1

Portfolio

of

Investments

June

30,

2025

NHYM

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

98.0%

MUNICIPAL

BONDS

-

98.0%

ALABAMA

-

2.3%

$

1,000,000

Mobile

County

Industrial

Development

Authority,

Alabama,

Solid

Waste

Disposal

Revenue

Bonds,

AM/NS

Calvert

LLC

Project,

Series

2024B,

(AMT)

4.750

%

12/01/54

$

922,119

1,000,000

Southeast

Energy

Authority,

Alabama,

Revenue

Bonds,

Cooperative

District

Energy

Supply

Series

2025B,

(Mandatory

Put

1/01/33)

5.250

03/01/55

1,045,342

TOTAL

ALABAMA

1,967,461

ARKANSAS

-

1.2%

500,000

Arkansas

Development

Finance

Authority,

Arkansas,

Environmental

Improvement

Revenue

Bonds,

United

States

Steel

Corporation,

Green

Series

2023,

(AMT)

5.700

05/01/53

507,027

500,000

(a)

Arkansas

Development

Finance

Authority,

Industrial

Development

Revenue

Bonds,

Big

River

Steel

Project,

Series

2019,

(AMT)

4.500

09/01/49

481,549

TOTAL

ARKANSAS

988,576

CALIFORNIA

-

7.6%

500,000

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2023C,

(Mandatory

Put

10/01/31)

5.250

01/01/54

524,201

750,000

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2025A,

(Mandatory

Put

5/01/35)

5.000

01/01/56

774,659

500,000

(a)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Glendale

Properties,

Senior

Series

2021A-1

4.000

02/01/56

395,123

250,000

(a)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Serenity

at

Larkspur

Apartments,

Series

2020A

5.000

02/01/50

175,103

300,000

(a)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Summit

at

Sausalito

Apartments,

Series

2021A-1

3.000

02/01/57

196,097

500,000

(a)

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

Brightline

West

Passenger

Rail

Project,

Green

Bond

Series

2025A,

(AMT),

(Mandatory

Put

1/01/35)

9.500

01/01/65

474,101

160,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Eisenhower

Medical

Center,

Refunding

Series

2017A

4.000

07/01/47

134,504

780,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

2023-11

Hesperia-

Silverwood

Improvement

Area

1,

Series

2025

5.125

09/01/50

761,235

1,000,000

(a)

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A

5.250

12/01/56

959,854

125,000

(a)

CMFA

Special

Finance

Agency

I,

California,

Essential

Housing

Revenue

Bonds,

The

Mix

at

Center

City,

Series

2021A-2

4.000

04/01/56

90,224

500,000

(a)

CMFA

Special

Finance

Agency,

California,

Essential

Housing

Revenue

Bonds,

Latitude

33,

Senior

Series

2021A-1

3.000

12/01/56

315,100

105,000

(a)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Moda

at

Monrovia

Station,

Social

Series

2021A-2

4.000

10/01/56

77,145

205,000

(a)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Renaissance

at

City

Center,

Series

2020A

5.000

07/01/51

185,708

200,000

(a)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Waterscape

Apartments,

Senior

Lien

Series

2021A

3.000

09/01/56

130,643

2,000,000

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Capital

Appreciation

Series

2021B-2

0.000

06/01/66

212,084

Portfolio

of

Investments

June

30,

2025

(continued)

NHYM

2

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

500,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Refunding

Subordinate

Green

Series

2025A,

(AMT)

5.000

%

05/15/55

$

500,737

500,000

Mountain

House

Community

Facilities

District,

California

Special

Tax

Bonds,

Improvement

Area

1

Series

2024-1

5.000

09/01/40

504,188

TOTAL

CALIFORNIA

6,410,706

COLORADO

-

12.8%

500,000

(a)

Aerotropolis

Regional

Transportation

Authority,

Colorado,

Special

Revenue

Bonds,

Series

2024

5.750

12/01/54

490,668

500,000

Aurora

Crossroads

Metropolitan

District

2,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2020A

5.000

12/01/50

467,197

700,000

CCP

Metropolitan

District

3,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Refunding

Series

2024

5.000

12/01/53

658,400

250,000

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,Science

Technology

Engineering

and

Math

School

Project,

Refunding

Series

2014

5.125

11/01/49

234,180

750,000

(a)

Colorado

Educational

and

Cultural

Facilities

Authority,

Cultural

Facilities

Revenue

Bonds,

Stanley

Project,

Senior

Lien

Series

2025A-1

6.875

02/01/59

764,410

400,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Covenant

Living

Communities

&

Services,

Series

2025A

5.125

12/01/55

391,228

750,000

Denver

Health

and

Hospitals

Authority,

Colorado,

Healthcare

Revenue

Bonds,

Series

2025A

6.000

12/01/55

792,464

250,000

Gardens

on

Havana

Metropolitan

District

3,

Arapahoe

County,

Colorado,

Special

Revenue

Bonds,

Refunding

Series

2017A

5.250

12/01/47

224,563

500,000

Haymeadow

Metropolitan

District

1,

Eagle

County,

Colorado,

General

Obligation

Bonds,

Subordinate

Limited

Tax

Series

2025A

6.125

12/01/54

503,631

250,000

Jefferson

Center

Metropolitan

District

1,

Arvada,

Jefferson

County,

Colorado,

Special

Revenue

Bonds,

Series

2020-A2

4.125

12/01/40

221,939

500,000

Lakota

Pointe

Metropolitan

District

1,

Winter

Park,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2025A

6.000

12/01/55

499,955

500,000

Larkridge

Metropolitan

District

No.

2,

In

the

City

of

Thornton,

Adams

County,

Colorado,

General

Obligation,

Limited

Tax

Convertible

to

Unlimited

Tax,

Improvement

Bonds,

Refunding

Series

2019

5.250

12/01/48

466,759

489,000

Mountain

Shadows

Metropolitan

District,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Refunding

Series

2016

5.000

12/01/46

460,387

500,000

Pinery

Commercial

Metropolitan

District

2,

Douglas

County,

Colorado,

Special

Revenue

Bonds,

Series

2025

5.750

12/01/54

483,885

500,000

Pinon

Pines

Metropolitan

District

No.

3,

El

Paso

County,

Colorado,

General

Obligation

Limited

Tax

Convertible

Capital

Appreciation

Bonds,

Series

2025

5.875

12/01/54

425,982

1,000,000

Prairie

Farm

Metropolitan

District,

In

the

City

of

Commerce

City,

Adams

County,

Colorado,

Limited

Tax

Convertible

to

Unlimited

Tax,

General

Obligation

Bonds,

Series

2018A

5.250

12/01/48

981,351

750,000

(a)

Reagan

Ranch

Metropolitan

District

1,

Colorado

Springs,

Colorado,

General

Obligation

Bonds,

Limited

Tax

&

Special

Revenue,

Series

2025

6.125

12/01/54

711,978

500,000

Red

Barn

Metropolitan

District,

Mead,

Colorado,

Weld

County,

Colorado,

General

Obligation

Bond,

Limited

Tax

Convertible

to

Unlimited

Tax,

Refunding

and

Improvement,

Series

2025A

5.500

12/01/55

485,592

900,000

Redtail

Ridge

Metropolitan

District,

City

of

Louisville,

Boulder

County,

Colorado,

General

Obligation

Limited

Tax

Capital

Appreciation

Turbo

Bonds,

Series

2025

0.000

12/01/32

534,310

500,000

Reserve

Metropolitan

District

2,

Mount

Crested

Butte,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

Series

2016A

5.000

12/01/45

462,566

600,000

West

Valley

Metropolitan

District

3,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Windsor

Series

2024A

5.250

12/01/54

561,363

TOTAL

COLORADO

10,822,808

CONNECTICUT

-

0.6%

500,000

Stamford

Housing

Authority,

Connecticut,

Revenue

Bonds,

Mozaic

Concierge

Living

Project,

Series

2025A

6.500

10/01/55

501,306

TOTAL

CONNECTICUT

501,306

3

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

-

15.7%

$

180,000

Astonia

Community

Development

District,

Polk

County,

Florida,

Special

Assessment

Revenue

Bonds,

Area

3

Project,

Series

2023

5.125

%

06/15/43

$

177,652

1,000,000

Babcock

Ranch

Community

Independent

Special

District,

Charlotte

County,

Florida,

Special

Assessment

Bonds,

2022

Project

Series

2022

5.000

05/01/53

935,287

125,000

Bridgewater

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Assessment

Area

2

Project,

Refunding

Series

2015

4.650

05/01/35

123,906

370,000

(a)

Cedar

Crossing

Community

Development

District,

Polk

County,

Florida,

Special

Assessment

Bond,

2025

Project,

Series

2025

5.300

05/01/45

351,309

500,000

(a)

Charlotte

County

Industrial

Development

Authority,

Florida,

Utility

System

Revenue

Bonds,

Town

&

Country

Utilities

Project,

Series

2021A,

(AMT)

4.000

10/01/51

391,080

250,000

(a)

Connerton

East

Community

Development

District,

Pasco

County,

Florida,

Special

Assessment

Revenue

Bonds,

Assessment

Area

2

Project,

Series

2025

5.450

06/15/45

239,552

530,000

Creekside

at

Twin

Creeks

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Area

2

Project,

Series

2016A-3

5.250

11/01/30

535,447

140,000

(a)

Davenport

Road

South

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Series

2018

5.000

11/01/38

140,817

410,000

(a)

Del

Webb

Sunchase

Community

Development

District,

Manatee

County,

Florida,

Special

Assessment

Bonds,

Series

2025

5.450

05/01/45

403,196

250,000

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Brightline

Trains

Florida

LLC

Issue,

Series

2024,

(AMT)

5.000

07/01/41

227,869

500,000

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Brightline

Trains

Florida

LLC

Issue,

Series

2024,

(AMT)

5.500

07/01/53

462,721

250,000

(a)

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Brightline

Trains

Florida

LLC

Issue,

Series

2024A,

(AMT),

(Mandatory

Put

7/15/28)

10.000

07/15/59

238,066

500,000

(a)

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Series

2025A,

(AMT),

(Mandatory

Put

8/13/25)

8.250

07/01/57

513,913

500,000

(a)

Grand

Bay

at

Doral

Community

Development

District,

Miami-

Dade

County,

Florida,

Special

Assessment

Bonds,

Assessment

Area

Two

Phase

1

Project,

Series

2025A-1

5.000

05/01/45

479,984

250,000

(a)

Lakewood

Ranch

Stewardship

District,

Florida,

Special

Assessment

Revenue

Bonds,

Lorraine

Lakes

Project,

Series

2020

3.875

05/01/51

197,109

385,000

(a)

Lowery

Hills

Community

Development

District,

Lake

Alfred,

Florida,

Special

Assessments

Revenue

Bonds,

Assessment

Area

1,

Series

2025

5.625

05/01/45

369,696

250,000

(a)

Magnolia

Island

Community

Development

District,

Pasco

County,

Florida,

Capital

Improvement

Revenue

Bonds,

Assessment

Area

1,

series

2025

5.750

05/01/55

238,404

295,000

Mangrove

Point

and

Mangrove

Manor,

Community

Development

District,

Hillsborough

County,

Florida,

Capital

Improvement

Revenue

Bonds,

Series

2022

4.375

05/01/52

246,504

500,000

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Refunding

Series

2017B,

(AMT)

5.000

10/01/40

500,439

505,000

(a)

Miromar

Lakes

Community

Development

District,

Lee

County,

Florida,

Capital

Improvement

Revenue

Bonds,

Refunding

Series

2025

5.000

05/01/35

532,312

750,000

Orange

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Orlando

Health

Inc.

