Portfolio
of
Investments
July
31,
2025
NUDV
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM
INVESTMENTS
-
99.8%
COMMON
STOCKS
-
99.8%
COMMUNICATION
SERVICES
-
3.6%
13,227
Comcast
Corp,
Class
A
$
439,533
15,597
Verizon
Communications
Inc
666,928
TOTAL
COMMUNICATION
SERVICES
1,106,461
CONSUMER
DISCRETIONARY
-
6.3%
833
Genuine
Parts
Co
107,357
1,599
Home
Depot
Inc/The
587,648
1,471
LKQ
Corp
43,350
1,452
Lowe's
Cos
Inc
324,624
2,368
McDonald's
Corp
710,566
3,203
Tractor
Supply
Co
182,411
TOTAL
CONSUMER
DISCRETIONARY
1,955,956
CONSUMER
STAPLES
-
11.1%
2,918
Archer-Daniels-Midland
Co
158,097
845
Bunge
Global
SA
67,397
12,000
Coca-Cola
Co/The
814,680
2,853
Conagra
Brands
Inc
52,096
1,204
General
Mills
Inc
58,972
638
J
M
Smucker
Co/The
68,483
1,666
Kellanova
132,997
11,499
Kenvue
Inc
246,538
1,390
Kimberly-Clark
Corp
173,222
11,721
Kraft
Heinz
Co/The
321,859
1,515
McCormick
&
Co
Inc/MD
107,004
6,115
Procter
&
Gamble
Co/The
920,124
2,748
Target
Corp
276,174
1,142
The
Campbell's
Company
36,453
TOTAL
CONSUMER
STAPLES
3,434,096
ENERGY
-
4.2%
12,024
Baker
Hughes
Co
541,681
13,854
Halliburton
Co
310,330
5,657
ONEOK
Inc
464,496
TOTAL
ENERGY
1,316,507
FINANCIALS
-
23.5%
3,165
Aflac
Inc
314,474
1,475
Allstate
Corp/The
299,794
3,367
Annaly
Capital
Management
Inc
68,451
17,672
Bank
of
America
Corp
835,355
5,476
Bank
of
New
York
Mellon
Corp/The
555,540
8,159
Citigroup
Inc
764,498
1,887
Equitable
Holdings
Inc
96,897
5,696
Fidelity
National
Information
Services
Inc
452,319
790
Goldman
Sachs
Group
Inc/The
571,636
1,113
Jack
Henry
&
Associates
Inc
189,004
2,049
Marsh
&
McLennan
Cos
Inc
408,161
4,306
Morgan
Stanley
613,433
3,417
Nasdaq
Inc
328,784
2,291
PNC
Financial
Services
Group
Inc/The
435,909
2,134
Prudential
Financial
Inc
221,040
1,167
Raymond
James
Financial
Inc
195,041
65
State
Street
Corp
7,264
1,365
Travelers
Cos
Inc/The
355,228
3,707
Truist
Financial
Corp
162,033
9,372
US
Bancorp
421,365
TOTAL
FINANCIALS
7,296,226
HEALTH
CARE
-
12.2%
3,116
AbbVie
Inc
588,986
98
Amgen
Inc
28,920
8,904
Bristol-Myers
Squibb
Co
385,632
Portfolio
of
Investments
July
31,
2025
(continued)
NUDV
SHARES
DESCRIPTION
VALUE
HEALTH
CARE
(continued)
2,905
Cardinal
Health
Inc
$
450,914
812
Cigna
Group/The
217,113
1,194
Elevance
Health
Inc
337,998
4,581
Gilead
Sciences
Inc
514,400
587
Humana
Inc
146,674
6,603
Merck
&
Co
Inc
515,826
671
Quest
Diagnostics
Inc
112,332
2,277
Royalty
Pharma
PLC
83,794
2,706
Zoetis
Inc
394,508
TOTAL
HEALTH
CARE
3,777,097
INDUSTRIALS
-
15.5%
3,392
3M
Co
506,154
1,587
Automatic
Data
Processing
Inc
491,176
701
Broadridge
Financial
Solutions
Inc
173,504
1,429
Caterpillar
Inc
625,931
46
CH
Robinson
Worldwide
Inc
5,305
2,557
CSX
Corp
90,876
823
Cummins
Inc
302,551
1,152
Deere
&
Co
604,074
1,199
Ferguson
Enterprises
Inc
267,773
123
Hubbell
Inc
53,810
1,275
Illinois
Tool
Works
Inc
326,362
3,980
Johnson
Controls
International
plc
417,900
1,943
Paychex
Inc
280,433
677
Rockwell
Automation
Inc
238,108
1,971
Union
Pacific
Corp
437,503
TOTAL
INDUSTRIALS
4,821,460
INFORMATION
TECHNOLOGY
-
8.9%
2,224
Accenture
PLC,
Class
A
594,030
1,663
Analog
Devices
Inc
373,560
7,600
Hewlett
Packard
Enterprise
Co
157,244
2,946
International
Business
Machines
Corp
745,780
1,529
NXP
Semiconductors
NV
326,854
404
Seagate
Technology
Holdings
PLC
63,432
2,711
Texas
Instruments
Inc
490,854
TOTAL
INFORMATION
TECHNOLOGY
2,751,754
MATERIALS
-
3.2%
2,940
International
Flavors
&
Fragrances
Inc
208,828
2,990
International
Paper
Co
139,753
3,184
Newmont
Corp
197,726
1,392
PPG
Industries
Inc
146,856
357
Smurfit
WestRock
PLC
15,844
2,289
Steel
Dynamics
Inc
291,985
TOTAL
MATERIALS
1,000,992
REAL
ESTATE
-
5.4%
2,463
American
Tower
Corp
513,265
491
Equinix
Inc
385,518
1,760
Iron
Mountain
Inc
171,354
3,622
Welltower
Inc
597,883
TOTAL
REAL
ESTATE
1,668,020
UTILITIES
-
5.9%
2,543
Atmos
Energy
Corp
396,505
4,193
Essential
Utilities
Inc
154,302
4,541
Eversource
Energy
300,160
10,445
Exelon
Corp
469,398
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.
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:
SHARES
DESCRIPTION
VALUE
UTILITIES
(continued)
6,038
Sempra
$
493,184
TOTAL
UTILITIES
1,813,549
TOTAL
COMMON
STOCKS
(Cost
$29,745,180)
30,942,118
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$29,745,180)
30,942,118
OTHER
ASSETS
&
LIABILITIES,
NET
-
0.2%
72,993
NET
ASSETS
-
100%
$
31,015,111
NUDV
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
30,942,118
$
–
$
–
$
30,942,118
Total
$
30,942,118
$
–
$
–
$
30,942,118
a
Portfolio
of
Investments
July
31,
2025
NUEM
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM
INVESTMENTS
-
99.8%
COMMON
STOCKS
-
99.8%
COMMUNICATION
SERVICES
-
12.0%
22,300
Autohome
Inc,
ADR
$
604,107
171,960
Bharti
Airtel
Ltd
3,757,851
79,764
(a)
Bilibili
Inc
1,823,903
18,009
CD
Projekt
SA
1,211,532
121,360
Info
Edge
India
Ltd
1,928,904
35,000
International
Games
System
Co
Ltd
921,685
4,426
(a),(b)
Krafton
Inc
1,048,414
651,386
(a),(b)
Kuaishou
Technology
6,389,391
668,675
Mobile
Telecommunications
Co
KSCP
1,162,533
31,730
NAVER
Corp
5,376,803
207,163
NetEase
Inc
5,394,155
272,690
Ooredoo
QPSC
1,008,077
195,279
Saudi
Telecom
Co
2,188,566
279,200
Telefonica
Brasil
SA
1,569,909
4,943,802
Telkom
Indonesia
Persero
Tbk
PT
865,278
89,700
Tencent
Music
Entertainment
Group,
ADR
1,882,803
TOTAL
COMMUNICATION
SERVICES
37,133,911
CONSUMER
DISCRETIONARY
-
13.3%
51,043
(a),(b)
Allegro.eu
SA
505,987
101,968
ANTA
Sports
Products
Ltd
1,169,060
314,175
BYD
Co
Ltd
4,618,573
10,960
BYD
Co
Ltd,
Class
A
159,972
40,083
China
Tourism
Group
Duty
Free
Corp
Ltd,
Class
A
361,126
16,085
Coway
Co
Ltd
1,263,092
44,612
Eicher
Motors
Ltd
2,784,980
131,146
Empresas
Copec
SA
862,492
460
(a),(c)
FF
Group
5
145,054,940
(a)
GoTo
Gojek
Tokopedia
Tbk
PT
572,991
55,131
Haier
Smart
Home
Co
Ltd
173,470
17,343
Hero
MotoCorp
Ltd
843,543
234,792
JD.com
Inc,
Class
A
3,675,916
36,227
LG
Electronics
Inc
2,021,899
22
LPP
SA
98,334
131,580
Mahindra
&
Mahindra
Ltd
4,811,300
312,870
(a),(b)
Meituan,
Class
B
4,846,496
12,362
Naspers
Ltd
3,859,460
64,602
(b)
Pop
Mart
International
Group
Ltd
2,024,470
33,600
Seres
Group
Co
Ltd,
Class
A
591,409
43,459
Trent
Ltd
2,489,502
21,948
Trip.com
Group
Ltd
1,375,594
57,866
TVS
Motor
Co
Ltd
1,850,814
TOTAL
CONSUMER
DISCRETIONARY
40,960,485
CONSUMER
STAPLES
-
4.1%
171,900
BRF
SA
615,623
126,724
Cencosud
SA
379,235
208,700
CP
ALL
PCL
301,746
102,642
Hindustan
Unilever
Ltd
2,954,163
13,420
(a),(b)
JD
Health
International
Inc
85,991
292,508
(b)
Nongfu
Spring
Co
Ltd
1,693,565
60,672
Raia
Drogasil
SA
145,976
52,422
Tata
Consumer
Products
Ltd
642,238
396,332
Varun
Beverages
Ltd
2,364,453
1,135,061
Wal-Mart
de
Mexico
SAB
de
CV
3,352,404
TOTAL
CONSUMER
STAPLES
12,535,394
ENERGY
-
1.7%
72,900
COSCO
SHIPPING
Energy
Transportation
Co
Ltd,
Class
A
101,815
10,629
HD
Hyundai
Co
Ltd
1,092,944
101,400
Petronas
Dagangan
Bhd
513,063
SHARES
DESCRIPTION
VALUE
ENERGY
(continued)
203,146
Qatar
Fuel
QSC
$
848,069
15,403
S-Oil
Corp
696,400
328,076
Turkiye
Petrol
Rafinerileri
AS
1,365,064
247,272
Ultrapar
Participacoes
SA
758,350
TOTAL
ENERGY
5,375,705
FINANCIALS
-
24.5%
72,079
Abu
Dhabi
Islamic
Bank
PJSC
474,103
6,498,097
Agricultural
Bank
of
China
Ltd
4,263,083
173,564
Agricultural
Bank
of
China
Ltd,
Class
A
151,654
51,230
Akbank
TAS
85,188
1,477,274
B3
SA
-
Brasil
Bolsa
Balcao
3,319,450
57,050
Bajaj
Finance
Ltd
573,895
8,380,434
Bank
of
China
Ltd
4,846,773
9,649
Capitec
Bank
Holdings
Ltd
1,884,747
119,010
Cathay
Financial
Holding
Co
Ltd
242,825
7,156,709
China
Construction
Bank
Corp
7,339,045
134,498
China
Construction
Bank
Corp,
Class
A
175,533
706,378
China
Merchants
Bank
Co
Ltd
4,589,207
43,438
China
Merchants
Bank
Co
Ltd,
Class
A
267,971
196,120
CITIC
Securities
Co
Ltd
689,543
249,100
CITIC
Securities
Co
Ltd,
Class
A
1,002,591
256,497
Commercial
International
Bank
-
Egypt
(CIB)
496,940
4,399
Credicorp
Ltd
1,042,563
3,136,652
CTBC
Financial
Holding
Co
Ltd
4,334,932
425,730
FirstRand
Ltd
1,823,699
1,616,272
Fubon
Financial
Holding
Co
Ltd
4,462,044
47,749
Grupo
Cibest
SA
525,051
45,100
Guotai
Haitong
Securities
Co
Ltd
126,977
312,851
HDFC
Bank
Ltd
7,207,818
7,190,248
Industrial
&
Commercial
Bank
of
China
Ltd
5,514,050
129,880
Industrial
&
Commercial
Bank
of
China
Ltd,
Class
A
136,181
427,004
Industrial
Bank
Co
Ltd,
Class
A
1,340,791
8,175
KakaoBank
Corp
165,646
145,600
Kasikornbank
PCL
721,762
36,696
KB
Financial
Group
Inc
2,934,516
10,171
Komercni
Banka
AS
487,122
5,050
(a)
mBank
SA
1,201,776
2,970,836
People's
Insurance
Co
Group
of
China
