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Amendment
No. 12
12
Nuveen Massachusetts Quality Municipal Income Fund
333 West Wacker Drive
Chicago
IL
60606
(800)
257-8787
Mark L. Winget
333 West Wacker Drive
Chicago
IL
60606
From time to time after the effective date of this Registration Statement.
false
true
true
false
false
false
false
false
false
false
true
false
false
true
No
false
false
12.68
11.10
12.68
11.10
10252893
10.95
12.02
12.12
12.91
15.36
14.65
14.73
14.28
14.72
15.34
14.67
11.34
10.95
12.02
12.12
12.91
15.36
14.65
14.73
14.28
14.72
15.34
11.52
12.09
10.58
10.29
12.20
14.92
13.15
12.84
12.64
13.90
14.99
74000000
293776
74000000
74000000
74000000
74000000
74000000
74000000
74000000
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74000000
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<p id="xdx_800_ecef--SharePriceTableTextBlock_dU_zyzeUoS780Rd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><span id="toc780884_4"></span>TRADING AND NET ASSET VALUE INFORMATION </b></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-size: 10pt">The
following table shows for the periods indicated: (i) the high and low sales prices for the Common Shares reported as of the
end of the day on the NYSE, (ii) the corresponding NAV per share, and (iii) the premium/(discount) to NAV per share at which
the Common Shares were trading as of such date. The Fund’s Common Shares have historically traded both at premiums and
discounts in relation to the Fund’s NAV per share. The Fund cannot predict whether its Common Shares will trade at a
premium or discount to NAV in the future. The Board of Trustees has currently determined that, at least annually, it will
consider action that might be taken to reduce or eliminate any material discount from NAV 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 NAV, or the conversion of the Fund to an open-end investment company. The Fund cannot assure you that its
Board of Trustees will decide to take any of these actions, or that share repurchases or tender offers will actually reduce
market discount.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-size: 10pt"></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-size: 10pt"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: top">
<td style="text-align: left"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_48C_ecef--HighestPriceOrBid_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zo4VU5QFLeAg" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_484_ecef--LowestPriceOrBid_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zIaXcfEZv5q2" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_485_ecef--HighestPriceOrBidNav_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z0ndsi4g81l3" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_481_ecef--LowestPriceOrBidNav_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zocMw0UcpvN2" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_481_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z7Zsw7YwsmQ4" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_483_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zetRC5lR4Is2" style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td colspan="2" style="text-align: left"></td><td style="font-weight: bold"> </td>
<td colspan="7" style="font-weight: bold; text-align: center"></td><td style="font-weight: bold"> </td>
<td colspan="7" style="font-weight: bold; text-align: center"></td><td style="font-weight: bold"> </td>
<td colspan="7" style="font-weight: bold; text-align: center"></td></tr>
<tr style="vertical-align: bottom">
<td colspan="2" style="padding-bottom: 1pt; text-align: left"></td><td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Closing Market Price<br/>
per Common Share</td><td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">NAV per Common <br/>
Share on Date of <br/>
Market Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Premium/(Discount) <br/>
on Date of Market Price</td></tr>
<tr style="vertical-align: bottom">
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Fiscal Quarter Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">High</td><td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Low</td><td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">High</td><td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Low</td><td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">High</td><td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Low</td></tr>
<tr id="xdx_419_20260301__20260531_z0W0Mwjmerii" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 2026</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">13.35</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">11.84</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">11.14</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">11.40</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19.84</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3.86</td><td style="text-align: left">%</td></tr>
<tr id="xdx_411_20251201__20260228_zlfMXWMQMzl4" style="vertical-align: bottom; background-color: White">
<td style="width: 32%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 2026</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">11.84</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">11.28</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">11.40</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">11.23</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">3.86</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">0.45</td><td style="width: 1%; text-align: left">%</td></tr>