Series

2025A

4.500

10/01/56

678,898

485,000

(a)

Pacific

Ace

Community

Development

District,

Lake

County,

Florida,

Special

Assessment

Revenue

Bonds,

Area

2

Series

2024

5.200

05/01/44

466,544

400,000

Palermo

Community

Development

District,

Lee

County,

Florida,

Special

Assessment

Bonds,

Area

2,

Series

2025

5.500

06/15/55

397,678

205,000

Palm

Gate

Community

Development

District,

Florida,

Special

Assessment

Bond,

2025

Project,

Series

2025

5.300

06/15/45

194,217

Portfolio

of

Investments

June

30,

2025

(continued)

NHYM

4

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

250,000

(a)

Palm

Gate

Community

Development

District,

Florida,

Special

Assessment

Bond,

2025

Project,

Series

2025

5.550

%

06/15/55

$

235,102

645,000

(a)

Ranches

at

Lake

McLeod

Community

Development

District,

Polk

County,

Florida,

Special

Assessment

Revenue

Bonds,

Assessment

Area

2

Series

2025

5.450

06/15/45

626,947

750,000

(a)

Sawyers

Landing

Community

Development

District,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2021

4.125

05/01/41

663,843

500,000

(a)

Southeast

Overtown

/Park

West

Community

Redevelopement

Agency,

Florida,

Tax

Increment

Revenue

Bonds,

Series

2014A-1

5.000

03/01/30

500,683

380,000

Stoneybrook

North

Community

Development

District,

Florida,

Special

Assessment

Revenue

Bonds,

Assessment

Area

One

Project,

Series

2017A-3

5.875

11/01/29

383,852

180,000

(a)

Twisted

Oaks

Pointe

Community

Development

District,

Florida,

Special

Assessment

Revenue

Bonds

Assessment

Area

One

Project

Series

2023

5.625

05/01/53

177,516

500,000

Two

Lakes

Community

Development

District,

Hialeah,

Florida,

Special

Assessment

Bonds,

Series

2024

5.000

05/01/55

479,038

100,000

(a)

Two

Rivers

West

Community

Development

District,

Pasco

County,

Florida,

Special

Assessment

Bonds,

2022

Project,

Series

2022

6.250

05/01/53

102,386

190,000

(a)

Two

Rivers

West

Community

Development

District,

Pasco

County,

Florida,

Special

Assessment

Bonds,

2024

Project,

Series

2024

5.875

05/01/54

189,405

250,000

(a)

V-Dana

Community

Development

District,

Lee

County,

Florida,

Special

Assessment

Bonds,

Area

2

-

2025

Project,

Series

2025

5.550

05/01/55

238,155

180,000

Verandah

West

Community

Development

District,

Florida,

Capital

Improvement

Revenue

Bonds,

Refunding

Series

2013

5.000

05/01/33

180,092

275,000

Verano

3

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Phase

1

Assessment

Area,

Series

2021

3.375

05/01/41

214,036

300,000

(a)

Woodcreek

Community

Development

District,

Pasco

County,

Florida,

Capital

Improvement

Revenue

Bonds,

Assessment

Area

2,

Series

2025

5.500

05/01/55

277,371

TOTAL

FLORIDA

13,311,026

GEORGIA

-

2.3%

500,000

Georgia

Housing

and

Finance

Authority,

Single

Family

Mortgage

Bonds,

Series

2025A

4.500

12/01/45

486,530

500,000

(a)

Main

Street

Natural

Gas

Inc.,

Georgia,

Gas

Supply

Revenue

Bonds,

Series

2022C,

(Mandatory

Put

11/01/27)

4.000

08/01/52

498,617

1,000,000

Municipal

Electric

Authority

of

Georgia,

Plant

Vogtle

Units

3

&

4

Project

J

Bonds,

Series

2019A

5.000

01/01/49

989,908

TOTAL

GEORGIA

1,975,055

HAWAII

-

0.6%

500,000

Hawaii

State,

Airport

System

Revenue

Bonds,

Series

2025A,

(AMT)

5.250

07/01/51

510,603

TOTAL

HAWAII

510,603

ILLINOIS

-

0.6%

250,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues

Series

2012A

5.000

12/01/42

234,771

250,000

(a)

Lincolnwood,

Cook

County,

Illinois,

Tax

Increment

Revenue

Bonds,

District

1860

Development

Project,

Series

2025B

5

.750

12/01/43

249,024

TOTAL

ILLINOIS

483,795

INDIANA

-

0.1%

100,000

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Revenue

Bonds,

Convention

Center

Hotel

Senior

Series

2023E

6.000

03/01/53

103,514

TOTAL

INDIANA

103,514

IOWA

-

0.3%

250,000

Iowa

Finance

Authority,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2025A

4.550

07/01/45

242,069

TOTAL

IOWA

242,069

5

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

KENTUCKY

-

2.1%

$

500,000

Kentucky

Economic

Development

Finance

Authority,

Revenue

Bonds,

Next

Generation

Kentucky

Information

Highway

Project,

Senior

Series

2015A

5.000

%

01/01/45

$

499,423

750,000

Louisville

and

Jefferson

County

Metropolitan

Government,

Kentucky,

Hospital

Revenue

Bonds,

UofL

Health

Project,

Series

2022A

5.000

05/15/52

716,708

500,000

Public

Energy

Authority

of

Kentucky,

Gas

Supply

Revenue

Bonds,

Refunding

Series

2025A,

(Mandatory

Put

12/01/29)

5.250

06/01/55

528,775

TOTAL

KENTUCKY

1,744,906

LOUISIANA

-

2.8%

235,000

(a)

Juban

Trails

Community

Development

District,

Livingston

Parish,

Louisiana,

Special

Assessment Revenue

Bonds,

Series

2022

4.250

06/01/51

188,712

400,000

Louisiana

Housing

Corporation,

Single

Family

Mortgage

Revenue

Bonds,

Series

2025A

4.600

12/01/50

379,484

200,000

(a)

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority,

Louisiana,

Revenue

Bonds,

Terrebonne

Parish

GOMESA

Project,

Series

2018

5.500

11/01/39

204,657

100,000

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority,

Revenue

Bonds,

Westlake

Chemical

Corporation

Projects,

Refunding

Series

2017

3.500

11/01/32

96,316

250,000

Louisiana

Public

Facilities

Authority,

Revenue

Bonds,

Ochsner

Clinic

Foundation

Project,

Series

2015

5.000

05/15/47

249,846

500,000

Louisiana

Publics

Facilities

Authority,

Louisiana,

Revenue

Bonds,

I-10

Calcasieu

River

Bridge

Public-Private

Partnership

Project,

Senior

Lien

Series

2024,

(AMT)

5.750

09/01/64

515,025

750,000

Louisiana

Publics

Facilities

Authority,

Louisiana,

Revenue

Bonds,

I-10

Calcasieu

River

Bridge

Public-Private

Partnership

Project,

Senior

Lien

Series

2024,

(AMT)

5.000

09/01/66

706,442

TOTAL

LOUISIANA

2,340,482

MAINE

-

0.2%

200,000

Maine

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds,

Eastern

Maine

Medical

Center

Obligated

Group

Issue,

Series

2016A

5.000

07/01/46

179,118

TOTAL

MAINE

179,118

MARYLAND

-

0.4%

250,000

Baltimore,

Maryland,

Convention

Center

Hotel

Revenue

Bonds,

Refunding

Series

2017

5.000

09/01/46

234,829

120,000

Maryland

Economic

Development

Corporation,

Special

Obligation

Bonds,

Metro

Centre

Owings

Mills

Project,

Series

2017

4.375

07/01/36

113,717

TOTAL

MARYLAND

348,546

MASSACHUSETTS

-

1.3%

500,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Medical

Center

Issue,

Series

2023G

5.250

07/01/52

489,161

500,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2016A

5.000

01/01/47

485,421

100,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Merrimack

College,

Series

2017

5.000

07/01/47

94,427

TOTAL

MASSACHUSETTS

1,069,009

MICHIGAN

-

0.4%

100,000

Michigan

Finance

Authority,

Tobacco

Settlement

Asset-

Backed

Bonds,

2006

Sold

Tobacco

Receipts

Senior

Current

Interest

Series

2020A-2

5.000

06/01/40

101,273

250,000

Michigan

Strategic

Fund,

Limited

Obligation

Revenue

Bonds,

I-75

Improvement

Project,

Series

2018,

(AMT)

5.000

12/31/32

255,957

TOTAL

MICHIGAN

357,230

MINNESOTA

-

0.6%

500,000

Minnesota

Agricultural

and

Economic

Development

Board,

Health

Care

Facilities

Revenue

Bonds,

Essentia

Health

Obligated

Group,

Series

2024A

5.250

01/01/54

506,233

TOTAL

MINNESOTA

506,233

Portfolio

of

Investments

June

30,

2025

(continued)

NHYM

6

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MISSOURI

-

0.9%

$

500,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

BJC

Health

System,

Series

2025A

4.250

%

04/01/55

$

443,643

300,000

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Friendship

Village

Saint

Louis

Obligated

Group,

Series

2018A

5.000

09/01/38

300,998

TOTAL

MISSOURI

744,641

MONTANA

-

0.6%

500,000

Montana

Facility

Finance

Authority,

Montana,

Health

Facilities

Reveue

Bonds,

Bozeman

Deaconess

Health

Services

Obligated

Group,

Series

2018

5.000

06/01/48

496,599

TOTAL

MONTANA

496,599

NEVADA

-

0.8%

235,000

Henderson,

Nevada,

Local

Improvement

Bonds,

Local

Improvement

District

T-21

Black

Mountain

Ranch,

Series

2022

3.500

09/01/45

173,545

500,000

(a)

Reno,

Nevada,

Special

Assessment

Bonds,

2024

Quilici

Ranch

Local

Improvement

District

1,

Series

2025

5.250

06/01/54

464,398

TOTAL

NEVADA

637,943

NEW

HAMPSHIRE

-

0.5%

499,000

National

Finance

Authority,

New

Hampshire,

Municipal

Certificates

Series

2025-1

Class

A-2

4.087

01/20/41

449,417

TOTAL

NEW

HAMPSHIRE

449,417

NEW

JERSEY

-

1.6%

375,000

Passaic

County

Improvement

Authority,

New

Jersey,

Charter

School

Revenue

Bonds,

Paterson

Charter

School

for

Science

and

Technology,

Inc.

