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Pursuant to the organizational documents of each Fund, each Board is divided into three classes, Class I, Class II and Class III, to be elected by the holders of the outstanding Common Shares and any outstanding Preferred Shares, voting together as a single class to serve until the third succeeding annual meeting subsequent to their election or thereafter, in each case until their successors have been duly elected and qualified. For Enhanced AMT-Free Enhanced Municipal Credit andIncome, AMT-Free Quality Income, Credit Income, Municipal High Income, New York AMT-Free, New York Quality Income and Quality Income, each a Massachusetts Fund with Preferred Shares outstanding, holders of Preferred Shares are entitled to elect two (2) Board Members. The Board Members elected by holders of Preferred Shares will be elected to serve until the next annual meeting or until their successors have been duly elected and qualified.

(a)For Municipal Income: four (4) Board Members are to be elected by all shareholders. Board Members Evans, Medero, Moschner and Thornton have been designated as Class II Board Members and as nominees for Board Members for a term expiring at the 2024 annual meeting of shareholders or until their successors have been duly elected and qualified. Board Members Hunter, Lancellotta, Nelson, Stockdale, Stone, Toth, Wolff and Young are current and continuing Board Members. Board Members Hunter, Stockdale, Stone and Wolff have been designated as Class III Board Members for a term expiring at the 2022 annual meeting of shareholders or until their successors have been duly elected and qualified. Board Members Lancellotta, Nelson, Toth and Young have been designated as Class I Board Members for a term expiring at the 2023 annual meeting of shareholders or until their successors have been duly elected and qualified.

(b)For Municipal Value and each Massachusetts Fund, except AMT-Free Credit Income, AMT-Free Quality Income, Credit Income, Municipal High Income, New York AMT-Free, New York Quality Income and Quality Income: four (4) Board Members are to be elected by all shareholders. Board Members Evans, Medero, Moschner and Thornton have been designated as Class III Board Members and as nominees for Board Members for a term expiring at the 2024 annual meeting

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of shareholders or until their successors have been duly elected and qualified. Board Members Hunter, Lancellotta, Nelson, Stockdale, Stone, Toth, Wolff and Young are current and continuing Board Members. Board Members Hunter, Stockdale, Stone and Wolff have been designated as Class I Board Members for a term expiring at the 2022 annual meeting of shareholders or until their successors have been duly elected and qualified. Board Members Lancellotta, Nelson, Toth and Young have been designated as Class II Board Members for a term expiring at the 2023 annual meeting of shareholders or until their successors have been duly elected and qualified.

(c) For AMT-Free Credit Income, AMT-Free Quality Income, Credit Income, Municipal High Income, New York AMT-Free, New York Quality Income and Quality Income:

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It is the intention of the persons named in the enclosed proxy to vote the shares represented thereby for the election of the nominees listed in the table below unless the proxy is marked otherwise. Each of the nominees has agreed to serve as a Board Member of each Fund if elected. However, should any nominee become unable to serve or unwilling to accept nomination for election,good cause will not serve, the proxies will be voted for substitute nominees, if any, designated by that Fund’s present Board.

Class I Board Members: For each Fund other than Municipal Income, Board Members Hunter, Stockdale, Stone and Wolff were last elected to the Fund’s Board as Class I Board Members at the annual meeting of shareholders held on August 7, 2019. For Municipal Income, Board Members Nelson, Toth and Young were last elected to the Fund’s Board as Class I Board Members at the annual meeting of shareholders held on August 5, 2020. Board Member Lancellotta was appointed to Municipal Income’s Board as a Class I Board Member effective June 1, 2021.

Class II Board Members: For each Fund other than Municipal Income, Board Members Nelson, Toth and Young were last elected to each Fund’s Board as Class II Board Members at the annual meeting of shareholders held on August 5, 2020. Board Member Lancellotta was appointed to the Fund’s Board as a Class II Board Member effective June 1, 2021. For Municipal

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Income, Board Members Evans and Moschner were last elected to the Fund’s Board as Class II Board Members at the annual meeting of shareholders held on August 8, 2018. Board Members Medero and Thornton were appointed to Municipal Income’s Board as Class II Board Members effective June 1, 2021 and November 16, 2020, respectively.

Class III Board Members: For AMT-Free Value, Build America, Build America Opportunity, California Select, Enhanced Value,each Fund other than Municipal Value, New York Select, Select Maturities, Select Tax-Free, Select Tax-Free 2Income and Select Tax-Free 3,Taxable Income, Board Members Evans and SchneiderMoschner were last elected to each Fund’s Board as Class III Board Members at the annual meeting of shareholders held on August 5, 2015.8, 2018. For Enhanced AMT-Free, Enhanced Municipal Credit and Municipal HighTaxable Income, Board MemberMembers Evans wasand Moschner were last elected to eachthe Fund’s Board as a Class III Board MemberMembers at the annual meeting of shareholders held on August 5, 2015.June 21, 2018. For each Fund other than Municipal Income, Board Members Medero and Thornton were appointed to each Fund’s Board as Class III Board Member effective June 1, 2021 and November 16, 2020, respectively. For Municipal Income, Board Members Hunter, Stockdale, Stone and StoneWolff were last elected to the Fund’s Board as Class III Board Members at the annual meeting of shareholders held on August 7, 2013.2019.

