Person of the defense of any such action or
proceeding, the Indemnified Person shall have the right to participate in such action or proceeding and to retain its own counsel but the Indemnifying Person shall not be liable for any legal expenses of other counsel subsequently incurred by such
Indemnified Person in connection with the defense thereof unless (i)&nbsp;the Indemnifying Person has agreed to pay such fees and expenses, (ii)&nbsp;the Indemnifying Person shall have failed to employ counsel reasonably satisfactory to the
Indemnified Person in a timely manner, or (iii)&nbsp;the Indemnified Person shall have been advised by counsel that there are actual or potential conflicting interests between the Indemnifying Persons and the Indemnified Person, including situations
in which there are one or more legal defenses available to the Indemnified Person that are different from or additional to those available to each of the Fund and the Investment Adviser. If the Indemnifying Person elects not to assume the defense of
any such suit, it will reimburse the Indemnified Persons for the reasonable fees and expenses of any counsel retained by them. In the event that the parties to any such action (including impleaded parties) include one or more Indemnifying Persons
and one or more Indemnified Persons, and one or more Indemnified Persons shall have been advised by counsel reasonably satisfactory to each Indemnifying Person that there may be one or more legal defenses available to any of the Indemnified Persons,
which are different from, additional to, or in conflict with those available to any of the Indemnifying Persons, the Indemnifying Persons will reimburse the Indemnified Persons for the reasonable fees and expenses of any counsel retained by the
Indemnified Persons (it being understood that the Indemnifying Persons shall not, in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be
liable for the reasonable fees and expenses of more than one separate firm of attorneys (plus local counsel) for all Indemnified Persons, which firm shall be designated by the Indemnified Persons, the Remarketing Agent or each Indemnifying Person,
as the case may be). Each Indemnifying Person agrees promptly to notify each Indemnified Person of the commencement of any litigation or proceedings against it in connection with the remarketing of the
<FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares. No Indemnifying Person shall consent to the terms of any compromise or settlement of any action defended by any Indemnifying Person in accordance with the foregoing without the prior consent
of the Indemnified Person. No Indemnifying Person shall be liable under this Section&nbsp;9 for the amount of any compromise or settlement of any action </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">11 </P>


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unless such compromise or settlement has been approved in writing by such Indemnifying Person, which approval shall not be unreasonably withheld. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the indemnification provided for in subparagraph (a)&nbsp;of this
Section&nbsp;9 is unavailable, because of limitations imposed by securities laws or for any other reason, to a party that would otherwise have been an Indemnified Person under subparagraph (a)&nbsp;above in respect of any losses, claims, damages or
liabilities (or actions in respect thereof) referred to therein, then the party that would have been an Indemnifying Person thereunder shall, in lieu of indemnifying such Indemnified Person, contribute to the amount paid or payable by such
Indemnified Person as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion so that the Remarketing Agent is responsible for that portion represented by the percentage that the Remarketing
Agent&#146;s fee (calculated for a one year period) with respect to such remarketing bears to the aggregate liquidation preference of such <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares being remarketed but will not exceed the amount of
such fee (calculated for a one year period) and each of the Fund and the Investment Adviser is responsible for the balance; <U>provided</U>, <U>however</U>, that no person guilty of fraudulent misrepresentation within the meaning of
Section&nbsp;11(f) of the 1933 Act shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation within the meaning of Section&nbsp;11(f) of the 1933 Act. The amount paid or payable by an Indemnified
Person as a result of the losses, claims, damages or liabilities (or actions in respect thereon referred to above in this subparagraph (e)) shall be deemed to include any legal or other expenses reasonably incurred by such Indemnified Person in
connection with investigating or defending any such action or claims (which shall be limited as provided in this subparagraph (e)&nbsp;above if the Indemnifying Person has assumed the defense of any such action in accordance with the provisions
thereof). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indemnity agreements contained in clauses (a), (b) and
(c)&nbsp;of this Section&nbsp;9 shall remain operative and in full force and effect, regardless of any investigation made by or on behalf of the Remarketing Agent, and shall survive the termination or cancellation of this Agreement and the
remarketing of any <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination of Remarketing
Agreement</U>.&nbsp;&nbsp;(a)&nbsp;This Agreement shall terminate as to the Remarketing Agent and its obligations hereunder with respect to <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares upon the earliest to occur of (a)&nbsp;the effective
date of the resignation or removal of such Remarketing Agent pursuant to Section&nbsp;5(a) and Section&nbsp;5(b), respectively, (b)&nbsp;the completion of a successful Transition Remarketing on a New Mode Commencement Date in connection with
transition to a new Mode, or (c)&nbsp;the date on which no <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares are Outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) In addition, the Remarketing Agent may terminate this Agreement and all of its obligations hereunder with respect to the <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares, by notifying the Fund and the Calculation and Paying Agent of its election to do so, if any of the conditions referred to or set forth in Section&nbsp;8 hereof with respect to the <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares have not been met or satisfied in full and such failure shall have continued for a period of 30 days after the Remarketing Agent has given notice thereof to the Fund specifying the condition which
has not been met and requiring it to be met; provided, however, that termination of this Agreement with respect to the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares by the Remarketing Agent after giving the required notices with respect to
the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares shall be immediate in the event of the occurrence and continuation of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
any event set forth in Section&nbsp;8(b)(i), (ii), (iii) or (iv)&nbsp;hereof with respect to the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares, or in the event the Remarketing Agent
determines, in its sole discretion, that it shall not have received all of the information, whether or not specifically referenced herein, necessary to fulfill its obligations under this Agreement with respect to the
<FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remarketing Agent</U><U>&#146;</U><U>s Performance; Duty of
