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, Illinois 60606
 
(Address of principal executive offices) (Zip code)
Diana R. Gonzalez
Vice President and Secretary
8500 Andrew Carnegie Boulevard
Charlotte, North Carolina 28262
 
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917‑7700
Date of fiscal year end: October 31
Date of reporting period: April 30, 2025
 

Item 1.
Reports to Stockholders.
 

 
    
LOGO
  

Semi-Annual Shareholder Report   
 
April 30, 2025   
 
Nuveen ESG Dividend ETF
NUDV/Cboe BZX Exchange, Inc.
 
 
 
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Nuveen ESG Dividend ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
 
 
 
 
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Nuveen ESG Dividend ETF
  $13   0.25%
* Annualized for period less than one year.
 
 
 
 
Fund Statistics (as of April 30, 2025)
 
Fund net assets
     $26,947,020  
Total number of portfolio holdings
     124  
Portfolio turnover (%)
     35%  
 
 
 
 
What did the Fund invest in? (as of April 30, 2025)
 
LOGO
 
 
 
   1    continued>>

 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
 
 
 
67092P813_SAR_0425
4477250
  LOGO
 
 
   2   

 
    
LOGO
  

Semi-Annual Shareholder Report   
 
April 30, 2025   
 
Nuveen ESG Emerging Markets Equity ETF
NUEM/Cboe BZX Exchange, Inc.
 
 
 
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Nuveen ESG Emerging Markets Equity ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
 
 
 
 
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Nuveen ESG Emerging Markets Equity ETF
  $18   0.35%
* Annualized for period less than one year.
 
 
 
 
 
Fund Statistics (as of April 30, 2025)
 
Fund net assets
     $300,866,077  
Total number of portfolio holdings
     187  
Portfolio turnover (%)
     35%  
 
 
 
 
   1    continued>>

 
What did the Fund invest in? (as of April 30, 2025)
 
LOGO
LOGO
 
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
 
67092P888_SAR_0425
4477370
  LOGO
 
 
   2   

 
    
LOGO
  

Semi-Annual Shareholder Report  
 
April 30, 2025  
 
Nuveen ESG International Developed Markets Equity ETF
NUDM/Cboe BZX Exchange, Inc.
 
 
 
 
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Nuveen ESG International Developed Markets Equity ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
 
 
 
 
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Nuveen ESG International Developed Markets Equity ETF
  $15   0.30%
* Annualized for period less than one year.
 
 
 
 
Fund Statistics (as of April 30, 2025)
 
Fund net assets
   $ 527,301,346  
Total number of portfolio holdings
     151  
Portfolio turnover (%)
     31%  
 
 
 
 
 
   1    continued>>

 
What did the Fund invest in? (as of April 30, 2025)
 
LOGO
LOGO
 
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
67092P805_SAR_0425
4477471
  LOGO
 
 
   2   

 
    
LOGO
  

Semi-Annual Shareholder Report  
 
April 30, 2025  
 
Nuveen ESG Large‑Cap ETF
NULC/Cboe BZX Exchange, Inc.
 
 
 
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Nuveen ESG Large‑Cap ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
 
 
 
 
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Nuveen ESG Large‑Cap ETF
  $10   0.20%
* Annualized for period less than one year.
 
 
 
 
Fund Statistics (as of April 30, 2025)
 
Fund net assets
   $ 41,872,449  
Total number of portfolio holdings
     119  
Portfolio turnover (%)
     31%  
 
 
 
 
What did the Fund invest in? (as of April 30, 2025)
 
LOGO
 
 
 
   1    continued>>

 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
 
 
67092P862_SAR_0425
4477612
  LOGO
 
 
   2   

 
    
LOGO
  

Semi-Annual Shareholder Report   
 
April 30, 2025   
 
Nuveen ESG Large‑Cap Growth ETF
NULG/Cboe BZX Exchange, Inc.
 
 
 
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Nuveen ESG Large‑Cap Growth ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
 
 
 
 
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Nuveen ESG Large‑Cap Growth ETF
  $13   0.25%
* Annualized for period less than one year.
 
 
 
 
Fund Statistics (as of April 30, 2025)
 
Fund net assets
     $1,414,747,246  
Total number of portfolio holdings
     73  
Portfolio turnover (%)
     27%  
 
 
 
 
What did the Fund invest in? (as of April 30, 2025)
 
LOGO
 
 
 
   1    continued>>

 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
 
 
67092P201_SAR_0425
4477692
  LOGO
 
 
   2   

 
    
LOGO
  

Semi-Annual Shareholder Report   
 
April 30, 2025   
 
Nuveen ESG Large‑Cap Value ETF
NULV/Cboe BZX Exchange, Inc.
 
 
 
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Nuveen ESG Large‑Cap Value ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
 
 
 
 
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Nuveen ESG Large‑Cap Value ETF
  $13   0.25%
* Annualized for period less than one year.
 
 
 
 
Fund Statistics (as of April 30, 2025)
 
Fund net assets
     $1,598,279,882  
Total number of portfolio holdings
     111  
Portfolio turnover (%)
     30%  
 
 
 
 
What did the Fund invest in? (as of April 30, 2025)
 
LOGO
 
 
 
   1    continued>>

 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
 
 
67092P300_SAR_0425
4477794
  LOGO
 
 
   2   

 
    
LOGO
  

Semi-Annual Shareholder Report   
 
April 30, 2025   
 
Nuveen ESG Mid‑Cap Growth ETF
NUMG/Cboe BZX Exchange, Inc.
 
 
 
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Nuveen ESG Mid‑Cap Growth ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
 
 
 
 
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Nuveen ESG Mid‑Cap Growth ETF
  $15   0.30%
* Annualized for period less than one year.
 
 
 
 
Fund Statistics (as of April 30, 2025)
 
Fund net assets
     $384,471,858  
Total number of portfolio holdings
     43  
Portfolio turnover (%)
     49%  
 
 
 
 
What did the Fund invest in? (as of April 30, 2025)
 
LOGO
 
 
 
   1    continued>>

 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
 
 
67092P409_SAR_0425
4477919
  LOGO
 
 
   2   

 
    
LOGO
  

Semi-Annual Shareholder Report   
 
April 30, 2025   
 
Nuveen ESG Mid‑Cap Value ETF
NUMV/Cboe BZX Exchange, Inc.
 
 
 
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Nuveen ESG Mid‑Cap Value ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
 
 
 
 
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Nuveen ESG Mid‑Cap Value ETF
  $15   0.30%
* Annualized for period less than one year.
 
 
 
 
Fund Statistics (as of April 30, 2025)
 
Fund net assets
     $352,000,736  
Total number of portfolio holdings
     100  
Portfolio turnover (%)
     35%  
 
 
 
 
What did the Fund invest in? (as of April 30, 2025)
 
LOGO
 
 
 
 
   1    continued>>

 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
 
 
67092P508_SAR_0425
4478039
  LOGO
 
 
   2   

 
    
LOGO
  

Semi-Annual Shareholder Report   
 
April 30, 2025   
 
Nuveen ESG Small‑Cap ETF
NUSC/Cboe BZX Exchange, Inc.
 
 
 
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Nuveen ESG Small‑Cap ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
 
 
 
 
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Nuveen ESG Small‑Cap ETF
  $15   0.30%
* Annualized for period less than one year.
 
 
 
 
Fund Statistics (as of April 30, 2025)
 
Fund net assets
     $1,058,918,154  
Total number of portfolio holdings
     466  
Portfolio turnover (%)
     26%  
 
 
 
 
What did the Fund invest in? (as of April 30, 2025)
 
LOGO
 
 
 
   1    continued>>

 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
 
 
67092P607_SAR_0425
4478138
  LOGO
 
 
   2   

 
    
LOGO
  

Semi-Annual Shareholder Report  
 
April 30, 2025  
 
Nuveen Dividend Growth ETF
NDVG/NYSE Arca
 
 
 
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Nuveen Dividend Growth ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
 
 
 
 
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Nuveen Dividend Growth ETF
  $32   0.64%
* Annualized for period less than one year.
 
 
 
 
Fund Statistics (as of April 30, 2025)
 
Fund net assets
   $ 11,699,045  
Total number of portfolio holdings
     42  
Portfolio turnover (%)
     5%  
 
 
 
 
What did the Fund invest in? (as of April 30, 2025)
 
LOGO
 
 
 
   1    continued>>

 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
 
67092P821_SAR_0425
4478235
  LOGO
 
 
   2   

 
    
LOGO
  

Semi-Annual Shareholder Report  
 
April 30, 2025  
 
Nuveen Growth Opportunities ETF
NUGO/NYSE Arca
 
 
 
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Nuveen Growth Opportunities ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
 
 
 
 
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Nuveen Growth Opportunities ETF
  $28   0.55%
* Annualized for period less than one year.
 
 
 
 
Fund Statistics (as of April 30, 2025)
 
Fund net assets
   $ 2,551,179,912  
Total number of portfolio holdings
     44  
Portfolio turnover (%)
     19%  
 
 
 
 
What did the Fund invest in? (as of April 30, 2025)
 
LOGO
 
 
 
   1    continued>>

 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
 
67092P797_SAR_0425
4478345
  LOGO
 
 
   2   

 
    
LOGO
  

Semi-Annual Shareholder Report  
 
April 30, 2025  
 
Nuveen Small Cap Select ETF
NSCS/NYSE Arca
(The Fund is scheduled to liquidate on or after July 1, 2025.)
 
 
 
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Nuveen Small Cap Select ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
 
 
 
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Nuveen Small Cap Select ETF
  $43   0.85%
* Annualized for period less than one year.
 
 
 
 
Fund Statistics (as of April 30, 2025)
 
Fund net assets
   $ 7,214,271  
Total number of portfolio holdings
     78  
Portfolio turnover (%)
     28%  
 
 
 
 
What did the Fund invest in? (as of April 30, 2025)
 
LOGO
 
 
 
   1    continued>>

 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
 
67092P839_SAR_0425
4478447
  LOGO
 
 
   2   

 
    
LOGO
  

Semi-Annual Shareholder Report  
 
April 30, 2025  
 
Nuveen Winslow Large‑Cap Growth ESG ETF
NWLG/NYSE Arca
 
 
 
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Nuveen Winslow Large‑Cap Growth ESG ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information at
https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
 
 
 
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Nuveen Winslow Large‑Cap Growth ESG ETF
  $32   0.64%
* Annualized for period less than one year.
 
 
 
 
Fund Statistics (as of April 30, 2025)
 
Fund net assets
   $ 8,934,306  
Total number of portfolio holdings
     44  
Portfolio turnover (%)
     60%  
 
 
 
 
What did the Fund invest in? (as of April 30, 2025)
 
LOGO
 
 
 
   1    continued>>

 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
67092P847_SAR_0425
4478543
  LOGO
 
 
   2   


Item 2.

Code of Ethics.

Not applicable to this filing.


Item 3.

Audit Committee Financial Expert.

Not applicable to this filing.


Item 4.

Principal Accountant Fees and Services.

Not applicable to this filing.


Item 5.

Audit Committee of Listed Registrants.

Not applicable to this filing.


Item 6.

Investments.

 

(a)

Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR.

 

(b)

Not applicable.


Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

3


Portfolio of Investments April 30, 2025

NUDV

(Unaudited)

 

     SHARES          DESCRIPTION   VALUE  
   

LONG-TERM INVESTMENTS - 99.7%

 
   

COMMON STOCKS - 99.7%

 
   

COMMUNICATION SERVICES - 3.8%

 
  11,947      

Comcast Corp, Class A

  $ 408,587  
  1,997      

Interpublic Group of Cos Inc/The

    50,164  
  1,055      

Omnicom Group Inc

    80,349  
  11,012        

Verizon Communications Inc

    485,189  
   

TOTAL COMMUNICATION SERVICES

    1,024,289  
   

CONSUMER DISCRETIONARY - 5.1%

 
  1,086      

Best Buy Co Inc

    72,425  
  313      

Dick’s Sporting Goods Inc

    58,763  
  743      

Genuine Parts Co

    87,340  
  1,425      

Home Depot Inc/The

    513,698  
  1,395      

LKQ Corp

    53,303  
  1,741      

Lowe’s Cos Inc

    389,218  
  203      

Pool Corp

    59,507  
  2,872        

Tractor Supply Co

    145,381  
   

TOTAL CONSUMER DISCRETIONARY

         1,379,635  
   

CONSUMER STAPLES - 10.0%

 
  2,556      

Archer-Daniels-Midland Co

    122,049  
  746      

Bunge Global SA

    58,725  
  662      

Clorox Co/The

    94,203  
  7,417      

Coca-Cola Co/The

    538,103  
  2,556      

Conagra Brands Inc

    63,159  
  1,078      

General Mills Inc

    61,166  
  573      

J M Smucker Co/The

    66,623  
  1,481      

Kellanova

    122,582  
  10,286      

Kenvue Inc

    242,749  
  1,792      

Kimberly-Clark Corp

    236,150  
  4,858      

Kraft Heinz Co/The

    141,368  
  1,354      

McCormick & Co Inc/MD

    103,798  
  3,441      

Procter & Gamble Co/The

    559,403  
  2,458      

Target Corp

    237,689  
  1,038        

The Campbell’s Company

    37,845  
   

TOTAL CONSUMER STAPLES

    2,685,612  
   

ENERGY - 2.1%

 
  5,301      

Baker Hughes Co

    187,655  
  4,732      

Halliburton Co

    93,788  
  3,322        

ONEOK Inc

    272,936  
   

TOTAL ENERGY

    554,379  
   

FINANCIALS - 23.7%

 
  2,833      

Aflac Inc

    307,890  
  1,421      

Allstate Corp/The

    281,912  
  3,016      

Annaly Capital Management Inc

    59,114  
  276      

Assurant Inc

    53,196  
  11,403      

Bank of America Corp

    454,752  
  3,839      

Bank of New York Mellon Corp/The

    308,694  
  5,278      

Citigroup Inc

    360,910  
  2,373      

Citizens Financial Group Inc

    87,540  
  1,347      

Discover Financial Services

    246,056  
  1,679      

Equitable Holdings Inc

    83,027  
  2,893      

Fidelity National Information Services Inc

    228,200  
  704      

Goldman Sachs Group Inc/The

    385,475  
  1,555      

Hartford Insurance Group Inc/The

    190,752  
  7,781      

Huntington Bancshares Inc/OH

    113,058  
  394      

Jack Henry & Associates Inc

    68,331  
  1,826      

Marsh & McLennan Cos Inc

    411,708  
  3,155      

MetLife Inc

    237,792  
  3,214      

Morgan Stanley

    370,960  
  2,044      

PNC Financial Services Group Inc/The

    328,450  
  1,224      

Principal Financial Group Inc

    90,760  

 