Class II Board Members:Members Elected by Holders of Preferred Shares: For AMT-Free Credit Income, AMT-Free Quality Income, Credit Income, Municipal High Income, New York AMT-Free, New York Quality Income and Quality Income, Board Members EvansHunter and SchneiderMoschner were lastlasted elected to theeach Fund’s Board as Class II Board Members at the annual meeting of shareholders held on August 5, 2015. For AMT-Free Value, Build America, Build America Opportunity, California Select, Enhanced Value, Municipal Value, New York Select, Select Maturities, Select Tax-Free, Select Tax-Free 2 and Select Tax-Free 3, Board Members Adams, Kundert, Nelson and Toth were last elected to each Fund’s Board as Class II Board Members at the annual meeting of shareholders held on August 5, 2014. For Enhanced AMT-Free, Enhanced Municipal Credit and Municipal High Income, Board Members Adams, Kundert, Nelson and Toth were last elected to each Fund’s Board as Class II Board Members August 5, 2014.2020.

Class I Board Members: For Municipal Income, Board Members Adams, Kundert, Nelson and Toth were last elected to the Fund’s Board as Class I Board Members at the annual meeting of shareholders held on August 5, 2014. For AMT-Free Value, Build America, Build America Opportunity, California Select, Enhanced Value, Municipal Value, New York Select, Select Maturities, Select Tax-Free, Select Tax-Free 2 and Select Tax-Free 3, Board Members Hunter, Stockdale and Stone were last elected to each Fund’s Board as Class I Board Members at the annual meeting of shareholders held on August 7, 2013. For Enhanced AMT-Free and Enhanced Municipal Credit, Board Members Stockdale and Stone were last elected to each Fund’s Board as Class I Board Members at the annual meeting of shareholders held on August 7, 2013. For Municipal High Income, Board Members Stockdale and Stone were last elected to the Fund’s Board as Class I Board Members at the annual meeting of shareholders held on May 16, 2013.

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Board Member Appointments/Initial Elections: For 2018 Target Term, each of the Board Members except Board Members Cook, Moschner and Wolff was appointed by the initial shareholder of the Fund on November 10, 2015. Board Members Hunter, Stockdale and Stone were designated as Class I Board Members. Board Members Adams, Kundert, Nelson and Toth were designated as Class II Board Members. Board Members Evans and Schneider were designated as Class III Board Members.

On February 4, 2016, Ms. Wolff was appointed as a Board Member and designated as a Class III Board Member for Municipal Income and a Class I Board Member for Municipal Value and each Massachusetts Fund, effective February 15, 2016.

On June 22, 2016, Ms. Cook and Mr. Moschner were appointed as Board Members and designated as Class II Board Members for Municipal Income and Class III Board Members for Municipal Value and each Massachusetts Fund, effective July 1, 2016.

Other than Board Members Adams and Cook, allAll Board Member nominees and current and continuing Board Members are not “interested persons,” as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), of the Funds or the Adviser, Nuveen Fund Advisors, LLC (“Adviser”(the “Adviser”), and have never been an employee or director of Nuveen, LLC (“Nuveen”), the Adviser’s parent company, or any affiliate. Accordingly, such Board Members are deemed “Independent Board Members.”

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The Board unanimously recommends that shareholders vote FOR the election of the nominees.

Board Nominees/Board Members

710

811

912

1013

1114

1215

1316

1417

Board Member Investments in the Funds

In order to create an appropriate identity of interests between Board Members and shareholders, the Boards of Directors/Trustees of the Nuveen funds have adopted a governance principle pursuant to which each Board Member is expected to invest, either directly or on a deferred basis, at least the equivalent of one year of compensation in the funds in the Nuveen fund complex.

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The dollar range of equity securities beneficially owned by each Board Member in each Fund and all Nuveen funds overseen by the Board Member as of DecemberMay 31, 20152021 is set forth in Appendix A. A. The number of shares of each Fund beneficially owned by each Board Member and by the Board Members and officers of the Funds as a group as of DecemberMay 31, 20152021 is also set forth in Appendix A. On December 31, 2015, Board Members and executive officers as a group beneficially owned approximately 1.7 million shares of all funds managed by the Adviser (including shares held by the Board Members through the Deferred Compensation Plan for Independent Board Members and by executive officers in Nuveen’s 401(k)/profit sharing plan) A. As of June 6, 2016,7, 2021, each Board Member’s individual beneficial

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shareholdings of each Fund constituted less than 1% of the outstanding shares of the Fund. As of June 6, 2016,7, 2021, the Board Members and executive officers as a group beneficially owned less than 1% of the outstanding shares of each Fund. As of June 6, 2016,7, 2021, no shareholder beneficially owned more than 5% of any class of shares of any Fund, except as provided in Appendix B. B.