Project,

Series

2025

5.000

07/01/44

365,578

1,000,000

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018A

5.250

06/01/46

1,006,932

TOTAL

NEW

JERSEY

1,372,510

NEW

YORK

-

7.8%

500,000

Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

Yeshiva

University,

Series

2022A

5.000

07/15/50

478,747

500,000

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Green

Refunding

Series

2025A

5.25

0

11/15/45

516,767

500,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

Series

2025H-1

5.250

11/01/48

522,576

1,500,000

(a)

New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

3

World

Trade

Center

Project,

Class

1

Series

2014

5.000

11/15/44

1,468,577

225,000

New

York

Transportation

Development

Corporation,

New

York,

Facility

Revenue

Bonds,

Thruway

Service

Areas

Project,

Series

2021,

(AMT)

2.500

10/31/31

194,420

750,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facilities

Bonds,

LaGuardia

Airport

Terminal

B

Redevelopment

Project,

Series

2016A,

(AMT)

5.000

07/01/41

750,026

1,000,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facilities

Bonds,

LaGuardia

Airport

Terminal

B

Redevelopment

Project,

Series

2016A,

(AMT)

5.000

07/01/46

969,460

1,000,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facilities

Bonds,

LaGuardia

Airport

Terminal

B

Redevelopment

Project,

Series

2016A,

(AMT)

5.250

01/01/50

986,618

250,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facilities

Revenue

Bonds,

Terminal

6

John

F

Kennedy

International

Airport

Redevelopment

Project,

Senior

Green

Series

2024A,

(AMT)

5.500

12/31/60

250,180

500,000

Westchester

County

Local

Development

Corporation,

New

York,

Revenue

Bonds,

Westchester

Medical

Center

Obligated

Group

Project,

Refunding

Series

2016

5.000

11/01/46

449,016

TOTAL

NEW

YORK

6,586,387

7

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NORTH

CAROLINA

-

1.7%

$

1,000,000

North

Carolina

Department

of

Transportation,

Private

Activity

Revenue

Bonds,

I-77

Hot

Lanes

Project,

Series

2015,

(AMT)

5.000

%

06/30/54

$

960,222

500,000

North

Carolina

Medical

Care

Commission,

Retirement

Facilities

First

Mortgage

Revenue

Bonds,

Twin

Lakes

Community,

Series

2025A

5.250

01/01/55

487,937

TOTAL

NORTH

CAROLINA

1,448,159

OHIO

-

5.2%

1,000,000

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020B-2

Class

2

5.000

06/01/55

853,743

530,000

Butler

County,

Ohio, Hospital

Facilities

Revenue

Bonds,

UC

Health,

Series

2016

4.000

11/15/40

459,427

250,000

Chillicothe,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Adena

Health

System

Obligated

Group

Project,

Refunding

&

Improvement

Series

2017

5.000

12/01/47

245,584

500,000

Cuyahoga

County,

Ohio,

Hospital

Revenue

Bonds,

MetroHealth

System,

Series

2017

5.250

02/15/47

481,981

325,000

Hamilton

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

UC

Health,

Series

2025A

5.500

08/01/51

321,071

400,000

Miami

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Kettering

Health

Network

Obligated

Group

Project,

Refunding

Improvement

Series

2019

5.000

08/01/49

391,965

275,000

Norwood,

Ohio,

Special

Obligation

Revenue

Bonds,

Rookwood

Exchange

Project,

Refunding

Series

2025

5.000

12/01/41

268,626

500,000

(a)

Ohio

Air

Quality

Development

Authority,

Ohio,

Exempt

Facilities

Revenue

Bonds,

AMG

Vanadium

Project,

Series

2019,

(AMT)

5.000

07/01/49

443,554

500,000

(a)

Ohio

Air

Quality

Development

Authority,

Ohio,

Revenue

Bonds,

Pratt

Paper

Ohio,

LLC

Project,

Series

2017,

(AMT)

4.500

01/15/48

451,977

500,000

Port

of

Greater

Cincinnati

Development

Authority,

Ohio,

Duke

Energy

Convention

Center

Project,

TOT

First

Subordinate

Development

Revenue

Bonds,

Refunding

Series

2024B

5.000

12/01/63

482,605

TOTAL

OHIO

4,400,533

OKLAHOMA

-

1.9%

240,000

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Series

2018B

5.250

08/15/48

232,149

250,000

Oklahoma

State

Turnpike

Authority,

Turnpike

System

Revenue

Bonds,

Second

Senior

Series

2025A

5.500

01/01/54

265,397

1,000,000

Tulsa

Municipal

Airport

Trust,

Oklahoma,

Revenue

Bonds,

American

Airlines

Inc.,

Series

2025,

(AMT)

6.250

12/01/35

1,105,528

TOTAL

OKLAHOMA

1,603,074

PENNSYLVANIA

-

2.6%

250,000

(a)

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

Pennsylvania,

Tax

Revenue

Bonds,

City

Center

Project,

Series

2024

5.000

05/01/42

245,729

250,000

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Tower

Health

Project,

Series

2024A-3

5.000

06/30/39

231,006

250,000

Lehigh

County

General

Purpose

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Lehigh

Valley

Health

Network,

Series

2019A

5.000

07/01/44

245,785

500,000

Montgomery

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Series

2025A

5.000

11/15/49

480,680

550,000

(a),(b)

Pennsylvania

Economic

Development

Financing

Authority,

Solid

Waste

Disposal

Revenue

Bonds,

Core

Natural

Resources

Inc.,

Project,

Series

2025,

(AMT),

(Mandatory

Put

3/27/35)

5.450

01/01/51

561,820

500,000

Philadelphia

Authority

for

Industrial

Development

Senior

Living

Facilities,

Philadelphia,

Pennsylvania,

Revenue

Bonds,

Wesley

Enhanced

Living

Obligated

Group,

Series

2017A

5.000

07/01/49

438,900

TOTAL

PENNSYLVANIA

2,203,920

Portfolio

of

Investments

June

30,

2025

(continued)

NHYM

8

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

PUERTO

RICO

-

2.1%

$

449,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

0.000

%

07/01/46

$

143,049

750,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

5.000

07/01/58

706,195

750,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2

4.784

07/01/58

684,531

386,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

0.000

07/01/33

267,324

TOTAL

PUERTO

RICO

1,801,099

SOUTH

CAROLINA

-

1.2%

500,000

South

Carolina

Public

Service

Authority

Santee

Cooper

Revenue

Obligations,

Refunding

Series

2016B

5.000

12/01/41

500,181

250,000

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Improvement

Series

2025A

5.000

12/01/55

249,595

305,000

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Series

2015E

5.250

12/01/55

305,246

TOTAL

SOUTH

CAROLINA

1,055,022

TENNESSEE

-

0.3%

300,000

Metropolitan

Nashville

Airport

Authority,

Tennessee,

Airport

Revenue

Bonds,

Subordinate

Series

2019B,

(AMT)

5.000

07/01/49

294,896

TOTAL

TENNESSEE

294,896

TEXAS

-

10.0%

500,000

(a)

Aubrey,

Denton

County,

Texas,

Special

Assessment

Revenue

Bonds,

Duck

Point

Public

Improvement

District,

Series

2025

5.625

12/31/55

465,980

105,000

(a)

Austin,

Travis,

Williamson

and

Hays

Counties,

Texas,

Special

Assessment

Revenue

Bonds,

Whisper

Valley

Public

Improvement

District

Improvement

Area

2,

Series

2022

5.500

11/01/51

103,364

250,000

(a)

Celina,

Texas,

Special

Assessment

Revenue

Bonds,

The

Parks

at

Wilson

Creek

Public

Improvement

District

Initial

Major

Improvement

Project,

Series

2021

4.250

09/01/41

214,612

250,000

(a)

City

of

Midlothian,

Texas,

Westside

Preserve

Public

Improvement

District

Improvement

Area

#1

Project

Special

Assessment

Revenue

Bonds

Series

2022

5.375

09/15/52

234,675

200,000

Crandall,

Kaufman

County,

Texas,

Special

Assessment

Revenue

Bonds,

River

Ridge

Public

Improvement

District

Improvement

Area

2

Project,

Series

2025

5.250

09/15/45

189,733

500,000

(a)

Denton

County,

Texas,

Special

Assessment

Revenue

Bonds,

Green

Meadows

Public

Improvement

District,

Improvement

Area

1

Project,

Series

2025

5.375

12/31/45

504,388

100,000

Fort

Bend

County

Industrial

Development

Corporation,

Texas,

Revenue

Bonds,

NRG

Energy

Inc.

Project,

Series

2012A.

RMKT

4.750

05/01/38

98,611

1,000,000

Houston,

Texas,

Airport

System

Special

Facilities

Revenue

Bonds,

United

Airlines,

Inc.