4   See Notes to Financial Statements


 

 

     SHARES          DESCRIPTION   VALUE  
   

FINANCIALS (continued)

 
  1,905      

Prudential Financial Inc

  $ 195,663  
  1,042      

Raymond James Financial Inc

    142,796  
  4,866      

Regions Financial Corp

    99,315  
  1,573      

State Street Corp

    138,581  
  2,084      

Synchrony Financial

    108,264  
  1,193      

T Rowe Price Group Inc

    105,640  
  1,216      

Travelers Cos Inc/The

    321,182  
  7,122      

Truist Financial Corp

    273,057  
  8,364        

US Bancorp

    337,404  
   

TOTAL FINANCIALS

         6,390,479  
   

HEALTH CARE - 15.8%

 
  2,784      

AbbVie Inc

    543,158  
  1,521      

Amgen Inc

    442,489  
  7,716      

Bristol-Myers Squibb Co

    387,343  
  1,299      

Cardinal Health Inc

    183,536  
  547      

Cigna Group/The

    186,002  
  1,065      

Elevance Health Inc

    447,918  
  4,096      

Gilead Sciences Inc

    436,388  
  644      

Humana Inc

    168,883  
  5,685      

Merck & Co Inc

    484,362  
  17,118      

Pfizer Inc

    417,850  
  599      

Quest Diagnostics Inc

    106,754  
  2,022      

Royalty Pharma PLC

    66,362  
  2,420        

Zoetis Inc

    378,488  
   

TOTAL HEALTH CARE

    4,249,533  
   

INDUSTRIALS - 17.3%

 
  2,707      

3M Co

    376,029  
  464      

Allegion plc

    64,589  
  1,382      

Automatic Data Processing Inc

    415,429  
  624      

Broadridge Financial Solutions Inc

    151,258  
  4,335      

Carrier Global Corp

    271,111  
  1,276      

Caterpillar Inc

    394,629  
  635      

CH Robinson Worldwide Inc

    56,655  
  4,682      

CNH Industrial NV

    54,171  
  10,358      

CSX Corp

    290,749  
  737      

Cummins Inc

    216,560  
  859      

Deere & Co

    398,198  
  1,074      

Ferguson Enterprises Inc

    182,215  
  664      

Fortune Brands Innovations Inc

    35,736  
  903      

Graco Inc

    73,694  
  286      

Hubbell Inc

    103,869  
  404      

IDEX Corp

    70,284  
  1,535      

Illinois Tool Works Inc

    368,262  
  3,555      

Johnson Controls International plc

    298,264  
  460      

Owens Corning

    66,889  
  1,737      

Paychex Inc

    255,547  
  603      

Rockwell Automation Inc

    149,351  
  1,758        

Union Pacific Corp

    379,130  
   

TOTAL INDUSTRIALS

    4,672,619  
   

INFORMATION TECHNOLOGY - 7.3%

 
  1,265      

Accenture PLC, Class A

    378,425  
  7,074      

Hewlett Packard Enterprise Co

    114,740  
  5,023      

HP Inc

    128,438  
  1,866      

International Business Machines Corp

    451,236  
  1,776      

Juniper Networks Inc

    64,505  
  1,086      

NetApp Inc

    97,469  
  1,362      

NXP Semiconductors NV

    251,030  
  1,139      

Seagate Technology Holdings PLC

    103,683  
  2,424        

Texas Instruments Inc

    387,961  
   

TOTAL INFORMATION TECHNOLOGY

    1,977,487  

 

See Notes to Financial Statements   5


Portfolio of Investments April 30, 2025 (continued)

NUDV

 

 

     SHARES          DESCRIPTION   VALUE  
   

MATERIALS - 3.5%

 
  433      

Avery Dennison Corp

  $ 74,091  
  1,599      

Ball Corp

    83,052  
  1,373      

International Flavors & Fragrances Inc

    107,726  
  2,679      

International Paper Co

    122,377  
  6,112      

Newmont Corp

    321,980  
  1,242      

PPG Industries Inc

    135,204  
  778        

Steel Dynamics Inc

    100,914  
   

TOTAL MATERIALS

    945,344  
   

REAL ESTATE - 7.3%

 
  2,154      

American Tower Corp

    485,533  
  803      

BXP Inc

    51,175  
  439      

Equinix Inc

    377,869  
  3,740      

Healthpeak Properties Inc

    66,722  
  1,574      

Iron Mountain Inc

    141,141  
  3,473      

Prologis Inc

    354,941  
  922      

Regency Centers Corp

    66,550  
  2,721        

Welltower Inc

    415,197  
   

TOTAL REAL ESTATE

         1,959,128  
   

UTILITIES - 3.8%

 
  835      

Atmos Energy Corp

    134,126  
  1,863      

Consolidated Edison Inc

    210,053  
  1,398      

Essential Utilities Inc

    57,500  
  1,956      

Eversource Energy

    116,343  
  5,393      

Exelon Corp

    252,932  
  3,395        

Sempra

    252,146  
   

TOTAL UTILITIES

    1,023,100  
   

TOTAL COMMON STOCKS

(Cost $27,068,990)

    26,861,605  
   

TOTAL LONG-TERM INVESTMENTS

(Cost $27,068,990)

    26,861,605  
   

OTHER ASSETS & LIABILITIES, NET - 0.3%

    85,415  
   

NET ASSETS - 100%

  $ 26,947,020  

 

6   See Notes to Financial Statements


Portfolio of Investments April 30, 2025

NUEM

(Unaudited)

 

      SHARES          DESCRIPTION        VALUE  
    LONG-TERM INVESTMENTS - 100.2%    
    COMMON STOCKS - 100.2%    
    COMMUNICATION SERVICES - 11.6%    
  25,500       Autohome Inc, ADR     $ 695,640  
  190,209       Bharti Airtel Ltd       4,197,786  
  89,384    

(a)

  Bilibili Inc       1,575,663  
  13,569       CD Projekt SA       839,881  
  209,948    

(a)

  China Ruyi Holdings Ltd       55,230  
  278,098       Chunghwa Telecom Co Ltd       1,126,026  
  23,128       Hellenic Telecommunications Organization SA       439,582  
  27,263       Info Edge India Ltd       2,281,336  
  21,000       International Games System Co Ltd       546,290  
  101,230    

(a)

  Kanzhun Ltd, ADR            1,548,819  
  82,562       Kingsoft Corp Ltd       410,963  
  615,908    

(a),(b)

  Kuaishou Technology       4,098,270  
  750,229       Mobile Telecommunications Co KSCP       1,158,154  
  30,617       NAVER Corp       4,318,472  
  245,389       NetEase Inc       5,284,532  
  307,306       Ooredoo QPSC       1,093,844  
  94,838       Saudi Telecom Co       1,203,521  
  20,151       SK Telecom Co Ltd       769,750  
  10,717,378       Telkom Indonesia Persero Tbk PT       1,704,450  
  110,400         Tencent Music Entertainment Group, ADR         1,481,568  
    TOTAL COMMUNICATION SERVICES         34,829,777  
   

CONSUMER DISCRETIONARY - 13.9%

   
  83,749    

(a),(b)

  Allegro.eu SA       733,725  
  122,301       BYD Co Ltd       5,838,502  
  4,220       BYD Co Ltd, Class A       204,867  
  700,500    

(b)

  Central Retail Corp PCL       496,987  
  44,083       China Tourism Group Duty Free Corp Ltd, Class A       384,269  
  761,853    

(c)

  Chow Tai Fook Jewellery Group Ltd       1,019,773  
  16,897       Coway Co Ltd       1,042,467  
  50,116       Eicher Motors Ltd       3,302,360  
  148,710       Empresas Copec SA       1,010,670  
  460    

(a),(d)

  FF Group       5  
  83,756,426    

(a)

  GoTo Gojek Tokopedia Tbk PT       428,873  
  145,401       Great Wall Motor Co Ltd       208,501  
  47,100       Great Wall Motor Co Ltd, Class A       146,224  
  128,057       Haier Smart Home Co Ltd       372,379  
  19,020       Hero MotoCorp Ltd       861,670  
  5,380       Indian Hotels Co Ltd/The       50,161  
  232,356       JD.com Inc, Class A       3,832,299  
  40,699       LG Electronics Inc       2,044,255  
  97,181    

(a)

  Li Auto Inc, Class A       1,193,662  
  160       LPP SA       654,849  
  122,435       Mahindra & Mahindra Ltd       4,244,457  
  362,688    

(a),(b)

  Meituan, Class B       6,094,143  
  13,769       Naspers Ltd       3,620,393  
  354,204       PTT Oil & Retail Business PCL       153,748  
  46,910       Trent Ltd       2,872,055  
  73,779         Vipshop Holdings Ltd, ADR         1,004,870  
    TOTAL CONSUMER DISCRETIONARY         41,816,164  
    CONSUMER STAPLES - 5.1%    
  446,646    

(a),(c)

  Alibaba Health Information Technology Ltd       290,288  
  26,402       Cencosud SA       89,441  
  113,434       Hindustan Unilever Ltd       3,144,673  
  770,972    

(b),(c)

  Nongfu Spring Co Ltd       3,559,235  
  493,372       Raia Drogasil SA       1,728,989  
  59,326       Tata Consumer Products Ltd       818,646  
  133,000       Uni-President Enterprises Corp       319,370  
  136,161       Varun Beverages Ltd       841,862  

 

See Notes to Financial Statements   7


Portfolio of Investments April 30, 2025 (continued)

NUEM

 

 

        SHARES          DESCRIPTION          VALUE  
   

CONSUMER STAPLES (continued)

   
  1,461,661         Wal-Mart de Mexico SAB de CV           $      4,640,727  
    TOTAL CONSUMER STAPLES             15,433,231  
   

ENERGY - 1.4%

   
  494,090       COSCO SHIPPING Energy Transportation Co Ltd       392,484  
  79,800       COSCO SHIPPING Energy Transportation Co Ltd, Class A       112,900  
  227,959       Qatar Fuel QSC       939,133  
  17,073       S-Oil Corp       624,549  
  369,645       Turkiye Petrol Rafinerileri AS       1,198,519  
  276,872         Ultrapar Participacoes SA             871,980  
    TOTAL ENERGY             4,139,565  
   

FINANCIALS - 24.6%

   
  18,693       Abu Dhabi Commercial Bank PJSC       59,239  
  78,228       Abu Dhabi Islamic Bank PJSC       389,750  
  7,332,967       Agricultural Bank of China Ltd       4,482,219  
  452,964       Agricultural Bank of China Ltd, Class A       337,549  
  159,437       Al Rajhi Bank       4,140,117  
  1,800,974       B3 SA - Brasil Bolsa Balcao       4,291,366  
  13,978       Bancolombia SA       143,620  
  6,253,658       Bank of China Ltd       3,499,926  
  2,632       Capitec Bank Holdings Ltd       486,905  
  1,447,010       Cathay Financial Holding Co Ltd       2,646,721  
  7,920,499       China Construction Bank Corp       6,516,407  
  189,298       China Construction Bank Corp, Class A       235,803  
  819,244       China Merchants Bank Co Ltd       4,484,623  
  47,438       China Merchants Bank Co Ltd, Class A       265,719  
  786,700       China Minsheng Banking Corp Ltd, Class A       430,494  
  261,801       China Pacific Insurance Group Co Ltd       712,342  
  262,518       CITIC Securities Co Ltd       652,004  
  276,100       CITIC Securities Co Ltd, Class A       952,069  
  365,881       Commercial International Bank - Egypt (CIB)       583,292  
  3,899       Credicorp Ltd       788,339  
  3,784,652       CTBC Financial Holding Co Ltd       4,650,496  
  53,000       First Financial Holding Co Ltd       42,091  
  838,005       FirstRand Ltd       3,271,175  
  1,651,272       Fubon Financial Holding Co Ltd       4,352,383  
  294,009       HDFC Bank Ltd       6,699,126  
  15,329       Huatai Securities Co Ltd, Class A       33,827  
  17,248    

(b)