Compensation

Prior toEffective January 1, 2016, each2020, Independent Board Member receivedMembers receive a $160,000$195,000 annual retainer, plus:increased to $200,000 as of January 1, 2021, plus they receive (a) a fee of $5,250$6,750 per day, increased to $7,000 per day as of January 1, 2021, for attendance in person or by telephone at regularly scheduled meetings of the Board; (b) a fee of $3,000 per meeting for attendance in person or by telephone at special, non-regularly scheduled meetings of the Board where in-person attendance was required and $2,000 per meeting for attendance by telephone or in person at such meetings where in-person attendance was not required; (c) a fee of $2,500 per meeting for attendance in person or by telephone at Audit Committee meetings where in-person attendance was required and $2,000 per meeting for attendance by telephone or in person at such meetings where in-person attendance was not required; (d) a fee of $2,500 per meeting for attendance in person or by telephone at Compliance, Risk Management and Regulatory Oversight Committee meetings where in-person attendance was required and $2,000 per meeting for attendance by telephone or in person at such meetings where in-person attendance was not required; (e) a fee of $1,000 per meeting for attendance in person or by telephone at Dividend Committee meetings; (f) a fee of $2,500 per meeting for attendance in person or by telephone at Closed-End Funds Committee meetings where in-person attendance was required and $2,000 per meeting for attendance by telephone or in person at such meetings where in-person attendance was not required, provided that no fees were received for meetings held on days on which regularly scheduled Board meetings were held; and (g) 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 was required and $250 per meeting for attendance by telephone or in person at such committee meetings (excluding shareholder meetings) where in-person attendance was not required, and $100 per meeting when the Executive Committee acted as pricing committee for IPOs, plus, in each case, expenses incurred in attending such meetings, provided that no fees were received for meetings held on days on which regularly scheduled Board meetings were held. In addition to the payments described above, the Chairman of the Board received $75,000, the chairpersons of the Audit Committee, the Dividend Committee, the Compliance, Risk Management and Regulatory Oversight Committee and the Closed-End Funds Committee received $12,500 each and the chairperson of the Nominating and Governance Committee received $5,000 as additional annual retainers. Independent Board Members also received 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

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was held. When ad hoc committees were organized, the Nominating and Governance Committee at the time of formation determined compensation to be paid to the members of such committees; however, in general, such fees were $1,000 per meeting for attendance in person or by telephone at ad hoc committee meetings where in-person attendance was required and $500 per meeting for attendance by telephone or in person at such meetings where in-person attendance was not required. The annual retainer, fees and expenses were allocated among the Nuveen funds on the basis of relative net assets, although management may have, in its discretion, established a minimum amount to be allocated to each fund.

Effective January 1, 2016, each Independent Board Member receives a $170,000 annual retainer plus: (a) a fee of $5,550 per day for attendance in person or by telephone at regularly scheduled meetings of the Board; (b) a fee of $3,000 per meeting for attendance in person or by telephone at special, non-regularly scheduled meetings of the Board 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) 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) a fee of $2,500$5,000 per meeting for attendance in person or by telephone at Compliance, Risk Management and Regulatory Oversight 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) a fee of $1,000 per meeting for attendance in person or by telephone at Dividend Committee meetings; (f) 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; and (g) 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 IPOs, 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) 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 ChairmanChair of the Board receives $80,000,$90,000, increased to $100,000 as of January 1, 2021, and the chairpersons of the Audit Committee, the Dividend Committee, the Compliance, Risk Management and Regulatory Oversight Committee, the Closed-End Funds Committee and the Nominating and Governance Committee and the Closed-End Funds Committee receive $12,500$15,000 each as additional annual retainers. Independent Board Members also receive a fee of $3,000 per day, increased to $3,500 per day as of January 1, 2021, 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,

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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. In certain circumstances, such as during the COVID-19 pandemic, the Board may hold in-person meetings by telephonic or videographic means and be compensated at the in-person rate.

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The Funds do not have retirement or pension plans. Certain Nuveen funds (the “Participating Funds”) participate in a deferred compensation plan (the “Deferred Compensation Plan”) that permits an Independent Board Member to elect to defer receipt of all or a portion of his or her compensation as an Independent Board Member. The deferred compensation of a participating Independent Board Member is credited to a book reserve account of the Participating Fund when the compensation would otherwise have been paid to such Independent Board Member. The value of an Independent Board Member’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 an Independent Board Member’s deferral account, the Independent Board Member may elect to receive distributions in a lump sum or over a period of five years. The Participating Fund will not be liable for any other fund’s obligations to make distributions under the Deferred Compensation Plan.

The Funds have no employees. The officers of the Funds and the Board Members of each Fund who are not Independent Board Members serve without any compensation from the Funds. The Funds’ Chief Compliance Officer’s (“CCO”) compensation, which is composed of base salary and incentive compensation, is paid by the Adviser, with review and input by the Board. The Funds reimburse the Adviser for an allocable portion of the Adviser’s cost of the CCO’s incentive compensation.

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The table below shows, for each Independent Board Member, the aggregate compensation paid by each Fund to the Independent Board Member/nominee for its last fiscal year.

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