<tr id="xdx_41B_20250901__20251130_znjcfL9GMrob" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 2025</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">11.73</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">11.33</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">11.23</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">10.76</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4.45</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5.30</td><td style="text-align: left">%</td></tr>
<tr id="xdx_41C_20250601__20250831_zXylkgu8JLQh" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 2025</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">12.12</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">11.13</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">10.93</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">10.74</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10.89</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3.63</td><td style="text-align: left">%</td></tr>
<tr id="xdx_412_20250301__20250531_zOe9vKHUyp77" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 2025</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">12.17</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">11.08</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">10.97</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">11.09</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10.94</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(0.09</td><td style="text-align: left">)%</td></tr>
<tr id="xdx_41D_20241201__20250228_zEO1ZZEqm2h4" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 2025</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">11.92</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">11.30</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">11.86</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">11.82</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.51</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4.40</td><td style="text-align: left">)%</td></tr>
<tr id="xdx_41A_20240901__20241130_za7LXkbUYms4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 2024</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">11.91</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">11.36</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">12.09</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">12.35</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1.49</td><td style="text-align: left">)%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(8.02</td><td style="text-align: left">)%</td></tr>
<tr id="xdx_412_20240601__20240831_zu4yyXBoqju1" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 2024</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">11.41</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">10.58</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">12.32</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">12.02</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7.39</td><td style="text-align: left">)%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(11.98</td><td style="text-align: left">)%</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt"></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-size: 10pt">The
net asset value per Common Share, the market price, and percentage of premium/(discount) to net asset value per Common Share on May 27,
2026 was $<span id="xdx_90E_eus-gaap--NetAssetValuePerShare_iI_d0_c20260527__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zuJnFigrPgxb">11.10</span></span><span style="font-size: 10pt">,
$<span id="xdx_90D_eus-gaap--SharePrice_iI_d0_c20260527__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z2EUswWbmo0f">12.68</span></span>
<span style="font-size: 10pt">and <span id="xdx_90D_ecef--LatestPremiumDiscountToNavPercent_dp0_c20260527__20260527__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zuAX6OmfFMRe">14.23</span></span><span style="font-size: 10pt">%,
respectively. As of May 27, 2026, the Fund had <span id="xdx_90A_ecef--OutstandingSecurityNotHeldShares_d0_c20260527__20260527__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zV5o9gDJHNZ5">10,252,893</span></span>
<span style="font-size: 10pt">Common Shares outstanding and net assets applicable to Common Shares of $113,818,366.</span></p>
13.35
11.84
11.14
11.40
0.1984
0.0386
11.84
11.28
11.40
11.23
0.0386
0.0045
11.73
11.33
11.23
10.76
0.0445
0.0530
12.12
11.13
10.93
10.74
0.1089
0.0363
12.17
11.08
10.97
11.09
0.1094
-0.0009
11.92
11.30
11.86
11.82
0.0051
-0.0440
11.91
11.36
12.09
12.35
-0.0149
-0.0802
11.41
10.58
12.32
12.02
-0.0739
-0.1198
11.10
12.68
0.1423
10252893
<p id="xdx_80E_ecef--OutstandingSecuritiesTableTextBlock_dU_z0R1Nnw10AY" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">The
following provides information about the Fund’s outstanding Common Shares and Preferred Shares as of May 27, 2026:</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; font-weight: bold">Title of Class</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount<br/>Authorized</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount Held<br/>by the Fund or<br/>for
its Account</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount<br/>Outstanding</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 61%"><span id="xdx_907_ecef--OutstandingSecurityTitleTextBlock_c20260527__20260527__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z07o9OI6hKN2">Common