  ICICI Prudential Life Insurance Co Ltd       125,424  
  7,953,348       Industrial & Commercial Bank of China Ltd       5,456,280  
  143,880       Industrial & Commercial Bank of China Ltd, Class A       138,673  
  475,704       Industrial Bank Co Ltd, Class A       1,365,003  
  34,433       KB Financial Group Inc       2,184,915  
  174,285       Malayan Banking Bhd       403,501  
  466,817       Ping An Insurance Group Co of China Ltd       2,805,224  
  87,124    

(b)

  Postal Savings Bank of China Co Ltd       53,703  
  607,900       Postal Savings Bank of China Co Ltd, Class A       427,934  
  1,615,736       Public Bank Bhd       1,673,775  
  3,411       Santander Bank Polska SA       523,249  
  28,793       Shinhan Financial Group Co Ltd       1,041,126  
  27,509       Standard Bank Group Ltd       342,579  
  587,870       Union Bank of India Ltd       875,225  
  102,028       Yapi ve Kredi Bankasi AS       60,379  
  1,460,000         Yuanta Financial Holding Co Ltd             1,419,692  
    TOTAL FINANCIALS             74,044,284  
   

HEALTH CARE - 3.2%

   
  119,400       Bangkok Dusit Medical Services PCL       84,711  
  31,254    

(a)

  BeiGene Ltd       636,792  
  31,600       Beijing Tong Ren Tang Co Ltd, Class A       158,365  
  56,800       Chongqing Zhifei Biological Products Co Ltd, Class A       147,131  
  12,426       Cipla Ltd/India       227,991  
  15,837       Dr Sulaiman Al Habib Medical Services Group Co       1,209,234  

 

8   See Notes to Financial Statements


 

 

     SHARES          DESCRIPTION        VALUE  
   

HEALTH CARE (continued)

   
  800,159       IHH Healthcare Bhd     $      1,283,221  
  25,789    

(a),(b)

  Innovent Biologics Inc       178,751  
  145,200       Jiangsu Hengrui Pharmaceuticals Co Ltd, Class A       1,020,145  
  34,678       Richter Gedeon Nyrt       1,052,700  
  5,200       Shenzhen Mindray Bio-Medical Electronics Co Ltd, Class A       157,047  
  762,311       Sino Biopharmaceutical Ltd       384,365  
  17,778    

(b)

  WuXi AppTec Co Ltd       137,897  
  266,926    

(a),(b)

  Wuxi Biologics Cayman Inc       784,803  
  20,673       Yuhan Corp       1,655,004  
  13,940         Zhangzhou Pientzehuang Pharmaceutical Co Ltd, Class A         393,541  
    TOTAL HEALTH CARE         9,511,698  
   

INDUSTRIALS - 9.3%

   
  12,601       ABB India Ltd       823,697  
  1,632,448       Airports of Thailand PCL       1,869,215  
  915,023       Bharat Electronics Ltd       3,401,941  
  16,278       Bidvest Group Ltd       205,550  
  65,861       Contemporary Amperex Technology Co Ltd, Class A       2,096,302  
  17,495       Doosan Bobcat Inc       603,064  
  804,650    

(a)

  GMR Airports Ltd       830,425  
  6,876       Havells India Ltd       130,303  
  3,764       HD Hyundai Electric Co Ltd       814,231  
  34,500       Kuang-Chi Technologies Co Ltd, Class A       200,173  
  25,366       LG Corp       1,188,446  
  7,836    

(a)

  LG Energy Solution Ltd       1,788,802  
  5,739       LS Electric Co Ltd       821,587  
  40,991       Metlen Energy & Metals SA       1,938,417  
  11,899       POSCO Future M Co Ltd       1,045,505  
  465,563       Rumo SA       1,595,351  
  109,872       SF Holding Co Ltd, Class A       657,431  
  11,148       Shanghai M&G Stationery Inc, Class A       45,094  
  31,200       Shenzhen Inovance Technology Co Ltd, Class A       307,101  
  29,189    

(a)

  SK Square Co Ltd       1,825,468  
  83,616       SM Investments Corp       1,302,407  
  13,159       Sociedad Quimica y Minera de Chile SA, Class B       448,535  
  1,201,350    

(a)

  Suzlon Energy Ltd       802,002  
  80,056    

(a)

  Turk Hava Yollari AO       591,681  
  88,760       Voltas Ltd       1,298,667  
  8,000       Voltronic Power Technology Corp       375,199  
  340,074       Weichai Power Co Ltd       666,580  
  155,800         Weichai Power Co Ltd, Class A         325,601  
    TOTAL INDUSTRIALS         27,998,775  
   

INFORMATION TECHNOLOGY - 18.1%

   
  1,110,898       Acer Inc       1,212,217  
  402,000       Delta Electronics Inc       4,191,821  
  231,740       HCL Technologies Ltd       4,299,672  
  260,694       Infosys Ltd       4,628,903  
  371,086    

(a)

  Kingdee International Software Group Co Ltd       630,703  
  2,702,975       Lenovo Group Ltd       3,133,551  
  1,058,124       Taiwan Semiconductor Manufacturing Co Ltd       30,040,228  
  206,900       TOTVS SA       1,374,850  
  3,463,000         United Microelectronics Corp         4,894,088  
    TOTAL INFORMATION TECHNOLOGY         54,406,033  
   

MATERIALS - 7.9%

   
  1,978,220    

(a)

  Amman Mineral Internasional PT       849,085  
  7,216       Anglo American Platinum Ltd       247,895  
  20,963       APL Apollo Tubes Ltd       401,922  
  76,453       Asian Paints Ltd       2,195,121  
  2,367,135       Cemex SAB de CV       1,463,210  
  90,200       China Jushi Co Ltd, Class A       145,472  
  520,958       Gerdau SA       1,379,369  
  83,333       Gold Fields Ltd       1,876,647  

 

See Notes to Financial Statements   9


Portfolio of Investments April 30, 2025 (continued)

NUEM

 

 

     SHARES          DESCRIPTION          VALUE  
   

MATERIALS (continued)

   
  16,450       Klabin SA     $ 53,841  
  1,281       Korea Zinc Co Ltd       719,126  
  18,881       LG Chem Ltd            2,869,009  
  5,446       PI Industries Ltd       234,655  
  58,463       Pidilite Industries Ltd       2,099,468  
  749,423       Press Metal Aluminium Holdings Bhd       851,025  
  30,365       SABIC Agri-Nutrients Co       799,015  
  350,380    

(a)

  Saudi Arabian Mining Co       4,773,366  
  70,582       Saudi Basic Industries Corp       1,147,858  
  7,243       SKC Co Ltd       520,232  
  23,401       Supreme Industries Ltd       980,261  
  51,100         Western Mining Co Ltd, Class A             108,057  
    TOTAL MATERIALS             23,714,634  
    REAL ESTATE - 1.9%    
  1,473,865       Aldar Properties PJSC       3,314,446  
  114,832    

(b)

  Macrotech Developers Ltd       1,806,811  
  29,154         Phoenix Mills Ltd/The             574,392  
    TOTAL REAL ESTATE             5,695,649  
    UTILITIES - 3.2%    
  558,900       China Yangtze Power Co Ltd, Class A       2,266,891  
  55,800       Engie Brasil Energia SA       409,723  
  302,694       ENN Energy Holdings Ltd       2,402,519  
  79,789       Interconexion Electrica SA ESP       411,792  
  91,400       Manila Electric Co       932,737  
  743,516       Power Grid Corp of India Ltd       2,705,775  
  212,152         Tenaga Nasional Bhd             681,443  
    TOTAL UTILITIES             9,810,880  
   

TOTAL COMMON STOCKS

(Cost $265,191,951)

            301,400,690  
   

TOTAL LONG-TERM INVESTMENTS

(Cost $265,191,951)

            301,400,690  
       SHARES          DESCRIPTION   RATE     VALUE  
    INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 1.1%    
  3,438,472    

(e)

  State Street Navigator Securities Lending Government Money Market Portfolio     4.360% (f)    $ 3,438,472  
   

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $3,438,472)

            3,438,472  
   

TOTAL INVESTMENTS - 101.3%

(Cost $268,630,423)

            304,839,162  
    OTHER ASSETS & LIABILITIES, NET - (1.3)%             (3,973,085
    NET ASSETS - 100%           $ 300,866,077  

 

ADR

American Depositary Receipt

 

(a)

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b)

Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $18,069,748 or 5.9% of Total Investments.

(c)

Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $3,319,675.

(d)

For fair value measurement disclosure purposes, investment classified as Level 3.

(e)

The Fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The collateral maintained by the Fund shall have a value, at the inception of each loan, equal to not less than 100% of the value of the loaned securities. The cash collateral received by the Fund is invested in this money market fund.

(f)

The rate shown is the one-day yield as of the end of the reporting period.

 

10   See Notes to Financial Statements


Portfolio of Investments April 30, 2025

NUDM

(Unaudited)

 

       SHARES          DESCRIPTION   VALUE  
    LONG-TERM INVESTMENTS - 99.2%  
    COMMON STOCKS - 99.2%  
    COMMUNICATION SERVICES - 5.4%  
  19,628       CAR Group Ltd   $ 418,339  
  1,131,384       HKT Trust & HKT Ltd     1,610,698  
  105,434       KDDI Corp     1,865,274  
  175,637       Orange SA     2,552,596  
  23,209       Publicis Groupe SA     2,354,934  
  6,866       REA Group Ltd          1,090,524  
  5,111,720       SoftBank Corp     7,737,103  
  127,805       SoftBank Group Corp     6,418,922  
  80,499       Telenor ASA     1,212,537  
  100,359       Universal Music Group NV     2,949,051  
  351,223       Vodafone Group PLC     343,684  
  10,167         WPP PLC     78,248  
    TOTAL COMMUNICATION SERVICES     28,631,910  
    CONSUMER DISCRETIONARY - 12.4%  
  93,740       Amadeus IT Group SA     7,371,755  
  14,600       Asics Corp     315,665  
  169,400       Bridgestone Corp     7,114,943  
  199,060       Cie Generale des Etablissements Michelin SCA     7,279,482  
  51,998       Compass Group PLC     1,748,848  
  6,333       D’ieteren Group     1,264,872  
  4,085       Fast Retailing Co Ltd     1,345,438  
  91,684       H & M Hennes & Mauritz AB     1,331,309  
  349       Hermes International SCA     948,572  
  49,269       Industria de Diseno Textil SA     2,645,751  
  166,600       Isuzu Motors Ltd     2,250,104  
  188,360       JD Sports Fashion PLC     197,702  
  22,081       Kering SA     4,476,441  
  169,065       Oriental Land Co Ltd/Japan     3,594,883  
  583,864       Panasonic Holdings Corp     6,717,056  
  18,856       Prosus NV     877,210  
  30,974       Puma SE     794,684  
  54,100    

(a)

  Rakuten Group Inc     318,403  
  32,400       Sekisui House Ltd     744,128  
  441,185       Sony Group Corp     11,663,689  
  274,300         Yamaha Motor Co Ltd     2,157,632  
    TOTAL CONSUMER DISCRETIONARY     65,158,567  
    CONSUMER STAPLES - 9.4%  
  239,294       Ajinomoto Co Inc     4,891,905  
  24,209       Associated British Foods PLC     667,415  
  1,058       Barry Callebaut AG     954,035  
  21,629       Coca-Cola Europacific Partners PLC     1,962,615  
  1,959       Coca-Cola HBC AG     102,049  
  107,043       Danone SA     9,242,908  
  2,750       Kerry Group PLC, Class A     291,506  
  186,200       Kikkoman Corp     1,821,664  
  70,695       Mowi ASA     1,295,968  
  73,700       Orkla ASA     821,578  
  105,347       Reckitt Benckiser Group PLC     6,807,656  
  1,536,817       Tesco PLC     7,609,468  
  166,386       Unilever PLC     10,576,502  
  567,724       Wilmar International Ltd     1,330,501  
  68,785         Woolworths Group Ltd     1,389,458  
    TOTAL CONSUMER STAPLES     49,765,228  
    ENERGY - 0.3%  
  126,770         Neste Oyj     1,319,434  
    TOTAL ENERGY     1,319,434  

 

See Notes to Financial Statements   11


Portfolio of Investments April 30, 2025 (continued)

NUDM

 

 

       SHARES          DESCRIPTION   VALUE  
    FINANCIALS - 25.5%  
  152,550       3i Group PLC   $ 8,627,255  
  19,245       Allianz SE     7,965,334  
  419,954       ANZ Group Holdings Ltd     8,023,589  
  178,827    

(a)

  AXA SA     8,450,424  
  587,572       Banco Santander SA     4,129,101  
  8,943    

(a)

  Banque Cantonale Vaudoise     1,103,523  
  221,071       Barclays PLC     876,406  
  70,079       Credit Agricole SA          1,313,633  
  186,271       Deutsche Bank AG     4,865,872  
  191,413       DNB Bank ASA     4,777,042  
  12,359       Eurazeo SE     901,953  
  217,856       Generali     7,959,409  
  25,275       Gjensidige Forsikring ASA     591,296  
  104,310       Hong Kong Exchanges & Clearing Ltd     4,584,168  
  73,778       Insurance Australia Group Ltd     387,567  
  1,802,893       Intesa Sanpaolo SpA     9,595,481  
  20,648       KBC Group NV     1,902,611  
  9,880,277       Lloyds Banking Group PLC     9,670,839  
  42,782       Mediobanca Banca di Credito Finanziario SpA     874,655  
  292,963       Mizuho Financial Group Inc     7,352,829  
  43,864       NN Group NV     2,687,586  
  145,582       QBE Insurance Group Ltd     2,011,118  
  65,000       Sompo Holdings Inc     2,116,692  
  261,864       Standard Chartered PLC     3,763,550  
  106,300       Sumitomo Mitsui Financial Group Inc     2,533,791  
  431,926       Svenska Handelsbanken AB     5,658,312  
  231,762       Swedbank AB     5,764,674  
  214,230       Tokio Marine Holdings Inc     8,572,805  
  244,784         UBS Group AG     7,414,267  
    TOTAL FINANCIALS     134,475,782  
    HEALTH CARE - 10.9%  
  1,793    

