UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-23161
Nushares ETF Trust
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Diana R. Gonzalez
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)
Registrants telephone number, including area code: (312) 917-7700
Date of fiscal year end: October 31
Date of reporting period: October 31, 2021
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (OMB) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
ITEM 1. | REPORTS TO STOCKHOLDERS. |
Fund Name | Listing Exchange | Ticker Symbol | |||
Nuveen ESG Dividend ETF | Cboe BZX Exchange, Inc. | NUDV | |||
Nuveen ESG Emerging Markets Equity ETF | Cboe BZX Exchange, Inc. | NUEM | |||
Nuveen ESG International Developed Markets Equity ETF | Cboe BZX Exchange, Inc. | NUDM | |||
Nuveen ESG Large-Cap ETF | Cboe BZX Exchange, Inc. | NULC | |||
Nuveen ESG Large-Cap Growth ETF | Cboe BZX Exchange, Inc. | NULG | |||
Nuveen ESG Large-Cap Value ETF | Cboe BZX Exchange, Inc. | NULV | |||
Nuveen ESG Mid-Cap Growth ETF | Cboe BZX Exchange, Inc. | NUMG | |||
Nuveen ESG Mid-Cap Value ETF | Cboe BZX Exchange, Inc. | NUMV | |||
Nuveen ESG Small-Cap ETF | Cboe BZX Exchange, Inc. | NUSC |
Total Returns as of October 31, 2021 | |||
Cumulative | |||
Inception
Date |
Since
Inception |
Expense
Ratios | |
NUDV at NAV | 9/27/21 | 2.74% | 0.25% |
NUDV at Market Price | 9/27/21 | 2.85% | - |
MSCI USA Index | - | 3.69% | - |
TIAA ESG USA High Dividend Yield Index1 | - | 2.78% | - |
Total Returns as of October 31, 2021 | ||||
Average Annual | ||||
Inception
Date |
1-Year | Since
Inception |
Expense
Ratios | |
NUEM at NAV | 6/06/17 | 18.45% | 8.84% | 0.35% |
NUEM at Market Price | 6/06/17 | 17.77% | 8.83% | - |
MSCI Emerging Markets Index | - | 16.96% | 7.63% | - |
TIAA ESG Emerging Markets Equity Index1 | - | 19.69% | 9.72% | - |
Total Returns as of October 31, 2021 | ||||
Average Annual | ||||
Inception
Date |
1-Year | Since
Inception |
Expense
Ratios | |
NUDM at NAV | 6/06/17 | 34.83% | 8.01% | 0.30% |
NUDM at Market Price | 6/06/17 | 34.73% | 8.16% | - |
MSCI EAFE Index | - | 34.18% | 7.41% | - |
TIAA ESG International Developed Markets Equity Index1 | - | 35.26% | 8.32% | - |
Total Returns as of October 31, 2021 | ||||
Average Annual | ||||
Inception
Date |
1-Year | Since
Inception |
Expense
Ratios | |
NULC at NAV | 6/03/19 | 45.28% | 28.23% | 0.20% |
NULC at Market Price | 6/03/19 | 45.91% | 28.29% | - |
MSCI USA Index | - | 43.34% | 27.10% | - |
TIAA ESG USA Large-Cap Index1 | - | 45.69% | 28.57% | - |
Total Returns as of October 31, 2021 | ||||
Average Annual | ||||
Inception
Date |
1-Year | Since
Inception |
Expense
Ratios | |
NULG at NAV | 12/31/16 | 49.04% | 26.05% | 0.25% |
NULG at Market Price | 12/31/16 | 49.29% | 26.06% | - |
MSCI USA Growth Index | - | 43.85% | 25.53% | - |
TIAA ESG USA Large-Cap Growth Index1 | - | 49.68% | 26.55% | - |
Total Returns as of October 31, 2021 | ||||
Average Annual | ||||
Inception
Date |
1-Year | Since
Inception |
Expense
Ratios | |
NULV at NAV | 12/31/16 | 39.68% | 11.46% | 0.25% |
NULV at Market Price | 12/31/16 | 39.63% | 11.47% | - |
MSCI USA Value Index | - | 42.72% | 10.71% | - |
TIAA ESG USA Large-Cap Value Index1 | - | 40.28% | 11.87% | - |
Total Returns as of October 31, 2021 | ||||
Average Annual | ||||
Inception
Date |
1-Year | Since
Inception |
Expense
Ratios | |
NUMG at NAV | 12/31/16 | 39.51% | 20.96% | 0.30% |
NUMG at Market Price | 12/31/16 | 39.92% | 20.97% | - |
MSCI USA Mid-Cap Growth Index | - | 44.51% | 20.76% | - |
TIAA ESG USA Mid-Cap Growth Index1 | - | 40.15% | 21.49% | - |
Total Returns as of October 31, 2021 | ||||
Average Annual | ||||
Inception
Date |
1-Year | Since
Inception |
Expense
Ratios | |
NUMV at NAV | 12/31/16 | 51.97% | 11.10% | 0.30% |
NUMV at Market Price | 12/31/16 | 52.06% | 11.14% | - |
MSCI USA Mid-Cap Value Index | - | 51.31% | 10.81% | - |
TIAA ESG USA Mid-Cap Value Index1 | - | 52.72% | 11.57% | - |
Total Returns as of October 31, 2021 | ||||
Average Annual | ||||
Inception
Date |
1-Year | Since
Inception |
Expense
Ratios | |
NUSC at NAV | 12/31/16 | 48.28% | 14.38% | 0.30% |
NUSC at Market Price | 12/31/16 | 48.03% | 14.38% | - |
MSCI USA Small-Cap Index | - | 52.01% | 14.10% | - |
TIAA ESG USA Small-Cap Index1 | - | 48.95% | 14.86% | - |
1 | Includes 100.0% (as a percentage of net assets) in emerging market countries. |
Actual Performance | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,027.40 |
Expenses Incurred During Period | $ 0.24 |
Hypothetical
Performance (5% annualized return before expenses) |
|
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,004.55 |
Expenses Incurred During the Period | $ 0.24 |
Actual Performance | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $ 960.90 |
Expenses Incurred During Period | $ 2.13 |
Hypothetical
Performance (5% annualized return before expenses) |
|
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,023.04 |
Expenses Incurred During the Period | $ 2.19 |
Actual Performance | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,047.30 |
Expenses Incurred During Period | $ 1.96 |
Hypothetical
Performance (5% annualized return before expenses) |
|
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,023.29 |
Expenses Incurred During the Period | $ 1.94 |
Actual Performance | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,114.20 |
Expenses Incurred During Period | $ 1.07 |
Hypothetical
Performance (5% annualized return before expenses) |
|
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,024.20 |
Expenses Incurred During the Period | $ 1.02 |
Actual Performance | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,172.20 |
Expenses Incurred During Period | $ 1.81 |
Hypothetical
Performance (5% annualized return before expenses) |
|
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,023.54 |
Expenses Incurred During the Period | $ 1.68 |
Actual Performance | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,056.40 |
Expenses Incurred During Period | $ 1.71 |
Hypothetical
Performance (5% annualized return before expenses) |
|
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,023.54 |
Expenses Incurred During the Period | $ 1.68 |
Actual Performance | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,094.90 |
Expenses Incurred During Period | $ 2.01 |
Hypothetical
Performance (5% annualized return before expenses) |
|
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,023.29 |
Expenses Incurred During the Period | $ 1.94 |
Actual Performance | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,059.00 |
Expenses Incurred During Period | $ 1.97 |
Hypothetical
Performance (5% annualized return before expenses) |
|
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,023.29 |
Expenses Incurred During the Period | $ 1.94 |
Actual Performance | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,014.90 |
Expenses Incurred During Period | $ 1.93 |
Hypothetical
Performance (5% annualized return before expenses) |
|
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,023.29 |
Expenses Incurred During the Period | $ 1.94 |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 99.6% | ||||||
COMMON STOCKS – 99.6% | ||||||
Communication Services – 4.8% | ||||||
3,201 | AT&T Inc | $80,857 | ||||
491 | Interpublic Group of Cos Inc | 17,956 | ||||
1,171 | Lumen Technologies Inc | 13,888 | ||||
272 | Omnicom Group Inc | 18,518 | ||||
1,671 | Verizon Communications Inc | 88,546 | ||||
767 | ViacomCBS Inc, Class B | 27,781 | ||||
Total Communication Services | 247,546 | |||||
Consumer Discretionary – 7.0% | ||||||
285 | Best Buy Co Inc | 34,838 | ||||
164 | Hasbro Inc | 15,705 | ||||
330 | Home Depot Inc | 122,674 | ||||
402 | Lowe's Cos Inc | 93,996 | ||||
491 | Newell Brands Inc | 11,239 | ||||
320 | Target Corp | 83,078 | ||||
Total Consumer Discretionary | 361,530 | |||||
Consumer Staples – 12.3% | ||||||
706 | Archer-Daniels-Midland Co | 45,353 | ||||
180 | Bunge Ltd | 16,675 | ||||
156 | Clorox Co | 25,430 | ||||
1,631 | Coca-Cola Co | 91,939 | ||||
903 | Colgate-Palmolive Co | 68,800 | ||||
375 | Hormel Foods Corp | 15,870 | ||||
140 | J M Smucker Co | 17,200 | ||||
896 | Keurig Dr Pepper Inc | 32,337 | ||||
376 | Kimberly-Clark Corp | 48,688 | ||||
915 | Kroger Co | 36,618 | ||||
184 | Lamb Weston Holdings Inc | 10,387 | ||||
316 | McCormick & Co Inc | 25,353 | ||||
572 | PepsiCo Inc | 92,435 | ||||
746 | Procter & Gamble Co | 106,671 | ||||
Total Consumer Staples | 633,756 | |||||
Energy – 2.0% | ||||||
923 | Baker Hughes Co | 23,149 | ||||
563 | ONEOK Inc | 35,818 |
Shares | Description (1) | Value | ||||
Energy (continued) | ||||||
1,543 | Williams Cos Inc | $ 43,343 | ||||
Total Energy | 102,310 | |||||
Financials – 20.0% | ||||||
469 | Ally Financial Inc | 22,390 | ||||
935 | American International Group Inc | 55,249 | ||||
147 | Ameriprise Financial Inc | 44,413 | ||||
260 | Arthur J Gallagher & Co | 43,594 | ||||
76 | Assurant Inc | 12,260 | ||||
1,055 | Bank of New York Mellon Corp | 62,456 | ||||
89 | BlackRock Inc | 83,968 | ||||
204 | Carlyle Group Inc | 11,455 | ||||
366 | CME Group Inc | 80,721 | ||||
483 | Equitable Holdings Inc | 16,180 | ||||
379 | Franklin Resources Inc | 11,935 | ||||
435 | Invesco Ltd | 11,053 | ||||
224 | Lincoln National Corp | 16,162 | ||||
472 | Marsh & McLennan Cos Inc | 78,730 | ||||
811 | Morgan Stanley | 83,355 | ||||
144 | Nasdaq Inc | 30,221 | ||||
252 | Northern Trust Corp | 31,006 | ||||
731 | Progressive Corp | 69,357 | ||||
496 | Prudential Financial Inc | 54,585 | ||||
232 | Raymond James Financial Inc | 22,873 | ||||
440 | State Street Corp | 43,362 | ||||
288 | T Rowe Price Group Inc | 62,461 | ||||
1,315 | US Bancorp | 79,386 | ||||
Total Financials | 1,027,172 | |||||
Health Care – 11.3% | ||||||
356 | Amgen Inc | 73,681 | ||||
199 | Anthem Inc | 86,591 | ||||
635 | Baxter International Inc | 50,140 | ||||
1,206 | Bristol-Myers Squibb Co | 70,430 | ||||
367 | Cardinal Health Inc | 17,546 | ||||
348 | Cigna Corp | 74,336 | ||||
337 | Eli Lilly & Co | 85,854 | ||||
1,041 | Gilead Sciences Inc | 67,540 | ||||
164 | Quest Diagnostics Inc | 24,072 | ||||
223 | Royalty Pharma PLC, Class A | 8,815 | ||||
1,527 | Viatris Inc | 20,386 | ||||
Total Health Care | 579,391 |
Shares | Description (1) | Value | ||||
Industrials – 14.7% | ||||||
397 | 3M Co | $70,936 | ||||
172 | A O Smith Corp | 12,568 | ||||
172 | Booz Allen Hamilton Holding Corp | 14,940 | ||||
380 | Caterpillar Inc | 77,524 | ||||
429 | Eaton Corp PLC | 70,682 | ||||
701 | Emerson Electric Co | 68,004 | ||||
723 | Fastenal Co | 41,269 | ||||
906 | Johnson Controls International plc | 66,473 | ||||
132 | Owens Corning | 12,330 | ||||
164 | Parker-Hannifin Corp | 48,641 | ||||
284 | Republic Services Inc | 38,226 | ||||
144 | Robert Half International Inc | 16,282 | ||||
148 | Rockwell Automation Inc | 47,271 | ||||
68 | Snap-on Inc | 13,820 | ||||
302 | Trane Technologies PLC | 54,641 | ||||
468 | Waste Management Inc | 74,988 | ||||
56 | WW Grainger Inc | 25,934 | ||||
Total Industrials | 754,529 | |||||
Information Technology – 11.0% | ||||||
352 | Automatic Data Processing Inc | 79,021 | ||||
1,639 | Cisco Systems Inc | 91,735 | ||||
1,651 | Hewlett Packard Enterprise Co | 24,187 | ||||
1,591 | HP Inc | 48,255 | ||||
1,715 | Intel Corp | 84,035 | ||||
568 | International Business Machines Corp | 71,057 | ||||
216 | Motorola Solutions Inc | 53,695 | ||||
731 | NortonLifeLock Inc | 18,604 | ||||
459 | Texas Instruments Inc | 86,053 | ||||
519 | Western Union Co | 9,456 | ||||
Total Information Technology | 566,098 | |||||
Materials – 4.1% | ||||||
1,959 | Amcor PLC | 23,645 | ||||
944 | Dow Inc | 52,836 | ||||
316 | International Flavors & Fragrances Inc | 46,594 | ||||
471 | International Paper Co | 23,395 | ||||
300 | PPG Industries Inc | 48,171 | ||||
264 | Steel Dynamics Inc | 17,445 | ||||
Total Materials | 212,086 | |||||
Real Estate – 7.8% | ||||||
277 | American Tower Corp | 78,106 | ||||
374 | Crown Castle International Corp | 67,432 |
Shares | Description (1) | Value | ||||
Real Estate (continued) | ||||||
87 | Equinix Inc | $72,825 | ||||
371 | Iron Mountain Inc | 16,933 | ||||
569 | Prologis Inc | 82,482 | ||||
192 | Regency Centers Corp | 13,519 | ||||
474 | Ventas Inc | 25,297 | ||||
530 | Welltower Inc | 42,612 | ||||
Total Real Estate | 399,206 | |||||
Utilities – 4.6% | ||||||
229 | American Water Works Co Inc | 39,887 | ||||
164 | Atmos Energy Corp | 15,108 | ||||
367 | CMS Energy Corp | 22,148 | ||||
435 | Consolidated Edison Inc | 32,799 | ||||
295 | Essential Utilities Inc | 13,886 | ||||
435 | Eversource Energy | 36,931 | ||||
495 | NiSource Inc | 12,212 | ||||
400 | Sempra Energy | 51,052 | ||||
263 | UGI Corp | 11,417 | ||||
Total Utilities | 235,440 | |||||
Total Long-Term Investments (cost $4,991,077) | 5,119,064 | |||||
Other Assets Less Liabilities – 0.4% | 18,002 | |||||
Net Assets – 100% | $ 5,137,066 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 100.1% | ||||||
COMMON STOCKS – 100.1% | ||||||
Communication Services – 11.0% | ||||||
432,780 | Axiata Group Bhd | $412,818 | ||||
387 | CD Projekt SA | 16,879 | ||||
28,486 | Emirates Telecommunications Group Co PJSC | 198,533 | ||||
381 | Globe Telecom Inc | 22,644 | ||||
12,159 | Info Edge India Ltd | 986,498 | ||||
56,269 | MTN Group Ltd, (2) | 507,087 | ||||
4,849 | NAVER Corp | 1,688,882 | ||||
171 | NCSoft Corp | 91,752 | ||||
5,621 | NetEase Inc, ADR | 548,553 | ||||
119,201 | Ooredoo QPSC | 226,551 | ||||
8,869 | Orange Polska SA, (2) | 17,319 | ||||
1,359 | SK Telecom Co Ltd, (3) | 354,684 | ||||
79,934 | Telefonica Brasil SA | 645,484 | ||||
118,994 | Tencent Holdings Ltd | 7,357,726 | ||||
69,633 | TIM SA/Brazil | 138,599 | ||||
190,651 | Turkcell Iletisim Hizmetleri AS | 303,173 | ||||
Total Communication Services | 13,517,182 | |||||
Consumer Discretionary – 16.5% | ||||||
281,200 | Alibaba Group Holding Ltd, (2) | 5,892,185 | ||||
12,871 | Allegro.eu SA, 144A, (2) | 145,671 | ||||
18,543 | Americanas SA, (2) | 97,699 | ||||
299 | Bajaj Auto Ltd | 14,819 | ||||
6,602 | Baozun Inc, Sponsored ADR, (2) | 114,215 | ||||
38,140 | BYD Co Ltd | 1,454,204 | ||||
16,530 | BYD Co Ltd | 803,716 | ||||
77,548 | China Education Group Holdings Ltd | 133,184 | ||||
59,420 | Chongqing Changan Automobile Co Ltd | 180,969 | ||||
8,690 | Coway Co Ltd | 590,463 | ||||
426,035 | Dongfeng Motor Group Co Ltd | 398,156 | ||||
4,402 | Falabella SA | 12,206 | ||||
460 | FF Group, (2), (3) | 639 | ||||
3,800 | Guangdong Xinbao Electrical Appliances Holdings Co Ltd | 13,312 | ||||
328,145 | Guangzhou Automobile Group Co Ltd | 310,468 | ||||
4,078 | Hangzhou Robam Appliances Co Ltd | 19,955 | ||||
403 | Hankook Tire & Technology Co Ltd | 14,260 |
Shares | Description (1) | Value | ||||
Consumer Discretionary (continued) | ||||||
171,519 | HengTen Networks Group Ltd, (2) | $58,870 | ||||
3,014 | Hero MotoCorp Ltd | 106,949 | ||||
45,207 | JD Health International Inc, 144A, (2) | 400,404 | ||||
5,500 | Joyoung Co Ltd | 20,058 | ||||
5,719 | JUMBO SA | 84,979 | ||||
13,574 | LG Electronics Inc | 1,399,741 | ||||
21,155 | Li Auto Inc, ADR, (2) | 690,288 | ||||
6,400 | Liaoning Cheng Da Co Ltd | 20,341 | ||||
7 | LPP SA | 25,161 | ||||
9,551 | Mahindra & Mahindra Ltd | 112,785 | ||||
96,567 | Meituan., Class B, 144A, (2) | 3,346,741 | ||||
4,690 | Naspers Ltd | 799,194 | ||||
30,144 | NIO Inc., ADR, (2) | 1,187,975 | ||||
77,700 | Shenzhen Overseas Chinese Town Co Ltd | 75,968 | ||||
859 | Shenzhou International Group Holdings Ltd | 18,529 | ||||
25,200 | Songcheng Performance Development Co Ltd | 55,102 | ||||
130,716 | TCL Technology Group Corp | 123,720 | ||||
5,698 | Vipshop Holdings Ltd, ADR, (2) | 63,590 | ||||
19,900 | Wuchan Zhongda Group Co Ltd | 19,488 | ||||
6,686 | XPeng Inc, ADR, (2) | 311,768 | ||||
21,426 | Yum China Holdings Inc | 1,222,996 | ||||
Total Consumer Discretionary | 20,340,768 | |||||
Consumer Staples – 6.4% | ||||||
9,715 | Adecoagro SA, (2) | 85,103 | ||||
39,393 | Almarai Co JSC | 555,571 | ||||
1,224 | BGF retail Co Ltd | 169,163 | ||||
987 | Britannia Industries Ltd | 48,374 | ||||
15,303 | Charoen Pokphand Foods PCL, (4) | 11,645 | ||||
25,088 | China Feihe Ltd, 144A | 41,797 | ||||
66,832 | China Mengniu Dairy Co Ltd | 425,698 | ||||
77,091 | Coca-Cola Femsa SAB de CV | 415,307 | ||||
314,289 | Dali Foods Group Co Ltd, 144A | 174,941 | ||||
188,373 | Fomento Economico Mexicano SAB de CV | 1,554,905 | ||||
1,200 | Fu Jian Anjoy Foods Co Ltd | 37,979 | ||||
45,381 | Hindustan Unilever Ltd | 1,450,344 | ||||
57,380 | Inner Mongolia Yili Industrial Group Co Ltd | 385,359 | ||||
2,436 | Kuala Lumpur Kepong Bhd | 12,718 | ||||
10 | LG Household & Health Care Ltd | 10,021 | ||||
261 | LG Household & Health Care Ltd | 133,789 | ||||
26,463 | Magnit PJSC, GDR | 490,095 | ||||
524 | Nestle India Ltd | 132,712 |
Shares | Description (1) | Value | ||||
Consumer Staples (continued) | ||||||
32,246 | PPB Group Bhd | $141,568 | ||||
41,229 | Savola Group | 402,298 | ||||
1,199,532 | Unilever Indonesia Tbk PT | 374,232 | ||||
185,739 | Uni-President China Holdings Ltd | 158,542 | ||||
28,947 | Want Want China Holdings Ltd | 22,439 | ||||
19,383 | X5 Retail Group NV, GDR | 659,797 | ||||
Total Consumer Staples | 7,894,397 | |||||
Energy – 2.6% | ||||||
162,416 | Cosan SA | 570,199 | ||||
622,462 | Dialog Group Bhd | 425,397 | ||||
40,951 | Offshore Oil Engineering Co Ltd | 29,741 | ||||
46,934 | Petronas Dagangan Bhd | 230,760 | ||||
76,765 | Qatar Fuel QSC | 387,725 | ||||
392,840 | Qatar Gas Transport Co Ltd | 350,654 | ||||
7,096 | S-Oil Corp | 622,429 | ||||
176,813 | Thai Oil PCL, (4) | 297,064 | ||||
114,202 | Ultrapar Participacoes SA | 264,385 | ||||
Total Energy | 3,178,354 | |||||
Financials – 16.7% | ||||||
2,738,295 | Agricultural Bank of China Ltd | 932,824 | ||||
95,514 | Alpha Services and Holdings SA, (2) | 121,421 | ||||
135,760 | Axis Bank Ltd, (2) | 1,345,249 | ||||
202,263 | B3 SA - Brasil Bolsa Balcao | 427,346 | ||||
152,184 | Banco Bradesco SA | 537,247 | ||||
53,606 | Banco Bradesco SA | 161,664 | ||||
4,937 | Bancolombia SA | 43,815 | ||||
1,604 | Bancolombia SA | 14,286 | ||||
101,503 | Bandhan Bank Ltd, 144A | 395,066 | ||||
1,279,385 | Bank Central Asia Tbk PT | 675,024 | ||||
13,543 | Bank Polska Kasa Opieki SA | 447,566 | ||||
344,917 | Cathay Financial Holding Co Ltd | 720,631 | ||||
3,422,108 | China Construction Bank Corp | 2,327,142 | ||||
88,900 | China Construction Bank Corp | 82,337 | ||||
68,741 | China Merchants Bank Co Ltd | 579,245 | ||||
1,850 | Credicorp Ltd | 239,871 | ||||
171,695 | First Abu Dhabi Bank PJSC | 832,965 | ||||
189,545 | FirstRand Ltd | 723,388 | ||||
317,916 | Fubon Financial Holding Co Ltd | 841,420 | ||||
18,497 | Grupo Financiero Banorte SAB de CV | 117,179 | ||||
270,809 | Haitong Securities Co Ltd | 241,251 | ||||
69,099 | Huatai Securities Co Ltd | 171,272 |
Shares | Description (1) | Value | ||||
Financials (continued) | ||||||
243,096 | Huatai Securities Co Ltd, 144A | $362,501 | ||||
196,065 | Industrial Bank Co Ltd | 570,492 | ||||
23,633 | KB Financial Group Inc | 1,144,690 | ||||
17,406 | Kotak Mahindra Bank Ltd | 472,137 | ||||
348,456 | Kuwait Finance House KSCP | 961,736 | ||||
8,657 | Malayan Banking Bhd, WI/DD | 16,829 | ||||
732,214 | Old Mutual Ltd | 751,001 | ||||
3,009 | OTP Bank Nyrt, (2) | 180,889 | ||||
15,848 | Piramal Enterprises Ltd | 551,327 | ||||
467,311 | Public Bank Bhd | 470,584 | ||||
16,871 | Qatar National Bank QPSC | 94,989 | ||||
4,849 | Samsung Fire & Marine Insurance Co Ltd | 958,555 | ||||
58,664 | Sanlam Ltd | 242,182 | ||||
32,278 | Shinhan Financial Group Co Ltd | 1,056,552 | ||||
2,664 | Standard Bank Group Ltd | 23,736 | ||||
95,422 | State Bank of India | 639,895 | ||||
Total Financials | 20,476,304 | |||||
Health Care – 4.5% | ||||||
58,996 | 3SBio Inc, 144A, (2) | 53,998 | ||||
536,431 | Alibaba Health Information Technology Ltd, (2) | 677,861 | ||||
2,174 | BeiGene Ltd, ADR, (2) | 777,683 | ||||
49,090 | CSPC Pharmaceutical Group Ltd | 51,368 | ||||
8,269 | Dr Sulaiman Al Habib Medical Services Group Co | 365,512 | ||||
1,046 | Hangzhou Tigermed Consulting Co Ltd, 144A | 20,398 | ||||
30,439 | Hartalega Holdings Bhd | 43,075 | ||||
4,693 | Hutchison China MediTech Ltd., ADR, (2) | 138,068 | ||||
3,255,176 | Kalbe Farma Tbk PT | 367,622 | ||||
11,996 | Notre Dame Intermedica Participacoes SA | 136,580 | ||||
2,216 | Oneness Biotech Co Ltd, (2) | 20,878 | ||||
7,840 | Ovctek China Inc | 83,743 | ||||
6,000 | Pharmaron Beijing Co Ltd | 179,315 | ||||
5,400 | Shanghai Fosun Pharmaceutical Group Co Ltd | 42,170 | ||||
123,049 | Supermax Corp Bhd | 57,052 | ||||
38,685 | WuXi AppTec Co Ltd, 144A | 827,005 | ||||
24,184 | WuXi AppTec Co Ltd | 521,285 | ||||
68,488 | Wuxi Biologics Cayman Inc, 144A, (2) | 1,042,413 | ||||
12,020 | Yunnan Baiyao Group Co Ltd | 168,209 | ||||
Total Health Care | 5,574,235 | |||||
Industrials – 6.7% | ||||||
512,898 | Airports of Thailand PCL, (4) | 996,969 | ||||
16,135 | Aselsan Elektronik Sanayi Ve Ticaret AS | 27,571 |
Shares | Description (1) | Value | ||||
Industrials (continued) | ||||||
66,492 | CCR SA | $134,824 | ||||
171,030 | China Lesso Group Holdings Ltd | 265,591 | ||||
186 | CJ Corp | 15,249 | ||||
16,229 | Contemporary Amperex Technology Co Ltd | 1,620,239 | ||||
7,539 | Evergreen Marine Corp Taiwan Ltd | 26,975 | ||||
27,916 | Grupo Aeroportuario del Pacifico SAB de CV | 353,316 | ||||
1,017 | Grupo Aeroportuario del Sureste SAB de CV | 20,589 | ||||
9,207 | GS Engineering & Construction Corp | 325,796 | ||||
7,466 | Hyundai Heavy Industries Holdings Co Ltd | 403,792 | ||||
381,594 | JG Summit Holdings Inc | 455,702 | ||||
13,630 | LG Corp | 1,063,759 | ||||
34,854 | Localiza Rent a Car SA | 280,093 | ||||
79,719 | Rumo SA, (2) | 226,132 | ||||
190,159 | Shenzhen International Holdings Ltd | 229,539 | ||||
1,490 | Siemens Ltd | 43,744 | ||||
40,172 | Sinotrans Ltd | 28,360 | ||||
181,470 | WEG SA | 1,191,128 | ||||
118,933 | Xinjiang Goldwind Science & Technology Co Ltd | 266,638 | ||||
20,225 | Yutong Bus Co Ltd | 35,821 | ||||
65,902 | Zoomlion Heavy Industry Science and Technology Co Ltd | 75,035 | ||||
211,264 | Zoomlion Heavy Industry Science and Technology Co Ltd | 152,628 | ||||
Total Industrials | 8,239,490 | |||||
Information Technology – 20.6% | ||||||
28,100 | 360 Security Technology Inc, (2) | 52,841 | ||||
114,257 | AAC Technologies Holdings Inc | 498,650 | ||||
456,112 | Acer Inc | 426,449 | ||||
108,516 | Asustek Computer Inc | 1,377,498 | ||||
657,894 | Compal Electronics Inc | 578,439 | ||||
189,299 | Delta Electronics Inc | 1,667,773 | ||||
21,328 | Delta Electronics Thailand PCL, (4) | 267,383 | ||||
1,273 | HCL Technologies Ltd | 19,444 | ||||
108,483 | Infosys Ltd | 2,416,126 | ||||
132,666 | Inventec Corp | 126,662 | ||||
616,081 | Lenovo Group Ltd | 670,010 | ||||
36,649 | LG Display Co Ltd, (2) | 617,847 | ||||
333,304 | Lite-On Technology Corp | 734,723 | ||||
3,175 | Samsung SDI Co Ltd | 1,994,309 | ||||
905 | Samsung SDS Co Ltd | 118,493 | ||||
464,779 | Taiwan Semiconductor Manufacturing Co Ltd | 9,861,000 | ||||
36,928 | Tata Consultancy Services Ltd | 1,675,615 | ||||
26,821 | Unisplendour Corp Ltd | 116,119 |
Shares | Description (1) | Value | ||||
Information Technology (continued) | ||||||
84,667 | Wipro Ltd | $731,270 | ||||
434,563 | Wistron Corp | 456,308 | ||||
58,957 | Yageo Corp | 920,126 | ||||
Total Information Technology | 25,327,085 | |||||
Materials – 10.1% | ||||||
196 | Anglo American Platinum Ltd | 19,902 | ||||
6,468 | Asian Paints Ltd | 267,777 | ||||
4,414,432 | Barito Pacific Tbk PT | 291,335 | ||||
1,342 | Berger Paints India Ltd | 13,289 | ||||
38,150 | China Jushi Co Ltd | 114,044 | ||||
526,590 | China Molybdenum Co Ltd | 326,959 | ||||
164,065 | China Molybdenum Co Ltd | 153,490 | ||||
92,321 | Empresas CMPC SA | 170,801 | ||||
10,552 | Ganfeng Lithium Co Ltd | 275,884 | ||||
1,591 | Ganfeng Lithium Co Ltd, 144A | 29,840 | ||||
34,159 | Grasim Industries Ltd | 785,124 | ||||
19,590 | Hanwha Solutions Corp, (2) | 684,824 | ||||
33,376 | Impala Platinum Holdings Ltd | 434,744 | ||||
9,077 | KGHM Polska Miedz SA | 349,269 | ||||
6,000 | Kingfa Sci & Tech Co Ltd | 10,992 | ||||
64,908 | Klabin SA, (2) | 264,146 | ||||
1,204 | Korea Zinc Co Ltd | 553,291 | ||||
10,147 | Kumba Iron Ore Ltd | 309,884 | ||||
641 | Kumho Petrochemical Co Ltd | 94,349 | ||||
1,265 | Lotte Chemical Corp | 243,030 | ||||
703,171 | Merdeka Copper Gold Tbk PT, (2) | 156,839 | ||||
365,226 | Nan Ya Plastics Corp | 1,117,670 | ||||
7,419 | Polymetal International PLC | 137,798 | ||||
10,760 | Polyus PJSC, GDR | 1,066,316 | ||||
306,775 | PTT Global Chemical PCL, (4) | 580,129 | ||||
33,754 | SABIC Agri-Nutrients Co | 1,475,821 | ||||
67,870 | Saudi Arabian Mining Co, (2) | 1,476,497 | ||||
108,900 | Shandong Nanshan Aluminum Co Ltd | 73,477 | ||||
6,240 | Shanghai Putailai New Energy Technology Co Ltd | 173,272 | ||||
11,379 | Taiwan Cement Corp | 19,743 | ||||
49,284 | UPL Ltd | 487,172 | ||||
11,325 | Zhejiang Huayou Cobalt Co Ltd | 196,424 | ||||
Total Materials | 12,354,132 | |||||
Real Estate – 2.2% | ||||||
36,456 | A-Living Smart City Services Co Ltd, 144A | 122,316 | ||||
23,346 | Ayala Land Inc | 16,256 |
Shares | Description (1) | Value | ||||
Real Estate (continued) | ||||||
77,950 | Cencosud Shopping SA | $75,646 | ||||
73,115 | China Merchants Shekou Industrial Zone Holdings Co Ltd | 119,104 | ||||
323,647 | China Overseas Land & Investment Ltd | 713,941 | ||||
18,346 | China Overseas Property Holdings Ltd | 16,509 | ||||
132,062 | China Vanke Co Ltd | 309,314 | ||||
35,500 | China Vanke Co Ltd | 100,966 | ||||
17,225 | Country Garden Services Holdings Co Ltd | 133,964 | ||||
97,174 | DLF Ltd | 517,266 | ||||
12,855 | Greentown Service Group Co Ltd | 12,774 | ||||
215,360 | Guangzhou R&F Properties Co Ltd | 135,101 | ||||
410,376 | Shenzhen Investment Ltd | 100,760 | ||||
420,204 | SM Prime Holdings Inc | 275,912 | ||||
Total Real Estate | 2,649,829 | |||||
Utilities – 2.8% | ||||||
2,486 | CPFL Energia SA | 11,603 | ||||
3,227,199 | Enel Americas SA | 367,941 | ||||
84,429 | ENN Energy Holdings Ltd | 1,461,950 | ||||
69,722 | Interconexion Electrica SA ESP | 415,394 | ||||
470,745 | Power Grid Corp of India Ltd | 1,167,413 | ||||
Total Utilities | 3,424,301 | |||||
Total Common Stocks (cost $110,685,236) | 122,976,077 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |
CORPORATE BONDS – 0.0% | ||||||
Food Products – 0.0% | ||||||
$ 25 | Britannia Industries Ltd | 5.500% | 6/03/24 | N/R | $ 333 | |
25 | Total Corporate Bonds (cost $0) | 333 |
Shares | Description (1) | Value | ||||
COMMON STOCK RIGHTS – 0.0% | ||||||
Energy – 0.0% | ||||||
7,275 | Ultrapar Participacoes SA, (3) | $ 1 | ||||
Total Common Stock Rights (cost $40) | 1 | |||||
Total Long-Term Investments (cost $110,685,276) | 122,976,411 | |||||
Other Assets Less Liabilities – (0.1)% | (80,859) | |||||
Net Assets – 100% | $ 122,895,552 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. | |
(3) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. | |
(4) | For fair value measurement disclosure purposes, investment classified as Level 2. | |
(5) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 99.4% | ||||||
COMMON STOCKS – 99.4% | ||||||
Communication Services – 4.7% | ||||||
29,046 | KDDI Corp | $898,700 | ||||
4,703 | Publicis Groupe SA | 315,341 | ||||
812 | Schibsted ASA | 36,610 | ||||
1,735 | SEEK Ltd | 42,613 | ||||
768,271 | Singapore Telecommunications Ltd | 1,424,307 | ||||
47,693 | SoftBank Corp | 650,198 | ||||
65,023 | Telenor ASA | 1,025,004 | ||||
149,277 | Telia Co AB | 587,392 | ||||
26,742 | Universal Music Group NV | 777,239 | ||||
27,831 | Vivendi SE | 358,630 | ||||
600,608 | Vodafone Group PLC | 889,475 | ||||
85,873 | Z Holdings Corp | 531,693 | ||||
Total Communication Services | 7,537,202 | |||||
Consumer Discretionary – 14.0% | ||||||
5,375 | Bayerische Motoren Werke AG | 457,808 | ||||
20,793 | Bayerische Motoren Werke AG | 2,099,230 | ||||
19,586 | Cie Financiere Richemont SA | 2,424,270 | ||||
61,434 | Compass Group PLC, (2) | 1,305,265 | ||||
12,028 | Delivery Hero SE, 144A, (2) | 1,497,032 | ||||
19,160 | Denso Corp | 1,381,738 | ||||
8,060 | EssilorLuxottica SA | 1,668,678 | ||||
2,074 | HelloFresh SE, (2) | 168,010 | ||||
22,608 | Industria de Diseno Textil SA | 817,335 | ||||
342 | Kering SA | 256,544 | ||||
52,667 | Mazda Motor Corp, (2) | 470,666 | ||||
9,475 | Mercari Inc, (2) | 511,039 | ||||
7,166 | Oriental Land Co Ltd/Japan | 1,127,455 | ||||
159,807 | Panasonic Corp | 1,951,601 | ||||
32,262 | Sony Group Corp | 3,717,805 | ||||
6,895 | Valeo | 202,114 | ||||
52,533 | Wesfarmers Ltd | 2,258,944 | ||||
531 | Whitbread PLC, (2) | 23,801 | ||||
10,357 | Yamaha Motor Co Ltd | 287,480 | ||||
Total Consumer Discretionary | 22,626,815 |
Shares | Description (1) | Value | ||||
Consumer Staples – 11.7% | ||||||
33,058 | Associated British Foods PLC | $810,219 | ||||
960 | Carrefour SA | 17,392 | ||||
19,042 | Coca-Cola Europacific Partners PLC | 1,002,561 | ||||
13,452 | Coca-Cola HBC AG | 467,068 | ||||
30,200 | Danone SA | 1,969,373 | ||||
3,830 | Henkel AG & Co KGaA | 319,566 | ||||
13,754 | Jeronimo Martins SGPS SA | 311,970 | ||||
16,536 | Kao Corp | 932,629 | ||||
2,470 | Kerry Group PLC | 331,861 | ||||
6,184 | L'Oreal SA | 2,826,434 | ||||
36,992 | Mowi ASA | 1,069,621 | ||||
42,500 | Nestle SA | 5,619,535 | ||||
50,722 | Orkla ASA | 492,632 | ||||
8,788 | Reckitt Benckiser Group PLC | 713,734 | ||||
549,892 | Tesco PLC | 2,034,410 | ||||
Total Consumer Staples | 18,919,005 | |||||
Energy – 1.8% | ||||||
22,089 | Ampol Ltd | 506,857 | ||||
6,687 | Koninklijke Vopak NV | 266,205 | ||||
38,961 | Neste Oyj | 2,172,772 | ||||
Total Energy | 2,945,834 | |||||
Financials – 18.3% | ||||||
90,627 | 3i Group PLC | 1,694,456 | ||||
4,423 | Aegon NV | 22,445 | ||||
9,043 | Allianz SE | 2,105,037 | ||||
59,850 | Assicurazioni Generali SpA | 1,305,578 | ||||
194,534 | Aviva PLC | 1,052,497 | ||||
88,596 | AXA SA | 2,579,597 | ||||
279,244 | Banco Bilbao Vizcaya Argentaria SA | 1,958,966 | ||||
105,723 | Bank Hapoalim BM | 1,041,540 | ||||
7,317 | BNP Paribas SA | 490,274 | ||||
342,854 | BOC Hong Kong Holdings Ltd | 1,088,628 | ||||
231,785 | CaixaBank SA | 666,559 | ||||
12,156 | Commonwealth Bank of Australia | 955,767 | ||||
12,690 | DBS Group Holdings Ltd | 296,712 | ||||
14,069 | Erste Group Bank AG | 604,038 | ||||
43,738 | Hong Kong Exchanges & Clearing Ltd | 2,647,091 | ||||
45,337 | HSBC Holdings PLC | 274,373 | ||||
90,596 | ING Groep NV | 1,375,530 | ||||
821,215 | Intesa Sanpaolo SpA | 2,335,488 | ||||
1 | Isracard Ltd | 3 |
Shares | Description (1) | Value | ||||
Financials (continued) | ||||||
560 | KBC Group NV | $52,208 | ||||
864,368 | Lloyds Banking Group PLC | 595,023 | ||||
41,225 | MS&AD Insurance Group Holdings Inc | 1,332,649 | ||||
286,176 | Nomura Holdings Inc, (2) | 1,380,371 | ||||
2,338 | ORIX Corp | 46,237 | ||||
109,906 | QBE Insurance Group Ltd | 976,571 | ||||
197,967 | Resona Holdings Inc | 743,082 | ||||
31,283 | Sumitomo Mitsui Trust Holdings Inc | 1,029,918 | ||||
7,576 | Swiss Re AG | 734,924 | ||||
3,466 | Tokyo Century Corp | 197,579 | ||||
Total Financials | 29,583,141 | |||||
Health Care – 12.4% | ||||||
817 | Argenx SE, (2) | 244,783 | ||||
89,453 | Astellas Pharma Inc | 1,503,893 | ||||
17,918 | AstraZeneca PLC | 2,233,586 | ||||
49,872 | Chugai Pharmaceutical Co Ltd | 1,857,543 | ||||
4,459 | Cochlear Ltd | 738,288 | ||||
14,277 | Daiichi Sankyo Co Ltd | 358,975 | ||||
6,002 | Demant A/S, (2) | 291,027 | ||||
17,221 | Eisai Co Ltd | 1,212,304 | ||||
934 | Fisher & Paykel Healthcare Corp Ltd | 20,861 | ||||
64 | Genmab A/S, (2) | 28,713 | ||||
142,763 | GlaxoSmithKline PLC | 2,952,215 | ||||
10,411 | Kyowa Kirin Co Ltd | 341,479 | ||||
6,416 | Merck KGaA | 1,516,168 | ||||
3,701 | NMC Health PLC, (2), (3) | 5 | ||||
9,406 | Novo Nordisk A/S | 1,030,536 | ||||
10,939 | Ramsay Health Care Ltd | 578,591 | ||||
7,165 | Roche Holding AG | 2,776,217 | ||||
19,351 | Ryman Healthcare Ltd | 200,111 | ||||
831 | Sonova Holding AG | 344,041 | ||||
686 | Straumann Holding AG | 1,427,931 | ||||
3,375 | Sysmex Corp | 416,455 | ||||
Total Health Care | 20,073,722 | |||||
Industrials – 15.9% | ||||||
53,866 | ABB Ltd | 1,785,610 | ||||
9,190 | Adecco Group AG | 463,347 | ||||
380 | Alstom SA | 13,536 | ||||
14,810 | Ashtead Group PLC | 1,243,222 | ||||
2,383 | Assa Abloy AB | 69,782 | ||||
20,976 | Atlas Copco AB | 1,134,465 |
Shares | Description (1) | Value | ||||
Industrials (continued) | ||||||
11,715 | Auckland International Airport Ltd, (2) | $66,987 | ||||
21,167 | Bouygues SA | 857,343 | ||||
47,427 | Brambles Ltd | 357,649 | ||||
85,021 | CNH Industrial NV | 1,468,971 | ||||
20,708 | Dai Nippon Printing Co Ltd | 510,322 | ||||
9,824 | Daikin Industries Ltd | 2,144,436 | ||||
3,115 | DCC PLC | 260,719 | ||||
18,831 | Deutsche Post AG | 1,166,317 | ||||
9,983 | East Japan Railway Co | 620,561 | ||||
4,165 | Eiffage SA | 428,782 | ||||
3,385 | Ferguson PLC | 510,167 | ||||
54,554 | Komatsu Ltd | 1,419,289 | ||||
144,583 | MTR Corp Ltd | 788,055 | ||||
4,985 | MTU Aero Engines AG | 1,109,646 | ||||
60,464 | Nibe Industrier AB | 900,078 | ||||
84,814 | RELX PLC | 2,632,099 | ||||
7,972 | Schneider Electric SE | 1,373,691 | ||||
6,665 | Secom Co Ltd | 452,361 | ||||
28 | SGS SA | 82,981 | ||||
36,705 | Smiths Group PLC | 681,998 | ||||
39,832 | Sydney Airport, (2) | 245,027 | ||||
204,053 | Transurban Group | 2,059,871 | ||||
12,252 | Vestas Wind Systems A/S | 530,421 | ||||
10,757 | Volvo AB | 254,005 | ||||
Total Industrials | 25,631,738 | |||||
Information Technology – 8.2% | ||||||
4,565 | ASML Holding NV | 3,700,634 | ||||
1,509 | Atos SE | 78,548 | ||||
1,292 | Azbil Corp | 54,955 | ||||
503 | Dassault Systemes SE | 29,326 | ||||
8,904 | Fujitsu Ltd | 1,532,480 | ||||
9,852 | Ibiden Co Ltd | 588,398 | ||||
2,379 | Nomura Research Institute Ltd | 94,722 | ||||
1,284 | Omron Corp | 122,404 | ||||
23,204 | SAP SE | 3,365,196 | ||||
33,381 | Sinch AB, 144A, (2) | 632,951 | ||||
20,885 | STMicroelectronics NV | 988,881 | ||||
14,915 | TeamViewer AG, 144A, (2) | 222,659 | ||||
53,734 | Telefonaktiebolaget LM Ericsson | 588,111 | ||||
2,592 | Tokyo Electron Ltd | 1,201,379 | ||||
Total Information Technology | 13,200,644 |
Shares | Description (1) | Value | ||||
Materials – 7.4% | ||||||
9,425 | Akzo Nobel NV | $1,084,382 | ||||
36,571 | Antofagasta PLC | 714,599 | ||||
116,753 | Asahi Kasei Corp | 1,225,126 | ||||
17,687 | Boliden AB | 623,787 | ||||
68,311 | Fortescue Metals Group Ltd | 714,726 | ||||
19,854 | Hitachi Metals Ltd, (2) | 375,576 | ||||
1,318 | LANXESS AG | 88,861 | ||||
1,442 | Mitsui Chemicals Inc | 42,745 | ||||
7,538 | Nitto Denko Corp | 587,042 | ||||
33,164 | Northern Star Resources Ltd | 230,164 | ||||
37,879 | Orica Ltd | 430,462 | ||||
3,336 | Sika AG | 1,131,776 | ||||
22,902 | Smurfit Kappa Group PLC | 1,200,336 | ||||
138,175 | Sumitomo Chemical Co Ltd | 678,605 | ||||
23,127 | Sumitomo Metal Mining Co Ltd | 897,090 | ||||
30,737 | Svenska Cellulosa AB SCA | 479,209 | ||||
128,527 | Toray Industries Inc | 799,060 | ||||
11,954 | Umicore SA | 685,878 | ||||
Total Materials | 11,989,424 | |||||
Real Estate – 2.7% | ||||||
2,350 | British Land Co PLC | 15,923 | ||||
36,399 | CapitaLand Integrated Commercial Trust | 58,033 | ||||
234,920 | Capitaland Investment Ltd/Singapore, (2) | 599,277 | ||||
25,019 | Hulic Co Ltd | 239,822 | ||||
19,125 | Klepierre SA | 455,042 | ||||
64,010 | Lendlease Corp Ltd | 502,895 | ||||
42,047 | Mitsui Fudosan Co Ltd | 958,203 | ||||
11,418 | Scentre Group | 25,900 | ||||
108,659 | Swire Properties Ltd | 291,236 | ||||
10,830 | Unibail-Rodamco-Westfield, (2) | 774,666 | ||||
329,726 | Vicinity Centres | 427,209 | ||||
Total Real Estate | 4,348,206 | |||||
Utilities – 2.3% | ||||||
170,197 | National Grid PLC | 2,182,265 | ||||
10,277 | Orsted AS, 144A | 1,451,619 | ||||
Total Utilities | 3,633,884 | |||||
Total Long-Term Investments (cost $146,173,364) | 160,489,615 | |||||
Other Assets Less Liabilities – 0.6% | 1,013,296 | |||||
Net Assets – 100% | $ 161,502,911 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. | |
(3) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 99.8% | ||||||
COMMON STOCKS – 99.8% | ||||||
Communication Services – 9.6% | ||||||
1,728 | Activision Blizzard Inc | $135,112 | ||||
342 | Alphabet Inc, Class A, (2) | 1,012,635 | ||||
216 | Alphabet Inc, Class C, (2) | 640,529 | ||||
33 | Cable One Inc | 56,470 | ||||
204 | Discovery Inc, (2) | 4,782 | ||||
2,195 | Discovery Inc, (2) | 49,519 | ||||
2 | Electronic Arts Inc | 280 | ||||
7,431 | Verizon Communications Inc | 393,769 | ||||
1,850 | ViacomCBS Inc, Class B | 67,007 | ||||
3,315 | Walt Disney Co, (2) | 560,467 | ||||
Total Communication Services | 2,920,570 | |||||
Consumer Discretionary – 12.2% | ||||||
4 | Aptiv PLC, (2) | 691 | ||||
182 | Booking Holdings Inc, (2) | 440,582 | ||||
3 | Burlington Stores Inc, (2) | 829 | ||||
72 | Darden Restaurants Inc | 10,378 | ||||
103 | Domino's Pizza Inc | 50,364 | ||||
4 | Etsy Inc, (2) | 1,003 | ||||
8 | Genuine Parts Co | 1,049 | ||||
18 | Hasbro Inc | 1,724 | ||||
18 | Hilton Worldwide Holdings Inc, (2) | 2,591 | ||||
827 | Home Depot Inc | 307,429 | ||||
3 | Lowe's Cos Inc | 701 | ||||
71 | Lululemon Athletica Inc, (2) | 33,087 | ||||
1,538 | McDonald's Corp | 377,656 | ||||
237 | MercadoLibre Inc, (2) | 351,002 | ||||
2,740 | Newell Brands Inc | 62,718 | ||||
2,390 | NIKE Inc, Class B | 399,823 | ||||
1,535 | Target Corp | 398,517 | ||||
919 | Tesla Inc, (2) | 1,023,766 | ||||
3,446 | TJX Cos Inc | 225,678 | ||||
3 | Vail Resorts Inc | 1,034 | ||||
5 | Yum! Brands Inc | 625 | ||||
Total Consumer Discretionary | 3,691,247 |
Shares | Description (1) | Value | ||||
Consumer Staples – 6.2% | ||||||