Shares</span></td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlimited</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span id="xdx_90D_ecef--OutstandingSecurityHeldShares_c20260527__20260527__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zXOkoJfQTaKd">0</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span id="xdx_90A_ecef--OutstandingSecurityNotHeldShares_c20260527__20260527__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zfwZb71ogctc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,252,893</span></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td><span id="xdx_90A_ecef--OutstandingSecurityTitleTextBlock_c20260527__20260527__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_zKaQYgqwGVvc">Preferred
Shares</span></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlimited</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_ecef--OutstandingSecurityHeldShares_c20260527__20260527__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zHTwOHFL8zP7">0</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_ecef--OutstandingSecurityNotHeldShares_c20260527__20260527__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_zzMnTpiPjaue">740</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span id="xdx_900_ecef--OutstandingSecurityTitleTextBlock_c20260527__20260527__us-gaap--StatementClassOfStockAxis__custom--Series1VRDPMember_zOKyWEvNS63">Series
1 VRDP</span></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_ecef--OutstandingSecurityAuthorizedShares_c20260527__20260527__us-gaap--StatementClassOfStockAxis__custom--Series1VRDPMember_zILJXO0u2Lt5">740</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_ecef--OutstandingSecurityHeldShares_c20260527__20260527__us-gaap--StatementClassOfStockAxis__custom--Series1VRDPMember_zChY2RLbZV1l">0</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_ecef--OutstandingSecurityNotHeldShares_c20260527__20260527__us-gaap--StatementClassOfStockAxis__custom--Series1VRDPMember_zPuGQRLXVdVb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">740</span></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><p style="margin-top: 0; margin-bottom: 0"></p>
<p style="margin-top: 0; margin-bottom: 0"> </p></td><td style="text-align: left"> </td></tr>
</table>
Common
Shares
0
10252893
Preferred
Shares
0
740
Series
1 VRDP
740
0
740
<p id="xdx_807_ecef--InvestmentObjectivesAndPracticesTextBlock_dU_zZ74N9QS6Vbb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment
Objectives and Policies </b></span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
refer to the section of the Fund’s most recent <a href="http://www.sec.gov/Archives/edgar/data/897419/000119312525174306/d23536dncsr.htm">annual report</a> on Form N-CSR entitled “Shareholder Update—Current Investment
Objectives, Investment Policies and Principal Risks of the Funds—Investment Objectives” and “—Investment Policies,”
as such investment objectives and investment policies may be supplemented from time to time, which is incorporated by reference herein,
for a discussion of the Fund’s investment objectives and policies.</span></p>
<p id="xdx_803_ecef--EffectsOfLeverageTextBlock_dU_zwQANzduRtZ6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Effects of Leverage </b></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">Please refer to the section of the Fund’s most recent <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/897419/000119312525174306/d23536dncsr.htm">annual report</a>
on Form N-CSR entitled “Shareholder Update—Current Investment Objectives, Investment Policies and Principal Risks of the Funds—Effects of Leverage,” as such may be supplemented from time to time, which is incorporated by
reference herein, for a discussion of the effects of leverage.</p>
<p id="xdx_80E_ecef--RiskFactorsTableTextBlock_dU_zgVzIEXHpJPb" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="toc780884_9"></span>RISK
FACTORS </b></span></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
is inherent in all investing. Investing in any investment company security involves risk,
including the risk that you may receive little or no return on your investment or even that
you may lose part or all of your investment. Please refer to the section of the Fund’s
most recent <a href="http://www.sec.gov/Archives/edgar/data/897419/000119312525174306/d23536dncsr.htm">annual report</a> on Form N-CSR entitled “Shareholder Update—Current Investment
Objectives, Investment Policies and Principal Risks of the Funds—Principal Risks of
the Funds,” as such principal risks may be supplemented from time to time, which is
incorporated by reference herein, for a discussion of the principal risks you should consider
before making an investment in the Fund. Any additional risks applicable to a particular offering
of Securities will be set forth in the related prospectus supplement.</span></p>
<p id="xdx_80C_ecef--CapitalStockTableTextBlock_dU_zyOdBkNg1o0e" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b><span id="toc780884_15"></span>DESCRIPTION OF SHARES </b></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Common Shares </b></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">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, 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 “Certain Provisions
in the Declaration of Trust and By-Laws,” non-assessable, and have no preemptive or conversion rights, except as the Trustees may authorize from time to time, or rights to cumulative voting.