(a)

  Argenx SE     1,157,695  
  321,023       Astellas Pharma Inc     3,212,706  
  2,000       Chugai Pharmaceutical Co Ltd     115,241  
  33,925       CSL Ltd     5,451,244  
  176,678       Daiichi Sankyo Co Ltd     4,513,563  
  29,465       EssilorLuxottica SA     8,464,028  
  20,908    

(a)

  Hoya Corp     2,459,592  
  3,667       Lonza Group AG     2,626,585  
  32,294       Merck KGaA     4,474,978  
  3,701    

(a),(b)

  NMC Health PLC      
  118,952       Novartis AG     13,576,523  
  141,063       Novo Nordisk A/S, Class B     9,348,409  
  7,812         Sartorius AG     2,016,716  
    TOTAL HEALTH CARE     57,417,280  
    INDUSTRIALS - 18.8%  
  145,831       ABB Ltd     7,664,668  
  5,826       ACS Actividades de Construccion y Servicios SA     364,895  
  38,055       AerCap Holdings NV     4,033,830  
  65,768       Alstom SA     1,586,446  
  218,372       Auckland International Airport Ltd     974,539  
  56,011    

(a)

  Bouygues SA     2,464,051  
  410,728       Brambles Ltd     5,392,732  
  98,234       Bunzl PLC     3,083,467  
  156,563       Computershare Ltd     4,079,191  
  111,730       Dai Nippon Printing Co Ltd     1,559,552  
  29,227       DCC PLC     1,907,424  
  20,394       Eiffage SA     2,776,153  
  685,332    

(a)

  Grab Holdings Ltd     3,344,420  
  432,051       Keppel Ltd     2,170,678  
  138,611       Komatsu Ltd     3,985,163  
  11,897       Kone Oyj, Class B     737,054  

 

12   See Notes to Financial Statements


 

 

       SHARES          DESCRIPTION   VALUE  
   

INDUSTRIALS (continued)

 
  391,035       Mitsubishi Electric Corp   $ 7,567,668  
  459,514       MTR Corp Ltd     1,588,066  
  177,788       Nibe Industrier AB     751,713  
  175,300       Obayashi Corp     2,724,008  
  55,900       Recruit Holdings Co Ltd     3,112,435  
  137,699       RELX PLC     7,480,223  
  33,640       Rexel SA     932,681  
  38,901       Schneider Electric SE     9,029,879  
  2,700       Secom Co Ltd     99,338  
  85,100       SG Holdings Co Ltd     897,595  
  19,343       SGS SA     1,900,051  
  33,932       Siemens AG          7,789,664  
  101,876       Smiths Group PLC     2,536,456  
  120,089       Swire Pacific Ltd     1,039,108  
  423,156       Transurban Group     3,820,363  
  945    

(c)

  VAT Group AG     338,441  
  124,483         Vestas Wind Systems A/S     1,654,477  
    TOTAL INDUSTRIALS     99,386,429  
    INFORMATION TECHNOLOGY - 7.0%  
  17,771       ASML Holding NV     11,767,202  
  45,108       Infineon Technologies AG     1,481,380  
  45,030       Logitech International SA     3,399,648  
  156,500       Ricoh Co Ltd     1,652,335  
  52,983       SAP SE     15,376,333  
  9,232       Temenos AG     662,839  
  15,900         Tokyo Electron Ltd     2,365,939  
    TOTAL INFORMATION TECHNOLOGY     36,705,676  
    MATERIALS - 4.8%  
  106,940       Antofagasta PLC     2,332,577  
  80,833       Boliden AB     2,481,586  
  16,511    

(a)

  Covestro AG     1,114,873  
  39,150       Croda International PLC     1,543,158  
  283,394       Fortescue Ltd     2,935,720  
  1,653       Givaudan SA     8,010,035  
  417,376       Norsk Hydro ASA     2,197,574  
  75,715       SIG Group AG     1,465,927  
  2,568       Sika AG     643,133  
  44,471       Sumitomo Metal Mining Co Ltd     991,743  
  21,855         Syensqo SA     1,555,712  
    TOTAL MATERIALS     25,272,038  
    REAL ESTATE - 1.6%  
  568,000       CapitaLand Investment Ltd/Singapore     1,196,293  
  140,361       Goodman Group     2,692,497  
  176,600       Mitsubishi Estate Co Ltd     3,101,395  
  1,206,127         Sino Land Co Ltd     1,241,169  
    TOTAL REAL ESTATE          8,231,354  
    UTILITIES - 3.1%  
  476,851       EDP SA     1,884,204  
  287,195       Iberdrola SA     5,189,221  
  168,737       Meridian Energy Ltd     548,751  
  510,093       National Grid PLC     7,378,828  
  20,250         Verbund AG     1,558,401  
    TOTAL UTILITIES     16,559,405  
   

TOTAL COMMON STOCKS

(Cost $439,016,883)

    522,923,103  
   

TOTAL LONG-TERM INVESTMENTS

(Cost $439,016,883)

    522,923,103  
   

OTHER ASSETS & LIABILITIES, NET - 0.8%

    4,378,243  
   

NET ASSETS - 100%

  $ 527,301,346  

 

See Notes to Financial Statements   13


Portfolio of Investments April 30, 2025 (continued)

NUDM

 

 

(a)

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b)

For fair value measurement disclosure purposes, investment classified as Level 3.

(c)

Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $338,441 or 0.1% of Total Investments.

 

14   See Notes to Financial Statements


Portfolio of Investments April 30, 2025

NULC

(Unaudited)

 

     SHARES          DESCRIPTION   VALUE  
   

LONG-TERM INVESTMENTS - 99.8%

 
   

COMMON STOCKS - 99.8%

 
   

COMMUNICATION SERVICES - 7.1%

 
  7,451      

Alphabet Inc, Class A

  $      1,183,219  
  4,757      

Alphabet Inc, Class C

    765,354  
  5,125      

Comcast Corp, Class A

    175,275  
  1,873      

Fox Corp, Class A

    93,256  
  1,191      

Fox Corp, Class B

    55,072  
  1,779     (a)  

Liberty Media Corp-Liberty Formula One, Class C

    157,744  
  1,360     (a)  

Live Nation Entertainment Inc

    180,132  
  8,212        

Verizon Communications Inc

    361,821  
   

TOTAL COMMUNICATION SERVICES

    2,971,873  
   

CONSUMER DISCRETIONARY - 10.6%

 
  1,979     (a)  

Aptiv PLC

    112,922  
  82      

Booking Holdings Inc

    418,141  
  983     (a)  

Carvana Co

    240,196  
  4,309     (a)  

Chipotle Mexican Grill Inc

    217,691  
  833     (a)  

Deckers Outdoor Corp

    92,321  
  2,962     (a)  

DoorDash Inc, Class A

    571,340  
  1,294     (a)  

Garmin Ltd

    241,810  
  9,286      

General Motors Co

    420,099  
  227      

Home Depot Inc/The

    81,831  
  557      

Lowe’s Cos Inc

    124,523  
  948      

McDonald’s Corp

    303,028  
  308     (a)  

MercadoLibre Inc

    717,902  
  6,441     (a)  

Rivian Automotive Inc, Class A

    87,984  
  164      

Royal Caribbean Cruises Ltd

    35,245  
  4,824      

TJX Cos Inc/The

    620,752  
  1,044        

Williams-Sonoma Inc

    161,267  
   

TOTAL CONSUMER DISCRETIONARY

    4,447,052  
   

CONSUMER STAPLES - 5.7%

 
  11,652      

Coca-Cola Co/The

    845,353  
  2,337      

Kellanova

    193,434  
  2,071      

PepsiCo Inc

    280,786  
  4,162      

Procter & Gamble Co/The

    676,616  
  3,836        

Target Corp

    370,941  
   

TOTAL CONSUMER STAPLES

    2,367,130  
   

ENERGY - 2.8%

 
  8,362      

Baker Hughes Co

    296,015  
  1,892      

Cheniere Energy Inc

    437,260  
  5,228        

ONEOK Inc

    429,532  
   

TOTAL ENERGY

    1,162,807  
   

FINANCIALS - 16.8%

 
  4,445      

Aflac Inc

    483,083  
  418      

American Express Co

    111,359  
  1,474      

Arch Capital Group Ltd

    133,662  
  5,750      

Bank of America Corp

    229,310  
  880      

Cboe Global Markets Inc

    195,184  
  8,301      

Citigroup Inc

    567,622  
  174      

Goldman Sachs Group Inc/The

    95,274  
  183      

LPL Financial Holdings Inc

    58,522  
  2,875      

Marsh & McLennan Cos Inc

    648,226  
  1,689      

Mastercard Inc

    925,673  
  832      

Moody’s Corp

    376,996  
  5,046      

Morgan Stanley

    582,409  
  708      

PNC Financial Services Group Inc/The

    113,769  
  1,310      

S&P Global Inc

    655,065  
  853      

Travelers Cos Inc/The

    225,303  
  1,989      

Truist Financial Corp

    76,258  
  11,810      

US Bancorp

    476,415  
  3,051      

Visa Inc, Class A

    1,054,121  

 

See Notes to Financial Statements   15


Portfolio of Investments April 30, 2025 (continued)

NULC

 

 

     SHARES          DESCRIPTION   VALUE  
   

FINANCIALS (continued)

 
  32        

Willis Towers Watson PLC

  $      9,850  
   

TOTAL FINANCIALS

         7,018,101  
   

HEALTH CARE - 11.7%

 
  1,825      

AbbVie Inc

    356,058  
  413     (a)  

Alnylam Pharmaceuticals Inc

    108,718  
  2,907      

Danaher Corp

    579,452  
  2,298     (a)  

Dexcom Inc

    164,031  
  4,966     (a)  

Edwards Lifesciences Corp

    374,883  
  1,343      

Eli Lilly & Co

    1,207,290  
  1,534      

HCA Healthcare Inc

    529,353  
  804      

McKesson Corp

    573,083  
  1,298     (a)  

Veeva Systems Inc, Class A

    303,330  
  927     (a)  

Vertex Pharmaceuticals Inc

    472,306  
  170      

West Pharmaceutical Services Inc

    35,919  
  1,247        

Zoetis Inc

    195,031  
   

TOTAL HEALTH CARE

    4,899,454  
   

INDUSTRIALS - 8.0%

 
  4,261      

3M Co

    591,895  
  1,427      

Automatic Data Processing Inc

    428,956  
  610     (a)  

Axon Enterprise Inc

    374,113  
  6,801      

Carrier Global Corp

    425,335  
  378      

Caterpillar Inc

    116,904  
  23      

Cintas Corp

    4,869  
  5,895     (a)  

Copart Inc

    359,772  
  1,156      

Cummins Inc

    339,679  
  353      

EMCOR Group Inc

    141,447  
  120      

FedEx Corp

    25,240  
  1,479      

Ferguson Enterprises Inc

    250,927  
  244      

Jacobs Solutions Inc

    30,207  
  235      

Old Dominion Freight Line Inc

    36,021  
  283      

Parker-Hannifin Corp

    171,232  
  78      

Union Pacific Corp

    16,821  
  49        

United Rentals Inc

    30,941  
   

TOTAL INDUSTRIALS

    3,344,359  
   

INFORMATION TECHNOLOGY - 30.4%

 
  315     (a)  

Adobe Inc

    118,119  
  5,738     (a)  

Advanced Micro Devices Inc

    558,594  
  1,266     (a)  

Akamai Technologies Inc

    102,014  
  2,374      

Applied Materials Inc

    357,786  
  42     (a)  

Atlassian Corp, Class A

    9,589  
  2,070     (a)  

Cadence Design Systems Inc

    616,322  
  496     (a)  

F5 Inc

    131,311  
  856     (a)  

First Solar Inc

    107,702  
  19     (a)  

Gartner Inc

    8,001  
  11,078      

Hewlett Packard Enterprise Co

    179,685  
  7,899      

HP Inc

    201,977  
  8,100      

Intel Corp

    162,810  
  2,932      

International Business Machines Corp

    709,016  
  2,787      

Juniper Networks Inc

    101,224  
  1,459     (a)  

Keysight Technologies Inc

    212,139  
  1,335      

Lam Research Corp

    95,679  
  7,339      

Microsoft Corp

    2,900,813  
  1,410      

Motorola Solutions Inc

    620,950  
  1,712      

NetApp Inc

    153,652  
  24,719      

NVIDIA Corp

    2,692,394  
  415     (a)  

Palo Alto Networks Inc

    77,576  
  1,917      

Salesforce Inc

    515,117  
  743     (a)  

ServiceNow Inc

    709,572  
  1,142     (a)  

Synopsys Inc

    524,189  
  3,804      

Texas Instruments Inc

    608,830  
  2,056     (a)  

Trimble Inc

    127,760  

 

16   See Notes to Financial Statements


 

 

     SHARES          DESCRIPTION   VALUE  
   

INFORMATION TECHNOLOGY (continued)