Care</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The duties and obligations of the Remarketing Agent shall be
determined solely by the express provisions of this Agreement and the Supplement. No implied covenants or obligations shall be read into this Agreement, or the Supplement. In the absence of bad faith on the part of the Remarketing Agent, the
Remarketing Agent may conclusively rely upon any document furnished to it, which purports to conform to the requirements of this Agreement and the Statement, as to the truth of the statements expressed in any of such documents. The Remarketing Agent
shall be protected in acting upon any document or communication reasonably believed by it to have been signed, presented or made by the proper party or parties. The Remarketing Agent shall incur no liability to the Fund, the Investment Adviser, the
Calculation and Paying Agent or to any Beneficial Owner (or its Agent Member) or any Holder of the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares in its individual capacity or as Remarketing Agent for any action or failure to act, in
connection with its duties under this Agreement and the Supplement or otherwise, except as a result of bad faith, gross negligence or willful misconduct on its part. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Remarketing Agent shall not be responsible or liable for any failure or
delay in the performance of its obligations under this Agreement arising out or caused by the failure of any other party (other than an affiliate of the Remarketing Agent) to provide any notice, statement or document required to be delivered
pursuant to any Related Document in connection with performance by the Remarketing Agent of the relevant obligation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment, Supplement or Modification of
Agreements</U>.&nbsp;&nbsp;Without the prior written consent of the Remarketing Agent, the Fund will not agree or consent to any amendment, supplement or modification of the Tender and Paying Agent Agreement, this Agreement or the Supplement, nor
waive any provision thereof, if such amendment, supplement, modification or waiver would materially adversely affect the interests of the Remarketing Agent, in the Remarketing Agent&#146;s sole discretion; provided, that, for purposes of this
Section&nbsp;12, any changes or amendments to the rating agency criteria provided in the Supplement for the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares shall not be deemed to materially adversely affect the interests of the Remarketing
Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Books and Records</U>.&nbsp;&nbsp;The
Remarketing Agent shall keep such books and records with respect to the performance of its duties hereunder as shall be consistent with prudent industry practice and shall, to the extent permitted by law, make such books and records available for
inspection by the Fund on reasonable notice during normal business hours. Any costs and expenses associated with such inspections shall be for the account of the party requesting such inspection. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>.&nbsp;&nbsp;This Agreement shall be
construed in accordance with and governed by the laws of the State of New York, except Section&nbsp;25 below, which shall be construed in accordance with and governed by the laws of the Commonwealth of Massachusetts,
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">13 </P>


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in each case without regard to conflict of laws principles that would require the application of the laws of another jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">THE PARTIES HERETO HEREBY SUBMIT TO THE <FONT STYLE="white-space:nowrap">NON-EXCLUSIVE</FONT> JURISDICTION OF THE FEDERAL AND
NEW YORK STATE COURTS LOCATED IN THE CITY OF NEW YORK IN CONNECTION WITH ANY DISPUTE RELATED TO THIS AGREEMENT OR ANY MATTERS CONTEMPLATED HEREBY. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver of Jury Trial</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Fund,
the Investment Adviser and the Remarketing Agent hereby waive trial by jury in any action, proceeding or counterclaim brought by any of the parties hereto against the other on any matters whatsoever arising out of or in any way connected with this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain Provisions to Survive Termination
of Agreement</U>.&nbsp;&nbsp;Regardless of any termination of this Agreement pursuant to Section&nbsp;10 hereof, the obligations of the Fund and the Investment Adviser pursuant to Sections 3, 4 and 9 hereof and of the Remarketing Agent pursuant to
Section&nbsp;9 hereof shall remain operative and in full force and effect until fully satisfied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors and Assigns</U>.&nbsp;&nbsp;The rights and
obligations of the Fund and the Investment Adviser hereunder may not be assigned or delegated to any other person without the prior written consent of the Remarketing Agent. The rights and obligations of the Remarketing Agent hereunder may not be
assigned or delegated to any other person without the prior written consent of the Fund. This Agreement shall inure to the benefit of and be binding upon the Fund, the Investment Adviser and the Remarketing Agent and their respective permitted
successors and assigns, and, subject to Section&nbsp;23, will not confer any benefit upon any other person, partnership, association or corporation other than persons, if any, controlling any Remarketing Agent within the meaning of Section&nbsp;15
of the 1933 Act, or Section&nbsp;20 of the 1934 Act, or any Indemnified Person to the extent provided in Section&nbsp;9 hereof. As used in this Section&nbsp;17, the terms &#147;successors&#148; and &#147;assigns&#148; shall not include any purchaser
of <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares merely because of such purchase. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>.&nbsp;&nbsp;The section headings herein are
for convenience of reference only, and it is agreed that such section headings are not a part of this Agreement and will not be used in the interpretation of any provisions of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.&nbsp;&nbsp;If any provision of this
Agreement shall be held or deemed to be or shall, in fact, be invalid, inoperative or unenforceable as applied in any particular case in any or all jurisdiction or jurisdictions, because it conflicts with any provision of any constitution, statute,
rule of public policy, or for any other reason, such circumstances shall not have the effect of rendering the provision in question invalid, inoperative or unenforceable in any other case, circumstance or jurisdiction, or of rendering any other
provision or provisions of this Agreement invalid, inoperative or unenforceable to any extent whatsoever. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>. This Agreement may be executed in several
counterparts, each of which shall be regarded as an original and all of which shall constitute one and the same document. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">14 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remarketing
Agent Not Acting as Underwriter</U>.&nbsp;&nbsp;It is understood and agreed by the parties hereto that the only obligations of the Remarketing Agent hereunder are as set forth in Sections 2, 3, 9 and 13 hereof. When engaged in remarketing any
properly-Tendered <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares, the Remarketing Agent shall act only as agent for and on behalf of each owner of the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares so tendered. The Remarketing