2 | Archer-Daniels-Midland Co | $128 | ||||
9,160 | Coca-Cola Co | 516,349 | ||||
12 | Colgate-Palmolive Co | 914 | ||||
16 | General Mills Inc | 989 | ||||
2 | Hormel Foods Corp | 85 | ||||
3,412 | Keurig Dr Pepper Inc | 123,139 | ||||
4,474 | Kroger Co | 179,050 | ||||
2 | Lamb Weston Holdings Inc | 113 | ||||
3,242 | PepsiCo Inc | 523,907 | ||||
3,726 | Procter & Gamble Co | 532,781 | ||||
Total Consumer Staples | 1,877,455 | |||||
Energy – 2.0% | ||||||
5,252 | Baker Hughes Co | 131,720 | ||||
1,731 | Cheniere Energy Inc, (2) | 178,985 | ||||
5,450 | Halliburton Co | 136,196 | ||||
2,658 | ONEOK Inc | 169,102 | ||||
Total Energy | 616,003 | |||||
Financials – 12.3% | ||||||
16 | Aflac Inc | 859 | ||||
1,457 | American Express Co | 253,198 | ||||
5,969 | American International Group Inc | 352,708 | ||||
1,285 | Annaly Capital Management Inc | 10,871 | ||||
6 | Arthur J Gallagher & Co | 1,006 | ||||
588 | Bank of New York Mellon Corp | 34,810 | ||||
1 | BlackRock Inc | 943 | ||||
15 | Carlyle Group Inc | 842 | ||||
2,447 | Charles Schwab Corp | 200,727 | ||||
598 | Chubb Ltd | 116,837 | ||||
6,609 | Citigroup Inc | 457,078 | ||||
1,063 | CME Group Inc | 234,445 | ||||
7,126 | Huntington Bancshares Inc | 112,163 | ||||
1,404 | Loews Corp | 78,722 | ||||
272 | MarketAxess Holdings Inc | 111,158 | ||||
2,707 | Marsh & McLennan Cos Inc | 451,528 | ||||
2 | Moody's Corp | 808 | ||||
2,926 | Morgan Stanley | 300,734 | ||||
1,965 | PNC Financial Services Group Inc | 414,674 | ||||
657 | Progressive Corp | 62,336 | ||||
6 | Regions Financial Corp | 142 | ||||
1,004 | S&P Global Inc | 476,057 | ||||
3 | State Street Corp | 296 |
Shares | Description (1) | Value | ||||
Financials (continued) | ||||||
4 | T Rowe Price Group Inc | $868 | ||||
4 | Truist Financial Corp | 254 | ||||
830 | US Bancorp | 50,107 | ||||
Total Financials | 3,724,171 | |||||
Health Care – 12.7% | ||||||
52 | ABIOMED Inc, (2) | 17,266 | ||||
1,570 | Agilent Technologies Inc | 247,259 | ||||
482 | Align Technology Inc, (2) | 300,946 | ||||
12 | Alnylam Pharmaceuticals Inc, (2) | 1,915 | ||||
925 | Amgen Inc | 191,447 | ||||
641 | Anthem Inc | 278,918 | ||||
23 | Avantor Inc, (2) | 929 | ||||
12 | Baxter International Inc | 948 | ||||
126 | Biogen Inc, (2) | 33,602 | ||||
592 | BioMarin Pharmaceutical Inc, (2) | 46,904 | ||||
3,881 | Bristol-Myers Squibb Co | 226,650 | ||||
41 | Cerner Corp | 3,046 | ||||
423 | Cigna Corp | 90,357 | ||||
1,493 | Danaher Corp | 465,473 | ||||
1,053 | DENTSPLY SIRONA Inc | 60,242 | ||||
65 | Dexcom Inc, (2) | 40,509 | ||||
1,662 | Edwards Lifesciences Corp, (2) | 199,141 | ||||
254 | Elanco Animal Health Inc, (2) | 8,352 | ||||
1,058 | Eli Lilly & Co | 269,536 | ||||
1,566 | Gilead Sciences Inc | 101,602 | ||||
1,048 | HCA Inc | 262,482 | ||||
36 | Hologic Inc, (2) | 2,639 | ||||
1,530 | Horizon Therapeutics Plc, (2) | 183,462 | ||||
8 | Humana Inc | 3,705 | ||||
132 | IDEXX Laboratories Inc, (2) | 87,931 | ||||
2 | Illumina Inc, (2) | 830 | ||||
3 | Insulet Corp, (2) | 930 | ||||
3 | Intuitive Surgical Inc, (2) | 1,083 | ||||
3 | Laboratory Corp of America Holdings, (2) | 861 | ||||
4 | Molina Healthcare Inc, (2) | 1,183 | ||||
50 | Novavax Inc, (2) | 7,442 | ||||
662 | Novocure Ltd, (2) | 67,901 | ||||
18 | Oak Street Health Inc, (2) | 850 | ||||
6 | Quest Diagnostics Inc | 881 | ||||
15 | Regeneron Pharmaceuticals Inc, (2) | 9,599 | ||||
12 | ResMed Inc | 3,155 |
Shares | Description (1) | Value | ||||
Health Care (continued) | ||||||
975 | Teladoc Health Inc, (2) | $145,850 | ||||
776 | Thermo Fisher Scientific Inc | 491,262 | ||||
17 | Vertex Pharmaceuticals Inc, (2) | 3,144 | ||||
2 | West Pharmaceutical Services Inc | 860 | ||||
Total Health Care | 3,861,092 | |||||
Industrials – 8.3% | ||||||
2,067 | 3M Co | 369,332 | ||||
2 | AMERCO | 1,474 | ||||
11 | Booz Allen Hamilton Holding Corp | 955 | ||||
5,175 | Carrier Global Corp | 270,290 | ||||
929 | Caterpillar Inc | 189,525 | ||||
2 | CH Robinson Worldwide Inc | 194 | ||||
11,732 | CSX Corp | 424,346 | ||||
223 | Deere & Co | 76,335 | ||||
4 | Eaton Corp PLC | 659 | ||||
18 | Emerson Electric Co | 1,746 | ||||
2 | Expeditors International of Washington Inc | 247 | ||||
2 | Fastenal Co | 114 | ||||
1,004 | Fortive Corp | 76,013 | ||||
994 | Fortune Brands Home & Security Inc | 100,792 | ||||
452 | Generac Holdings Inc, (2) | 225,349 | ||||
414 | IHS Markit Ltd | 54,118 | ||||
149 | Johnson Controls International plc | 10,932 | ||||
288 | Kansas City Southern | 89,352 | ||||
377 | Nordson Corp | 95,837 | ||||
188 | Old Dominion Freight Line Inc | 64,174 | ||||
4 | Otis Worldwide Corp | 321 | ||||
10 | Owens Corning | 934 | ||||
12 | Pentair PLC | 888 | ||||
83 | Robert Half International Inc | 9,385 | ||||
835 | Rockwell Automation Inc | 266,699 | ||||
174 | Roper Technologies Inc | 84,889 | ||||
50 | Verisk Analytics Inc | 10,514 | ||||
649 | Waste Connections Inc | 88,271 | ||||
Total Industrials | 2,513,685 | |||||
Information Technology – 28.5% | ||||||
755 | Adobe Inc, (2) | 491,022 | ||||
1,164 | Akamai Technologies Inc, (2) | 122,755 | ||||
1,965 | Applied Materials Inc | 268,517 | ||||
316 | Autodesk Inc, (2) | 100,365 | ||||
1,065 | Automatic Data Processing Inc | 239,082 |
Shares | Description (1) | Value | ||||
Information Technology (continued) | ||||||
6 | Cadence Design Systems Inc, (2) | $1,039 | ||||
2,962 | Cisco Systems Inc | 165,783 | ||||
1,269 | Cognex Corp | 111,152 | ||||
2 | Fair Isaac Corp, (2) | 796 | ||||
9,371 | Hewlett Packard Enterprise Co | 137,285 | ||||
9,003 | HP Inc | 273,061 | ||||
4 | HubSpot Inc, (2) | 3,241 | ||||
9,062 | Intel Corp | 444,038 | ||||
2,977 | International Business Machines Corp | 372,423 | ||||
6 | Intuit Inc | 3,756 | ||||
1,326 | Keysight Technologies Inc, (2) | 238,706 | ||||
11 | Lam Research Corp | 6,199 | ||||
5,883 | Microsoft Corp | 1,950,920 | ||||
33 | NortonLifeLock Inc | 840 | ||||
3,436 | NVIDIA Corp | 878,482 | ||||
899 | Okta Inc, (2) | 222,215 | ||||
23 | ON Semiconductor Corp, (2) | 1,106 | ||||
495 | PayPal Holdings Inc, (2) | 115,132 | ||||
2,123 | salesforce.com Inc, (2) | 636,242 | ||||
536 | ServiceNow Inc, (2) | 373,999 | ||||
3 | Synopsys Inc, (2) | 1,000 | ||||
2,495 | Texas Instruments Inc | 467,763 | ||||
1,803 | Trimble Inc, (2) | 157,528 | ||||
2,724 | Visa Inc, Class A | 576,861 | ||||
601 | VMware Inc, Class A, (2) | 91,172 | ||||
387 | Zebra Technologies Corp, Class A, (2) | 206,639 | ||||
Total Information Technology | 8,659,119 | |||||
Materials – 2.6% | ||||||
2,411 | Amcor PLC | 29,101 | ||||
1,274 | Ball Corp | 116,545 | ||||
253 | DuPont de Nemours Inc | 17,609 | ||||
1,090 | Ecolab Inc | 242,220 | ||||
719 | LyondellBasell Industries NV, Class A | 66,737 | ||||
2,146 | Mosaic Co | 89,209 | ||||
1,184 | PPG Industries Inc | 190,115 | ||||
448 | Steel Dynamics Inc | 29,604 | ||||
Total Materials | 781,140 | |||||
Real Estate – 3.5% | ||||||
1,431 | American Tower Corp | 403,499 | ||||
438 | Crown Castle International Corp | 78,971 | ||||
454 | Equinix Inc | 380,030 |
Shares | Description (1) | Value | ||||
Real Estate (continued) | ||||||
4,681 | Host Hotels & Resorts Inc, (2) | $78,781 | ||||
18 | Iron Mountain Inc | 822 | ||||
244 | Prologis Inc | 35,370 | ||||
185 | Ventas Inc | 9,874 | ||||
806 | Welltower Inc | 64,802 | ||||
Total Real Estate | 1,052,149 | |||||
Utilities – 1.9% | ||||||
2,475 | Consolidated Edison Inc | 186,615 | ||||
324 | Eversource Energy | 27,508 | ||||
2,284 | Sempra Energy | 291,507 | ||||
1,339 | UGI Corp | 58,126 | ||||
Total Utilities | 563,756 | |||||
Total Long-Term Investments (cost $22,670,044) | 30,260,387 | |||||
Other Assets Less Liabilities – 0.2% | 74,540 | |||||
Net Assets – 100% | $ 30,334,927 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 99.9% | ||||||
COMMON STOCKS – 99.9% | ||||||
Communication Services – 14.2% | ||||||
133,369 | Activision Blizzard Inc | $10,428,122 | ||||
16,954 | Alphabet Inc, Class A, (2) | 50,199,438 | ||||
12,794 | Alphabet Inc, Class C, (2) | 37,939,456 | ||||
2,350 | Cable One Inc | 4,021,343 | ||||
33,104 | Electronic Arts Inc | 4,642,836 | ||||
439,586 | Sirius XM Holdings Inc, (3) | 2,677,079 | ||||
143,048 | Walt Disney Co, (2) | 24,185,125 | ||||
Total Communication Services | 134,093,399 | |||||
Consumer Discretionary – 17.0% | ||||||
16,621 | Aptiv PLC, (2) | 2,873,605 | ||||
5,683 | Booking Holdings Inc, (2) | 13,757,293 | ||||
25,985 | Dollar General Corp | 5,756,197 | ||||
16,798 | Domino's Pizza Inc | 8,213,718 | ||||
27,247 | Etsy Inc, (2) | 6,830,550 | ||||
32,020 | Lowe's Cos Inc | 7,486,916 | ||||
9,257 | Lululemon Athletica Inc, (2) | 4,313,854 | ||||
8,287 | MercadoLibre Inc, (2) | 12,273,213 | ||||
113,086 | NIKE Inc, Class B | 18,918,157 | ||||
4,964 | Ross Stores Inc | 561,925 | ||||
139,242 | Starbucks Corp | 14,769,399 | ||||
50,271 | Tesla Inc, (2) | 56,001,894 | ||||
127,869 | TJX Cos Inc | 8,374,141 | ||||
Total Consumer Discretionary | 160,130,862 | |||||
Consumer Staples – 3.0% | ||||||
34,568 | Church & Dwight Co Inc | 3,019,861 | ||||
28,543 | Clorox Co | 4,652,794 | ||||
37,019 | Costco Wholesale Corp | 18,196,319 | ||||
38,398 | Lamb Weston Holdings Inc | 2,167,567 | ||||
Total Consumer Staples | 28,036,541 | |||||
Energy – 0.4% | ||||||
159,748 | Baker Hughes Co | 4,006,480 | ||||
Financials – 4.3% | ||||||
77,002 | Marsh & McLennan Cos Inc | 12,843,934 | ||||
17,955 | Moody's Corp | 7,256,513 |
Shares | Description (1) | Value | ||||
Financials (continued) | ||||||
36,118 | S&P Global Inc | $17,125,711 | ||||
4,310 | SVB Financial Group, (2) | 3,091,994 | ||||
Total Financials | 40,318,152 | |||||
Health Care – 11.2% | ||||||
1,348 | ABIOMED Inc, (2) | 447,590 | ||||
69,331 | Agilent Technologies Inc | 10,918,939 | ||||
5,424 | Align Technology Inc, (2) | 3,386,583 | ||||
18,153 | Dexcom Inc, (2) | 11,313,131 | ||||
75,706 | Edwards Lifesciences Corp, (2) | 9,071,093 | ||||
76,550 | Eli Lilly & Co | 19,501,878 | ||||
6,743 | IDEXX Laboratories Inc, (2) | 4,491,782 | ||||
14,677 | Illumina Inc, (2) | 6,091,836 | ||||
19,492 | Insulet Corp, (2) | 6,042,910 | ||||
29,809 | Novocure Ltd, (2) | 3,057,509 | ||||
7,439 | ResMed Inc | 1,955,788 | ||||
48,049 | Teladoc Health Inc, (2) | 7,187,650 | ||||
68,442 | Vertex Pharmaceuticals Inc, (2) | 12,656,979 | ||||
1,388 | West Pharmaceutical Services Inc | 596,673 | ||||
41,921 | Zoetis Inc | 9,063,320 | ||||
Total Health Care | 105,783,661 | |||||
Industrials – 5.0% | ||||||
38,392 | Deere & Co | 13,141,965 | ||||
10,674 | Expeditors International of Washington Inc | 1,315,677 | ||||
7,357 | Fastenal Co | 419,938 | ||||
17,798 | Generac Holdings Inc, (2) | 8,873,371 | ||||
4,282 | IHS Markit Ltd | 559,743 | ||||
21,465 | Old Dominion Freight Line Inc | 7,327,078 | ||||
25,111 | Rockwell Automation Inc | 8,020,453 | ||||
15,954 | Roper Technologies Inc | 7,783,478 | ||||
Total Industrials | 47,441,703 | |||||
Information Technology – 41.0% | ||||||
38,189 | Adobe Inc, (2) | 24,836,598 | ||||
45,835 | Akamai Technologies Inc, (2) | 4,833,759 | ||||
125,677 | Applied Materials Inc | 17,173,762 | ||||
25,825 | Autodesk Inc, (2) | 8,202,278 | ||||
5,722 | Cadence Design Systems Inc, (2) | 990,535 | ||||
76,418 | Cognex Corp | 6,693,453 | ||||
1,689 | HubSpot Inc, (2) | 1,368,479 | ||||
12,869 | Intuit Inc | 8,055,865 | ||||
74,811 | Keysight Technologies Inc, (2) | 13,467,476 | ||||
11,752 | Lam Research Corp | 6,623,075 |
Shares | Description (1) | Value | ||||
Information Technology (continued) | ||||||
347,402 | Microsoft Corp | $115,205,451 | ||||
164,223 | NVIDIA Corp | 41,986,894 | ||||
35,169 | Okta Inc, (2) | 8,693,073 | ||||
92,386 | ON Semiconductor Corp, (2) | 4,440,995 | ||||
78,798 | PayPal Holdings Inc, (2) | 18,327,627 | ||||
15,050 | RingCentral Inc, Class A, (2) | 3,668,889 | ||||
65,128 | salesforce.com Inc, (2) | 19,518,210 | ||||
27,551 | ServiceNow Inc, (2) | 19,223,986 | ||||
38,517 | Synopsys Inc, (2) | 12,833,094 | ||||
108,588 | Trimble Inc, (2) | 9,487,334 | ||||
116,697 | Visa Inc, Class A | 24,712,924 | ||||
29,043 | VMware Inc, Class A, (2) | 4,405,823 | ||||
22,166 | Zebra Technologies Corp, Class A, (2) | 11,835,536 | ||||
Total Information Technology | 386,585,116 | |||||
Materials – 2.1% | ||||||
878 | Ball Corp | 80,319 | ||||
21,516 | Ecolab Inc | 4,781,286 | ||||
45,478 | Sherwin-Williams Co | 14,398,790 | ||||
Total Materials | 19,260,395 | |||||
Real Estate – 1.7% | ||||||
29,274 | American Tower Corp | 8,254,390 | ||||
9,618 | Equinix Inc | 8,050,939 | ||||
Total Real Estate | 16,305,329 | |||||
Total Long-Term Investments (cost $735,327,403) | 941,961,638 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.2% | ||||||
MONEY MARKET FUNDS – 0.2% | ||||||
2,000,613 | State Street Navigator Securities Lending Government Money Market Portfolio, (4) | 0.030% (5) | $ 2,000,613 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $2,000,613) | 2,000,613 | |||||
Total Investments (cost $737,328,016) – 100.1% | 943,962,251 | |||||
Other Assets Less Liabilities – (0.1)% | (1,086,403) | |||||
Net Assets – 100% | $ 942,875,848 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. | |
(3) | 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 $1,949,354. | |
(4) | The Fund may loan securities representing up to one third of the market 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 market value, at the inception of each loan, equal to not less than 100% of the market value of the loaned securities. The cash collateral received by the Fund is invested in this money market fund. | |
(5) | The rate shown is the one-day yield as of the end of the reporting period. |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 99.8% | ||||||
COMMON STOCKS – 99.8% | ||||||
Communication Services – 5.5% | ||||||
880,741 | AT&T Inc | $22,247,518 | ||||
116,844 | Discovery Inc, (2) | 2,636,000 | ||||
193,868 | Interpublic Group of Cos Inc | 7,089,753 | ||||
48,091 | Live Nation Entertainment Inc, (2) | 4,864,404 | ||||
69,051 | Omnicom Group Inc | 4,700,992 | ||||
400,110 | Verizon Communications Inc | 21,201,829 | ||||
46,904 | ViacomCBS Inc, Class B | 1,698,863 | ||||
Total Communication Services | 64,439,359 | |||||
Consumer Discretionary – 5.5% | ||||||
3,933 | BorgWarner Inc | 177,260 | ||||
53,052 | Hasbro Inc | 5,080,259 | ||||
84,397 | Home Depot Inc | 31,373,741 | ||||
225,694 | Newell Brands Inc | 5,166,136 | ||||
49,235 | Target Corp | 12,782,391 | ||||
136,568 | VF Corp | 9,953,076 | ||||
Total Consumer Discretionary | 64,532,863 | |||||
Consumer Staples – 10.6% | ||||||
2,562 | Archer-Daniels-Midland Co | 164,583 | ||||
44,871 | Bunge Ltd | 4,156,849 | ||||
492,564 | Coca-Cola Co | 27,765,833 | ||||
3,449 | Colgate-Palmolive Co | 262,779 | ||||
44,043 | General Mills Inc | 2,721,857 | ||||
837 | J M Smucker Co | 102,834 | ||||
399,311 | Keurig Dr Pepper Inc | 14,411,134 | ||||
331,306 | Kroger Co | 13,258,866 | ||||
171,316 | PepsiCo Inc | 27,684,666 | ||||
242,656 | Procter & Gamble Co | 34,697,382 | ||||
Total Consumer Staples | 125,226,783 | |||||
Energy – 3.0% | ||||||
217,050 | Baker Hughes Co | 5,443,614 | ||||
522,943 | Halliburton Co | 13,068,346 | ||||
262,144 | ONEOK Inc | 16,677,601 | ||||
Total Energy | 35,189,561 | |||||
Financials – 22.1% | ||||||
2,350 | Aflac Inc | 126,124 |
Shares | Description (1) | Value | ||||
Financials (continued) | ||||||
2,286 | Allstate Corp | $282,710 | ||||
130,123 | American Express Co | 22,612,775 | ||||
190,556 | American International Group Inc | 11,259,954 | ||||
474 | Ameriprise Financial Inc | 143,210 | ||||
95,198 | Bank of New York Mellon Corp | 5,635,722 | ||||
24,706 | BlackRock Inc | 23,309,123 | ||||
3,039 | Carlyle Group Inc | 170,640 | ||||
45,236 | Charles Schwab Corp | 3,710,709 | ||||
98,934 | Chubb Ltd | 19,329,725 | ||||
326,051 | Citigroup Inc | 22,549,687 | ||||
87,298 | CME Group Inc | 19,253,574 | ||||
204,959 | Equitable Holdings Inc | 6,866,126 | ||||
588,311 | Huntington Bancshares Inc | 9,260,015 | ||||
131,922 | Loews Corp | 7,396,866 | ||||
112,295 | Marsh & McLennan Cos Inc | 18,730,806 | ||||
1,852 | MetLife Inc | 116,306 | ||||
225,521 | Morgan Stanley | 23,179,048 | ||||
99,103 | PNC Financial Services Group Inc | 20,913,706 | ||||
29,246 | Progressive Corp | 2,774,860 | ||||
156,100 | Prudential Financial Inc | 17,178,805 | ||||
202,217 | Regions Financial Corp | 4,788,499 | ||||
1,316 | State Street Corp | 129,692 | ||||
2,978 | Truist Financial Corp | 189,014 | ||||
341,560 | US Bancorp | 20,619,977 | ||||
Total Financials | 260,527,673 | |||||
Health Care – 16.2% | ||||||
79,974 | Amgen Inc | 16,552,219 | ||||
45,813 | Anthem Inc | 19,934,611 | ||||
122,603 | Baxter International Inc | 9,680,733 | ||||
2,223 | Biogen Inc, (2) | 592,830 | ||||
239,557 | Boston Scientific Corp, (2) | 10,332,093 | ||||
339,792 | Bristol-Myers Squibb Co | 19,843,853 | ||||
84,968 | Cigna Corp | 18,150,014 | ||||
63,594 | Danaher Corp | 19,826,701 | ||||
91,891 | DENTSPLY SIRONA Inc | 5,257,084 | ||||
233,112 | Elanco Animal Health Inc, (2) | 7,664,723 | ||||
34,817 | Exact Sciences Corp, (2) | 3,315,275 | ||||
61,418 | Gilead Sciences Inc | 3,984,800 | ||||
73,819 | HCA Inc | 18,488,707 | ||||
363 | Humana Inc | 168,127 | ||||
9,443 | Laboratory Corp of America Holdings, (2) | 2,710,330 |
Shares | Description (1) | Value | ||||
Health Care (continued) | ||||||
770 | PerkinElmer Inc | $136,205 | ||||
3,670 | Royalty Pharma PLC, Class A | 145,075 | ||||
46,120 | Stryker Corp | 12,271,148 | ||||
34,037 | Thermo Fisher Scientific Inc | 21,547,804 | ||||
9,218 | Viatris Inc | 123,060 | ||||
1,019 | Zimmer Biomet Holdings Inc | 145,839 | ||||
Total Health Care | 190,871,231 | |||||
Industrials – 13.6% | ||||||
104,069 | 3M Co | 18,595,049 | ||||
5,802 | AMERCO | 4,276,016 | ||||
162,780 | Carrier Global Corp | 8,501,999 | ||||
90,671 | Caterpillar Inc | 18,497,791 | ||||
76,274 | CH Robinson Worldwide Inc | 7,397,815 | ||||
20,836 | Eaton Corp PLC | 3,432,939 | ||||
29,133 | Emerson Electric Co | 2,826,192 | ||||
64,646 | Expeditors International of Washington Inc | 7,968,266 | ||||
88,816 | Fortive Corp | 6,724,259 | ||||
76,158 | IHS Markit Ltd | 9,955,374 | ||||
70,543 | Illinois Tool Works Inc | 16,074,634 | ||||
188,500 | Johnson Controls International plc | 13,830,245 | ||||
53,492 | Kansas City Southern | 16,595,893 | ||||
570 | Nordson Corp | 144,900 | ||||
2,432 | Otis Worldwide Corp | 195,314 | ||||
1,590 | Owens Corning | 148,522 | ||||
1,655 | PACCAR Inc | 148,321 | ||||
33,985 | Roper Technologies Inc | 16,580,262 | ||||
654 | Trane Technologies PLC | 118,328 | ||||
55,273 | Waste Connections Inc | 7,517,681 | ||||
1,054 | Xylem Inc/NY | 137,642 | ||||
Total Industrials | 159,667,442 | |||||
Information Technology – 10.9% | ||||||
92,696 | Automatic Data Processing Inc | 20,809,325 | ||||
306,864 | Cisco Systems Inc | 17,175,178 | ||||
744,144 | Hewlett Packard Enterprise Co | 10,901,710 | ||||
171,856 | HP Inc | 5,212,392 | ||||
510,237 | Intel Corp | 25,001,613 | ||||
156,167 | International Business Machines Corp | 19,536,492 | ||||
22,449 | salesforce.com Inc, (2) | 6,727,741 | ||||
124,075 | Texas Instruments Inc | 23,261,581 | ||||
Total Information Technology | 128,626,032 |
Shares | Description (1) | Value | ||||
Materials – 3.0% | ||||||
376,663 | Amcor PLC | $4,546,322 | ||||
59,818 | DuPont de Nemours Inc | 4,163,333 | ||||
18,335 | International Flavors & Fragrances Inc | 2,703,496 | ||||
3,859 | International Paper Co | 191,677 | ||||
159,006 | Mosaic Co | 6,609,879 | ||||
102,517 | PPG Industries Inc | 16,461,155 | ||||
2,140 | Steel Dynamics Inc | 141,411 | ||||
Total Materials | 34,817,273 | |||||
Real Estate – 5.2% | ||||||
22,949 | CBRE Group Inc, (2) | 2,388,532 | ||||
43,604 | Crown Castle International Corp | 7,861,801 | ||||
146,132 | Equity Residential | 12,625,805 | ||||
279,744 | Host Hotels & Resorts Inc, (2) | 4,708,091 | ||||
150,930 | Prologis Inc | 21,878,813 | ||||
141,328 | Welltower Inc | 11,362,771 | ||||
Total Real Estate | 60,825,813 | |||||
Utilities – 4.2% | ||||||
172,285 | Consolidated Edison Inc | 12,990,289 | ||||
176,966 | Eversource Energy | 15,024,413 | ||||
126,955 | Sempra Energy | 16,203,267 | ||||
123,150 | UGI Corp | 5,345,941 | ||||
Total Utilities | 49,563,910 | |||||
Total Long-Term Investments (cost $1,012,493,622) | 1,174,287,940 | |||||
Other Assets Less Liabilities – 0.2% | 2,324,923 | |||||
Net Assets – 100% | $ 1,176,612,863 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 99.9% | ||||||
COMMON STOCKS – 99.9% | ||||||
Communication Services – 9.1% | ||||||
25,946 | Altice USA Inc, (2) | $422,920 | ||||
135,967 | AMC Entertainment Holdings Inc, Class A, (2) | 4,809,153 | ||||
3,250 | Cable One Inc | 5,561,432 | ||||
73,725 | Live Nation Entertainment Inc, (2) | 7,457,284 | ||||
77,181 | Match Group Inc, (2) | 11,637,351 | ||||
36,699 | Take-Two Interactive Software Inc, (2) | 6,642,519 | ||||
Total Communication Services | 36,530,659 | |||||
Consumer Discretionary – 12.7% | ||||||
811 | Domino's Pizza Inc | 396,555 | ||||
45,395 | Etsy Inc, (2) | 11,380,072 | ||||
31,023 | Lear Corp | 5,331,303 | ||||
16,368 | Pool Corp | 8,432,139 | ||||
42,721 | Tractor Supply Co | 9,277,720 | ||||
21,679 | Ulta Beauty Inc, (2) | 7,963,997 | ||||
23,335 | Vail Resorts Inc | 8,043,808 | ||||
Total Consumer Discretionary | 50,825,594 | |||||
Consumer Staples – 1.3% | ||||||
90,128 | Lamb Weston Holdings Inc | 5,087,726 | ||||
Energy – 1.9% | ||||||
297,543 | Baker Hughes Co | 7,462,378 | ||||
Financials – 3.3% | ||||||
141 | MarketAxess Holdings Inc | 57,623 | ||||
12,007 | SVB Financial Group, (2) | 8,613,822 | ||||
67,890 | Voya Financial Inc | 4,736,685 | ||||
Total Financials | 13,408,130 | |||||
Health Care – 18.3% | ||||||
3,036 | ABIOMED Inc, (2) | 1,008,073 | ||||
93,684 | BioMarin Pharmaceutical Inc, (2) | 7,422,583 | ||||
67,115 | Catalent Inc, (2) | 9,252,474 | ||||
83,013 | Hologic Inc, (2) | 6,085,683 | ||||
26,949 | Insulet Corp, (2) | 8,354,729 | ||||
6,848 | Mettler-Toledo International Inc, (2) | 10,141,066 | ||||
33,407 | Novavax Inc, (2) | 4,971,964 | ||||
52,291 | Novocure Ltd, (2) | 5,363,488 |
Shares | Description (1) | Value | ||||
Health Care (continued) | ||||||
18,101 | STERIS PLC | $4,230,928 | ||||
19,218 | Waters Corp, (2) | 7,063,576 | ||||
22,521 | West Pharmaceutical Services Inc | 9,681,328 | ||||
Total Health Care | 73,575,892 | |||||
Industrials – 12.0% | ||||||
29,559 | Allegion plc | 3,792,419 | ||||
69,093 | Copart Inc, (2) | 10,729,452 | ||||
19,649 | Expeditors International of Washington Inc | 2,421,936 | ||||
22,373 | Generac Holdings Inc, (2) | 11,154,283 | ||||
25,996 | IDEX Corp | 5,785,930 | ||||
6,536 | Lennox International Inc | 1,956,094 | ||||
32,131 | Masco Corp | 2,106,187 | ||||
11,550 | Old Dominion Freight Line Inc | 3,942,592 | ||||
47,081 | Xylem Inc/NY | 6,148,308 | ||||
Total Industrials | 48,037,201 | |||||
Information Technology – 39.5% | ||||||
26,336 | ANSYS Inc, (2) | 9,996,619 | ||||
75,958 | Cadence Design Systems Inc, (2) | 13,149,089 | ||||
65,605 | Cognex Corp | 5,746,342 | ||||
34,574 | Coupa Software Inc, (2) | 7,872,500 | ||||
91,440 | Dropbox Inc, Class A, (2) | 2,788,006 | ||||
15,100 | Fair Isaac Corp, (2) | 6,012,820 | ||||
14,545 | HubSpot Inc, (2) | 11,784,795 | ||||
13,069 | Keysight Technologies Inc, (2) | 2,352,681 | ||||
212,800 | Marvell Technology Inc | 14,576,800 | ||||
33,878 | Okta Inc, (2) | 8,373,964 | ||||
18,729 | Paycom Software Inc, (2) | 10,260,683 | ||||
55,932 | PTC Inc, (2) | 7,122,940 | ||||
27,186 | RingCentral Inc, Class A, (2) | 6,627,403 | ||||
36,435 | Skyworks Solutions Inc | 6,089,381 | ||||
47,232 | Splunk Inc, (2) | 7,784,778 | ||||
18,248 | Teledyne Technologies Inc, (2) | 8,197,367 | ||||
94,359 | Trimble Inc, (2) | 8,244,146 | ||||
11,500 | Tyler Technologies Inc, (2) | 6,247,030 | ||||
17,125 | Zebra Technologies Corp, Class A, (2) | 9,143,894 | ||||
59,149 | Zendesk Inc, (2) | 6,021,368 | ||||
Total Information Technology | 158,392,606 |
Shares | Description (1) | Value | ||||
Materials – 1.8% | ||||||
79,235 | Ball Corp | $ 7,248,418 | ||||
Total Long-Term Investments (cost $331,808,444) | 400,568,604 | |||||
Other Assets Less Liabilities – 0.1% | 308,114 | |||||
Net Assets – 100% | $ 400,876,718 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 99.8% | ||||||
COMMON STOCKS – 99.8% | ||||||
Communication Services – 4.7% | ||||||
8,176 | Discovery Inc, (2), (3) | $191,645 | ||||
98,286 | Discovery Inc, (2) | 2,217,332 | ||||
107,259 | Interpublic Group of Cos Inc | 3,922,462 | ||||
210,112 | Lumen Technologies Inc | 2,491,928 | ||||
34,244 | Omnicom Group Inc | 2,331,332 | ||||
51,502 | ViacomCBS Inc, Class B | 1,865,402 | ||||
Total Communication Services | 13,020,101 | |||||
Consumer Discretionary – 11.2% | ||||||
14,611 | Autoliv Inc | 1,415,075 | ||||
18,604 | Best Buy Co Inc | 2,274,153 | ||||
44,994 | BorgWarner Inc | 2,027,880 | ||||
13,798 | CarMax Inc, (2) | 1,889,222 | ||||
28,978 | DR Horton Inc | 2,586,866 | ||||
27,537 | Genuine Parts Co | 3,610,376 | ||||
45,048 | Hasbro Inc | 4,313,797 | ||||
87,484 | LKQ Corp, (2) | 4,818,619 | ||||
133,136 | Newell Brands Inc | 3,047,483 | ||||
229 | NVR Inc, (2) | 1,120,909 | ||||
79,638 | PulteGroup Inc | 3,828,995 | ||||
Total Consumer Discretionary | 30,933,375 | |||||
Consumer Staples – 3.2% | ||||||
47,737 | Bunge Ltd | 4,422,356 | ||||
63,202 | Campbell Soup Co | 2,524,920 | ||||
62,212 | Conagra Brands Inc | 2,003,226 | ||||
Total Consumer Staples | 8,950,502 | |||||
Energy – 4.6% | ||||||
157,874 | Baker Hughes Co | 3,959,480 | ||||
111,282 | Halliburton Co | 2,780,937 | ||||
94,342 | ONEOK Inc | 6,002,038 | ||||
Total Energy | 12,742,455 | |||||
Financials – 22.1% | ||||||
93,718 | Ally Financial Inc | 4,474,097 | ||||
136,396 | Annaly Capital Management Inc | 1,153,910 | ||||
39,630 | Arthur J Gallagher & Co | 6,644,762 | ||||
31,254 | Citizens Financial Group Inc | 1,480,815 |
Shares | Description (1) | Value | ||||
Financials (continued) | ||||||
138,651 | Equitable Holdings Inc | $4,644,808 | ||||
10,484 | FactSet Research Systems Inc | 4,653,743 | ||||
11,956 | First Republic Bank | 2,586,441 | ||||
7,388 | Franklin Resources Inc | 232,648 | ||||
72,716 | Hartford Financial Services Group Inc | 5,303,178 | ||||
194,692 | KeyCorp | 4,530,483 | ||||
62,879 | Lincoln National Corp | 4,536,720 | ||||
76,196 | Loews Corp | 4,272,310 | ||||
5,985 | Nasdaq Inc | 1,256,072 | ||||
72,488 | Principal Financial Group Inc | 4,863,220 | ||||
10,801 | Regions Financial Corp | 255,768 | ||||
8,957 | SVB Financial Group, (2) | 6,425,752 | ||||
55,617 | Voya Financial Inc | 3,880,398 | ||||
Total Financials | 61,195,125 | |||||
Health Care – 5.4% | ||||||
8,752 | Cardinal Health Inc | 418,433 | ||||
673 | DaVita Inc, (2) | 69,481 | ||||
27,360 | Hologic Inc, (2) | 2,005,762 | ||||
13,976 | Jazz Pharmaceuticals PLC, (2) | 1,859,367 | ||||
6,267 | Laboratory Corp of America Holdings, (2) | 1,798,754 | ||||
32,091 | Quest Diagnostics Inc | 4,710,317 | ||||
17,684 | STERIS PLC | 4,133,458 | ||||
Total Health Care | 14,995,572 | |||||
Industrials – 16.9% | ||||||
6,013 | Allegion plc | 771,468 | ||||
3,720 | AMERCO | 2,741,603 | ||||
125,740 | Carrier Global Corp | 6,567,400 | ||||
15,641 | CH Robinson Worldwide Inc | 1,517,021 | ||||
877 | Expeditors International of Washington Inc | 108,099 | ||||
70,816 | Fastenal Co | 4,042,177 | ||||
35,179 | Fortune Brands Home & Security Inc | 3,567,151 | ||||
17,852 | IDEX Corp | 3,973,320 | ||||
18,575 | Kansas City Southern | 5,762,894 | ||||
63,071 | Masco Corp | 4,134,304 | ||||
30,430 | Owens Corning | 2,842,466 | ||||
20,927 | Pentair PLC | 1,547,970 | ||||
41,276 | Robert Half International Inc | 4,667,077 | ||||
34,549 | Xylem Inc/NY | 4,511,754 | ||||
Total Industrials | 46,754,704 | |||||
Information Technology – 7.9% | ||||||
1,394 | F5 Networks Inc, (2) | 294,343 |
Shares | Description (1) | Value | ||||
Information Technology (continued) | ||||||
725 | Guidewire Software Inc, (2) | $91,154 | ||||
162,498 | Hewlett Packard Enterprise Co | 2,380,596 | ||||
112,959 | NortonLifeLock Inc | 2,874,806 | ||||
14,494 | Okta Inc, (2) | 3,582,627 | ||||
96,980 | ON Semiconductor Corp, (2) | 4,661,829 | ||||
22,711 | Skyworks Solutions Inc | 3,795,689 | ||||
24,574 | Splunk Inc, (2) | 4,050,287 | ||||
Total Information Technology | 21,731,331 | |||||
Materials – 5.1% | ||||||
388,113 | Amcor PLC | 4,684,524 | ||||
10,309 | Martin Marietta Materials Inc | 4,049,788 | ||||
87,911 | Mosaic Co | 3,654,460 | ||||
26,269 | Steel Dynamics Inc | 1,735,855 | ||||
Total Materials | 14,124,627 | |||||
Real Estate – 14.3% | ||||||
27,233 | Alexandria Real Estate Equities Inc | 5,559,345 | ||||
40,958 | Boston Properties Inc | 4,654,467 | ||||
5,393 | Camden Property Trust | 879,598 | ||||
39,656 | CBRE Group Inc, (2) | 4,127,396 | ||||
114,745 | Healthpeak Properties Inc | 4,074,595 | ||||
276,868 | Host Hotels & Resorts Inc, (2) | 4,659,688 | ||||
40,079 | Iron Mountain Inc | 1,829,206 | ||||
63,150 | Regency Centers Corp | 4,446,392 | ||||
90,165 | Ventas Inc | 4,812,106 | ||||
155,063 | VICI Properties Inc | 4,551,099 | ||||
Total Real Estate | 39,593,892 | |||||
Utilities – 4.4% | ||||||
74,448 | CMS Energy Corp | 4,492,937 | ||||
160,021 | NiSource Inc | 3,947,718 | ||||
87,619 | UGI Corp | 3,803,541 | ||||
Total Utilities | 12,244,196 | |||||
Total Long-Term Investments (cost $224,047,280) | 276,285,880 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.1% | ||||||
MONEY MARKET FUNDS – 0.1% | ||||||
135,178 | State Street Navigator Securities Lending Government Money Market Portfolio, (4) | 0.030% (5) | $ 135,178 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $135,178) | 135,178 | |||||
Total Investments (cost $224,182,458) – 99.9% | 276,421,058 | |||||
Other Assets Less Liabilities – 0.1% | 330,250 | |||||
Net Assets – 100% | $ 276,751,308 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. | |
(3) | 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 $126,740. | |
(4) | The Fund may loan securities representing up to one third of the market 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 market value, at the inception of each loan, equal to not less than 100% of the market value of the loaned securities. The cash collateral received by the Fund is invested in this money market fund. | |
(5) | The rate shown is the one-day yield as of the end of the reporting period. |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 99.9% | ||||||
COMMON STOCKS – 99.9% | ||||||
Communication Services – 1.5% | ||||||
12,534 | Bandwidth Inc, Class A, (2) | $1,068,900 | ||||
19,875 | Cardlytics Inc, (2) | 1,563,368 | ||||
67,267 | Clear Channel Outdoor Holdings Inc, (2) | 195,074 | ||||
16,149 | Gogo Inc, (2), (3) | 262,583 | ||||
84,992 | Gray Television Inc | 1,992,212 | ||||
11,562 | Hemisphere Media Group Inc, (2) | 127,760 | ||||
21,712 | iHeartMedia Inc, Class A, (2) | 420,779 | ||||
47,691 | John Wiley & Sons Inc, Class A | 2,583,421 | ||||
26,422 | New York Times Co | 1,442,377 | ||||
28,238 | Scholastic Corp | 1,021,933 | ||||
79,660 | TEGNA Inc | 1,566,116 | ||||
37,154 | Vimeo Inc, (2) | 1,253,204 | ||||
16,263 | WideOpenWest Inc, (2) | 309,810 | ||||
3,281 | World Wrestling Entertainment Inc | 200,436 | ||||
33,537 | ZoomInfo Technologies Inc, (2) | 2,254,357 | ||||
Total Communication Services | 16,262,330 | |||||
Consumer Discretionary – 15.1% | ||||||
19,232 | 1-800-Flowers.com Inc, Class A, (2) | 617,732 | ||||
19,551 | 2U Inc, (2) | 577,537 | ||||
37,225 | Aaron's Co Inc | 870,693 | ||||
39,485 | Academy Sports & Outdoors Inc, (2) | 1,689,168 | ||||
52,925 | American Axle & Manufacturing Holdings Inc, (2) | 480,559 | ||||
19,554 | American Public Education Inc, (2) | 488,655 | ||||
53,304 | Arko Corp, (2) | 511,185 | ||||
21,853 | Big Lots Inc | 966,995 | ||||
3,814 | Boot Barn Holdings Inc, (2) | 398,525 | ||||
43,625 | Bright Horizons Family Solutions Inc, (2) | 7,241,750 | ||||
18,583 | Caleres Inc | 428,524 | ||||
46,984 | Callaway Golf Co, (2) | 1,270,917 | ||||
24,578 | Camping World Holdings Inc | 915,531 | ||||
52,289 | Canoo Inc, (2), (3) | 419,358 | ||||
35,070 | Carter's Inc | 3,455,096 | ||||
2,357 | Century Communities Inc | 158,060 | ||||
1,517 | Children's Place Inc, (2) | 125,744 | ||||
11,606 | Columbia Sportswear Co | 1,205,167 |
Shares | Description (1) | Value | ||||
Consumer Discretionary (continued) | ||||||
20,941 | Crocs Inc, (2) | $3,380,925 | ||||
54,304 | Dana Inc | 1,205,006 | ||||
6,823 | Deckers Outdoor Corp, (2) | 2,697,200 | ||||
17,998 | Dorman Products Inc, (2) | 1,878,631 | ||||
18,290 | Ethan Allen Interiors Inc | 424,511 | ||||
71,926 | Foot Locker Inc | 3,428,712 | ||||
26,411 | Franchise Group Inc | 971,925 | ||||
18,693 | GameStop Corp, Class A, (2) | 3,430,352 | ||||
43,183 | Gap Inc | 979,822 | ||||
127,638 | GoPro Inc, Class A, (2) | 1,098,963 | ||||
4,345 | Graham Holdings Co, Class B | 2,545,518 | ||||
29,686 | Green Brick Partners Inc, (2) | 773,320 | ||||
6,777 | Group 1 Automotive Inc | 1,218,505 | ||||
194,889 | H&R Block Inc | 4,496,089 | ||||
254,399 | Hanesbrands Inc | 4,334,959 | ||||
86,292 | Harley-Davidson Inc | 3,148,795 | ||||
15,445 | Helen of Troy Ltd, (2) | 3,474,353 | ||||
3,969 | Hibbett Inc | 307,359 | ||||
92,044 | Hilton Grand Vacations Inc, (2) | 4,627,972 | ||||
103,362 | Houghton Mifflin Harcourt Co, (2) | 1,466,707 | ||||
30,053 | iRobot Corp, (2) | 2,507,021 | ||||
6,261 | Johnson Outdoors Inc | 664,793 | ||||
22,130 | Kohl's Corp | 1,073,969 | ||||
35,819 | Kontoor Brands Inc | 1,898,407 | ||||
14,255 | Lands' End Inc, (2) | 374,621 | ||||
15,042 | LCI Industries | 2,100,465 | ||||
46,461 | Leggett & Platt Inc | 2,176,698 | ||||
43,054 | Leslie's Inc, (2) | 890,357 | ||||
69,580 | Levi Strauss & Co, Class A | 1,821,604 | ||||
1,053 | LGI Homes Inc, (2) | 157,213 | ||||
7,723 | Lithia Motors Inc | 2,465,336 | ||||
13,830 | Lovesac Co, (2) | 1,078,878 | ||||
167,510 | Macy's Inc | 4,433,990 | ||||
22,498 | Malibu Boats Inc, (2) | 1,588,584 | ||||
23,984 | MarineMax Inc, (2) | 1,242,131 | ||||
5,022 | Meritage Homes Corp, (2) | 545,942 | ||||
35,953 | Monro Inc | 2,220,457 | ||||
20,106 | Murphy USA Inc | 3,276,273 | ||||
3,036 | National Vision Holdings Inc, (2) | 187,139 | ||||
86,495 | Nordstrom Inc, (2) | 2,485,001 | ||||
31,204 | ODP Corp, (2) | 1,351,133 |
Shares | Description (1) | Value | ||||
Consumer Discretionary (continued) | ||||||
15,728 | Overstock.com Inc, (2) | $1,497,777 | ||||
69,669 | Petco Health & Wellness Co Inc, (2) | 1,722,914 | ||||
37,121 | Planet Fitness Inc, Class A, (2) | 2,952,976 | ||||
20,754 | PVH Corp, (2) | 2,269,035 | ||||
19,074 | Ralph Lauren Corp | 2,425,641 | ||||
74,669 | RealReal Inc, (2) | 972,937 | ||||
15,991 | Rent-A-Center Inc/TX | 851,681 | ||||
21,116 | Revolve Group Inc, (2) | 1,584,545 | ||||
63,270 | Sally Beauty Holdings Inc, (2) | 965,500 | ||||
48,672 | SeaWorld Entertainment Inc, (2) | 3,090,672 | ||||
39,187 | Shake Shack Inc, Class A, (2) | 2,710,565 | ||||
18,453 | Signet Jewelers Ltd | 1,645,639 | ||||
31,927 | Six Flags Entertainment Corp, (2) | 1,313,158 | ||||
13,621 | Sleep Number Corp, (2) | 1,203,279 | ||||
85,043 | Sonos Inc, (2) | 2,774,103 | ||||
14,223 | Steven Madden Ltd | 641,457 | ||||
106,795 | Tapestry Inc | 4,162,869 | ||||
36,198 | Taylor Morrison Home Corp, (2) | 1,105,125 | ||||
126,184 | Terminix Global Holdings Inc, (2) | 5,107,928 | ||||
28,697 | Thor Industries Inc | 2,925,946 | ||||
71,463 | Travel + Leisure Co | 3,883,299 | ||||
43,528 | Tupperware Brands Corp, (2) | 968,063 | ||||
99,149 | Wendy's Co | 2,211,023 | ||||
9,686 | Williams-Sonoma Inc | 1,798,981 | ||||
24,551 | Wingstop Inc | 4,234,311 | ||||
4,520 | Wolverine World Wide Inc | 149,928 | ||||
87,737 | Workhorse Group Inc, (2), (3) | 590,470 | ||||
55,586 | WW International Inc, (2) | 964,973 | ||||
40,738 | Wyndham Hotels & Resorts Inc | 3,441,139 | ||||
9,110 | XPEL Inc, (2) | 691,449 | ||||
33,464 | YETI Holdings Inc, (2) | 3,290,515 | ||||
7,351 | Zumiez Inc, (2) | 299,186 | ||||
Total Consumer Discretionary | 166,697,916 | |||||
Consumer Staples – 3.3% | ||||||
14,685 | BJ's Wholesale Club Holdings Inc, (2) | 858,191 | ||||
14,771 | Chefs' Warehouse Inc, (2) | 515,065 | ||||
133,239 | Darling Ingredients Inc, (2) | 11,261,360 | ||||
32,749 | Edgewell Personal Care Co | 1,145,888 | ||||
66,152 | Energizer Holdings Inc | 2,412,564 | ||||
30,910 | Freshpet Inc, (2) | 4,819,178 | ||||
31,491 | Herbalife Nutrition Ltd, (2) | 1,461,183 |
Shares | Description (1) | Value | ||||
Consumer Staples (continued) | ||||||
23,388 | Landec Corp, (2) | $227,331 | ||||
11,997 | Medifast Inc | 2,354,651 | ||||
103,301 | Performance Food Group Co, (2) | 4,672,304 | ||||
12,462 | United Natural Foods Inc, (2) | 540,726 | ||||
153,899 | US Foods Holding Corp, (2) | 5,335,678 | ||||
34,557 | Veru Inc, (2) | 282,331 | ||||
17,070 | Vital Farms Inc, (2) | 280,289 | ||||
Total Consumer Staples | 36,166,739 | |||||
Energy – 3.4% | ||||||
142,454 | Archrock Inc | 1,166,698 | ||||
58,559 | Cactus Inc | 2,547,317 | ||||
127,585 | ChampionX Corp, (2) | 3,346,555 | ||||
162,853 | Clean Energy Fuels Corp, (2) | 1,501,505 | ||||
48,422 | Core Laboratories NV | 1,259,456 | ||||
70,681 | Delek US Holdings Inc, (2) | 1,374,745 | ||||
19,741 | DMC Global Inc, (2) | 824,779 | ||||
104,222 | DT Midstream Inc | 4,998,487 | ||||
57,284 | Green Plains Inc, (2) | 2,173,928 | ||||
166,029 | HollyFrontier Corp | 5,611,780 | ||||
101,504 | Liberty Oilfield Services Inc, (2) | 1,311,432 | ||||
288,310 | NOV Inc, (2) | 4,042,106 | ||||
105,456 | Oceaneering International Inc, (2) | 1,434,202 | ||||
51,372 | Renewable Energy Group Inc, (2) | 3,287,808 | ||||
459,782 | TechnipFMC PLC, (2) | 3,388,593 | ||||
Total Energy | 38,269,391 | |||||
Financials – 14.6% | ||||||