Terminal

Improvements

Project,

Series

2024B,

(AMT)

5.250

07/15/34

1,031,186

250,000

(a)

Hutto

,

Williams

County

Texas,

Special

Assessment

Revenue

Bonds,

Cottonwood

Creek

Public

Improvement

Area

2

Project

Series

2025

5.125

09/01/45

234,110

400,000

(a)

Hutto

,

Williams

County

Texas,

Special

Assessment

Revenue

Bonds,

Prairie

Winds,

Public

Improvement

Area

1,

Series

2025

5.125

09/01/45

377,299

250,000

(a)

Kyle,

Texas,

Special

Assessment

Revenue

Bonds,

6

Creeks

Public

Improvement

District

Improvement

Area

3B

Project,

Series

2025

5.125

09/01/46

235,137

250,000

(a)

Kyle,

Texas,

Special

Assessment

Revenue

Bonds,

6

Creeks

Public

Improvement

District

Improvement

Area

5

Project,

Series

2025

5.375

09/01/50

234,634

250,000

Lower

Colorado

River

Authority,

Texas,

Transmission

Contract

Revenue

Bonds,

LCRA

Transmission

Services

Corporation

Project,

Refunding

Series

2025

5.000

05/15/55

248,062

250,000

(a)

New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Beta

Academy,

Series

2019A

5.000

08/15/49

221,605

500,000

New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Retirement

Facility

Revenue

Bonds,

Bella

Vida

Forefront

Living

Project,

Series

2025A

6.250

10/01/45

485,872

9

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

500,000

New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Retirement

Facility

Revenue

Bonds,

Westminster

Project,

Series

2025

5.000

%

11/01/55

$

465,348

250,000

North

East

Regional

Mobility

Authority,

Texas,

Revenue

Bonds,

Senior

Lien

Series

2016A

5.000

01/01/46

244,927

275,000

(a)

Port

Beaumont

Industrial

Development

Authority,

Texas,

Facility

Revenue

Bonds,

Jefferson

Gulf

Coast

Energy

Project,

Series

2021B

4.100

01/01/28

243,502

500,000

(a)

Port

Beaumont

Navigation

District,

Jefferson

County,

Texas,

Dock

and

Wharf

Facility

Revenue

Bonds,

Jefferson

Gulf

Coast

Energy

Project,

Series

2024A,

(AMT)

5.000

01/01/39

478,533

500,000

(a)

Port

Beaumont

Navigation

District,

Jefferson

County,

Texas,

Dock

and

Wharf

Facility

Revenue

Bonds,

Jefferson

Gulf

Coast

Energy

Project,

Series

2024A,

(AMT)

5.125

01/01/44

467,352

250,000

(a)

Princeton,

Texas,

Special

Assessment

Revenue

Bonds,

Eastridge

Public

Improvement

District

Improvement

Area

4

Project,

Series

2025

5.375

09/01/45

240,969

300,000

(a)

Princeton,

Texas,

Special

Assessment

Revenue

Bonds,

Westridge

Public

Improvement

District

Improvement

Area

1

Project,

Series

2025

5.375

09/01/45

289,163

275,000

(a)

Providence

Village,

Denton

County,

Texas,

Special

Assessment

Revenue

Bonds,

Foree

Ranch

Public

Improvement

District

Improvement

Area

2

Project

Series

2025

5.350

09/01/45

263,292

135,000

(a)

Sachse

,

Texas,

Special

Assessment

Bonds,

Sachse

Public

Improvement

District

1

Improvement

Areas

2-3

Project,

Series

2022

7.000

09/15/52

144,692

500,000

Texas

Private

Activity

Bond

Surface

Transporation

Corporation,

Senior

Lien

Revenue

Bonds,

NTE

Mobility

Partners

Segments

3

LLC

Segments

3C

Project,

Series

2019,

(AMT)

5.000

06/30/58

478,221

300,000

(a)

Venus,

Johnson

County,

Texas,

Special

Assessment

Revenue

Bonds,

Patriot

Estates

Public

Improvement

District,

Series

2021

4.000

09/15/51

238,909

TOTAL

TEXAS

8,434,176

UTAH

-

2.3%

500,000

(a)

Black

Desert

Public

Infrastructure

District,

Washington

County,

Utah,

Special

Assessment

Bonds,

Black

Desert

Assessment

Area

1,

Series

2024

5.625

12/01/53

495,308

500,000

(a)

Downtown

East

Streetcar

Sewer

Public

Infrastructure

District,

South

Salt

Lake,

Salt

Lake

County,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2022A

6.000

03/01/53

479,001

500,000

(a)

MIDA

Mountain

Village

Public

Infrastructure

District,

Utah,

Subordinate

Tax

Allocation

Revenue

Bonds,

Series

2024-1

5.125

06/15/54

467,592

500,000

(a)

Wakara

Ridge

Public

Infrastructure

District,

Utah,

Special

Assessment

Bonds,

Wakara

Ridge

Assessment

Area,

Series

2025

5.625

12/01/54

500,012

TOTAL

UTAH

1,941,913

VIRGINIA

-

1.9%

100,000

(a)

Cherry

Hill

Community

Development

Authority,

Virginia,

Special

Assesment

Bonds,

Potomac

Shores

Project,

Series

2015

5.150

03/01/35

100,103

100,000

Norfolk

Redevelopment

and

Housing

Authority,

Virginia,

Revenue

Bonds,

Fort

Norfolk

Retirement

Community,

Inc.

-

Harbor's

Edge

Project,

Refunding

Series

2014

5.375

01/01/46

94,654

500,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2025A

4.600

09/01/50

474,808

1,000,000

Virginia

Small

Business

Financing

Authority,

Private

Activity

Revenue

Bonds,

Transform

66

P3

Project,

Senior

Lien

Series

2017,

(AMT)

5.000

12/31/52

945,290

TOTAL

VIRGINIA

1,614,855

WASHINGTON

-

0.6%

500,000

Washington

State

Convention

Center

Public

Facilities

District,

Lodging

Tax

Revenue

Bonds,

Series

2018

5.000

07/01/48

484,634

TOTAL

WASHINGTON

484,634

Portfolio

of

Investments

June

30,

2025

(continued)

NHYM

10

Part

F

of

Form

N-PORT

was

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

and

in

conformity

with

the

applicable

rules

and

regulations

of

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

related

to

interim

filings.

Part

F

of

Form

N-PORT

does

not

include

all

information

and

footnotes

required

by

U.S.

GAAP

for

complete

financial

statements.

Certain

footnote

disclosures

normally

included

in

financial

statements

prepared

in

accordance

with

U.S.

GAAP

have

been

condensed

or

omitted

from

this

report

pursuant

to

the

rules

of

the

SEC.

For

a

full

set

of

the

Fund’s

notes

to

financial

statements,

please

refer

to

the

Fund’s

most

recently

filed

annual

or

semi-annual

report.

Fair

Value

Measurements

The

Fund’s

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board

of

Directors/

Trustees.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WEST

VIRGINIA

-

1.0%

$

595,000

West

Virginia

Hospital

Finance

Authority,

Hospital

Revenue

Bonds,

Cabell

Huntington

Hospital,

Inc.

Project,

Refunding

&

Improvement

Series

2018A

5.000

%

01/01/43

$

576,703

250,000

West

Virginia

Hospital

Finance

Authority,

Revenue

Bonds,

West

Virginia

University

Health

System

Obligated

Group,

Improvement

Series

2017A

5.000

06/01/47

245,569

TOTAL

WEST

VIRGINIA

822,272

WISCONSIN

-

3.1%

100,000

(a)

Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Envision

Science

Academy

Project,

Series

2016A

5.250

05/01/46

89,039

500,000

Public

Finance

Authority

of

Wisconsin,

Hotel

Revenue

Bonds,

Grand

Hyatt

San

Antonio

Hotel

Acquisition

Project,

Senior

Lien

Series

2022A

5.000

02/01/62

469,712

250,000

(a)

Public

Finance

Authority

of

Wisconsin,

Hotel

Revenue

Bonds,

Grand

Hyatt

San

Antonio

Hotel

Acquisition

Project,

Subordinate

Lien

Series

2022B

5.750

02/01/52

252,888

250,000

(a)

Public

Finance

Authority

of

Wisconsin,

Limited

Obligation

PILOT

Revenue

Bonds,

American

Dream

@

Meadowlands

Project,

Series

2017

6.500

12/01/37

237,500

250,000

(a)

Public

Finance

Authority

of

Wisconsin,

Retirement

Facility

Revenue

Bonds,

Penick

Village,

Series

2019

5.000

09/01/54

218,183

500,000

(a)

Public

Finance

Authority

of

Wisconsin,

Revenue

Anticipation

Bonds,

Texas

Infrastructure

Authority

Program,

Astro

Texas

Land

Projects,

Refunding

&

Improvement

Series

2025

5.000

12/15/36

493,226

370,000

Public

Finance

Authority

of

Wisconsin,

Student

Housing

Revenue

Bonds,

Campus

Real

Estate

Holding

Corporation,

LLC

Project,

Series

2025A

5.250

06/01/45

362,890

500,000

Public

Finance

Authority

of

Wisconsin,

Student

Housing

Revenue

Bonds,

KSU

Bixby

Real

Estate

Foundation,

LLC

Project,

Senior

Series

2025A

5.250

06/15/55

498,476

TOTAL

WISCONSIN

2,621,914

TOTAL

MUNICIPAL

BONDS

(cost

$85,339,443)

82,876,407

TOTAL

LONG-TERM

INVESTMENTS

(cost

$85,339,443)

82,876,407

OTHER

ASSETS

&

LIABILITIES,

NET

-

2.0%

1,707,275

NET

ASSETS

-

100%

$

84,583,682

AMT

Alternative

Minimum

Tax

(a)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$26,323,225

or

31.8%

of

Total

Investments.