 
  2,911     (a)  

Western Digital Corp

  $ 127,677  
   

TOTAL INFORMATION TECHNOLOGY

    12,730,498  
   

MATERIALS - 2.4%

 
  2,146      

Ecolab Inc

    539,569  
  4,168      

International Paper Co

    190,394  
  2,051      

Newmont Corp

    108,047  
  593      

Steel Dynamics Inc

    76,918  
  364        

Vulcan Materials Co

    95,488  
   

TOTAL MATERIALS

         1,010,416  
   

REAL ESTATE - 2.1%

 
  202      

Equinix Inc

    173,872  
  748      

Iron Mountain Inc

    67,073  
  4,278        

Welltower Inc

    652,780  
   

TOTAL REAL ESTATE

    893,725  
   

UTILITIES - 2.2%

 
  359      

American Water Works Co Inc

    52,777  
  2,928      

Consolidated Edison Inc

    330,132  
  3,286      

Exelon Corp

    154,113  
  5,335        

Sempra

    396,230  
   

TOTAL UTILITIES

    933,252  
   

TOTAL COMMON STOCKS

(Cost $36,010,829)

    41,778,667  
   

TOTAL LONG-TERM INVESTMENTS

(Cost $36,010,829)

    41,778,667  
   

OTHER ASSETS & LIABILITIES, NET - 0.2%

    93,782  
   

NET ASSETS - 100%

  $ 41,872,449  

 

S&P

Standard & Poor’s

 

(a)

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

 

See Notes to Financial Statements   17


Portfolio of Investments April 30, 2025

NULG

(Unaudited)

 

       SHARES          DESCRIPTION   VALUE  
    LONG-TERM INVESTMENTS - 96.3%  
    COMMON STOCKS - 96.3%  
    COMMUNICATION SERVICES - 9.6%  
  363,612       Alphabet Inc, Class A   $ 57,741,586  
  362,109       Alphabet Inc, Class C     58,259,717  
  69,294    

(a)

  Live Nation Entertainment Inc          9,177,990  
  1,219,684    

(a)

  Warner Bros Discovery Inc     10,574,660  
    TOTAL COMMUNICATION SERVICES     135,753,953  
    CONSUMER DISCRETIONARY - 11.5%  
  2,925    

(a)

  AutoZone Inc     11,005,605  
  5,380       Booking Holdings Inc     27,434,126  
  13,098    

(a)

  Burlington Stores Inc     2,947,574  
  60,525    

(a)

  Carvana Co     14,789,284  
  244,789    

(a)

  Chipotle Mexican Grill Inc     12,366,740  
  79,518    

(a)

  Deckers Outdoor Corp     8,812,980  
  106,800    

(a)

  DoorDash Inc, Class A     20,600,652  
  44,777       Expedia Group Inc     7,026,855  
  22,251       Hyatt Hotels Corp     2,507,243  
  16,060    

(a)

  Lululemon Athletica Inc     4,348,566  
  9,406    

(a)

  MercadoLibre Inc     21,923,975  
  7,917    

(a)

  O’Reilly Automotive Inc     11,204,138  
  84,949         Royal Caribbean Cruises Ltd     18,256,390  
    TOTAL CONSUMER DISCRETIONARY     163,224,128  
    CONSUMER STAPLES - 2.9%  
  40,993         Costco Wholesale Corp     40,767,539  
    TOTAL CONSUMER STAPLES     40,767,539  
    FINANCIALS - 9.5%  
  6,912       FactSet Research Systems Inc     2,987,505  
  75,890       Mastercard Inc     41,592,273  
  44,635       Moody’s Corp     20,225,011  
  40,212       S&P Global Inc     20,108,011  
  143,087         Visa Inc, Class A     49,436,558  
    TOTAL FINANCIALS     134,349,358  
    HEALTH CARE - 8.0%  
  52,261       Agilent Technologies Inc     5,623,284  
  108,027    

(a)

  Edwards Lifesciences Corp     8,154,958  
  60,001       Eli Lilly & Co     53,937,899  
  86,705    

(a)

  Exact Sciences Corp     3,957,216  
  29,393    

(a)

  IDEXX Laboratories Inc     12,716,881  
  16,990    

(a)

  Insulet Corp     4,286,407  
  5,273    

(a)

  Mettler-Toledo International Inc     5,645,116  
  9,597    

(a)

  Veeva Systems Inc, Class A     2,242,723  
  7,718    

(a)

  Vertex Pharmaceuticals Inc     3,932,321  
  18,877       West Pharmaceutical Services Inc     3,988,521  
  59,104         Zoetis Inc     9,243,866  
    TOTAL HEALTH CARE     113,729,192  
    INDUSTRIALS - 10.0%  
  25,687    

(a)

  Axon Enterprise Inc     15,753,837  
  72,300       Cintas Corp     15,304,464  
  329,171    

(a)

  Copart Inc     20,089,306  
  35,627    

(a)

  Dayforce Inc     2,061,734  
  104,340       Howmet Aerospace Inc     14,459,437  
  74,204       Ingersoll Rand Inc     5,597,208  
  7,366       Lennox International Inc     4,027,361  
  15,841       Old Dominion Freight Line Inc     2,428,108  
  11,413       Otis Worldwide Corp     1,098,730  
  65,625       Quanta Services Inc     19,207,781  
  30,464       Trane Technologies PLC     11,677,156  
  35,877       TransUnion     2,976,356  
  84,142       Veralto Corp     8,069,218  

 

18   See Notes to Financial Statements


 

 

       SHARES          DESCRIPTION   VALUE  
   

INDUSTRIALS (continued)

 
  18,062         WW Grainger Inc   $ 18,501,087  
    TOTAL INDUSTRIALS     141,251,783  
    INFORMATION TECHNOLOGY - 43.5%  
  47,512    

(a)

  Adobe Inc     17,816,050  
  249,006    

(a)

  Advanced Micro Devices Inc     24,240,734  
  8,387    

(a)

  ANSYS Inc          2,699,608  
  67,873    

(a)

  Atlassian Corp, Class A     15,496,085  
  71,901    

(a)

  Autodesk Inc     19,718,849  
  74,483    

(a)

  Cadence Design Systems Inc     22,176,568  
  50,967    

(a)

  Dynatrace Inc     2,393,920  
  38,314    

(a)

  Gartner Inc     16,133,259  
  10,960    

(a)

  HubSpot Inc     6,702,040  
  25,454       Intuit Inc     15,971,621  
  283,999       Lam Research Corp     20,354,208  
  415,665       Microsoft Corp     164,295,748  
  52,765       Motorola Solutions Inc     23,237,178  
  132,724    

(a)

  Nutanix Inc, Class A     9,118,139  
  1,417,017       NVIDIA Corp     154,341,492  
  72,412    

(a)

  Palo Alto Networks Inc     13,535,975  
  63,013    

(a)

  PTC Inc     9,765,125  
  29,575    

(a)

  ServiceNow Inc     28,244,421  
  34,945    

(a)

  Synopsys Inc     16,040,104  
  162,015    

(a)

  Trade Desk Inc/The, Class A     8,688,864  
  58,656    

(a)

  Workday Inc, Class A     14,370,720  
  45,986    

(a)

  Zscaler Inc     10,400,654  
    TOTAL INFORMATION TECHNOLOGY     615,741,362  
    MATERIALS - 0.9%  
  49,707         Ecolab Inc     12,497,831  
    TOTAL MATERIALS     12,497,831  
    REAL ESTATE - 0.4%  
  40,816     (a)  

CBRE Group Inc, Class A

    4,986,899  
    TOTAL REAL ESTATE     4,986,899  
   

TOTAL COMMON STOCKS

(Cost $1,200,728,940)

    1,362,302,045  
   

TOTAL LONG-TERM INVESTMENTS

(Cost $1,200,728,940)

    1,362,302,045  
   

OTHER ASSETS & LIABILITIES, NET - 3.7%

    52,445,201  
   

NET ASSETS - 100%

  $ 1,414,747,246  

 

S&P

  Standard & Poor’s

 

(a)

  Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

Investments in Derivatives

Futures Contracts - Long

 

Description    Number of
Contracts
    

Expiration

Date

     Notional
Amount
     Value      Unrealized
Appreciation
(Depreciation)
E-mini Nasdaq-100      132        6/25        $52,345,946        $51,898,440      $(447,506)
Total                        $52,345,946        $51,898,440      $(447,506)

 

See Notes to Financial Statements   19


Portfolio of Investments April 30, 2025

NULV

(Unaudited)

 

     SHARES          DESCRIPTION   VALUE  
   

LONG-TERM INVESTMENTS - 99.7%

 
   

COMMON STOCKS - 99.7%

 
   

COMMUNICATION SERVICES - 4.9%

 
  52,006      

Electronic Arts Inc

  $ 7,545,550  
  80,011      

Fox Corp, Class B

         3,699,709  
  130,167      

Interpublic Group of Cos Inc/The

    3,269,795  
  799,612      

Verizon Communications Inc

    35,230,905  
  316,178        

Walt Disney Co/The

    28,756,389  
   

TOTAL COMMUNICATION SERVICES

    78,502,348  
   

CONSUMER DISCRETIONARY - 6.0%

 
  42,385      

eBay Inc

    2,888,962  
  53,650      

Home Depot Inc/The

    19,340,288  
  115,639      

Lowe’s Cos Inc

    25,852,255  
  118,048      

McDonald’s Corp

    37,734,043  
  62,187      

PulteGroup Inc

    6,379,142  
  284,922     (a),(b)  

Rivian Automotive Inc, Class A

    3,892,035  
   

TOTAL CONSUMER DISCRETIONARY

    96,086,725  
   

CONSUMER STAPLES - 11.1%

 
  322,882      

Archer-Daniels-Midland Co

    15,417,616  
  94,337      

Bunge Global SA

    7,426,209  
  162,410      

Church & Dwight Co Inc

    16,133,809  
  583,767      

Coca-Cola Co/The

    42,352,296  
  256,521      

General Mills Inc

    14,555,002  
  117,958      

Hormel Foods Corp

    3,526,944  
  25,571      

Kellanova

    2,116,512  
  938,392      

Kenvue Inc

    22,146,051  
  351,688      

Keurig Dr Pepper Inc

    12,164,888  
  2,855      

Kimberly-Clark Corp

    376,232  
  141,134      

Kraft Heinz Co/The

    4,106,999  
  127,320      

Procter & Gamble Co/The

    20,698,412  
  172,523        

Target Corp

    16,682,974  
   

TOTAL CONSUMER STAPLES

    177,703,944  
   

ENERGY - 3.2%

 
  519,225      

Baker Hughes Co

    18,380,565  
  589,801      

Halliburton Co

    11,689,856  
  257,341        

ONEOK Inc

    21,143,136  
   

TOTAL ENERGY

    51,213,557  
   

FINANCIALS - 22.8%

 
  69,302      

Aflac Inc

    7,531,741  
  83,068      

American Express Co

    22,130,146  
  1,158      

Arthur J Gallagher & Co

    371,359  
  857,967      

Bank of America Corp

    34,215,724  
  286,904      

Bank of New York Mellon Corp/The

    23,069,951  
  70,691      

Cboe Global Markets Inc

    15,679,264  
  378,793      

Citigroup Inc

    25,901,865  
  160,996      

Fidelity National Information Services Inc

    12,699,364  
  128,115     (b)  

Fiserv Inc

    23,646,186  
  29,047      

Goldman Sachs Group Inc/The

    15,904,685  
  125,447      

Marsh & McLennan Cos Inc

    28,284,535  
  91,693      

MetLife Inc

    6,910,901  
  196,333      

Morgan Stanley

    22,660,755  
  128,118      

PNC Financial Services Group Inc/The

    20,587,281  
  98,401      

Progressive Corp/The

    27,723,498  
  10,664      

Prudential Financial Inc

    1,095,299  
  518,160      

Regions Financial Corp

    10,575,646  
  52,912      

S&P Global Inc

    26,458,646  
  97,337      

Travelers Cos Inc/The

    25,709,622  
  61,381      

Truist Financial Corp

    2,353,347  
  36,517        

Willis Towers Watson PLC

    11,239,933  
   

TOTAL FINANCIALS

    364,749,748  

 

20   See Notes to Financial Statements


 

 

     SHARES          DESCRIPTION   VALUE  
   

HEALTH CARE - 16.1%

 
  42,311      

AbbVie Inc

  $ 8,254,876  
  98,845      

Agilent Technologies Inc

    10,635,722  
  91,272      

Amgen Inc

    26,552,850  
  386,636      

Bristol-Myers Squibb Co

    19,409,127  
  107,272      

Cardinal Health Inc

    15,156,461  
  54,216      

Cencora Inc

    15,867,397  
  78,083      

Cigna Group/The

    26,551,343  
  116,221      

Danaher Corp

    23,166,332  
  237,554     (b)  

Edwards Lifesciences Corp

    17,932,951  
  119,875      

Gilead Sciences Inc

    12,771,483  
  48,998      

HCA Healthcare Inc

    16,908,230  
  2,963     (b)  

Hologic Inc

    172,447  
  32,142      

McKesson Corp

    22,910,496  
  325,142      

Merck & Co Inc

    27,702,098  
  2,931      

Regeneron Pharmaceuticals Inc

         1,754,966  
  98,199     (b)  