859 | Affiliated Managers Group Inc | 144,209 | ||||
15,535 | Amalgamated Financial Corp | 285,223 | ||||
23,112 | Amerant Bancorp Inc, (2) | 613,624 | ||||
41,990 | Ameris Bancorp | 2,199,856 | ||||
30,862 | Artisan Partners Asset Management Inc | 1,528,904 | ||||
6,847 | Associated Banc-Corp | 152,551 | ||||
21,975 | Banc of California Inc | 446,752 | ||||
55,714 | Bancorp Inc, (2) | 1,702,063 | ||||
48,194 | Bank OZK | 2,152,826 | ||||
2,343 | Banner Corp | 135,332 | ||||
44,463 | Berkshire Hills Bancorp Inc | 1,207,170 | ||||
21,283 | BOK Financial Corp | 2,153,201 | ||||
3,374 | Bryn Mawr Bank Corp | 156,351 | ||||
27,377 | Byline Bancorp Inc | 705,232 | ||||
57,166 | CNO Financial Group Inc | 1,379,987 |
Shares | Description (1) | Value | ||||
Financials (continued) | ||||||
5,477 | Commerce Bancshares Inc/MO | $386,183 | ||||
3,423 | Community Trust Bancorp Inc | 149,517 | ||||
25,640 | Cowen Inc, Class A | 967,397 | ||||
18,070 | Crawford & Co, Class A | 156,125 | ||||
8,959 | Cullen/Frost Bankers Inc | 1,160,191 | ||||
2,937 | Diamond Hill Investment Group Inc | 636,918 | ||||
32,691 | Donnelley Financial Solutions Inc, (2) | 1,252,719 | ||||
25,703 | East West Bancorp Inc | 2,042,874 | ||||
14,287 | eHealth Inc, (2) | 633,628 | ||||
3,473 | Employers Holdings Inc | 134,058 | ||||
26,852 | Encore Capital Group Inc, (2) | 1,450,545 | ||||
15,214 | Essent Group Ltd | 730,272 | ||||
9,668 | Federal Agricultural Mortgage Corp, Class C | 1,219,038 | ||||
85,691 | First American Financial Corp | 6,267,440 | ||||
55,234 | First Busey Corp | 1,407,915 | ||||
1,243 | First Eagle Private Credit LLC, (2), (4) | 104 | ||||
26,557 | First Financial Bancorp | 631,525 | ||||
478,904 | First Horizon Corp | 8,127,001 | ||||
3,707 | First Interstate BancSystem Inc | 154,100 | ||||
14,303 | First of Long Island Corp | 287,919 | ||||
5,691 | Flagstar Bancorp Inc | 268,558 | ||||
341,749 | FNB Corp/PA | 3,981,376 | ||||
7,694 | Fulton Financial Corp | 123,873 | ||||
545,877 | Genworth Financial Inc, Class A, (2) | 2,243,554 | ||||
14,819 | Glacier Bancorp Inc | 819,343 | ||||
29,676 | Green Dot Corp, Class A, (2) | 1,257,075 | ||||
92,844 | Hancock Whitney Corp | 4,593,921 | ||||
78,249 | Hannon Armstrong Sustainable Infrastructure Capital Inc | 4,726,240 | ||||
9,797 | Hanover Insurance Group Inc | 1,234,422 | ||||
55,374 | HarborOne Bancorp Inc | 795,724 | ||||
2,950 | Independent Bank Corp | 249,275 | ||||
57,880 | International Bancshares Corp | 2,454,112 | ||||
51,924 | Janus Henderson Group PLC | 2,414,466 | ||||
31,513 | KKR Real Estate Finance Trust Inc | 684,147 | ||||
34,231 | Live Oak Bancshares Inc | 3,052,721 | ||||
19,617 | LPL Financial Holdings Inc | 3,217,580 | ||||
21,062 | Morningstar Inc | 6,671,389 | ||||
74,023 | Mr Cooper Group Inc, (2) | 3,245,168 | ||||
2,961 | National Bank Holdings Corp, Class A | 128,419 | ||||
5,930 | NMI Holdings Inc, Class A, (2) | 143,980 | ||||
63,894 | OceanFirst Financial Corp | 1,416,530 |
Shares | Description (1) | Value | ||||
Financials (continued) | ||||||
54,749 | OFG Bancorp | $1,417,999 | ||||
28,396 | Old National Bancorp/IN | 485,004 | ||||
94,644 | Open Lending Corp, Class A, (2) | 2,983,179 | ||||
23,606 | Origin Bancorp Inc | 1,052,828 | ||||
51,060 | PennyMac Financial Services Inc | 3,168,784 | ||||
295,924 | People's United Financial Inc | 5,072,137 | ||||
46,188 | Pinnacle Financial Partners Inc | 4,460,375 | ||||
86,819 | Popular Inc | 7,070,539 | ||||
49,266 | PRA Group Inc, (2) | 2,112,526 | ||||
24,053 | Premier Financial Corp | 766,810 | ||||
22,113 | Primerica Inc | 3,720,291 | ||||
45,092 | ProAssurance Corp | 1,033,058 | ||||
20,825 | PROG Holdings Inc | 842,371 | ||||
14,200 | Reinsurance Group of America Inc, Class A | 1,676,736 | ||||
146,346 | Rocket Cos Inc, Class A, (3) | 2,411,782 | ||||
4,398 | S&T Bancorp Inc | 134,403 | ||||
14,603 | Seacoast Banking Corp of Florida | 531,987 | ||||
10,331 | Silvergate Capital Corp, Class A, (2) | 1,618,041 | ||||
3,051 | Southside Bancshares Inc | 126,067 | ||||
19,822 | SouthState Corp | 1,547,900 | ||||
157,392 | Starwood Property Trust Inc | 4,008,774 | ||||
17,880 | State Auto Financial Corp | 917,423 | ||||
18,270 | StoneX Group Inc, (2) | 1,262,640 | ||||
136,810 | Synovus Financial Corp | 6,373,978 | ||||
30,183 | TriState Capital Holdings Inc, (2) | 906,999 | ||||
35,910 | Trupanion Inc, (2) | 3,677,184 | ||||
201,644 | Valley National Bancorp | 2,673,799 | ||||
16,990 | Victory Capital Holdings Inc | 643,921 | ||||
760 | Virtus Investment Partners Inc | 243,200 | ||||
2,354 | Washington Trust Bancorp Inc | 128,670 | ||||
38,557 | Webster Financial Corp | 2,157,650 | ||||
26,868 | Western Alliance Bancorp | 3,119,106 | ||||
50,561 | Wintrust Financial Corp | 4,474,649 | ||||
29,256 | Zions Bancorp NA | 1,842,835 | ||||
Total Financials | 161,144,268 | |||||
Health Care – 14.0% | ||||||
44,633 | 1Life Healthcare Inc, (2) | 966,751 | ||||
2,111 | Acadia Healthcare Co Inc, (2) | 130,882 | ||||
35,778 | Accelerate Diagnostics Inc, (2) | 211,090 | ||||
29,293 | Acceleron Pharma Inc, (2) | 5,102,255 | ||||
34,921 | Accolade Inc, (2) | 1,389,507 |
Shares | Description (1) | Value | ||||
Health Care (continued) | ||||||
18,959 | Achillion Pharmaceuticals Inc, (4) | $8,721 | ||||
41,830 | AdaptHealth Corp, (2) | 1,139,867 | ||||
3,863 | Adaptive Biotechnologies Corp, (2) | 129,063 | ||||
1,197 | Addus HomeCare Corp, (2) | 111,920 | ||||
33,211 | Aerie Pharmaceuticals Inc, (2) | 353,033 | ||||
40,942 | Agios Pharmaceuticals Inc, (2) | 1,924,274 | ||||
13,184 | Alder Biopharmaceuticals Inc, (2), (4) | 11,602 | ||||
42,656 | Alector Inc, (2) | 927,341 | ||||
25,638 | Aligos Therapeutics Inc, (2) | 408,413 | ||||
20,211 | Allakos Inc, (2) | 2,032,822 | ||||
57,516 | Allogene Therapeutics Inc, (2) | 991,576 | ||||
68,493 | Allscripts Healthcare Solutions Inc, (2) | 943,834 | ||||
39,089 | Alphatec Holdings Inc, (2) | 458,514 | ||||
8,782 | ALX Oncology Holdings Inc, (2) | 492,143 | ||||
539 | Amedisys Inc, (2) | 91,274 | ||||
33,341 | AMN Healthcare Services Inc, (2) | 3,290,757 | ||||
19,137 | AnaptysBio Inc, (2) | 629,607 | ||||
26,470 | Anavex Life Sciences Corp, (2) | 496,048 | ||||
27,529 | AngioDynamics Inc, (2) | 787,329 | ||||
165,976 | Antares Pharma Inc, (2) | 620,750 | ||||
18,574 | Applied Therapeutics Inc, (2) | 272,481 | ||||
61,390 | Arena Pharmaceuticals Inc, (2) | 3,523,172 | ||||
17,072 | Arvinas Inc, (2) | 1,478,094 | ||||
75,108 | Atara Biotherapeutics Inc, (2) | 1,162,672 | ||||
12,618 | Atea Pharmaceuticals Inc, (2) | 146,874 | ||||
7,344 | AtriCure Inc, (2) | 551,241 | ||||
16,322 | Avanos Medical Inc, (2) | 514,796 | ||||
41,544 | Axogen Inc, (2) | 631,053 | ||||
19,214 | BioAtla Inc, (2) | 561,625 | ||||
94,563 | BioCryst Pharmaceuticals Inc, (2) | 1,411,826 | ||||
23,645 | Bionano Genomics Inc, (2), (3) | 120,117 | ||||
72,766 | Bluebird Bio Inc, (2) | 1,703,452 | ||||
13,303 | Bolt Biotherapeutics Inc, (2), (3) | 174,136 | ||||
46,035 | Bridgebio Pharma Inc, (2) | 2,273,208 | ||||
131,534 | Brookdale Senior Living Inc, (2) | 854,971 | ||||
6,211 | Cassava Sciences Inc, (2) | 267,880 | ||||
45,467 | Cerevel Therapeutics Holdings Inc, (2) | 1,848,234 | ||||
3,447 | Chemed Corp | 1,662,316 | ||||
37,158 | Chimerix Inc, (2) | 194,708 | ||||
34,586 | Collegium Pharmaceutical Inc, (2) | 678,923 | ||||
3,940 | Computer Programs and Systems Inc, (2) | 142,234 |
Shares | Description (1) | Value | ||||
Health Care (continued) | ||||||
25,517 | Corcept Therapeutics Inc, (2) | $459,306 | ||||
16,802 | Cortexyme Inc, (2) | 221,786 | ||||
10,607 | CorVel Corp, (2) | 1,943,415 | ||||
50,874 | Covetrus Inc, (2) | 1,027,146 | ||||
5,432 | CryoLife Inc, (2) | 112,116 | ||||
31,700 | CryoPort Inc, (2) | 2,584,818 | ||||
13,699 | Cullinan Oncology Inc, (2), (3) | 304,392 | ||||
35,538 | Curis Inc, (2) | 230,997 | ||||
74,952 | Dicerna Pharmaceuticals Inc, (2) | 1,559,751 | ||||
113,997 | Dynavax Technologies Corp, (2) | 2,276,520 | ||||
23,742 | Dyne Therapeutics Inc, (2) | 344,496 | ||||
3,081 | Eagle Pharmaceuticals Inc/DE, (2) | 161,352 | ||||
5,809 | Eargo Inc, (2), (3) | 51,119 | ||||
2,005 | Encompass Health Corp | 127,438 | ||||
25,923 | Ensign Group Inc | 2,022,253 | ||||
33,610 | Envista Holdings Corp, (2) | 1,314,151 | ||||
23,362 | Essa Pharma Inc, (2) | 212,594 | ||||
2,453 | Establishment Labs Holdings Inc, (2) | 200,018 | ||||
68,962 | FibroGen Inc, (2) | 766,857 | ||||
11,871 | Fulgent Genetics Inc, (2), (3) | 984,343 | ||||
31,495 | G1 Therapeutics Inc, (2) | 456,363 | ||||
13,810 | Glaukos Corp, (2) | 631,255 | ||||
28,364 | Globus Medical Inc, (2) | 2,188,850 | ||||
27,918 | Haemonetics Corp, (2) | 1,918,246 | ||||
40,454 | Hanger Inc, (2) | 755,681 | ||||
14,398 | Harmony Biosciences Holdings Inc, (2) | 597,085 | ||||
9,624 | Heska Corp, (2) | 2,151,253 | ||||
11,544 | Hill-Rom Holdings Inc | 1,788,166 | ||||
70,544 | Hims & Hers Health Inc, (2) | 550,243 | ||||
39,189 | Homology Medicines Inc, (2) | 224,553 | ||||
34,247 | Humanigen Inc, (2), (3) | 245,893 | ||||
7,671 | IGM Biosciences Inc, (2) | 359,923 | ||||
37,998 | Immunovant Inc, (2) | 305,504 | ||||
18,352 | Inari Medical Inc, (2) | 1,661,223 | ||||
7,188 | Inogen Inc, (2) | 285,004 | ||||
119,917 | Inovio Pharmaceuticals Inc, (2), (3) | 856,207 | ||||
1,518 | Integra LifeSciences Holdings Corp, (2) | 100,886 | ||||
24,126 | Intersect ENT Inc, (2) | 650,678 | ||||
4,270 | Intra-Cellular Therapies Inc, (2) | 183,909 | ||||
18,418 | iRhythm Technologies Inc, (2) | 1,291,839 | ||||
2,779 | Joint Corp, (2) | 243,107 |
Shares | Description (1) | Value | ||||
Health Care (continued) | ||||||
11,334 | Kinnate Biopharma Inc, (2) | $269,409 | ||||
17,604 | Kronos Bio Inc, (2) | 289,762 | ||||
15,049 | Krystal Biotech Inc, (2) | 753,804 | ||||
61,218 | Kura Oncology Inc, (2) | 1,005,200 | ||||
3,744 | LeMaitre Vascular Inc | 194,725 | ||||
4,983 | LHC Group Inc, (2) | 670,662 | ||||
1,500 | LivaNova PLC, (2) | 115,080 | ||||
21,067 | MacroGenics Inc, (2) | 411,439 | ||||
4,329 | MEDNAX Inc, (2) | 117,879 | ||||
33,201 | Meridian Bioscience Inc, (2) | 624,511 | ||||
35,757 | Merit Medical Systems Inc, (2) | 2,405,016 | ||||
18,493 | Mersana Therapeutics Inc, (2) | 158,300 | ||||
27,875 | Mirati Therapeutics Inc, (2) | 5,268,932 | ||||
5,998 | ModivCare Inc, (2) | 976,294 | ||||
37,315 | Molecular Templates Inc, (2) | 194,784 | ||||
13,608 | National Research Corp | 589,226 | ||||
31,610 | Natus Medical Inc, (2) | 791,830 | ||||
71,924 | NeoGenomics Inc, (2) | 3,308,504 | ||||
22,709 | Nuvation Bio Inc, (2) | 208,242 | ||||
78,612 | Ocugen Inc, (2) | 930,766 | ||||
457,014 | OPKO Health Inc, (2) | 1,732,083 | ||||
26,467 | Ortho Clinical Diagnostics Holdings PLC, (2) | 523,253 | ||||
2,853 | Orthofix Medical Inc, (2) | 102,651 | ||||
14,679 | OrthoPediatrics Corp, (2) | 1,044,704 | ||||
36,314 | Owens & Minor Inc | 1,302,946 | ||||
26,245 | Passage Bio Inc, (2) | 228,856 | ||||
41,865 | Patterson Cos Inc | 1,308,700 | ||||
29,236 | Pennant Group Inc, (2) | 747,565 | ||||
6,461 | Penumbra Inc, (2) | 1,786,790 | ||||
49,010 | Perrigo Co PLC | 2,212,801 | ||||
23,947 | PetIQ Inc, (2), (3) | 599,872 | ||||
11,144 | Phathom Pharmaceuticals Inc, (2), (3) | 262,218 | ||||
13,363 | Pliant Therapeutics Inc, (2), (3) | 212,873 | ||||
11,714 | PMV Pharmaceuticals Inc, (2) | 276,685 | ||||
22,965 | Praxis Precision Medicines Inc, (2) | 477,672 | ||||
46,004 | Precision BioSciences Inc, (2) | 436,578 | ||||
9,811 | Prelude Therapeutics Inc, (2) | 172,477 | ||||
38,232 | Progyny Inc, (2) | 2,348,592 | ||||
24,536 | Prothena Corp PLC, (2) | 1,358,068 | ||||
3,574 | Pulmonx Corp, (2) | 139,136 | ||||
23,209 | Quidel Corp, (2) | 3,081,459 |
Shares | Description (1) | Value | ||||
Health Care (continued) | ||||||
54,937 | Quotient Ltd, (2) | $138,991 | ||||
126,835 | R1 RCM Inc, (2) | 2,752,319 | ||||
13,055 | Reata Pharmaceuticals Inc, (2) | 1,253,411 | ||||
5,873 | Relmada Therapeutics Inc, (2) | 137,839 | ||||
21,371 | Repligen Corp, (2) | 6,208,275 | ||||
4,588 | Revance Therapeutics Inc, (2) | 63,085 | ||||
36,753 | Rhythm Pharmaceuticals Inc, (2) | 423,027 | ||||
41,006 | Rocket Pharmaceuticals Inc, (2) | 1,218,288 | ||||
60,892 | Sarepta Therapeutics Inc, (2) | 4,818,384 | ||||
4,111 | Seer Inc, (2), (3) | 151,778 | ||||
5,448 | Select Medical Holdings Corp | 180,983 | ||||
89,704 | Senseonics Holdings Inc, (2), (3) | 313,964 | ||||
15,235 | Shattuck Labs Inc, (2) | 294,036 | ||||
11,990 | Shockwave Medical Inc, (2) | 2,562,263 | ||||
35,338 | Signify Health Inc, Class A, (2) | 567,882 | ||||
10,926 | Silverback Therapeutics Inc, (2) | 94,291 | ||||
2,923 | Simulations Plus Inc | 147,612 | ||||
6,999 | STAAR Surgical Co, (2) | 829,102 | ||||
14,871 | Surgery Partners Inc, (2) | 611,793 | ||||
24,341 | Sutro Biopharma Inc, (2) | 490,715 | ||||
17,762 | Taysha Gene Therapies Inc, (2), (3) | 277,798 | ||||
149,641 | Tilray Inc, (2), (3) | 1,541,302 | ||||
23,349 | Tivity Health Inc, (2) | 584,192 | ||||
11,534 | TransMedics Group Inc, (2) | 316,378 | ||||
40,245 | Ultragenyx Pharmaceutical Inc, (2) | 3,377,360 | ||||
36,285 | uniQure NV, (2) | 1,105,604 | ||||
1,266 | US Physical Therapy Inc | 136,551 | ||||
8,160 | Vapotherm Inc, (2) | 186,619 | ||||
41,237 | Varex Imaging Corp, (2) | 1,107,213 | ||||
32,335 | Vir Biotechnology Inc, (2) | 1,220,000 | ||||
34,864 | Vocera Communications Inc, (2) | 1,972,605 | ||||
31,018 | Xenon Pharmaceuticals Inc, (2) | 966,211 | ||||
27,552 | Y-mAbs Therapeutics Inc, (2) | 676,677 | ||||
262,030 | Zomedica Corp, (2), (3) | 133,740 | ||||
Total Health Care | 154,674,754 | |||||
Industrials – 16.4% | ||||||
20,121 | AAON Inc | 1,441,670 | ||||
22,335 | Acuity Brands Inc | 4,588,279 | ||||
165,892 | ADT Inc | 1,385,198 | ||||
29,989 | Advanced Drainage Systems Inc | 3,382,759 | ||||
32,015 | AECOM, (2) | 2,188,866 |
Shares | Description (1) | Value | ||||
Industrials (continued) | ||||||
82,680 | Allison Transmission Holdings Inc | $2,758,205 | ||||
12,067 | ArcBest Corp | 1,084,220 | ||||
1,936 | Armstrong World Industries Inc | 204,538 | ||||
25,219 | ASGN Inc, (2) | 3,017,706 | ||||
22,225 | Atkore Inc, (2) | 2,100,929 | ||||
36,708 | Axon Enterprise Inc, (2) | 6,605,972 | ||||
99,443 | AZEK Co Inc, (2) | 3,648,564 | ||||
59,674 | Beacon Roofing Supply Inc, (2) | 3,154,964 | ||||
15,847 | Blink Charging Co, (2), (3) | 503,935 | ||||
42,133 | Boise Cascade Co | 2,385,571 | ||||
64,592 | Builders FirstSource Inc, (2) | 3,763,776 | ||||
22,232 | Carlisle Cos Inc | 4,955,957 | ||||
28,190 | Columbus McKinnon Corp/NY | 1,332,541 | ||||
22,543 | Comfort Systems USA Inc | 2,062,008 | ||||
52,009 | Cornerstone Building Brands Inc, (2) | 744,249 | ||||
14,169 | Curtiss-Wright Corp | 1,809,098 | ||||
41,927 | Donaldson Co Inc | 2,516,039 | ||||
14,075 | Echo Global Logistics Inc, (2) | 678,837 | ||||
5,184 | EMCOR Group Inc | 629,804 | ||||
33,598 | Energy Recovery Inc, (2) | 682,711 | ||||
1,487 | EnPro Industries Inc | 133,324 | ||||
54,249 | Flowserve Corp | 1,823,851 | ||||
2,056 | Franklin Electric Co Inc | 177,597 | ||||
30,085 | FTI Consulting Inc, (2) | 4,329,833 | ||||
34,044 | GATX Corp | 3,229,073 | ||||
41,500 | GMS Inc, (2) | 2,055,495 | ||||
58,273 | Great Lakes Dredge & Dock Corp, (2) | 886,915 | ||||
76,344 | Healthcare Services Group Inc | 1,465,041 | ||||
31,925 | Herman Miller Inc | 1,242,521 | ||||
31,165 | Hexcel Corp, (2) | 1,768,302 | ||||
10,264 | Hub Group Inc, Class A, (2) | 806,443 | ||||
19,818 | Hubbell Inc | 3,951,115 | ||||
91,879 | Hyliion Holdings Corp, (2), (3) | 743,301 | ||||
7,646 | Hyster-Yale Materials Handling Inc | 367,314 | ||||
22,846 | IAA Inc, (2) | 1,362,764 | ||||
5,206 | ICF International Inc | 523,151 | ||||
24,967 | Korn Ferry | 1,927,702 | ||||
11,386 | Landstar System Inc | 2,001,773 | ||||
7,264 | Lindsay Corp | 1,058,147 | ||||
31,508 | Luxfer Holdings PLC | 633,626 | ||||
15,494 | ManpowerGroup Inc | 1,497,495 |
Shares | Description (1) | Value | ||||
Industrials (continued) | ||||||
34,273 | Matthews International Corp, Class A | $1,177,963 | ||||
66,049 | Maxar Technologies Inc | 1,753,601 | ||||
26,057 | McGrath RentCorp | 1,879,752 | ||||
49,548 | Mercury Systems Inc, (2) | 2,553,704 | ||||
23,162 | Montrose Environmental Group Inc, (2) | 1,587,755 | ||||
4,832 | Moog Inc, Class A | 364,961 | ||||
74,668 | MRC Global Inc, (2) | 619,744 | ||||
11,906 | MSA Safety Inc | 1,821,975 | ||||
10,441 | Mueller Water Products Inc | 171,337 | ||||
17,927 | MYR Group Inc, (2) | 1,831,243 | ||||
255,626 | Nielsen Holdings PLC | 5,176,427 | ||||
1,462 | Oshkosh Corp | 156,434 | ||||
70,950 | PAE Inc, (2) | 703,824 | ||||
149,966 | Pitney Bowes Inc | 1,040,764 | ||||
13,349 | Proto Labs Inc, (2) | 798,404 | ||||
23,332 | Quanta Services Inc | 2,829,705 | ||||
38,508 | Raven Industries Inc, (2) | 2,226,533 | ||||
5,506 | Regal Rexnord Corp | 838,729 | ||||
71,611 | Resideo Technologies Inc, (2) | 1,765,927 | ||||
57,959 | Ryder System Inc | 4,923,617 | ||||
28,449 | Schneider National Inc, Class B | 709,518 | ||||
38,677 | SiteOne Landscape Supply Inc, (2) | 9,087,548 | ||||
8,177 | SPX FLOW Inc | 610,904 | ||||
27,862 | Steelcase Inc, Class A | 331,558 | ||||
23,296 | Sterling Construction Co Inc, (2) | 560,036 | ||||
19,582 | Tennant Co | 1,555,986 | ||||
68,369 | Toro Co | 6,527,188 | ||||
57,890 | Trex Co Inc, (2) | 6,159,496 | ||||
23,340 | TriNet Group Inc, (2) | 2,363,175 | ||||
72,665 | Triton International Ltd | 4,519,036 | ||||
38,297 | TrueBlue Inc, (2) | 1,066,571 | ||||
10,942 | Valmont Industries Inc | 2,614,700 | ||||
11,266 | Vectrus Inc, (2) | 545,612 | ||||
8,790 | Veritiv Corp, (2) | 942,903 | ||||
49,788 | Virgin Galactic Holdings Inc, (2) | 933,525 | ||||
10,330 | Watts Water Technologies Inc | 1,962,907 | ||||
143,804 | Welbilt Inc, (2) | 3,402,403 | ||||
46,599 | WESCO International Inc, (2) | 6,037,366 | ||||
185,316 | WillScot Mobile Mini Holdings Corp, (2) | 6,439,731 | ||||
24,716 | Zurn Water Solutions Corp | 896,697 | ||||
Total Industrials | 181,100,438 |
Shares | Description (1) | Value | ||||
Information Technology – 15.3% | ||||||
90,935 | ACI Worldwide Inc, (2) | $2,789,886 | ||||
5,060 | ADTRAN Inc | 93,509 | ||||
38,492 | Altair Engineering Inc, (2) | 2,994,293 | ||||
8,464 | Appian Corp, (2) | 841,406 | ||||
17,790 | Asana Inc, Class A, (2) | 2,415,882 | ||||
13,302 | Aspen Technology Inc, (2) | 2,084,290 | ||||
48,383 | Avaya Holdings Corp, (2) | 900,891 | ||||
20,129 | Avid Technology Inc, (2) | 576,495 | ||||
5,844 | Avnet Inc | 222,715 | ||||
14,477 | Badger Meter Inc | 1,480,273 | ||||
5,265 | Benchmark Electronics Inc | 122,727 | ||||
8,540 | BigCommerce Holdings Inc, (2) | 394,633 | ||||
21,307 | Bill.com Holdings Inc, (2) | 6,270,863 | ||||
7,680 | Blackline Inc, (2) | 974,362 | ||||
45,159 | Bottomline Technologies DE Inc, (2) | 2,090,862 | ||||
13,727 | BTRS Holdings Inc, (2) | 117,915 | ||||
79,220 | CDK Global Inc | 3,447,654 | ||||
9,022 | Cerence Inc, (2) | 948,483 | ||||
16,511 | Ciena Corp, (2) | 896,382 | ||||
6,631 | Cirrus Logic Inc, (2) | 535,851 | ||||
1,021 | Coherent Inc, (2) | 259,742 | ||||
73,860 | CommScope Holding Co Inc, (2) | 791,041 | ||||
1,844 | CommVault Systems Inc, (2) | 113,406 | ||||
32,199 | Concentrix Corp | 5,721,118 | ||||
15,738 | CTS Corp | 560,588 | ||||
46,748 | Diebold Nixdorf Inc, (2) | 420,732 | ||||
52,777 | Dolby Laboratories Inc, Class A | 4,662,848 | ||||
3,016 | Domo Inc, Class B, (2) | 266,464 | ||||
28,068 | Duck Creek Technologies Inc, (2) | 884,142 | ||||
66,085 | E2open Parent Holdings Inc, (2) | 826,062 | ||||
16,354 | Elastic NV, (2) | 2,837,583 | ||||
14,541 | ePlus Inc, (2) | 1,607,798 | ||||
36,012 | ExlService Holdings Inc, (2) | 4,416,152 | ||||
1,868 | FARO Technologies Inc, (2) | 137,429 | ||||
55,586 | First Solar Inc, (2) | 6,647,530 | ||||
27,174 | Five9 Inc, (2) | 4,293,764 | ||||
117,148 | Flex Ltd, (2) | 1,979,801 | ||||
27,080 | Harmonic Inc, (2) | 245,616 | ||||
30,212 | Ichor Holdings Ltd, (2) | 1,320,869 | ||||
37,823 | Insight Enterprises Inc, (2) | 3,581,838 | ||||
31,494 | Itron Inc, (2) | 2,449,288 |
Shares | Description (1) | Value | ||||
Information Technology (continued) | ||||||
28,453 | Jamf Holding Corp, (2) | $1,355,785 | ||||
27,423 | Kimball Electronics Inc, (2) | 788,411 | ||||
66,818 | Kulicke & Soffa Industries Inc | 3,808,626 | ||||
12,919 | LivePerson Inc, (2) | 665,458 | ||||
32,942 | Lumentum Holdings Inc, (2) | 2,720,350 | ||||
102,091 | Mandiant Inc, (2) | 1,780,467 | ||||
9,104 | Manhattan Associates Inc, (2) | 1,652,740 | ||||
28,466 | Methode Electronics Inc | 1,197,565 | ||||
14,762 | MicroVision Inc, (2), (3) | 112,339 | ||||
21,548 | Mimecast Ltd, (2) | 1,625,581 | ||||
14,170 | Model N Inc, (2) | 459,250 | ||||
77,349 | National Instruments Corp | 3,285,012 | ||||
2,527 | nCino Inc, (2) | 183,612 | ||||
129,158 | NCR Corp, (2) | 5,106,907 | ||||
31,632 | New Relic Inc, (2) | 2,567,253 | ||||
3,745 | Novanta Inc, (2) | 646,237 | ||||
56,989 | Nutanix Inc, (2) | 1,955,293 | ||||
52,813 | Onto Innovation Inc, (2) | 4,183,318 | ||||
16,324 | OSI Systems Inc, (2) | 1,519,928 | ||||
23,852 | PAR Technology Corp, (2), (3) | 1,498,383 | ||||
12,325 | Paylocity Holding Corp, (2) | 3,760,850 | ||||
36,609 | Plantronics Inc, (2) | 979,657 | ||||
1,384 | Plexus Corp, (2) | 120,851 | ||||
21,605 | Progress Software Corp | 1,110,713 | ||||
32,771 | PROS Holdings Inc, (2) | 983,130 | ||||
2,937 | Qualys Inc, (2) | 365,598 | ||||
37,474 | Rackspace Technology Inc, (2), (3) | 498,029 | ||||
117,888 | Rambus Inc, (2) | 2,743,254 | ||||
1,791 | Rapid7 Inc, (2) | 230,591 | ||||
102,080 | Ribbon Communications Inc, (2) | 558,378 | ||||
4,110 | Rogers Corp, (2) | 826,603 | ||||
27,834 | ScanSource Inc, (2) | 995,900 | ||||
8,619 | ShotSpotter Inc, (2) | 335,365 | ||||
23,524 | Smartsheet Inc, Class A, (2) | 1,623,391 | ||||
23,570 | Sprout Social Inc, Class A, (2) | 3,009,418 | ||||
38,507 | SPS Commerce Inc, (2) | 5,881,174 | ||||
10,071 | Synaptics Inc, (2) | 1,959,514 | ||||
5,530 | Telos Corp, (2) | 143,282 | ||||
72,924 | Teradata Corp, (2) | 4,124,581 | ||||
20,189 | TTEC Holdings Inc | 1,905,640 | ||||
23,595 | Universal Display Corp | 4,322,604 |
Shares | Description (1) | Value | ||||
Information Technology (continued) | ||||||
38,857 | Upwork Inc, (2) | $1,830,942 | ||||
6,306 | Viavi Solutions Inc, (2) | 97,112 | ||||
4,395 | Vishay Precision Group Inc, (2) | 149,826 | ||||
68,246 | Vontier Corp | 2,308,762 | ||||
44,875 | WEX Inc, (2) | 6,717,787 | ||||
50,094 | Wolfspeed Inc, (2) | 6,016,790 | ||||
9,701 | Workiva Inc, (2) | 1,450,785 | ||||
174,347 | Xerox Holdings Corp | 3,103,377 | ||||
Total Information Technology | 169,489,602 | |||||
Materials – 4.5% | ||||||
27,792 | AptarGroup Inc | 3,356,718 | ||||
98,138 | Avient Corp | 5,287,676 | ||||
136,612 | Axalta Coating Systems Ltd, (2) | 4,260,928 | ||||
17,641 | Clearwater Paper Corp, (2) | 737,923 | ||||
26,983 | Coeur Mining Inc, (2) | 170,802 | ||||
27,394 | Commercial Metals Co | 881,539 | ||||
29,147 | Compass Minerals International Inc | 1,912,043 | ||||
24,975 | Domtar Corp, (2) | 1,363,385 | ||||
2,625 | Greif Inc, Class A | 169,785 | ||||
4,605 | Greif Inc, Class B | 300,522 | ||||
14,328 | Ingevity Corporation, (2) | 1,116,295 | ||||
26,417 | Innospec Inc | 2,393,644 | ||||
23,378 | Koppers Holdings Inc, (2) | 820,334 | ||||
65,801 | Louisiana-Pacific Corp | 3,877,653 | ||||
6,417 | Materion Corp | 463,179 | ||||
28,921 | Minerals Technologies Inc | 2,051,656 | ||||
19,839 | Myers Industries Inc | 408,287 | ||||
2,066 | Neenah Inc | 104,416 | ||||
50,864 | Reliance Steel & Aluminum Co | 7,434,282 | ||||
16,776 | Royal Gold Inc | 1,661,160 | ||||
26,138 | Schnitzer Steel Industries Inc | 1,406,224 | ||||
2,604 | Sonoco Products Co | 150,902 | ||||
13,032 | Stepan Co | 1,564,101 | ||||
23,738 | Trinseo PLC | 1,330,752 | ||||
194,516 | Valvoline Inc | 6,605,763 | ||||
Total Materials | 49,829,969 | |||||
Real Estate – 9.8% | ||||||
70,685 | Alexander & Baldwin Inc | 1,733,903 | ||||
38,786 | Brandywine Realty Trust | 513,915 | ||||
71,736 | Brixmor Property Group Inc | 1,681,492 | ||||
54,169 | CatchMark Timber Trust Inc | 463,687 |
Shares | Description (1) | Value | ||||
Real Estate (continued) | ||||||
14,101 | Centerspace | $1,427,585 | ||||
7,438 | Columbia Property Trust Inc | 142,586 | ||||
42,559 | CoreSite Realty Corp | 6,062,955 | ||||
17,008 | Cushman & Wakefield PLC, (2) | 312,777 | ||||
83,649 | CyrusOne Inc | 6,860,891 | ||||
165,682 | DiamondRock Hospitality Co, (2) | 1,497,765 | ||||
67,353 | Douglas Emmett Inc | 2,201,096 | ||||
90,112 | Easterly Government Properties Inc | 1,895,055 | ||||
155,024 | Empire State Realty Trust Inc | 1,500,632 | ||||
131,200 | Equity Commonwealth, (2) | 3,402,016 | ||||
16,088 | Federal Realty Investment Trust | 1,936,191 | ||||
85,850 | First Industrial Realty Trust Inc | 4,999,046 | ||||
63,194 | Five Point Holdings LLC, Class A, (2) | 465,108 | ||||
110,045 | Franklin Street Properties Corp | 495,203 | ||||
2,808 | Howard Hughes Corp, (2) | 244,661 | ||||
13,879 | Hudson Pacific Properties Inc | 357,384 | ||||
107,549 | Independence Realty Trust Inc | 2,541,383 | ||||
19,230 | iStar Inc | 485,365 | ||||
126,755 | JBG SMITH Properties | 3,658,149 | ||||
2,552 | Jones Lang LaSalle Inc, (2) | 659,003 | ||||
121,653 | Kennedy-Wilson Holdings Inc | 2,721,378 | ||||
70,609 | Kilroy Realty Corp | 4,757,634 | ||||
175,819 | Kimco Realty Corp | 3,973,509 | ||||
13,039 | Lexington Realty Trust | 189,978 | ||||
12,883 | Life Storage Inc | 1,723,874 | ||||
126,027 | Macerich Co | 2,279,828 | ||||
25,719 | Marcus & Millichap Inc, (2) | 1,211,365 | ||||
128,697 | MGM Growth Properties LLC | 5,068,088 | ||||
9,850 | Newmark Group Inc, Class A | 146,568 | ||||
69,285 | Outfront Media Inc | 1,724,504 | ||||
199,488 | Park Hotels & Resorts Inc, (2) | 3,696,513 | ||||
10,739 | Physicians Realty Trust | 204,148 | ||||
87,985 | Piedmont Office Realty Trust Inc | 1,562,614 | ||||
72,324 | PotlatchDeltic Corp | 3,780,376 | ||||
149,343 | Rayonier Inc | 5,574,974 | ||||
90,912 | Realogy Holdings Corp, (2) | 1,574,596 | ||||
61,017 | Rexford Industrial Realty Inc | 4,100,342 | ||||
12,330 | RMR Group Inc | 428,961 | ||||
21,711 | Ryman Hospitality Properties Inc, (2) | 1,857,159 | ||||
18,313 | SITE Centers Corp | 290,994 | ||||
53,077 | SL Green Realty Corp | 3,719,105 |
Shares | Description (1) | Value | ||||
Real Estate (continued) | ||||||
35,008 | St Joe Co | $1,646,076 | ||||
231,969 | Sunstone Hotel Investors Inc, (2) | 2,862,498 | ||||
22,625 | Tejon Ranch Co, (2) | 412,001 | ||||
240,319 | Uniti Group Inc | 3,438,965 | ||||
90,532 | Washington Real Estate Investment Trust | 2,294,986 | ||||
122,161 | Xenia Hotels & Resorts Inc, (2) | 2,174,466 | ||||
Total Real Estate | 108,953,348 | |||||
Utilities – 2.0% | ||||||
83,240 | Clearway Energy Inc | 2,953,355 | ||||
6,989 | Clearway Energy Inc | 230,567 | ||||
81,528 | NextEra Energy Partners LP | 7,035,867 | ||||
57,001 | ONE Gas Inc | 3,836,167 | ||||
62,403 | Southwest Gas Holdings Inc | 4,321,408 | ||||
89,877 | Sunnova Energy International Inc, (2) | 4,004,919 | ||||
Total Utilities | 22,382,283 | |||||
Total Long-Term Investments (cost $938,348,624) | 1,104,971,038 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.7% | ||||||
MONEY MARKET FUNDS – 0.7% | ||||||
7,673,457 | State Street Navigator Securities Lending Government Money Market Portfolio, (5) | 0.030% (6) | $ 7,673,457 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $7,673,457) | 7,673,457 | |||||
Total Investments (cost $946,022,081) – 100.6% | 1,112,644,495 | |||||
Other Assets Less Liabilities – (0.6)% | (6,278,870) | |||||
Net Assets – 100% | $ 1,106,365,625 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. | |
(3) | 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 $7,374,647. | |
(4) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. | |
(5) | The Fund may loan securities representing up to one third of the market 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 market value, at the inception of each loan, equal to not less than 100% of the market value of the loaned securities. The cash collateral received by the Fund is invested in this money market fund. | |
(6) | The rate shown is the one-day yield as of the end of the reporting period. |
NUDV | NUEM | NUDM | NULC | NULG | NULV | NUMG | NUMV | NUSC | |
Assets | |||||||||
Long-term investments, at value (cost $4,991,077, $110,685,276, $146,173,364, $22,670,044, $735,327,403, $1,012,493,622, $331,808,444, $224,047,280 and $938,348,624, respectively)(1) | $5,119,064 | $122,976,411 | $160,489,615 | $30,260,387 | $941,961,638 | $1,174,287,940 | $400,568,604 | $276,285,880 | $1,104,971,038 |
Investment purchased with collateral from securities lending, at value (cost approximates value) | — | — | — | — | 2,000,613 | — | — | 135,178 | 7,673,457 |
Cash | 10,753 | 222,083 | 435,854 | 52,620 | 927,737 | 1,842,703 | 409,180 | 533,410 | 1,399,448 |
Cash denominated in foreign currencies (cost $—, $—, $12,620, $—, $—, $—, $—, $—and $—, respectively) | — | — | 12,536 | — | — | — | — | — | — |
Receivable for: | |||||||||
Dividends | 8,351 | 82,783 | 355,818 | 26,838 | 180,670 | 2,241,125 | — | 306,305 | 272,142 |
Reclaims | — | 677 | 249,497 | 246 | 38 | 141 | — | 1,041 | — |
Securities lending income | — | 201 | — | 4 | 582 | — | — | 241 | 6,665 |
Other Assets | — | 623 | — | — | 4,046 | 7,354 | 1,134 | — | 5,096 |
Total assets | 5,138,168 | 123,282,778 | 161,543,320 | 30,340,095 | 945,075,324 | 1,178,379,263 | 400,978,918 | 277,262,055 | 1,114,327,846 |
Liabilities | |||||||||
Payable for: | |||||||||
Capital gains tax | — | 350,116 | — | — | — | — | — | — | — |
Collateral from securities lending program | — | — | — | — | 2,000,613 | — | — | 135,178 | 7,673,457 |
Investments purchased - regular settlement | — | — | — | — | — | 1,508,686 | — | 304,074 | — |
Investments purchased - when-issued/delayed-delivery settlement | — | 206 | — | — | — | — | — | — | — |
Accrued expenses: | |||||||||
Management fees | 1,068 | 35,587 | 38,724 | 4,848 | 186,726 | 241,665 | 97,489 | 68,487 | 274,069 |
Professional fees | 6 | 426 | 536 | 99 | 3,069 | 3,934 | 1,362 | 921 | 3,662 |
Trustees fees | 28 | 891 | 1,149 | 221 | 5,078 | 6,613 | 2,214 | 2,087 | 6,277 |
Other | — | — | — | — | 3,990 | 5,502 | 1,135 | — | 4,756 |
Total liabilities | 1,102 | 387,226 | 40,409 | 5,168 | 2,199,476 | 1,766,400 | 102,200 | 510,747 | 7,962,221 |
Net assets | $5,137,066 | $122,895,552 | $161,502,911 | $30,334,927 | $942,875,848 | $1,176,612,863 | $400,876,718 | $276,751,308 | $1,106,365,625 |
Shares outstanding | 200,000 | 3,600,000 | 5,000,000 | 700,000 | 13,100,000 | 29,850,000 | 6,950,000 | 7,200,000 | 24,450,000 |
Net asset value ("NAV") per share | $ 25.69 | $ 34.14 | $ 32.30 | $ 43.34 | $ 71.98 | $ 39.42 | $ 57.68 | $ 38.44 | $ 45.25 |
Net assets consist of: | |||||||||
Capital paid-in | $5,000,000 | $114,518,265 | $143,438,225 | $20,934,124 | $690,651,435 | $ 962,850,969 | $285,476,184 | $207,236,773 | $ 866,814,734 |
Total distributable earnings | 137,066 | 8,377,287 | 18,064,686 | 9,400,803 | 252,224,413 | 213,761,894 | 115,400,534 | 69,514,535 | 239,550,891 |
Net assets | $5,137,066 | $122,895,552 | $161,502,911 | $30,334,927 | $942,875,848 | $1,176,612,863 | $400,876,718 | $276,751,308 | $1,106,365,625 |
Authorized shares | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
Par value per share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
(1) | Includes securities loaned of $1,949,354, $126,740 and $7,374,647 for NULG, NUMV and NUSC, respectively. |
NUDV (1) | NUEM | NUDM | NULC | NULG | NULV | NUMG | NUMV | NUSC | |
Investment Income | |||||||||
Investment Income | $ 11,028 | $2,014,831 | $ 4,387,555 | $ 331,887 | $ 2,914,278 | $ 21,963,667 | $ 1,012,277 | $ 4,043,839 | $ 9,948,048 |
Securities lending income, net | — | 374 | 9 | 278 | 17,571 | 30,587 | — | 10,783 | 81,644 |
Foreign tax withheld on dividend income | — | (246,602) | (448,637) | (19) | — | (1,599) | — | — | (21,693) |
Total investment income | 11,028 | 1,768,603 | 3,938,927 | 332,146 | 2,931,849 | 21,992,655 | 1,012,277 | 4,054,622 | 10,007,999 |
Expenses | |||||||||
Management fees | 1,170 | 399,819 | 428,940 | 47,157 | 2,197,988 | 3,008,674 | 1,179,838 | 802,779 | 3,132,288 |
Professional fees | 6 | 1,165 | 1,387 | 305 | 8,317 | 11,244 | 3,938 | 2,601 | 10,021 |
Trustees fees | 28 | 2,930 | 3,559 | 770 | 19,821 | 27,363 | 9,305 | 6,719 | 25,104 |
Total expenses | 1,204 | 403,914 | 433,886 | 48,232 | 2,226,126 | 3,047,281 | 1,193,081 | 812,099 | 3,167,413 |
Net investment income (loss) | 9,824 | 1,364,689 | 3,505,041 | 283,914 | 705,723 | 18,945,374 | (180,804) | 3,242,523 | 6,840,586 |
Realized and Unrealized Gain (Loss) | |||||||||
Net realized gain (loss) from: | |||||||||
Investments and foreign currency | (745) | 4,176,730 | 5,484,486 | 1,580,986 | 45,147,470 | 42,375,369 | 47,003,207 | 20,277,055 | 71,288,449 |
In-kind redemptions | — | — | — | — | 33,580,463 | 16,717,581 | 3,709,342 | — | 1,716,397 |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | 127,987 | 3,168,035 | 15,607,992 | 6,333,223 | 162,316,822 | 170,642,340 | 40,699,813 | 47,745,906 | 134,772,548 |
Net realized and unrealized gain (loss) | 127,242 | 7,344,765 | 21,092,478 | 7,914,209 | 241,044,755 | 229,735,290 | 91,412,362 | 68,022,961 | 207,777,394 |
Net increase (decrease) in net assets from operations | $137,066 | $8,709,454 | $24,597,519 | $8,198,123 | $241,750,478 | $248,680,664 | $91,231,558 | $71,265,484 | $214,617,980 |
(1) | For the period September 27, 2021 (commencement of operations) through October 31, 2021. |
NUDV | NUEM | |||
For
the Period 9/27/21 (commencement of operations) through 10/31/21 |
Year
Ended 10/31/21 |
Year
Ended 10/31/20 | ||
Operations | ||||
Net investment income (loss) | $ 9,824 | $ 1,364,689 | $ 763,309 | |
Net realized gain (loss) from: | ||||
Investments and foreign currency | (745) | 4,176,730 | (5,403,584) | |
In-kind redemptions | — | — | (293,179) | |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | 127,987 | 3,168,035 | 8,514,368 | |
Net increase (decrease) in net assets from operations | 137,066 | 8,709,454 | 3,580,914 | |
Distributions to Shareholders | ||||
Dividends | — | (843,800) | (1,191,300) | |
Decrease in net assets from distributions to shareholders | — | (843,800) | (1,191,300) | |
Fund Share Transactions | ||||
Proceeds from shares sold | 5,000,000 | 68,334,486 | 11,165,263 | |
Cost of shares redeemed | — | — | (23,113,970) | |
Net increase (decrease) in net assets from Fund share transactions | 5,000,000 | 68,334,486 | (11,948,707) | |
Net increase (decrease) in net assets | 5,137,066 | 76,200,140 | (9,559,093) | |
Net assets at the beginning of period | — | 46,695,412 | 56,254,505 | |
Net assets at the end of period | $5,137,066 | $122,895,552 | $ 46,695,412 |
NUDM | NULC | ||||
Year
Ended 10/31/21 |
Year
Ended 10/31/20 |
Year
Ended 10/31/21 |
Year
Ended 10/31/20 | ||
Operations | |||||
Net investment income (loss) | $ 3,505,041 | $ 1,156,154 | $ 283,914 | $ 255,435 | |
Net realized gain (loss) from: | |||||
Investments and foreign currency | 5,484,486 | (2,030,056) | 1,580,986 | 509,675 | |
In-kind redemptions | — | 1,935,815 | — | 85,192 | |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | 15,607,992 | (5,058,657) | 6,333,223 | 671,696 | |
Net increase (decrease) in net assets from operations | 24,597,519 | (3,996,744) | 8,198,123 | 1,521,998 | |
Distributions to Shareholders | |||||
Dividends | (1,159,650) | (1,843,400) | (781,000) | (91,800) | |
Decrease in net assets from distributions to shareholders | (1,159,650) | (1,843,400) | (781,000) | (91,800) | |
Fund Share Transactions | |||||
Proceeds from shares sold | 84,544,985 | 19,293,749 | 5,838,745 | 13,875,505 | |
Cost of shares redeemed | — | (26,786,180) | — | (6,630,100) | |
Net increase (decrease) in net assets from Fund share transactions | 84,544,985 | (7,492,431) | 5,838,745 | 7,245,405 | |
Net increase (decrease) in net assets | 107,982,854 | (13,332,575) | 13,255,868 | 8,675,603 | |
Net assets at the beginning of period | 53,520,057 | 66,852,632 | 17,079,059 | 8,403,456 | |
Net assets at the end of period | $161,502,911 | $ 53,520,057 | $30,334,927 | $17,079,059 |
NULG | NULV | ||||
Year
Ended 10/31/21 |
Year
Ended 10/31/20 |
Year
Ended 10/31/21 |
Year
Ended 10/31/20 | ||
Operations | |||||
Net investment income (loss) | $ 705,723 | $ 852,764 | $ 18,945,374 | $ 7,466,383 | |
Net realized gain (loss) from: | |||||
Investments and foreign currency | 45,147,470 | 10,491,776 | 42,375,369 | (6,207,055) | |
In-kind redemptions | 33,580,463 | 9,595,121 | 16,717,581 | 2,086,040 | |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | 162,316,822 | 39,445,744 | 170,642,340 | (13,711,403) | |
Net increase (decrease) in net assets from operations | 241,750,478 | 60,385,405 | 248,680,664 | (10,366,035) | |
Distributions to Shareholders | |||||
Dividends | (11,336,250) | (1,371,300) | (9,383,400) | (1,925,600) | |
Decrease in net assets from distributions to shareholders | (11,336,250) | (1,371,300) | (9,383,400) | (1,925,600) | |
Fund Share Transactions | |||||
Proceeds from shares sold | 462,008,315 | 240,116,860 | 466,092,655 | 466,973,250 | |
Cost of shares redeemed | (94,249,625) | (38,217,265) | (64,004,845) | (14,023,180) | |
Net increase (decrease) in net assets from Fund share transactions | 367,758,690 | 201,899,595 | 402,087,810 | 452,950,070 | |
Net increase (decrease) in net assets | 598,172,918 | 260,913,700 | 641,385,074 | 440,658,435 | |
Net assets at the beginning of period | 344,702,930 | 83,789,230 | 535,227,789 | 94,569,354 | |
Net assets at the end of period | $942,875,848 | $344,702,930 | $1,176,612,863 | $535,227,789 |
NUMG | NUMV | ||||
Year
Ended 10/31/21 |
Year
Ended 10/31/20 |
Year
Ended 10/31/21 |
Year