Ltd/The
2,285,841
178,600
People's
Insurance
Co
Group
of
China
Ltd/The,
Class
A
202,622
266,420
PICC
Property
&
Casualty
Co
Ltd
553,882
787,169
Ping
An
Insurance
Group
Co
of
China
Ltd
5,409,907
105,527
Piraeus
Financial
Holdings
SA
817,683
78,584
(b)
Postal
Savings
Bank
of
China
Co
Ltd
55,559
532,000
Postal
Savings
Bank
of
China
Co
Ltd,
Class
A
423,522
729,036
Public
Bank
Bhd
719,635
3,076
Santander
Bank
Polska
SA
452,585
25,717
Shinhan
Financial
Group
Co
Ltd
1,261,001
515,914
Union
Bank
of
India
Ltd
771,291
237,000
Yuanta
Financial
Holding
Co
Ltd
247,739
TOTAL
FINANCIALS
75,628,743
HEALTH
CARE
-
3.0%
58,500
Bangkok
Dusit
Medical
Services
PCL
38,129
2,074
(a)
BeOne
Medicines
Ltd
47,927
20,333
Celltrion
Inc
2,622,983
74,557
Cipla
Ltd/India
1,323,150
9,701
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co
678,095
131,200
Jiangsu
Hengrui
Pharmaceuticals
Co
Ltd,
Class
A
1,144,556
690,768
Kalbe
Farma
Tbk
PT
60,030
24,700
Shenzhen
Mindray
Bio-Medical
Electronics
Co
Ltd,
Class
A
792,022
5,978
(b),(d)
WuXi
AppTec
Co
Ltd
80,494
19,900
WuXi
AppTec
Co
Ltd,
Class
A
265,703
241,254
(a),(b)
Wuxi
Biologics
Cayman
Inc
989,602
Portfolio
of
Investments
July
31,
2025
(continued)
NUEM
SHARES
DESCRIPTION
VALUE
HEALTH
CARE
(continued)
14,504
Yuhan
Corp
$
1,235,162
2,840
Zhangzhou
Pientzehuang
Pharmaceutical
Co
Ltd,
Class
A
78,380
TOTAL
HEALTH
CARE
9,356,233
INDUSTRIALS
-
9.3%
10,483
ABB
India
Ltd
659,385
1,486,448
Airports
of
Thailand
PCL
1,864,883
59,061
Contemporary
Amperex
Technology
Co
Ltd,
Class
A
2,167,585
15,446
(a)
Doosan
Enerbility
Co
Ltd
730,644
118,800
Embraer
SA
1,711,588
49,000
Evergreen
Marine
Corp
Taiwan
Ltd
325,052
754,027
(a)
GMR
Airports
Ltd
775,213
19,325
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
Class
B
444,818
5,083
Havells
India
Ltd
87,074
2,472
HD
Hyundai
Electric
Co
Ltd
893,043
5,659
(a),(b)
InterGlobe
Aviation
Ltd
381,826
99,730
(a)
Kanzhun
Ltd,
ADR
1,890,881
43,700
Kuang-Chi
Technologies
Co
Ltd,
Class
A
247,647
1,964,752
Latam
Airlines
Group
SA
42,683
23,040
LG
Corp
1,315,812
14,056
(a)
LG
Energy
Solution
Ltd
3,876,853
5,109
LS
Electric
Co
Ltd
1,143,888
23,000
Metlen
Energy
&
Metals
SA
1,273,581
455,900
MISC
Bhd
797,424
244,963
Rumo
SA
723,703
98,472
SF
Holding
Co
Ltd,
Class
A
628,237
31,915
(a)
SK
Square
Co
Ltd
3,500,340
51,566
SM
Investments
Corp
721,345
1,083,576
(a)
Suzlon
Energy
Ltd
761,978
66,161
Turk
Hava
Yollari
AO
469,400
78,845
Voltas
Ltd
1,195,023
8,578
ZTO
Express
Cayman
Inc
165,987
TOTAL
INDUSTRIALS
28,795,893
INFORMATION
TECHNOLOGY
-
20.4%
988,898
Acer
Inc
1,065,184
113,000
Asia
Vital
Components
Co
Ltd
3,494,397
363,000
Delta
Electronics
Inc
6,895,753
209,499
HCL
Technologies
Ltd
3,510,593
66,545
Infosys
Ltd
1,146,322
2,754,397
Lenovo
Group
Ltd
3,550,892
242,364
Sunny
Optical
Technology
Group
Co
Ltd
2,258,462
951,124
Taiwan
Semiconductor
Manufacturing
Co
Ltd
36,964,699
80,500
TOTVS
SA
627,056
2,635,000
United
Microelectronics
Corp
3,668,121
TOTAL
INFORMATION
TECHNOLOGY
63,181,479
MATERIALS
-
7.1%
2,218,980
(a)
Amman
Mineral
Internasional
PT
1,132,752
22,855
Anglogold
Ashanti
Plc
1,043,007
19,377
APL
Apollo
Tubes
Ltd
354,188
14,115
Asian
Paints
Ltd
386,089
1,719,335
Cemex
SAB
de
CV
1,503,967
1,390,640
Chandra
Asri
Pacific
Tbk
PT
783,846
454,358
Gerdau
SA
1,366,673
44,627
Gold
Fields
Ltd
1,087,880
21,989
Jindal
Stainless
Ltd
174,233
61,050
Klabin
SA
202,826
968
Korea
Zinc
Co
Ltd
558,408
3,509
PI
Industries
Ltd
170,281
51,961
Pidilite
Industries
Ltd
1,702,281
1,196,423
Press
Metal
Aluminium
Holdings
Bhd
1,497,983
27,363
SABIC
Agri-Nutrients
Co
869,523
297,642
(a)
Saudi
Arabian
Mining
Co
4,126,092
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
SHARES
DESCRIPTION
VALUE
MATERIALS
(continued)
211,902
Saudi
Basic
Industries
Corp
$
3,087,213
6,532
SKC
Co
Ltd
476,665
17,006
Supreme
Industries
Ltd
836,121
8,944
Valterra
Platinum
Ltd
406,342
22,900
Zangge
Mining
Co
Ltd,
Class
A
145,940
TOTAL
MATERIALS
21,912,310
REAL
ESTATE
-
2.1%
991,776
Emaar
Properties
PJSC
4,117,662
102,433
(b)
Lodha
Developers
Ltd
1,440,163
43,271
Oberoi
Realty
Ltd
805,217
TOTAL
REAL
ESTATE
6,363,042
UTILITIES
-
2.3%
369,200
China
Yangtze
Power
Co
Ltd,
Class
A
1,425,554
34,900
Engie
Brasil
Energia
SA
248,914
243,798
ENN
Energy
Holdings
Ltd
1,989,205
82,530
Manila
Electric
Co
759,758
670,681
Power
Grid
Corp
of
India
Ltd
2,227,979
169,852
Tenaga
Nasional
Bhd
518,517
TOTAL
UTILITIES
7,169,927
TOTAL
COMMON
STOCKS
(Cost
$236,136,656)
308,413,122
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$236,136,656)
308,413,122
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.0%
48,073
(e)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
4.320
%
(f)
$
48,073
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
(Cost
$48,073)
48,073
TOTAL
INVESTMENTS
-
99.8%
(Cost
$236,184,729
)
308,461,195
OTHER
ASSETS
&
LIABILITIES,
NET
-
0.2%
743,525
NET
ASSETS
-
100%
$
309,204,720
ADR
American
Depositary
Receipt
(a)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(b)
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
$19,541,960
or
6.3%
of
Total
Investments.
(c)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(d)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$43,021.
(e)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(f)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
Portfolio
of
Investments
July
31,
2025
(continued)
NUEM
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:
NUEM
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
305,486,597
$
2,926,520
$
5
$
308,413,122
Investments
Purchased
with
Collateral
from
Securities
Lending
48,073
–
–
48,073
Total
$
305,534,670
$
2,926,520
$
5
$
308,461,195
a
Portfolio
of
Investments
July
31,
2025
NUDM
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM
INVESTMENTS
-
99.6%
COMMON
STOCKS
-
99.6%
COMMUNICATION
SERVICES
-
6.0%
11,027
CAR
Group
Ltd
$
271,067
1,138,499
HKT
Trust
&
HKT
Ltd
1,792,592
6,400
Nintendo
Co
Ltd
539,659
32,284
Publicis
Groupe
SA
2,963,428
6,782
REA
Group
Ltd
1,045,709
1,464,937
SoftBank
Corp
2,127,880
159,305
SoftBank
Group
Corp
12,501,359
184,198
Telenor
ASA
2,839,886
69,639
Telstra
Group
Ltd
222,840
39,187
Universal
Music
Group
NV
1,138,325
5,983,908
Vodafone
Group
PLC
6,494,986
324,741
WPP
PLC
1,761,954
TOTAL
COMMUNICATION
SERVICES
33,699,685
CONSUMER
DISCRETIONARY
-
10.6%
59,926
Amadeus
IT
Group
SA
4,829,965
4,200
Bandai
Namco
Holdings
Inc
136,972
169,714
Bridgestone
Corp
6,913,961
192,590
Cie
Generale
des
Etablissements
Michelin
SCA
6,890,574
6,452
D'ieteren
Group
1,283,444
653
Hermes
International
SCA
1,607,631
8,385
Industria
de
Diseno
Textil
SA
402,210
123,600
Isuzu
Motors
Ltd
1,599,462
16,107
Kering
SA
3,991,216
276,312
Oriental
Land
Co
Ltd/Japan
5,719,206
691,947
Panasonic
Holdings
Corp
6,623,141
78,323
Prosus
NV
4,503,723
29,800
Sanrio
Co
Ltd
1,232,236
33,400
Sekisui
House
Ltd
707,305
447,722
Sony
Group
Corp
10,953,935
276,900
Yamaha
Motor
Co
Ltd
2,011,961
TOTAL
CONSUMER
DISCRETIONARY
59,406,942
CONSUMER
STAPLES
-
9.4%
241,688
Ajinomoto
Co
Inc
6,431,845
97,970
Associated
British
Foods
PLC
2,849,669
1,082
Barry
Callebaut
AG
1,327,767
21,948
Coca-Cola
Europacific
Partners
PLC
2,127,200
56,771
Coca-Cola
HBC
AG
2,964,539
100,432
Danone
SA
8,262,527
31,099
Henkel
AG
&
Co
KGaA
2,217,518
17,490
Kerry
Group
PLC,
Class
A
1,624,467
87,504
Mowi
ASA
1,644,932
54,225
Reckitt
Benckiser
Group
PLC
4,070,140
1,155,447
Tesco
PLC
6,504,607
183,997
Unilever
PLC
10,733,118
578,024
Wilmar
International
Ltd
1,314,349
31,099
Woolworths
Group
Ltd
630,926
TOTAL
CONSUMER
STAPLES
52,703,604
ENERGY
-
0.4%
127,567
Neste
Oyj
2,019,995
TOTAL
ENERGY
2,019,995
FINANCIALS
-
25.9%
156,701
3i
Group
PLC
8,607,917
29,100
Allianz
SE
11,563,929
199,514
AXA
SA
9,746,091
1,162,715
Banco
Santander
SA
10,028,751
8,999
Banque
Cantonale
Vaudoise
1,044,463
269,980
Credit
Agricole
SA
4,990,417
189,925
Deutsche
Bank
AG
6,300,690
Portfolio
of
Investments
July
31,
2025
(continued)
NUDM
SHARES
DESCRIPTION
VALUE
FINANCIALS
(continued)
268,786
DNB
Bank
ASA
$
6,849,265
12,133
Eurazeo
SE
717,251
208,242
Generali
7,798,558
113,546
Hong
Kong
Exchanges
&
Clearing
Ltd
6,176,324
422,335
Insurance
Australia
Group
Ltd
2,384,737
1,693,566
Intesa
Sanpaolo
SpA
10,263,625
27,048
KBC
Group
NV
2,840,673
5,219,459
Lloyds
Banking
Group
PLC
5,373,765
8,045
London
Stock
Exchange
Group
PLC
985,849
78,137
Mediobanca
Banca
di
Credito
Finanziario
SpA
1,729,601
282,963
Mizuho
Financial
Group
Inc
8,427,125
165,250
Sompo
Holdings
Inc
4,910,449
162,700
Sumitomo