A copy of the Declaration of Trust is filed with the SEC as an exhibit to the Fund’s registration statement of which this Prospectus
is a part. </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><span id="xdx_908_ecef--SecurityVotingRightsTextBlock_c20260603__20260603__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z473gCJbOSZh">Each whole Common Share has one vote with respect to matters submitted for a vote by the Fund’s Common Shareholders and on which the
shareholder is entitled to vote, 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.</span> <span id="xdx_907_ecef--SecurityDividendsTextBlock_c20260603__20260603__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z2ntZCcejZq5">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, and 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 “—Preferred Shares” below.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">The Common Shares
are listed on the NYSE and trade under the ticker symbol “NMT.” 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 does not issue share certificates.</p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">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 NAV. Common shares of closed-end investment companies like the Fund have during some periods traded at prices higher than NAV and have during other periods traded at
prices lower than NAV. </p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">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, NAV, 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 NAV 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 “Repurchase of Fund Shares; Conversion to Open-End Fund.” </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Preferred Shares </b></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">The
Fund’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 of Trustees,
by action of the Board of Trustees without the approval of the Common Shareholders. As of
May 27, 2026, there were 740 VRDP Shares outstanding. The VRDP Shares have various rights
that were approved by the Board of Trustees without the approval of Common Shareholders,
which are specified in the Fund’s statement establishing and fixing the rights and
preferences with respect to the VRDP Shares (the “Statement”). The discussion
below generally describes the rights of the holders of Preferred Shares, including rights
generally applicable to the holders of the Fund’s outstanding VRDP Shares, although
the terms of any Preferred Shares that may be issued by the Fund may be the same as, or different
from, the terms described below, subject to the applicable Statement, applicable law and
the Declaration of Trust.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">Under
the 1940 Act, the Fund is not permitted to issue “senior securities” that are Preferred
Shares if, immediately after the issuance of Preferred Shares, the asset coverage ratio would
be less than 200%. See “Use of Leverage.” Additionally, the Fund will generally
not be permitted to purchase any of its Common Shares or declare dividends (except a dividend
payable in Common Shares) or other distributions on its Common Shares unless, at the time
of such purchase or declaration, the asset coverage ratio with respect to such Preferred
Shares, after taking into account such purchase or distribution, is at least 200%. Preferred
Shares issued by the Fund have priority over the Common Shares.</p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">For so long as any Preferred Shares are outstanding, the Fund will not:
(1) declare or pay any dividend or other distribution (other than a dividend or distribution paid in Common Shares) in respect of the Common Shares, (2) call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares,
or (3) pay any proceeds of the liquidation of the Fund in respect of the Common Shares, unless, in each case, (A) immediately thereafter, the Fund shall be in compliance with the 200% asset coverage limitations set forth under the 1940 Act after
deducting the amount of such dividend or other distribution or redemption or purchase price or liquidation proceeds and (B) all cumulative dividends and other distributions of shares of all series of Preferred Shares of the Fund due on or prior to
the date of the applicable dividend, distribution, redemption, purchase or acquisition shall have been declared and paid. </p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></p>
<p id="xdx_847_ecef--SecurityDividendsTextBlock_hus-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_dU_zEGADoX1dW48" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Dividends and Distributions and Priority of Payment</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Fund’s Preferred Shares rank equally with each other
and have priority over the Common Shares as to the payment of dividends and other distributions. 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 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. Dividends on a series
of Preferred Shares may be determined at a fixed rate, by reference to an index or pursuant to a formula, established by a remarketing
agent or otherwise. Dividends may be subject to a maximum rate as set forth in the applicable Statement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Dividends on the VRDP Shares (which are treated
