About: The Funds primary investment objective is to provide current income exempt from regular federal income tax. 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, based upon its bottom-up, research-driven investment strategy. Under normal circumstances and as a fundamental policy, the Fund will invest at least 80% of its net assets in municipal securities that pay interest exempt from the federal alternative minimum tax applicable to individuals (AMT). 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 Funds investments in municipal securities or as a substitute for a position in the underlying asset. These types of strategies may generate taxable income. The Fund may borrow for temporary, emergency or other purposes as permitted by the Investment Company Act of 1940, as amended, (the 1940 Act) 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 Fund may invest up to 15% of its net assets in municipal securities that, at the time of investment, are illiquid (i.e., securities that are not readily marketable).
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