Ended 10/31/20 | ||
Operations | |||||
Net investment income (loss) | $ (180,804) | $ 84,917 | $ 3,242,523 | $ 1,808,660 | |
Net realized gain (loss) from: | |||||
Investments and foreign currency | 47,003,207 | 9,721,815 | 20,277,055 | (4,217,352) | |
In-kind redemptions | 3,709,342 | 1,601,784 | — | 2,303,883 | |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | 40,699,813 | 24,595,440 | 47,745,906 | 1,901,527 | |
Net increase (decrease) in net assets from operations | 91,231,558 | 36,003,956 | 71,265,484 | 1,796,718 | |
Distributions to Shareholders | |||||
Dividends | (9,360,450) | (158,565) | (2,019,540) | (1,230,460) | |
Decrease in net assets from distributions to shareholders | (9,360,450) | (158,565) | (2,019,540) | (1,230,460) | |
Fund Share Transactions | |||||
Proceeds from shares sold | 135,917,590 | 114,305,485 | 88,264,440 | 79,612,400 | |
Cost of shares redeemed | (10,127,755) | (10,156,730) | — | (15,510,375) | |
Net increase (decrease) in net assets from Fund share transactions | 125,789,835 | 104,148,755 | 88,264,440 | 64,102,025 | |
Net increase (decrease) in net assets | 207,660,943 | 139,994,146 | 157,510,384 | 64,668,283 | |
Net assets at the beginning of period | 193,215,775 | 53,221,629 | 119,240,924 | 54,572,641 | |
Net assets at the end of period | $400,876,718 | $193,215,775 | $276,751,308 | $119,240,924 |
NUSC | ||
Year
Ended 10/31/21 |
Year
Ended 10/31/20 | |
Operations | ||
Net investment income (loss) | $ 6,840,586 | $ 2,446,835 |
Net realized gain (loss) from: | ||
Investments and foreign currency | 71,288,449 | (622,903) |
In-kind redemptions | 1,716,397 | 3,150,948 |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | 134,772,548 | 27,550,720 |
Net increase (decrease) in net assets from operations | 214,617,980 | 32,525,600 |
Distributions to Shareholders | ||
Dividends | (2,657,985) | (1,786,255) |
Decrease in net assets from distributions to shareholders | (2,657,985) | (1,786,255) |
Fund Share Transactions | ||
Proceeds from shares sold | 528,600,519 | 179,693,885 |
Cost of shares redeemed | (3,828,860) | (8,314,620) |
Net increase (decrease) in net assets from Fund share transactions | 524,771,659 | 171,379,265 |
Net increase (decrease) in net assets | 736,731,654 | 202,118,610 |
Net assets at the beginning of period | 369,633,971 | 167,515,361 |
Net assets at the end of period | $1,106,365,625 | $369,633,971 |
Investment Operations | Less Distributions | |||||||||
Year
Ended October 31, |
Beginning
NAV |
Net
Investment Income (Loss)(a) |
Net
Realized/ Unrealized Gain (Loss) |
Total | From
Net Investment Income |
From
Accumulated Net Realized Gains |
Total | Ending
NAV |
Ending
Market Price | |
NUDV | ||||||||||
2021(d) | $25.00 | $0.05 | $ 0.64 | $ 0.69 | $ — | $ — | $ — | $25.69 | $25.71 | |
NUEM | ||||||||||
2021 | 29.18 | 0.52 | 4.86 | 5.38 | (0.42) | — | (0.42) | 34.14 | 34.15 | |
2020 | 25.57 | 0.40 | 3.75 | 4.15 | (0.54) | — | (0.54) | 29.18 | 29.37 | |
2019 | 23.78 | 0.58 | 1.70 | 2.28 | (0.49) | — | (0.49) | 25.57 | 25.71 | |
2018 | 27.69 | 0.59 | (4.31) | (3.72) | (0.18) | (0.01) | (0.19) | 23.78 | 23.92 | |
2017(e) | 24.95 | 0.20 | 2.54 | 2.74 | — | — | — | 27.69 | 28.05 | |
NUDM | ||||||||||
2021 | 24.33 | 0.98 | 7.42 | 8.40 | (0.43) | — | (0.43) | 32.30 | 32.53 | |
2020 | 26.74 | 0.54 | (2.03) | (1.49) | (0.92) | — | (0.92) | 24.33 | 24.50 | |
2019 | 24.10 | 0.75 | 2.44 | 3.19 | (0.55) | — | (0.55) | 26.74 | 26.86 | |
2018 | 26.39 | 0.71 | (2.87) | (2.16) | (0.12) | (0.01) | (0.13) | 24.10 | 24.12 | |
2017(e) | 24.88 | 0.17 | 1.34 | 1.51 | — | — | — | 26.39 | 26.57 | |
NULC | ||||||||||
2021 | 31.05 | 0.46 | 13.25 | 13.71 | (0.48) | (0.94) | (1.42) | 43.34 | 43.39 | |
2020 | 28.01 | 0.53 | 2.74 | 3.27 | (0.21) | (0.02) | (0.23) | 31.05 | 30.95 | |
2019(f) | 24.96 | 0.19 | 2.86 | 3.05 | — | — | — | 28.01 | 27.99 | |
NULG | ||||||||||
2021 | 49.60 | 0.07 | 23.82 | 23.89 | (0.11) | (1.40) | (1.51) | 71.98 | 72.01 | |
2020 | 38.97 | 0.18 | 10.91 | 11.09 | (0.20) | (0.26) | (0.46) | 49.60 | 49.54 | |
2019 | 33.84 | 0.29 | 5.96 | 6.25 | (0.24) | (0.88) | (1.12) | 38.97 | 39.00 | |
2018 | 30.47 | 0.25 | 3.31 | 3.56 | (0.09) | (0.10) | (0.19) | 33.84 | 33.87 | |
2017(g) | 25.21 | 0.24 | 5.02 | 5.26 | — | — | — | 30.47 | 30.53 |
Ratios/Supplemental Data | |||||
Total Return | Ratios to Average Net Assets | ||||
Based
on NAV(b) |
Based
on Market Price(b) |
Ending
Net Assets (000) |
Expenses | Net
Investment Income (Loss) |
Portfolio
Turnover Rate(c) |
2.74% | 2.85% | $ 5,137 | 0.25%* | 2.04%* | 0% |
18.45 | 17.77 | 122,896 | 0.44 | 1.49 | 61 |
16.41 | 16.47 | 46,695 | 0.45 | 1.56 | 81 |
9.68 | 9.70 | 56,255 | 0.45 | 2.30 | 53 |
(13.55) | (14.18) | 35,676 | 0.45 | 2.12 | 65 |
11.03 | 12.42 | 24,917 | 0.45* | 1.86* | 13 |
34.83 | 34.73 | 161,503 | 0.39 | 3.16 | 64 |
(5.91) | (5.67) | 53,520 | 0.40 | 2.17 | 66 |
13.71 | 14.10 | 66,853 | 0.40 | 3.03 | 57 |
(8.25) | (8.79) | 43,384 | 0.40 | 2.71 | 56 |
6.07 | 6.78 | 23,755 | 0.40* | 1.65* | 9 |
45.28 | 45.91 | 30,335 | 0.20 | 1.20 | 49 |
11.71 | 11.43 | 17,079 | 0.20 | 1.81 | 61 |
12.22 | 12.14 | 8,403 | 0.20* | 1.75* | 9 |
49.04 | 49.29 | 942,876 | 0.34 | 0.11 | 66 |
28.66 | 28.42 | 344,703 | 0.35 | 0.39 | 86 |
19.57 | 19.53 | 83,789 | 0.35 | 0.82 | 61 |
11.70 | 11.61 | 59,212 | 0.35 | 0.73 | 65 |
20.88 | 21.10 | 24,380 | 0.35* | 0.98* | 30 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total Return Based on NAV reflects the change in NAV over the period, including the assumed reinvestment of distributions, if any, at NAV on each ex-dividend payment date during the period. Total Return Based on Market Price reflects the change in the market price per share over the period, including the assumed reinvestment of distributions, if any, at the ending market price per share on each ex-dividend payment date during the period. Total returns are not annualized. |
(c) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 - Investment Transactions) divided by the average long-term market value during the period. Portfolio Turnover Rate excludes securities received or delivered as a result of processing in-kind creations or redemptions of Fund shares (as disclosed in Note 5 - Fund Shares). |
(d) | For the period September 27, 2021 (commencement of operations) through October 31, 2021. |
(e) | For the period June 6, 2017 (commencement of operations) through October 31, 2017. |
(f) | For the period June 3, 2019 (commencement of operations) through October 31, 2019. |
(g) | For the period December 13, 2016 (commencement of operations) through October 31, 2017. |
* | Annualized. |
Investment Operations | Less Distributions | |||||||||
Year
Ended October 31, |
Beginning
NAV |
Net
Investment Income (Loss)(a) |
Net
Realized/ Unrealized Gain (Loss) |
Total | From
Net Investment Income |
From
Accumulated Net Realized Gains |
Total | Ending
NAV |
Ending
Market Price | |
NULV | ||||||||||
2021 | $28.62 | $ 0.77 | $10.50 | $11.27 | $(0.47) | $ — | $(0.47) | $39.42 | $39.44 | |
2020 | 31.52 | 0.77 | (3.19) | (2.42) | (0.48) | — | (0.48) | 28.62 | 28.65 | |
2019 | 28.75 | 0.74 | 3.00 | 3.74 | (0.57) | (0.40) | (0.97) | 31.52 | 31.52 | |
2018 | 27.83 | 0.71 | 0.56 | 1.27 | (0.27) | (0.08) | (0.35) | 28.75 | 28.80 | |
2017(d) | 25.09 | 0.53 | 2.21 | 2.74 | — | — | — | 27.83 | 27.88 | |
NUMG | ||||||||||
2021 | 42.94 | (0.03) | 16.66 | 16.63 | (0.02) | (1.87) | (1.89) | 57.68 | 57.71 | |
2020 | 33.26 | 0.03 | 9.75 | 9.78 | (0.10) | — | (0.10) | 42.94 | 42.83 | |
2019 | 29.93 | 0.06 | 4.62 | 4.68 | (0.06) | (1.29) | (1.35) | 33.26 | 33.32 | |
2018 | 28.44 | 0.07 | 1.58 | 1.65 | (0.04) | (0.12) | (0.16) | 29.93 | 30.12 | |
2017(d) | 25.10 | 0.09 | 3.25 | 3.34 | — | — | — | 28.44 | 28.46 | |
NUMV | ||||||||||
2021 | 25.64 | 0.54 | 12.68 | 13.22 | (0.42) | — | (0.42) | 38.44 | 38.50 | |
2020 | 29.50 | 0.57 | (3.71) | (3.14) | (0.72) | — | (0.72) | 25.64 | 25.67 | |
2019 | 27.04 | 0.64 | 2.78 | 3.42 | (0.62) | (0.34) | (0.96) | 29.50 | 29.57 | |
2018 | 27.00 | 0.65 | (0.38) | 0.27 | (0.19) | (0.04) | (0.23) | 27.04 | 27.09 | |
2017(d) | 25.04 | 0.48 | 1.48 | 1.96 | — | — | — | 27.00 | 27.01 | |
NUSC | ||||||||||
2021 | 30.68 | 0.36 | 14.41 | 14.77 | (0.20) | — | (0.20) | 45.25 | 45.27 | |
2020 | 29.65 | 0.28 | 1.03 | 1.31 | (0.28) | — | (0.28) | 30.68 | 30.74 | |
2019 | 28.23 | 0.34 | 2.06 | 2.40 | (0.27) | (0.71) | (0.98) | 29.65 | 29.70 | |
2018 | 27.84 | 0.35 | 0.30 | 0.65 | (0.18) | (0.08) | (0.26) | 28.23 | 28.27 | |
2017(d) | 25.01 | 0.27 | 2.56 | 2.83 | — | — | — | 27.84 | 27.89 |
Ratios/Supplemental Data | |||||
Total Return | Ratios to Average Net Assets | ||||
Based
on NAV(b) |
Based
on Market Price(b) |
Ending
Net Assets (000) |
Expenses | Net
Investment Income (Loss) |
Portfolio
Turnover Rate(c) |
39.68% | 39.63% | $1,176,613 | 0.34% | 2.13% | 59% |
(7.87) | (7.78) | 535,228 | 0.35 | 2.63 | 38 |
13.80 | 13.59 | 94,569 | 0.35 | 2.51 | 66 |
4.57 | 4.56 | 45,995 | 0.35 | 2.46 | 59 |
10.90 | 11.11 | 27,828 | 0.35* | 2.30* | 33 |
39.51 | 39.92 | 400,877 | 0.39 | (0.06) | 83 |
29.43 | 28.90 | 193,216 | 0.40 | 0.08 | 94 |
16.93 | 16.41 | 53,222 | 0.40 | 0.19 | 67 |
5.84 | 6.41 | 49,388 | 0.40 | 0.23 | 60 |
13.30 | 13.38 | 21,330 | 0.40* | 0.38* | 53 |
51.97 | 52.06 | 276,751 | 0.39 | 1.57 | 67 |
(10.98) | (11.11) | 119,241 | 0.40 | 2.25 | 72 |
13.51 | 13.57 | 54,573 | 0.40 | 2.31 | 70 |
0.97 | 1.13 | 47,318 | 0.40 | 2.30 | 69 |
7.82 | 7.86 | 22,951 | 0.40* | 2.12* | 46 |
48.28 | 48.03 | 1,106,366 | 0.39 | 0.85 | 60 |
4.40 | 4.44 | 369,634 | 0.40 | 0.98 | 54 |
9.24 | 9.26 | 167,515 | 0.40 | 1.17 | 32 |
2.32 | 2.30 | 80,447 | 0.40 | 1.17 | 54 |
11.34 | 11.54 | 30,629 | 0.40* | 1.17* | 36 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total Return Based on NAV reflects the change in NAV over the period, including the assumed reinvestment of distributions, if any, at NAV on each ex-dividend payment date during the period. Total Return Based on Market Price reflects the change in the market price per share over the period, including the assumed reinvestment of distributions, if any, at the ending market price per share on each ex-dividend payment date during the period. Total returns are not annualized. |
(c) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 - Investment Transactions) divided by the average long-term market value during the period. Portfolio Turnover Rate excludes securities received or delivered as a result of processing in-kind creations or redemptions of Fund shares (as disclosed in Note 5 - Fund Shares). |
(d) | For the period December 13, 2016 (commencement of operations) through October 31, 2017. |
* | Annualized. |
NUEM | Value | %
of Net Assets |
Country: | ||
China | $ 44,562,105 | 36.3% |
Taiwan | 18,896,295 | 15.4 |
India | 14,380,726 | 11.7 |
South Korea | 14,349,722 | 11.7 |
Brazil | 5,087,132 | 4.1 |
Saudi Arabia | 4,275,699 | 3.5 |
South Africa | 3,811,119 | 3.1 |
Mexico | 2,461,295 | 2.0 |
Russia | 2,216,208 | 1.8 |
Thailand | 2,153,190 | 1.7 |
Other | 10,782,920 | 8.8 |
Total non-U.S. securities | $122,976,411 | 100.1% |
NUDM | Value | %
of Net Assets |
Country: | ||
Japan | $ 37,426,065 | 23.2% |
United Kingdom | 23,287,119 | 14.4 |
Switzerland | 16,790,631 | 10.4 |
France | 15,684,194 | 9.7 |
Germany | 14,115,531 | 8.7 |
Australia | 11,051,532 | 6.8 |
Netherlands | 8,473,779 | 5.2 |
Sweden | 5,269,780 | 3.3 |
Italy | 5,110,036 | 3.2 |
Hong Kong | 4,815,010 | 3.0 |
Other | 18,465,938 | 11.5 |
Total non-U.S. securities | $160,489,615 | 99.4% |
NUDV | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $5,119,064 | $ — | $ — | $5,119,064 |
NUEM | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $120,467,564 | $2,153,190** | $355,323*** | $122,976,077 |
Corporate Bonds | — | 333 | — | 333 |
Common Stock Rights | — | — | 1*** | 1 |
Total | $120,467,564 | $2,153,523 | $355,324 | $122,976,411 |
NUDM | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $160,489,610 | $ — | $5*** | $160,489,615 |
NULC | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $30,260,387 | $ — | $ — | $30,260,387 |
NULG | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $941,961,638 | $ — | $ — | $941,961,638 |
Investments Purchased with Collateral from Securities Lending | 2,000,613 | — | — | 2,000,613 |
Total | $943,962,251 | $ — | $ — | $943,962,251 |
NULV | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $1,174,287,940 | $ — | $ — | $1,174,287,940 |
NUMG | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $400,568,604 | $ — | $ — | $400,568,604 |
NUMV | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $276,285,880 | $ — | $ — | $276,285,880 |
Investments Purchased with Collateral from Securities Lending | 135,178 | — | — | 135,178 |
Total | $276,421,058 | $ — | $ — | $276,421,058 |
NUSC | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $1,104,950,611 | $ — | $20,427*** | $1,104,971,038 |
Investments Purchased with Collateral from Securities Lending | 7,673,457 | — | — | 7,673,457 |
Total | $1,112,624,068 | $ — | $20,427 | $1,112,644,495 |
* | Refer to the Fund's Portfolio of Investments for industry classifications. |
** | Refer to the Fund's Portfolio of Investments for securities classified as Level 2. |
*** | Refer to the Fund's Portfolio of Investments for securities classified as Level 3. |
Fund | Asset Class out on Loan | Long-Term
Investments, at Value |
Total
Collateral Received |
NULG | Common Stocks | $1,949,354 | $2,000,613 |
NUMV | Common Stocks | $ 126,740 | $ 135,178 |
NUSC | Common Stocks | $7,374,647 | $7,673,457 |
NUDV | NUEM | NUDM | NULC | NULG | |
Purchases | $ 6,247 | $110,492,442 | $73,531,419 | $11,511,265 | $434,064,067 |
Sales | 22,701 | 54,269,559 | 69,295,102 | 11,985,666 | 440,925,420 |
NULV | NUMG | NUMV | NUSC | |
Purchases | $526,754,911 | $250,650,903 | $139,410,861 | $481,743,341 |
Sales | 516,340,327 | 256,187,711 | 137,612,260 | 476,871,860 |
NUDV | NUEM | NUDM | NULC | NULG | |
In-kind purchases | $5,008,277 | $12,235,367 | $80,852,529 | $5,826,550 | $460,960,419 |
In-kind sales | — | — | — | — | 94,051,993 |
NULV | NUMG | NUMV | NUSC | |
In-kind purchases | $464,927,539 | $135,593,375 | $88,129,960 | $527,405,523 |
In-kind sales | 63,832,391 | 10,114,777 | — | 3,818,928 |
NUDV | NUEM | |||||||
For
the Period 9/27/21 (commencement of operations) through 10/31/21 |
Year
Ended 10/31/21 |
Year
Ended 10/31/20 | ||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||
Shares sold | 200,000 | $5,000,000 | 2,000,000 | $68,334,486 | 500,000 | $ 11,165,263 | ||
Shares redeemed | — | — | — | — | (1,100,000) | (23,113,970) | ||
Net increase (decrease) | 200,000 | $5,000,000 | 2,000,000 | $68,334,486 | (600,000) | $(11,948,707) |
NUDM | NULC | ||||||||||
Year
Ended 10/31/21 |
Year
Ended 10/31/20 |
Year
Ended 10/31/21 |
Year
Ended 10/31/20 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares sold | 2,800,000 | $84,544,985 | 800,000 | $ 19,293,749 | 150,000 | $5,838,745 | 500,000 | $13,875,505 | |||
Shares redeemed | — | — | (1,100,000) | (26,786,180) | — | — | (250,000) | (6,630,100) | |||
Net increase (decrease) | 2,800,000 | $84,544,985 | (300,000) | $ (7,492,431) | 150,000 | $5,838,745 | 250,000 | $ 7,245,405 |
NULG | NULV | ||||||||||
Year
Ended 10/31/21 |
Year
Ended 10/31/20 |
Year
Ended 10/31/21 |
Year
Ended 10/31/20 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares sold | 7,600,000 | $462,008,315 | 5,650,000 | $240,116,860 | 12,950,000 | $466,092,655 | 16,200,000 | $466,973,250 | |||
Shares redeemed | (1,450,000) | (94,249,625) | (850,000) | (38,217,265) | (1,800,000) | (64,004,845) | (500,000) | (14,023,180) | |||
Net increase (decrease) | 6,150,000 | $367,758,690 | 4,800,000 | $201,899,595 | 11,150,000 | $402,087,810 | 15,700,000 | $452,950,070 |
NUMG | NUMV | ||||||||||
Year
Ended 10/31/21 |
Year
Ended 10/31/20 |
Year
Ended 10/31/21 |
Year
Ended 10/31/20 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares sold | 2,650,000 | $135,917,590 | 3,200,000 | $114,305,485 | 2,550,000 | $88,264,440 | 3,350,000 | $ 79,612,400 | |||
Shares redeemed | (200,000) | (10,127,755) | (300,000) | (10,156,730) | — | — | (550,000) | (15,510,375) | |||
Net increase (decrease) | 2,450,000 | $125,789,835 | 2,900,000 | $104,148,755 | 2,550,000 | $88,264,440 | 2,800,000 | $ 64,102,025 |
NUSC | |||||
Year
Ended 10/31/21 |
Year
Ended 10/31/20 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | 12,500,000 | $528,600,519 | 6,700,000 | $179,693,885 | |
Shares redeemed | (100,000) | (3,828,860) | (300,000) | (8,314,620) | |
Net increase (decrease) | 12,400,000 | $524,771,659 | 6,400,000 | $171,379,265 |
NUDV | NUEM | NUDM | NULC | NULG | |
Tax cost of investments | $4,991,680 | $112,407,888 | $146,994,999 | $22,682,389 | $737,448,052 |
Gross unrealized: | |||||
Appreciation | $ 204,699 | $ 18,450,212 | $ 18,419,871 | $ 8,012,728 | $218,903,450 |
Depreciation | (77,315) | (7,881,689) | (4,925,255) | (434,730) | (12,389,251) |
Net unrealized appreciation (depreciation) of investments | $ 127,384 | $ 10,568,523 | $ 13,494,616 | $ 7,577,998 | $206,514,199 |
NULV | NUMG | NUMV | NUSC | |
Tax cost of investments | $1,012,909,186 | $331,831,598 | $224,338,419 | $947,128,864 |
Gross unrealized: | ||||
Appreciation | $ 179,482,903 | $ 81,489,921 | $ 55,472,902 | $208,655,402 |
Depreciation | (18,104,149) | (12,752,915) | (3,390,263) | (43,139,771) |
Net unrealized appreciation (depreciation) of investments | $ 161,378,754 | $ 68,737,006 | $ 52,082,639 | $165,515,631 |
NUDV | NUEM | NUDM | NULC | NULG | |
Undistributed net ordinary income1 | $10,326 | $2,482,138 | $6,345,262 | $1,359,952 | $34,262,025 |
Undistributed net long-term capital gains | — | 170,242 | — | 462,853 | 11,448,189 |
NULV | NUMG | NUMV | NUSC | |
Undistributed net ordinary income1 | $49,974,289 | $31,768,184 | $14,280,102 | $54,974,733 |
Undistributed net long-term capital gains | 2,408,851 | 14,895,344 | 3,151,794 | 19,060,527 |
1 | Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any. |
2021 | NUDV 3 | NUEM | NUDM | NULC | NULG |
Distributions from net ordinary income1 | $ — | $843,800 | $1,159,650 | $769,015 | $10,742,287 |
Distributions from net long-term capital gains2 | — | — | — | 11,985 | 593,963 |
2021 | NULV | NUMG | NUMV | NUSC |
Distributions from net ordinary income1 | $9,383,400 | $7,504,878 | $2,019,540 | $2,657,985 |
Distributions from net long-term capital gains2 | — | 1,855,572 | — | — |
2020 | NUEM | NUDM | NULC | NULG |
Distributions from net ordinary income1 | $1,191,300 | $1,843,400 | $91,799 | $586,800 |
Distributions from net long-term capital gains | — | — | 1 | 784,500 |
2020 | NULV | NUMG | NUMV | NUSC |
Distributions from net ordinary income1 | $1,925,600 | $158,565 | $1,230,460 | $1,786,255 |
Distributions from net long-term capital gains | — | — | — | — |
1 | Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any. |
2 | The Funds hereby designate as long-term capital gain dividend, pursuant to the Internal Revenue Code 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2021. |
3 | For the period September 27, 2021 (commencement of operations) through October 31, 2021. |
NUDV | NUEM 4 | NUDM 4 | |
Not subject to expiration: | |||
Short-term | $ 644 | $2,376,818 | $ 533,409 |
Long-term | — | 2,117,071 | 1,238,586 |
Total | $ 644 | $4,493,889 | $1,771,995 |
4 | A portion of NUEM and NUDM's capital loss carryforwards are subject to an annual limitation under the Internal Revenue Code and related regulations. |
NUEM | NUDM | NULV | NUMV | NUSC | |
Utilized capital loss carryforwards | $2,988,926 | $3,015,096 | $5,732,840 | $5,217,492 | $3,037,346 |
Fund | Management Fee* |
NUDV | 0.25% |
NUEM | 0.45 |
NUDM | 0.40 |
NULC | 0.20 |
NULG | 0.35 |
NULV | 0.35 |
NUMG | 0.40 |
NUMV | 0.40 |
NUSC | 0.40 |
Fund | Management Fee |
NUDV | 0.25% |
NUEM | 0.35 |
NUDM | 0.30 |
NULC | 0.20 |
NULG | 0.25 |
NULV | 0.25 |
NUMG | 0.30 |
NUMV | 0.30 |
NUSC | 0.30 |
Cross-Trades | NULC | NULV | NUMV |
Purchases | $290,165 | $5,999,158 | $1,103,716 |
Sales | — | 632,160 | 337,794 |
Realized gain (loss) | — | 11,722 | (16,839) |
NUDV | ||
September 27, 2021 (commencement of operations) through October 31, 2021 | Number of Days | % of Total Days |
Premium/Discount Range: | ||
0.00% to 0.25% | 23 | 95.8% |
(0.01)% to (0.25)% | 1 | 4.2% |
24 | 100% |
NUEM | NUDM | |||||||
Year Ended October 31, 2021 | Number of Days | % of Total Days | Number of Days | % of Total Days | ||||
Premium/Discount Range: | ||||||||
1.01% to 3.00% | 73 | 29.1% | 25 | 9.9% | ||||
0.51% to 1.00% | 96 | 38.2% | 122 | 48.6% | ||||
0.26% to 0.50% | 36 | 14.3% | 57 | 22.7% | ||||
0.00 to 0.25% | 24 | 9.6% | 21 | 8.4% | ||||
(0.01)% to (0.25)% | 9 | 3.6% | 17 | 6.8% | ||||
(0.26)% to (0.50)% | 7 | 2.8% | 7 | 2.8% | ||||
(0.51)% to (1.00)% | 3 | 1.2% | 2 | 0.8% | ||||
(1.01)% to (3.00)% | 3 | 1.2% | - | - | ||||
251 | 100% | 251 | 100% |
NULC | NULG | NULV | ||||||||
Year Ended October 31, 2021 | Number of Days | % of Total Days | Number of Days | % of Total Days | Number of Days | % of Total Days | ||||
Premium/Discount Range: | ||||||||||
0.26% to 0.50% | – | – | 1 | 0.4% | - | - | ||||
0.00% to 0.25% | 142 | 56.6% | 212 | 84.5% | 243 | 96.8% | ||||
(0.01)% to (0.25)% | 109 | 43.4% | 38 | 15.1% | 8 | 3.2% | ||||
251 | 100% | 251 | 100% | 251 | 100% |
NUMG | NUMV | NUSC | ||||||||
Year Ended October 31, 2021 | Number of Days | % of Total Days | Number of Days | % of Total Days | Number of Days | % of Total Days | ||||
Premium/Discount Range: | ||||||||||
0.00% to 0.25% | 235 | 93.6% | 216 | 86.1% | 229 | 91.2% | ||||
(0.01)% to (0.25)% | 16 | 6.4% | 35 | 13.9% | 22 | 8.8% | ||||
251 | 100% | 251 | 100% | 251 | 100% |
NUDV | NUEM | NUDM | NULC | NULG | NULV | NUMG | NUMV | NUSC | |
% of DRD | 0.0% | 0.0% | 0.0% | 35.1% | 15.7% | 96.4% | 7.8% | 74.6% | 100.0% |
% of QDI | 0.0% | 57.2% | 85.4% | 36.6% | 16.6% | 100.0% | 8.0% | 86.1% | 100.0% |
• | Centralization of Functions – ongoing initiatives to centralize investment leadership, market approach and shared support functions within Nuveen and its affiliates in seeking to operate more effectively the business and enhance the services to the Nuveen funds; |
• | Fund Improvements and Product Management Initiatives – continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to continually improve product platforms and investment strategies to better serve shareholders through, among other things, rationalizing the product line and gaining efficiencies through mergers, repositionings and liquidations; launching new funds; reviewing and updating investment policies and benchmarks; and modifying portfolio management teams for various funds; |
• | Investment Team Integrations – continuing to integrate and adjust the members of certain investment teams, in part, to allow greater access to tools and resources within the Nuveen organization and its affiliates; |
• | Capital Initiatives – continuing to invest capital to support new Nuveen funds with initial capital as well as to support existing funds and facilitate regulatory or logistical changes; |
• | Liquidity Management – continuing to operate the liquidity management program of the applicable Nuveen funds including monitoring daily their liquidity profile and assessing annually the overall liquidity risk of such funds; |
• | Compliance Program Initiatives – continuing efforts to mitigate compliance risk, increase operating efficiencies, implement enhancements to strengthen key compliance program elements and support international business growth and other corporate objectives; |
• | Investment Oversight – preparing reports to the Board addressing, among other things, fund performance; market conditions; investment teams; new products; changes to mandates, policies and benchmarks; and other management proposals; |
• | Risk Management and Valuation Services - continuing to oversee and manage risk including, among other things, conducting daily calculations and monitoring of risk measures across the Nuveen funds, instituting appropriate investment risk controls, providing risk reporting throughout the firm, participating in internal oversight committees, and continuing to implement an operational risk framework that seeks to provide greater transparency of operational risk matters across the complex as well as provide multiple other risk programs that seek to provide a more disciplined and consistent approach to identifying and mitigating Nuveen’s operational risks. Further, the securities valuation team continues, among other things, to oversee the daily valuation process of the portfolio securities of the funds, maintains the valuation policies and procedures, facilitates valuation committee meetings, manages relationships with pricing vendors, and prepares relevant valuation reports and designs methods to simplify and enhance valuation workflow within the organization; |
• | Regulatory Matters – continuing efforts to monitor regulatory trends and advocate on behalf of Nuveen and/or the Nuveen funds, to implement and comply with new or revised rules and mandates and to respond to regulatory inquiries and exams; |
• | Government Relations – continuing efforts of various Nuveen teams and Nuveen’s affiliates to develop policy positions on a broad range of issues that may impact the Nuveen funds, advocate and communicate these positions to lawmakers and other regulatory authorities and work with trade associations to ensure these positions are represented; |
• | Business Continuity, Disaster Recovery and Information Security – continuing efforts of Nuveen to periodically test and update business continuity and disaster recovery plans and, together with its affiliates, to maintain an information security program designed to identify and manage information security risks, and provide reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, potential impact of new or revised laws and regulations, incident tracking and other relevant information technology risk-related reports; and |
• | Dividend Management Services – continuing to manage the dividends among the varying types of Nuveen funds within the Nuveen complex to be consistent with the respective fund’s product design and positioning in striving to deliver those earnings to shareholders in a relatively consistent manner over time as well as assisting in the development of new products or the restructuring of existing funds. |
• | the nature, extent and quality of the services expected to be provided by the Fund Adviser; |
• | the organization of the Fund Adviser, including the responsibilities of various departments and key personnel; |
• | the relevant expertise and background of the Fund Adviser with respect to the Fund’s investment strategy; |
• | certain performance-related information (as described below); |
• | certain profitability-related information (as described below); |
• | the Fund’s proposed unitary fee structure, including comparisons of the Fund’s proposed unitary fee with the net expense ratios of comparable funds; and |
• | the soft dollar practices of the Fund Adviser, if any. |
Name,
Year of Birth & Address |
Position(s)
Held with the Funds |
Year
First Elected or Appointed (1) |
Principal
Occupation(s) Including other Directorships During Past 5 Years |
Number
of Portfolios in Fund Complex Overseen by Trustee |
Independent Trustees: | ||||
Terence
J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606 |
Chair
and Trustee |
2008 | Formerly, a Co-Founding Partner, Promus Capital (investment advisory firm) (2008-2017); Director, Quality Control Corporation (manufacturing) (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (philanthropy) (since 2012), and chair of its investment committee; formerly, Director, Fulcrum IT Services LLC (information technology services firm to government entities) (2010-2019); formerly, Director, LogicMark LLC (health services) (2012-2016); formerly, Director, Legal & General Investment Management America, Inc. (asset management) (2008-2013); formerly, CEO and President, Northern Trust Global Investments (financial services) (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (financial services) (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004). | 142 |
Jack
B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 1999 | Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine Foundation, (private philanthropic corporation); Life Trustee of Coe College; formerly, Member and President Pro-Tem of the Board of Regents for the State of Iowa University System (2007- 2013); Director and Chairman (2009-2021), United Fire Group, a publicly held company; Director, Public Member, American Board of Orthopaedic Surgery (2015-2020); Director (2000-2004), Alliant Energy; Director (1996-2015), The Gazette Company (media and publishing); Director (1997- 2003), Federal Reserve Bank of Chicago; President and Chief Operating Officer (1972-1995), SCI Financial Group, Inc., (regional financial services firm). | 142 |
Name,
Year of Birth & Address |
Position(s)
Held with the Funds |
Year
First Elected or Appointed (1) |
Principal
Occupation(s) Including other Directorships During Past 5 Years |
Number
of Portfolios in Fund Complex Overseen by Trustee |
William
C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2003 | Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director (2005-2015), and past President (2010- 2014) Beta Gamma Sigma, Inc., The International Business Honor Society; formerly, Director (2004-2018) of Xerox Corporation; formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | 142 |
Amy
B. R. Lancellotta 1959 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2021 | Formerly, Managing Director, Independent Directors Council (IDC) (supports the fund independent director community and is part of the Investment Company Institute (ICI), which represents regulated investment companies) (2006-2019); formerly, various positions with ICI (1989-2006); Member of the Board of Directors, Jewish Coalition Against Domestic Abuse (JCADA) (since 2020). | 142 |
Joanne
T. Medero 1954 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2021 | Formerly, Managing Director, Government Relations and Public Policy (2009-2020) and Senior Advisor to the Vice Chairman (2018-2020), BlackRock, Inc. (global investment management firm); formerly, Managing Director, Global Head of Government Relations and Public Policy, Barclays Group (IBIM) (investment banking, investment management and wealth management businesses)(2006-2009); formerly, Managing Director, Global General Counsel and Corporate Secretary, Barclays Global Investors (global investment management firm) (1996-2006); formerly, Partner, Orrick, Herrington & Sutcliffe LLP (law firm) (1993-1995); formerly, General Counsel, Commodity Futures Trading Commission (government agency overseeing U.S. derivatives markets) (1989-1993); formerly, Deputy Associate Director/Associate Director for Legal and Financial Affairs, Office of Presidential Personnel, The White House (1986-1989); Member of the Board of Directors, Baltic-American Freedom Foundation (seeks to provide opportunities for citizens of the Baltic states to gain education and professional development through exchanges in the U.S.) (since 2019). | 142 |
Albin
F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2016 | Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc. (consumer wireless services), including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996) including Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics). | 142 |
Name,
Year of Birth & Address |
Position(s)
Held with the Funds |
Year
First Elected or Appointed (1) |
Principal
Occupation(s) Including other Directorships During Past 5 Years |
Number
of Portfolios in Fund Complex Overseen by Trustee |
John
K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2013 | Member of Board of Directors of Core12 LLC. (private firm which develops branding, marketing and communications strategies for clients) (since 2008); served The President's Council of Fordham University (2010-2019) and previously a Director of the Curran Center for Catholic American Studies (2009-2018); formerly, senior external advisor to the Financial Services practice of Deloitte Consulting LLP. (2012-2014); former Chair of the Board of Trustees of Marian University (2010-2014 as trustee, 2011-2014 as Chair); formerly Chief Executive Officer of ABN AMRO Bank N.V., North America, and Global Head of the Financial Markets Division (2007-2008), with various executive leadership roles in ABN AMRO Bank N.V. between 1996 and 2007. | 142 |
Judith
M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 1997 | Board Member, Land Trust Alliance (national public charity addressing natural land and water conservation in the U.S.) (since 2013); formerly, Board Member, U.S. Endowment for Forestry and Communities (national endowment addressing forest health, sustainable forest production and markets, and economic health of forest-reliant communities in the U.S.) (2013-2019); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (private foundation endowed to support both natural land conservation and artistic vitality); prior thereto, Executive Director, Great Lakes Protection Fund (endowment created jointly by seven of the eight Great Lakes states' Governors to take a regional approach to improving the health of the Great Lakes) (1990-1994). | 142 |
Carole
E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2007 | Former Director, Chicago Board Options Exchange (2006-2017), and C2 Options Exchange, Incorporated (2009-2017); formerly, Director, Cboe Global Markets, Inc., (2010-2020) (formerly named CBOE Holdings, Inc.); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 142 |
Matthew
Thornton III 1958 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2020 | Formerly, Executive Vice President and Chief Operating Officer (2018-2019), FedEx Freight Corporation, a subsidiary of FedEx Corporation ("FedEx") (provider of transportation, e-commerce and business services through its portfolio of companies); formerly, Senior Vice President, U.S. Operations (2006-2018), Federal Express Corporation, a subsidiary of FedEx; formerly Member of the Board of Directors (2012-2018), Safe Kids Worldwide® (a non-profit organization dedicated to preventing childhood injuries). Member of the Board of Directors (since 2014), The Sherwin-Williams Company (develops, manufactures, distributes and sells paints, coatings and related products); Director (since 2020), Crown Castle International (provider of communications infrastructure). | 142 |
Name,
Year of Birth & Address |
Position(s)
Held with the Funds |
Year
First Elected or Appointed (1) |
Principal
Occupation(s) Including other Directorships During Past 5 Years |
Number
of Portfolios in Fund Complex Overseen by Trustee |
Margaret
L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2016 | Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (legal services, Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | 142 |
Robert
L. Young 1963 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2017 | Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (financial services) (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (financial services) (formerly, One Group Dealer Services, Inc.) (1999-2017). | 142 |
Name,
Year of Birth & Address |
Position(s)
Held with the Funds |
Year
First Elected or Appointed(2) |
Principal
Occupation(s) During Past 5 Years |
|
Officers of the Funds: | ||||
Jordan
M. Farris 1980 333 W. Wacker Drive Chicago, IL 60606 |
Chief
Administrative Officer |
2019 | Managing Director (since 2017), formerly Vice President (2016-2017), Head of Product Management and Development, ETFs, Nuveen Securities, LLC; Director, Guggenheim Funds Distributors (2013-2016). | |
Mark
J. Czarniecki 1979 901 Marquette Avenue Minneapolis, MN 55402 |
Vice
President and Assistant Secretary |
2013 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) and Nuveen Fund Advisors, LLC (since 2017); Vice President and Associate General Counsel of Nuveen (since 2013) and Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2018). | |
Diana
R. Gonzalez 1978 333 W. Wacker Drive Chicago, IL 60606 |
Vice
President and Secretary |
2017 | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President and Associate General Counsel of Nuveen (since 2017); formerly, Associate General Counsel of Jackson National Asset Management, LLC (2012-2017). | |
Nathaniel
T. Jones 1979 333 W. Wacker Drive Chicago, IL 60606 |
Vice
President and Treasurer |
2016 | Senior Managing Director (since 2021), formerly, Managing Director (2017-2021), Senior Vice President (2016-2017), Vice President (2011- 2016) of Nuveen; Managing Director (since 2015) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | |
Tina
M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606 |
Vice President | 2002 | Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC. | |
Brian
J. Lockhart 1974 333 W. Wacker Drive Chicago, IL 60606 |
Vice President | 2019 | Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Senior Managing Director (since 2021), formerly, Managing Director (2017-2021), Vice President (2010-2017) of Nuveen; Head of Investment Oversight (since 2017), formerly, Team Leader of Manager Oversight (2015-2017); Chartered Financial Analyst and Certified Financial Risk Manager. |
Name,
Year of Birth & Address |
Position(s)
Held with the Funds |
Year
First Elected or Appointed(2) |
Principal
Occupation(s) During Past 5 Years |
|
Jacques
M. Longerstaey 1963 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 |
Vice President | 2019 | Senior Managing Director, Chief Risk Officer, Nuveen (since May 2019); Senior Managing Director (since May 2019) of Nuveen Fund Advisors, LLC; formerly, Chief Investment and Model Risk Officer, Wealth & Investment Management Division, Wells Fargo Bank (NA) (2013-2019). | |
Kevin
J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606 |