Mitsui
Financial
Group
Inc
4,167,637
144,635
Suncorp
Group
Ltd
1,951,859
436,781
Svenska
Handelsbanken
AB
5,356,942
234,743
Swedbank
AB
6,279,985
60,443
Tokio
Marine
Holdings
Inc
2,459,570
204,201
UBS
Group
AG
7,654,551
9,019
Zurich
Insurance
Group
AG
6,181,855
TOTAL
FINANCIALS
144,791,879
HEALTH
CARE
-
10.1%
1,219
(a)
Argenx
SE
829,307
285,023
Astellas
Pharma
Inc
2,989,527
121,700
Chugai
Pharmaceutical
Co
Ltd
5,951,772
34,740
CSL
Ltd
6,059,302
148,753
Daiichi
Sankyo
Co
Ltd
3,676,940
30,025
EssilorLuxottica
SA
8,955,506
14,352
Eurofins
Scientific
SE
1,105,832
456
Lonza
Group
AG
321,202
32,058
Merck
KGaA
4,047,106
3,701
(a),(b)
NMC
Health
PLC
–
118,294
Novartis
AG
13,720,968
134,774
Novo
Nordisk
A/S,
Class
B
6,501,135
1,116,989
Sigma
Healthcare
Ltd
2,078,407
TOTAL
HEALTH
CARE
56,237,004
INDUSTRIALS
-
20.5%
166,492
ABB
Ltd
10,973,034
6,029
ACS
Actividades
de
Construccion
y
Servicios
SA
416,770
55,123
AerCap
Holdings
NV
5,911,942
68,686
Alstom
SA
1,622,597
57,094
Bouygues
SA
2,362,281
411,308
Brambles
Ltd
6,331,849
98,175
Bunzl
PLC
2,928,386
158,076
Computershare
Ltd
4,289,902
34,030
Dai
Nippon
Printing
Co
Ltd
526,974
29,623
DCC
PLC
1,865,991
20,636
Eiffage
SA
2,778,754
2,570
Ferrovial
SE
132,072
711,744
(a)
Grab
Holdings
Ltd
3,480,428
44,200
IHI
Corp
4,988,451
436,151
Keppel
Ltd
2,847,496
1,689
Knorr-
Bremse
AG
169,826
142,411
Komatsu
Ltd
4,603,671
11,971
Kone
Oyj
,
Class
B
739,050
12,342
Kuehne
+
Nagel
International
AG
2,526,763
395,024
Mitsubishi
Electric
Corp
8,772,187
465,894
MTR
Corp
Ltd
1,676,625
57,400
Recruit
Holdings
Co
Ltd
3,452,505
109,235
RELX
PLC
5,689,714
24,075
Schneider
Electric
SE
6,289,408
30,440
SGS
SA
3,103,789
50,225
Siemens
AG
12,928,320
SHARES
DESCRIPTION
VALUE
INDUSTRIALS
(continued)
100,426
Smiths
Group
PLC
$
3,125,770
107,259
Swire
Pacific
Ltd
970,796
429,776
Transurban
Group
3,824,142
5,185
(c)
VAT
Group
AG
1,835,709
153,768
Vestas
Wind
Systems
A/S
2,830,151
21,755
Wartsila
OYJ
Abp
603,566
TOTAL
INDUSTRIALS
114,598,919
INFORMATION
TECHNOLOGY
-
6.4%
18,125
ASML
Holding
NV
12,718,680
39,723
Infineon
Technologies
AG
1,574,671
18,026
Logitech
International
SA
1,690,166
163,200
Ricoh
Co
Ltd
1,442,823
54,173
SAP
SE
15,550,455
10,038
Temenos
AG
904,230
11,600
Tokyo
Electron
Ltd
2,106,568
TOTAL
INFORMATION
TECHNOLOGY
35,987,593
MATERIALS
-
4.8%
118,586
Antofagasta
PLC
2,945,583
2,158
Arkema
SA
147,949
85,499
Boliden
AB
2,635,981
18,370
(a)
Covestro
AG
1,248,902
4,576
Croda
International
PLC
158,173
19,050
Evonik
Industries
AG
380,908
392,266
Fortescue
Ltd
4,487,990
1,346
Givaudan
SA
5,653,847
31,883
(a)
James
Hardie
Industries
PLC
848,005
117,200
Shin-Etsu
Chemical
Co
Ltd
3,422,665
81,242
SIG
Group
AG
1,320,601
73,871
Sumitomo
Metal
Mining
Co
Ltd
1,646,814
21,930
Syensqo
SA
1,755,986
TOTAL
MATERIALS
26,653,404
REAL
ESTATE
-
2.6%
917,500
CapitaLand
Ascendas
REIT
1,973,118
698,500
CapitaLand
Investment
Ltd/Singapore
1,496,767
110,500
Daiwa
House
Industry
Co
Ltd
3,674,155
264,077
Goodman
Group
5,981,502
1,080,882
Sino
Land
Co
Ltd
1,246,112
TOTAL
REAL
ESTATE
14,371,654
UTILITIES
-
2.9%
344,219
EDP
SA
1,491,585
148,084
Iberdrola
SA
2,602,492
3,773
(a)
Iberdrola
SA
66,309
392,187
Meridian
Energy
Ltd
1,319,708
520,948
National
Grid
PLC
7,307,584
69,706
SSE
PLC
1,705,152
20,377
Verbund
AG
1,524,118
TOTAL
UTILITIES
16,016,948
TOTAL
COMMON
STOCKS
(Cost
$461,016,004)
556,487,627
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$461,016,004)
556,487,627
OTHER
ASSETS
&
LIABILITIES,
NET
-
0.4%
2,487,061
NET
ASSETS
-
100%
$
558,974,688
REIT
Real
Estate
Investment
Trust
(a)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(b)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(c)
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
tran
sactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$1,835,709
or
0.3%
of
Total
Investments.
Portfolio
of
Investments
July
31,
2025
(continued)
NUDM
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.
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:
NUDM
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
556,421,318
$
66,309
$
–*
$
556,487,627
Total
$
556,421,318
$
66,309
$
–
$
556,487,627
a
*
Value
equals
zero
as
of
the
end
of
the
reporting
period.
Portfolio
of
Investments
July
31,
2025
NULC
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM
INVESTMENTS
-
99.8%
COMMON
STOCKS
-
99.8%
COMMUNICATION
SERVICES
-
8.6%
7,853
Alphabet
Inc,
Class
A
$
1,506,991
5,590
Alphabet
Inc,
Class
C
1,078,087
7,385
Comcast
Corp,
Class
A
245,403
1,873
(a)
Liberty
Media
Corp-Liberty
Formula
One,
Class
C
187,956
10,533
Verizon
Communications
Inc
450,391
6,917
Walt
Disney
Co/The
823,884
TOTAL
COMMUNICATION
SERVICES
4,292,712
CONSUMER
DISCRETIONARY
-
8.1%
2,104
(a)
Aptiv
PLC
144,419
88
Booking
Holdings
Inc
484,357
794
(a)
Carvana
Co
309,795
877
(a)
Deckers
Outdoor
Corp
93,111
2,494
(a)
DoorDash
Inc,
Class
A
624,124
1,158
eBay
Inc
106,246
1,404
(a)
Garmin
Ltd
307,139
351
Home
Depot
Inc/The
128,996
586
Lowe's
Cos
Inc
131,012
998
McDonald's
Corp
299,470
271
(a)
MercadoLibre
Inc
643,324
7,173
(a)
Rivian
Automotive
Inc,
Class
A
92,317
5,089
TJX
Cos
Inc/The
633,733
377
Williams-Sonoma
Inc
70,518
TOTAL
CONSUMER
DISCRETIONARY
4,068,561
CONSUMER
STAPLES
-
6.3%
255
Albertsons
Cos
Inc,
Class
A
4,901
11,968
Coca-Cola
Co/The
812,508
1,864
(a)
Dollar
Tree
Inc
211,657
3,695
PepsiCo
Inc
509,614
5,630
Procter
&
Gamble
Co/The
847,146
4,463
Sysco
Corp
355,255
4,158
Target
Corp
417,879
TOTAL
CONSUMER
STAPLES
3,158,960
ENERGY
-
2.6%
7,615
Baker
Hughes
Co
343,056
1,992
Cheniere
Energy
Inc
469,873
5,700
ONEOK
Inc
468,027
TOTAL
ENERGY
1,280,956
FINANCIALS
-
15.8%
4,693
Aflac
Inc
466,296
445
American
Express
Co
133,193
13,400
Bank
of
America
Corp
633,418
933
Cboe
Global
Markets
Inc
224,890
9,499
Citigroup
Inc
890,056
481
Fidelity
National
Information
Services
Inc
38,196
57
Goldman
Sachs
Group
Inc/The
41,245
3,008
Marsh
&
McLennan
Cos
Inc
599,194
1,759
Mastercard
Inc,
Class
A
996,421
876
Moody's
Corp
451,779
5,323
Morgan
Stanley
758,315
745
PNC
Financial
Services
Group
Inc/The
141,751
1,416
S&P
Global
Inc
780,358
898
Travelers
Cos
Inc/The
233,696
2,131
Truist
Financial
Corp
93,146
7,422
US
Bancorp
333,693
3,186
Visa
Inc,
Class
A
1,100,667
34
Willis
Towers
Watson
PLC
10,738
TOTAL
FINANCIALS
7,927,052
Portfolio
of
Investments
July
31,
2025
(continued)
NULC
SHARES
DESCRIPTION
VALUE
HEALTH
CARE
-
8.9%
2,393
AbbVie
Inc
$
452,325
3,091
Danaher
Corp
609,422
2,166
(a)
Dexcom
Inc
174,948
5,246
(a)
Edwards
Lifesciences
Corp
416,060
167
Elevance
Health
Inc
47,274
1,416
Eli
Lilly
&
Co
1,047,939
1,619
HCA
Healthcare
Inc
573,110
96
(a)
IDEXX
Laboratories
Inc
51,294
109
McKesson
Corp
75,596
1,373
(a)
Veeva
Systems
Inc,
Class
A
390,207
942
(a)
Vertex
Pharmaceuticals
Inc
430,371
1,322
Zoetis
Inc
192,734
TOTAL
HEALTH
CARE
4,461,280
INDUSTRIALS
-
11.2%
4,323
3M
Co
645,078
1,507
Automatic
Data
Processing
Inc
466,416
666
(a)
Axon
Enterprise
Inc
503,156
2,089
Carrier
Global
Corp
143,347
398
Caterpillar
Inc
174,332
24
Cintas
Corp
5,341
6,228
(a)
Copart
Inc
282,315
1,222
Cummins
Inc
449,232
1,557
Ferguson
Enterprises
Inc
347,725
1,562
GE
Vernova
Inc
1,031,373
2,544
Illinois
Tool
Works
Inc
651,188
247
Old
Dominion
Freight
Line
Inc
36,865
464
Parker-Hannifin
Corp
339,602
2,149
Union
Pacific
Corp
477,013
52
United
Rentals
Inc
45,913
TOTAL
INDUSTRIALS
5,598,896
INFORMATION
TECHNOLOGY
-
32.3%
2,421
Accenture
PLC,
Class
A
646,649
1,807
(a)
Adobe
Inc
646,346
1,977
(a)
Advanced
Micro
Devices
Inc
348,565
1,333
(a)
Akamai
Technologies
Inc
101,721
2,057
Applied
Materials
Inc
370,383
3,597
(a)
Arista
Networks
Inc
443,222
934
(a)
Atlassian
Corp,
Class
A
179,123
5,717
Broadcom
Inc
1,679,083
2,098
(a)
Cadence
Design
Systems
Inc
764,868
1,289
(a)
GoDaddy
Inc,
Class
A
208,277
11,987
Hewlett
Packard
Enterprise
Co
248,011
8,603
HP
Inc
213,354
8,596
Intel
Corp
170,201
3,065
International
Business
Machines
Corp
775,905
1,577
(a)
Keysight
Technologies
Inc
258,486
1,405
Lam
Research
Corp
133,250
741
(a)
MongoDB
Inc
176,276
864
Motorola
Solutions
Inc
379,279
1,883
NetApp
Inc
196,077
25,791
NVIDIA
Corp
4,587,445
1,514
(a)
Okta
Inc
148,069
437
(a)
Palo
Alto
Networks
Inc
75,863
2,826
(a)
Pure
Storage
Inc,
Class
A
168,204
2,926
Salesforce
Inc
755,874
1,932
Seagate
Technology
Holdings
PLC
303,343
767
(a)
ServiceNow
Inc
723,373
1,289
(a)
Synopsys
Inc
816,543
468
Texas
Instruments
Inc
84,736
2,243
(a)
Trimble
Inc
188,165
1,328
(a)
Twilio
Inc,
Class
A
171,312
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.
