About: The Funds primary investment objective is to provide current income exempt from regular federal and New Jersey income taxes. The Funds secondary investment objective is to enhance portfolio value and total return. The Fund seeks to achieve its investment objectives by investing in a portfolio of municipal securities, a significant portion of which NAM believes are underrated and undervalued. Under normal circumstances the Fund will invest at least 80% of its net assets in municipal securities, the income from which is exempt from regular federal and New Jersey income taxes. The Fund also may invest up to 20% of its net assets in municipal securities that are exempt from regular federal income tax, but not from New Jersey income tax. 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 securities that provide for the payment of interest income that is exempt from regular federal income tax. As a fundamental policy, the Fund will not leverage its capital structure by issuing senior securities such as preferred shares or debt instruments. The Fund may borrow for temporary, emergency or other purposes as permitted by the Investment Company Act of 1940, and invest in certain instruments, including inverse floating rate securities, that have the economic effect of financial leverage. The Fund will not invest more than 15% of its net assets in residual interest bonds or inverse floating rate securities. The Fund does not currently intend to invest more than 5% of its net assets in such bonds or securities. The degree of economic leverage associated with the Funds investment in such bonds or securities is generally greater than the percentage of the Funds net assets invested in those bonds or securities. The Fund may invest up to 15% of its net assets in municipal securities that, at the time of investment, are illiquid. The Fund will generally invest in municipal securities with intermediate or long-term maturities. The Fund will not invest more than 25% of its net assets in municipal securities in any one industry. The Fund will not invest more than 10% of its net assets in tobacco settlement bonds.
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