Vice
President and Assistant Secretary |
2007 | Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Fund Advisors, LLC, formerly, Co-General Counsel (2011-2020), Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) of Nuveen Asset Management, LLC, formerly, Associate General Counsel (2011-2020), Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC. | |
Jon
Scott Meissner 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 |
Vice
President and Assistant Secretary |
2019 | Managing Director of Mutual Fund Tax and Financial Reporting groups at Nuveen (since 2017); Managing Director of Nuveen Fund Advisors, LLC (since 2019); Senior Director of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2016); Senior Director (since 2015) Mutual Fund Taxation to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the CREF Accounts; has held various positions with TIAA since 2004. | |
Deann
D. Morgan 1969 730 Third Avenue New York, NY 10017 |
Vice President | 2020 | President, Nuveen Fund Advisors, LLC (since 2020); Executive Vice President, Global Head of Product at Nuveen (since 2019); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2020); Managing Member of MDR Collaboratory LLC (since 2018); formerly. Managing Director, Head of Wealth Management Product Structuring & COO Multi Asset Investing. The Blackstone Group (2013-2017). | |
Christopher
M. Rohrbacher 1971 333 W. Wacker Drive Chicago, IL 60606 |
Vice
President and Assistant Secretary |
2008 | Managing Director and Assistant Secretary (since 2017) of Nuveen Securities, LLC; Managing Director (since 2017), General Counsel (since 2020), and Assistant Secretary (since 2016), formerly, Senior Vice President (2016-2017), of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020); Managing Director (since 2017) and Associate General Counsel (since 2016), formerly, Senior Vice President (2012-2017) and Assistant General Counsel (2008-2016) of Nuveen. | |
William
A. Siffermann 1975 333 W. Wacker Drive Chicago, IL 60606 |
Vice President | 2017 | Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen. | |
E.
Scott Wickerham 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 |
Vice
President and Controller |
2019 | Senior Managing Director, Head of Public Investment Finance at Nuveen (since 2019), formerly, Managing Director; Senior Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) of the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and Principal Financial Officer, Principal Accounting Officer (since 2020) and Treasurer (since 2017) of the CREF Accounts; formerly, Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various positions with TIAA since 2006. |
Name,
Year of Birth & Address |
Position(s)
Held with the Funds |
Year
First Elected or Appointed(2) |
Principal
Occupation(s) During Past 5 Years |
|
Mark
L. Winget 1968 333 W. Wacker Drive Chicago, IL 60606 |
Vice
President and Assistant Secretary |
2008 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008), and Nuveen Fund Advisors, LLC (since 2019); Vice President, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020); Vice President (since 2010) and Associate General Counsel (since 2019), formerly, Assistant General Counsel (2008-2016) of Nuveen. | |
Gifford
R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 |
Vice
President and Chief Compliance Officer |
1988 | Formerly, Managing Director (2002-2020) and Assistant Secretary (2002-2020) of Nuveen Securities, LLC; formerly, Managing Director (2002-2020), Assistant Secretary (1997-2020) and Co-General Counsel (2011-2020) of Nuveen Fund Advisors, LLC; formerly, Managing Director (2004-2020) and Assistant Secretary (1994-2020) of Nuveen Investments, Inc.; formerly, Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (2011-2020); formerly, Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (2002-2020), Santa Barbara Asset Management, LLC (2006-2020) and Winslow Capital Management, LLC (2010-2020); Chartered Financial Analyst. |
Exchange-Traded
Funds
31 October
2021
Nuveen Exchange-Traded Funds
Fund Name | Listing Exchange | Ticker Symbol | ||
Nuveen Dividend Growth ETF | NYSE Arca | NDVG | ||
Nuveen Growth Opportunities ETF | NYSE Arca | NUGO | ||
Nuveen Small Cap Select ETF | NYSE Arca | NSCS | ||
Nuveen Winslow Large-Cap Growth ESG ETF | NYSE Arca | NWLG |
As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds annual and semi-annual shareholder reports will not be sent to you by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive shareholder reports and other communications from the Funds electronically at any time by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares.
You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary. Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary.
Annual Report
Life is Complex.
Nuveen makes things e-simple.
It only takes a minute to sign up for e-Reports. Once enrolled, youll receive an e-mail as soon as your Nuveen Fund information is ready. No more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.
Free e-Reports right to your e-mail!
www.investordelivery.com
If you receive your Nuveen Fund distributions and statements from your financial professional or brokerage account.
or
www.nuveen.com/client-access
If you receive your Nuveen Fund distributions and statements directly from Nuveen.
Must be preceded or accompanied by a prospectus.
NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE
of Contents
4 | ||||
5 | ||||
9 | ||||
10 | ||||
15 | ||||
19 | ||||
21 | ||||
22 | ||||
36 | ||||
37 | ||||
38 | ||||
40 | ||||
42 | ||||
48 | ||||
50 | ||||
51 | ||||
63 | ||||
64 |
3
Chairs Letter to Shareholders
Dear Shareholders,
In 2021, we have seen a nearly full recovery in the economy and began to approach more normalcy in our daily lives, enabled by unprecedented help from governments and central banks and the development of effective COVID-19 vaccines and therapies. However, the newly discovered omicron variant is a reminder that pandemic risks are still with us, which has created uncertainty about the economic outlook in the coming year and contributed to recent short-term volatility in the markets.
As some factors that drove 2021s rebound fade and the pandemic continues to pose some downside risk, global economic growth is expected to be slower but remain expansionary. In the U.S., the Federal Reserve has begun winding down its pandemic bond buying program and could begin raising short-term interest rates in 2022. The crisis-related fiscal stimulus totaling $5.3 trillion to support individuals and families, small and large businesses, state and local governments, education, public health and vaccinations will also phase out. Government spending will be lower from here but should continue to aid the global recovery in the coming year. In the U.S., the $1.2 trillion Infrastructure Investment and Jobs Act recently went into effect on November 15, 2021, funding upgrades to road, rail and air transportation, broadband internet, and power and water systems. Europe, Japan and China are also expected to roll out additional fiscal support in 2022.
Investors will continue to closely monitor inflation. The spread of the COVID-19 delta variant in 2021 exacerbated shortages of raw materials and labor and disrupted transportation and logistics, which contributed to inflation staying elevated for longer than expected. This prompted some central banks to begin withdrawing monetary stimulus measures and others to raise interest rates. The timing of monetary policy normalization will be a key focus in the markets, as will the progression of the virus, which can be difficult to predict given uneven vaccination rates around the world and the potential for new variants.
We anticipate periodic volatility as markets digest incoming data on economic activity levels, inflation, interest rates and COVID-19, as well as their impacts to consumer behavior and corporate profits. Short-term market fluctuations can provide your Fund opportunities to invest in new ideas as well as upgrade existing positioning while providing long-term value for shareholders. For more than 120 years, the careful consideration of risk and reward has guided Nuveens focus on delivering long-term results to our shareholders.
As the global economy shifts from the fast recovery phase to a new phase of expansion potentially impacted by inflations and new COVID strains, it may be an opportune time to assess your portfolio. We encourage you to review your time horizon, risk tolerance and investment goals with your financial professional.
On behalf of the other members of the Nuveen Fund Board, I look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Terence J. Toth
Chair of the Board
December 22, 2021
4
Nuveen Dividend Growth ETF (NDVG)
Nuveen Growth Opportunities ETF (NUGO)
Nuveen Small Cap Select ETF (NSCS)
Nuveen Winslow Large-Cap Growth ESG ETF (NWLG)
The Nuveen Dividend Growth ETF features portfolio management by Santa Barbara Asset Management (SBAM), an affiliate of Nuveen Fund Advisors, LLC, the Funds investment adviser. Portfolio managers for the Nuveen Dividend Growth ETF include David S. Park, CFA, and David A. Chalupnik, CFA.
The Nuveen Growth Opportunities ETF and the Nuveen Small Cap Select ETF feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, the Funds investment adviser. Portfolio managers for the Nuveen Growth Opportunities ETF include Karen B. Hiatt, CFA, and Terrence Kontos, CFA. Gregory Ryan, CFA and Jon A. Loth, CFA, are the portfolio managers for the Nuveen Small Cap Select ETF.
The Nuveen Winslow Large-Cap Growth ESG ETF features portfolio management by Winslow Capital Management, LLC (Winslow Capital), an affiliate of Nuveen Fund Advisors, LLC, the Funds investment adviser. Justin Kelly, CFA, Patrick Burton, CFA, and Stephan Petersen are the portfolio managers for the Nuveen Winslow Large-Cap Growth ESG ETF.
Upcoming Sub-Adviser Change
On August 3, 2021, the Funds Board of Trustees approved an amended and restated subadvisory agreement for the Nuveen Dividend Growth ETF, effective on December 31, 2021, between Nuveen Fund Advisors, LLC (NFAL), the Funds investment adviser, and Nuveen Asset Management, LLC (NAM), pursuant to which NAM will assume portfolio management responsibilities for the Fund under substantially identical terms as those in the Funds existing sub-advisory agreement between NFAL and SBAM. NAM and SBAM are both affiliates of NFAL and are subsidiaries of Nuveen, LLC.
The Funds portfolio management team and investment strategy will not be affected by these changes. Here the portfolio management teams discuss key investment strategies and the performance of the Funds for their abbreviated reporting periods ended October 31, 2021. For more information on each Funds investment objectives and policies and characteristics on actively managed, semi-transparent ETFs, please refer to each Funds prospectus.
Nuveen Dividend Growth ETF (NDVG)
What key strategies were used to manage the Fund during the abbreviated reporting period from commencement of operation on August 4, 2021 to October 31, 2021?
NDVG seeks an attractive total return comprised of income from dividends and long-term capital appreciation focusing on high quality, mid- to large-cap companies with the potential for sustainable dividend growth. NDVG is an actively managed, semi-transparent
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investors objectives and circumstances and in consultation with his or her advisors.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
5
Portfolio Managers Comments (continued)
ETF, which offers investors an additional vehicle to access the firms equity capabilities, while maintaining the potential benefits of the traditional ETF structure, including tax-efficiency and daily liquidity. Investment decisions are actively made by portfolio managers with the goal of outperforming the benchmark index.
How did the Fund perform during the abbreviated reporting period ended October 31, 2021?
For the abbreviated reporting period from the Funds commencement of operation on August 4, 2021 to October 31, 2021, the Fund performed in-line with the S&P 500® Index. For purposes of this Performance Commentary, references to relative performance are in comparison to the S&P 500® Index.
Security selection within the industrial and communication services sectors was the largest detractor relative to the benchmark over the abbreviated reporting period. In the industrial sector, the Fund saw weak results from Trane Technologies plc., a manufacturer of heating, ventilating and air conditioning (HVAC) systems and building management systems and controls. The company experienced incremental margin pressure as strained supply chains increased costs and inefficiencies, resulting in lower-than-expected earnings per share growth. Although headwinds remain, the Fund continued to own Trane Technologies given its expanding backlog, exposure to secular growth trends and expectations for better demand going into 2022. In the communication services sector, a position in Comcast Corporation detracted after the companys management indicated that broadband subscriber growth would slow during the back half of the year from the elevated levels experienced during the pandemic. The Fund continues to own Comcast given that the company is adding broadband subscribers and experiencing growth in its media, wireless and theme park businesses, which should lead to strong dividend growth.
Several stocks contributed favorably to the Funds performance relative to the benchmark during the abbreviated reporting period. In the consumer discretionary sector, the Funds position in home improvement retailer Lowes Companies Inc. contributed to performance. The company reported quarterly revenue and earnings above consensus estimates driven by strong comparable sales growth as consumers continued to spend more time and money on their homes. Lowes also raised its full-year 2021 guidance, indicating confidence that the current strong housing and home improvement market will continue. The Fund continues to own Lowes because its shares are trading at an attractive valuation given the companys sales, margin and cash flow opportunities. In the financials sector, a position in Charles Schwab Corporation contributed given the firms strong trading commissions, continued organic asset growth and recovering reinvestment rates. As a result of the companys solid fundamentals, the Fund has maintained this position.
Nuveen Growth Opportunities ETF (NUGO)
What key strategies were used to manage the Fund during the abbreviated reporting period from commencement of operation on September 27, 2021 to October 31, 2021?
NUGO seeks long-term capital appreciation through a concentrated growth portfolio that primarily invests in high-quality U.S. companies with market capitalizations of at least $1 billion that exhibit potential for attractive earnings growth, strong relative valuation, attractive cash flows, and significant long-term returns. NUGO is an actively managed, semi-transparent ETF, which offers investors an additional vehicle to access the firms equity capabilities, while maintaining the potential benefits of the traditional ETF structure, including tax-efficiency and daily liquidity. Investment decisions are actively made by portfolio managers with the goal of outperforming the benchmark index.
How did the Fund perform during the abbreviated reporting period ended October 31, 2021?
For the abbreviated reporting period from the Funds commencement of operation on September 27, 2021 to October 31, 2021, the Fund underperformed the Russell 1000® Growth Index. For purposes of this Performance Commentary, references to relative performance are in comparison to the Russell 1000® Growth Index.
Over the abbreviated reporting period, security selection within the information technology sector was the largest detractor from relative performance. A position in credit card processor Mastercard Inc. negatively impacted relative results as shares sold off after its peer Visa reported fiscal fourth-quarter results in late October 2021 with a softer outlook for 2022. The Fund continued to own Mastercard because the company is well positioned to benefit from the continued shift to digital payments over the longer term.
6
Another information technology holding, online payment system provider PayPal Holdings Inc. lagged. In October 2021, news emerged that the company was in discussions to buy Pinterest, which was not well received by investors and caused the shares to fall. PayPal subsequently announced that it was no longer pursuing the Pinterest acquisition, however, the potential for an acquisition in the future remained a concern for investors. The Fund maintained this position because its portfolio management team expects PayPals valuation to stabilize and earnings growth to accelerate as the company monetizes Venmo, benefits from Buy Now, Pay Later penetration, and completes its separation from Ebay.
The underperformance was partially offset by a position in semiconductor company NVIDIA Corporation, which contributed favorably to the Funds performance relative to its benchmark. Facebooks announcement to rebrand and focus on the metaverse benefited NVIDIA as it is the semiconductor company with the most dominant exposure to nearly all of the key growth trends in technology, including artificial intelligence (AI), virtual reality (VR), augmented reality (AR), data centers, gaming, automated driving, and now the metaverse. Therefore, the Fund has maintained this position. A position in DexCom Inc., the developer of continuous glucose monitoring technology for diabetes management, also benefited results. The company reported strong third-quarter 2021 results toward the end of October, exceeding consensus estimates and raising its full fiscal-year 2021 guidance. In addition, the companys management reiterated the timeline for launching its next generation device, the DexCom G7 system, which will have significant improvements over the current version. The Fund continued to own the stock based on this positive catalyst.
Nuveen Small Cap Select ETF (NSCS)
What key strategies were used to manage the Fund during the abbreviated reporting period from commencement of operation on August 4, 2021 to October 31, 2021?
NSCS seeks to provide capital appreciation through buying companies trading at a discount to their intrinsic value only when a forthcoming catalyst is apparent. NSCS is an actively managed, semi-transparent ETF, which offers investors an additional vehicle to access the firms equity capabilities, while maintaining the potential benefits of the traditional ETF structure, including tax-efficiency and daily liquidity. Investment decisions are actively made by portfolio managers with the goal of outperforming the benchmark index.
How did the Fund perform during the abbreviated reporting period ended October 31, 2021?
For the abbreviated reporting period from the Funds commencement of operation on August 4, 2021 to October 31, 2021, the Fund performed in-line with the Russell 2000® Index. For purposes of this Performance Commentary, references to relative performance are in comparison to the Russell 2000® Index.
Several stocks contributed favorably to the Funds relative performance during the abbreviated reporting period. In the information technology sector, Asana Inc., a leading provider of work management platform software that enables enterprises to orchestrate work, was a strong performer. The company reported strong revenue growth of 72% during the reporting period, driven by significant seat growth and expansion across multiple verticals. The Fund continued to hold Asana. The energy sector contributed positively based largely on improving producer sentiment in a rising oil price environment, including favorable results from a position in Northern Oil & Gas Inc. The company provided a third-quarter earnings report that exceeded expectations on margins and cash flow, coupled with an increased production outlook on capital spending efficiency and newly acquired rights on Permian Basin acreage that was viewed favorably. The Fund maintained this position at the end of the reporting period.
The outperformance was offset primarily by unfavorable security selection in the consumer discretionary and communication services sectors over the abbreviated reporting period. The Fund experienced weak results from Bandwidth Inc., a leading voice-centric Communications Platform as a Service (CPaaS) provider with direct carrier relationships and limited competitive threats. Investors reacted negatively to the companys management guiding down operating margins for the second half of the year due to the integration of the Voxbone acquisition. The Fund continued to own Bandwidth given the portfolio management teams expectations for strong operating leverage after the Voxbone integration. In the consumer discretionary sector, 2U Inc., the developer of a software platform to help universities bring graduate programs online, detracted. Although the company reported very strong results during the reporting period, shares traded off following the company managements decision to maintain full-year 2021 guidance. Given the increasing customer acquisition costs impacting the companys outlook for growth into 2022, the Fund sold this position before the end of the reporting period.
7
Portfolio Managers Comments (continued)
Nuveen Winslow Large-Cap Growth ESG ETF (NWLG)
What key strategies were used to manage the Fund during the abbreviated reporting period from commencement of operation on August 4, 2021 to October 31, 2021?
NWLG seeks to provide long-term capital appreciation by investing in equity securities of U.S. companies with market capitalization in excess of $4 billion at the time of purchase, with above-average earnings growth potential that demonstrate sustainable Environmental, Social and Governance (ESG) characteristics. NWLG is an actively managed, semi-transparent ETF, which offers investors an additional vehicle to access the firms equity capabilities, while maintaining the potential benefits of the traditional ETF structure, including tax-efficiency and daily liquidity. Investment decisions are actively made by portfolio managers with the goal of outperforming the benchmark index.
How did the Fund perform during the abbreviated reporting period ended October 31, 2021?
For the abbreviated reporting period from the Funds commencement of operation on August 4, 2021 to October 31, 2021, the Fund performed in-line with the Russell 1000® Growth Index. For purposes of this Performance Commentary, references to relative performance are in comparison to the Russell 1000® Growth Index.
Security selection in the information technology, health care and communication services sectors contributed favorably to relative performance during the abbreviated reporting period. In the information technology sector, salesforce.com inc. and Atlassian were the top contributors. Salesforce.com inc. is the leading provider of enterprise cloud customer relationship management software solutions. With a new management team in place, investors confidence improved during the reporting period and the share price appreciated given expectations of margin acceleration. The portfolio management team continues to model growth within the companys core and recently acquired businesses and because of digital transformation tailwinds, the market is expanding. The company has deployed several initiatives to address privacy controls and is a leader in talent development versus its peers. Atlassian, a leading designer, developer and licenser of products for software developers, offers a unique self-serve business model which has led to dominant market share and industry-leading margins. A broadening product line, coupled with a transitioning pricing structure, has led to significant pricing power and better than expected growth metrics. Importantly, the portfolio management team believes that Atlassian takes data privacy for itself and its customers seriously and the company continues to enhance its security practices. The Fund maintained these positions at the end of the reporting period.
Two holdings that detracted significantly from relative performance during the abbreviated reporting period were Align Technology, Inc. and Wix.com Ltd. In the health care sector, Align, the maker of clear dental aligners, underperformed driven by concerns surrounding slowing growth in the U.S. Despite the moderation, organic volume and revenue growth is expected to remain high and the companys innovation, production efficiencies and expanding digital presence will be difficult for competitors to replicate. The Fund maintained the position. In the information technology sector, Wix.Com, a cloud-based website platform, was the largest detractor for the reporting period. Despite reiterating guidance in the third quarter 2021, the company reported slowing growth metrics. The position was sold during the reporting period as the portfolio management team lowered growth and valuation targets.
8
Nuveen Dividend Growth ETF (NDVG)
Investing involves risk; principal loss is possible. There is no guarantee the Funds investment objectives will be achieved. Dividendpaying stocks, such as those held by the Fund, are subject to market risk, concentration or sector risk, preferred security risk, and common stock risk. Smaller company stocks are subject to greater volatility. Foreign investments involve additional risks including currency fluctuations, political and economic instability, and lack of liquidity. These and other risk considerations are described in detail in the Funds prospectus.
Nuveen Growth Opportunities ETF (NUGO)
Investing involves risk; principal loss is possible. There is no guarantee the Funds investment objectives will be achieved. Large companies are more mature and may grow more slowly than the overall market. Growth stocks tend to be more volatile than other equities and can experience sharp price declines. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These and other risk considerations, such as active management, issuer, mid-cap, and style risks of growth investing, are described in detail in the Funds prospectus.
Nuveen Small Cap Select ETF (NSCS)
Investing involves risk; principal loss is possible. There is no guarantee the Funds investment objectives will be achieved. Investments in smaller companies are subject to greater volatility than those of larger companies. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as derivatives and growth stock risks, are described in the Funds prospectus.
Nuveen Winslow Large-Cap Growth ESG ETF (NWLG)
Investing involves risk; principal loss is possible. There is no guarantee the Funds investment objectives will be achieved. Because the Funds Environmental Social Governance (ESG) investment strategy may exclude securities of certain issuers for non-financial reasons, the Fund may forgo some market opportunities available to funds that dont use an ESG investment strategy. Prices of equity securities may decline significantly over short or extended periods of time. Growth stocks tend to be more volatile than certain other types of stocks and their prices usually fluctuate more dramatically than the overall stock market. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These and other risk considerations, such as active management and growth stock risks, are described in detail in the Funds prospectus.
9
and Expense Ratios
The Fund Performance and Expense Ratio for each Fund are shown within this section of the report.
Fund Performance
Returns quoted represent past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are sold, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown.
Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Returns assume reinvestment of dividends and capital gains. Market price returns are based on the closing market price as of the end of the reporting period. For performance current to the most recent month-end visit nuveen.com or call (800) 257-8787.
Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
Expense Ratios
The expense ratios shown are as of each Funds most recent prospectus. The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any). The expense ratios include management fees and other fees and expenses. Refer to the Financial Highlights later in this report for each Funds expense ratios as of the end of the reporting period.
10
Nuveen Dividend Growth ETF (NDVG)
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratio
Total Returns as of October 31, 2021 |
||||||||||||
Cumulative | ||||||||||||
Inception Date |
Since Inception |
Expense Ratios |
||||||||||
NDVG at NAV |
8/04/21 | 4.76% | 0.64% | |||||||||
NDVG at Market Price |
8/04/21 | 4.82% | | |||||||||
S&P 500® Index |
| 4.95% | |
Growth of an Assumed $10,000 Investment as of October 31, 2021
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
11
Fund Performance and Expense Ratios (continued)
Nuveen Growth Opportunities ETF (NUGO)
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratio
Total Returns as of October 31, 2021 |
||||||||||||
Cumulative | ||||||||||||
Inception Date |
Since Inception |
Expense Ratios |
||||||||||
NUGO at NAV |
9/27/21 | 4.18% | 0.55% | |||||||||
NUGO at Market Price |
9/27/21 | 4.18% | | |||||||||
Russell 1000® Growth Index |
| 4.71% | |
Growth of an Assumed $10,000 Investment as of October 31, 2021
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
12
Nuveen Small Cap Select ETF (NSCS)
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratio
Total Returns as of October 31, 2021 |
||||||||||||
Cumulative | ||||||||||||
Inception Date |
Since Inception |
Expense Ratios |
||||||||||
NSCS at NAV |
8/04/21 | 4.84% | 0.85% | |||||||||
NSCS at Market Price |
8/04/21 | 4.87% | | |||||||||
Russell 2000® Index |
| 4.84% | |
Growth of an Assumed $10,000 Investment as of October 31, 2021
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
13
Fund Performance and Expense Ratios (continued)
Nuveen Winslow Large-Cap Growth ESG ETF (NWLG)
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratio
Total Returns as of October 31, 2021 |
||||||||||||
Cumulative | ||||||||||||
Inception Date |
Since Inception |
Expense Ratios |
||||||||||
NWLG at NAV |
8/04/21 | 5.56% | 0.64% | |||||||||
NWLG at Market Price |
8/04/21 | 5.50% | | |||||||||
Russell 1000® Growth Index |
| 5.70% | |
Growth of an Assumed $10,000 Investment as of October 31, 2021
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
14
Summaries as of October 31, 2021
This data relates to the securities held in each Funds portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Nuveen Dividend Growth ETF (NDVG)
Fund Allocation
(% of net assets)
Common Stocks |
98.8% | |||
Other Assets Less Liabilities |
1.2% | |||
Net Assets |
100% |
Portfolio Composition
(% of net assets)
Software |
6.2% | |||
IT Services |
5.8% | |||
Semiconductors & Semiconductor Equipment |
5.6% | |||
Health Care Equipment & Supplies |
5.6% | |||
Technology Hardware, Storage & Peripherals |
5.3% | |||
Specialty Retail |
5.3% | |||
Health Care Providers & Services |
5.3% | |||
Communications Equipment |
5.2% | |||
Chemicals |
4.9% | |||
Insurance |
4.1% | |||
Capital Markets |
3.9% | |||
Oil, Gas & Consumable Fuels |
3.1% | |||
Banks |
2.9% | |||
Electric Utilities |
2.7% | |||
Road & Rail |
2.5% | |||
Consumer Finance |
2.5% | |||
Biotechnology |
2.4% | |||
Equity Real Estate Investment Trust |
2.4% | |||
Media |
2.3% | |||
Hotels, Restaurants & Leisure |
2.3% | |||
Other |
18.5% | |||
Other Assets Less Liabilities |
1.2% | |||
Net Assets |
100% |
Top Five Common Stock Holdings
(% of net assets)
Microsoft Corp |
6.2% | |||
Apple Inc |
5.3% | |||
Accenture PLC, Class A |
3.8% | |||
UnitedHealth Group Inc |
3.4% | |||
Lowes Cos Inc |
3.2% |
15
Holding Summaries as of October 31, 2021 (continued)
Nuveen Growth Opportunities ETF (NUGO)
Fund Allocation
(% of net assets)
Common Stocks |
99.7% | |||
Other Assets Less Liabilities |
0.3% | |||
Net Assets |
100% |
Portfolio Composition
(% of net assets)
Software |
20.9% | |||
Interactive Media & Services |
12.5% | |||
IT Services |
11.6% | |||
Semiconductors & Semiconductor Equipment |
7.7% | |||
Internet & Direct Marketing Retail |
5.4% | |||
Technology Hardware, Storage & Peripherals |
5.4% | |||
Health Care Equipment & Supplies |
4.7% | |||
Automobiles |
4.5% | |||
Specialty Retail |
3.4% | |||
Hotels, Restaurants & Leisure |
3.0% | |||
Pharmaceuticals |
2.9% | |||
Other |
17.7% | |||
Other Assets Less Liabilities |
0.3% | |||
Net Assets |
100.0% |
Top Five Common Stock Holdings
(% of net assets)
Microsoft Corp |
12.3% | |||
Alphabet Inc, Class A |
7.0% | |||
Amazon.com Inc |
5.4% | |||
Apple Inc |
5.4% | |||
Tesla Inc |
4.5% |
16
Nuveen Small Cap Select ETF (NSCS)
Fund Allocation
(% of net assets)
Common Stocks |
99.7% | |||
Other Assets Less Liabilities |
0.3% | |||
Net Assets |
100% |
Portfolio Composition
(% of net assets)
Banks |
9.7% | |||
Software |
7.0% | |||
Health Care Providers & Services |
6.9% | |||
Health Care Equipment & Supplies |
6.7% | |||
Equity Real Estate Investment Trust |
5.3% | |||
Machinery |
4.9% | |||
Oil, Gas & Consumable Fuels |
4.7% | |||
Semiconductors & Semiconductor Equipment |
4.4% | |||
Hotels, Restaurants & Leisure |
4.2% | |||
Biotechnology |
4.2% | |||
Capital Markets |
3.2% | |||
Trading Companies & Distributors |
2.9% | |||
Chemicals |
2.6% | |||
Textiles, Apparel & Luxury Goods |
2.3% | |||
Electronic Equipment, Instruments & Components |
2.2% | |||
Road & Rail |
2.2% | |||
Professional Services |
2.1% | |||
Household Durables |
2.0% | |||
IT Services |
1.7% | |||
Auto Components |
1.4% | |||
Other |
19.1% | |||
Other Assets Less Liabilities |
0.3% | |||
Net Assets |
100.0% |
Top Five Common Stock Holdings
(% of net assets)
Saia Inc |
2.1% | |||
Bonanza Creek Energy Inc |
1.7% | |||
PDC Energy Inc |
1.7% | |||
Tandem Diabetes Care Inc |
1.7% | |||
Piper Sandler Cos |
1.7% |
17
Holding Summaries as of October 31, 2021 (continued)
Nuveen Winslow Large-Cap Growth ESG ETF (NWLG)
Fund Allocation
(% of net assets)
Common Stocks |
99.3% | |||
Other Assets Less Liabilities |
0.7% | |||
Net Assets |
100% |
Portfolio Composition
(% of net assets)
Software |
26.4% | |||
Semiconductors & Semiconductor Equipment |
10.1% | |||
Interactive Media & Services |
7.5% | |||
Internet & Direct Marketing Retail |
7.1% | |||
IT Services |
6.9% | |||
Textiles, Apparel & Luxury Goods |
4.9% | |||
Health Care Equipment & Supplies |
4.5% | |||
Life Sciences Tools & Services |
4.1% | |||
Chemicals |
3.5% | |||
Technology Hardware, Storage & Peripherals |
3.0% | |||
Capital Markets |
2.8% | |||
Other |
18.5% | |||
Other Assets Less Liabilities |
0.7% | |||
Net Assets |
100.0% |
Top Five Common Stock Holdings
(% of net assets)
Microsoft Corp |
10.5% | |||
Amazon.com Inc |
7.1% | |||
Adobe Inc |
4.4% | |||
NVIDIA Corp |
4.2% | |||
Alphabet Inc, Class C |
4.1% |
18
Examples
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including management fees and other applicable Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. Since the expense example below reflects only the first 89 days for NDVG, NSCS, and NWLG and 35 days for NUGO of the Funds operations, it may not provide a meaningful understanding of each Funds ongoing expenses.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended October 31, 2021.
The beginning of the period for NDVG, NSCS and NWLG is August 4, 2021 (commencement of operations) and for NUGO is September 27, 2021 (commencement of operations).
The information under Actual Performance, together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your Fund in the row entitled Expenses Incurred During Period to estimate the expenses incurred on your account during this period.
The information under Hypothetical Performance provides information about hypothetical account values and hypothetical expenses based on each Funds actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
Nuveen Dividend Growth ETF (NDVG)
Actual Performance |
||||
Beginning Account Value |
$ | 1,000.00 | ||
Ending Account Value |
$ | 1,047.60 | ||
Expenses Incurred During Period |
$ | 1.60 | ||
Hypothetical Performance (5% annualized return before expenses) |
||||
Beginning Account Value |
$ | 1,000.00 | ||
Ending Account Value |
$ | 1,010.63 | ||
Expenses Incurred During the Period |
$ | 1.57 |
Expenses are equal to the Funds annualized net expense ratio of 0.64%, multiplied by 89/365 (to reflect the 89 days in the period since commencement of operations).
19
Expense Examples (continued)
Nuveen Growth Opportunities ETF (NUGO)
Actual Performance |
||||
Beginning Account Value |
$ | 1,000.00 | ||
Ending Account Value |
$ | 1,041.80 | ||
Expenses Incurred During Period |
$ | 0.54 | ||
Hypothetical Performance (5% annualized return before expenses) |
||||
Beginning Account Value |
$ | 1,000.00 | ||
Ending Account Value |
$ | 1,004.27 | ||
Expenses Incurred During the Period |
$ | 0.53 |
Expenses are equal to the Funds annualized net expense ratio of 0.55%, multiplied by 35/365 (to reflect the 35 days in the period since commencement of operations).
Nuveen Small Cap Select ETF (NSCS)
Actual Performance |
||||
Beginning Account Value |
$ | 1,000.00 | ||
Ending Account Value |
$ | 1,048.40 | ||
Expenses Incurred During Period |
$ | 2.12 | ||
Hypothetical Performance (5% annualized return before expenses) |
||||
Beginning Account Value |
$ | 1,000.00 | ||
Ending Account Value |
$ | 1,010.12 | ||
Expenses Incurred During the Period |
$ | 2.08 |
Expenses are equal to the Funds annualized net expense ratio of 0.85%, multiplied by 89/365 (to reflect the 89 days in the period since commencement of operations).