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:
SHARES
DESCRIPTION
VALUE
INFORMATION
TECHNOLOGY
(continued)
3,155
Western
Digital
Corp
$
248,267
TOTAL
INFORMATION
TECHNOLOGY
16,210,270
MATERIALS
-
2.2%
2,329
Ecolab
Inc
609,639
4,418
International
Paper
Co
206,497
1,280
Newmont
Corp
79,488
214
PPG
Industries
Inc
22,577
624
Steel
Dynamics
Inc
79,597
383
Vulcan
Materials
Co
105,199
TOTAL
MATERIALS
1,102,997
REAL
ESTATE
-
1.8%
213
Equinix
Inc
167,241
4,503
Welltower
Inc
743,310
TOTAL
REAL
ESTATE
910,551
UTILITIES
-
2.0%
388
American
Water
Works
Co
Inc
54,413
3,082
Consolidated
Edison
Inc
318,987
3,459
Exelon
Corp
155,448
5,891
Sempra
481,177
TOTAL
UTILITIES
1,010,025
TOTAL
COMMON
STOCKS
(Cost
$39,799,385)
50,022,260
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$39,799,385)
50,022,260
OTHER
ASSETS
&
LIABILITIES,
NET
-
0.2%
120,355
NET
ASSETS
-
100%
$
50,142,615
S&P
Standard
&
Poor's
(a)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
Portfolio
of
Investments
July
31,
2025
(continued)
NULC
NULC
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
50,022,260
$
–
$
–
$
50,022,260
Total
$
50,022,260
$
–
$
–
$
50,022,260
a
Portfolio
of
Investments
July
31,
2025
NULG
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM
INVESTMENTS
-
99.6%
COMMON
STOCKS
-
99.6%
COMMUNICATION
SERVICES
-
10.0%
366,688
Alphabet
Inc,
Class
A
$
70,367,427
385,423
Alphabet
Inc,
Class
C
74,332,680
73,852
(a)
Live
Nation
Entertainment
Inc
10,907,941
1,391,931
(a)
Warner
Bros
Discovery
Inc
18,331,731
TOTAL
COMMUNICATION
SERVICES
173,939,779
CONSUMER
DISCRETIONARY
-
11.0%
3,135
(a)
AutoZone
Inc
11,813,871
5,692
Booking
Holdings
Inc
31,329,110
13,999
(a)
Burlington
Stores
Inc
3,821,167
64,521
(a)
Carvana
Co
25,174,159
260,861
(a)
Chipotle
Mexican
Grill
Inc
11,185,720
84,806
(a)
Deckers
Outdoor
Corp
9,003,853
59,655
(a)
DoorDash
Inc,
Class
A
14,928,664
47,797
Expedia
Group
Inc
8,613,975
23,409
Hyatt
Hotels
Corp
3,299,967
28,749
(a)
Lululemon
Athletica
Inc
5,765,037
10,027
(a)
MercadoLibre
Inc
23,802,995
126,484
(a)
O'Reilly
Automotive
Inc
12,435,907
164,673
(a)
Rivian
Automotive
Inc,
Class
A
2,119,341
90,389
Royal
Caribbean
Cruises
Ltd
28,731,951
TOTAL
CONSUMER
DISCRETIONARY
192,025,717
CONSUMER
STAPLES
-
2.5%
33,779
Colgate-Palmolive
Co
2,832,369
43,691
Costco
Wholesale
Corp
41,053,811
TOTAL
CONSUMER
STAPLES
43,886,180
ENERGY
-
0.7%
48,155
Cheniere
Energy
Inc
11,358,801
TOTAL
ENERGY
11,358,801
FINANCIALS
-
8.7%
7,394
FactSet
Research
Systems
Inc
2,979,042
82,419
Mastercard
Inc,
Class
A
46,687,891
50,478
Moody's
Corp
26,033,019
42,847
S&P
Global
Inc
23,612,982
152,629
Visa
Inc,
Class
A
52,728,741
TOTAL
FINANCIALS
152,041,675
HEALTH
CARE
-
6.1%
115,243
(a)
Edwards
Lifesciences
Corp
9,139,922
63,958
Eli
Lilly
&
Co
47,333,397
65,061
Gilead
Sciences
Inc
7,305,700
31,363
(a)
IDEXX
Laboratories
Inc
16,757,564
5,604
(a)
Mettler-Toledo
International
Inc
6,913,543
10,128
(a)
Veeva
Systems
Inc,
Class
A
2,878,378
8,253
(a)
Vertex
Pharmaceuticals
Inc
3,770,548
14,893
West
Pharmaceutical
Services
Inc
3,563,299
62,976
Zoetis
Inc
9,181,271
TOTAL
HEALTH
CARE
106,843,622
INDUSTRIALS
-
9.4%
27,377
(a)
Axon
Enterprise
Inc
20,683,050
54,773
Cintas
Corp
12,189,731
351,047
(a)
Copart
Inc
15,912,961
33,446
GE
Vernova
Inc
22,084,059
16,720
Old
Dominion
Freight
Line
Inc
2,495,460
81,773
Otis
Worldwide
Corp
7,007,128
65,985
Quanta
Services
Inc
26,798,488
32,452
Trane
Technologies
PLC
14,216,572
181,904
(a)
Uber
Technologies
Inc
15,962,076
73,493
Veralto
Corp
7,704,271
Portfolio
of
Investments
July
31,
2025
(continued)
NULG
Investments
in
Derivatives
SHARES
DESCRIPTION
VALUE
INDUSTRIALS
(continued)
19,248
WW
Grainger
Inc
$
20,009,066
TOTAL
INDUSTRIALS
165,062,862
INFORMATION
TECHNOLOGY
-
48.8%
72,897
(a)
Adobe
Inc
26,074,528
271,539
(a)
Advanced
Micro
Devices
Inc
47,875,041
271,600
(a)
Arista
Networks
Inc
33,466,552
72,470
(a)
Atlassian
Corp,
Class
A
13,898,297
79,930
(a)
Autodesk
Inc
24,227,582
95,061
Bentley
Systems
Inc,
Class
B
5,511,637
350,019
Broadcom
Inc
102,800,580
78,363
(a)
Cadence
Design
Systems
Inc
28,568,799
53,788
(a)
Dynatrace
Inc
2,829,787
11,837
(a)
F5
Inc
3,709,953
30,184
(a)
First
Solar
Inc
5,274,050
45,399
(a)
Gartner
Inc
15,374,371
11,646
(a)
HubSpot
Inc
6,051,844
42,874
Intuit
Inc
33,661,664
27,516
KLA
Corp
24,187,389
217,396
Marvell
Technology
Inc
17,472,117
56,970
Motorola
Solutions
Inc
25,008,691
141,420
(a)
Nutanix
Inc,
Class
A
10,630,541
1,509,614
NVIDIA
Corp
268,515,042
77,177
(a)
Palo
Alto
Networks
Inc
13,397,927
71,111
(a)
PTC
Inc
15,275,354
183,453
(a)
Pure
Storage
Inc,
Class
A
10,919,123
31,524
(a)
ServiceNow
Inc
29,730,915
56,584
(a)
Synopsys
Inc
35,844,266
25,495
(a)
Tyler
Technologies
Inc
14,903,357
32,475
VeriSign
Inc
8,731,553
62,418
(a)
Workday
Inc,
Class
A
14,317,441
48,947
(a)
Zscaler
Inc
13,977,305
TOTAL
INFORMATION
TECHNOLOGY
852,235,706
MATERIALS
-
1.6%
85,729
Ecolab
Inc
22,440,423
22,733
Vulcan
Materials
Co
6,244,073
TOTAL
MATERIALS
28,684,496
REAL
ESTATE
-
0.8%
43,076
(a)
CBRE
Group
Inc,
Class
A
6,708,656
10,331
Equinix
Inc
8,111,592
TOTAL
REAL
ESTATE
14,820,248
TOTAL
COMMON
STOCKS
(Cost
$1,365,064,243)
1,740,899,086
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$1,365,064,243)
1,740,899,086
OTHER
ASSETS
&
LIABILITIES,
NET
-
0.4%
6,680,037
NET
ASSETS
-
100%
$
1,747,579,123
S&P
Standard
&
Poor's
(a)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
Futures
Contracts
-
Long
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-mini
Nasdaq-100
12
9/25
$
5,576,640
$
5,607,600
$
30,960
Total
$5,576,640
$5,607,600
$30,960
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.
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:
NULG
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
1,740,899,086
$
–
$
–
$
1,740,899,086
Investments
in
Derivatives:
Futures
Contracts*
30,960
–
–
30,960
Total
$
1,740,930,046
$
–
$
–
$
1,740,930,046
a
*
Represents
net
unrealized
appreciation
(depreciation).