Agent shall not act as an underwriter for the Tendered <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares and shall in no way be obligated to advance its own funds to purchase any Tendered <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares
(except as provided in Section&nbsp;2(c) or to the extent that in its individual capacity as purchaser of those <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares it may elect, in accordance with Section&nbsp;6 hereof, to purchase, in its sole
discretion) or to otherwise expend or risk its own funds or incur or become exposed to financial liability in the performance of its duties hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment</U>.&nbsp;&nbsp;This Agreement may be amended by
any instrument in writing signed by all of the parties hereto so long as this Agreement as amended is not inconsistent with the Supplement in effect as of the date of any such amendment. The parties acknowledge that amendments to this Agreement
(including with respect to Section&nbsp;2(c)) are subject to prior notice requirements as set forth in the Tender and Paying Agent Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Benefits</U>.&nbsp;&nbsp;Nothing herein, express of
implied, shall give to any person, other than the Fund, the Remarketing Agent and their respective permitted successors and assigns, any benefit of any legal or equitable right, remedy or claim hereunder. Without limiting the generality of the
foregoing, no Holder or Beneficial Owner (or their Agent Member) of <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares shall have or be deemed to have any right in respect of, or shall in any event be entitled to enforce or to seek recourse
against any person in respect of, any provision of this Agreement, and any and all rights of holders of <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares or obligations of the Fund in respect thereof arise only under and as governed solely by
the Declaration, the Supplement and <FONT STYLE="white-space:nowrap">by-laws</FONT> of the Fund as they are in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices and Wire Instructions</U><U>.&nbsp;&nbsp;</U>Unless
otherwise specified, any notices, requests, consents or other communications given or made hereunder or pursuant hereto shall be made in writing and shall be deemed to have been validly given or made upon receipt, if given by mail, or when
delivered, if given by prepaid courier service, in each case addressed as follows: if to the Fund or the Investment Adviser, to either of them at 333 West Wacker Drive, Chicago, Illinois 60606, Attention: [&#9679;]; if to the Remarketing Agent, to
[&#9679;], [&#9679;], Attention: [&#9679;], Telephone: [&#9679;], Fax: [&#9679;], Email: [&#9679;]; and if to the Calculation and Paying Agent, to [&#9679;], [&#9679;], Attention: [&#9679;], Telephone: [&#9679;], Fax: [&#9679;], Email: [&#9679;]; or
to such other address as any of the foregoing persons shall specify to the parties hereto in writing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Purchase Price
of remarketed <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares, if paid through the Calculation and Paying Agent, shall be paid by the Remarketing Agent in immediately available funds by wire transfer to the Calculation and Paying Agent in
accordance with the following instructions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">[&#9679;] </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:15%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">ABA# [&#9679;] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">15 </P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:15%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For Further Credit to Account # [&#9679;] </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:15%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Ref: [&#9679;] </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:15%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attn: [&#9679;] </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:15%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Tel: [&#9679;] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The remarketing fee shall be paid by the Fund in immediately available funds by wire transfer to the Remarketing Agent in
accordance with the following instructions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">[&#9679;] </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:15%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">ABA# [&#9679;] </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:15%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For Further Credit to Account # [&#9679;] </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:15%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Ref: [&#9679;] </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:15%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attn: [&#9679;] </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:15%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Tel: [&#9679;] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Email transmissions shall be deemed to have been validly given or made when sent to the following email addresses; if to the Fund or the
Investment Adviser, to [&#9679;] and [&#9679;]; if to the Remarketing Agent, to [&#9679;]; or to such other address as any such parties shall specify to the other party in writing; and, if to the Calculation and Paying Agent, to [&#9679;]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liability of Officers, Trustees and
Shareholders</U>.&nbsp;&nbsp;A copy of the Declaration is on file with the Secretary of the Commonwealth of Massachusetts. This Agreement has been executed on behalf of the Fund by an officer of the Fund in such capacity and not individually and the
obligations of the Fund under this Agreement are not binding upon such officer, any of the trustees or the shareholders individually but are binding only upon the assets and property of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nonpetition Covenant</U>.&nbsp;&nbsp;Notwithstanding any
prior termination of this Agreement, [&#9679;], solely in its capacity as Remarketing Agent, hereby covenants and agrees that it shall not, prior to the date which is one year and one day after the redemption and the payment in full of the <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares and all accumulated dividends, petition or otherwise invoke the process of any court or government authority for the purpose of commencing a case against, the Fund under any federal or state
bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Fund or any substantial part of the property of the Fund; <U>provided</U>, <U>however</U>, that
nothing in this provision shall preclude, or be deemed to stop, the Remarketing Agent from taking any action prior to the expiration of the aforementioned one year and one day period in (x)&nbsp;any case or proceeding voluntarily filed or commenced
by the Fund, (y)&nbsp;any involuntary insolvency proceeding filed or commenced against the Fund by a Person other than the Remarketing Agent, or (z)&nbsp;with respect to its rights or preferences as a Beneficial Owner or Holder of <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page Follows] </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">16 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be
executed in its name and on its behalf by one of its duly authorized officers as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">NUVEEN <FONT STYLE="white-space:nowrap">AMT-FREE</FONT> MUNICIPAL CREDIT INCOME