Nuveen Winslow Large-Cap Growth ESG ETF (NWLG)
Actual Performance |
||||
Beginning Account Value |
$ | 1,000.00 | ||
Ending Account Value |
$ | 1,055.60 | ||
Expenses Incurred During Period |
$ | 1.60 | ||
Hypothetical Performance (5% annualized return before expenses) |
||||
Beginning Account Value |
$ | 1,000.00 | ||
Ending Account Value |
$ | 1,010.63 | ||
Expenses Incurred During the Period |
$ | 1.57 |
Expenses are equal to the Funds annualized net expense ratio of 0.64%, multiplied by 89/365 (to reflect the 89 days in the period since commencement of operations).
20
Report of Independent Registered
Public Accounting Firm
To the Shareholders and Board of Trustees
Nushares ETF Trust:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Nuveen Dividend Growth ETF, Nuveen Growth Opportunities ETF, Nuveen Small Cap Select ETF, and Nuveen Winslow Large-Cap Growth ESG ETF (four of the funds comprising Nushares ETF Trust) (the Funds), including the portfolios of investments, as of October 31, 2021, the related statements of operations and changes in net assets for the period from September 27, 2021 (commencement of operations) to October 31, 2021 for Nuveen Growth Opportunities ETF, and the period from August 4, 2021 (commencement of operations) to October 31, 2021 for Nuveen Dividend Growth ETF, Nuveen Small Cap Select ETF, and Nuveen Winslow Large-Cap Growth ESG ETF and the related notes (collectively, the financial statements) and the financial highlights for the period from September 27, 2021 to October 31, 2021 for Nuveen Growth Opportunities ETF, and the period from August 4, 2021 to October 31, 2021 for Nuveen Dividend Growth ETF, Nuveen Small Cap Select ETF, and Nuveen Winslow Large-Cap Growth ESG ETF. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2021, the results of their operations and changes in net assets for the period from September 27, 2021 to October 31, 2021 for Nuveen Growth Opportunities ETF, and for the period from August 4, 2021 to October 31, 2021 for Nuveen Dividend Growth ETF, Nuveen Small Cap Select ETF, and Nuveen Winslow Large-Cap Growth ESG ETF, and the financial highlights for the period from September 27, 2021 to October 31, 2021 for Nuveen Growth Opportunities ETF, and for the period from August 4, 2021 to October 31, 2021 for Nuveen Dividend Growth ETF, Nuveen Small Cap Select ETF, and Nuveen Winslow Large-Cap Growth ESG ETF, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2021, by correspondence with custodians and brokers or other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
/s/ KPMG LLP
We have served as the auditor of one or more Nuveen investment companies since 2014.
Chicago, Illinois
December 28, 2021
21
Nuveen Dividend Growth ETF (NDVG)
Portfolio of Investments October 31, 2021
Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS 98.8% |
||||||||
COMMON STOCKS 98.8% |
||||||||
Aerospace & Defense 1.9% | ||||||||
350 | Lockheed Martin Corp |
$ | 116,312 | |||||
Banks 2.9% | ||||||||
1,009 | JPMorgan Chase & Co |
171,419 | ||||||
Beverages 2.1% | ||||||||
798 | PepsiCo Inc |
128,957 | ||||||
Biotechnology 2.4% | ||||||||
1,266 | AbbVie Inc |
145,172 | ||||||
Building Products 2.2% | ||||||||
727 | Trane Technologies PLC |
131,536 | ||||||
Capital Markets 3.9% | ||||||||
1,947 | Charles Schwab Corp/The |
159,712 | ||||||
350 | CME Group Inc |
77,193 | ||||||
Total Capital Markets |
236,905 | |||||||
Chemicals 4.9% | ||||||||
868 | International Flavors & Fragrances Inc |
127,987 | ||||||
514 | Linde PLC |
164,069 | ||||||
Total Chemicals |
292,056 | |||||||
Communications Equipment 5.2% | ||||||||
2,318 | Cisco Systems Inc |
129,738 | ||||||
727 | Motorola Solutions Inc |
180,725 | ||||||
Total Communications Equipment |
310,463 | |||||||
Consumer Finance 2.5% | ||||||||
868 | American Express Co |
150,841 | ||||||
Containers & Packaging 1.3% | ||||||||
566 | Packaging Corp of America |
77,752 | ||||||
Diversified Telecommunication Services 1.5% | ||||||||
3,496 | AT&T Inc |
88,309 | ||||||
Electric Utilities 2.7% | ||||||||
1,878 | NextEra Energy Inc |
160,250 | ||||||
Equity Real Estate Investment Trust 2.4% | ||||||||
2,545 | Duke Realty Corp |
143,131 | ||||||
Food Products 1.7% | ||||||||
1,714 | Mondelez International Inc, Class A |
104,108 |
22
Shares | Description (1) | Value | ||||||
Health Care Equipment & Supplies 5.6% | ||||||||
918 | Abbott Laboratories |
$ | 118,321 | |||||
1,694 | Baxter International Inc |
133,758 | ||||||
705 | Medtronic PLC |
84,502 | ||||||
Total Health Care Equipment & Supplies |
336,581 | |||||||
Health Care Providers & Services 5.3% | ||||||||
257 | Anthem Inc |
111,828 | ||||||
444 | UnitedHealth Group Inc |
204,449 | ||||||
Total Health Care Providers & Services |
316,277 | |||||||
Hotels, Restaurants & Leisure 2.3% | ||||||||
564 | McDonalds Corp |
138,490 | ||||||
Industrial Conglomerates 2.3% | ||||||||
620 | Honeywell International Inc |
135,544 | ||||||
Insurance 4.1% | ||||||||
565 | Chubb Ltd |
110,390 | ||||||
822 | Marsh & McLennan Cos Inc |
137,109 | ||||||
Total Insurance |
247,499 | |||||||
IT Services 5.8% | ||||||||
635 | Accenture PLC, Class A |
227,832 | ||||||
1,102 | Fidelity National Information Services Inc |
122,035 | ||||||
Total IT Services |
349,867 | |||||||
Media 2.3% | ||||||||
2,745 | Comcast Corp, Class A |
141,175 | ||||||
Multi-Utilities 1.6% | ||||||||
1,079 | WEC Energy Group Inc |
97,175 | ||||||
Oil, Gas & Consumable Fuels 3.1% | ||||||||
915 | Chevron Corp |
104,758 | ||||||
1,055 | Phillips 66 |
78,893 | ||||||
Total Oil, Gas & Consumable Fuels |
183,651 | |||||||
Pharmaceuticals 1.8% | ||||||||
1,196 | Merck & Co Inc |
105,308 | ||||||
Road & Rail 2.5% | ||||||||
635 | Union Pacific Corp |
153,289 | ||||||
Semiconductors & Semiconductor Equipment 5.6% | ||||||||
324 | Broadcom Inc |
172,261 | ||||||
891 | Texas Instruments Inc |
167,045 | ||||||
Total Semiconductors & Semiconductor Equipment |
339,306 | |||||||
Software 6.2% | ||||||||
1,126 | Microsoft Corp |
373,404 |
23
Nuveen Dividend Growth ETF (NDVG) (continued)
Portfolio of Investments October 31, 2021
Shares | Description (1) | Value | ||||||
Specialty Retail 5.3% | ||||||||
821 | Lowes Cos Inc |
$ | 191,966 | |||||
1,936 | TJX Cos Inc/The |
126,789 | ||||||
Total Specialty Retail |
318,755 | |||||||
Technology Hardware, Storage & Peripherals 5.3% | ||||||||
2,135 | Apple Inc |
319,823 | ||||||
Tobacco 2.1% | ||||||||
1,313 | Philip Morris International Inc |
124,131 | ||||||
Total Long-Term Investments (cost $5,710,327) |
5,937,486 | |||||||
Other Assets Less Liabilities 1.2% |
71,780 | |||||||
Net Assets 100% |
$ | 6,009,266 |
For Fund portfolio compliance purposes, the Funds industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
See accompanying notes to financial statements.
24
Nuveen Growth Opportunities ETF (NUGO)
Portfolio of Investments October 31, 2021
Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS 99.7% |
||||||||
COMMON STOCKS 99.7% |
||||||||
Auto Components 1.0% | ||||||||
92,784 | Aptiv PLC, (2) |
$ | 16,041,426 | |||||
Automobiles 4.5% | ||||||||
68,755 | Tesla Inc, (2) |
76,593,070 | ||||||
Beverages 0.5% | ||||||||
103,664 | Monster Beverage Corp, (2) |
8,811,440 | ||||||
Biotechnology 1.7% | ||||||||
233,254 | Horizon Therapeutics Plc, (2) |
27,969,487 | ||||||
Building Products 1.4% | ||||||||
456,650 | Carrier Global Corp |
23,850,830 | ||||||
Capital Markets 2.5% | ||||||||
220,266 | Charles Schwab Corp/The |
18,068,420 | ||||||
239,703 | Morgan Stanley |
24,636,674 | ||||||
Total Capital Markets |
42,705,094 | |||||||
Chemicals 1.9% | ||||||||
103,664 | Sherwin-Williams Co/The |
32,821,059 | ||||||
Electrical Equipment 1.2% | ||||||||
38,874 | Generac Holdings Inc, (2) |
19,381,021 | ||||||
Food & Staples Retailing 1.8% | ||||||||
60,891 | Costco Wholesale Corp |
29,930,362 | ||||||
Health Care Equipment & Supplies 4.7% | ||||||||
38,874 | Align Technology Inc, (2) |
24,271,759 | ||||||
19,437 | Cooper Cos Inc/The |
8,103,674 | ||||||
51,832 | Dexcom Inc, (2) |
32,302,221 | ||||||
38,874 | Intuitive Surgical Inc, (2) |
14,038,568 | ||||||
Total Health Care Equipment & Supplies |
78,716,222 | |||||||
Health Care Technology 0.6% | ||||||||
32,395 | Veeva Systems Inc, Class A, (2) |
10,269,539 | ||||||
Hotels, Restaurants & Leisure 3.0% | ||||||||
181,392 | Caesars Entertainment Inc, (2) |
19,855,168 | ||||||
6,479 | Chipotle Mexican Grill Inc, (2) |
11,526,335 | ||||||
185,353 | Starbucks Corp |
19,660,393 | ||||||
Total Hotels, Restaurants & Leisure |
51,041,896 | |||||||
Interactive Media & Services 12.5% | ||||||||
40,089 | Alphabet Inc, Class A, (2) |
118,700,322 |
25
Nuveen Growth Opportunities ETF (NUGO) (continued)
Portfolio of Investments October 31, 2021
Shares | Description (1) | Value | ||||||
Interactive Media & Services (continued) | ||||||||
183,250 | Facebook Inc, (2) |
$ | 59,294,202 | |||||
142,538 | Match Group Inc, (2) |
21,491,880 | ||||||
168,668 | ZoomInfo Technologies Inc, Class A, (2) |
11,337,863 | ||||||
Total Interactive Media & Services |
210,824,267 | |||||||
Internet & Direct Marketing Retail 5.4% | ||||||||
27,167 | Amazon.com Inc, (2) |
91,618,806 | ||||||
IT Services 11.6% | ||||||||
35,868 | EPAM Systems Inc, (2) |
24,147,772 | ||||||
187,871 | Mastercard Inc, Class A |
63,034,478 | ||||||
174,913 | PayPal Holdings Inc, (2) |
40,683,015 | ||||||
6,479 | Shopify Inc., Class A, (2) |
9,502,944 | ||||||
116,033 | Square Inc, Class A, (2) |
29,530,398 | ||||||
49,382 | Twilio Inc, Class A, (2) |
14,387,940 | ||||||
64,790 | Visa Inc, Class A |
13,720,578 | ||||||
Total IT Services |
195,007,125 | |||||||
Life Sciences Tools & Services 1.1% | ||||||||
450,171 | Avantor Inc, (2) |
18,177,905 | ||||||
Machinery 1.1% | ||||||||
53,877 | Deere & Co |
18,442,636 | ||||||
Personal Products 1.1% | ||||||||
58,311 | Estee Lauder Cos Inc/The, Class A |
18,912,007 | ||||||
Pharmaceuticals 2.9% | ||||||||
370,859 | AstraZeneca PLC, ADR |
23,134,184 | ||||||
122,553 | Zoetis Inc |
26,495,959 | ||||||
Total Pharmaceuticals |
49,630,143 | |||||||
Semiconductors & Semiconductor Equipment 7.7% | ||||||||
42,547 | Lam Research Corp |
23,978,213 | ||||||
37,407 | Monolithic Power Systems Inc |
19,655,882 | ||||||
292,319 | NVIDIA Corp |
74,737,199 | ||||||
58,305 | NXP Semiconductors NV |
11,711,142 | ||||||
Total Semiconductors & Semiconductor Equipment |
130,082,436 | |||||||
Software 20.9% | ||||||||
38,874 | Crowdstrike Holdings Inc, Class A, (2) |
10,954,693 | ||||||
51,832 | Intuit Inc |
32,446,314 | ||||||
625,897 | Microsoft Corp |
207,559,963 | ||||||
149,010 | salesforce.com Inc, (2) |
44,656,807 | ||||||
38,553 | ServiceNow Inc, (2) |
26,900,741 | ||||||
36,235 | Synopsys Inc, (2) |
12,072,777 | ||||||
58,311 | Zscaler Inc, (2) |
18,593,046 | ||||||
Total Software |
353,184,341 |
26
Shares | Description (1) | Value | ||||||
Specialty Retail 3.4% | ||||||||
84,227 | Burlington Stores Inc, (2) |
$ | 23,271,078 | |||||
142,538 | Lowes Cos Inc |
33,328,235 | ||||||
Total Specialty Retail |
56,599,313 | |||||||
Technology Hardware, Storage & Peripherals 5.4% | ||||||||
609,603 | Apple Inc |
91,318,529 | ||||||
Textiles, Apparel & Luxury Goods 1.8% | ||||||||
181,392 | NIKE Inc, Class B |
30,345,068 | ||||||
Total Long-Term Investments (cost $1,636,079,260) |
1,682,274,022 | |||||||
Other Assets Less Liabilities 0.3% |
5,149,417 | |||||||
Net Assets 100% |
$ | 1,687,423,439 |
For Fund portfolio compliance purposes, the Funds industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
ADR | American Depositary Receipt |
See accompanying notes to financial statements.
27
Nuveen Small Cap Select ETF (NSCS)
Portfolio of Investments October 31, 2021
Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS 99.7% |
||||||||
COMMON STOCKS 99.7% |
||||||||
Air Freight & Logistics 1.3% | ||||||||
1,012 | Hub Group Inc, Class A, (2) |
$ | 79,513 | |||||
Auto Components 1.4% | ||||||||
547 | Fox Factory Holding Corp, (2) |
88,040 | ||||||
Banks 9.7% | ||||||||
1,221 | Ameris Bancorp |
63,968 | ||||||
1,540 | Banner Corp |
88,950 | ||||||
2,837 | Home BancShares Inc/AR |
67,407 | ||||||
1,769 | PacWest Bancorp |
83,975 | ||||||
793 | Pinnacle Financial Partners Inc |
76,580 | ||||||
937 | Preferred Bank/Los Angeles CA |
64,250 | ||||||
1,728 | Veritex Holdings Inc |
70,762 | ||||||
1,084 | Wintrust Financial Corp |
95,934 | ||||||
Total Banks |
611,826 | |||||||
Beverages 1.1% | ||||||||
1,100 | MGP Ingredients Inc |
70,631 | ||||||
Biotechnology 4.2% | ||||||||
456 | Arena Pharmaceuticals Inc, (2) |
26,170 | ||||||
240 | Arrowhead Pharmaceuticals Inc, (2) |
15,317 | ||||||
264 | Blueprint Medicines Corp, (2) |
29,697 | ||||||
624 | Bridgebio Pharma Inc, (2) |
30,813 | ||||||
473 | Fate Therapeutics Inc, (2) |
25,447 | ||||||
735 | Halozyme Therapeutics Inc, (2) |
27,981 | ||||||
230 | Intellia Therapeutics Inc, (2) |
30,585 | ||||||
1,060 | Iovance Biotherapeutics Inc, (2) |
25,769 | ||||||
471 | Natera Inc, (2) |
53,963 | ||||||
Total Biotechnology |
265,742 | |||||||
Building Products 1.2% | ||||||||
2,117 | AZEK Co Inc/The, (2) |
77,673 | ||||||
Capital Markets 3.2% | ||||||||
618 | Evercore Inc, Class A |
93,837 | ||||||
649 | Piper Sandler Cos |
106,884 | ||||||
Total Capital Markets |
200,721 | |||||||
Chemicals 2.6% | ||||||||
1,709 | Avient Corp |
92,081 |
28
Shares | Description (1) | Value | ||||||
Chemicals (continued) | ||||||||
1,036 | HB Fuller Co |
$ | 73,048 | |||||
Total Chemicals |
165,129 | |||||||
Commercial Services & Supplies 1.2% | ||||||||
1,878 | Herman Miller Inc |
73,092 | ||||||
Construction Materials 1.2% | ||||||||
2,096 | Summit Materials Inc, Class A, (2) |
74,722 | ||||||
Consumer Finance 1.1% | ||||||||
1,324 | Regional Management Corp |
67,630 | ||||||
Diversified Telecommunication Services 0.7% | ||||||||
504 | Bandwidth Inc, Class A, (2) |
42,981 | ||||||
Electrical Equipment 1.3% | ||||||||
552 | Regal Rexnord Corp |
84,086 | ||||||
Electronic Equipment, Instruments & Components 2.2% | ||||||||
793 | Advanced Energy Industries Inc |
72,813 | ||||||
4,942 | TTM Technologies Inc, (2) |
65,432 | ||||||
Total Electronic Equipment, Instruments & Components |
138,245 | |||||||
Equity Real Estate Investment Trust 5.3% | ||||||||
4,209 | Brandywine Realty Trust |
55,769 | ||||||
389 | EastGroup Properties Inc |
76,936 | ||||||
2,405 | Industrial Logistics Properties Trust |
67,557 | ||||||
1,873 | STAG Industrial Inc |
81,532 | ||||||
5,245 | Summit Hotel Properties Inc, (2) |
52,450 | ||||||
Total Equity Real Estate Investment Trust |
334,244 | |||||||
Gas Utilities 1.1% | ||||||||
1,132 | Spire Inc |
71,044 | ||||||
Health Care Equipment & Supplies 6.7% | ||||||||
889 | AtriCure Inc, (2) |
66,728 | ||||||
1,036 | Axonics Inc, (2) |
75,991 | ||||||
1,219 | BioLife Solutions Inc, (2) |
64,790 | ||||||
799 | Establishment Labs Holdings Inc, (2) |
65,150 | ||||||
1,204 | Tactile Systems Technology Inc, (2) |
41,526 | ||||||
793 | Tandem Diabetes Care Inc, (2) |
108,110 | ||||||
Total Health Care Equipment & Supplies |
422,295 | |||||||
Health Care Providers & Services 6.9% | ||||||||
1,328 | Acadia Healthcare Co Inc, (2) |
82,336 | ||||||
552 | AMN Healthcare Services Inc, (2) |
54,482 | ||||||
1,071 | HealthEquity Inc, (2) |
70,879 | ||||||
2,511 | Option Care Health Inc, (2) |
68,626 | ||||||
1,941 | Select Medical Holdings Corp |
64,480 |
29
Nuveen Small Cap Select ETF (NSCS) (continued)
Portfolio of Investments October 31, 2021
Shares | Description (1) | Value | ||||||
Health Care Providers & Services (continued) | ||||||||
1,263 | Tenet Healthcare Corp, (2) |
$ | 90,506 | |||||
Total Health Care Providers & Services |
431,309 | |||||||
Health Care Technology 1.3% | ||||||||
175 | Consensus Cloud Solutions Inc, (2) |
11,083 | ||||||
408 | Omnicell Inc, (2) |
72,685 | ||||||
Total Health Care Technology |
83,768 | |||||||
Hotels, Restaurants & Leisure 4.2% | ||||||||
2,943 | Everi Holdings Inc, (2) |
70,632 | ||||||
4,230 | Noodles & Co, (2) |
51,394 | ||||||
624 | Papa Johns International Inc |
77,426 | ||||||
755 | Texas Roadhouse Inc |
67,052 | ||||||
Total Hotels, Restaurants & Leisure |
266,504 | |||||||
Household Durables 2.0% | ||||||||
697 | Meritage Homes Corp, (2) |
75,771 | ||||||
2,621 | Traeger Inc, (2) |
49,511 | ||||||
Total Household Durables |
125,282 | |||||||
Interactive Media & Services 1.0% | ||||||||
3,014 | Eventbrite Inc, Class A, (2) |
61,003 | ||||||
IT Services 1.7% | ||||||||
928 | BigCommerce Holdings Inc, (2) |
42,883 | ||||||
4,474 | Verra Mobility Corp, (2) |
66,573 | ||||||
Total IT Services |
109,456 | |||||||
Machinery 4.9% | ||||||||
1,468 | Altra Industrial Motion Corp |
76,556 | ||||||
116 | Astec Industries Inc |
6,192 | ||||||
660 | ESCO Technologies Inc |
55,810 | ||||||
2,212 | Shyft Group Inc/The |
91,156 | ||||||
1,318 | SPX Corp, (2) |
76,563 | ||||||
Total Machinery |
306,277 | |||||||
Media 1.0% | ||||||||
2,271 | Magnite Inc, (2) |
61,385 | ||||||
Metals & Mining 0.7% | ||||||||
900 | Alcoa Corp |
41,355 | ||||||
Mortgage Real Estate Investment Trust 0.8% | ||||||||
4,305 | Ladder Capital Corp |
51,660 | ||||||
Multi-Utilities 1.2% | ||||||||
1,132 | Black Hills Corp |
75,142 | ||||||
Oil, Gas & Consumable Fuels 4.7% | ||||||||
1,934 | Bonanza Creek Energy Inc |
108,575 |
30
Shares | Description (1) | Value | ||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||
3,461 | Northern Oil and Gas Inc |
$ | 80,157 | |||||
2,069 | PDC Energy Inc |
108,229 | ||||||
Total Oil, Gas & Consumable Fuels |
296,961 | |||||||
Personal Products 1.2% | ||||||||
2,357 | elf Beauty Inc, (2) |
76,155 | ||||||
Pharmaceuticals 0.7% | ||||||||
869 | Pacira BioSciences Inc, (2) |
45,431 | ||||||
Professional Services 2.1% | ||||||||
525 | ASGN Inc, (2) |
62,821 | ||||||
691 | ICF International Inc |
69,439 | ||||||
Total Professional Services |
132,260 | |||||||
Road & Rail 2.2% | ||||||||
432 | Saia Inc, (2) |
135,061 | ||||||
Semiconductors & Semiconductor Equipment 4.4% | ||||||||
1,228 | Lattice Semiconductor Corp, (2) |
85,272 | ||||||
1,474 | MACOM Technology Solutions Holdings Inc, (2) |
102,915 | ||||||
480 | Silicon Laboratories Inc, (2) |
90,605 | ||||||
Total Semiconductors & Semiconductor Equipment |
278,792 | |||||||
Software 7.0% | ||||||||
457 | Asana Inc, Class A, (2) |
62,061 | ||||||
1,060 | CommVault Systems Inc, (2) |
65,190 | ||||||
407 | CyberArk Software Ltd, (2) |
73,305 | ||||||
1,060 | LivePerson Inc, (2) |
54,601 | ||||||
944 | Tenable Holdings Inc, (2) |
50,268 | ||||||
539 | Workiva Inc, (2) |
80,607 | ||||||
420 | Ziff Davis Inc, (2) |
53,873 | ||||||
Total Software |
439,905 | |||||||
Specialty Retail 1.0% | ||||||||
1,853 | Urban Outfitters Inc, (2) |
59,166 | ||||||
Textiles, Apparel & Luxury Goods 2.3% | ||||||||
966 | Kontoor Brands Inc |
51,198 | ||||||
2,058 | Steven Madden Ltd |
92,816 | ||||||
Total Textiles, Apparel & Luxury Goods |
144,014 | |||||||
Trading Companies & Distributors 2.9% | ||||||||
961 | Applied Industrial Technologies Inc |
93,679 | ||||||
1,660 | Beacon Roofing Supply Inc, (2) |
87,764 | ||||||
Total Trading Companies & Distributors |
181,443 | |||||||
Total Long-Term Investments (cost $5,951,011) |
6,269,943 | |||||||
Other Assets Less Liabilities 0.3% |
20,157 | |||||||
Net Assets 100% |
$ | 6,290,100 |
31
Nuveen Small Cap Select ETF (NSCS) (continued)
Portfolio of Investments October 31, 2021
For Fund portfolio compliance purposes, the Funds industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
See accompanying notes to financial statements.
32
Nuveen Winslow Large-Cap Growth ESG ETF (NWLG)
Portfolio of Investments October 31, 2021
Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS 99.3% |
||||||||
COMMON STOCKS 99.3% |
||||||||
Auto Components 1.4% | ||||||||
499 | Aptiv PLC, (2) |
$ | 86,272 | |||||
Capital Markets 2.8% | ||||||||
189 | Moodys Corp |
76,384 | ||||||
289 | Morgan Stanley |
29,704 | ||||||
97 | MSCI Inc |
64,493 | ||||||
Total Capital Markets |
170,581 | |||||||
Chemicals 3.5% | ||||||||
425 | Ecolab Inc |
94,443 | ||||||
378 | Linde PLC |
120,658 | ||||||
Total Chemicals |
215,101 | |||||||
Containers & Packaging 1.6% | ||||||||
1,038 | Ball Corp |
94,956 | ||||||
Diversified Consumer Services 1.0% | ||||||||
360 | Bright Horizons Family Solutions Inc, (2) |
59,760 | ||||||
Electronic Equipment, Instruments & Components 1.7% | ||||||||
719 | TE Connectivity Ltd |
104,974 | ||||||
Health Care Equipment & Supplies 4.5% | ||||||||
169 | Align Technology Inc, (2) |
105,519 | ||||||
220 | Danaher Corp |
68,589 | ||||||
268 | Intuitive Surgical Inc, (2) |
96,783 | ||||||
Total Health Care Equipment & Supplies |
270,891 | |||||||
Health Care Providers & Services 1.7% | ||||||||
226 | UnitedHealth Group Inc |
104,066 | ||||||
Health Care Technology 1.0% | ||||||||
200 | Veeva Systems Inc, Class A, (2) |
63,402 | ||||||
Hotels, Restaurants & Leisure 2.6% | ||||||||
49 | Chipotle Mexican Grill Inc, (2) |
87,173 | ||||||
478 | Hilton Worldwide Holdings Inc, (2) |
68,808 | ||||||
Total Hotels, Restaurants & Leisure |
155,981 | |||||||
Independent Power & Renewable Electricity Producers 1.1% | ||||||||
1,860 | Fluence Energy Inc, (2) |
66,160 |
33
Nuveen Winslow Large-Cap Growth ESG ETF (NWLG) (continued)
Portfolio of Investments October 31, 2021
Shares | Description (1) | Value | ||||||
Interactive Media & Services 7.5% | ||||||||
70 | Alphabet Inc, Class A, (2) |
$ | 207,264 | |||||
83 | Alphabet Inc, Class C, (2) |
246,129 | ||||||
Total Interactive Media & Services |
453,393 | |||||||
Internet & Direct Marketing Retail 7.1% | ||||||||
127 | Amazon.com Inc, (2) |
428,299 | ||||||
IT Services 6.9% | ||||||||
230 | Mastercard Inc, Class A |
77,170 | ||||||
572 | PayPal Holdings Inc, (2) |
133,041 | ||||||
246 | Square Inc, Class A, (2) |
62,607 | ||||||
705 | Visa Inc, Class A |
149,298 | ||||||
Total IT Services |
422,116 | |||||||
Life Sciences Tools & Services 4.1% | ||||||||
752 | Agilent Technologies Inc |
118,433 | ||||||
125 | Bio-Techne Corp |
65,456 | ||||||
253 | IQVIA Holdings Inc, (2) |
66,139 | ||||||
Total Life Sciences Tools & Services |
250,028 | |||||||
Machinery 1.0% | ||||||||
211 | Parker-Hannifin Corp |
62,581 | ||||||
Personal Products 1.4% | ||||||||
259 | Estee Lauder Cos Inc/The, Class A |
84,002 | ||||||
Pharmaceuticals 2.1% | ||||||||
580 | Zoetis Inc |
125,396 | ||||||
Real Estate Management & Development 0.0% | ||||||||
158 | Compass Inc, Class A, (2) |
2,070 | ||||||
Semiconductors & Semiconductor Equipment 10.1% | ||||||||
977 | Advanced Micro Devices Inc, (2) |
117,465 | ||||||
633 | Analog Devices Inc |
109,819 | ||||||
159 | ASML Holding NV |
129,248 | ||||||
996 | NVIDIA Corp |
254,647 | ||||||
Total Semiconductors & Semiconductor Equipment |
611,179 | |||||||
Software 26.4% | ||||||||
411 | Adobe Inc, (2) |
267,298 | ||||||
205 | Atlassian Corp PLC, Class A, (2) |
93,917 | ||||||
184 | Autodesk Inc, (2) |
58,440 | ||||||
263 | Intuit Inc |
164,635 | ||||||
1,918 | Microsoft Corp |
636,047 | ||||||
503 | salesforce.com Inc, (2) |
150,744 | ||||||
179 | ServiceNow Inc, (2) |
124,899 | ||||||
368 | Workday Inc, Class A, (2) |
106,713 | ||||||
Total Software |
1,602,693 |
34
Shares | Description (1) | Value | ||||||
Specialty Retail 1.9% | ||||||||
493 | Lowes Cos Inc |
$ | 115,273 | |||||
Technology Hardware, Storage & Peripherals 3.0% | ||||||||
1,204 | Apple Inc |
180,359 | ||||||
Textiles, Apparel & Luxury Goods 4.9% | ||||||||
219 | Lululemon Athletica Inc, (2) |
102,056 | ||||||
1,152 | NIKE Inc, Class B |
192,718 | ||||||
Total Textiles, Apparel & Luxury Goods |
294,774 | |||||||
Total Long-Term Investments (cost $5,685,888) |
6,024,307 | |||||||
Other Assets Less Liabilities 0.7% |
45,122 | |||||||
Net Assets 100% |
$ | 6,069,429 |
For Fund portfolio compliance purposes, the Funds industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
See accompanying notes to financial statements.
35
Statement of Assets and Liabilities
October 31, 2021
NDVG | NUGO | NSCS | NWLG | |||||||||||||
Assets |
||||||||||||||||
Long-term investments, at value (cost $5,710,327, $1,636,079,260, $5,951,011 and $5,685,888, respectively) |
$ | 5,937,486 | $ | 1,682,274,022 | $ | 6,269,943 | $ | 6,024,307 | ||||||||
Cash |
66,790 | 7,814,098 | 60,724 | 108,187 | ||||||||||||
Receivable for: |
||||||||||||||||
Dividends |
8,139 | 332,673 | 1,110 | 843 | ||||||||||||
Investments sold |
| 5,325,768 | | | ||||||||||||
Reclaims |
160 | | | | ||||||||||||
Total assets |
6,012,575 | 1,695,746,561 | 6,331,777 | 6,133,337 | ||||||||||||
Liabilities |
||||||||||||||||
Payable for investemnts purchased- regular settlement |
| 8,128,061 | 37,335 | 60,707 | ||||||||||||
Accrued expenses: |
||||||||||||||||
Management fees |
3,249 | 195,027 | 4,280 | 3,140 | ||||||||||||
Professional fees |
17 | 6 | 18 | 18 | ||||||||||||
Trustees fees |
43 | 28 | 44 | 43 | ||||||||||||
Total liabilities |
3,309 | 8,323,122 | 41,677 | 63,908 | ||||||||||||
Net assets |
$ | 6,009,266 | $ | 1,687,423,439 | $ | 6,290,100 | $ | 6,069,429 | ||||||||
Shares outstanding |
230,000 | 64,790,000 | 240,000 | 230,000 | ||||||||||||
Net asset value (NAV) per share |
$ | 26.13 | $ | 26.04 | $ | 26.21 | $ | 26.39 | ||||||||
Net assets consist of: |
||||||||||||||||
Capital paid-in |
$ | 5,773,749 | $ | 1,641,443,516 | $ | 6,021,184 | $ | 5,775,536 | ||||||||
Total distributable earnings |
235,517 | 45,979,923 | 268,916 | 293,893 | ||||||||||||
Net assets |
$ | 6,009,266 | $ | 1,687,423,439 | $ | 6,290,100 | $ | 6,069,429 | ||||||||
Authorized shares |
Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
Par value per share |
$ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 |
See accompanying notes to financial statements.
36
Year Ended October 31, 2021
NDVG1 | NUGO2 | NSCS1 | NWLG1 | |||||||||||||
Investment Income |
$ | 29,212 | $ | 332,842 | $ | 14,464 | $ | 5,290 | ||||||||
Expenses |
||||||||||||||||
Management fees |
8,596 | 195,248 | 11,362 | 8,501 | ||||||||||||
Professional fees |
18 | 6 | 17 | 18 | ||||||||||||
Trustees fees |
43 | 28 | 44 | 43 | ||||||||||||
Total expenses |
8,657 | 195,282 | 11,423 | 8,562 | ||||||||||||
Net investment income (loss) |
20,555 | 137,560 | 3,041 | (3,272 | ) | |||||||||||
Realized and Unrealized Gain (Loss) |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments |
1,541 | (352,399 | ) | (53,057 | ) | (41,254 | ) | |||||||||
In-kind redemptions |
16,348 | | | | ||||||||||||
Change in net unrealized appreciation (depreciation) of investments |
227,159 | 46,194,762 | 318,932 | 338,419 | ||||||||||||
Net realized and unrealized gain (loss) |
245,048 | 45,842,363 | 265,875 | 297,165 | ||||||||||||
Net increase (decrease) in net assets from operations |
$ | 265,603 | $ | 45,979,923 | $ | 268,916 | $ | 293,893 |
1 | For the period 8/04/21 (commencement of operations) through 10/31/21. |
2 | For the period 9/27/21 (commencement of operations) through 10/31/21. |
See accompanying notes to financial statements.
37
Statement of Changes in Net Assets
NDVG | NUGO | NSCS | NWLG | |||||||||||||||||||||||||
For the Period 8/04/21 (commencement of operations) through 10/31/21 |
For the Period 9/27/21 (commencement of operations) through 10/31/21 |
For the Period 8/04/21 (commencement of operations) through 10/31/21 |
For the Period 8/04/21 (commencement of operations) through 10/31/21 |
|||||||||||||||||||||||||
Operations |
||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 20,555 | $ | 137,560 | $ | 3,041 | $ | (3,272 | ) | |||||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||||||||||||||
Investments |
1,541 | (352,399 | ) | (53,057 | ) | (41,254 | ) | |||||||||||||||||||||
In-kind redemptions |
16,348 | | | | ||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) of investments |
227,159 | 46,194,762 | 318,932 | 338,419 | ||||||||||||||||||||||||
Net increase (decrease) in net assets from operations |
265,603 | 45,979,923 | 268,916 | 293,893 | ||||||||||||||||||||||||
Distributions to Common Shareholders |
||||||||||||||||||||||||||||
Dividends |
(13,731 | ) | | | | |||||||||||||||||||||||
Decrease in net assets from distributions to shareholders |
(13,731 | ) | | | | |||||||||||||||||||||||
Fund Share Transactions |
||||||||||||||||||||||||||||
Proceeds from shares sold |
6,016,441 | 1,641,443,516 | 6,021,184 | 5,775,536 | ||||||||||||||||||||||||
Cost of shares redeemed |
(259,047 | ) | | | | |||||||||||||||||||||||
Net increase (decrease) in net assets from Fund share transactions |
5,757,394 | 1,641,443,516 | 6,021,184 | 5,775,536 | ||||||||||||||||||||||||
Net increase (decrease) in net assets |
6,009,266 | 1,687,423,439 | 6,290,100 | 6,069,429 | ||||||||||||||||||||||||
Net assets at the beginning of period |
| | | | ||||||||||||||||||||||||
Net assets at the end of period |
$ | 6,009,266 | $ | 1,687,423,439 | $ | 6,290,100 | $ | 6,069,429 |
See accompanying notes to financial statements.
38
THIS PAGE INTENTIONALLY LEFT BLANK
39
Selected data for a share outstanding throughout the period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning NAV |
Net Investment Income (Loss)(a) |
Net Realized/ Unrealized Gain (Loss) |
Total |
|
From Net |
From Accumulated Net Realized Gains |
Total | Ending NAV |
Ending Market Price |
||||||||||||||||||||||||||||||
NDVG |
||||||||||||||||||||||||||||||||||||||||
2021(d) |
$ | 25.00 | $ | 0.09 | $ | 1.10 | $ | 1.19 | $ | (0.06 | ) | $ | | $ | (0.06 | ) | $ | 26.13 | $ | 26.14 | ||||||||||||||||||||
NUGO |
||||||||||||||||||||||||||||||||||||||||
2021(e) |
25.00 | 0.01 | 1.03 | 1.04 | | | | 26.04 | 26.05 | |||||||||||||||||||||||||||||||
NSCS |
||||||||||||||||||||||||||||||||||||||||
2021(d) |
25.00 | 0.01 | 1.20 | 1.21 | | | | 26.21 | 26.22 | |||||||||||||||||||||||||||||||
NWLG |
||||||||||||||||||||||||||||||||||||||||
2021(d) |
25.00 | (0.02 | ) | 1.41 | 1.39 | | | | 26.39 | 26.37 |
40
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
Common Share Total Returns | Ratio to Average Net Assets | |||||||||||||||||||||||||||||
Based on NAV(b) |
Based on Share Price(b) |
Ending Net Assets (000) |
Expenses | Net Investment Income (Loss) |
Portfolio Turnover Rate(c) |
|||||||||||||||||||||||||
4.76 | % | 4.82 | % | $ | 6,009 | 0.64 | %* | 1.52 | %* | 7 | % | |||||||||||||||||||
4.18 | 4.18 | 1,687,423 | 0.55 | * | 0.39 | * | 2 | |||||||||||||||||||||||
4.84 | 4.87 | 6,290 | 0.85 | * | 0.23 | * | 11 | |||||||||||||||||||||||
5.56 | 5.50 | 6,069 | 0.64 | * | (0.24 | )* | 15 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total Return Based on NAV reflects the change in NAV over the period, including the assumed reinvestment of distributions, if any, at NAV on each ex-dividend payment date during the period. Total Return Based on Market Price reflects the change in the market price per share over the period, including the assumed reinvestment of distributions, if any, at the ending market price per share on each ex-dividend payment date during the period. Total returns are not annualized. |
(c) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. Portfolio Turnover Rate excludes securities received or delivered as a result of processing in-kind creations or redemptions of Fund shares (as disclosed in Note 5 Fund Shares). |
(d) | For the period August 4, 2021 (commencement of operations) through October 31, 2021. |
(e) | For the period September 27, 2021 (commencement of operations) through October 31, 2021. |
* | Annualized |
See accompanying notes to financial statements.
41
1. General Information
Trust and Fund Information
The Nushares ETF Trust (the Trust) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Trust is comprised of Nuveen Dividend Growth ETF (NDVG), Nuveen Growth Opportunities ETF (NUGO), Nuveen Small Cap Select ETF (NSCS) and Nuveen Winslow Large-Cap Growth ESG ETF (NWLG) (each a Fund and collectively, the Funds), as diversified funds (non-diversified for NUGO and NWLG), among others. The Trust was organized as a Massachusetts business trust on February 20, 2015. Shares of the Funds are listed and traded on the NYSE Arca (the Exchange).
The end of the reporting period for the Funds is October 31, 2021 and the period covered by these Notes to Financial Statements for NDVG, NSCS and NWLG is August 4, 2021 (commencement of operations) through October 31, 2021 and for NUGO is September 27, 2021 (commencement of operations) through October 31, 2021 (the current fiscal period).
Investment Adviser and Sub-Adviser
The Funds investment adviser is Nuveen Fund Advisors, LLC (the Adviser), a subsidiary of Nuveen, LLC (Nuveen). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds portfolios, manages the Funds business affairs and provides certain clerical, bookkeeping and other administrative services. The Adviser has entered into sub-advisory agreements with Santa Barbara Asset Management, LLC (SBAM), an affiliate of Nuveen, Nuveen Asset Management (NAM), a subsidiary of the Adviser and Winslow Capital Management, LLC (Winslow Capital), (each a Sub-Adviser and collectively, the Sub-Advisers). SBAM is responsible for managing the investment portfolio of NDVG. NAM is responsible for managing the investment portfolio of NUGO and NSCS. Winslow Capital is responsible for managing the investment portfolio of NWLG.
Upcoming Sub-Adviser Change
On August 3, 2021, the Funds Board of Trustees (the Board) approved an amended and restated sub-advisory agreement for NDVG, effective on December 31, 2021, between the Adviser and NAM, pursuant to which NAM will assume portfolio management responsibilities for NDVG under substantially identical terms as those in the Funds existing sub-advisory agreement between the Adviser and SBAM. NAM and SBAM are both affiliates of the Adviser and are subsidiaries of Nuveen.
The Funds portfolio management team and investment strategy will not be affected by these changes.
Other Matters
The outbreak of the novel coronavirus (COVID-19) and subsequent global pandemic began significantly impacting the U.S. and global financial mar- kets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds normal course of business, results of operations, investments, and cash flows will de- pend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
2. Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows accounting guidance in the Financial Accounting Standards Board (FASB) Ac- counting Standards Codification 946, Financial Services Investment Companies. The net asset value (NAV) for financial reporting purposes may differ from the NAV for processing security and creation unit transactions. The NAV for financial reporting purposes includes security and creation unit transactions through the date of the report. Total return is computed based on the NAV used for processing security and creation unit transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Compensation
The Trust pays no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Funds Board of Trustees (the Board) has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
42
Distributions to Shareholders
Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications
Under the Trusts organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their du- ties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trusts maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Investments and Investment Income
Securities transactions are accounted for as of the end of trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend decla- ration. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value. Interest income is recorded on an accrual basis. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments.
New Accounting Pronouncements and Rule Issuances
Reference Rate Reform
In March 2020, FASB issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Fi- nancial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds investments and has currently deter- mined that it is unlikely the ASUs adoption will have a significant impact on the Funds financial statements and various filings.
Securities and Exchange Commission (SEC) Adopts New Rules to Modernize Fund Valuation Framework
In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are readily available for pur- poses of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotation are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may vol- untarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently as- sessing the impact of these provisions on the Funds financial statements.
3. Investment Valuation and Fair Value Measurements
The Funds investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. 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 princi- pal 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 managements 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 managements assumptions in determining the fair value of in- vestments). |
43
Notes to Financial Statements (continued)
A description of the valuation techniques applied to the Funds major classifications of assets and liabilities measured at fair value follows:
Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade on a foreign exchange are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevail- ing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and ask prices is utilized and these securities are generally classified as Level 2.
Prices of certain American Depositary Receipts (ADR) held by the Funds that trade in the United States are valued based on the last traded price, offi- cial closing price, or an evaluated price provided by the independent pricing service (pricing service) and are generally classified as Level 1 or 2.
Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be consid- ered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligors credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2 of the fair value hierarchy; otherwise they would be classified as Level 3.
The following table summarizes the market value of the Funds investments as of the end of the reporting period, based on the inputs used to value them:
NDVG | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks |
$ | 5,937,486 | $ | | $ | | $ | 5,937,486 | ||||||||
NUGO | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stock |
$ | 1,682,274,022 | $ | | $ | | $ | 1,682,274,022 | ||||||||
NSCS | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stock |
$ | 6,269,943 | $ | | $ | | $ | 6,269,943 | ||||||||
NWLG | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stock |
$ | 6,024,307 | $ | | $ | | $ | 6,024,307 |
* | Refer to the Funds Portfolio of Investments for industry classifications. |
4. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Securities Lending
Each Fund may lend securities representing up to one-third of the value of its total assets to broker-dealers, banks, and other institutions in order to generate additional income. When loaning securities, the Fund retains the benefits of owning the securities, including the economic equivalent of divi- dends or interest generated by the security. The loans are continuous, can be recalled at any time, and have no set maturity. State Street Bank and Trust Company, serves as the securities lending agent (the Agent).
When a Fund loans its portfolio securities, it will receive, at the inception of each loan, cash collateral equal to an amount not less than 100% of the market value of the loaned securities. The actual percentage of the cash collateral will vary depending upon the asset type of the loaned securities. Collateral for the loaned securities is invested in a government money market vehicle maintained by the Agent, which is subject to the requirements of Rule 2a-7 under the 1940 Act. The value of the loaned securities and the liability to return the cash collateral received are recognized on the Statement of Assets and Liabilities. If the market value of the loaned securities increases, the borrower must furnish additional collateral to the Fund, which is also recognized on the Statement of Assets and Liabilities. Securities out on loan are subject to termination at any time at the option of the borrower or the Fund. Upon termination, the borrower is required to return to the Fund securities identical to the securities loaned. During the term of the loan, the Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.
44
Securities lending income recognized by a Fund consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is recognized on the Statements of Operations.
As of the end of the reporting period, the Funds did not have any securities out on loan.