Solventum Corp

    6,492,918  
  1,333      

STERIS PLC

    299,578  
  23,778        

West Pharmaceutical Services Inc

    5,024,054  
   

TOTAL HEALTH CARE

    257,563,329  
   

INDUSTRIALS - 13.7%

 
  174,899      

3M Co

    24,295,220  
  76,790      

Automatic Data Processing Inc

    23,083,074  
  39,951      

Broadridge Financial Solutions Inc

    9,684,122  
  47,329      

Caterpillar Inc

    14,637,440  
  25,311      

CNH Industrial NV

    292,848  
  59,835      

Deere & Co

    27,737,113  
  42,749      

Expeditors International of Washington Inc

    4,698,543  
  106,171      

Ferguson Enterprises Inc

    18,012,972  
  233,947      

Fortive Corp

    16,303,766  
  116,452      

Ingersoll Rand Inc

    8,783,974  
  83,024      

Jacobs Solutions Inc

    10,278,371  
  127,433      

Johnson Controls International plc

    10,691,629  
  25,177      

Owens Corning

    3,660,988  
  39,151      

Parker-Hannifin Corp

    23,688,704  
  97,200      

Union Pacific Corp

    20,962,152  
  3,182        

United Rentals Inc

    2,009,274  
   

TOTAL INDUSTRIALS

    218,820,190  
   

INFORMATION TECHNOLOGY - 9.4%

 
  68,957      

Applied Materials Inc

    10,392,510  
  28,986     (b)  

F5 Inc

    7,673,754  
  68,009     (b)  

First Solar Inc

    8,556,892  
  65,282      

HP Inc

    1,669,261  
  1,066,855      

Intel Corp

    21,443,786  
  143,166      

International Business Machines Corp

    34,620,402  
  220,325      

Juniper Networks Inc

    8,002,204  
  23,291      

NXP Semiconductors NV

    4,292,764  
  83,409      

Salesforce Inc

    22,412,832  
  161,873      

Texas Instruments Inc

    25,907,774  
  99,147     (b)  

Western Digital Corp

    4,348,587  
   

TOTAL INFORMATION TECHNOLOGY

    149,320,766  
   

MATERIALS - 3.1%

 
  26,748      

Ball Corp

    1,389,291  
  85,759      

Ecolab Inc

    21,562,385  
  102,581      

Newmont Corp

    5,403,967  
  97,715      

PPG Industries Inc

    10,637,255  
  69,401      

Steel Dynamics Inc

    9,002,004  
  5,165        

Vulcan Materials Co

    1,354,935  
   

TOTAL MATERIALS

    49,349,837  

 

See Notes to Financial Statements   21


Portfolio of Investments April 30, 2025 (continued)

NULV

 

       SHARES          DESCRIPTION          VALUE  
    REAL ESTATE - 3.8%    
  95,810       American Tower Corp     $ 21,596,532  
  6,653    

(b)

  CBRE Group Inc, Class A       812,863  
  11,544       Equinix Inc       9,936,498  
  4,301       Iron Mountain Inc       385,671  
  182,929         Welltower Inc             27,913,136  
    TOTAL REAL ESTATE             60,644,700  
    UTILITIES - 5.6%    
  5,531       American Water Works Co Inc       813,112  
  47,270       Atmos Energy Corp       7,592,980  
  225,421       Consolidated Edison Inc       25,416,218  
  150,181       Eversource Energy            8,932,766  
  565,424       Exelon Corp       26,518,386  
  271,946         Sempra             20,197,429  
    TOTAL UTILITIES             89,470,891  
    TOTAL COMMON STOCKS
(Cost $1,573,657,405)
            1,593,426,035  
    TOTAL LONG-TERM INVESTMENTS
(Cost $1,573,657,405)
            1,593,426,035  
SHARES          DESCRIPTION   RATE     VALUE  
    INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.0%    
  365,248    

(c)

  State Street Navigator Securities Lending Government Money Market Portfolio     4.360% (d)    $ 365,248  
    TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $365,248)
            365,248  
    TOTAL INVESTMENTS - 99.7%
(Cost $1,574,022,653)
            1,593,791,283  
    OTHER ASSETS & LIABILITIES, NET - 0.3%             4,488,599  
    NET ASSETS - 100%           $  1,598,279,882  

 

S&P

Standard & Poor’s

 

(a)

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 $359,941.

(b)

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(c)

The Fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The collateral maintained by the Fund shall have a value, at the inception of each loan, equal to not less than 100% of the value of the loaned securities. The cash collateral received by the Fund is invested in this money market fund.

(d)

The rate shown is the one-day yield as of the end of the reporting period.

 

22   See Notes to Financial Statements


Portfolio of Investments April 30, 2025

NUMG

(Unaudited)

 

     SHARES          DESCRIPTION   VALUE  
   

LONG-TERM INVESTMENTS - 99.9%

 
   

COMMON STOCKS - 99.9%

 
   

COMMUNICATION SERVICES - 10.0%

 
  108,511     (a)  

Liberty Media Corp-Liberty Formula One, Class C

  $ 9,621,670  
  75,348     (a)  

Live Nation Entertainment Inc

    9,979,843  
  40,414     (a)  

Take-Two Interactive Software Inc

         9,429,394  
  1,092,249     (a)  

Warner Bros Discovery Inc

    9,469,799  
   

TOTAL COMMUNICATION SERVICES

    38,500,706  
   

CONSUMER DISCRETIONARY - 8.7%

 
  36,533     (a)  

Burlington Stores Inc

    8,221,386  
  47,918     (a)  

Carvana Co

    11,708,763  
  72,711     (a)  

Deckers Outdoor Corp

    8,058,560  
  47,727        

Hyatt Hotels Corp

    5,377,879  
   

TOTAL CONSUMER DISCRETIONARY

    33,366,588  
   

ENERGY - 3.5%

 
  77,573        

Targa Resources Corp

    13,257,226  
   

TOTAL ENERGY

    13,257,226  
   

FINANCIALS - 7.9%

 
  148,555      

Equitable Holdings Inc

    7,346,045  
  14,540      

FactSet Research Systems Inc

    6,284,479  
  50,196      

Interactive Brokers Group Inc, Class A

    8,626,183  
  229,349     (a)  

Toast Inc, Class A

    8,160,237  
   

TOTAL FINANCIALS

    30,416,944  
   

HEALTH CARE - 16.7%

 
  95,256      

Bio-Techne Corp

    4,796,139  
  155,522     (a)  

Exact Sciences Corp

    7,098,024  
  109,400     (a)  

Incyte Corp

    6,855,004  
  36,828     (a)  

Insulet Corp

    9,291,336  
  7,673     (a)  

Mettler-Toledo International Inc

    8,214,484  
  61,772     (a)  

Veeva Systems Inc, Class A

    14,435,499  
  23,943     (a)  

Waters Corp

    8,325,699  
  25,086        

West Pharmaceutical Services Inc

    5,300,421  
   

TOTAL HEALTH CARE

    64,316,606  
   

INDUSTRIALS - 22.0%

 
  25,709     (a)  

Axon Enterprise Inc

    15,767,330  
  104,485     (a)  

Dayforce Inc

    6,046,547  
  97,745      

Ingersoll Rand Inc

    7,372,905  
  16,529      

Lennox International Inc

    9,037,231  
  55,682      

Quanta Services Inc

    16,297,564  
  72,924      

TransUnion

    6,049,775  
  85,293      

Veralto Corp

    8,179,599  
  15,607        

WW Grainger Inc

    15,986,406  
   

TOTAL INDUSTRIALS

    84,737,357  
   

INFORMATION TECHNOLOGY - 27.1%

 
  23,663     (a)  

ANSYS Inc

    7,616,646  
  112,525     (a)  

Docusign Inc

    9,198,919  
  161,460     (a)  

Dynatrace Inc

    7,583,776  
  29,313     (a)  

Gartner Inc

    12,343,118  
  64,984     (a)  

GoDaddy Inc, Class A

    12,238,437  
  18,986     (a)  

HubSpot Inc

    11,609,939  
  44,176     (a)  

Manhattan Associates Inc

    7,836,381  
  30,254     (a)  

MongoDB Inc

    5,208,831  
  138,651     (a)  

Nutanix Inc, Class A

    9,525,324  
  61,789     (a)  

PTC Inc

    9,575,441  
  49,899     (a)  

Zscaler Inc

    11,285,657  
   

TOTAL INFORMATION TECHNOLOGY

    104,022,469  

 

See Notes to Financial Statements   23


Portfolio of Investments April 30, 2025 (continued)

NUMG

 

     SHARES          DESCRIPTION   VALUE  
   

REAL ESTATE - 4.0%

 
  64,455     (a)  

CBRE Group Inc, Class A

  $ 7,875,112  
  83,226      

Iron Mountain Inc

         7,462,875  
  514        

SBA Communications Corp

    125,108  
   

TOTAL REAL ESTATE

    15,463,095  
    TOTAL COMMON STOCKS
(Cost $406,844,657)
    384,080,991  
    TOTAL LONG-TERM INVESTMENTS
(Cost $406,844,657)
    384,080,991  
    OTHER ASSETS & LIABILITIES, NET - 0.1%     390,867  
    NET ASSETS - 100%   $ 384,471,858  

 

(a)

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

 

24   See Notes to Financial Statements


Portfolio of Investments April 30, 2025

NUMV

(Unaudited)

 

     SHARES          DESCRIPTION   VALUE  
   

LONG-TERM INVESTMENTS - 99.8%

 
   

COMMON STOCKS - 99.8%

 
   

COMMUNICATION SERVICES - 2.9%

 
  28,260      

Fox Corp, Class B

  $ 1,306,742  
  133,204      

Interpublic Group of Cos Inc/The

         3,346,084  
  24,711     (a)  

Take-Two Interactive Software Inc

    5,765,571  
   

TOTAL COMMUNICATION SERVICES

    10,418,397  
   

CONSUMER DISCRETIONARY - 7.4%

 
  33,653     (a)  

CarMax Inc

    2,176,339  
  49,521      

Genuine Parts Co

    5,821,194  
  72,841      

LKQ Corp

    2,783,255  
  6,929      

Pool Corp

    2,031,167  
  54,217      

PulteGroup Inc

    5,561,580  
  182,622     (a),(b)  

Rivian Automotive Inc, Class A

    2,494,616  
  17,123      

Tractor Supply Co

    866,766  
  8,654     (a)  

Ulta Beauty Inc

    3,423,869  
  5,319        

Williams-Sonoma Inc

    821,626  
   

TOTAL CONSUMER DISCRETIONARY

    25,980,412  
   

CONSUMER STAPLES - 8.5%

 
  139,476      

Archer-Daniels-Midland Co

    6,659,979  
  78,296      

Bunge Global SA

    6,163,461  
  38,439      

Church & Dwight Co Inc

    3,818,530  
  4,946      

Clorox Co/The

    703,816  
  39,908      

General Mills Inc

    2,264,380  
  78,526      

Kellanova

    6,499,597  
  47,951        

McCormick & Co Inc/MD

    3,675,924  
   

TOTAL CONSUMER STAPLES

    29,785,687  
   

ENERGY - 1.8%

 
  175,495        

Baker Hughes Co

    6,212,523  
   

TOTAL ENERGY

    6,212,523  
   

FINANCIALS - 17.5%

 
  253,019      

Annaly Capital Management Inc

    4,959,172  
  7,029      

Assurant Inc

    1,354,770  
  30,824      

Cboe Global Markets Inc

    6,836,763  
  29,224      

Citizens Financial Group Inc

    1,078,073  
  27,706      

Discover Financial Services

    5,061,055  
  81,861      

Equitable Holdings Inc

    4,048,027  
  7,991      

Everest Group Ltd

    2,867,411  
  63,927      

Hartford Insurance Group Inc/The

    7,841,925  
  376,207      

Huntington Bancshares Inc/OH

    5,466,288  
  7,824      

LPL Financial Holdings Inc

    2,502,037  
  402     (a)  

Markel Group Inc

    731,077  
  35,962      

Nasdaq Inc

    2,740,664  
  18,261      

Raymond James Financial Inc

    2,502,487  
  32,071      

State Street Corp

    2,825,455  
  24,238      

Synchrony Financial

    1,259,164  
  30,096      

T Rowe Price Group Inc

    2,665,001  
  22,295        

Willis Towers Watson PLC

    6,862,401  
   

TOTAL FINANCIALS

    61,601,770  
   

HEALTH CARE - 10.2%

 
  79,311     (a)  

Avantor Inc

    1,030,250  
  22,526     (a)  

Biogen Inc

    2,727,448  
  55,847      

Cardinal Health Inc

    7,890,623  
  7,281     (a)  

Centene Corp

    435,768  
  4,081     (a)  

DaVita Inc

    577,666  
  24,905     (a)  

Hologic Inc

    1,449,471  
  13,238      

Labcorp Holdings Inc

    3,190,490  
  1,850     (a)  

Mettler-Toledo International Inc

    1,980,554  
  9,917      

Quest Diagnostics Inc

    1,767,408  
  74,955     (a)  

Solventum Corp

    4,956,025  
  27,579      

STERIS PLC

    6,198,104  

 

See Notes to Financial Statements   25


Portfolio of Investments April 30, 2025 (continued)

NUMV

 

 

     SHARES          DESCRIPTION   VALUE  
   

HEALTH CARE (continued)

 
  17,027        

West Pharmaceutical Services Inc

  $ 3,597,635  
   

TOTAL HEALTH CARE

    35,801,442  
   

INDUSTRIALS - 17.5%

 
  20,493      

Allegion plc

    2,852,626  
  25,670      

Broadridge Financial Solutions Inc

         6,222,408  
  5,950      

CH Robinson Worldwide Inc

    530,859  
  423,414      

CNH Industrial NV

    4,898,900  
  9,916     (a)  