as interest payments for financial reporting purposes) are set at a rate established by a remarketing agent; therefore, the market value
of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP Shares are unable to be successfully
remarketed, the dividend rate will be the maximum rate, which is designed to escalate according to a specified schedule in order to enhance
the remarketing agent’s ability to successfully remarket the VRDP Shares. The Fund’s current VRDP Shares are in “special
rate period,” during which the VRDP dividends are set monthly as a floating rate based on the predetermined formula. Following
the special rate period, the VRDP Shares may transition to traditional VRDP Shares with dividends set at a weekly remarketing, and be
supported by a designated liquidity provider, or the Board may approve a subsequent special rate period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-indent: 0.5in"></p> <p id="xdx_84E_ecef--SecurityLiquidationRightsTextBlock_hus-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_dU_z2TQs5Zkr7mc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Liquidation Preference </i></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">In the event of any voluntary or involuntary liquidation, dissolution
or winding up of the affairs of the Fund, holders of Preferred Shares would be entitled to receive a preferential liquidating distribution (expected to equal the original purchase price per share plus accumulated and unpaid dividends thereon,
whether or not earned or declared) before any distribution of assets is made to Common Shareholders. After payment of the full amount of the liquidating distribution to which they are entitled, holders of Preferred Shares will not be entitled to any
further participation in any distribution of assets by the Fund. A consolidation or merger of the Fund with or into another entity or a sale of all or substantially all of the assets of the Fund shall not be deemed to be a liquidation, dissolution
or winding up of the Fund. </p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p> <p id="xdx_844_ecef--SecurityVotingRightsTextBlock_hus-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_dU_zfcChtegTuMi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Voting Rights </i></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">In connection with any issuance of Preferred Shares, the Fund must
comply with Section 18(i) of the 1940 Act, which requires, among other things, that Preferred Shares be voting shares and have equal voting rights with Common Shares. Except with respect to certain matters affecting only the holders of the
Preferred Shares and except as discussed further below, holders of Preferred Shares vote together with Common Shareholders as a single class on matters submitted to Fund shareholders. </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">In connection with the election of the Fund’s trustees, holders of
Preferred Shares, voting as a separate class, are entitled to elect two of the Fund’s trustees, and the remaining trustees are elected by Common Shareholders and holders of Preferred Shares, voting together as a single class. In addition, if at
any time dividends on the Fund’s outstanding Preferred Shares are unpaid in an amount equal to two full years’ dividends thereon, the holders of all outstanding Preferred Shares, voting as a separate class, would be entitled to elect a
majority of the Fund’s trustees until all dividends in arrears have been paid or declared and set apart for payment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">The Statement with respect
to the Fund’s Preferred Shares sets forth certain voting and consent rights of the holders of such Shares, including with respect
to certain actions that would affect the preferences, rights, or powers of such class or series or the authorization or issuance of
any class or series ranking prior to the Preferred Shares. Except as may otherwise be required by law, the Fund’s Declaration of
Trust requires that (1) the affirmative vote of the holders of at least two-thirds of the Fund’s Preferred Shares outstanding
at the time, voting as a separate class, would be required to approve any conversion of the Fund from a closed-end to an open-end investment
company and (2) the affirmative vote of the holders of at least two-thirds of the outstanding Preferred Shares, voting as a separate
class, would be required to approve any plan of reorganization (as such term is used in the 1940 Act) adversely affecting such shares;
provided however, that such separate class vote would 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 the By-laws. The affirmative vote of the holders of a majority of the outstanding Preferred Shares, voting as a separate class, would
be required to approve any action not described in the preceding sentence requiring a vote of security holders under Section 13(a)
of the 1940 Act including, among other things, changes in the Fund’s investment objectives or changes in the investment restrictions
described as fundamental policies under “Investment Restrictions” in the SAI. The class or series vote of holders of Preferred
Shares described above would in each case be in addition to any separate vote of the requisite percentage of Common Shares and Preferred