FUND</P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;</P></TD></TR></TABLE></DIV>
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name:</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">NUVEEN FUND ADVISORS, LLC</P></TD></TR></TABLE></DIV>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;</P></TD></TR></TABLE></DIV>
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name:</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">[NAME]</P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to
Remarketing Agreement (NVG Series [</I>&#9679;<I></I><I>] MFP)</I> </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A &#150; Form of Tender Notice </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>NUVEEN <FONT STYLE="white-space:nowrap">AMT-FREE</FONT> QUALITY MUNICIPAL </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>INCOME FUND (NVG) (THE &#147;FUND&#148;) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SERIES [</B>&#9679;<B></B><B>] MUNIFUND PREFERRED SHARES IN THE VARIABLE RATE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REMARKETED MODE (&#147;VRRM&#150;MFP SHARES&#148;) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>TENDER NOTICE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:15%; margin-right:15%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Note:&nbsp;&nbsp;&nbsp;&nbsp;The substance of this notice must be given by the Beneficial Owner or its
Agent Member to [&#9679;], as Remarketing Agent (the &#147;Remarketing Agent&#148;), appointed under the Remarketing Agreement, dated as of [&#9679;], between Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund,
Nuveen Fund Advisors, LLC and the Remarketing Agent, in the manner provided in Schedule 1 hereto by Electronic Means prior to 5:00 p.m., New York City time, on any Business Day. Any Tender Notice delivered at or after 5:00 p.m., New York City time,
shall be deemed to have been received by the Remarketing Agent on the next succeeding Business Day and the Purchase Date specified in this Tender Notice shall be postponed accordingly by one Business Day. The determination of the Remarketing Agent
as to whether a Tender Notice has been properly delivered shall be conclusive and binding upon the Beneficial Owner and its Agent Member. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">TO: [&#9679;],
as Remarketing Agent </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:15%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the Fund&#146;s
Statement Establishing and Fixing the Rights and Preferences of Series [&#9679;] MuniFund Preferred Shares effective [&#9679;] (the &#147;Statement&#148;), as modified with respect to the Variable Rate Remarketed Mode (the Initial Mode) by the
Supplement to the Statement Establishing and Fixing the Rights and Preferences of Series [&#9679;] MuniFund Preferred Shares Initially Designating the Variable Rate Remarketed Mode for the Series [&#9679;] MuniFund Preferred Shares effective
[&#9679;], as amended, revised or supplemented from time to time (the &#147;Supplement&#148;); the undersigned, [&#9679;], <B>[</B>Beneficial Owner<B>]</B> <B>[</B>Agent Member of the Beneficial Owner<B>]</B> of the following <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:12pt; font-family:Times New Roman; " ALIGN="center"><B><FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares Series</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CUSIP Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Number of <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT>
Shares<BR>tendered for remarketing (the<BR>&#147;Designated Amount&#148;)<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">hereby notifies you of the election by the Beneficial Owner of the referenced
<FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares to tender such <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares for remarketing of the Designated Amount on the seventh calendar day following the date on which this Tender Notice is
delivered to the </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify"><SUP
STYLE="font-size:85%; vertical-align:top">1</SUP> <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares may be tendered only in whole shares. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Remarketing Agent, or if such seventh calendar day is not a Business Day, the next succeeding
Business Day (the &#147;Purchase Date&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The name and DTC Participant No. of the Agent Member tendering on behalf of the Beneficial
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Owner is:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Name of Agent Member:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">DTC Participant No. of Agent Member:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Name of Beneficial Owner:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Beneficial Owner&#146;s account number:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The person to contact at the Beneficial Owner or its Agent
Member and the related contact information are as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Name:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Telephone No:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Email address:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Beneficial Owner or its Agent Member acknowledges and agrees that the Person or Persons to whom or to whose order the Purchase Price of
the tendered <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares is to be paid is/are the same as identified above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned acknowledges the obligation of the tendering
Beneficial Owner to deliver the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares that are the subject of this Tender Notice on or before 11:00 a.m., New York City time on the Purchase Date, and, in accordance with such obligation, the
undersigned hereby undertakes to deliver or to cause to be delivered the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares being sold [directly] or [through an Agent Member<B>]</B> to the Remarketing Agent, through the &#147;funds against
delivery&#148; procedures of the Securities Depository, no later than 11:00 a.m., New York City time, on the Purchase Date. The undersigned hereby also assigns and transfers and directs the Securities Depository or its nominee or the Remarketing
Agent to transfer the tendered <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares to the purchaser in accordance with the procedures described in the Supplement, and otherwise according to the Securities Depository&#146;s procedures, in
exchange for the payment of the Purchase Price thereof on the Purchase Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned confirms its agreement that it hereby transfers
to the purchaser of the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares tendered pursuant to this Tender Notice the right to receive from the Fund any dividends declared and unpaid for each day prior to the purchaser becoming the Beneficial
Owner of the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares in exchange for payment of the Purchase Price for such <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Share by the purchaser. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby represents and warrants for the benefit
of the Remarketing Agent, the Fund and the Calculation and Paying Agent, that the undersigned has full power and authority to tender, exchange, assign and transfer the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares to be