Portfolio
of
Investments
July
31,
2025
NULV
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM
INVESTMENTS
-
99.7%
COMMON
STOCKS
-
99.7%
COMMUNICATION
SERVICES
-
7.8%
404,173
Comcast
Corp,
Class
A
$
13,430,669
159,016
Electronic
Arts
Inc
24,248,350
130,202
(a)
ROBLOX
Corp,
Class
A
17,940,533
42,840
(a)
Take-Two
Interactive
Software
Inc
9,541,753
780,379
Verizon
Communications
Inc
33,369,006
317,351
Walt
Disney
Co/The
37,799,678
TOTAL
COMMUNICATION
SERVICES
136,329,989
CONSUMER
DISCRETIONARY
-
5.0%
323,671
eBay
Inc
29,696,814
55,536
Home
Depot
Inc/The
20,410,035
119,691
Lowe's
Cos
Inc
26,759,317
64,118
PulteGroup
Inc
7,240,205
131,010
(a)
Rivian
Automotive
Inc,
Class
A
1,686,099
2,515
Williams-Sonoma
Inc
470,431
TOTAL
CONSUMER
DISCRETIONARY
86,262,901
CONSUMER
STAPLES
-
10.2%
333,567
Archer-Daniels-Midland
Co
18,072,660
93,314
Bunge
Global
SA
7,442,725
584,555
Coca-Cola
Co/The
39,685,439
49,436
General
Mills
Inc
2,421,375
120,797
Hormel
Foods
Corp
3,393,188
971,005
Kenvue
Inc
20,818,347
365,040
Keurig
Dr
Pepper
Inc
11,918,556
146,583
Kraft
Heinz
Co/The
4,025,169
288,945
Procter
&
Gamble
Co/The
43,477,554
251,151
Target
Corp
25,240,676
TOTAL
CONSUMER
STAPLES
176,495,689
ENERGY
-
4.1%
614,141
Baker
Hughes
Co
27,667,052
77,398
Cheniere
Energy
Inc
18,256,640
300,770
ONEOK
Inc
24,696,225
TOTAL
ENERGY
70,619,917
FINANCIALS
-
22.1%
71,160
Aflac
Inc
7,070,458
111,705
American
Express
Co
33,434,424
52,753
Arthur
J
Gallagher
&
Co
15,153,299
889,581
Bank
of
America
Corp
42,050,494
288,967
Bank
of
New
York
Mellon
Corp/The
29,315,702
12,063
Capital
One
Financial
Corp
2,593,545
72,746
Cboe
Global
Markets
Inc
17,534,696
414,509
Citigroup
Inc
38,839,493
304,026
Fidelity
National
Information
Services
Inc
24,142,705
30,133
Goldman
Sachs
Group
Inc/The
21,803,937
22,794
Intercontinental
Exchange
Inc
4,213,015
31,191
Jack
Henry
&
Associates
Inc
5,296,700
115,583
Marsh
&
McLennan
Cos
Inc
23,024,134
203,616
Morgan
Stanley
29,007,135
133,739
PNC
Financial
Services
Group
Inc/The
25,446,519
9,805
Regions
Financial
Corp
248,361
55,372
S&P
Global
Inc
30,515,509
94,425
Travelers
Cos
Inc/The
24,573,162
62,918
Truist
Financial
Corp
2,750,146
126,557
US
Bancorp
5,690,003
4,492
Willis
Towers
Watson
PLC
1,418,618
TOTAL
FINANCIALS
384,122,055
SHARES
DESCRIPTION
VALUE
HEALTH
CARE
-
13.9%
165,759
AbbVie
Inc
$
31,331,766
400,274
Bristol-Myers
Squibb
Co
17,335,867
111,301
Cardinal
Health
Inc
17,276,141
56,235
Cencora
Inc
16,087,709
80,843
Cigna
Group/The
21,615,801
137,925
Danaher
Corp
27,193,293
203,471
(a)
Edwards
Lifesciences
Corp
16,137,285
124,482
Gilead
Sciences
Inc
13,978,084
58,899
HCA
Healthcare
Inc
20,849,657
451,113
Merck
&
Co
Inc
35,240,948
3,084
Regeneron
Pharmaceuticals
Inc
1,682,199
101,201
(a)
Solventum
Corp
7,221,703
38,123
STERIS
PLC
8,634,478
24,593
West
Pharmaceutical
Services
Inc
5,884,121
TOTAL
HEALTH
CARE
240,469,052
INDUSTRIALS
-
14.5%
177,207
3M
Co
26,442,829
79,498
Automatic
Data
Processing
Inc
24,604,631
40,626
Broadridge
Financial
Solutions
Inc
10,055,341
41,430
Caterpillar
Inc
18,147,169
58,842
Deere
&
Co
30,854,980
8,598
Expeditors
International
of
Washington
Inc
999,432
110,052
Ferguson
Enterprises
Inc
24,577,913
227,469
Fortive
Corp
10,902,589
72,389
Jacobs
Solutions
Inc
10,269,827
129,312
Johnson
Controls
International
plc
13,577,760
46,586
Old
Dominion
Freight
Line
Inc
6,952,961
40,625
Parker-Hannifin
Corp
29,733,437
53,471
Rockwell
Automation
Inc
18,806,285
100,832
Union
Pacific
Corp
22,381,679
3,313
United
Rentals
Inc
2,925,180
TOTAL
INDUSTRIALS
251,232,013
INFORMATION
TECHNOLOGY
-
12.5%
101,633
(a)
Akamai
Technologies
Inc
7,755,614
27,372
Analog
Devices
Inc
6,148,572
153,705
Applied
Materials
Inc
27,676,122
26,085
(a)
F5
Inc
8,175,561
35,366
(a)
First
Solar
Inc
6,179,501
240,654
Hewlett
Packard
Enterprise
Co
4,979,131
1,104,615
Intel
Corp
21,871,377
145,132
International
Business
Machines
Corp
36,740,166
19,887
(a)
MongoDB
Inc
4,730,919
23,987
NXP
Semiconductors
NV
5,127,701
141,561
Salesforce
Inc
36,569,453
167,649
Texas
Instruments
Inc
30,354,528
101,264
(a)
Twilio
Inc,
Class
A
13,063,056
101,924
Western
Digital
Corp
8,020,400
TOTAL
INFORMATION
TECHNOLOGY
217,392,101
MATERIALS
-
1.9%
28,205
Ball
Corp
1,615,018
62,063
Ecolab
Inc
16,245,611
86,887
Newmont
Corp
5,395,683
71,965
Steel
Dynamics
Inc
9,179,855
TOTAL
MATERIALS
32,436,167
REAL
ESTATE
-
3.5%
35,056
American
Tower
Corp
7,305,320
39,888
(a)
CBRE
Group
Inc,
Class
A
6,212,157
11,945
Equinix
Inc
9,378,856
4,050
Iron
Mountain
Inc
394,308
58,861
Prologis
Inc
6,285,177
Portfolio
of
Investments
July
31,
2025
(continued)
NULV
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.
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:
SHARES
DESCRIPTION
VALUE
REAL
ESTATE
(continued)
187,517
Welltower
Inc
$
30,953,431
TOTAL
REAL
ESTATE
60,529,249
UTILITIES
-
4.2%
5,652
American
Water
Works
Co
Inc
792,636
49,072
Atmos
Energy
Corp
7,651,306
228,794
Consolidated
Edison
Inc
23,680,179
336,606
Exelon
Corp
15,127,074
319,814
Sempra
26,122,408
TOTAL
UTILITIES
73,373,603
TOTAL
COMMON
STOCKS
(Cost
$1,634,548,994)
1,729,262,736
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$1,634,548,994)
1,729,262,736
OTHER
ASSETS
&
LIABILITIES,
NET
-
0.3%
4,678,517
NET
ASSETS
-
100%
$
1,733,941,253
S&P
Standard
&
Poor's
(a)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
NULV
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
1,729,262,736
$
–
$
–
$
1,729,262,736
Total
$
1,729,262,736
$
–
$
–
$
1,729,262,736
a
Portfolio
of
Investments
July
31,
2025
NUMG
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM
INVESTMENTS
-
99.9%
COMMON
STOCKS
-
99.9%
COMMUNICATION
SERVICES
-
10.2%
92,813
(a)
Liberty
Media
Corp-Liberty
Formula
One,
Class
C
$
9,313,785
65,531
(a)
Live
Nation
Entertainment
Inc
9,678,929
43,214
(a)
Take-Two
Interactive
Software
Inc
9,625,054
998,173
(a)
Warner
Bros
Discovery
Inc
13,145,938
TOTAL
COMMUNICATION
SERVICES
41,763,706
CONSUMER
DISCRETIONARY
-
11.7%
30,977
(a)
Burlington
Stores
Inc
8,455,482
39,771
(a)
Carvana
Co
15,517,451
68,372
(a)
Deckers
Outdoor
Corp
7,259,055
36,374
(a)
Lululemon
Athletica
Inc
7,294,078
354,127
(a)
Rivian
Automotive
Inc,
Class
A
4,557,615
9,278
(a)
Ulta
Beauty
Inc
4,778,263
TOTAL
CONSUMER
DISCRETIONARY
47,861,944
ENERGY
-
3.0%
72,708
Targa
Resources
Corp
12,099,338
TOTAL
ENERGY
12,099,338
FINANCIALS
-
10.3%
69,330
Ares
Management
Corp,
Class
A
12,862,795
132,882
Equitable
Holdings
Inc
6,823,491
13,384
FactSet
Research
Systems
Inc
5,392,413
28,426
LPL
Financial
Holdings
Inc
11,249,021
2,961
(a)
Markel
Group
Inc
5,946,547
TOTAL
FINANCIALS
42,274,267
HEALTH
CARE
-
13.7%
25,207
(a)
IDEXX
Laboratories
Inc
13,468,352
89,165
(a)
Incyte
Corp
6,677,567
6,871
(a)
Mettler-Toledo
International
Inc
8,476,615
50,454
(a)
Veeva
Systems
Inc,
Class
A
14,339,027
21,429
(a)
Waters
Corp
6,187,838
28,512
West
Pharmaceutical
Services
Inc
6,821,781
TOTAL
HEALTH
CARE
55,971,180
INDUSTRIALS
-
21.8%
20,662
(a)
Axon
Enterprise
Inc
15,609,934
108,026
Delta
Air
Lines
Inc
5,748,064
19,416
EMCOR
Group
Inc
12,183,346
14,597
Lennox
International
Inc
8,889,573
53,649
Old
Dominion
Freight
Line
Inc
8,007,113
42,839
Quanta
Services
Inc
17,398,203
73,555
Veralto
Corp
7,710,771
13,336
WW
Grainger
Inc
13,863,305
TOTAL
INDUSTRIALS
89,410,309
INFORMATION
TECHNOLOGY
-
25.2%
95,254
(a)
Docusign
Inc
7,205,013
152,595
(a)
Dynatrace
Inc
8,028,023
16,120
(a)
F5
Inc
5,052,330
7,139
(a)
Fair
Isaac
Corp
10,256,744
40,200
(a)
First
Solar
Inc
7,024,146
24,955
(a)
Gartner
Inc
8,451,011
53,895
(a)
GoDaddy
Inc,
Class
A
8,708,354
17,333
(a)
HubSpot
Inc
9,007,094
37,033
(a)
MongoDB
Inc
8,809,780
110,681
(a)
Nutanix
Inc,
Class
A
8,319,891
52,257
(a)
PTC
Inc
11,225,326
39,304
(a)
Zscaler
Inc
11,223,650
TOTAL
INFORMATION
TECHNOLOGY
103,311,362
Portfolio
of
Investments
July
31,
2025
(continued)
NUMG
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.