(b)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

11

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

The

following

table

summarizes

the

market

value

of

the

Fund's

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

NHYM

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

82,876,407

$

–

$

82,876,407

Total

$

–

$

82,876,407

$

–

$

82,876,407

a

12

Portfolio

of

Investments

June

30,

2025

NUMI

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

97.9%

MUNICIPAL

BONDS

-

97.9%

ALABAMA

-

1.2%

$

340,000

Black

Belt

Energy

Gas

District,

Alabama,

Gas

Project

Revenue

Bonds,

Series

2024B,

(Mandatory

Put

9/01/32)

5.000

%

10/01/55

$

358,166

110,000

Jefferson

County,

Alabama,

Sewer

Revenue

Warrants,

Series

2024

5.250

10/01/42

114,740

250,000

Southeast

Energy

Authority,

Alabama,

Revenue

Bonds,

Cooperative

District

Energy

Supply

Series

2025B,

(Mandatory

Put

1/01/33)

5.250

03/01/55

261,336

TOTAL

ALABAMA

734,242

ARIZONA

-

0.4%

110,000

Mesa,

Arizona,

Utility

System

Revenue

Bonds,

Series

2018

5.000

07/01/42

111,242

100,000

Phoenix,

Arizona,

General

Obligation

Bonds,

Various

Purpose

Series

2024A

5.000

07/01/39

109,202

TOTAL

ARIZONA

220,444

CALIFORNIA

-

15.5%

340,000

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2024A,

(Mandatory

Put

4/01/32)

5.000

05/01/54

358,459

200,000

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2025B

5.000

11/01/32

213,215

100,000

California

Educational

Facilities

Authority,

Revenue

Bonds,

Chapman

University, Refunding

Series

2025A

5.000

04/01/42

105,340

150,000

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Series

2018A

4.000

11/15/42

137,146

100,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Saint

Joseph

Health,

Refunding

Series

2016A

4.000

10/01/47

86,165

100,000

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

Academy

of

Motion

Picture

Arts

and

Sciences

Obligated

Group,

Series

2015A

4.000

11/01/45

91,648

250,000

(a)

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

Brightline

West

Passenger

Rail

Project,

Green

Bond

Series

2025A,

(AMT),

(Mandatory

Put

1/01/35)

9.500

01/01/65

237,051

250,000

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

UCSF

Clinical

and

Life

Sciences

Building,

Series

2025

5.000

05/15/40

271,604

150,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Linxs

APM

Project,

Senior

Lien

Series

2018A,

(AMT)

5.000

12/31/34

151,793

125,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A

5.250

11/01/41

118,425

250,000

(b)

California

Municipal

Finance

Authority,

Solid

Waste

Disposal

Revenue

Bonds,

Waste

Management

Inc.

Project,

Series

2020A,

(AMT),

(Mandatory

Put

9/01/25)

3.950

10/01/45

250,013

615,000

California

State,

General

Obligation

Bonds,

Refunding

Various

Purpose

Series

2024

5.000

09/01/43

652,178

560,000

California

State,

General

Obligation

Bonds,

Various

Purpose

Refunding

Series

2025

5.000

03/01/37

625,830

500,000

(a)

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A

5.250

12/01/56

479,927

750,000

Eastern

Municipal

Water

District

Community

Facilities

District

2018-80

Willow

Springs,

California,

Special

Tax

Bonds

Series

2025

5.000

09/01/50

742,673

500,000

Foothill-De

Anza

Community

College

District,

Santa

Clara

County,

California,

General

Obligation

Bonds,

Refunding

Series

2016

4.000

08/01/40

485,379

500,000

(b)

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Variable

Rate

Demand,

Series

2021A-2,

(Mandatory

Put

6/30/25)

3.150

07/01/51

500,000

13

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

800,000

Moreno

Valley

Unified

School

District,

Riverside

County,

California,

General

Obligation

Bonds,

Election

of

2024

Series

2025A

-

BAM

Insured

5.250

%

08/01/42

$

868,963

250,000

Peralta

Community

College

District,

Alameda

County,

California,

General

Obligation,

Refunding

Series

2025

5.000

08/01/38

278,427

165,000

Sacramento

County,

California,

Airport

System

Revenue

Bonds,

Refunding

Senior

Series

2018C,

(AMT)

5.000

07/01/34

169,180

250,000

San

Diego

Public

Facilities

Financing

Authority,

California,

Lease

Revenue

Bonds,

Capital

Improvement

Projects,

Series

2015A

5.000

10/15/44

250,209

320,000

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Governmental

Purpose

Series

2016C

5.000

05/01/46

320,881

270,000

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2019E,

(AMT)

5.000

05/01/37

276,574

500,000

San

Francisco

City

and

County

Public

Utilities

Commission,

California,

Water

Revenue

Bonds,

Refunding

Green

Sub

Series

2025A

5.000

11/01/47

519,763

200,000

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Toll

Road

Revenue

Bonds,

Refunding

Junior

Lien

Series

2014B

5.250

01/15/49

200,028

800,000

University

of

California,

General

Revenue

Bonds,

Limited

Project

Series

2016K

4.000

05/15/46

736,201

500,000

University

of

California,

General

Revenue

Bonds,

Series

2025CC

5.000

05/15/42

534,432

TOTAL

CALIFORNIA

9,661,504

COLORADO

-

5.5%

310,000

Adams

and

Arapahoe

Counties

Joint

School

District

28J,

Aurora,

Colorado,

General

Obligation

Bonds,

Series

2025

5.500

12/01/37

361,199

185,000

Adams

and

Arapahoe

Counties

Joint

School

District

28J,

Aurora,

Colorado,

General

Obligation

Bonds,

Series

2025

5.500

12/01/38

213,231

190,000

Adams

and

Arapahoe

Counties

Joint

School

District

28J,

Aurora,

Colorado,

General

Obligation

Bonds,

Series

2025

5.500

12/01/39

217,033

990,000

Adams

County

School

District

14,

Colorado,

General

Obligation

Bonds,

Series

2025

5.500

12/01/44

1,070,016

500,000

CCP

Metropolitan

District

3,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Refunding

Series

2024

5.000

12/01/53

470,286

280,000

Cherry

Creek

School

District

5, Arapahoe

County,

Colorado,

General

Obligation

Bonds,

Series

2024

5.250

12/15/41

305,709

100,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Subordinate

Lien

Series

2018B

5.000

12/01/48

10

0,054

500,000

Denver

School

District

1,

Colorado,

General

Obligation

Bonds,

Series

2025C

5.500

12/01/46

539,147

180,000

Regional

Transportation

District,

Colorado,

Private

Activity

Bonds,

Denver

Transit

Partners

Eagle

P3

Project,

Series

2020A

4.000

07/15/35

178,553

TOTAL

COLORADO

3,455,228

DELAWARE

-

0.3%

200,000

Delaware

Transportation

Authority,

Revenue

Bonds,

US

301

Project,

Series

2015

5.000

06/01/45

200,041

TOTAL

DELAWARE

200,041

DISTRICT

OF

COLUMBIA

-

2.0%

300,000

District

of

Columbia

Water

and

Sewer

Authority,

Public

Utility

Revenue

Bonds,

Subordinate

Lien

Green

Series

2022B

5.000

10/01/47

305,247

200,000

District

of

Columbia,

General

Obligation

Bonds,

Series

2016A

5.000

06/01/41

200,764

250,000

District

of

Columbia,

General

Obligation

Bonds,

Series

2024A

5.000

08/01/37

275,363

110,000

District

of

Columbia,

Income

Tax

Secured

Revenue

Bonds,

Series

2022A

5.500

07/01/47

115,683

305,000

Metropolitan

Washington

Airports

Authority,

Virginia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

Capital

Appreciation,

Second

Senior

Lien

Series

2010B

6.500

10/01/44

324,460

TOTAL

DISTRICT

OF

COLUMBIA

1,221,517

Portfolio

of

Investments

June

30,

2025

(continued)

NUMI

14

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

-

5.0%

$

245,000

City

of

Miami

Beach,

Florida,

Stormwater

Revenue

Bonds,

Series

2015

4.000

%

09/01/45

$

219,192

150,000

Fort

Lauderdale,

Florida,

Water

and

Sewer

Revenue

Bonds,

Prospect

Lake

Water

Treatment

Plant

Project

Series

2023B

5.000

09/01/39

161,084

500,000

(a)

Grand

Bay

at

Doral

Community

Development

District,

Miami-

Dade

County,

Florida,

Special

Assessment

Bonds,

Assessment

Area

Two

Phase

1

Project,

Series

2025A-1

5.000

05/01/45

479,984

250,000

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Refunding

Series

2017B,

(AMT)

5.000

10/01/40

250,219

250,000

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Series

2025A,

(AMT)

5.500

10/01/55

257,091

150,000

Miami-Dade

County,

Florida,

Transit

System

Sales

Surtax

Revenue

Bonds,

Series

2018

5.000

07/01/43

152,455

505,000

(a)

Miromar

Lakes

Community

Development

District,

Lee

County,

Florida,

Capital

Improvement

Revenue

Bonds,

Refunding

Series

2025

5

.000

05/01/35

532,312

500,000

Orlando

Utilities

Commission,

Florida,

Utility

System

Revenue

Bonds,

Series

2025A

5.000

10/01/45

518,390

440,000

Osceola

County,

Florida,

Transportation

Revenue

Bonds,

Osceola

Parkway,

Refunding

&

Improvement

Series

2019A-1

5.000

10/01/35

453,633

120,000

Putnam

County

Development

Authority,

Florida,

Pollution

Control

Revenue

Bonds,

Seminole

Electric

Cooperatice

,

Inc.

Project,

Refunding

Series

2018B

5.000

03/15/42

120,257

TOTAL

FLORIDA

3,144,617

GEORGIA

-

1.2%

100,000

Burke

County

Development

Authority,

Georgia,

Pollution

Control

Revenue

Bonds,

Oglethorpe

Power

Corporation

Vogtle

Project,

Series

2017D

4.125

11/01/45

88,017

155,000

Carroll

City-County

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

Tanner

Medical

Center,

Inc.

