MUNC

MUNC seeks to achieve its investment objective by employing a "laddered" bond strategy, pursuant to which the Fund will invest in debt instruments that pay interest that is exempt from regular federal income tax with different maturity dates (or "rungs") through the year 2045 (the "terminal year"). Generally, NTI implements the Fund's laddered bond strategy by investing the Fund's assets in approximately equal proportions (as measured by par value) across the existing rungs at the time of investment to provide periodic distributions to investors in the form of income and/or principal (based upon par value of the underlying bonds) each year through the terminal year. The Fund will initially be comprised of 20 rungs with clusters of maturities throughout 2026 and each subsequent year through 2045.