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:
SHARES
DESCRIPTION
VALUE
MATERIALS
-
1.7%
25,243
Vulcan
Materials
Co
$
6,933,495
TOTAL
MATERIALS
6,933,495
REAL
ESTATE
-
2.3%
59,679
(a)
CBRE
Group
Inc,
Class
A
9,294,407
TOTAL
REAL
ESTATE
9,294,407
TOTAL
COMMON
STOCKS
(Cost
$393,930,820)
408,920,008
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$393,930,820)
408,920,008
OTHER
ASSETS
&
LIABILITIES,
NET
-
0.1%
290,907
NET
ASSETS
-
100%
$
409,210,915
(a)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
NUMG
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
408,920,008
$
–
$
–
$
408,920,008
Total
$
408,920,008
$
–
$
–
$
408,920,008
a
Portfolio
of
Investments
July
31,
2025
NUMV
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM
INVESTMENTS
-
99.8%
COMMON
STOCKS
-
99.8%
COMMUNICATION
SERVICES
-
2.9%
76,077
Omnicom
Group
Inc
$
5,481,348
24,645
(a)
Take-Two
Interactive
Software
Inc
5,489,181
TOTAL
COMMUNICATION
SERVICES
10,970,529
CONSUMER
DISCRETIONARY
-
6.3%
1,187
Best
Buy
Co
Inc
77,226
47,682
Genuine
Parts
Co
6,145,256
74,290
LKQ
Corp
2,189,326
7,078
Pool
Corp
2,181,015
55,517
PulteGroup
Inc
6,268,980
158,455
(a)
Rivian
Automotive
Inc,
Class
A
2,039,316
90,404
Tractor
Supply
Co
5,148,508
596
Williams-Sonoma
Inc
111,482
TOTAL
CONSUMER
DISCRETIONARY
24,161,109
CONSUMER
STAPLES
-
8.8%
131,917
Archer-Daniels-Midland
Co
7,147,263
68,920
Bunge
Global
SA
5,497,059
62,657
Church
&
Dwight
Co
Inc
5,875,347
5,115
Clorox
Co/The
642,239
109,691
General
Mills
Inc
5,372,665
53,512
Kellanova
4,271,863
68,123
McCormick
&
Co
Inc/MD
4,811,528
1,859
The
Campbell's
Company
59,339
TOTAL
CONSUMER
STAPLES
33,677,303
ENERGY
-
2.4%
205,016
Baker
Hughes
Co
9,235,971
TOTAL
ENERGY
9,235,971
FINANCIALS
-
15.2%
258,356
Annaly
Capital
Management
Inc
5,252,378
6,957
Arch
Capital
Group
Ltd
598,719
29,123
Cboe
Global
Markets
Inc
7,019,808
28,287
Citizens
Financial
Group
Inc
1,349,856
83,624
Equitable
Holdings
Inc
4,294,092
8,146
Everest
Group
Ltd
2,735,427
48,061
Hartford
Insurance
Group
Inc/The
5,978,308
306,585
Huntington
Bancshares
Inc/OH
5,037,192
778
Jack
Henry
&
Associates
Inc
132,116
416
(a)
Markel
Group
Inc
835,449
42,874
Nasdaq
Inc
4,125,336
18,585
Raymond
James
Financial
Inc
3,106,111
28,399
State
Street
Corp
3,173,588
29,281
Synchrony
Financial
2,040,007
50,789
T
Rowe
Price
Group
Inc
5,152,544
22,804
Willis
Towers
Watson
PLC
7,201,731
TOTAL
FINANCIALS
58,032,662
HEALTH
CARE
-
10.8%
10,015
Agilent
Technologies
Inc
1,149,822
238,921
(a)
Avantor
Inc
3,211,098
23,016
(a)
Biogen
Inc
2,946,048
49,665
Cardinal
Health
Inc
7,709,001
7,574
(a)
Centene
Corp
197,454
18,087
Humana
Inc
4,519,399
21,747
Labcorp
Holdings
Inc
5,655,960
1,873
(a)
Mettler-Toledo
International
Inc
2,310,682
10,166
Quest
Diagnostics
Inc
1,701,890
26,585
STERIS
PLC
6,021,237
25,414
West
Pharmaceutical
Services
Inc
6,080,554
TOTAL
HEALTH
CARE
41,503,145
Portfolio
of
Investments
July
31,
2025
(continued)
NUMV
SHARES
DESCRIPTION
VALUE
INDUSTRIALS
-
19.6%
25,672
Allegion
plc
$
4,259,498
23,961
Broadridge
Financial
Solutions
Inc
5,930,587
5,627
CH
Robinson
Worldwide
Inc
648,906
298,446
CNH
Industrial
NV
3,867,860
26,194
Expeditors
International
of
Washington
Inc
3,044,791
40,119
Ferguson
Enterprises
Inc
8,959,776
92,231
Fortive
Corp
4,420,632
3,827
Hubbell
Inc
1,674,236
550
IDEX
Corp
89,930
15,409
Jacobs
Solutions
Inc
2,186,075
23,497
JB
Hunt
Transport
Services
Inc
3,384,743
32,868
Owens
Corning
4,582,785
18,990
Pentair
PLC
1,940,778
67,386
TransUnion
6,414,473
11,760
United
Rentals
Inc
10,383,374
48,579
Veralto
Corp
5,092,537
56,417
Xylem
Inc/NY
8,159,027
TOTAL
INDUSTRIALS
75,040,008
INFORMATION
TECHNOLOGY
-
9.6%
12,328
(a)
Akamai
Technologies
Inc
940,750
11,983
(a)
F5
Inc
3,755,712
32,049
(a)
First
Solar
Inc
5,599,922
312,629
Hewlett
Packard
Enterprise
Co
6,468,294
3,842
HP
Inc
95,281
25,512
(a)
Keysight
Technologies
Inc
4,181,672
328
(a)
MongoDB
Inc
78,028
1,883
NetApp
Inc
196,077
605
Seagate
Technology
Holdings
PLC
94,991
83,558
(a)
Trimble
Inc
7,009,680
19,460
(a)
Twilio
Inc,
Class
A
2,510,340
74,872
Western
Digital
Corp
5,891,678
TOTAL
INFORMATION
TECHNOLOGY
36,822,425
MATERIALS
-
7.0%
352
Avery
Dennison
Corp
59,055
103,428
Ball
Corp
5,922,287
27,682
Crown
Holdings
Inc
2,750,483
81,989
International
Paper
Co
3,832,166
3,978
Martin
Marietta
Materials
Inc
2,286,873
59,376
PPG
Industries
Inc
6,264,168
44,377
Steel
Dynamics
Inc
5,660,730
TOTAL
MATERIALS
26,775,762
REAL
ESTATE
-
10.6%
77,190
Alexandria
Real
Estate
Equities
Inc
5,899,632
28,402
AvalonBay
Communities
Inc
5,290,725
79,620
BXP
Inc
5,209,537
36,591
(a)
CBRE
Group
Inc,
Class
A
5,698,682
85,870
Equity
Residential
5,426,984
163,945
Healthpeak
Properties
Inc
2,777,228
70,142
Iron
Mountain
Inc
6,829,025
29,064
Kimco
Realty
Corp
617,029
695
Regency
Centers
Corp
49,623
23,244
Ventas
Inc
1,561,532
20,521
WP
Carey
Inc
1,316,627
TOTAL
REAL
ESTATE
40,676,624
UTILITIES
-
6.6%
42,199
Atmos
Energy
Corp
6,579,668
177,387
CenterPoint
Energy
Inc
6,886,163
140,160
Essential
Utilities
Inc
5,157,888
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.
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:
SHARES
DESCRIPTION
VALUE
UTILITIES
(continued)
100,978
Eversource
Energy
$
6,674,646
TOTAL
UTILITIES
25,298,365
TOTAL
COMMON
STOCKS
(Cost
$362,620,487)
382,193,903
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$362,620,487)
382,193,903
OTHER
ASSETS
&
LIABILITIES,
NET
-
0.2%
614,369
NET
ASSETS
-
100%
$
382,808,272
(a)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
NUMV
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
382,193,903
$
–
$
–
$
382,193,903
Total
$
382,193,903
$
–
$
–
$
382,193,903
a
Portfolio
of
Investments
July
31,
2025
NUSC
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM
INVESTMENTS
-
99.9%
COMMON
STOCK
RIGHTS
-
0.0%
HEALTH
CARE
-
0.0%
26,689
(a)
Bristol-Myers
Squibb
Co
$
18,682
23,934
(a)
CinCor
Pharma
Inc
73,238
44,361
(a)
Zimmer
Biomet
Holdings
Inc
3,993
TOTAL
HEALTH
CARE
95,913
TOTAL
COMMON
STOCK
RIGHTS
(Cost
$0)
95,913
SHARES
DESCRIPTION
VALUE
COMMON
STOCKS
-
99.9%
COMMUNICATION
SERVICES
-
3.5%
469,697
(b)
AMC
Entertainment
Holdings
Inc,
Class
A
1,362,121
7,085
(b)
Atlanta
Braves
Holdings
Inc,
Class
A
333,704
49,851
(b)
Atlanta
Braves
Holdings
Inc,
Class
C
2,221,361
64,867
(b)
Cars.com
Inc
834,838
114,583
Cinemark
Holdings
Inc
3,078,845
284,316
(b)
Clear
Channel
Outdoor
Holdings
Inc
301,375
110,701
(b)
DoubleVerify
Holdings
Inc
1,695,939
48,542
(b)
Frontier
Communications
Parent
Inc
1,783,433
376,253
(b)
fuboTV
Inc
1,497,487
138,299
(b)
Gannett
Co
Inc
526,919
55,250
(b)
Globalstar
Inc
1,297,823
71,909
(b)
Gogo
Inc
1,140,477
14,148
(b)
Ibotta
Inc,
Class
A
514,280
48,892
(b)
IMAX
Corp
1,260,925
14,771
Interpublic
Group
of
Cos
Inc/The
363,367
11,477
Iridium
Communications
Inc
280,727
1,055,820
(b)
Lumen
Technologies
Inc
4,698,399
153,613
(b)
Magnite
Inc
3,534,635
25,096
Marcus
Corp/The
410,822
90,444
New
York
Times
Co/The,
Class
A
4,693,139
48,675
Paramount
Global,
Class
B
611,845
57,327
(b)
QuinStreet
Inc
940,736
154,744
Sirius
XM
Holdings
Inc
3,268,193
14,991
TEGNA
Inc
250,350
157,965
(b)
Vimeo
Inc
598,687
45,627
(b)
Ziff
Davis
Inc
1,419,912
47,951
(b)
ZoomInfo
Technologies
Inc
519,309
TOTAL
COMMUNICATION
SERVICES
39,439,648
CONSUMER
DISCRETIONARY
-
14.2%
37,751
(b)
Abercrombie
&
Fitch
Co,
Class
A
3,624,851
361,355
ADT
Inc
3,017,314
43,471
Advance
Auto
Parts
Inc
2,307,006
212,011
Aramark
9,023,188
60,772
Arko
Corp
253,419
60,196
(b)
Bright
Horizons
Family
Solutions
Inc
6,808,168
48,093
(b)
Brinker
International
Inc
7,579,457
27,703
Camping
World
Holdings
Inc,
Class
A
383,410
125,034
(b)
Capri
Holdings
Ltd
2,274,369
10,947
Carter's
Inc
265,355
149,224
(b)
Coursera
Inc
1,886,191
50,792
(b)
Crocs
Inc
5,065,486
29,432
(b)
Dave
&
Buster's
Entertainment
Inc
860,592
15,585
(b)
Five
Below
Inc
2,127,664
23,344
(b)
Foot
Locker
Inc
584,534
77,525
(b)
Frontdoor
Inc
4,535,213
389,037
(b)
GameStop
Corp,
Class
A
8,733,881
43,950
Gap
Inc/The
855,267
102,433
(b)
Global
Business
Travel
Group
I
658,644
SHARES
DESCRIPTION
VALUE
CONSUMER
DISCRETIONARY
(continued)
160,458
(b)
Goodyear
Tire
&
Rubber
Co/The
1,649,508
6,578
Group
1
Automotive
Inc
2,711,123
323,299
(b)
Hanesbrands
Inc
1,322,293
98,678
Harley-Davidson
Inc
2,400,836
79,146
Hasbro
Inc
5,948,613
24,427
(b)
Helen
of
Troy
Ltd
536,905
66,678
(b)
Hilton
Grand
Vacations
Inc
2,988,508
4,361
KB
Home
240,989
31,437
(b)
KinderCare
Learning
Cos
Inc
302,110
22,707
Kohl's
Corp
246,144
18,455
Kontoor
Brands
Inc
1,027,205
26,968
LCI
Industries
2,561,960
58,186
Leggett
&
Platt
Inc
555,676
102,208
Levi
Strauss
&
Co,
Class
A
2,012,476
21,516
Lithia
Motors
Inc
6,196,608
1,323,931
(b),(c)
Lucid
Group
Inc