Project,

Series

2015

4.000

07/01/45

140,268

300,000

Fulton

County

Development

Authority,

Georgia,

Hospital

Revenue

Bonds,

Wellstar

Health

System,

Inc

Project,

Series

2017A

5.000

04/01/47

298,754

100,000

Municipal

Electric

Authority

of

Georgia,

Plant

Vogtle

Units

3

&

4

Project

J

Bonds,

Series

2015A

5.500

07/01/60

100,011

100,000

Municipal

Electric

Authority

of

Georgia,

Plant

Vogtle

Units

3

&

4

Project

J

Bonds,

Series

2019A

-

BAM

Insured

5.000

01/01/49

99,939

TOTAL

GEORGIA

726,989

GUAM

-

0.4%

265,000

Guam

Power

Authority,

Revenue

Bonds,

Refunding

Series

2022A

5.000

10/01/42

269,087

TOTAL

GUAM

269,087

HAWAII

-

0.2%

100,000

Honolulu

City

and

County,

Hawaii,

Wastewater

System

Revenue

Bonds,

First

Bond

Resolution,

Senior

Series

2019A

5.000

07/01/44

101,665

TOTAL

HAWAII

101,665

IDAHO

-

0.7%

480,000

Idaho

Housing

&

Finance

Association,

Idaho,

Sales

Tax

Revenue

Bonds,

Transportation

Expansion

&

Congestion

Mitigation

Fund,

Series

2025A

4.000

08/15/50

419,061

TOTAL

IDAHO

419,061

ILLINOIS

-

5.1%

100,000

Chicago

Board

of

Education,

Illinois,

Dedicated

Capital

Improvement

Tax

Revenue

Bonds,

Series

2016

6.000

04/01/46

101,432

185,000

Chicago

Board

of

Education,

Illinois,

Dedicated

Capital

Improvement

Tax

Revenue

Bonds,

Series

2023

5.000

04/01/38

191,804

145,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Series

2016A

7.000

12/01/44

145,745

100,000

Chicago,

Illinois,

General

Airport

Revenue

Bonds,

O'Hare

International

Airport,

Refunding

Senior

Lien

Series

2017B

5.000

01/01/39

100,821

275,000

Chicago,

Illinois,

General

Obligation

Bonds,

Series

2019A

5.500

01/01/35

285,448

105,000

Chicago,

Illinois,

Water

Revenue

Bonds,

Second

Lien

Refunding

Series

2024A

5.000

11/01/35

114,522

15

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ILLINOIS

(continued)

$

250,000

Illinois

Finance

Authority,

Water

Facilities

Revenue

Bonds,

American

Water

Capital

Corporation

Project,

Refunding

Series

2019,

(Mandatory

Put

10/01/29)

2.450

%

10/01/39

$

232,461

250,000

Illinois

State,

General

Obligation

Bonds,

May

Series

2018A

5.000

05/01/43

250,536

720,000

Illinois

State,

Sales

Tax

Revenue

Bonds,

Build

Illinois,

Refunding

Junior

Obligation

March

Series

2025B

5.000

06/15/40

755,126

195,000

Illinois

Toll

Highway

Authority,

Toll

Highway

Revenue

Bonds,

Senior

Lien

Series

2020A

5.000

01/01/45

196,825

50,000

Illinois

Toll

Highway

Authority,

Toll

Highway

Revenue

Bonds,

Senior

Lien

Series

2021A

5.000

01/01/46

50,580

330,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

McCormick

Place

Expansion

Project

Bonds,

Series

2017A

5.000

06/15/57

318,258

100,000

Schaumburg,

Illinois,

General

Obligation

Bonds,

Refunding

Series

2013A

4.000

12/01/41

93,687

300,000

Southwestern

Illinois

Development

Authority,

Illinois,

Local

Government

Revenue

Bonds,

Triad

Community

Unit

School

District

2

Project,

Series

2025B

-

BAM

Insured

5.500

04/01/48

311,314

TOTAL

ILLINOIS

3,148,559

INDIANA

-

1.9%

250,000

(b)

Indiana

Finance

Authority,

Economic

Development

Revenue

Bonds,

Republic

Service,

Inc.

Project,

Series

2012,

(AMT),

(Mandatory

Put

9/02/25)

3.950

05/01/28

250,064

250,000

Indiana

Finance

Authority,

State

Revolving

Fund

Program

Bonds,

Green

Series

2025C

5.000

02/01/40

270,255

170,000

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Revenue

Bonds,

Ad

Valorem

Property

Tax

Funded

Project

Series

2023D

6.000

02/01/43

188,977

500,000

Whiting,

Indiana,

Environmental

Facilities

Revenue

Bonds,

BP

Products

North

America

Inc.

Project,

Series

2008,

(Mandatory

Put

6/21/35)

4.200

06/01/44

499,842

TOTAL

INDIANA

1,209,138

KENTUCKY

-

1.5%

150,000

Kentucky

Economic

Development

Finance

Authority,

Louisville

Arena

Project

Revenue

Bonds,

Louisville

Arena

Authority,

Inc.,

Series

2017A

-

AGM

Insured

4.000

12/01/41

137,597

275,000

Kentucky

Economic

Development

Finance

Authority,

Revenue

Bonds,

Next

Generation

Kentucky

Information

Highway

Project,

Senior

Series

2015A

5.000

01/01/45

274,683

500,000

Kentucky

State

Property

and

Buildings

Commission,

Revenue

Bonds,

Project

132,

Series

2025A

5.000

04/01/41

526,783

TOTAL

KENTUCKY

939,063

LOUISIANA

-

0.6%

170,000

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority,

Revenue

Bonds,

Westlake

Chemical

Corporation

Projects,

Refunding

Series

2017

3.500

11/01/32

163,738

100,000

Louisiana

Public

Facilities

Authority,

Revenue

Bonds,

Ochsner

Clinic

Foundation

Project,

Series

2015,

(Pre-refunded

5/15/25)

4.250

05/15/40

96,246

120,000

Louisiana

Public

Facilities

Authority,

Revenue

Bonds,

Ochsner

Clinic

Foundation

Project,

Series

2015

5.000

05/15/47

119,926

TOTAL

LOUISIANA

379,910

MARYLAND

-

0.5%

205,000

Maryland

Health

and

HIgher

Educational

Facilities

Authority, Revenue

Bonds,

University

of

Maryland

Medical

Systems,

Series

2025A

5.250

07/01/52

208,615

90,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

Maryland

Medical

System

Issue,

Series

2017B

4.000

07/01/39

87,145

TOTAL

MARYLAND

295,760

Portfolio

of

Investments

June

30,

2025

(continued)

NUMI

16

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MASSACHUSETTS

-

3.4%

$

250,000

Boston,

Massachusetts,

General

Obligation

Bonds,

Series

2025A

5.000

%

02/01/37

$

279,524

250,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Amherst

College,

Series

2025A,

(Mandatory

Put

11/01/35)

5.000

11/01/55

283,570

155,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Berklee

College

of

Music,

Series

2016

5.000

10/01/46

154,223

250,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Smith

College,

Series

2025

4.000

07/01/45

228,943

135,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

UMass

Memorial

Issue

Series

2025N-1

5.250

07/01/50

136,480

500,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2016E

4.000

04/01/46

452,573

300,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2016J

4.000

12/01/39

293,544

125,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2024A

5.000

01/01/54

127,435

160,000

Massachusetts

State,

Transportation

Fund

Revenue

Bonds,

Rail

Enhancement

Program,

Series

2015A

5.000

06/01/45

159,993

TOTAL

MASSACHUSETTS

2,116,285

MICHIGAN

-

5.2%

250,000

Howell

Public

Schools,

Livingston

County,

Michigan,

General

Obligation

Bonds,

School

Building

and

Site

Series

2025II

5.000

05/01/40

265,245

245,000

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

Henry

Ford

Health

System,

Refunding

Series

2016

5.000

11/15/41

245,098

250,000

Michigan

Finance

Authority,

Tobacco

Settlement

Asset-

Backed

Bonds,

2006

Sold

Tobacco

Receipts

Senior

Current

Interest

Series

2020A-2

5.000

06/01/40

253,183

330,000

Michigan

State

Building

Authority,

Revenue

Bonds,

Facilities

Program,

Refunding

Series

2016-I

5.000

04/15/41

332,901

1,500,000

(b)

Michigan

State

Building

Authority,

Revenue

Bonds,

Facilities

Program,

Series

2023I,

(Mandatory

Put

7/07/25)

2.020

04/15/58

1,500,000

450,000

Michigan

Strategic

Fund,

Limited

Obligation

Revenue

Bonds,

I-75

Improvement

Project,

Series

2018,

(AMT)

5.000

12/31/43

445,119

200,000

Oakland

University,

Michigan,

General

Revenue

Bonds,

Series

2016

5.000

03/01/47

195,614

TOTAL

MICHIGAN

3,237,160

MINNESOTA

-

0.9%

500,000

Rochester,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Mayo

Clinic,

Series

2025B,

(Mandatory

Put

5/15/32)

5.000

11/15/55

549,490

TOTAL

MINNESOTA

549,490

MISSOURI

-

1.7%

100,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2014F

5.000

11/15/45

99,997

780,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Saint

Anthony's

Medical

Center,

Series

2015B

4.000

02/01/40

728,424

200,000

North

Kansas

City

School

District

74,

Missouri,

General

Obligation

Bonds,

Direct

Deposit

Program,

Series

2025

5.000

03/01/44

209,999

TOTAL

MISSOURI

1,038,420

NEBRASKA

-

0.8%

500,000

Central

Plains

Energy

Project,

Nebraska,

Gas

Supply

Revenue

Bonds,

Refunding

Series

2025A

Subseries

2025A-1,

(Mandatory

Put

8/01/31)

5.000

08/01/55

529,491

TOTAL

NEBRASKA

529,491

NEVADA

-

1.0%

100,000

(a),(b)

Director

of

the

State

of

Nevada

Department

of

Business

and

Industry,

Solid

Waste

Disposal

Revenue

Bonds,

Republic

Services

Inc.,

Variable

Rate

Demand

Series

2001,

(AMT),

(Mandatory

Put

12/01/25)

3.950

12/01/26

100,024

100,000

Las

Vegas

Redevelopment

Agency,

Nevada,

Tax

Increment

Revenue

Bonds,

Refunding

Series

2016

5.000

06/15/40

100,002

250,000

Las

Vegas

Valley

Water

District,

Nevada,

General

Obligation

Bonds,

Limited

Tax

Water

Improvement

Series

2025A

5.000

06/01/41

267,751

17

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEVADA

(continued)

$

140,000

Las

Vegas

Valley

Water

District,

Nevada,

General

Obligation

Bonds,

Limited

Tax

Water

Refunding

Series

2024A

5.000

%

06/01/39

$

151,557

TOTAL

NEVADA

619,334

NEW

JERSEY

-

3.6%

150,000

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

Motor

Vehicle

Surcharge,

Refunding

Subordinate

Series

2017A

4.000

07/01/34

146,825

250,000

New

Jersey

Economic

Development

Authority,

Special

Facility

Revenue

Bonds,

Port

Newark

Container

Terminal

LLC

Project,

Refunding

Series

2017,

(AMT)