Shares necessary to authorize the action in question.</p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">The foregoing voting provisions would not apply with respect to the
Fund’s Preferred Shares if, at or prior to the time when a vote was required, such shares have been (1) redeemed or (2) called for redemption and sufficient funds would have been deposited in trust to effect such redemption. </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p> <p id="xdx_843_ecef--PreferredStockRestrictionsOtherTextBlock_hus-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_dU_zsYAOJY52Ra2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Redemption, Purchase and Sale of Preferred Shares </i></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">The terms of the Preferred Shares may provide that they are redeemable
by the Fund at certain times, in whole or in part, at the liquidation preference of such share plus accumulated dividends, that the Fund may tender for or purchase Preferred Shares and that the Fund may subsequently resell any shares so tendered for
or purchased. Any redemption or purchase of Preferred Shares by the Fund would reduce the leverage applicable to Common Shares, while any resale of such shares by the Fund would increase such leverage.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">The outstanding VRDP
Shares have a specified term redemption date (which may be extended) and may be subject to earlier 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, as applicable, and any such failure is not cured within the applicable cure period. Such Shares are also
subject to optional redemption by the Fund at any time. If the VRDP Shares are no longer in the special rate period and the VRDP Shares
have a liquidity provider, the Fund has an obligation to redeem, at a redemption price equal to the liquidation preference 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 purchase obligation if the liquidity provider continues to be the beneficial owner for a period of six months and such
shares cannot be successfully remarketed. </p>
<p id="xdx_855_zsKFvl0XZjil" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> </p>
Each whole Common Share has one vote with respect to matters submitted for a vote by the Fund’s Common Shareholders and on which the
shareholder is entitled to vote, 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, and 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 “—Preferred Shares” below.
<p id="xdx_847_ecef--SecurityDividendsTextBlock_hus-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_dU_zEGADoX1dW48" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Dividends and Distributions and Priority of Payment</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Fund’s Preferred Shares rank equally with each other
and have priority over the Common Shares as to the payment of dividends and other distributions. 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 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. Dividends on a series
of Preferred Shares may be determined at a fixed rate, by reference to an index or pursuant to a formula, established by a remarketing
agent or otherwise. Dividends may be subject to a maximum rate as set forth in the applicable Statement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Dividends on the VRDP Shares (which are treated
as interest payments for financial reporting purposes) are set at a rate established by a remarketing agent; therefore, the market value
of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP Shares are unable to be successfully
remarketed, the dividend rate will be the maximum rate, which is designed to escalate according to a specified schedule in order to enhance
the remarketing agent’s ability to successfully remarket the VRDP Shares. The Fund’s current VRDP Shares are in “special
rate period,” during which the VRDP dividends are set monthly as a floating rate based on the predetermined formula. Following
the special rate period, the VRDP Shares may transition to traditional VRDP Shares with dividends set at a weekly remarketing, and be
supported by a designated liquidity provider, or the Board may approve a subsequent special rate period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-indent: 0.5in"></p>
<p id="xdx_84E_ecef--SecurityLiquidationRightsTextBlock_hus-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_dU_z2TQs5Zkr7mc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Liquidation Preference </i></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">In the event of any voluntary or involuntary liquidation, dissolution
or winding up of the affairs of the Fund, holders of Preferred Shares would be entitled to receive a preferential liquidating distribution (expected to equal the original purchase price per share plus accumulated and unpaid dividends thereon,
whether or not earned or declared) before any distribution of assets is made to Common Shareholders. After payment of the full amount of the liquidating distribution to which they are entitled, holders of Preferred Shares will not be entitled to any
further participation in any distribution of assets by the Fund. A consolidation or merger of the Fund with or into another entity or a sale of all or substantially all of the assets of the Fund shall not be deemed to be a liquidation, dissolution
or winding up of the Fund. </p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p>