3,256,870
49,079
Macy's
Inc
619,868
21,321
(b)
MarineMax
Inc
483,560
3,919
Marriott
Vacations
Worldwide
Corp
291,848
2,724
Meritage
Homes
Corp
183,434
54,219
(b)
Modine
Manufacturing
Co
7,295,709
11,231
Murphy
USA
Inc
4,071,013
80,822
(b)
National
Vision
Holdings
Inc
1,960,742
452,895
Newell
Brands
Inc
2,540,741
65,511
(b)
Norwegian
Cruise
Line
Holdings
Ltd
1,674,461
14,163
Oxford
Industries
Inc
540,743
114,038
(b)
Petco
Health
&
Wellness
Co
Inc
343,254
50,600
(b)
Planet
Fitness
Inc
5,525,014
20,368
PVH
Corp
1,495,419
94,673
(b)
RealReal
Inc/The
497,980
33,797
(b),(c)
Savers
Value
Village
Inc
351,827
74,713
Service
Corp
International/US
5,701,349
114,625
(b)
Sonos
Inc
1,239,096
19,831
Standard
Motor
Products
Inc
602,069
47,267
(b)
Stride
Inc
6,061,047
81,077
Tapestry
Inc
8,758,748
13,240
(b)
TopBuild
Corp
4,904,493
147,348
(b)
Topgolf
Callaway
Brands
Corp
1,362,969
5,598
(b)
Tri
Pointe
Homes
Inc
172,418
28,713
Vail
Resorts
Inc
4,314,415
231,670
VF
Corp
2,715,172
76,857
(b)
Victoria's
Secret
&
Co
1,444,912
17,573
(c)
Whirlpool
Corp
1,459,262
29,998
Winnebago
Industries
Inc
891,541
8,074
(b)
XPEL
Inc
263,939
TOTAL
CONSUMER
DISCRETIONARY
162,568,876
CONSUMER
STAPLES
-
4.0%
36,634
Andersons
Inc/The
1,315,893
20,656
Casey's
General
Stores
Inc
10,743,805
171,651
(b)
Darling
Ingredients
Inc
5,558,059
9,479
Edgewell
Personal
Care
Co
239,155
50,140
(b)
Freshpet
Inc
3,425,565
15,730
Ingredion
Inc
2,069,124
145,108
Lamb
Weston
Holdings
Inc
8,281,314
25,935
(b)
Sprouts
Farmers
Market
Inc
3,930,190
66,006
(b)
United
Natural
Foods
Inc
1,824,406
62,656
(b)
US
Foods
Holding
Corp
5,221,125
38,910
(b)
Vital
Farms
Inc
1,447,452
111,973
Walgreens
Boots
Alliance
Inc
1,303,366
1,845
WD-40
Co
395,568
TOTAL
CONSUMER
STAPLES
45,755,022
Portfolio
of
Investments
July
31,
2025
(continued)
NUSC
SHARES
DESCRIPTION
VALUE
ENERGY
-
2.6%
181,385
Archrock
Inc
4,237,153
41,473
Core
Laboratories
Inc
453,715
66,431
Delek
US
Holdings
Inc
1,486,061
109,201
(b)
Expro
Group
Holdings
NV
1,177,187
37,130
(b)
Innovex
International
Inc
609,675
196,723
NOV
Inc
2,474,775
367,532
TechnipFMC
PLC
13,367,139
78,683
Weatherford
International
PLC
4,449,524
62,154
World
Kinect
Corp
1,694,939
TOTAL
ENERGY
29,950,168
FINANCIALS
-
18.4%
14,488
Affiliated
Managers
Group
Inc
3,040,597
993,740
AGNC
Investment
Corp
9,370,968
24,681
Ally
Financial
Inc
934,176
20,406
Amalgamated
Financial
Corp
591,570
189,932
(b)
AvidXchange
Holdings
Inc
1,872,730
73,884
(b)
Baldwin
Insurance
Group
Inc/The
2,721,887
154,337
Banc
of
California
Inc
2,240,973
49,503
(b)
Bancorp
Inc/The
3,126,609
85,976
Bank
OZK
4,238,617
2,265
Banner
Corp
140,600
32,526
Berkshire
Hills
Bancorp
Inc
801,441
27,978
Bread
Financial
Holdings
Inc
1,715,051
11,994
Cadence
Bank
417,991
13,690
Cass
Information
Systems
Inc
547,737
9,046
Central
Pacific
Financial
Corp
241,166
111,476
Commerce
Bancshares
Inc/MO
6,822,322
20,789
Crawford
&
Co,
Class
A
198,951
29,428
(b)
Donnelley
Financial
Solutions
Inc
1,558,507
119,640
East
West
Bancorp
Inc
11,993,910
24,231
(b)
Encore
Capital
Group
Inc
893,639
12,574
Essent
Group
Ltd
704,018
111,248
First
American
Financial
Corp
6,680,442
176,309
First
BanCorp/Puerto
Rico
3,672,516
119,655
(b)
Flywire
Corp
1,303,043
232,943
Franklin
Resources
Inc
5,590,632
43,401
Glacier
Bancorp
Inc
1,902,266
12,515
Globe
Life
Inc
1,757,982
130,716
HA
Sustainable
Infrastructure
Capital
Inc
3,394,695
33,053
Hanmi
Financial
Corp
753,939
23,415
Independent
Bank
Corp/MI
715,328
172,044
Invesco
Ltd
3,614,644
26,289
Invesco
Mortgage
Capital
Inc
198,482
78,191
Jackson
Financial
Inc,
Class
A
6,846,404
12,883
Kinsale
Capital
Group
Inc
5,677,409
62,479
KKR
Real
Estate
Finance
Trust
Inc
564,810
7,720
Lazard
Inc
401,286
112,582
Lincoln
National
Corp
4,290,500
14,542
MarketAxess
Holdings
Inc
2,988,381
53,915
MGIC
Investment
Corp
1,396,399
23,843
Morningstar
Inc
6,591,636
3,998
(b)
NMI
Holdings
Inc
149,205
257,285
Old
National
Bancorp/IN
5,431,286
28,834
(b)
Palomar
Holdings
Inc
3,820,217
25,869
Pathward
Financial
Inc
1,956,343
29,017
PennyMac
Financial
Services
Inc
2,702,643
23,917
PJT
Partners
Inc,
Class
A
4,272,055
39,051
(b)
PRA
Group
Inc
593,575
11,939
Primerica
Inc
3,171,357
36,907
PROG
Holdings
Inc
1,175,119
11,205
Reinsurance
Group
of
America
Inc
2,156,402
5,291
Renasant
Corp
193,862
SHARES
DESCRIPTION
VALUE
FINANCIALS
(continued)
113,358
Ryan
Specialty
Holdings
Inc
6,936,376
136,189
SLM
Corp
4,330,810
52,778
SouthState
Corp
4,970,104
304,697
Starwood
Property
Trust
Inc
5,929,404
12,794
Stewart
Information
Services
Corp
830,714
44,574
Synovus
Financial
Corp
2,105,676
4,299
UMB
Financial
Corp
472,847
25,455
Unum
Group
1,827,924
457,920
Valley
National
Bancorp
4,244,918
47,154
Victory
Capital
Holdings
Inc,
Class
A
3,249,382
61,997
Voya
Financial
Inc
4,339,790
36,791
Walker
&
Dunlop
Inc
2,759,693
173,247
Webster
Financial
Corp
9,987,690
113,257
Western
Alliance
Bancorp
8,784,213
29,207
Western
Union
Co/The
235,116
35,287
(b)
WEX
Inc
5,987,498
135,044
WisdomTree
Inc
1,792,034
62,326
Zions
Bancorp
NA
3,341,920
TOTAL
FINANCIALS
210,262,427
HEALTH
CARE
-
10.3%
112,050
(b)
89bio
Inc
1,064,475
84,062
(b)
AdaptHealth
Corp
754,036
112,756
(b)
Alignment
Healthcare
Inc
1,553,778
164,387
(b)
Alkermes
PLC
4,354,612
126,215
(b)
Alphatec
Holdings
Inc
1,335,355
16,548
(b)
AMN
Healthcare
Services
Inc
303,490
152,772
(b)
Arbutus
Biopharma
Corp
501,092
27,793
(b)
Arrowhead
Pharmaceuticals
Inc
439,129
93,272
(b),(c)
Avadel
Pharmaceuticals
PLC
980,289
42,457
(b)
Axogen
Inc
555,762
44,060
(b)
Azenta
Inc
1,440,762
94,851
(b)
Biohaven
Ltd
1,432,250
38,867
(b)
Bioventus
Inc,
Class
A
253,413
70,129
(b)
BrightSpring
Health
Services
Inc
1,448,164
111,232
(b)
Brookdale
Senior
Living
Inc
862,048
28,045
Bruker
Corp
1,077,769
58,410
(b)
CareDx
Inc
717,567
30,473
(b)
Castle
Biosciences
Inc
461,666
125,499
(b)
Catalyst
Pharmaceuticals
Inc
2,676,894
62,969
(b)
Celldex
Therapeutics
Inc
1,384,059
26,987
(b)
Charles
River
Laboratories
International
Inc
4,578,075
6,584
Chemed
Corp
2,714,583
81,552
(b)
Crinetics
Pharmaceuticals
Inc
2,331,572
31,312
(b)
Cross
Country
Healthcare
Inc
421,146
49,053
(b)
Cytokinetics
Inc
1,846,355
214,758
(b)
Elanco
Animal
Health
Inc
2,937,889
12,328
Embecta
Corp
125,252
26,243
(b)
Enliven
Therapeutics
Inc
493,631
29,388
(b)
Enovis
Corp
787,598
10,324
Ensign
Group
Inc/The
1,548,600
20,212
(b),(c)
Establishment
Labs
Holdings
Inc
847,994
86,763
(b)
Exact
Sciences
Corp
4,073,523
98,642
(b)
Fortrea
Holdings
Inc
566,205
557,554
(b)
Geron
Corp
641,187
28,845
(b)
Glaukos
Corp
2,483,266
6,789
(b)
Guardant
Health
Inc
278,213
23,749
(b)
Haemonetics
Corp
1,758,376
36,868
(b)
HealthEquity
Inc
3,576,196
128,635
(b)
Hims
&
Hers
Health
Inc
8,513,064
16,587
(b)
ICU
Medical
Inc
2,129,937
1,870
(b)
Integer
Holdings
Corp
202,914
36,427
(b)
Integra
LifeSciences
Holdings
Corp
478,651
Portfolio
of
Investments
July
31,
2025
(continued)
NUSC
SHARES
DESCRIPTION
VALUE
VALUE
HEALTH
CARE
(continued)
8,604
(b)
iRhythm
Technologies
Inc
$
1,206,109
16,867
(b)
Jazz
Pharmaceuticals
PLC
1,933,464
47,085
(b)
MannKind
Corp
177,981
52,413
(b)
Merus
NV
3,471,837
5,826
Mesa
Laboratories
Inc
445,572
68,795
(b)
Mind
Medicine
MindMed
Inc
625,347
199,300
(b)
Moderna
Inc
5,891,308
23,759
(b)
MoonLake
Immunotherapeutics
1,198,404
101,181
(b)
Myriad
Genetics
Inc
388,535
134,401
(b)
NeoGenomics
Inc
650,501
114,086
(b)
Novocure
Ltd
1,319,975
47,937
(b)
Omnicell
Inc
1,486,526
323,565
(b)
OPKO
Health
Inc
414,163
120,959
Organon
&
Co
1,173,302
76,439
(b)
Owens
&
Minor
Inc
529,722
18,234
(b)
Pediatrix
Medical
Group
Inc
223,367
16,632
(b)
Pennant
Group
Inc/The
368,731
5,475
(b)
Penumbra
Inc
1,381,178
89,054
Perrigo
Co
PLC
2,375,070
21,751
Phibro
Animal
Health
Corp,
Class
A
576,402
48,382
(b)
PROCEPT
BioRobotics
Corp
2,347,011
31,270
(b)
Prothena
Corp
PLC
214,825
54,550
(b)
QuidelOrtho
Corp
1,255,741
7,009
(b)
RadNet
Inc
383,603
29,089
(b)
Repligen
Corp
3,405,449
29,725
(b)
Rocket
Pharmaceuticals
Inc
90,661
36,864
(b)
RxSight
Inc
286,802
83,138
(b),(c)
Savara
Inc
215,327
9,821
(b)
SI-BONE
Inc
167,252
114,247
(b)
Sotera
Health
Co
1,312,698
38,756
(b),(c)
Spyre
Therapeutics
Inc
657,689
15,499
(b)
STAAR
Surgical
Co
277,665
91,762
(b)
Syndax
Pharmaceuticals
Inc
910,279
12,359
(b)
Tourmaline
Bio
Inc
273,505
8,345
(b)
UFP
Technologies
Inc
1,889,225
125,488
(b)
Vaxcyte
Inc
4,260,318
85,019
(b)
Veracyte
Inc
1,998,797
61,147
(b)
Viridian
Therapeutics
Inc
1,071,295
50,136
(b)
Waystar
Holding
Corp
1,854,029
69,753
(b)
Xenon
Pharmaceuticals
Inc
2,130,257
TOTAL
HEALTH
CARE
117,770,759
INDUSTRIALS
-
19.2%
53,160
AAON
Inc
4,438,860
3,765
Acuity
Inc
1,172,233
1,953
AGCO
Corp
230,395
115,109
Air
Lease
Corp
6,377,039
11,869
Allison
Transmission
Holdings