5.000

10/01/37

251,761

500,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Princeton

University,

Series

2025A,

(Mandatory

Put

7/01/31)

5.000

07/01/64

549,955

375,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Inspira

Health

Obligated

Group

Issue,

Refunding

Series

2016A

4.000

07/01/41

352,129

250,000

New

Jersey

Institute

of

Technology,

New

Jersey,

General

Obligation

Bonds,

Series

2025A

-

BAM

Insured

5.000

07/01/39

271,640

150,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2015AA

5.250

06/15/41

150,005

500,000

New

Jersey

Turnpike

Authority,

Revenue

Bonds,

Refunding

Series

2016A

5.000

01/01/34

505,098

TOTAL

NEW

JERSEY

2,227,413

NEW

YORK

-

10.3%

150,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Montefiore

Obligated

Group,

Series

2018A

5.000

08/01/32

153,405

410,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Montefiore

Obligated

Group,

Series

2018A

5.000

08/01/33

417,693

150,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

New

York

University,

Series

2015A

5.000

07/01/45

150,046

250,000

Dormitory

Authority

of

the

State

of

New

York,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose,

Series

2018A

5.000

03/15/35

254,340

500,000

Hudson

Yards

Infrastructure

Corporation,

New

York,

Revenue

Bonds,

Second

Indenture

Fiscal

2017

Series

A

5.000

02/15/42

502,737

200,000

Long

Island

Power

Authority,

New

York,

Electric

System

General

Revenue

Bonds,

Series

2017

5.000

09/01/47

200,075

500,000

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Green

Climate

Bond

Certified

Series

2019A-2

5.000

11/15/45

497,544

485,000

New

York

City

Industrial

Development

Agency,

New

York,

PILOT

Payment

in

Lieu

of

Taxes

Revenue

Bonds,

Queens

Baseball

Stadium

Project,

Refunding

Series

2021A

-

AGM

Insured

3.000

01/01/33

461,170

125,000

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Second

General

Resolution

Revenue

Bonds,

Fiscal

2013

Series

BB

4.000

06/15/47

107,625

225,000

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Second

General

Resolution

Revenue

Bonds,

Fiscal

2019

Series

DD-1

5.000

06/15/49

227,374

250,000

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Second

General

Resolution

Revenue

Bonds,

Fiscal

2025

Series

AA-2

5.000

06/15/49

256,166

250,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

Series

2025F-1

5.000

11/01/37

274,775

500,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

Series

2025H-1

5.000

11/01/42

525,649

130,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2017

Series

A-1

4.000

08/01/39

123,259

300,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2018

Series

F-1

5.000

04/01/43

302,573

500,000

(a)

New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

3

World

Trade

Center

Project,

Class

1

Series

2014

5.000

11/15/44

489,526

115,000

New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

7

World

Trade

Center

Project,

Refunding

Green

Series

2022A-CL2

3.125

09/15/50

82,608

Portfolio

of

Investments

June

30,

2025

(continued)

NUMI

18

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW

YORK

(continued)

$

400,000

New

York

State

Housing

Finance

Agency,

Affordable

Housing

Revenue

Bonds,

Sustainability

Green

Series

2025B-2,

(Mandatory

Put

5/01/29)

3.600

%

11/01/64

$

400,945

20,000

New

York

State

Thruway

Authority,

General

Revenue

Junior

Indebtedness

Obligations,

Series

2016A

5.000

01/01/46

19,974

200,000

New

York

Transportation

Development

Corporation,

New

York,

Facility

Revenue

Bonds,

Thruway

Service

Areas

Project,

Series

2021,

(AMT)

2.500

10/31/31

172,818

250,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

New

Terminal

1

John

F

Kennedy

International

Airport

Project,

Green

Series

2023

-

AGM

Insured,

(AMT)

5.500

06/30/43

259,802

130,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

Terminal

4

John

F

Kennedy

International

Airport

Project,

Series

2020C

5.000

12/01/38

134,801

250,000

New

York

Transportation

Development

Corporation,

Special

Facility

Revenue

Bonds,

Delta

Air

Lines,

Inc.

-

LaGuardia

Airport

Terminals

C&D

Redevelopment

Project,

Series

2020,

(AMT)

4.000

10/01/30

245,804

100,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Payroll

Mobility

Tax

Bonds,

Senior

Lien

Green

Bonds,

Series

2022D-2

5.500

05/15/52

104,603

70,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Real

Estate

Transfer

Tax

Revenue

Bonds,

MTA

Bridges

and

Tunnels,

TBTA

Capital

Lockbox

Fund,

Series

2025A

5.250

12/01/54

72,294

TOTAL

NEW

YORK

6,437,606

OHIO

-

2.8%

100,000

American

Municipal

Power

Inc.,

Ohio,

Combined

Hydroelectric

Projects

Revenue

Bonds,

Green

Series

2016A

5.000

02/15/46

100,082

200,000

American

Municipal

Power,

Inc.,

Ohio,

Greenup

Hydroelectric

Project

Revenue

Bonds,

Refunding

Series

2016A

5.000

02/15/41

200,492

250,000

Columbus

Regional

Airport

Authority,

Ohio,

Revenue

Bonds,

John

Glenn

Columbus

International

Airport,

Series

2025A,

(AMT)

5.000

01/01/40

254,454

250,000

Columbus

Regional

Airport

Authority,

Ohio,

Revenue

Bonds,

John

Glenn

Columbus

International

Airport,

Series

2025A,

(AMT)

5.500

01/01/55

258,213

250,000

Norwood,

Ohio,

Special

Obligation

Revenue

Bonds,

Rookwood

Exchange

Project,

Refunding

Series

2025

5.000

12/01/35

255,210

185,000

Ohio

State,

Hospital

Revenue

Bonds,

University

Hospitals

Health

System,

Inc.,

Refunding

Series

2014A

4.000

01/15/44

163,265

500,000

Toledo

Lucas

County

Public

Library,

Ohio,

General

Obligation

Bonds,

Library

Improvement

Series

2025A

5.000

12/01/47

512,662

TOTAL

OHIO

1,744,378

OKLAHOMA

-

1.7%

500,000

Oklahoma

County,

Oklahoma,

Finance

Authority,

Educational

Facilities

Lease

Revenue

Bonds,

Choctaw-Nicoma

Park

Public

Schools

Project,

Series

2023

5.000

09/01/41

514,857

250,000

Oklahoma

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Homeownership

Loan

Program,

Series

2025B

4.875

09/01/45

249,907

500,000

Tulsa,

Oklahoma,

General

Obligation

Bonds,

Series

2024C

0.050

10/01/37

303,572

TOTAL

OKLAHOMA

1,068,336

OREGON

-

0.3%

285,000

Beaverton

School

District

48J,

Washington

and

Multnomah

Counties,

Oregon,

General

Obligation

Bonds,

Series

2025A

0.000

06/15/37

170,637

TOTAL

OREGON

170,637

PENNSYLVANIA

-

4.1%

160,000

Delaware

County

Authority,

Pennsylvania,

Revenue

Bonds,

Villanova

University,

Series

2015

4.000

08/01/40

154,802

250,000

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2018A

5.000

09/01/43

250,748

500,000

Montgomery

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Series

2025A

5.000

11/15/42

501,234

19

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

PENNSYLVANIA

(continued)

$

150,000

Northampton

County

General

Purpose

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Saint

Luke's

University

Health

Network

Project,

Series

2016A

5.000

%

08/15/46

$

146,082

125,000

Pennsylvania

Economic

Development

Financing

Authority,

Pennsylvania,

Private

Activity

Revenue

Bonds,

The

PennDOT

Major

Bridges

Package

One

Project,

Series

2022,

(AMT)

5.500

06/30/37

134,092

280,000

Pennsylvania

Economic

Development

Financing

Authority,

Pennsylvania,

Private

Activity

Revenue

Bonds,

The

PennDOT

Major

Bridges

Package

One

Project,

Series

2022,

(AMT)

5.500

06/30/38

297,428

200,000

(a),(b)

Pennsylvania

Economic

Development

Financing

Authority,

Solid

Waste

Disposal

Revenue

Bonds,

Core

Natural

Resources

Inc.,

Project,

Series

2025,

(AMT),

(Mandatory

Put

3/27/35)

5.450

01/01/51

204,298

310,000

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

Pennsylvania

Health

System,

Series

2015

4.000

08/15/45

275,132

400,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2016A-1

5.000

12/01/46

397,559

175,000

Philadelphia

Gas

Works,

Pennsylvania,

Revenue

Bonds,

1998

General

Ordinance,

Seventeenth

Series

2024A

5.000

08/01/44

179,164

TOTAL

PENNSYLVANIA

2,540,539

PUERTO

RICO

-

0.4%

250,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

5.000

07/01/58

235,398

TOTAL

PUERTO

RICO

235,398

SOUTH

CAROLINA

-

0.9%

250,000

South

Carolina

Jobs-Economic

Development

Authority,

Hospital

Revenue

Bonds,

Bon

Secours

Mercy

Health,

Inc

,

Series

2025B-2,

(Mandatory

Put

11/01/32)

5.000

11/01/49

265,297

85,000

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Refunding

&

Improvement

Series

2015A

5.000

12/01/50

84,995

105,000

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Refunding

Series

2016A

5.000

12/01/38

105,071

100,000

South

Carolina

State

Ports

Authority,

Revenue

Bonds,

Series

2018,

(AMT)

5.000

07/01/37

101,801

TOTAL

SOUTH

CAROLINA

557,164

SOUTH

DAKOTA

-

0.2%

150,000

South

Dakota

Conservancy

District,

Revenue

Bonds,

State

Revolving

Fund

Program,

Series

2020

5.000

08/01/42

154,749

TOTAL

SOUTH

DAKOTA

154,749

TENNESSEE

-

1.6%

250,000

Chattanooga

Health,

Educational

and

Housing

Facility

Board,

Tennessee,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-1

4.000

08/01/44

217,387

250,000

Shelby

County,

Tennessee,

General

Obligation

Bonds,

Public

Improvement

&

School

Series

2025A

5.000

04/01/39

271,631

250,000

Tennessee

Housing

Development

Agency,

Residential

Finance

Program

Bonds,

Social

Series

2025-1A

4.900

07/01/45

249,099

250,000

The

Tennessee

Energy

Acquisition

Corporation,

Gas

Revenue

Bonds,

Series

2006B

5.625

09/01/26

254,509

TOTAL

TENNESSEE

992,626

TEXAS

-

9.3%

105,000

Austin,

Texas,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Forward

Delivery

Series

2023

5.000

11/15/43

108,434

100,000

Crowley

Independent

School

District,

Tarrant

and

Johnson

Counties,

Texas,

General

Obligation

Bonds,

School

Building

Series

2023

5.000

02/01/43

103,578

210,000

Cypress-Fairbanks

Independent

School

District,

Harris

County,

Texas,

General

Obligation

Bonds,

Refunding

School

Building

Series

2016

4.000

02/15/39

203,203

250,000

Dallas

Independent

School

District,

Dallas

County,

Texas,

General

Obligation

Bonds,

Refunding

&

School

Building

Series

2025B

5.000

02/15/43

261,163

160,000

Denton,

Texas,

Certificates

of

Obligation,

Series

2024

5.000

02/15/40

169,605

Portfolio

of

Investments

June

30,

2025

(continued)

NUMI

20

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

250,000

Houston,

Texas,

Airport

System

Special

Facilities

Revenue

Bonds,

United

Airlines,

Inc.