</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
tendered hereby, and that the transferee will acquire good and unencumbered title thereto, free and clear of all liens, restrictions, charges and encumbrances and not subject to any adverse
claim, when the same are tendered. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned
acknowledges that this Tender Notice is irrevocable and effective upon the receipt by the Remarketing Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:15%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terms used herein and not otherwise defined will have the
meanings given to such terms in the Supplement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Dated:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;</P></TD></TR></TABLE>
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<TD VALIGN="top" COLSPAN="3">[Complete applicable signature block below.]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Print name of Beneficial Owner</P></TD></TR></TABLE>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;</P></TD></TR></TABLE>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[OR]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Print name of Agent Member</P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;</P></TD></TR></TABLE>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">SCHEDULE 1 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>TENDER NOTICE DELIVERY INFORMATION FOR </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>THE REMARKETING AGENT </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Tender Notice must be delivered by the Beneficial Owner or its Agent Member to [&#9679;] (the &#147;Remarketing
Agent&#148;) by email transmission at the email address listed below or such other email address as the Remarketing Agent shall designate (or, if email transmission shall be unavailable, by facsimile transmission to the fax number listed below or
such other fax number as the Remarketing Agent will designate) at or prior to 5:00 p.m., New York City time, on any Business Day. If this Tender Notice is delivered after 5:00 p.m., New York City time, it will be deemed to have been received by the
Remarketing Agent on the next succeeding Business Day, and the Purchase Date will be postponed accordingly by one Business Day: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:23%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attention: [&#9679;] </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:23%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">[&#9679;] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:23%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Phone: [&#9679;] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:23%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Email: [&#9679;] </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>This Tender Notice will not be deemed to be delivered unless and until the Remarketing Agent actually receives it by the
above-described means. </B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit B &#150; Form of Remarketing Notice </B></P>
<P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>TO [BENEFICAL OWNERS] [HOLDERS] OF </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SERIES [</B>&#9679;<B></B><B>] MUNIFUND PREFERRED SHARES IN THE VARIABLE RATE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REMARKETED MODE <FONT STYLE="white-space:nowrap">(&#147;VRRM-MFP</FONT> SHARES&#148;) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF NUVEEN <FONT STYLE="white-space:nowrap">AMT-FREE</FONT> MUNICIPAL CREDIT INCOME FUND (NVG) (THE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>&#147;FUND&#148;) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REMARKETING NOTICE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">[Date] </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund Series [&#9679;]
MuniFund Preferred Shares (the <FONT STYLE="white-space:nowrap">&#147;VRRM-MFP</FONT> Shares&#148;) </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Pursuant to [Section&nbsp;2(d)] [Section 2(e)] [Section 2(f)] of the Remarketing Agreement dated [&#9679;] (the
&#147;Remarketing Agreement&#148;), by and among Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund, a <FONT STYLE="white-space:nowrap">closed-end</FONT> investment company organized as a Massachusetts business
trust, Nuveen Fund Advisors, LLC, a registered investment adviser and wholly-owned subsidiary of Nuveen Investments, Inc., and [&#9679;] (the &#147;Remarketing Agent&#148;), the undersigned Remarketing Agent hereby notifies you of the following
information regarding the remarketing of the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares as of the date hereof: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding the
<FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares is as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><FONT STYLE="white-space:nowrap">VRRM-MFP</FONT>
Shares Series: A </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">CUSIP number:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remarketing Results: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; text-indent:15%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Populate fields in the applicable section; delete inapplicable sections.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:31%; text-indent:-7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>[For Optional Tenders]</B> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">A purchaser or purchasers have been identified for the purchase of all of the Tendered <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares on the Purchase Date. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="23%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Number of Tendered <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares sold, subject to
settlement:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="23%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The Purchase Date will be:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. </P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The Purchase Price per Tendered <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Share is:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:31%; text-indent:-7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>[For Mandatory Tenders]</B> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">A purchaser or purchasers have been identified for the purchase of all of the
<FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares on the Remarketing Date. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Number of <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares sold, subject to settlement:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The Remarketing Date will be:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The Regular Dividend Rate to be applicable to the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares on
the Remarketing Date will be: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">All <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares will be subject to mandatory tender for purchase
on the Remarketing Date at a Purchase Price per <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Share of:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. </P></TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; margin-left:31%; text-indent:-7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>[For Transition to a New Mode]</B> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">A purchaser or purchasers have been identified for the purchase of all of the
<FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares on the New Mode Commencement Date. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Number of <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares sold, subject to settlement:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The New Mode Commencement Date will be:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The Regular Dividend Rate to be applicable to the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares on
the New Mode Commencement Date will be: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">All <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares will be subject to mandatory tender for purchase
on the New Mode Commencement Date at a Purchase Price per share of: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used herein will have
the meanings given to them in or by reference to the Remarketing Agreement. </P>

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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">[&#9679;]</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">as Remarketing Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name:</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title:</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Cc:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">[&#9679;]</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund</P></TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit C &#150; Form of Failed Remarketing Notice </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>TO HOLDERS OF </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SERIES
[</B>&#9679;<B></B><B>] MUNIFUND PREFERRED SHARES IN THE VARIABLE RATE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REMARKETED MODE
<FONT STYLE="white-space:nowrap">(&#147;VRRM-MFP</FONT> SHARES&#148;) OF </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>NUVEEN <FONT STYLE="white-space:nowrap">AMT-FREE</FONT>
MUNICIPAL CREDIT INCOME FUND (NVG) (THE &#147;FUND&#148;) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CUSIP NO. [</B>&#9679;<B></B><B>]<SUP
STYLE="font-size:85%; vertical-align:top">*</SUP> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>FAILED REMARKETING NOTICE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In accordance with the Fund&#146;s Statement Establishing and Fixing the Rights and Preferences of Series [&#9679;] MuniFund
Preferred Shares effective [&#9679;] (the &#147;Statement&#148;), as modified with respect to the Variable Rate Remarketed Mode (the Initial Mode) by the Supplement to the Statement Establishing and Fixing the Rights and Preferences of Series
[&#9679;] MuniFund Preferred Shares Initially Designating the Variable Rate Remarketed Mode for the Series [&#9679;] MuniFund Preferred Shares effective [&#9679;], as amended, revised or supplemented from time to time (the &#147;Supplement&#148;),
the Fund hereby notifies Holders that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>Retain only the applicable section; delete inapplicable sections. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>[For Optional Tender] </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A Failed Remarketing Event has occurred with respect to Tendered
<FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares optionally tendered for remarketing. All Tendered <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares shall be retained by their respective Beneficial Owners. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>[For Mandatory Tender] </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A Failed Remarketing Event has occurred with respect to a mandatory tender of all Outstanding <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares for remarketing. All <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares shall be retained by their respective Holders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>[For Transition to New Mode] </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A Failed Remarketing Event has occurred with respect to a mandatory tender of all Outstanding <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares for transition to a new Mode on the New Mode Commencement Date. All <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares shall be retained by their respective Holders. By not later than the
Business Day immediately following the occurrence of the Failed Remarketing Event, the Fund will make an election, and provide a Failed Transition Election Notice in writing by Electronic Means to the Holders, the Remarketing Agent and the
Calculation and Paying Agent, to either (i)&nbsp;cancel the </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">* NOTE: None of the Fund, the Remarketing Agent or the Calculation and Paying Agent will be responsible for the selection or use of the CUSIP
Numbers selected, nor is any representation made as to its correctness indicated in any notice or as printed on any <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Share certificate. It is included solely as a convenience to <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shareholders. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
attempted transition to a new Mode or (ii)&nbsp;continue to attempt to transition to a new Mode. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Failed Remarketing Event [commences] [continues] a Failed Remarketing Period. During the Failed Remarketing Period, the
Remarketing Agent will no longer determine the Regular Dividend Rate on a daily basis;&nbsp;dividends on all <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares will be payable at the <FONT STYLE="white-space:nowrap">Step-Up</FONT> Dividend Rate
(as determined by the Remarketing Agent commencing on the date of the Failed Remarketing Event); the right of Beneficial Owners to make optional tenders of their MuniFund Preferred Shares for remarketing is suspended; and all of the Outstanding <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares is subject to mandatory tender for remarketing. All Outstanding <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares are subject to mandatory redemption on [&#9679;] (the &#147;Failed Remarketing
Mandatory Redemption Date&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This notice will be conclusively presumed to have been duly given, whether or not the
Holders or Beneficial Owners receive this notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Terms used herein and not otherwise defined will have the meanings
given to such terms in the Supplement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Dated:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">[NAME],</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">as
Remarketing Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Cc:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">[&#9679;]</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund</P></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Exhibit D &#150; Form of Retention Notice </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>NUVEEN <FONT STYLE="white-space:nowrap">AMT-FREE</FONT> MUNICIPAL CREDIT INCOME FUND (NVG) (THE &#147;FUND&#148;) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SERIES [</B>&#9679;<B></B><B>] MUNIFUND PREFERRED SHARES IN THE VARIABLE RATE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REMARKETED MODE <FONT STYLE="white-space:nowrap">(&#147;VRRM-MFP</FONT> SHARES&#148;) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CUSIP No. [</B>&#9679;<B></B><B>]<SUP STYLE="font-size:85%; vertical-align:top">*</SUP> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>RETENTION NOTICE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">TO: [&#9679;], as