Inc
1,069,041
16,037
Applied
Industrial
Technologies
Inc
4,354,046
1,675
Arcosa
Inc
143,849
89,960
(b)
ATI
Inc
6,921,522
37,306
Atkore
Inc
2,873,308
12,826
AZZ
Inc
1,404,447
47,524
Brady
Corp
3,353,769
5,167
(b)
CACI
International
Inc,
Class
A
2,379,765
340,616
(b)
Clarivate
PLC
1,311,372
24,331
Comfort
Systems
USA
Inc
17,111,992
175,646
(b)
Core
&
Main
Inc,
Class
A
11,178,112
32,408
Crane
Co
6,344,514
31,366
CSG
Systems
International
Inc
1,959,120
2,917
(b)
Dayforce
Inc
168,223
119,070
(b)
DNOW
Inc
1,852,729
10,746
Douglas
Dynamics
Inc
307,336
SHARES
DESCRIPTION
VALUE
VALUE
INDUSTRIALS
(continued)
58,511
(b)
Energy
Recovery
Inc
$
786,973
58,291
Enerpac
Tool
Group
Corp
2,244,786
1,008
Enpro
Inc
214,109
50,643
(b)
Everus
Construction
Group
Inc
3,760,749
175,609
(b)
ExlService
Holdings
Inc
7,626,699
70,451
(b)
First
Advantage
Corp
1,218,098
33,712
(b)
FTI
Consulting
Inc
5,607,991
1,292
GATX
Corp
197,276
28,355
(b)
Generac
Holdings
Inc
5,520,435
58,994
(b)
Great
Lakes
Dredge
&
Dock
Corp
653,654
33,645
Greenbrier
Cos
Inc/The
1,530,848
29,220
Herc
Holdings
Inc
3,413,188
50,773
Hexcel
Corp
3,041,810
74,290
Hillenbrand
Inc
1,538,546
50,641
HNI
Corp
2,604,973
19,471
(b)
Huron
Consulting
Group
Inc
2,571,730
62,842
Interface
Inc
1,295,802
22,224
JBT
Marel
Corp
3,062,467
72,798
KBR
Inc
3,402,579
96,294
(b)
Kratos
Defense
&
Security
Solutions
Inc
5,652,458
6,308
Lindsay
Corp
861,105
11,516
McGrath
RentCorp
1,437,082
54,967
(b)
Mercury
Systems
Inc
2,890,715
72,210
MillerKnoll
Inc
1,370,546
28,933
Moog
Inc,
Class
A
5,600,850
91,771
(b)
MRC
Global
Inc
1,347,198
29,282
Mueller
Water
Products
Inc,
Class
A
725,022
2,941
(b)
MYR
Group
Inc
569,084
82,194
(b)
NEXTracker
Inc,
Class
A
4,788,622
65,589
nVent
Electric
PLC
5,143,489
103,238
(b)
OPENLANE
Inc
2,543,784
189,678
Pitney
Bowes
Inc
2,154,742
43,772
Primoris
Services
Corp
4,122,009
11,274
(b)
Resideo
Technologies
Inc
307,780
19,216
Robert
Half
Inc
709,263
8,533
Rush
Enterprises
Inc
463,427
64,081
Rush
Enterprises
Inc,
Class
A
3,469,345
96,343
(b)
RXO
Inc
1,488,499
26,915
Ryder
System
Inc
4,783,065
14,247
(b)
Saia
Inc
4,306,013
183,778
(b)
Shoals
Technologies
Group
Inc,
Class
A
990,563
15,168
(b)
SiteOne
Landscape
Supply
Inc
2,090,606
37,557
(b)
SPX
Technologies
Inc
6,850,021
233,889
(b)
Sunrun
Inc
2,399,701
17,778
TriNet
Group
Inc
1,205,526
19,743
Trinity
Industries
Inc
460,012
140,352
(b)
Upwork
Inc
1,678,610
18,534
(b)
V2X
Inc
878,141
20,156
Valmont
Industries
Inc
7,335,776
45,165
Wabash
National
Corp
449,843
12,219
WESCO
International
Inc
2,528,844
52,369
WillScot
Holdings
Corp
1,537,030
31,495
(b)
WNS
Holdings
Ltd
2,355,511
17,944
Woodward
Inc
4,613,044
25,948
(b)
XPO
Inc
3,121,285
TOTAL
INDUSTRIALS
218,472,996
INFORMATION
TECHNOLOGY
-
12.8%
114,162
(b)
ACI
Worldwide
Inc
4,858,735
118,656
Adeia
Inc
1,536,595
17,161
Advanced
Energy
Industries
Inc
2,384,006
7,394
(b)
Appfolio
Inc,
Class
A
1,977,008
111,928
(b)
Arlo
Technologies
Inc
1,813,234
Portfolio
of
Investments
July
31,
2025
(continued)
NUSC
SHARES
DESCRIPTION
VALUE
VALUE
INFORMATION
TECHNOLOGY
(continued)
81,518
(b)
Asana
Inc
$
1,196,684
31,855
Badger
Meter
Inc
6,012,950
30,738
Belden
Inc
3,800,754
38,367
Benchmark
Electronics
Inc
1,477,129
27,829
(b)
BILL
Holdings
Inc
1,192,473
39,479
(b)
Blackbaud
Inc
2,661,674
41,955
(b)
Calix
Inc
2,378,429
30,351
(b)
Ciena
Corp
2,817,787
55,097
(b)
Cirrus
Logic
Inc
5,548,819
225,126
(b)
CommScope
Holding
Co
Inc
1,846,033
38,166
(b)
Commvault
Systems
Inc
7,249,632
74,957
(b)
Confluent
Inc,
Class
A
1,328,613
33,667
Dolby
Laboratories
Inc,
Class
A
2,536,472
223,729
(b)
D-Wave
Quantum
Inc
3,845,902
42,730
(b)
DXC
Technology
Co
581,555
165,569
(b)
E2open
Parent
Holdings
Inc
546,378
16,519
(b)
Elastic
NV
1,382,640
70,078
(b)
Enphase
Energy
Inc
2,267,724
28,871
(b)
ePlus
Inc
1,870,263
34,008
(b)
Gitlab
Inc,
Class
A
1,489,890
38,078
(b)
Guidewire
Software
Inc
8,614,005
124,533
(b)
Harmonic
Inc
1,059,776
23,369
(b)
Insight
Enterprises
Inc
2,771,096
58,731
(b)
Intapp
Inc
2,352,177
27,867
InterDigital
Inc
7,195,259
46,058
(b)
Itron
Inc
5,736,063
43,282
(b)
Knowles
Corp
879,057
129,422
(b)
Lattice
Semiconductor
Corp
6,449,098
7,986
(b)
Lumentum
Holdings
Inc
879,099
30,898
(b)
Meridianlink
Inc
493,750
80,483
(b)
N-able
Inc/US
650,303
141,301
(b)
NCR
Voyix
Corp
1,924,520
29,371
(b)
NETGEAR
Inc
682,876
80,270
(b)
NextNav
Inc
1,187,193
27,521
(b)
Novanta
Inc
3,385,633
28,633
(b)
Onto
Innovation
Inc
2,712,977
43,965
(b)
PAR
Technology
Corp
2,672,193
17,896
Pegasystems
Inc
1,050,674
29,155
(b)
Plexus
Corp
3,717,262
120,931
(b)
Procore
Technologies
Inc
8,662,288
17,246
(b)
Q2
Holdings
Inc
1,400,375
74,535
(b)
Rambus
Inc
5,510,373
92,952
(b)
Ribbon
Communications
Inc
349,500
17,040
(b)
Rogers
Corp
1,117,483
34,243
(b)
Silicon
Laboratories
Inc
4,512,200
64,706
(b)
SolarEdge
Technologies
Inc
1,660,356
27,348
(b)
SPS
Commerce
Inc
2,977,240
12,076
(b)
UiPath
Inc,
Class
A
141,893
133,967
Xerox
Holdings
Corp
542,566
TOTAL
INFORMATION
TECHNOLOGY
145,888,664
MATERIALS
-
5.1%
4,655
AptarGroup
Inc
731,487
99,259
Avient
Corp
3,133,607
233,516
(b)
Axalta
Coating
Systems
Ltd
6,613,173
32,773
Balchem
Corp
4,996,899
41,287
Carpenter
Technology
Corp
10,296,565
20,926
Commercial
Metals
Co
1,085,222
37,872
(b)
Compass
Minerals
International
Inc
754,789
140,490
(b)
Constellium
SE
1,926,118
135,526
FMC
Corp
5,290,935
47,490
Graphic
Packaging
Holding
Co
1,061,876
57,646
HB
Fuller
Co
3,239,705
SHARES
DESCRIPTION
VALUE
VALUE
MATERIALS
(continued)
415,083
Hecla
Mining
Co
$
2,382,576
13,797
(b)
Knife
River
Corp
1,137,977
21,883
Koppers
Holdings
Inc
719,075
55,843
Louisiana-Pacific
Corp
5,048,766
35,447
(b),(c)
Magnera
Corp
441,313
4,569
Minerals
Technologies
Inc
265,687
18,055
Royal
Gold
Inc
2,733,888
20,571
Ryerson
Holding
Corp
423,763
39,061
Sensient
Technologies
Corp
4,386,160
22,970
Stepan
Co
1,166,187
TOTAL
MATERIALS
57,835,768
REAL
ESTATE
-
6.5%
60,423
Armada
Hoffler
Properties
Inc
412,689
184,980
Brandywine
Realty
Trust
739,920
200,106
CareTrust
REIT
Inc
6,363,371
15,865
CBL
&
Associates
Properties
Inc
429,307
30,041
Community
Healthcare
Trust
Inc
461,730
74,980
CubeSmart
2,917,472
29,918
EastGroup
Properties
Inc
4,883,814
96,922
Empire
State
Realty
Trust
Inc,
Class
A
701,715
107,869
Essential
Properties
Realty
Trust
Inc
3,288,926
81,296
(c)
eXp
World
Holdings
Inc
876,371
683,847
Host
Hotels
&
Resorts
Inc
10,750,075
12,609
(b)
Jones
Lang
LaSalle
Inc
3,408,969
106,386
Kennedy-Wilson
Holdings
Inc
778,746
45,862
Kilroy
Realty
Corp
1,690,473
132,969
Macerich
Co/The
2,221,912
17,563
Outfront
Media
Inc
307,880
216,523
Park
Hotels
&
Resorts
Inc
2,308,135
127,016
Pebblebrook
Hotel
Trust
1,273,970
21,652
Piedmont
Realty
Trust
Inc
163,689
255,142
Rexford
Industrial
Realty
Inc
9,320,337
61,923
Ryman
Hospitality
Properties
Inc
5,886,400
70,828
Sabra
Health
Care
REIT
Inc
1,277,029
12,759
SL
Green
Realty
Corp
730,453
41,158
St
Joe
Co/The
2,078,479
204,905
Sunstone
Hotel
Investors
Inc
1,792,919
111,880
Terreno
Realty
Corp
6,208,221
268,908
Uniti
Group
Inc
1,430,591
108,487
Xenia
Hotels
&
Resorts
Inc
1,378,870
TOTAL
REAL
ESTATE
74,082,463
UTILITIES
-
3.3%
24,982
Chesapeake
Utilities
Corp
2,994,842
210,381
MDU
Resources
Group
Inc
3,629,072
108,945
New
Jersey
Resources
Corp
5,001,665
64,800
ONE
Gas
Inc
4,710,960
56,987
Ormat
Technologies
Inc
5,095,208
40,931
Southwest
Gas
Holdings
Inc
3,198,348
63,404
Spire
Inc
4,721,696
233,323
UGI
Corp
8,441,626
TOTAL
UTILITIES
37,793,417
TOTAL
COMMON
STOCKS
(Cost
$1,124,283,725)
1,139,820,208
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$1,124,283,725)
1,139,916,121
Portfolio
of
Investments
July
31,
2025
(continued)
NUSC
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.
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:
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.2%
2,627,298
(d)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
4.320
%
(e)
$
2,627,298
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
(Cost
$2,627,298)
$
2,627,298
TOTAL
INVESTMENTS
-
100.1%
(Cost
$
1,126,911,023
)
1,142,543,419
OTHER
ASSETS
&
LIABILITIES,
NET
-
(0.1)%
(1,663,694)
NET
ASSETS
-
100%
$
1,140,879,725
REIT
Real
Estate
Investment
Trust
(a)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(c)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$2,529,879.
(d)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(e)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
NUSC
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stock
Rights
$
–
$
–
$
95,913
$
95,913
Common
Stocks
1,139,820,208
–
–
1,139,820,208
Investments
Purchased
with
Collateral
from
Securities
Lending
2,627,298
–
–
2,627,298
Total
$
1,142,447,506
$
–
$
95,913
$
1,142,543,419
a