Terminal

Improvements

Project,

Series

2024B,

(AMT)

5.500

%

07/15/35

$

261,382

500,000

Leander

Independent

School

District,

Williamson

and

Travis

Counties,

Texas,

General

Obligation

Bonds,

Refunding

&

School

Building

Series

2025A

5.000

08/15/39

543,530

135,000

Lower

Colorado

River

Authority,

Texas,

Transmission

Contract

Revenue

Bonds,

LCRA

Transmission

Services

Corporation

Project,

Refunding

Series

2023A

-

AGM

Insured

5.250

05/15/53

138,081

240,000

Lower

Colorado

River

Authority,

Texas,

Transmission

Contract

Revenue

Bonds,

LCRA

Transmission

Services

Corporation

Project,

Refunding

Series

2024

-

AGM

Insured

5.000

05/15/41

250,453

250,000

Lower

Colorado

River

Authority,

Texas,

Transmission

Contract

Revenue

Bonds,

LCRA

Transmission

Services

Corporation

Project,

Refunding

Series

2025

5.000

05/15/43

258,102

200,000

New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Retirement

Facility

Revenue

Bonds,

Westminster

Project,

Series

2025

5.000

11/01/40

203,539

500,000

North

East

Regional

Mobility

Authority,

Texas,

Revenue

Bonds,

Senior

Lien

Series

2016A

5.000

01/01/46

489,854

305,000

Round

Rock

Independent

School

District,

Williamson

and

Travis

Counties,

Texas,

General

Obligation

Bonds,

School

Building

Series

2025B

5.000

08/01/41

324,360

190,000

Spring

Branch

Independent

School

District,

Harris

County,

Texas,

General

Obligation

Bonds,

Schoolhouse

Series

2022

5.000

02/01/42

197,262

500,000

Tarrant

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Hospital

Revenue

Bonds,

Scott

&

White

Healthcare

Project,

Series

2016A

4.000

11/15/36

496,385

35,000

Texas

A&M

University,

Financing

System

Revenue

Bonds,

Series

2022

5.000

05/15/28

37,272

145,000

Texas

Private

Activity

Bond

Surface

Transpiration

Corporation,

Senior

Lien

Revenue

Bonds,

NTE

Mobility

Partners

Segments

3

LLC

Refunding

Series

2023,

(AMT)

5.500

06/30/43

148,256

150,000

Texas

Private

Activity

Bond

Surface

Transportation

Corporation,

Senior

Lien

Revenue

Bonds,

LBJ

Infrastructure

Group

LLC

IH-635

Managed

Lanes

Project,

Refunding Series

2020A

4.000

12/31/34

148,148

195,000

Texas

Private

Activity

Bond

Surface

Transportation

Corporation,

Senior

Lien

Revenue

Bonds,

LBJ

Infrastructure

Group

LLC

IH-635

Managed

Lanes

Project,

Refunding Series

2020A

4.000

12/31/36

187,826

295,000

Texas

Private

Activity

Bond

Surface

Transportation

Corporation,

Senior

Lien

Revenue

Bonds,

LBJ

Infrastructure

Group

LLC

IH-635

Managed

Lanes

Project,

Refunding Series

2020A

4.000

12/31/39

270,853

250,000

Texas

State

University

System,

Financing

Revenue

Bonds,

Refunding

Series

2024

5.000

03/15/43

259,665

115,000

Texas

State,

General

Obligation

Bonds,

Refunding

Water

Financial

Assistance

Bonds,

Series

2022B

5.000

08/01/39

115,023

400,000

Texas

State,

General

Obligation

Bonds,

Refunding

Water

Financial

Assistance

Series

2021B

4.000

08/01/31

400,276

190,000

Trinity

River

Authority,

Texas,

Regional

Wastewater

System

Revenue

Bonds,

Refunding

&

Improvement

Series

2024

5.000

08/01/39

205,198

TOTAL

TEXAS

5,781,448

UTAH

-

0.6%

100,000

Salt

Lake

City,

Utah,

Airport

Revenue

Bonds,

International

Airport

Series

2017A,

(AMT)

5.000

07/01/42

99,633

260,000

Utah

Transit

Authority,

Sales

Tax

Revenue

Bonds,

Refunding

Subordinate

Series

2024

5.000

06/15/39

282,270

TOTAL

UTAH

381,903

VERMONT

-

0.8%

500,000

Vermont

Municipal

Bond

Bank,

Local

Investment

Bonds,

Series

2025-1

5.000

12/01/50

509,061

TOTAL

VERMONT

509,061

21

Part

F

of

Form

N-PORT

was

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

and

in

conformity

with

the

applicable

rules

and

regulations

of

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

related

to

interim

filings.

Part

F

of

Form

N-PORT

does

not

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

VIRGINIA

-

2.0%

$

250,000

Hampton

Roads

Sanitation

District,

Virginia,

Wastewater

Revenue

Bonds,

Series

2024B

5.000

%

07/01/45

$

260,702

170,000

Virginia

Housing

Development

Authority,

Commonwealth

Mortgage

Bonds,

Series

2023E-5

4.625

07/01/50

162,626

165,000

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

95

Express

Lanes

LLC

Project,

Refunding

Senior

Lien

Series

2022,

(AMT)

5.000

07/01/37

168,828

105,000

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

95

Express

Lanes

LLC

Project,

Refunding

Senior

Lien

Series

2022,

(AMT)

4.000

07/01/40

95,308

500,000

Virginia

Transportation

Board,

Transportation

Revenue

Bonds,

Capital

Projects,

Refunding

Series

2024

5.000

05/15/38

548,996

TOTAL

VIRGINIA

1,236,460

WASHINGTON

-

3.2%

275,000

Grant

County

Public

Hospital

District

1,

Washington,

General

Obligation

Bonds,

Samaritan

Healthcare,

Series

2023

5.500

12/01/37

293,571

105,000

Highline

School

District

No.

401,

King

County,

Washington,

General

Obligation

Bonds,

Series

2023

5

.000

12/01/39

112,163

310,000

Highline

School

District

No.

401,

King

County,

Washington,

General

Obligation

Bonds,

Series

2025

5.000

12/01/37

344,124

120,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

MultiCare

Health

System,

Series

2015B

4.000

08/15/39

112,485

250,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Seattle

Cancer

Center

Alliance,

Series

2020

5.000

09/01/45

250,595

125,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Virginia

Mason

Medical

Center,

Series

2017

5.000

08/15/37

125,088

100,000

Washington

State

Convention

Center

Public

Facilities

District,

Lodging

Tax

Revenue

Bonds,

Series

2018

5.000

07/01/35

102,366

250,000

Washington

State

Convention

Center

Public

Facilities

District,

Lodging

Tax

Revenue

Bonds,

Series

2018

5.000

07/01/48

242,317

410,000

Washington

State,

General

Obligation

Bonds,

Various

Purpose,

Group

3

Series

2025C

5.000

02/01/44

430,364

TOTAL

WASHINGTON

2,013,073

WEST

VIRGINIA

-

0.3%

215,000

West

Virginia

Water

Development

Authority,

Infrastructure

Refunding

Revenue

Bonds,

West

Virginia

Infrastructure

and

Jobs

Development

Council

Program,

Series

2016A

4.000

10/01/41

198,811

TOTAL

WEST

VIRGINIA

198,811

WISCONSIN

-

0.8%

300,000

Public

Finance

Authority

of

Wisconsin,

Hotel

Revenue

Bonds,

Grand

Hyatt

San

Antonio

Hotel

Acquisition

Project,

Senior

Lien

Series

2022A

5.000

02/01/62

281,827

250,000

Public

Finance

Authority

of

Wisconsin,

Revenue

Bonds,

Triad

Educational

Services,

Inc.

Math

&

Science

Academy,

Series

2025

5.500

06/15/55

247,811

TOTAL

WISCONSIN

529,638

TOTAL

MUNICIPAL

BONDS

(cost

$62,200,156)

60,996,245

TOTAL

LONG-TERM

INVESTMENTS

(cost

$62,200,156)

60,996,245

OTHER

ASSETS

&

LIABILITIES,

NET

-

2.1%

1,313,393

NET

ASSETS

-

100%

$

62,309,638

AMT

Alternative

Minimum

Tax

(a)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$2,523,121

or

4.1%

of

Total

Investments.

(b)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

Portfolio

of

Investments

June

30,

2025

(continued)

NUMI

22

include

all

information

and

footnotes

required

by

U.S.

GAAP

for

complete

financial

statements.

Certain

footnote

disclosures

normally

included

in

financial

statements

prepared

in

accordance

with

U.S.

GAAP

have

been

condensed

or

omitted

from

this

report

pursuant

to

the

rules

of

the

SEC.

For

a

full

set

of

the

Fund’s

notes

to

financial

statements,

please

refer

to

the

Fund’s

most

recently

filed

annual

or

semi-annual

report.

Fair

Value

Measurements

The

Fund’s

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board

of

Directors/

Trustees.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

The

following

table

summarizes

the

market

value

of

the

Fund's

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

NUMI

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

60,996,245

$

–

$

60,996,245

Total

$

–

$

60,996,245

$

–

$

60,996,245

a