Remarketing Agent </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Further to the Remarketing Notice dated [&#9679;] (the &#147;Remarketing Notice&#148;) all <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares will be subject to mandatory tender for purchase at a price equal to [&#9679;] (the &#147;Purchase Price&#148;) on [&#9679;] (the &#147;Remarketing Date&#148;). </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As set forth in the Fund&#146;s Statement Establishing and Fixing the Rights and Preferences of Series [&#9679;] MuniFund
Preferred Shares effective [&#9679;] (the &#147;Statement&#148;), as modified with respect to the Variable Rate Remarketed Mode (the Initial Mode) by the Supplement to the Statement Establishing and Fixing the Rights and Preferences of Series
[&#9679;] MuniFund Preferred Shares Initially Designating the Variable Rate Remarketed Mode for the Series [&#9679;] MuniFund Preferred Shares effective [&#9679;], as amended, revised or supplemented from time to time (the &#147;Supplement&#148;),
any Beneficial Owner of a <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Share that is not a Tendered <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Share that was part of the Failed Remarketing Event to which the Remarketing Notice relates, as
determined by the Remarketing Agent, may deliver written notice to the Remarketing Agent and the Calculation and Paying Agent by Electronic Means at least three Business Days prior to the Remarketing Date that it wishes to retain its <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares (each such Beneficial Owner, a &#147;Retaining Beneficial Owner&#148;). </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">On the Remarketing Date, the <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares held by each Retaining Beneficial Owner
will be subject to mandatory tender and repurchased by the Retaining Beneficial Owner at a price equal to the Purchase Price on the Remarketing Date. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>For purposes of the foregoing, the undersigned Beneficial Owner of <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares
hereby provides notice of its wish to retain <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares of which it is Beneficial Owner, in the following amount: </B>[&#9679;]<B>. </B>The undersigned person electing to retain its <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares represents that it is the Beneficial Owner of the number of <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares set forth above, and such number constitutes all of the <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares owned by the undersigned. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Terms used herein and not otherwise defined
will have the meanings given to such terms in the Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Dated:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">*</SUP> <SUP STYLE="font-size:85%; vertical-align:top"></SUP>NOTE: None of the Fund, the
Remarketing Agent or the Calculation and Paying Agent will be responsible for the selection or use of the CUSIP Numbers selected, nor is any representation made as to its correctness indicated in any notice or as printed on any <FONT
STYLE="white-space:nowrap">VRRM-MFP</FONT> Share certificate. It is included solely as a convenience to <FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shareholders. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="50%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="90%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">[Complete applicable signature block below.]</TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="35%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="90%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Print name of Beneficial Owner</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[OR]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Print name of Agent Member</P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="35%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="90%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="55%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Cc:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">[&#9679;]</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund</P></TD></TR>
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<HTML><HEAD>
<TITLE>SEC Correspondence</TITLE>
</HEAD>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:6.5pt" ALIGN="center">


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<IMG SRC="g656069g86l12.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:Times New Roman">SIDLEY AUSTIN LLP</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:Times New Roman">787 SEVENTH AVENUE</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:Times New Roman">NEW YORK, NY 10019</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:Times New Roman">+1 212 839 5300</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:Times New Roman">+1 212 839 5599 FAX</P>
<P STYLE="font-size:14pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:6.5pt; font-family:Times New Roman">AMERICA &#149; ASIA PACIFIC &#149; EUROPE</P></TD></TR>
</TABLE> <P STYLE="margin-top:48pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">October&nbsp;26, 2018 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>VIA
EDGAR </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Elisabeth Bentzinger </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Senior Counsel </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Division of Investment
Management </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Washington, DC 20549 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Quality Municipal Income Fund </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">(File <FONT STYLE="white-space:nowrap">Nos.&nbsp;333-226125;</FONT>
<FONT STYLE="white-space:nowrap">811-21213)</FONT> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund<U>
</U></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><U>(File <FONT STYLE="white-space:nowrap">Nos.&nbsp;333-226136;</FONT>
<FONT STYLE="white-space:nowrap">811-09475)</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Dear Ms.&nbsp;Bentzinger: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">This letter responds
to comments you provided via telephone in our initial conversation on October&nbsp;16, 2018 and in subsequent telephone conversations with my colleague, Jonathan Miller, on October&nbsp;18, 2018, October&nbsp;22, 2018 and October&nbsp;25, 2018
regarding the captioned registration statements (the &#147;Registration Statements&#148;) of Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Quality Municipal Income Fund (&#147;NEA&#148;) and Nuveen
<FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Credit Income Fund (&#147;NVG&#148; and together with NEA, the &#147;Funds&#148;). The Funds also herewith transmit for filing, under the Securities Act of 1933, as amended, and the
Investment Company Act of 1940, as amended, Pre-Effective Amendments No. 2 to the Registration Statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">A summary of each of your
comments is set forth below in italics, with our responses immediately following. Consistent with the Funds&#146; prior response letter dated, September&nbsp;28, 2018, unless otherwise noted, the responses apply to both Registration Statements.