Investment Transactions
Long-term purchases and sales (excluding in-kind transactions) during the current fiscal period were as follows:
NDVG | NUGO | NSCS | NWLG | |||||||||||||
Purchases | $ | 5,334,354 | $ | 23,152,367 | $ | 5,630,739 | $ | 5,806,836 | ||||||||
Sales | 397,648 | 17,391,705 | 646,735 | 820,982 |
In-kind transactions during the current fiscal period were as follows:
NDVG | NUGO | NSCS | NWLG | |||||||||||||
In-kind purchases | $ | 1,014,638 | $ | 1,630,670,996 | $ | 1,020,063 | $ | 741,287 | ||||||||
In-kind sales | 258,906 | | | |
The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting pe- riod, such amounts are recognized on the Statement of Assets and Liabilities.
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value rec- ognized on the Statement of Operations, when applicable. Even though the Funds investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although each Fund is authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Funds exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial re- sources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre- determined threshold amount.
5. Fund Shares
Each Fund issues and redeems its shares on a continuous basis at NAV only in aggregations of a specified number of shares or multiples thereof (Cre- ation Units). Only certain institutional investors (referred to as Authorized Participants) who have entered into agreements with Nuveen Securities, LLC, the Funds distributor, may purchase and redeem Creation Units. Once created, shares of the Funds trade on the Exchange at market prices and are only available to individual investors through their brokers.
Creation Units are purchased and redeemed in-kind for a designated portfolio of securities included in each Funds respective Index and/or a specified amount of cash. Authorized Participants are charged fixed transaction fees in connection with purchasing and redeeming Creation Units. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant Fund for certain transaction costs (i.e., taxes on currency or other financial transactions, and brokerage costs) and market impact expenses it incurs in purchasing or selling portfolio securities. Such variable charges, if any, are included in Proceeds from shares sold on the Statements of Changes in Net Assets.
45
Notes to Financial Statements (continued)
Transactions in Fund shares during the current and prior fiscal period were as follows:
NDVG | NUGO | |||||||||||||||
For the Period 8/4/21 (commencement of operations) through 10/31/21 |
For the Period 9/27/21 (commencement of operations) through 10/31/21 |
|||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold | 240,000 | $ | 6,016,441 | 64,790,000 | $ | 1,641,443,516 | ||||||||||
Shares redeemed | (10,000 | ) | (259,047 | ) | | | ||||||||||
Net increase (decrease) | 230,000 | $ | 5,757,394 | 64,790,000 | $ | 1,641,443,516 | ||||||||||
NSCS | NWLG | |||||||||||||||
For the Period 8/4/21 (commencement of operations) through 10/31/21 |
For the Period 8/4/21 (commencement of operations) through 10/31/21 |
|||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold | 240,000 | $ | 6,021,184 | 230,000 | $ | 5,775,536 | ||||||||||
Shares redeemed | | | | | ||||||||||||
Net increase (decrease) | 240,000 | $ | 6,021,184 | 230,000 | $ | 5,775,536 |
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
The table below presents the cost and unrealized appreciation (depreciation) of each Funds investment portfolio, as determined on a federal income tax basis, as of October 31, 2021.
NDVG | NUGO | NSCS | NWLG | |||||||||||||
Tax cost of investments | $ | 5,710,327 | $ | 1,636,094,562 | $ | 5,950,881 | $ | 5,687,096 | ||||||||
Gross unrealized: | ||||||||||||||||
Appreciation |
$ | 337,334 | $ | 63,860,242 | $ | 532,015 | $ | 419,044 | ||||||||
Depreciation |
(110,175 | ) | (17,680,782 | ) | (212,953 | ) | (81,833 | ) | ||||||||
Net unrealized appreciation (depreciation) of investments | $ | 227,159 | $ | 46,179,460 | $ | 319,062 | $ | 337,211 |
Permanent differences, primarily due to redemptions in-kind and real estate investment trust adjustments, resulted in reclassifications among the Funds components of net assets as of October 31, 2021, the Funds tax year end.
The tax components of undistributed net ordinary income and net long-term capital gains as of October 31, 2021, the Funds tax year end, were as follows:
NDVG | NUGO | NSCS | NWLG | |||||||||||||
Undistributed net ordinary income1 | $ | 8,001 | $ | 137,560 | $ | 2,132 | $ | | ||||||||
Undistributed net long-term capital gains | 357 | | | |
1 | Net ordinary income consists of net taxable income derived from dividends, interest and short-term capital gains, if any. |
46
The tax character of distributions paid during the Funds tax year ended October 31, 2021 was designated for purposes of the dividends paid deduction as follows:
NDVG2 | NUGO3 | NSCS2 | NWLG2 | |||||||||||||
Distributions from net ordinary income1 | $ | 13,731 | $ | | $ | | $ | | ||||||||
Distributions from net long-term capital gains | | | | |
1 | Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any. |
2 | For the period August 4, 2021 (commencement of operations) through October 31, 2021. |
3 | For the period September 27, 2021 (commencement of operations) through October 31, 2021. |
As of October 31, 2021, the Funds tax year end, the following Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
NUGO | NSCS | NWLG | ||||||||||
Not subject to expiration: | ||||||||||||
Short-Term |
$ | 337,097 | $ | 52,278 | $ | 40,046 | ||||||
Long-term |
| | | |||||||||
Total | 337,097 | 52,278 | 40,046 |
The Funds have elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the following fiscal year. The following Fund has elected to defer losses as follows:
NWLG | ||||
Post-October capital losses4 | $ | | ||
Late-year ordinary losses5 | 3,272 |
4 | Capital losses incurred from August 4, 2021 (commencement of operations) through October 31, 2021, the Funds tax year end. |
5 | Ordinary losses and/or specified losses incurred from August 4, 2021 (commencement of operations) through October 31, 2021. |
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Funds management fee compensates the Adviser for its investment advisory services to the Funds. The Sub-Adviser is compensated for its ser- vices to the Funds from the management fees paid to the Adviser. The Adviser is responsible for substantially all other expenses of the Funds, except any future distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of port- folio securities, fees and expenses of the independent trustees (including any trustees counsel fees), certain compensation expenses of the Funds chief compliance officer, litigation expenses and extraordinary expenses.
The annual management fee, payable monthly, for each Fund is based on a percentage of average daily net assets according to the following rates:
Fund | Management Fee | |||
NDVG | 0.64 | % | ||
NUGO | 0.55 | |||
NSCS | 0.85 | |||
NWLG | 0.64 |
Other Transactions with Affiliates
Each Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the Sub-Adviser (Affiliated Entity) under specified conditions outlined in procedures adopted by the Board (cross-trade). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are effected at the last sales price or other current market price without incurring broker commissions.
During the current fiscal period, the Funds did not engage in cross-trades pursuant to these procedures.
47
Additional Fund Information (Unaudited)
Investment Adviser Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606
Sub-Adviser Santa Barbara Asset Management, LLC 2049 Century Park East, 17th Floor Los Angeles, CA 90067
Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606
Winslow Capital Management, LLC 80 South Eighth Street Minneapolis, MN 55402 |
Independent Registered KPMG LLP 200 East Randolph Street Chicago, IL 60601
Adminstrator, Custodian and Transfer Agent Brown Brothers Harriman 50 Post Office Square Boston, MA 02110 |
Legal Counsel Chapman and Cutler LLP Chicago, IL 60603
Morgan, Lewis & Bockius LLP 111 Pennsylvania Avenue, NW Washington, D.C. 20004 |
|
||||||||||||||
The tables below show the number and percentage of days during the current fiscal period that each Funds market price was greater than its NAV per share (i.e., at premium) and less than its NAV per share (i.e., at a discount). The market price is determined using the midpoint between the highest bid and the lowest offer on the applicable Funds listing exchange, as of the time that the Funds NAV is calculated (normally 4:00 p.m. Eastern Time). | ||||||||||||||
NDVG |
||||||||||||||
August 4, 2021 (commencement of operations) through October 31, 2021 | Number of Days |
% of Total Days |
||||||||||||
Premium/Discount Range: | ||||||||||||||
0.00 to 0.25% | 37 |
60.7% |
||||||||||||
(0.01)% to (0.25)% | 24 |
39.3% |
||||||||||||
61 |
100% |
|||||||||||||
NUGO |
||||||||||||||
September 27, 2021 (commencement of operations) through October 31, 2021 |
Number of Days |
% of Total Days |
||||||||||||
Premium/Discount Range |
||||||||||||||
0.00 to 0.25% |
16 |
66.7% |
||||||||||||
(0.01)% to (0.25)% |
8 |
33.3% |
||||||||||||
24 |
100% |
|||||||||||||
NSCS |
NWLG |
|||||||||||||
August 4, 2021 (commencement of operations) through October 31, 2021 | Number of Days | % of Total Days | Number of Days | % of Total Days | ||||||||||
Premium/Discount Range: | ||||||||||||||
0.00 to 0.25% | 41 | 67.2% | 34 | 55.7% | ||||||||||
(0.01)% to (0.25)% | 20 | 32.8% | 27 | 44.3% | ||||||||||
61 | 100% | 61 | 100% |
48
Additional Fund Information (Unaudited) (continued)
|
||||||||||||||
Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SECs website at http://www.sec.gov. | ||||||||||||||
| ||||||||||||||
Nuveen Funds Proxy Voting Information: You may obtain (i) information regarding how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request by calling Nuveen toll-free at (800) 257-8787 or Nuveens website at www.nuveen.com and (ii) a description of the policies and procedures that each Fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov. | ||||||||||||||
|
||||||||||||||
FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org. |
49
Glossary of Terms Used in this Report
(Unaudited)
Average Annual Total Return: This is a commonly used method to express an investments performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investments actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
Net Asset Value (NAV) Per Share: A funds Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the funds Net Assets divided by its number of shares outstanding.
Russell 2000® Index: An index that measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 3000® Index measures the performance of the 3,000 largest companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P 500® Index: An index generally considered representative of the U.S. equity market. The index includes 500 leading companies and covers approximately 80% of available market capitalization. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
The Russell 1000® Growth Index: An index that measures the performance of the Russell 1000® companies higher price-to-book ratios and higher forecasted growth values. The index returns assume reinvestment of distributions,, but do not reflect any applicable sales charges or management fees.
50
Annual Investment Management Agreement Approval Process
(Unaudited)
Nuveen Dividend Growth ETF (NDVG)
Nuveen Growth Opportunities ETF (NUGO)
Nuveen Small Cap Select ETF (NSCS)
Nuveen Winslow Large-Cap Growth ESG ETF (NWLG)
The Approval Process
The Board of Trustees (the Board, and each Trustee, a Board Member) of Nushares ETF Trust, which is comprised entirely of Board Members who are not interested persons (as defined under the Investment Company Act of 1940 (the 1940 Act)) (the Independent Board Members), is responsible for approving the advisory arrangements of the Funds. A discussion of the Boards approval in May 2021 of the initial advisory arrangements of the Nuveen Dividend Growth ETF (the Dividend Growth Fund), Nuveen Small Cap Select ETF and Nuveen Winslow Large-Cap Growth ESG ETF, including, among other things, the investment sub-advisory agreement with Santa Barbara Asset Management, LLC (SBAM) for the Dividend Growth Fund, is set forth in Part I below. A discussion of the Boards approval in August 2021 of (i) the transfer of the Dividend Growth Funds investment sub-advisory agreement with SBAM to Nuveen Asset Management, LLC (NAM), effective December 31, 2021; and (ii) an amended and restated sub-advisory agreement for the Dividend Growth Fund with NAM, effective as of December 31, 2021, is set forth in Part II below. A discussion of the Boards approval in August 2021 of the initial advisory arrangements of the Nuveen Growth Opportunities ETF is set forth in Part III below.
PART I
Nuveen Dividend Growth ETF
Nuveen Small Cap Select ETF
Nuveen Winslow Large-Cap Growth ESG ETF
At a meeting held on May 25-27, 2021 (the May Meeting), the Board considered and approved, for each of Nuveen Dividend Growth ETF (previously defined as the Dividend Growth Fund), Nuveen Small Cap Select ETF (the Small Cap Select Fund) and Nuveen Winslow Large-Cap Growth ESG ETF (the Large-Cap Growth Fund and, together with the Dividend Growth Fund and the Small Cap Select Fund, for purposes of this Part I, the Funds and each, a Fund), an investment management agreement (for purposes of this Part I, each, an Investment Management Agreement) pursuant to which Nuveen Fund Advisors, LLC (the Adviser) serves as investment adviser to the respective Fund. In addition, the Independent Board Members considered and approved the investment sub-advisory agreements (for purposes of this Part I, each, a Sub-Advisory Agreement) pursuant to which Santa Barbara Asset Management, LLC (previously defined as SBAM), Nuveen Asset Management, LLC (previously defined as NAM), and Winslow Capital Management, LLC (Winslow) serve as the investment sub-adviser to the Dividend Growth Fund, Small Cap Select Fund and Large-Cap Growth Fund, respectively. For purposes of this Part I, SBAM, NAM and Winslow are each hereafter a Sub-Adviser. Further, for purposes of this Part I, the Adviser and the Sub-Advisers are each hereafter a Fund Adviser. In addition, for purposes of this Part I, the Investment Management Agreements and the Sub-Advisory Agreements are each hereafter an Advisory Agreement and collectively, the Advisory Agreements.
Although the 1940 Act requires that approvals of the Funds Advisory Agreements be approved by the in-person vote of a majority of the Independent Board Members, the May Meeting was held virtually through the internet in view of the health risks associated with holding an in-person meeting during the COVID-19 pandemic and governmental restrictions on gatherings. The May Meeting was held virtually in reliance on certain exemptive relief the Securities and Exchange Commission provided to registered investment companies providing temporary relief from the in-person voting requirements of the 1940 Act with respect to the approval of a funds advisory agreement in light of these challenges.
To assist the Board in its evaluation of an Advisory Agreement with a Fund Adviser at the May Meeting, the Independent Board Members had received, in adequate time in advance of the May Meeting or at other meetings, materials which outlined, among other things:
| the nature, extent and quality of the services expected to be provided by the Fund Adviser; |
| the organization of the Fund Adviser, including the responsibilities of various departments and key personnel; |
| the relevant expertise and background of the Fund Adviser with respect to the applicable Funds investment strategy; |
| certain performance-related information (as described below); |
| certain profitability-related information (as described below); |
51
Annual Investment Management Agreement Approval Process (Unaudited) (continued)
| each Funds proposed unitary fee structure, including comparisons of each Funds proposed unitary fee with the net expense ratios of comparable funds; and |
| the soft dollar practices of the Fund Adviser, if any. |
At the May Meeting and/or at other meetings, the Adviser made presentations to and responded to questions from the Board. During the May Meeting and/or at other meetings, the Independent Board Members also met privately with their legal counsel to, among other things, review the Boards duties under the 1940 Act, the general principles of state law in reviewing and approving advisory contracts, the standards used by courts in determining whether investment company boards of directors have fulfilled their duties, factors to be considered in voting on advisory contracts and an advisers fiduciary duty with respect to advisory agreements and compensation. It is with this background that the Independent Board Members considered the Advisory Agreements. As outlined in more detail below, the Independent Board Members considered various factors they believed relevant with respect to the Funds. Each Board Member may have accorded different weight to the various factors and information discussed below in reaching his or her conclusions with respect to each Funds Advisory Agreements. The Board Members also drew on information they had received in their capacity as trustees and directors, as applicable, of other registered investment companies advised by the Fund Advisers.
A. Nature, Extent and Quality of Services
The Independent Board Members considered the nature, extent and quality of the respective Fund Advisers services, including portfolio management services and administrative services. Given that the Adviser and the Sub-Advisers already serve as adviser and sub-adviser, respectively, to other Nuveen funds overseen by the Board Members, the Board has a good understanding of each such Fund Advisers organization, operations, personnel and services. As the Independent Board Members meet regularly throughout the year to oversee the Nuveen funds, including funds currently advised by the Fund Advisers, the Independent Board Members, have, in part, relied upon their knowledge from their meetings and any other interactions throughout the year with the respective Fund Adviser in evaluating the Advisory Agreements.
The Independent Board Members recognized that open-end exchange-traded funds (ETFs) were added to the Nuveen fund product line in 2016 and they considered information about the structure, investment objective, investment strategy and other characteristics of each Fund. In this regard, the Independent Board Members noted that in contrast to the other ETFs in the Nuveen fund product line (which seek to track the investment results of a specified underlying index and publish their portfolio holdings on a daily basis), each Fund would be actively managed and would not publish the daily holdings of its actual portfolio, but rather would disclose the daily holdings of a portfolio transparency substitute derived from actual fund holdings (a proxy portfolio). (In light of their structure, the Funds may be referred to as semi-transparent ETFs.) Further, the Independent Board Members recognized that each Fund would have investment strategies that would be substantially similar to those of a Nuveen mutual fund sub-advised by its Sub-Adviser (each such mutual fund is referred to herein as a Corresponding Mutual Fund).
The Board has recognized that the Nuveen funds operate in a highly regulated industry and, therefore, the Adviser has provided a wide array of management, oversight and administrative services to manage and operate the funds, and the scope and complexity of these services have expanded over time as a result of, among other things, regulatory and other developments. The Board accordingly has considered the extensive resources, tools and capabilities available to the Adviser to operate and manage the Nuveen funds. With respect to the Adviser, as a general matter, some of these services it and its affiliates provide to the Nuveen funds include, but are not limited to: product management (such as setting dividends, analyzing fund expenses, providing competitive analysis, and providing due diligence support); investment oversight, risk management and securities valuation services (such as overseeing and reviewing the various sub-advisers to the Nuveen funds and their investment teams; analyzing fund performance and risk data; overseeing operational and risk management; participating in financial statement, marketing and risk disclosures; providing daily valuation services and developing related valuation policies, procedures and methodologies; periodic testing of audit and regulatory requirements; participating in product development and management processes; participating in leverage management, liquidity monitoring and counterparty credit oversight; providing due diligence and overseeing fund accounting and custody providers; overseeing third party pricing services and periodically assessing investment and liquidity risks); fund administration (such as preparing fund tax returns and other tax compliance services; preparing regulatory filings; overseeing the funds independent public accountants and other service providers; analyzing products and enhancements; and managing fund budgets and expenses); oversight of shareholder services and transfer agency functions (such as overseeing transfer agent service providers which include registered shareholder customer service and transaction processing; overseeing proxy solicitation and tabulation services; and overseeing the production and distribution of financial reports by service providers); Board relations services (such as organizing and administering Board and committee meetings, preparing various reports to the Board and committees and providing other support services); compliance and regulatory oversight services (such as managing compliance policies; monitoring compliance with applicable fund policies and laws and regulations; devising internal compliance programs and a framework to review and assess compliance programs; evaluating the compliance programs of the various sub-advisers to the Nuveen funds and certain other service providers; responding to regulatory requests; and preparing compliance training materials); and legal support and oversight of outside law firms (such as helping to prepare and file registration statements and proxy statements; overseeing fund activities and providing legal interpretations regarding such activities; maintaining regulatory registrations and negotiating agreements with other fund service providers; and monitoring changes in regulatory requirements and commenting on rule proposals impacting investment companies).
52
The Independent Board Members noted that the Adviser would oversee each Sub-Adviser, which was generally expected to provide portfolio advisory services to the applicable Fund. In addition, the Independent Board Members recognized the relevant experience and expertise of the investment teams expected to manage the respective Funds. In this regard, as noted above, the Independent Board Members recognized that each Fund would have investment strategies that would be substantially similar to those of a Corresponding Mutual Fund sub-advised by the respective Sub-Adviser and already overseen by the Board.
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services expected to be provided to the Funds under each applicable Advisory Agreement were satisfactory.
B. Investment Performance
Each Fund was new and, therefore, did not have its own performance history. The Independent Board Members, however, were familiar with the performance records of other Nuveen funds advised by the Adviser and the Sub-Advisers (including without limitation the Corresponding Mutual Funds). In addition, for each Fund, the Independent Board Members reviewed certain historical performance-related data pertaining to the Class I shares of the Corresponding Mutual Fund (including, among other things, returns for the year-to-date, one-year, three-year, five-year and ten-year periods as of April 30, 2021 and returns for the 2016-2020 calendar years).
C. Fees, Expenses and Profitability
1. Fees and Expenses
In evaluating the management fees and expenses that each Fund was expected to bear, the Independent Board Members considered, among other things, such Funds proposed unitary fee structure and its proposed net expense ratio in absolute terms as well as compared with the net expense ratios of comparable ETFs and the applicable Corresponding Mutual Fund. In considering the Funds proposed unitary fee structure, the Independent Board Members noted that under this structure each Fund would pay a fee to the Adviser and, in turn, the Adviser would be generally responsible for the operating expenses incurred by the Fund, subject to certain exceptions. In this regard, the Independent Board Members were provided with estimates of the Funds anticipated operating expenses that would be paid by the Adviser from the unitary fee as well as a description of the expenses excluded from the unitary fee. In considering the proposed unitary fee structure, the Independent Board Members recognized that the Adviser would generally bear the risk that certain of the Funds operating expenses would increase (but would also benefit if such expenses decrease) and the degree of expense stability that would be afforded to the Funds shareholders.
In reviewing each Funds proposed unitary fee, the Independent Board Members considered the management fees and net expense ratios for the Class R6 shares and Class I shares of the applicable Corresponding Mutual Fund and the Advisers approach in determining the unitary fee for the Fund. Further, the Independent Board Members reviewed comparative data pertaining to the net expense ratios of certain other currently listed active semi-transparent ETFs as well as active transparent ETFs within the Funds anticipated Morningstar category. The Independent Board Members also considered the proposed sub-advisory fee for each Fund, which was based on the sub-advisory fee schedule for the applicable Corresponding Mutual Fund and will be paid by the Adviser out of its unitary fee.
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Funds unitary fee was reasonable in light of the nature, extent and quality of services expected to be provided to such Fund.
2. Comparisons with the Fees of Other Clients
The Board considered that each Fund will pay a unitary fee, which will differ from most other investment companies advised by the Adviser which pay a variety of fees, such as the investment advisory fee; Rule 12b-1 fees, if any; transfer agency fees; custody fees; and other expenses. The Board believed the unitary fee structure provides certain benefits to shareholders including providing a level of cost certainty by shifting to the Adviser the risk that some of the costs of operating a Fund may rise and providing an incentive to the Adviser to maximize administrative efficiencies. As noted, the Board considered the unitary fee to be paid by each Fund in comparison to the net expense ratios of other active semi-transparent ETFs, comparable active transparent ETFs and the applicable Corresponding Mutual Fund.
The Board has noted at the May Meeting and/or at other meetings that the Fund Advisers provide services to other types of clients. In this regard, the Board has considered information regarding the fee rates the respective Fund Advisers charge to certain other types of clients and the type of services provided to these other clients. With respect to the Adviser and/or the Sub-Advisers, such other clients may include retail and institutional managed accounts advised by a Sub-Adviser (with respect to each Sub-Adviser); hedge funds managed by a Sub-Adviser (with respect to NAM); investment companies offered outside the Nuveen family and sub-advised by a Sub-Adviser (with respect to NAM and Winslow); foreign investment companies offered by Nuveen and sub-advised by a Sub-Adviser (with respect to each Sub-Adviser); and collective investment trusts sub-advised by a Sub-Adviser (with respect to NAM and Winslow). The Board has also noted that the Adviser acts as investment adviser to other ETFs sponsored by Nuveen.
The Board recognized that each Fund would have an affiliated sub-adviser and, with respect to affiliated sub-advisers, has reviewed, among other things, the range of fees assessed for managed accounts, hedge funds (along with their performance fee) and foreign investment companies offered by Nuveen, as applicable. The Board also has reviewed the fee range and average fee rate of certain selected investment
53
Annual Investment Management Agreement Approval Process (Unaudited) (continued)
strategies offered in retail and institutional managed accounts advised by each Sub-Adviser, the hedge funds advised by NAM (along with their performance fee) and non-Nuveen investment companies sub-advised by certain affiliated sub-advisers.
In considering the fee data of other clients, the Board has recognized, among other things, the differences in the amount, type and level of services provided to the Nuveen funds relative to other clients as well as the differences in portfolio investment policies, investor profiles, account sizes and regulatory requirements, all of which contribute to the variations in the fee schedules. The Board has recognized the breadth of services the Adviser provides to the Nuveen funds compared to the other types of clients as the funds operate in a highly regulated industry with increasing regulatory requirements as well as the increased entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the funds. Further, with respect to ETFs, the Board has considered that certain Nuveen ETFs are passively managed compared to the active management of other Nuveen funds, which has contributed to the differences in fee levels between such Nuveen ETFs and other Nuveen funds. In general, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board has further considered that a Sub-Advisers fee is essentially for portfolio management services and therefore, with respect to an affiliated sub-adviser, more comparable to the fees it receives for retail wrap accounts and other external sub-advisory mandates, as applicable. The Board has recognized that the varying levels of fees are justified given, among other things, the inherent differences in the products and the level of services provided to the Nuveen funds versus other clients, the differing regulatory requirements and legal liabilities and the entrepreneurial, legal and regulatory risks incurred in sponsoring and advising a registered investment company.
3. Profitability of Fund Advisers
At the time of the May Meeting, the Funds had not commenced operations and it was not possible to predict the effect on profitability of the Funds. The Independent Board Members, however, considered the estimated operating expenses to be paid by the Adviser pursuant to the unitary fee.
In conjunction with their review of fees, at the May Meeting and/or at other meetings, the Independent Board Members also have considered profitability and other financial data for Nuveen, including information regarding Nuveens level of profitability for its advisory services to the Nuveen funds for the calendar years 2020 and 2019. The Board has reviewed, among other things, Nuveens net margins (pre-tax) (both including and excluding distribution expenses); gross and net revenue margins (pre- and post-tax and excluding distribution) from Nuveen funds only; revenues, expenses and net income (pre- and post-tax and before distribution expenses) of Nuveen for fund advisory services; and comparative profitability data comparing the operating margins of Nuveen compared to the adjusted operating margins of certain peers that had publicly available data and with the most comparable assets under management (based on asset size and asset composition) for the 2019 and 2020 calendar years. In reviewing the peer comparison data, the Independent Board Members have noted that Nuveen Investments, Inc.s operating margins were on the low range compared to the total company adjusted operating margins of the peers. The Board has also reviewed the revenues and expenses the Adviser derived from its ETF product line for the 2019 and 2020 calendar years.
In reviewing the profitability data, the Independent Board Members have recognized the subjective nature of calculating profitability as the information is not audited and is dependent on cost allocation methodologies to allocate corporate-wide expenses to the Nuveen complex and its affiliates and to further allocate such Nuveen complex expenses between the Nuveen fund and non-fund businesses. Generally, fund-specific expenses are allocated to the Nuveen funds and partial fund-related expenses and/or corporate overhead and shared costs (such as legal and compliance, accounting and finance, information technology and human resources and office services) are partially attributed to the funds pursuant to cost allocation methodologies. The Independent Board Members have reviewed a description of the cost allocation methodologies employed to develop the financial information, a summary of the history of changes to the methodology over the years from 2010 to 2020, and the net revenue margins derived from the Nuveen funds (pre-tax and including and excluding distribution) and total company margins from Nuveen Investments, Inc. compared to the firm-wide adjusted margins of the peers for each calendar year from 2010 to 2020. The Board had also appointed three Independent Board Members to serve as the Boards liaisons, with the assistance of independent counsel, to review the development of the profitability data and any proposed changes to the cost allocation methodology prior to incorporating any such changes and to report to the full Board. The Board has recognized that other reasonable and valid allocation methodologies could be employed and could lead to significantly different results. The Independent Board Members have also considered the key drivers behind the revenue and expense changes that impacted Nuveens net margins between 2019 and 2020. The Board has also noted the reinvestments Nuveen and/or its parent made into its business through, among other things, the investment of seed capital in certain Nuveen funds and continued investments in enhancements to information technology, portfolio accounting systems and the global trading platform.
In reviewing the comparative peer data noted above, the Board has considered that the operating margins of Nuveen Investments, Inc. were in the lower half of the peer group range; however, the Independent Board Members have also recognized the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results.
54
Aside from Nuveens profitability, the Board has recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). Accordingly, the Board has also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2020 and 2019 calendar years to consider the financial strength of TIAA. The Board has recognized the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility as experienced with the COVID-19 pandemic.
In addition to Nuveen, the Independent Board Members have considered the profitability of the Sub-Advisers from their relationships with the Nuveen funds. In this regard, the Independent Board Members have reviewed, among other things, each Sub-Advisers revenues, expenses and net revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2020 as well as its pre- and post-tax net revenue margins for 2020 compared to such margins for 2019. The Independent Board Members have also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for NAM for the calendar year ending December 31, 2020 and the pre- and post-tax revenue margins from 2020 and 2019.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered any other ancillary benefits derived by the respective Fund Adviser from its relationship with the Nuveen funds as discussed in further detail below.
Based on a consideration of all the information provided, the Board has noted that Nuveens and each Sub-Advisers level of profitability was acceptable and not unreasonable in light of the services to be provided.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
With respect to economies of scale, the Independent Board Members have recognized that, in general, as the assets of a particular Nuveen fund or the Nuveen complex in the aggregate increase over time, economies of scale may be realized with respect to the management of the Nuveen funds. In this regard, the Independent Board Members considered whether economies of scale were expected to be achieved as each Fund grows and whether any such economies of scale were expected to be shared with shareholders. The Board has recognized that although economies of scale are difficult to measure and certain expenses may not decline with a rise in assets, there are several methods to help share the benefits of economies of scale, including breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of Nuveen funds at scale at inception and investments in Nuveens business which can enhance the services provided to the Nuveen funds for the fees paid. The Board noted that with respect to Nuveen funds generally, although the management fee of the Adviser is typically comprised of a fund-level component and a complex-level component each with its own breakpoint schedule, the Nuveen ETFs, including the Funds, do not have breakpoint schedules and do not participate in the complex-level fee program. The Funds also do not have an expense limitation agreement with the Adviser given the Adviser generally pays the operating expenses of the respective Fund (subject to certain exceptions) under the unitary fee structure and therefore incurs the risk of increases in such Fund operating expenses. The Board, however, also recognized that the Adviser would benefit from any reduction in fixed costs covered by the unitary fee but that the unitary fee schedule also provides shareholders with a level of certainty of the expenses of the respective Fund. The Independent Board Members further considered the Advisers representation that it believed the unitary fee for the Funds was priced at scale at inception.
Based on their review, the Independent Board Members concluded that the Funds proposed unitary fee structure (which would not include breakpoints or participation in the complex-level fee program) was acceptable.
E. Indirect Benefits
At the May Meeting and/or other meetings, the Independent Board Members have received and considered information regarding other benefits that a Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. In addition, the Independent Board Members have also noted that various sub-advisers (including each Sub-Adviser) may engage in soft dollar transactions pursuant to which they may receive the benefit of research products and other services provided by broker-dealers executing portfolio transactions on behalf of the applicable Nuveen funds. The Board has noted, however, that portfolio managers and research analysts of NAM and another affiliated sub-adviser share research obtained through certain commission sharing arrangements and as a result, NAM reimbursed the respective Nuveen funds for approximately 70% of the expenses associated with the research-related component of the soft dollar commissions paid by all NAM-managed equity funds (subject to certain exceptions) (the NAM Equity Funds) in 2020. It is anticipated that NAM will reimburse 100% of the research-related components of the NAM Equity Funds soft dollar expenses in 2021. The Board has also noted that any benefits for a sub-adviser when transacting in fixed-income securities may be more limited as such securities generally trade on a principal basis and therefore do not generate brokerage commissions.
Based on its review, the Board concluded that any indirect benefits expected to be received by a Fund Adviser as a result of its relationship with the applicable Fund(s) were reasonable and within acceptable parameters.
F. Approval
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. For each Fund, the Board Members, including a majority of the Independent Board Members, concluded that the terms of the applicable Investment Management
55
Annual Investment Management Agreement Approval Process (Unaudited) (continued)
Agreement and Sub-Advisory Agreement were fair and reasonable, that the respective Fund Advisers fees were reasonable in light of the services to be provided to such Fund and that the applicable Investment Management Agreement and Sub-Advisory Agreement should be and were approved on behalf of such Fund.
PART II
Nuveen Dividend Growth ETF Sub-Advisory Agreement
As noted above, at the May Meeting, the Board, on behalf of the Dividend Growth Fund (for purposes of this Part II, the Fund), approved the Funds Investment Management Agreement with the Adviser and Sub-Advisory Agreement (for purposes of this Part II, the SBAM Sub-Advisory Agreement) with SBAM, an affiliate of the Adviser. Subsequent to the May Meeting, the Adviser discussed with the Board the proposed transfer of a number of SBAMs existing mandates to NAM, also an affiliate of the Adviser, in connection with certain strategic initiatives to identify opportunities across the Nuveen equities and fixed income platform in seeking to drive greater collaboration and alignment across Nuveens investment specialists. In this regard, the Adviser (i) proposed the transfer of the Funds SBAM Sub-Advisory Agreement to NAM, effective December 31, 2021 (the Transfer) and (ii) requested that the Board approve an amended and restated sub-advisory agreement for the Fund, effective as of December 31, 2021, between the Adviser and NAM (for purposes of this Part II, the New Sub-Advisory Agreement). Accordingly, at a meeting held on August 2-4, 2021 (the August Meeting), the Board approved the Transfer and New Sub-Advisory Agreement.
Although the 1940 Act requires that approvals of the Funds advisory arrangements be approved by the in-person vote of a majority of the Board Members, the August Meeting was held virtually through the internet in view of the health risks associated with holding an in-person meeting during the COVID-19 pandemic and governmental restrictions on gatherings. The August Meeting was held virtually in reliance on certain exemptive relief the Securities and Exchange Commission provided to registered investment companies providing temporary relief from the in-person voting requirements of the 1940 Act with respect to the approval of a funds advisory agreement in light of these challenges.
In conjunction with their evaluation of the New Sub-Advisory Agreement at the August Meeting, the Board Members had received, in adequate time in advance of the August Meeting and/or at prior meetings, materials that covered, among other things: (a) the nature, extent and quality of services expected to be provided by NAM; (b) the organization of NAM; (c) certain performance-related information (as described below); (d) the proposed sub-advisory fee of NAM and the profitability of Nuveen and its affiliates (including NAM) for their advisory activities; and (e) the soft dollar practices of NAM. At the August Meeting and/or at prior meetings, the Adviser made presentations to and responded to questions from the Board.
In connection with its review of the New Sub-Advisory Agreement, the Board was advised by independent legal counsel. In addition, prior to the August Meeting, and/or at other meetings, the Board Members had received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing advisory agreements. The Boards decision to approve the New Sub-Advisory Agreement was not based on a single identified factor, but rather the decision reflected the comprehensive consideration of all the information provided, and each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the approval process. The following summarizes the principal factors and information, but not all the factors, the Board considered in deciding to approve the New Sub-Advisory Agreement and its conclusions.
A. Nature, Extent and Quality of Services
As noted above, the Board recognized that Nuveen management had embarked on various strategic initiatives identifying opportunities across the Nuveen equities and fixed income platform, seeking to drive greater collaboration and alignment across Nuveens investment specialists, and recommended the Transfer as a result of these efforts. The Board considered the nature, extent and quality of the services expected to be provided to the Fund by NAM under the New Sub-Advisory Agreement, including the portfolio management services. The Board acknowledged that while portfolio management services would be provided by NAM rather than SBAM following the Transfer, no changes were expected to be made to, among other things, the nature and level of sub-advisory services provided to the Fund or the day-to-day management of the Fund. In this regard, the Board was aware that it was expected that the SBAM personnel who provided portfolio management services to the Fund prior to the Transfer would continue to do so as personnel of NAM following the Transfer. Notwithstanding the foregoing, the Board Members recognized that personnel changes may occur as a result of, for example, normal business developments or personal career decisions. Further, as NAM already serves as a sub-adviser to other Nuveen funds overseen by the Board Members, the Board has a good understanding of NAMs organization and operations. As the Board Members meet regularly throughout the year to oversee the Nuveen funds, including Nuveen funds sub-advised by NAM, the Board Members also have relied upon their knowledge from their meetings and other interactions with respect to NAM in evaluating the New Sub-Advisory Agreement.
Based on their review, the Board Members found that, overall, the nature, extent and quality of services expected to be provided to the Fund under the New Sub-Advisory Agreement were satisfactory and supported approval of the New Sub-Advisory Agreement.
B. Investment Performance
At the May Meeting, the Board considered certain performance-related information relevant to the Fund, which was new and, therefore, did not have its own performance history. In particular, at the May Meeting, the Board reviewed certain historical performance-related data pertaining to a
56
mutual fund sub-advised by SBAM with investment strategies substantially similar to those of the Fund. As noted above, the Board was aware that the SBAM personnel providing portfolio management services to the Fund prior to the Transfer were expected to continue to do so as personnel of NAM following the Transfer.
C. Sub-Advisory Fees and Profitability
At the May Meeting, the Board Members considered the Funds proposed management fees and net expense ratio. In this regard, the Board had considered, among other things, the proposed sub-advisory fee to be paid to SBAM in light of the sub-advisory services expected to be provided to the Fund, as well as comparative data of the fees SBAM has charged to certain other clients. At the August Meeting, the Board considered the proposed sub-advisory fee to be paid to NAM. The Board recognized that NAMs sub-advisory fee under the New Sub-Advisory Agreement would be the same as SBAMs sub-advisory fee under the SBAM Sub-Advisory Agreement. Further, the Board observed that the appointment of NAM would not change the management fees incurred by the Fund as the Adviser pays the sub-adviser out of the unitary fee it receives from the Fund and the compensation paid to NAM would be the responsibility of the Adviser, not the Fund. In addition, due to their experience with other Nuveen funds, the Board Members were familiar with NAMs fee rates for portfolio management services provided to other Nuveen funds. Further, the Board Members had previously considered information regarding fee rates charged to certain other types of clients (which may include retail and institutional managed accounts advised by NAM; hedge funds managed by NAM; investment companies offered outside the Nuveen family and sub-advised by NAM; foreign investment companies offered by Nuveen and sub-advised by NAM; and collective investment trusts sub-advised by NAM). In evaluating the New Sub-Advisory Agreement, based on its review, the Board concluded that NAMs sub-advisory fee was reasonable in light of the nature, extent and quality of services expected to be provided to the Fund.
With respect to profitability, at the May Meeting and/or at other meetings, the Board Members considered the profitability of the various sub-advisers to the Nuveen funds (including NAM) from their relationships with the Nuveen funds. In this regard, the Independent Board Members had reviewed, among other things, NAMs revenues, expenses and net revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2020 as well as its pre- and post-tax net revenue margins for 2020 compared to such margins for 2019. The Independent Board Members had also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for NAM for the calendar year ending December 31, 2020 and the pre- and post-tax revenue margins from 2020 and 2019. Based on their review, the Board Members had noted that NAMs level of profitability was acceptable and not unreasonable in light of the services provided; this conclusion did not change as a result of the New Sub-Advisory Agreement.
D. Economies of Scale
At the May Meeting, the Board considered whether economies of scale were expected to be achieved as the Fund grows and whether any such economies of scale were expected to be shared with shareholders. The Board had recognized that consistent with other Nuveen ETFs, the Fund would pay a unitary fee to the Adviser and, in turn, the Adviser would be generally responsible for the operating expenses incurred by the Fund, including the fee paid to the Funds sub-adviser. The Board had noted that with respect to Nuveen funds generally, although the management fee of the Adviser is typically comprised of a fund-level component and a complex-level component each with its own breakpoint schedule, the Nuveen ETFs, including the Fund, do not have breakpoint schedules and do not participate in the complex-level fee program. Based on their review, the Independent Board Members had concluded that the Funds proposed unitary fee structure (which would not include breakpoints or participation in the complex-level fee program) was acceptable; this conclusion did not change as a result of the New Sub-Advisory Agreement.
E. Indirect Benefits
At the May Meeting and/or at other meetings, the Board Members considered any indirect benefits that the various sub-advisers to the Nuveen funds (including NAM and SBAM) or their respective affiliates may receive as a result of their relationship with the Nuveen funds. Additionally, the Board Members have noted that various sub-advisers (including NAM and SBAM) may engage in soft dollar transactions pursuant to which they may receive the benefit of research products and other services provided by broker-dealers executing portfolio transactions on behalf of the applicable Nuveen funds. The Board has noted, however, that portfolio managers and research analysts of NAM and another affiliated sub-adviser share research obtained through certain commission sharing arrangements and as a result, NAM reimbursed the respective Nuveen funds for approximately 70% of the expenses associated with the research-related component of the soft dollar commissions paid by all NAM-managed equity funds (subject to certain exceptions) (the NAM Equity Funds) in 2020. It is anticipated that NAM will reimburse 100% of the research-related components of the NAM Equity Funds soft dollar expenses in 2021. The Board Members have also noted that when transacting in fixed-income securities, the benefits for a sub-adviser that engages in soft dollar transactions may be more limited as such securities generally trade on a principal basis and therefore do not generate brokerage commissions.
Based on its review, taking into account the New Sub-Advisory Agreement, the Board concluded that any indirect benefits expected to be received by NAM as a result of its relationship with the Fund were reasonable and within acceptable parameters.
57
Annual Investment Management Agreement Approval Process (Unaudited) (continued)
F. Approval of the New Sub-Advisory Agreement
The Board Members did not identify any single factor discussed previously as all important or controlling. The Board Members concluded that the terms of the New Sub-Advisory Agreement are fair and reasonable, that NAMs fees are reasonable in light of the services to be provided to the Fund and that the New Sub-Advisory Agreement should be and was approved.
PART III
Nuveen Growth Opportunities ETF
At a meeting held on August 2-4, 2021 (the Meeting), the Board considered and approved the investment management agreement (for purposes of this Part III, the Investment Management Agreement) pursuant to which Nuveen Fund Advisors, LLC (the Adviser) as investment adviser to Nuveen Growth Opportunities ETF (for purposes of this Part III, the Fund), and the investment sub-advisory agreement (for purposes of this Part III, the Sub-Advisory Agreement) pursuant to which Nuveen Asset Management, LLC (for purposes of this Part III, the Sub-Adviser) would serve as the investment sub-adviser to the Fund. For purposes of this Part III, the Adviser and the Sub-Adviser are each hereafter a Fund Adviser. In addition, for purposes of this Part III, the Investment Management Agreement and the Sub-Advisory Agreement are each hereafter an Advisory Agreement and collectively, the Advisory Agreements.
Although the 1940 Act requires that approvals of the Funds Advisory Agreements be approved by the in-person vote of a majority of the Independent Board Members, the Meeting was held virtually through the internet in view of the health risks associated with holding an in-person meeting during the COVID-19 pandemic and governmental restrictions on gatherings. The Meeting was held virtually in reliance on certain exemptive relief the Securities and Exchange Commission provided to registered investment companies providing temporary relief from the in-person voting requirements of the 1940 Act with respect to the approval of a funds advisory agreement in light of these challenges.
To assist the Board in its evaluation of an Advisory Agreement with a Fund Adviser at the Meeting, the Independent Board Members had received, in adequate time in advance of the Meeting or at other meetings, materials which outlined, among other things:
| the nature, extent and quality of the services expected to be provided by the Fund Adviser; |
| the organization of the Fund Adviser, including the responsibilities of various departments and key personnel; |
| the relevant expertise and background of the Fund Adviser with respect to the Funds investment strategy; |
| certain performance-related information (as described below); |
| certain profitability-related information (as described below); |
| the Funds proposed unitary fee structure, including comparisons of the Funds proposed unitary fee with the net expense ratios of comparable funds; and |
| the soft dollar practices of the Fund Adviser, if any. |
At the Meeting and/or at other meetings, the Adviser made presentations to and responded to questions from the Board. During the Meeting and/or at other meetings, the Independent Board Members also met privately with their legal counsel to, among other things, review the Boards duties under the 1940 Act, the general principles of state law in reviewing and approving advisory contracts, the standards used by courts in determining whether investment company boards of directors have fulfilled their duties, factors to be considered in voting on advisory contracts and an advisers fiduciary duty with respect to advisory agreements and compensation. It is with this background that the Independent Board Members considered the Advisory Agreements. As outlined in more detail below, the Independent Board Members considered various factors they believed relevant with respect to the Fund. Each Board Member may have accorded different weight to the various factors and information discussed below in reaching his or her conclusions with respect to the Funds Advisory Agreements. The Board Members also drew on information they had received in their capacity as trustees and directors, as applicable, of other registered investment companies advised by the Fund Advisers.
A. Nature, Extent and Quality of Services
The Independent Board Members considered the nature, extent and quality of the respective Fund Advisers services, including portfolio management services and administrative services. Given that the Adviser and the Sub-Adviser already serve as adviser and sub-adviser, respectively, to other Nuveen funds overseen by the Board Members, the Board has a good understanding of each such Fund Advisers organization, operations, personnel and services. As the Independent Board Members meet regularly throughout the year to oversee the Nuveen funds, including funds currently advised by the Fund Advisers, the Independent Board Members, have, in part, relied upon their knowledge from their meetings and any other interactions throughout the year with the respective Fund Adviser in evaluating the Advisory Agreements.