<p id="xdx_844_ecef--SecurityVotingRightsTextBlock_hus-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_dU_zfcChtegTuMi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Voting Rights </i></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">In connection with any issuance of Preferred Shares, the Fund must
comply with Section 18(i) of the 1940 Act, which requires, among other things, that Preferred Shares be voting shares and have equal voting rights with Common Shares. Except with respect to certain matters affecting only the holders of the
Preferred Shares and except as discussed further below, holders of Preferred Shares vote together with Common Shareholders as a single class on matters submitted to Fund shareholders. </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">In connection with the election of the Fund’s trustees, holders of
Preferred Shares, voting as a separate class, are entitled to elect two of the Fund’s trustees, and the remaining trustees are elected by Common Shareholders and holders of Preferred Shares, voting together as a single class. In addition, if at
any time dividends on the Fund’s outstanding Preferred Shares are unpaid in an amount equal to two full years’ dividends thereon, the holders of all outstanding Preferred Shares, voting as a separate class, would be entitled to elect a
majority of the Fund’s trustees until all dividends in arrears have been paid or declared and set apart for payment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">The Statement with respect
to the Fund’s Preferred Shares sets forth certain voting and consent rights of the holders of such Shares, including with respect
to certain actions that would affect the preferences, rights, or powers of such class or series or the authorization or issuance of
any class or series ranking prior to the Preferred Shares. Except as may otherwise be required by law, the Fund’s Declaration of
Trust requires that (1) the affirmative vote of the holders of at least two-thirds of the Fund’s Preferred Shares outstanding
at the time, voting as a separate class, would be required to approve any conversion of the Fund from a closed-end to an open-end investment
company and (2) the affirmative vote of the holders of at least two-thirds of the outstanding Preferred Shares, voting as a separate
class, would be required to approve any plan of reorganization (as such term is used in the 1940 Act) adversely affecting such shares;
provided however, that such separate class vote would 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 the By-laws. The affirmative vote of the holders of a majority of the outstanding Preferred Shares, voting as a separate class, would
be required to approve any action not described in the preceding sentence requiring a vote of security holders under Section 13(a)
of the 1940 Act including, among other things, changes in the Fund’s investment objectives or changes in the investment restrictions
described as fundamental policies under “Investment Restrictions” in the SAI. The class or series vote of holders of Preferred
Shares described above would in each case be in addition to any separate vote of the requisite percentage of Common Shares and Preferred
Shares necessary to authorize the action in question.</p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">The foregoing voting provisions would not apply with respect to the
Fund’s Preferred Shares if, at or prior to the time when a vote was required, such shares have been (1) redeemed or (2) called for redemption and sufficient funds would have been deposited in trust to effect such redemption. </p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p>
<p id="xdx_843_ecef--PreferredStockRestrictionsOtherTextBlock_hus-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_dU_zsYAOJY52Ra2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Redemption, Purchase and Sale of Preferred Shares </i></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">The terms of the Preferred Shares may provide that they are redeemable
by the Fund at certain times, in whole or in part, at the liquidation preference of such share plus accumulated dividends, that the Fund may tender for or purchase Preferred Shares and that the Fund may subsequently resell any shares so tendered for
or purchased. Any redemption or purchase of Preferred Shares by the Fund would reduce the leverage applicable to Common Shares, while any resale of such shares by the Fund would increase such leverage.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">The outstanding VRDP
Shares have a specified term redemption date (which may be extended) and may be subject to earlier 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, as applicable, and any such failure is not cured within the applicable cure period. Such Shares are also
subject to optional redemption by the Fund at any time. If the VRDP Shares are no longer in the special rate period and the VRDP Shares
have a liquidity provider, the Fund has an obligation to redeem, at a redemption price equal to the liquidation preference 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 purchase obligation if the liquidity provider continues to be the beneficial owner for a period of six months and such
shares cannot be successfully remarketed. </p>