Dayforce Inc

    573,839  
  9,599      

Dover Corp

    1,638,069  
  10,008      

EMCOR Group Inc

    4,010,206  
  29,458      

Expeditors International of Washington Inc

    3,237,729  
  39,231      

Ferguson Enterprises Inc

    6,655,931  
  17,299      

Fortive Corp

    1,205,567  
  15,029      

Jacobs Solutions Inc

    1,860,590  
  12,980      

JB Hunt Transport Services Inc

    1,694,928  
  31,851      

Owens Corning

    4,631,454  
  18,439      

Pentair PLC

    1,672,971  
  42,848      

TransUnion

    3,554,670  
  11,481      

United Rentals Inc

    7,249,677  
  28,282      

Veralto Corp

    2,712,244  
  54,410        

Xylem Inc/NY

    6,560,214  
   

TOTAL INDUSTRIALS

    61,762,882  
   

INFORMATION TECHNOLOGY - 7.4%

 
  13,219     (a)  

Akamai Technologies Inc

    1,065,187  
  12,356     (a)  

F5 Inc

    3,271,127  
  36,888     (a)  

First Solar Inc

    4,641,248  
  305,334      

Hewlett Packard Enterprise Co

    4,952,518  
  3,041      

HP Inc

    77,758  
  10,701     (a)  

Keysight Technologies Inc

    1,555,925  
  1,833      

NetApp Inc

    164,512  
  81,769     (a)  

Trimble Inc

    5,081,126  
  22,373     (a)  

Twilio Inc, Class A

    2,163,693  
  73,401     (a)  

Western Digital Corp

    3,219,368  
   

TOTAL INFORMATION TECHNOLOGY

    26,192,462  
   

MATERIALS - 8.1%

 
  321      

Avery Dennison Corp

    54,926  
  93,043      

Ball Corp

    4,832,654  
  28,439      

Crown Holdings Inc

    2,739,529  
  74,302      

International Flavors & Fragrances Inc

    5,829,735  
  80,070      

International Paper Co

    3,657,598  
  57,319      

PPG Industries Inc

    6,239,746  
  40,855        

Steel Dynamics Inc

    5,299,302  
   

TOTAL MATERIALS

    28,653,490  
   

REAL ESTATE - 10.5%

 
  42,289      

Alexandria Real Estate Equities Inc

    3,072,719  
  3,939      

AvalonBay Communities Inc

    827,111  
  77,913      

BXP Inc

    4,965,395  
  42,246     (a)  

CBRE Group Inc, Class A

    5,161,616  
  271,188      

Healthpeak Properties Inc

    4,837,994  
  331,029      

Host Hotels & Resorts Inc

    4,674,129  
  64,874      

Iron Mountain Inc

    5,817,252  
  3,857      

Kimco Realty Corp

    77,063  
  765      

Regency Centers Corp

    55,218  
  22,833      

Ventas Inc

    1,600,137  
  91,892        

WP Carey Inc

    5,737,736  
   

TOTAL REAL ESTATE

    36,826,370  
   

UTILITIES - 8.0%

 
  43,846      

Atmos Energy Corp

    7,042,983  
  75,719      

Consolidated Edison Inc

    8,537,317  
  153,369      

Essential Utilities Inc

    6,308,067  

 

26   See Notes to Financial Statements


 

 

       SHARES          DESCRIPTION          VALUE  
   

UTILITIES (continued)

   
  104,973         Eversource Energy           $      6,243,794  
    TOTAL UTILITIES             28,132,161  
    TOTAL COMMON STOCKS
(Cost $357,795,845)
            351,367,596  
    TOTAL LONG-TERM INVESTMENTS
(Cost $357,795,845)
            351,367,596  
SHARES          DESCRIPTION   RATE     VALUE  
    INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.1%    
  195,215    

(c)

  State Street Navigator Securities Lending Government Money Market Portfolio     4.360% (d)    $ 195,215  
    TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $195,215)
            195,215  
    TOTAL INVESTMENTS - 99.9%
(Cost $357,991,060)
            351,562,811  
    OTHER ASSETS & LIABILITIES, NET - 0.1%             437,925  
    NET ASSETS - 100%           $ 352,000,736  

 

(a)

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b)

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 $191,595.

(c)

The Fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The collateral maintained by the Fund shall have a value, at the inception of each loan, equal to not less than 100% of the value of the loaned securities. The cash collateral received by the Fund is invested in this money market fund.

(d)

The rate shown is the one-day yield as of the end of the reporting period.

 

See Notes to Financial Statements   27


Portfolio of Investments April 30, 2025

NUSC

(Unaudited)

 

     SHARES          DESCRIPTION   VALUE  
   

LONG-TERM INVESTMENTS - 99.3%

 
   

COMMON STOCK RIGHTS - 0.0%

 
   

HEALTH CARE - 0.0%

 
  26,689     (a)  

Bristol-Myers Squibb Co

  $         18,682  
  23,934     (a)  

CinCor Pharma Inc

    73,238  
  44,361     (a)  

Zimmer Biomet Holdings Inc

    3,993  
   

TOTAL HEALTH CARE

    95,913  
   

TOTAL COMMON STOCK RIGHTS

(Cost $0)

    95,913  
SHARES          DESCRIPTION   VALUE  
   

COMMON STOCKS - 99.3%

 
   

COMMUNICATION SERVICES - 3.4%

 
  110,117     (b)  

Advantage Solutions Inc

    147,557  
  8,497     (b),(c)  

Atlanta Braves Holdings Inc, Class A

    369,195  
  49,674     (b)  

Atlanta Braves Holdings Inc, Class C

    1,980,006  
  70,747     (b)  

Cars.com Inc

    823,495  
  101,236      

Cinemark Holdings Inc

    3,027,969  
  264,877     (b)  

Clear Channel Outdoor Holdings Inc

    260,692  
  98,375     (b)  

Frontier Communications Parent Inc

    3,566,094  
  401,104     (b)  

fuboTV Inc

    1,203,312  
  71,400     (b),(c)  

Gogo Inc

    540,498  
  30,146     (b)  

Grindr Inc

    662,308  
  8,294     (b),(c)  

Ibotta Inc, Class A

    404,747  
  43,640     (b)  

IMAX Corp

    1,061,761  
  58,609      

Iridium Communications Inc

    1,414,235  
  24,551     (b)  

Lions Gate Entertainment Corp, Class B

    195,917  
  1,124,626     (b)  

Lumen Technologies Inc

    3,981,176  
  151,780     (b)  

Magnite Inc

    1,804,664  
  26,777      

Marcus Corp/The

    436,733  
  43,516     (b)  

MediaAlpha Inc, Class A

    365,534  
  89,883      

New York Times Co/The, Class A

    4,679,309  
  49,991      

Paramount Global

    586,894  
  28,133      

Scholastic Corp

    507,238  
  153,794      

Sirius XM Holdings Inc

    3,294,268  
  107,967     (b)  

Stagwell Inc

    602,456  
  11,182      

TEGNA Inc

    181,484  
  170,486     (b)  

Vimeo Inc

    859,249  
  22,104     (b)  

Yelp Inc

    775,408  
  50,085     (b)  

Ziff Davis Inc

    1,479,010  
  110,304     (b)  

ZoomInfo Technologies Inc

    944,202  
   

TOTAL COMMUNICATION SERVICES

    36,155,411  
   

CONSUMER DISCRETIONARY - 16.4%

 
  37,720     (b)  

Abercrombie & Fitch Co, Class A

    2,618,522  
  359,588      

ADT Inc

    2,883,896  
  44,695      

Advance Auto Parts Inc

    1,462,420  
  211,073      

Aramark

    7,056,170  
  63,181      

Arko Corp

    254,304  
  61,050     (b)  

Bright Horizons Family Solutions Inc

    7,656,891  
  50,290     (b)  

Brinker International Inc

    6,753,947  
  29,451      

Camping World Holdings Inc, Class A

    355,179  
  6,509      

Carter’s Inc

    215,122  
  10,890      

Choice Hotels International Inc

    1,373,338  
  154,924     (b)  

Coursera Inc

    1,304,460  
  63,426     (b)  

Crocs Inc

    6,115,535  
  37,648     (b),(c)  

Dave & Buster’s Entertainment Inc

    722,465  
  9,443     (b)  

Etsy Inc

    410,582  
  15,556     (b)  

Five Below Inc

    1,180,545  
  23,092     (b)  

Foot Locker Inc

    283,339  
  88,013     (b)  

Frontdoor Inc

    3,618,214  
  444,249     (b)  

GameStop Corp, Class A

    12,376,777  

 

28   See Notes to Financial Statements


 

 

     SHARES          DESCRIPTION   VALUE  
   

CONSUMER DISCRETIONARY (continued)

 
  44,880      

Gap Inc/The

  $        982,872  
  108,255     (b)  

Global Business Travel Group I

    726,391  
  6,662      

Group 1 Automotive Inc

    2,688,983  
  159,455      

H&R Block Inc

    9,626,298  
  330,744     (b)  

Hanesbrands Inc

    1,518,115  
  99,715      

Harley-Davidson Inc

    2,235,610  
  132,796      

Hasbro Inc

    8,220,072  
  26,305     (b)  

Helen of Troy Ltd

    732,857  
  80,203     (b)  

Hilton Grand Vacations Inc

    2,697,227  
  13,492      

KB Home

    728,973  
  18,926      

Kontoor Brands Inc

    1,138,399  
  29,296      

LCI Industries

    2,258,136  
  59,178      

Leggett & Platt Inc

    569,292  
  106,985      

Levi Strauss & Co, Class A

    1,712,830  
  23,343      

Lithia Motors Inc

    6,833,897  
  1,400,578     (b),(c)  

Lucid Group Inc

    3,515,451  
  50,874      

Macy’s Inc

    580,981  
  22,200     (b)  

MarineMax Inc

    476,412  
  8,751      

Marriott Vacations Worldwide Corp

    479,642  
  3,057      

Meritage Homes Corp

    208,304  
  58,245     (b)  

Modine Manufacturing Co

    4,755,122  
  22,387      

Murphy USA Inc

    11,161,487  
  90,604     (b)  

National Vision Holdings Inc

    1,118,959  
  483,711      

Newell Brands Inc

    2,312,139  
  115,019     (b)  

Petco Health & Wellness Co Inc

    339,306  
  50,657     (b)  

Planet Fitness Inc

    4,791,646  
  93,178     (b)  

Playa Hotels & Resorts NV

    1,250,449  
  19,877      

PVH Corp

    1,371,115  
  38,614     (b),(c)  

Savers Value Village Inc

    370,308  
  138,680     (b)  

Sonos Inc

    1,277,243  
  24,929      

Standard Motor Products Inc

    675,576  
  50,577     (b)  

Stride Inc

    7,194,578  
  80,463      

Tapestry Inc

    5,684,711  
  38,859     (b)  

Taylor Morrison Home Corp

    2,228,564  
  13,252     (b)  

TopBuild Corp

    3,919,412  
  158,630     (b)  

Topgolf Callaway Brands Corp

    1,048,544  
  5,139     (b)  

Tri Pointe Homes Inc

    158,024  
  31,623     (b),(c)  

United Parks & Resorts Inc

    1,380,344  
  29,290      

Vail Resorts Inc

    4,077,168  
  97,071     (b)  

Valvoline Inc

    3,325,652  
  257,309      

VF Corp

    3,056,831  
  10,862     (b)  

Victoria’s Secret & Co

    204,206  
  101,166     (b)  

Warby Parker Inc, Class A

    1,670,251  
  17,400      

Whirlpool Corp

    1,327,272  
  32,667      

Winnebago Industries Inc

    1,039,464  
  12,359      

Wyndham Hotels & Resorts Inc

    1,054,223  
  25,447     (b)  

XPEL Inc

    728,802  
  56,394     (b)  

YETI Holdings Inc

    1,610,049  
   

TOTAL CONSUMER DISCRETIONARY

    173,703,893  
   

CONSUMER STAPLES - 3.0%

 
  37,238      

Andersons Inc/The

    1,404,245  
  21,223      

Casey’s General Stores Inc

    9,817,548  
  53,821     (b)  

Freshpet Inc

    3,957,996  
  41,927     (b)  

Grocery Outlet Holding Corp

    703,954  
  3,267     (b)  

Performance Food Group Co

    263,516  
  25,875     (b)  

Sprouts Farmers Market Inc

    4,424,625  
  69,748     (b)  

United Natural Foods Inc

    1,862,969  
  122,047     (b)  

US Foods Holding Corp

    8,013,606  
  38,766     (b)  

Vital Farms Inc

    1,327,348  
  1,689        

WD-40 Co

    385,700  
   

TOTAL CONSUMER STAPLES

    32,161,507  

 

See Notes to Financial Statements   29


Portfolio of Investments April 30, 2025 (continued)

NUSC

 

 

     SHARES          DESCRIPTION   VALUE  
   

ENERGY - 2.9%

 
  184,152      

Archrock Inc

  $ 4,333,096  
  67,645      

Cactus Inc, Class A

    2,566,451  
  221,646      

ChampionX Corp

    5,348,318  
  203,542     (b)  