The Independent Board Members recognized that open-end exchange-traded funds (ETFs) were added to the Nuveen fund product line in 2016 and they considered information about the structure, investment objective, investment strategy and other characteristics of the Fund. In this regard, the Independent Board Members noted that in contrast to most of the other ETFs in the Nuveen fund product line (which seek to track the
58
investment results of a specified underlying index and publish their portfolio holdings on a daily basis), the Fund would be actively managed and would not publish the daily holdings of its actual portfolio, but rather would disclose the daily holdings of a portfolio transparency substitute derived from actual fund holdings (a proxy portfolio). (In light of its structure, the Fund may be referred to as a semi-transparent ETF.)
The Board has recognized that the Nuveen funds operate in a highly regulated industry and, therefore, the Adviser has provided a wide array of management, oversight and administrative services to manage and operate the funds, and the scope and complexity of these services have expanded over time as a result of, among other things, regulatory and other developments. The Board accordingly has considered the extensive resources, tools and capabilities available to the Adviser to operate and manage the Nuveen funds. With respect to the Adviser, as a general matter, some of these services it and its affiliates provide to the Nuveen funds include, but are not limited to: product management (such as setting dividends, analyzing fund expenses, providing competitive analysis, and providing due diligence support); investment oversight, risk management and securities valuation services (such as overseeing and reviewing the various sub-advisers to the Nuveen funds and their investment teams; analyzing fund performance and risk data; overseeing operational and risk management; participating in financial statement, marketing and risk disclosures; providing daily valuation services and developing related valuation policies, procedures and methodologies; periodic testing of audit and regulatory requirements; participating in product development and management processes; participating in leverage management, liquidity monitoring and counterparty credit oversight; providing due diligence and overseeing fund accounting and custody providers; overseeing third party pricing services and periodically assessing investment and liquidity risks); fund administration (such as preparing fund tax returns and other tax compliance services; preparing regulatory filings; overseeing the funds independent public accountants and other service providers; analyzing products and enhancements; and managing fund budgets and expenses); oversight of shareholder services and transfer agency functions (such as overseeing transfer agent service providers which include registered shareholder customer service and transaction processing; overseeing proxy solicitation and tabulation services; and overseeing the production and distribution of financial reports by service providers); Board relations services (such as organizing and administering Board and committee meetings, preparing various reports to the Board and committees and providing other support services); compliance and regulatory oversight services (such as managing compliance policies; monitoring compliance with applicable fund policies and laws and regulations; devising internal compliance programs and a framework to review and assess compliance programs; evaluating the compliance programs of the various sub-advisers to the Nuveen funds and certain other service providers; responding to regulatory requests; and preparing compliance training materials); and legal support and oversight of outside law firms (such as helping to prepare and file registration statements and proxy statements; overseeing fund activities and providing legal interpretations regarding such activities; maintaining regulatory registrations and negotiating agreements with other fund service providers; and monitoring changes in regulatory requirements and commenting on rule proposals impacting investment companies).
The Independent Board Members noted that the Adviser would oversee the Sub-Adviser, which was generally expected to provide portfolio advisory services to the Fund. In addition, the Independent Board Members recognized the relevant experience and expertise of the investment team expected to manage the Fund.
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services expected to be provided to the Fund under each Advisory Agreement were satisfactory.
B. Investment Performance
The Fund was new and, therefore, did not have its own performance history. The Independent Board Members, however, were familiar with the performance records of other Nuveen funds advised by the Adviser and the Sub-Adviser. In addition, the Independent Board Members were aware that one of the Funds portfolio managers, who joined Nuveen in April 2021, had served as a portfolio manager to a comparable fund (the Comparable Fund) at another investment firm beginning in 2012 and became lead portfolio manager to the Comparable Fund in 2016. Accordingly, the Independent Board Members reviewed certain historical performance-related data pertaining to the Comparable Fund (including, among other things, returns for the one-year, three-year, five-year and ten-year periods as of March 31, 2021 and certain other statistics).
C. Fees, Expenses and Profitability
1. Fees and Expenses
In evaluating the management fees and expenses that the Fund was expected to bear, the Independent Board Members considered, among other things, the Funds proposed unitary fee structure and its proposed net expense ratio in absolute terms as well as compared with the net expense ratios of comparable ETFs. In considering the Funds proposed unitary fee structure, the Independent Board Members noted that under this structure the Fund would pay a fee to the Adviser and, in turn, the Adviser would be generally responsible for the operating expenses incurred by the Fund, subject to certain exceptions. In this regard, the Independent Board Members were provided with estimates of the Funds anticipated operating expenses that would be paid by the Adviser from the unitary fee as well as a description of the expenses excluded from the unitary fee. In considering the proposed unitary fee structure, the Independent Board Members recognized that the Adviser would generally bear the risk that certain of the Funds operating expenses would increase (but would also benefit if such expenses decrease) and the degree of expense stability that would be afforded to the Funds shareholders.
59
Annual Investment Management Agreement Approval Process (Unaudited) (continued)
In their review, the Independent Board Members reviewed, among other things, the Funds proposed unitary fee compared to fee and expense data of custom peer groups, including a group of active semi-transparent ETFs that the Adviser considered comparable to the Fund in certain respects. Because the Fund will pay a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Further, the Independent Board Members considered the proposed sub-advisory fee for the Fund, which will be paid by the Adviser out of its unitary fee.
Based on their review of the fee and expense information provided, the Independent Board Members determined that the Funds unitary fee was reasonable in light of the nature, extent and quality of services expected to be provided to the Fund.
2. Comparisons with the Fees of Other Clients
The Board considered that the Fund will pay a unitary fee, which will differ from most other investment companies advised by the Adviser which pay a variety of fees, such as the investment advisory fee; Rule 12b-1 fees, if any; transfer agency fees; custody fees; and other expenses. The Board believed the unitary fee structure provides certain benefits to shareholders including providing a level of cost certainty by shifting to the Adviser the risk that some of the costs of operating the Fund may rise and providing an incentive to the Adviser to maximize administrative efficiencies.
The Board has noted at the Meeting and/or at other meetings that the Fund Advisers provide services to other types of clients. In this regard, the Board has considered information regarding the fee rates the respective Fund Advisers charge to certain other types of clients and the type of services provided to these other clients. With respect to the Adviser and/or the Sub-Adviser, such other clients may include retail and institutional managed accounts advised by the Sub-Adviser; hedge funds managed by the Sub-Adviser; investment companies offered outside the Nuveen family and sub-advised by the Sub-Adviser; foreign investment companies offered by Nuveen and sub-advised by the Sub-Adviser; and collective investment trusts sub-advised by the Sub-Adviser. The Board has also noted that the Adviser acts as investment adviser to other ETFs sponsored by Nuveen.
The Board recognized that the Fund would have an affiliated sub-adviser and, with respect to affiliated sub-advisers, has reviewed, among other things, the range of fees assessed for managed accounts, hedge funds (along with their performance fee) and foreign investment companies offered by Nuveen, as applicable. The Board also has reviewed the fee range and average fee rate of certain selected investment strategies offered in retail and institutional managed accounts advised by the Sub-Adviser, the hedge funds advised by the Sub-Adviser (along with their performance fee) and non-Nuveen investment companies sub-advised by certain affiliated sub-advisers.
In considering the fee data of other clients, the Board has recognized, among other things, the differences in the amount, type and level of services provided to the Nuveen funds relative to other clients as well as the differences in portfolio investment policies, investor profiles, account sizes and regulatory requirements, all of which contribute to the variations in the fee schedules. The Board has recognized the breadth of services the Adviser provides to the Nuveen funds compared to the other types of clients as the funds operate in a highly regulated industry with increasing regulatory requirements as well as the increased entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the funds. Further, with respect to ETFs, the Board has considered that certain Nuveen ETFs are passively managed compared to the active management of other Nuveen funds, which has contributed to the differences in fee levels between such Nuveen ETFs and other Nuveen funds. In general, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board has further considered that the Sub-Advisers fee is essentially for portfolio management services and therefore, with respect to an affiliated sub-adviser, more comparable to the fees it receives for retail wrap accounts and other external sub-advisory mandates, as applicable. The Board has recognized that the varying levels of fees are justified given, among other things, the inherent differences in the products and the level of services provided to the Nuveen funds versus other clients, the differing regulatory requirements and legal liabilities and the entrepreneurial, legal and regulatory risks incurred in sponsoring and advising a registered investment company.
3. Profitability of Fund Advisers
At the time of the Meeting, the Fund had not commenced operations and it was not possible to predict the effect on profitability of the Fund. The Independent Board Members, however, considered the estimated operating expenses to be paid by the Adviser pursuant to the unitary fee.
In conjunction with their review of fees, at the Meeting and/or at other meetings, the Independent Board Members also have considered profitability and other financial data for Nuveen, including information regarding Nuveens level of profitability for its advisory services to the Nuveen funds for the calendar years 2020 and 2019. The Board has reviewed, among other things, Nuveens net margins (pre-tax) (both including and excluding distribution expenses); gross and net revenue margins (pre- and post-tax and excluding distribution) from Nuveen funds only; revenues, expenses and net income (pre- and post-tax and before distribution expenses) of Nuveen for fund advisory services; and comparative profitability data comparing the operating margins of Nuveen compared to the adjusted operating margins of certain peers that had publicly available data and with the most comparable assets under management (based on asset size and asset composition) for the 2019 and 2020 calendar years. In reviewing the peer comparison data, the Independent Board Members have noted that Nuveen Investments, Inc.s
60
operating margins were on the low range compared to the total company adjusted operating margins of the peers. The Board has also reviewed the revenues and expenses the Adviser derived from its ETF product line for the 2019 and 2020 calendar years.
In reviewing the profitability data, the Independent Board Members have recognized the subjective nature of calculating profitability as the information is not audited and is dependent on cost allocation methodologies to allocate corporate-wide expenses to the Nuveen complex and its affiliates and to further allocate such Nuveen complex expenses between the Nuveen fund and non-fund businesses. Generally, fund-specific expenses are allocated to the Nuveen funds and partial fund-related expenses and/or corporate overhead and shared costs (such as legal and compliance, accounting and finance, information technology and human resources and office services) are partially attributed to the funds pursuant to cost allocation methodologies. The Independent Board Members have reviewed a description of the cost allocation methodologies employed to develop the financial information, a summary of the history of changes to the methodology over the years from 2010 to 2020, and the net revenue margins derived from the Nuveen funds (pre-tax and including and excluding distribution) and total company margins from Nuveen Investments, Inc. compared to the firm-wide adjusted margins of the peers for each calendar year from 2010 to 2020. The Board had also appointed three Independent Board Members to serve as the Boards liaisons, with the assistance of independent counsel, to review the development of the profitability data and any proposed changes to the cost allocation methodology prior to incorporating any such changes and to report to the full Board. The Board has recognized that other reasonable and valid allocation methodologies could be employed and could lead to significantly different results. The Independent Board Members have also considered the key drivers behind the revenue and expense changes that impacted Nuveens net margins between 2019 and 2020. The Board has also noted the reinvestments Nuveen and/or its parent made into its business through, among other things, the investment of seed capital in certain Nuveen funds and continued investments in enhancements to information technology, portfolio accounting systems and the global trading platform.
In reviewing the comparative peer data noted above, the Board has considered that the operating margins of Nuveen Investments, Inc. were in the lower half of the peer group range; however, the Independent Board Members have also recognized the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results.
Aside from Nuveens profitability, the Board has recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). Accordingly, the Board has also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2020 and 2019 calendar years to consider the financial strength of TIAA. The Board has recognized the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility as experienced with the COVID-19 pandemic.
In addition to Nuveen, the Independent Board Members have considered the profitability of the Sub-Adviser from its relationships with the Nuveen funds. In this regard, the Independent Board Members have reviewed, among other things, the Sub-Advisers revenues, expenses and net revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2020 as well as its pre- and post-tax net revenue margins for 2020 compared to such margins for 2019. The Independent Board Members have also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ending December 31, 2020 and the pre- and post-tax revenue margins from 2020 and 2019.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered any other ancillary benefits derived by the respective Fund Adviser from its relationship with the Nuveen funds as discussed in further detail below.
Based on a consideration of all the information provided, the Board has noted that Nuveens and the Sub-Advisers level of profitability was acceptable and not unreasonable in light of the services to be provided.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
With respect to economies of scale, the Independent Board Members have recognized that, in general, as the assets of a particular Nuveen fund or the Nuveen complex in the aggregate increase over time, economies of scale may be realized with respect to the management of the Nuveen funds. In this regard, the Independent Board Members considered whether economies of scale were expected to be achieved as the Fund grows and whether any such economies of scale were expected to be shared with shareholders. The Board has recognized that although economies of scale are difficult to measure and certain expenses may not decline with a rise in assets, there are several methods to help share the benefits of economies of scale, including breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of Nuveen funds at scale at inception and investments in Nuveens business which can enhance the services provided to the Nuveen funds for the fees paid. The Board noted that with respect to Nuveen funds generally, although the management fee of the Adviser is typically comprised of a fund-level component and a complex-level component each with its own breakpoint schedule, the Nuveen ETFs, including the Fund, do not have breakpoint schedules and do not participate in the complex-level fee program. The Fund also does not have an expense limitation agreement with the Adviser given the Adviser generally pays the operating expenses of the Fund (subject to certain exceptions) under the unitary fee structure and therefore incurs the risk of increases in such Fund operating expenses. The Board, however, also recognized that the Adviser would benefit from any reduction in fixed
61
Annual Investment Management Agreement Approval Process (Unaudited) (continued)
costs covered by the unitary fee but that the unitary fee schedule also provides shareholders with a level of certainty of the expenses of the Fund. The Independent Board Members further considered the Advisers representation that it believed the unitary fee for the Fund was priced at scale at inception.
Based on their review, the Independent Board Members concluded that the Funds proposed unitary fee structure (which would not include breakpoints or participation in the complex-level fee program) was acceptable.
E. Indirect Benefits
At the Meeting and/or other meetings, the Independent Board Members have received and considered information regarding other benefits that a Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. In addition, the Independent Board Members have also noted that various sub-advisers (including the Sub-Adviser) may engage in soft dollar transactions pursuant to which they may receive the benefit of research products and other services provided by broker-dealers executing portfolio transactions on behalf of the applicable Nuveen funds. The Board has noted, however, that portfolio managers and research analysts of the Sub-Adviser and another affiliated sub-adviser share research obtained through certain commission sharing arrangements and as a result, the Sub-Adviser reimbursed the respective Nuveen funds for approximately 70% of the expenses associated with the research-related component of the soft dollar commissions paid by all equity funds managed by the Sub-Adviser (subject to certain exceptions) (the Sub-Advised Equity Funds) in 2020. It is anticipated that the Sub-Adviser will reimburse 100% of the research-related components of the Sub-Advised Equity Funds soft dollar expenses in 2021. The Board has also noted that any benefits for a sub-adviser when transacting in fixed-income securities may be more limited as such securities generally trade on a principal basis and therefore do not generate brokerage commissions.
Based on its review, the Board concluded that any indirect benefits expected to be received by a Fund Adviser as a result of its relationship with the Fund were reasonable and within acceptable parameters.
F. Approval
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including a majority of the Independent Board Members, concluded that the terms of the Investment Management Agreement and Sub-Advisory Agreement were fair and reasonable, that the respective Fund Advisers fees were reasonable in light of the services to be provided to the Fund and that the Investment Management Agreement and Sub-Advisory Agreement should be and were approved on behalf of the Fund.
62
Liquidity Risk Management Program
(Unaudited)
Discussion of the operation and effectiveness of the Funds liquidity risk management program
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the Liquidity Rule), each Fund covered in this Report the Funds) has adopted and implemented a liquidity risk management program (the Program), which is designed to manage the Funds liquidity risk. The Program consists of various protocols for assessing and managing each Funds liquidity risk. The Funds Board of Trustees previously designated Nuveen Fund Advisors, LLC, the Funds investment adviser, as the Administrator of the Program. The advisers Liquidity Monitoring and Analysis Team (LMAT) carries out day-to-day Program management with oversight by the advisers Liquidity Oversight Sub-Committee (the LOSC). The LOSC is composed of personnel from the adviser and Teachers Advisors, LLC, an affiliate of the adviser.
At a May 26, 2021 meeting of the Board, the Administrator provided the Board with a written report addressing the Programs operation, adequacy and effectiveness of implementation for calendar year 2019 (the Review Period), as required under the Liquidity Rule. The report noted that the Pro- gram has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to each Funds liquidity developments.
In accordance with the Program, the LMAT assesses each Funds liquidity risk no less frequently than annually based on various factors, such as (1) the Funds investment strategy and the liquidity of portfolio investments, (ii) cash flow projections, and (ii) holdings of cash and cash equivalents, borrowing arrangements, and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.
Each Fund portfolio investment is classified into one of four liquidity categories (including the most liquid, Highly Liquid, and the least liquid, lliquid, discussed below), The classification is based on a determination of how long it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment Liquidity classification determinations take into account various market, trading, and investment-specific considerations, as well as market depth, and use third-party vendor data.
Any Fund that does not primarily hold highly liquid investments must, among other things, determine a minimum percentage of Fund assets that must be invested in highly liquid investments (a Highly Liquid Investment Minimum). During the Review Period, Nuveen California High Yield Municipal Bond Fund determined that it would hold a minimum of 25% of its assets in highly liquid investments, and it maintained at least that amount during the Review period. Nuveen California Municipal Bond Fund, primarily held Highly Liquid investments and therefore was exempt from the requirement to adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.
The Liquidity Rule also limits a Funds investments in Illiquid investments. Specifically, the Liquidity Rule prohibits a Fund from acquiring Illiquid investments if doing so would result in the Fund holding more than 15% of its net assets in illiquid investments, and requires certain reporting to the Fund Board and the Securities and Exchange Commission any time a Funds holdings of Illiquid investments exceeds 15% of net assets. During the Review Period, no Fund exceeded the 15% limit on Illiquid investments. However, the Nuveen California High Yield Municipal Bond Fund exceeded the 15% limit on Illiquid investments for two business days after the end of the Review Period, which will be discussed in next years annual shareholder report in connection with discussing the operations of that Funds liquidity risk management program during 2020.
63
(Unaudited)
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. None of the Trustees who are not interested persons of the Funds (referred to herein as Independent Trustees) has ever been a Trustee or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the Trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each Trustee oversees and other directorships they hold are set forth below.
The Funds Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Nuveen Investments at (800) 257-8787 or visit the Funds website at www.nuveen.com.
Name, Year of Birth & Address |
Position(s) Held with the Funds |
Year First Elected or Appointed (1) |
Principal Occupation(s) Including other Directorships During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee | ||||
Independent Trustees: | ||||||||
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606 |
Chair and Trustee | 2008 | Formerly, a Co-Founding Partner, Promus Capital (investment advisory firm) (2008-2017); Director, Quality Control Corporation (manufacturing) (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (philanthropy) (since 2012), and chair of its investment committee; formerly, Director, Fulcrum IT Services LLC (information technology services firm to government entities) (2010-2019); formerly, Director, LogicMark LLC (health services) (2012-2016); formerly, Director, Legal & General Investment Management America, Inc. (asset management) (2008-2013); formerly, CEO and President, Northern Trust Global Investments (financial services) (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (financial services) (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004). | 142 | ||||
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 1999 | Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine Foundation, (private philanthropic corporation); Life Trustee of Coe College; formerly, Member and President Pro-Tem of the Board of Regents for the State of Iowa University System (2007- 2013); Director and Chairman (2009-2021), United Fire Group, a publicly held company; Director, Public Member, American Board of Orthopaedic Surgery (2015-2020); Director (2000-2004), Alliant Energy; Director (1996-2015), The Gazette Company (media and publishing); Director (1997- 2003), Federal Reserve Bank of Chicago; President and Chief Operating Officer (1972-1995), SCI Financial Group, Inc., (regional financial services firm). | 142 |
64
Name, Year of Birth & Address |
Position(s) Held with the Funds |
Year First Elected or Appointed (1) |
Principal Occupation(s) Including other Directorships During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee | ||||
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2003 | Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director (2005-2015), and past President (2010- 2014) Beta Gamma Sigma, Inc., The International Business Honor Society; formerly, Director (2004-2018) of Xerox Corporation; formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | 142 | ||||
Amy B. R. Lancellotta 1959 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2021 | Formerly, Managing Director, Independent Directors Council (IDC) (supports the fund independent director community and is part of the Investment Company Institute (ICI), which represents regulated investment companies) (2006-2019); formerly, various positions with ICI (1989-2006); Member of the Board of Directors, Jewish Coalition Against Domestic Abuse (JCADA) (since 2020). | 142 | ||||
Joanne T. Medero 1954 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2021 | Formerly, Managing Director, Government Relations and Public Policy (2009-2020) and Senior Advisor to the Vice Chairman (2018-2020), BlackRock, Inc. (global investment management firm); formerly, Managing Director, Global Head of Government Relations and Public Policy, Barclays Group (IBIM) (investment banking, investment management and wealth management businesses)(2006-2009); formerly, Managing Director, Global General Counsel and Corporate Secretary, Barclays Global Investors (global investment management firm) (1996-2006); formerly, Partner, Orrick, Herrington & Sutcliffe LLP (law firm) (1993-1995); formerly, General Counsel, Commodity Futures Trading Commission (government agency overseeing U.S. derivatives markets) (1989-1993); formerly, Deputy Associate Director/Associate Director for Legal and Financial Affairs, Office of Presidential Personnel, The White House (1986-1989); Member of the Board of Directors, Baltic-American Freedom Foundation (seeks to provide opportunities for citizens of the Baltic states to gain education and professional development through exchanges in the U.S.) (since 2019). | 142 | ||||
Albin F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2016 | Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc. (consumer wireless services), including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996) including Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics). | 142 |
65
Trustees and Officers (Unaudited) (continued)
Name, Year of Birth & Address |
Position(s) Held with the Funds |
Year First Elected or Appointed (1) |
Principal Occupation(s) Including other Directorships During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee | ||||
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2013 | Member of Board of Directors of Core12 LLC. (private firm which develops branding, marketing and communications strategies for clients) (since 2008); served The Presidents Council of Fordham University (2010-2019) and previously a Director of the Curran Center for Catholic American Studies (2009-2018); formerly, senior external advisor to the Financial Services practice of Deloitte Consulting LLP. (2012-2014); former Chair of the Board of Trustees of Marian University (2010-2014 as trustee, 2011-2014 as Chair); formerly Chief Executive Officer of ABN AMRO Bank N.V., North America, and Global Head of the Financial Markets Division (2007-2008), with various executive leadership roles in ABN AMRO Bank N.V. between 1996 and 2007. | 142 | ||||
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 1997 | Board Member, Land Trust Alliance (national public charity addressing natural land and water conservation in the U.S.) (since 2013); formerly, Board Member, U.S. Endowment for Forestry and Communities (national endowment addressing forest health, sustainable forest production and markets, and economic health of forest-reliant communities in the U.S.) (2013-2019); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (private foundation endowed to support both natural land conservation and artistic vitality); prior thereto, Executive Director, Great Lakes Protection Fund (endowment created jointly by seven of the eight Great Lakes states Governors to take a regional approach to improving the health of the Great Lakes) (1990-1994). | 142 | ||||
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2007 | Former Director, Chicago Board Options Exchange (2006-2017), and C2 Options Exchange, Incorporated (2009-2017); formerly, Director, Cboe Global Markets, Inc., (2010-2020) (formerly named CBOE Holdings, Inc.); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 142 | ||||
Matthew Thornton III 1958 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2020 | Formerly, Executive Vice President and Chief Operating Officer (2018-2019), FedEx Freight Corporation, a subsidiary of FedEx Corporation (FedEx) (provider of transportation, e-commerce and business services through its portfolio of companies); formerly, Senior Vice President, U.S. Operations (2006-2018), Federal Express Corporation, a subsidiary of FedEx; formerly Member of the Board of Directors (2012-2018), Safe Kids Worldwide® (a non-profit organization dedicated to preventing childhood injuries). Member of the Board of Directors (since 2014), The Sherwin-Williams Company (develops, manufactures, distributes and sells paints, coatings and related products); Director (since 2020), Crown Castle International (provider of communications infrastructure). | 142 | ||||
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2016 | Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (legal services, Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | 142 |
66
Name, Year of Birth & Address |
Position(s) Held with the Funds |
Year First Elected or Appointed (1) |
Principal Occupation(s) Including other Directorships During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee | ||||
Robert L. Young 1963 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2017 | Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (financial services) (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (financial services) (formerly, One Group Dealer Services, Inc.) (1999-2017). | 142 |
Name, Year of Birth & Address |
Position(s) Held with the Funds |
Year First Elected or Appointed (2) |
Principal Occupation(s) During Past 5 Years | |||
Officers of the Funds: | ||||||
Jordan M. Farris 1980 333 W. Wacker Drive Chicago, IL 60606 |
Chief Administrative Officer | 2019 | Managing Director (since 2017), formerly Vice President (2016-2017), Head of Product Management and Development, ETFs, Nuveen Securities, LLC; Director, Guggenheim Funds Distributors (2013-2016). | |||
Mark J. Czarniecki 1979 901 Marquette Avenue Minneapolis, MN 55402 |
Vice President and Assistant Secretary | 2013 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) and Nuveen Fund Advisors, LLC (since 2017); Vice President and Associate General Counsel of Nuveen (since 2013) and Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2018). | |||
Diana R. Gonzalez 1978 333 W. Wacker Drive Chicago, IL 60606 |
Vice President and Secretary | 2017 | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President and Associate General Counsel of Nuveen (since 2017); formerly, Associate General Counsel of Jackson National Asset Management, LLC (2012-2017). | |||
Nathaniel T. Jones 1979 333 W. Wacker Drive Chicago, IL 60606 |
Vice President and Treasurer | 2016 | Senior Managing Director (since 2021), formerly, Managing Director (2017-2021), Senior Vice President (2016-2017), Vice President (2011- 2016) of Nuveen; Managing Director (since 2015) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | |||
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606 |
Vice President | 2002 | Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC. | |||
Brian J. Lockhart 1974 333 W. Wacker Drive Chicago, IL 60606 |
Vice President | 2019 | Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Senior Managing Director (since 2021), formerly, Managing Director (2017-2021), Vice President (2010-2017) of Nuveen; Head of Investment Oversight (since 2017), formerly, Team Leader of Manager Oversight (2015-2017); Chartered Financial Analyst and Certified Financial Risk Manager. | |||
Jacques M. Longerstaey 1963 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 |
Vice President | 2019 | Senior Managing Director, Chief Risk Officer, Nuveen (since May 2019); Senior Managing Director (since May 2019) of Nuveen Fund Advisors, LLC; formerly, Chief Investment and Model Risk Officer, Wealth & Investment Management Division, Wells Fargo Bank (NA) (2013-2019). |
67
Trustees and Officers (Unaudited) (continued)
Name, Year of Birth & Address |
Position(s) Held with the Funds |
Year First Elected or Appointed (2) |
Principal Occupation(s) During Past 5 Years | |||
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606 |
Vice President and Assistant Secretary | 2007 | Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Fund Advisors, LLC, formerly, Co-General Counsel (2011-2020), Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) of Nuveen Asset Management, LLC, formerly, Associate General Counsel (2011-2020), Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC. | |||
Jon Scott Meissner 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 |
Vice President and Assistant Secretary | 2019 | Managing Director of Mutual Fund Tax and Financial Reporting groups at Nuveen (since 2017); Managing Director of Nuveen Fund Advisors, LLC (since 2019); Senior Director of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2016); Senior Director (since 2015) Mutual Fund Taxation to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the CREF Accounts; has held various positions with TIAA since 2004. | |||
Deann D. Morgan 1969 730 Third Avenue New York, NY 10017 |
Vice President | 2020 | President, Nuveen Fund Advisors, LLC (since 2020); Executive Vice President, Global Head of Product at Nuveen (since 2019); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2020); Managing Member of MDR Collaboratory LLC (since 2018); formerly. Managing Director, Head of Wealth Management Product Structuring & COO Multi Asset Investing. The Blackstone Group (2013-2017). | |||
Christopher M. Rohrbacher 1971 333 W. Wacker Drive Chicago, IL 60606 |
Vice President and Assistant Secretary | 2008 | Managing Director and Assistant Secretary (since 2017) of Nuveen Securities, LLC; Managing Director (since 2017), General Counsel (since 2020), and Assistant Secretary (since 2016), formerly, Senior Vice President (2016-2017), of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020); Managing Director (since 2017) and Associate General Counsel (since 2016), formerly, Senior Vice President (2012-2017) and Assistant General Counsel (2008-2016) of Nuveen. | |||
William A. Siffermann 1975 333 W. Wacker Drive Chicago, IL 60606 |
Vice President | 2017 | Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen. | |||
E. Scott Wickerham 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 |
Vice President and Controller | 2019 | Senior Managing Director, Head of Public Investment Finance at Nuveen (since 2019), formerly, Managing Director; Senior Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) of the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and Principal Financial Officer, Principal Accounting Officer (since 2020) and Treasurer (since 2017) of the CREF Accounts; formerly, Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various positions with TIAA since 2006. | |||
Mark L. Winget 1968 333 W. Wacker Drive Chicago, IL 60606 |
Vice President and Assistant Secretary | 2008 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008), and Nuveen Fund Advisors, LLC (since 2019); Vice President, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020); Vice President (since 2010) and Associate General Counsel (since 2019), formerly, Assistant General Counsel (2008-2016) of Nuveen. |
68
Name, Year of Birth & Address |
Position(s) Held with the Funds |
Year First Elected or Appointed (2) |
Principal Occupation(s) During Past 5 Years | |||
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 |
Vice President and Chief Compliance Officer | 1988 | Formerly, Managing Director (2002-2020) and Assistant Secretary (2002-2020) of Nuveen Securities, LLC; formerly, Managing Director (2002-2020), Assistant Secretary (1997-2020) and Co-General Counsel (2011-2020) of Nuveen Fund Advisors, LLC; formerly, Managing Director (2004-2020) and Assistant Secretary (1994-2020) of Nuveen Investments, Inc.; formerly, Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (2011-2020); formerly, Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (2002-2020), Santa Barbara Asset Management, LLC (2006-2020) and Winslow Capital Management, LLC (2010-2020); Chartered Financial Analyst. |
(1) | Trustees serve an indefinite term until his/her successor is elected or appointed. The year first elected or appointed represents the year in which the director was first elected or appointed to any fund in the Nuveen fund complex. |
(2) | Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the officer was first elected or appointed to any fund in the Nuveen fund complex. |
69
Notes
70
Notes
71
Nuveen:
Serving Investors for Generations
Since 1898, financial professionals and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the worlds premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial professional, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333W.Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/exchange-traded-funds
Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com |
NAN-ETF-1021P 1936996-INV-Y-12/22 |
ITEM 2. | CODE OF ETHICS. |
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
As of the end of the period covered by this report, the registrants Board of Directors or Trustees (Board) determined that the registrant has at least one audit committee financial expert (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrants audit committee financial experts are Carole E. Stone, Jack B. Evans, William C. Hunter and Albin F. Moschner, who are independent for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the States operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the States bond-related disclosure documents and certifying that they fairly presented the States financial position; reviewing audits of various State and local agencies and programs; and coordinating the States system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stones position on the boards of these entities and as a member of both CBOE Holdings Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (SCI). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the CFO) and actively supervised the CFOs preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCIs financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
Mr. Hunter was formerly a Senior Vice President at the Federal Reserve Bank of Chicago. As part of his role as Senior Vice President, Mr. Hunter was the senior officer responsible for all operations of each of the Economic Research, Statistics, and Community and Consumer Affairs units at the Federal Reserve Bank of Chicago. In such capacity, Mr. Hunter oversaw the subunits of the Statistics and Community and Consumer Affairs divisions responsible for the analysis and evaluation of bank and bank holding company financial statements and financial filings. Prior to serving as Senior Vice President at the Federal Reserve Bank of Chicago, Mr. Hunter was the Vice President of the Financial Markets unit at the Federal Reserve Bank of Atlanta where he supervised financial staff and bank holding company analysts who analyzed and evaluated bank and bank holding company financial statements. Mr. Hunter also currently serves on the Boards of Directors of Xerox Corporation and Wellmark, Inc. as well as on the Audit Committees of such Boards. As an Audit Committee member, Mr. Hunters responsibilities include, among other things, reviewing financial statements, internal audits and internal controls over financial reporting. Mr. Hunter also formerly was a Professor of Finance at the University of Connecticut School of Business and has authored numerous scholarly articles on the topics of finance, accounting and economics.
Mr. Moschner, Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc., (consumer wireless services) including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996), including Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics).
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
The following tables show the amount of fees that KPMG LLP, the Funds auditor, billed to the Funds during the Funds last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the pre-approval exception). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committees attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in her absence, any other member of the Audit Committee).
Fiscal Year Ended October 31, 2021 |
Audit Fees Billed to Funds 1 |
Audit-Related Fees Billed to Funds 2 |
Tax Fees Billed to Funds 3 |
All Other Fees Billed to Funds 4 |
||||||||||||
Fund Name |
||||||||||||||||
Nuveen ESG International Developed Markets Equity ETF |
19,070 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Dividend ETF 5 |
14,540 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Emerging Markets Equity ETF |
20,070 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Large-Cap ETF |
16,540 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Large-Cap Growth ETF |
16,540 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Large-Cap Value ETF |
16,540 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Mid-Cap Growth ETF |
16,540 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Mid-Cap Value ETF |
16,540 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Small-Cap ETF |
16,540 | 0 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 152,920 | $ | 0 | $ | 0 | $ | 0 |
1 | Audit Fees are the aggregate fees billed for professional services for the audit of the Funds annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
2 | Audit-Related Fees are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under Audit Fees. These fees include offerings related to the Funds common shares and leverage. |
3 | Tax Fees are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
4 | All Other Fees are the aggregate fees billed for products and services other than Audit Fees, Audit-Related Fees and Tax Fees. These fees represent all Agreed-Upon Procedures engagements pertaining to the Funds use of leverage. |
5 | Fund commenced operations on 09/27/2021 |
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
Audit Fees Billed to Funds |
Audit-Related Fees Billed to Funds |
Tax Fees Billed to Funds |
All Other Fees Billed to Funds |
|||||||||||||
Fund Name |
||||||||||||||||
Nuveen ESG International Developed Markets Equity ETF |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen ESG Dividend ETF |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen ESG Emerging Markets Equity ETF |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen ESG Large-Cap ETF |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen ESG Large-Cap Growth ETF |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen ESG Large-Cap Value ETF |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen ESG Mid-Cap Growth ETF |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen ESG Mid-Cap Value ETF |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen ESG Small-Cap ETF |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
October 31, 2020 |
Audit Fees Billed to Funds 1 |
Audit-Related Fees Billed to Funds 2 |
Tax Fees Billed to Funds 3 |
All Other
Fees Billed to Funds 4 |
||||||||||||
Fund Name |
||||||||||||||||
Nuveen ESG International Developed Markets Equity ETF |
18,710 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Dividend ETF |
0 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Emerging Markets Equity ETF |
18,710 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Large-Cap ETF |
16,230 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Large-Cap Growth ETF |
16,230 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Large-Cap Value ETF |
16,230 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Mid-Cap Growth ETF |
16,230 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Mid-Cap Value ETF |
16,230 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Small-Cap ETF |
16,230 | 0 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 134,800 | $ | 0 | $ | 0 | $ | 0 |
1 | Audit Fees are the aggregate fees billed for professional services for the audit of the Funds annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
2 | Audit-Related Fees are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under Audit Fees. These fees include offerings related to the Funds common shares and leverage. |
3 | Tax Fees are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
4 | All Other Fees are the aggregate fees billed for products and services other than Audit Fees, Audit-Related Fees and Tax Fees. These fees represent all Agreed-Upon Procedures engagements pertaining to the Funds use of leverage. |
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
Audit Fees Billed to Funds |
Audit-Related Fees Billed to Funds |
Tax Fees Billed to Funds |
All Other Fees Billed to Funds |
|||||||||||||
Fund Name |
||||||||||||||||
Nuveen ESG International Developed Markets Equity ETF |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen ESG Dividend ETF |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen ESG Emerging Markets Equity ETF |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen ESG Large-Cap ETF |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen ESG Large-Cap Growth ETF |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen ESG Large-Cap Value ETF |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen ESG Mid-Cap Growth ETF |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen ESG Mid-Cap Value ETF |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen ESG Small-Cap ETF |
0 | % | 0 | % | 0 | % | 0 | % |
Fiscal Year Ended October 31, 2021 |
Audit Fees Billed to Funds 1 |
Audit-Related Fees Billed to Funds 2 |
Tax Fees Billed to Funds 3 |
All Other Fees Billed to Funds 4 |
||||||||||||
Fund Name |
||||||||||||||||
Nuveen Dividend Growth ETF 5 |
14,540 | 0 | 0 | 0 | ||||||||||||
Nuveen Small-Cap Select ETF 5 |
14,540 | 0 | 0 | 0 | ||||||||||||
Nuveen Growth Opportunities ETF 6 |
16,500 | 0 | 0 | 0 | ||||||||||||
Nuveen Winslow Large-Cap Growth ESG ETF 5 |
14,540 | 0 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 60,120 | $ | 0 | $ | 0 | $ | 0 |
1 | Audit Fees are the aggregate fees billed for professional services for the audit of the Funds annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
2 | Audit-Related Fees are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under Audit Fees. These fees include offerings related to the Funds common shares and leverage. |
3 | Tax Fees are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
4 | All Other Fees are the aggregate fees billed for products and services other than Audit Fees, Audit-Related Fees and Tax Fees. These fees represent all Agreed-Upon Procedures engagements pertaining to the Funds use of leverage. |
5 | Fund commended operations on 08/04/2021 |
6 | Fund commended operations on 09/27/2021 |
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
Audit Fees Billed to Funds |
Audit-Related Fees Billed to Funds |
Tax Fees Billed to Funds |
All Other Fees Billed to Funds |
|||||||||||||
Fund Name |
||||||||||||||||
Nuveen Dividend Growth ETF |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Small-Cap Select ETF |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Growth Opportunities ETF |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Winslow Large-Cap Growth ESG ETF |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
October 31, 2020 |
Audit Fees Billed to Funds 1 |
Audit-Related Fees Billed to Funds 2 |
Tax Fees Billed to Funds 3 |
All Other Fees Billed to Funds 4 |
||||||||||||
Fund Name |
||||||||||||||||
Nuveen Dividend Growth ETF |
0 | 0 | 0 | 0 | ||||||||||||
Nuveen Small-Cap Select ETF |
0 | 0 | 0 | 0 | ||||||||||||
Nuveen Growth Opportunities ETF |
0 | 0 | 0 | 0 | ||||||||||||
Nuveen Winslow Large-Cap Growth ESG ETF |
0 | 0 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 0 | $ | 0 | $ | 0 | $ | 0 |
1 | Audit Fees are the aggregate fees billed for professional services for the audit of the Funds annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
2 | Audit-Related Fees are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under Audit Fees. These fees include offerings related to the Funds common shares and leverage. |
3 | Tax Fees are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
4 | All Other Fees are the aggregate fees billed for products and services other than Audit Fees, Audit-Related Fees and Tax Fees. These fees represent all Agreed-Upon Procedures engagements pertaining to the Funds use of leverage. |
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
Audit Fees Billed to Funds |
Audit-Related Fees Billed to Funds |
Tax Fees Billed to Funds |
All Other Fees Billed to Funds |
|||||||||||||
Fund Name |
||||||||||||||||
Nuveen Dividend Growth ETF |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Small-Cap Select ETF |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Growth Opportunities ETF |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Winslow Large-Cap Growth ESG ETF |
0 | % | 0 | % | 0 | % | 0 | % |
Fiscal Year Ended October 31, 2021 |
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers |
Tax Fees Billed to Adviser and Affiliated Fund Service Providers |
All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
|||||||||
NuShares ETF Trust |
$ | 0 | $ | 0 | $ | 0 | ||||||
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers |
Tax Fees Billed to Adviser and Affiliated Fund Service Providers |
All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
||||||||||
0 | % | 0 | % | 0 | % | |||||||
Fiscal Year Ended October 31, 2020 |
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers |
Tax Fees Billed to Adviser and Affiliated Fund Service Providers |
All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
|||||||||
NuShares ETF Trust |
$ | 0 | $ | 0 | $ | 0 | ||||||
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers |
Tax Fees Billed to Adviser and Affiliated Fund Service Providers |
All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
||||||||||
0 | % | 0 | % | 0 | % |
Fiscal Year Ended October 31, 2021 |
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers |
Tax Fees Billed to Adviser and Affiliated Fund Service Providers |
All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
|||||||||
NuShares ETF Trust |
$ | 0 | $ | 0 | $ | 0 | ||||||
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers |
Tax Fees Billed to Adviser and Affiliated Fund Service Providers |
All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
||||||||||
0 | % | 0 | % | 0 | % | |||||||
Fiscal Year Ended October 31, 2020 |
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers |
Tax Fees Billed to Adviser and Affiliated Fund Service Providers |
All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
|||||||||
NuShares ETF Trust |
$ | 0 | $ | 0 | $ | 0 | ||||||
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers |
Tax Fees Billed to Adviser and Affiliated Fund Service Providers |
All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
||||||||||
0 | % | 0 | % | 0 | % |
Fiscal Year Ended October 31, 2021 |
Total Non-Audit Fees Billed to Trust |
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust) |
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) |
Total | ||||||||||||
Fund Name |
||||||||||||||||
Nuveen ESG International Developed Markets Equity ETF |
0 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Dividend ETF |
0 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Emerging Markets Equity ETF |
0 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Large-Cap ETF |
0 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Large-Cap Growth ETF |
0 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Large-Cap Value ETF |
0 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Mid-Cap Growth ETF |
0 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Mid-Cap Value ETF |
0 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Small-Cap ETF |
0 | 0 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 0 | $ | 0 | $ | 0 | $ | 0 |
Non-Audit Fees billed to Fund for both fiscal year ends represent Tax Fees and All Other Fees billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountants engagement to audit the registrants financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountants full-time, permanent employees.
Fiscal Year Ended October 31, 2020 |
Total Non-Audit Fees Billed to Trust |
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust) |
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) |
Total | ||||||||||||
Fund Name |
||||||||||||||||
Nuveen ESG International Developed Markets Equity ETF |
0 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Dividend ETF |
0 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Emerging Markets Equity ETF |
0 | 0 | 0 | 0 | ||||||||||||
Nuveen Growth Opportunities ETF |
0 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Large-Cap Growth ETF |
0 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Large-Cap Value ETF |
0 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Mid-Cap Growth ETF |
0 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Mid-Cap Value ETF |
0 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG Small-Cap ETF |
0 | 0 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 0 | $ | 0 | $ | 0 | $ | 0 |
Non-Audit Fees billed to Fund for both fiscal year ends represent Tax Fees and All Other Fees billed to Fund in their respective amounts from the previous table.
Fiscal Year Ended October 31, 2021 |
Total Non-Audit Fees Billed to Trust |
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust) |
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) |
|||||||||
Fund Name |
||||||||||||
Nuveen Dividend Growth ETF |
0 | 0 | 0 | |||||||||
Nuveen Small-Cap Select ETF |
0 | 0 | 0 | |||||||||
Nuveen Growth Opportunities ETF |
0 | 0 | 0 | |||||||||
Nuveen Winslow Large-Cap Growth ESG ETF |
0 | 0 | 0 | |||||||||
|
|
|
|
|
|
|||||||
Total |
$ | 0 | $ | 0 | $ | 0 |
Non-Audit Fees billed to Fund for both fiscal year ends represent Tax Fees and All Other Fees billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountants engagement to audit the registrants financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountants full-time, permanent employees.
Fiscal Year Ended October 31, 2020 |
Total Non-Audit Fees Billed to Trust |
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust) |
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) |
|||||||||
Fund Name |
||||||||||||
Nuveen Dividend Growth ETF |
0 | 0 | 0 | |||||||||
Nuveen Small-Cap Select ETF |
0 | 0 | 0 | |||||||||
Nuveen Growth Opportunities ETF |
0 | 0 | 0 | |||||||||
Nuveen Winslow Large-Cap Growth ESG ETF |
0 | 0 | 0 | |||||||||
|
|
|
|
|
|
|||||||
Total |
$ | 0 | $ | 0 | $ | 0 |
Non-Audit Fees billed to Fund for both fiscal year ends represent Tax Fees and All Other Fees billed to Fund in their respective amounts from the previous table.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934 (the Exchange Act). The registrants Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). As of the end of the period covered by this report, the members of the audit committee are Jack B. Evans, William C. Hunter, John K. Nelson, Albin F. Moschner, Judith M. Stockdale and Carole E. Stone, Chair.
ITEM 6. | SCHEDULE OF INVESTMENTS. |
a) | See Portfolio of Investments in Item 1. |
b) | Not applicable. |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable to this registrant.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrants Board of Trustees implemented after the registrant last provided disclosure in response to this Item.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the Exchange Act) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. | EXHIBITS. |
File the exhibits listed below as part of this Form.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nushares ETF Trust
By (Signature and Title) | /s/ Diana R. Gonzalez | |
Diana R. Gonzalez | ||
Vice President and Secretary |
Date: January 6, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Jordan M. Farris | |
Jordan M. Farris | ||
Chief Administrative Officer | ||
(principal executive officer) |
Date: January 6, 2022
By (Signature and Title) | /s/ E. Scott Wickerham | |
E. Scott Wickerham | ||
Vice President and Controller | ||
(principal financial officer) |
Date: January 6, 2022