Unless otherwise indicated, capitalized terms used but not defined in this letter have the meaning given to them in the Registration Statements. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>We refer you to comment 6 of our letter dated August</I><I></I><I>&nbsp;10, 2018 and
reissue our comment with respect to NVG: </I><I>when discussing the Fund&#146;s investment objectives and policies on the cover page, please include the policy of investing at least 80% of Assets in municipal securities and other related
investments, the income from which is exempt from the federal alternative minimum tax applicable to individuals at the time of purchase. Please also make a corresponding change to the </I> </P></TD></TR></TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:5.5pt; font-family:ARIAL" ALIGN="center">Sidley Austin (NY) LLP is a Delaware limited liability partnership doing business
as Sidley Austin LLP and practicing in affiliation with other Sidley Austin partnerships. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Elisabeth Bentzinger </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Page 2 </P>
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<TD ALIGN="left" VALIGN="top"><I>cover page of each prospectus supplement and the &#147;Investment Objectives and Policies&#148; section in the SAI</I>. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The cover page of the prospectus, the cover page of each prospectus supplement and the &#147;Investment Objectives
and Policies&#148; section in the SAI have been revised to include NVG&#146;s <FONT STYLE="white-space:nowrap">non-fundamental</FONT> investment policy of investing at least 80% of Assets in municipal securities and other related investments, the
income from which is exempt from the federal alternative minimum tax applicable to individuals at the time of purchase. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>Please bold on the cover pages the two sentences that precede the cross reference to
the discussion regarding the risks associated with leverage in the prospectuses.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The cover
pages have been revised accordingly. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>The first paragraph under Dividend Reinvestment Plan in the form of prospectus
supplement (Common Shares) incorrectly lists State Street Bank and Trust Company (&#147;State Street&#148;) as the Fund&#146;s dividend and paying agent. Please revise to replace State Street with the Fund&#146;s dividend and paying agent
ComputerShare Inc. and ComputerShare Trust Company N.A.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The references have been revised
accordingly. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>We refer you to comment 28 of our letter dated August</I><I></I><I>&nbsp;10, 2018 and
note that there are still references to &#147;effective leverage&#148; in the Registration Statement.</I> <I>Please consider whether any additional clarity can be provided from a plain English standpoint.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The current use of the term &#147;effective leverage&#148; in the Registration Statements relates to a feature of the
<FONT STYLE="white-space:nowrap">VRRM-MFP</FONT> Shares and the <FONT STYLE="white-space:nowrap">VRM-MFP</FONT> Shares and, accordingly, it is only used in the prospectus supplements for the MFP Shares. This requirement of the MFP Shares to maintain
an &#147;Effective Leverage Ratio&#148; is a defined term in the Statement Supplements that establish the specific terms for the MFP Shares and is a material feature of the MFP Shares. For these reasons, we respectively submit that the use of the
term &#147;Effective Leverage Ratio&#148; and other related terms is appropriate and necessary in this context and no additional revisions are necessary. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>:<I> We refer you to comment 44 of our letter dated August</I><I></I><I>&nbsp;10, 2018 and
note the inclusion of the disclosure stating that the Funds will consider the investments of underlying investment companies when determining compliance with </I> </P></TD></TR></TABLE>

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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Elisabeth Bentzinger </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Page 3 </P>
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<TD ALIGN="left" VALIGN="top"><I>their own concentration policy in the SAI. Please include similar language in the &#147;Investment Restrictions&#148; sections</I>. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The &#147;Investment Restrictions&#148; sections have been revised to add disclosure indicating that the Funds will
consider the investments of underlying investment companies when determining compliance with their own concentration policy. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>We note your response to comment 49 of our letter dated August</I><I></I><I>&nbsp;10,
2018. Please consider whether the disclosure regarding the <FONT STYLE="white-space:nowrap">Sub-Adviser&#146;s</FONT> proxy voting policies and procedures can be expanded</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The full proxy voting policies and procedures of Nuveen Asset Management, LLC, the
<FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> have been added as Appendix C to the SAI and a cross-reference to the Appendix has been added in the SAI under &#147;Proxy Voting Policies.&#148; </P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>We note your response to comment 47 of our letter dated August</I><I></I><I>&nbsp;10,
2018. In the first paragraph under &#147;Segregation of Assets,&#148; please also delete the word &#147;current&#148; from the third sentence and please revise the fourth and fifth sentences to clarify that only certain Fund obligations may be
covered through offsetting transactions.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been revised
accordingly. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>We note that the share repurchase information provided in the prospectus under
&#147;Repurchase of Fund Shares; Conversion to <FONT STYLE="white-space:nowrap">Open-End</FONT> Fund,&#148; is provided as of October</I><I></I><I>&nbsp;31, 2017. Please consider providing this information as of a more recent date.</I>
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been revised to include the share repurchase information as
of April&nbsp;30, 2018. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>

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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Elisabeth Bentzinger </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Page 4 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:15%; font-size:12pt; font-family:Times New Roman">If you have any additional questions, please do not hesitate to contact
me at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">212-839-5540</FONT></FONT> or my colleague, Jonathan Miller, at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">212-839-5385.</FONT></FONT> </P>
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD VALIGN="top"><U>/s/ Frank P. Bruno</U></TD></TR>
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<TD VALIGN="top">Frank P. Bruno</TD></TR>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">J. Miller </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">E. Fess </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">M. Winget </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">G. Zimmerman </P></TD></TR></TABLE>
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