Clean Energy Fuels Corp

           295,136  
  41,106      

Core Laboratories Inc

    467,375  
  72,731      

Delek US Holdings Inc

    946,958  
  19,539      

Excelerate Energy Inc, Class A

    499,808  
  118,756     (b)  

Expro Group Holdings NV

    982,112  
  68,567     (b)  

Green Plains Inc

    245,470  
  39,707     (b)  

Innovex International Inc

    599,576  
  91,030      

NOV Inc

    1,056,858  
  370,104      

TechnipFMC PLC

    10,425,830  
  64,886        

Weatherford International PLC

    2,686,280  
   

TOTAL ENERGY

    30,453,268  
   

FINANCIALS - 18.7%

 
  27,045      

Affiliated Managers Group Inc

    4,479,463  
  935,074      

AGNC Investment Corp

    8,256,703  
  20,306      

Amalgamated Financial Corp

    571,817  
  53,503     (b)  

Ambac Financial Group Inc

    426,954  
  154,693      

Apollo Commercial Real Estate Finance Inc

    1,449,473  
  201,636     (b)  

AvidXchange Holdings Inc

    1,639,301  
  78,517     (b)  

Baldwin Insurance Group Inc/The

    3,267,878  
  47,328      

Banc of California Inc

    637,981  
  53,026     (b)  

Bancorp Inc/The

    2,561,686  
  86,097      

Bank OZK

    3,667,732  
  2,057      

Banner Corp

    125,765  
  33,289      

Berkshire Hills Bancorp Inc

    826,566  
  190,785      

Blackstone Mortgage Trust Inc, Class A

    3,634,454  
  8,533      

Bread Financial Holdings Inc

    404,891  
  9,971      

Cadence Bank

    291,752  
  15,142      

Cass Information Systems Inc

    616,885  
  8,275      

Central Pacific Financial Corp

    212,585  
  111,116      

Commerce Bancshares Inc/MO

    6,749,177  
  19,519      

Crawford & Co, Class A

    217,051  
  31,534     (b)  

Donnelley Financial Solutions Inc

    1,519,939  
  124,078      

East West Bancorp Inc

    10,614,873  
  4,456     (b)  

Encore Capital Group Inc

    153,286  
  926     (b)  

Enstar Group Ltd

    309,664  
  42,733      

Enterprise Financial Services Corp

    2,222,971  
  12,838      

Essent Group Ltd

    730,867  
  119,676      

First American Financial Corp

    7,277,498  
  190,258      

First BanCorp/Puerto Rico

    3,736,667  
  25,042      

First Financial Bancorp

    579,722  
  311,960      

First Horizon Corp

    5,640,237  
  130,463     (b)  

Flywire Corp

    1,227,657  
  20,658      

Glacier Bancorp Inc

    842,020  
  54,927     (b)  

Green Dot Corp, Class A

    459,739  
  128,610      

HA Sustainable Infrastructure Capital Inc

    3,212,678  
  31,885      

Hanmi Financial Corp

    729,210  
  1,093      

Hanover Insurance Group Inc/The

    181,547  
  24,257      

Independent Bank Corp/MI

    738,868  
  217,678      

Invesco Ltd

    3,032,255  
  85,794      

Jackson Financial Inc, Class A

    6,684,211  
  67,921      

KKR Real Estate Finance Trust Inc

    628,269  
  8,218      

Lazard Inc

    319,680  
  44,883      

Lincoln National Corp

    1,430,421  
  3,410      

Mercantile Bank Corp

    144,277  
  54,346      

MGIC Investment Corp

    1,353,759  
  24,892      

Morningstar Inc

    7,087,250  
  6,168      

Nelnet Inc, Class A

    654,363  
  4,512     (b)  

NMI Holdings Inc

    163,199  
  78,962      

Old National Bancorp/IN

    1,625,828  

 

30   See Notes to Financial Statements


 

 

 

 

     SHARES          DESCRIPTION   VALUE  
   

FINANCIALS (continued)

 
  115,788     (b)  

Open Lending Corp

  $        143,577  
  30,614     (b)  

Palomar Holdings Inc

    4,439,642  
  28,199      

Pathward Financial Inc

    2,238,155  
  32,615      

PennyMac Financial Services Inc

    3,178,006  
  35,443      

Pinnacle Financial Partners Inc

    3,552,806  
  26,137      

PJT Partners Inc, Class A

    3,703,874  
  31,838     (b)  

PRA Group Inc

    582,635  
  20,476      

Primerica Inc

    5,366,145  
  37,776      

PROG Holdings Inc

    995,775  
  19,505      

Reinsurance Group of America Inc

    3,653,482  
  4,832      

Renasant Corp

    154,962  
  85,794     (b)  

Repay Holdings Corp

    343,176  
  113,381      

Ryan Specialty Holdings Inc

    7,427,589  
  43,667      

S&T Bancorp Inc

    1,591,226  
  1,593      

Selective Insurance Group Inc

    138,957  
  52,046      

SouthState Corp

    4,516,552  
  303,711      

Starwood Property Trust Inc

    5,828,214  
  32,360      

Stewart Information Services Corp

    2,118,933  
  44,340      

Synovus Financial Corp

    1,920,809  
  3,665      

UMB Financial Corp

    346,599  
  25,657      

Unum Group

    1,992,523  
  451,702      

Valley National Bancorp

    3,884,637  
  49,204      

Victory Capital Holdings Inc, Class A

    2,818,897  
  61,768      

Voya Financial Inc

    3,656,666  
  39,210      

Walker & Dunlop Inc

    3,001,133  
  126,567      

Webster Financial Corp

    5,986,619  
  86,113      

Western Alliance Bancorp

    6,002,937  
  39,972     (b)  

WEX Inc

    5,211,150  
  2,980      

White Mountains Insurance Group Ltd

    5,267,001  
  134,467      

WisdomTree Inc

    1,169,863  
  62,167        

Zions Bancorp NA

    2,795,650  
   

TOTAL FINANCIALS

    197,367,259  
   

HEALTH CARE - 9.7%

 
  121,998     (b)  

89bio Inc

    978,424  
  4,840     (b)  

Acadia Healthcare Co Inc

    113,256  
  73,373     (b)  

AdaptHealth Corp

    624,404  
  112,072     (b)  

Alignment Healthcare Inc

    1,985,916  
  166,485     (b)  

Alkermes PLC

    4,789,773  
  17,466     (b)  

AMN Healthcare Services Inc

    356,830  
  103,714     (b)  

Avadel Pharmaceuticals PLC

    922,017  
  84,383     (b)  

Avidity Biosciences Inc

    2,755,105  
  45,916     (b)  

Azenta Inc

    1,209,427  
  62,523     (b)  

Biohaven Ltd

    1,383,009  
  41,319     (b)  

Bioventus Inc, Class A

    302,042  
  70,129     (b)  

BrightSpring Health Services Inc

    1,229,361  
  70,485     (b)  

Brookdale Senior Living Inc

    462,382  
  26,643      

Bruker Corp

    1,067,319  
  60,289     (b)  

CareDx Inc

    1,017,678  
  31,912     (b)  

Castle Biosciences Inc

    639,836  
  6,583      

Chemed Corp

    3,828,080  
  1,328     (b)  

CorVel Corp

    144,433  
  48,815     (b)  

Crinetics Pharmaceuticals Inc

    1,629,933  
  33,423     (b)  

Cross Country Healthcare Inc

    452,882  
  48,219     (b)  

Cytokinetics Inc

    2,065,702  
  211,608     (b)  

Elanco Animal Health Inc

    2,006,044  
  11,463      

Embecta Corp

    139,734  
  25,115     (b),(c)  

Enliven Therapeutics Inc

    475,678  
  30,039     (b)  

Enovis Corp

    1,039,049  
  27,213      

Ensign Group Inc/The

    3,510,205  
  5,376     (b),(c)  

Establishment Labs Holdings Inc

    163,162  
  67,372     (b)  

EyePoint Pharmaceuticals Inc

    459,477  
  98,072     (b)  

Fortrea Holdings Inc

    610,989  

 

See Notes to Financial Statements   31


Portfolio of Investments April 30, 2025 (continued)

NUSC

 

 

     SHARES          DESCRIPTION   VALUE  
   

HEALTH CARE (continued)

 
  491,928     (b)  

Geron Corp

  $        693,618  
  16,885     (b)  

Glaukos Corp

    1,591,411  
  6,485     (b)  

Guardant Health Inc

    306,287  
  23,326     (b)  

Haemonetics Corp

    1,470,005  
  36,621     (b)  

HealthEquity Inc

    3,139,152  
  182,891     (b)  

Hims & Hers Health Inc

    6,053,692  
  15,063     (b)  

ICU Medical Inc

    2,057,455  
  75,220     (b)  

Immunome Inc

    661,184  
  1,714     (b)  

Integer Holdings Corp

    216,495  
  34,569     (b)  

Integra LifeSciences Holdings Corp

    566,586  
  8,553     (b)  

iRhythm Technologies Inc

    914,230  
  9,103     (b)  

Jazz Pharmaceuticals PLC

    1,064,687  
  26,698     (b)  

Kymera Therapeutics Inc

    914,940  
  106,610     (b)  

LifeStance Health Group Inc

    700,428  
  6,241      

Mesa Laboratories Inc

    719,275  
  63,279     (b),(c)  

Mind Medicine MindMed Inc

    404,353  
  25,397     (b)  

MoonLake Immunotherapeutics

    1,068,706  
  94,429     (b)  

Myriad Genetics Inc

    699,719  
  10,609     (b)  

NeoGenomics Inc

    67,845  
  120,090     (b)  

Novocure Ltd

    2,178,433  
  54,271     (b)  

Omnicell Inc

    1,696,511  
  392,576     (b),(c)  

OPKO Health Inc

    541,755  
  58,536     (b)  

Owens & Minor Inc

    413,264  
  16,819     (b)  

Pediatrix Medical Group Inc

    216,629  
  17,942     (b)  

Pennant Group Inc/The

    459,674  
  5,549     (b)  

Penumbra Inc

    1,624,969  
  23,009      

Phibro Animal Health Corp, Class A

    428,197  
  55,733     (b)  

Pliant Therapeutics Inc

    88,615  
  59,688     (b)  

PROCEPT BioRobotics Corp

    3,221,958  
  84,617     (b)  

Progyny Inc

    1,932,652  
  40,088     (b)  

Prothena Corp PLC

    368,810  
  78,239     (b)  

QuidelOrtho Corp

    2,174,262  
  23,490     (b)  

RadNet Inc

    1,230,406  
  292,380     (b),(c)  

Recursion Pharmaceuticals Inc, Class A

    1,634,404  
  19,057     (b)  

Repligen Corp

    2,629,675  
  39,416     (b)  

RxSight Inc

    580,204  
  49,066     (b)  

Sarepta Therapeutics Inc

    3,061,718  
  108,919     (b)  

Savara Inc

    348,541  
  76,335     (b)  

Scholar Rock Holding Corp

    2,512,185  
  42,881     (b)  

SI-BONE Inc

    585,326  
  109,773     (b)  

Sotera Health Co

    1,262,390  
  40,259     (b)  

Spyre Therapeutics Inc

    613,145  
  14,294     (b)  

STAAR Surgical Co

    261,008  
  25,358     (b)  

Syndax Pharmaceuticals Inc

    358,816  
  96,287     (b)  

Teladoc Health Inc

    692,304  
  15,060     (b)  

Tourmaline Bio Inc

    259,183  
  8,918     (b)  

UFP Technologies Inc

    1,859,760  
  49,449     (b)  

Varex Imaging Corp

    411,416  
  86,448     (b)  

Vaxcyte Inc

    3,098,296  
  51,760     (b)  

Vera Therapeutics Inc

    1,209,631  
  73,057     (b)  

Verve Therapeutics Inc

    414,233  
  116,551     (b)  

Viking Therapeutics Inc

    3,364,827  
  63,675     (b)  

Viridian Therapeutics Inc

    862,796  
  47,546     (b)  

Zymeworks Inc

    618,573  
   

TOTAL HEALTH CARE

    102,886,781  
   

INDUSTRIALS - 17.0%

 
  53,498      

AAON Inc

    4,882,762  
  28,276     (b)  

AAR Corp

    1,511,635  
  6,008      

Acuity Inc

    1,463,609  
  36,658      

Advanced Drainage Systems Inc

    4,160,316  
  123,201      

Air Lease Corp

    5,760,879  
  11,672      

Allison Transmission Holdings Inc

    1,076,625  

 

32   See Notes to Financial Statements


 

 

 

     SHARES          DESCRIPTION   VALUE  
   

INDUSTRIALS (continued)

 
  1,519      

Arcosa Inc

  $        121,626  
  174,858     (b)  

Array Technologies Inc

    835,821  
  40,501      

Atkore Inc

    2,586,799  
  51,315      

Brady Corp

    3,606,931  
  376,539     (b)  

Clarivate PLC

    1,622,883  
  24,313      

Comfort Systems USA Inc

    9,665,633  
  175,072     (b)  

Core & Main Inc, Class A

    9,222,793  
  56,563      

Crane Co

    9,105,512  
  33,981      

CSG Systems International Inc

    2,043,278  
  123,762     (b)  

DNOW Inc

    1,964,103  
  11,037      

Douglas Dynamics Inc

    264,667  
  66,603     (b)  

Energy Recovery Inc

    1,029,016  
  63,112      

Enerpac Tool Group Corp

    2,547,831  
  187,274     (b)  

ExlService Holdings Inc

    9,079,044  
  68,941     (b)  

First Advantage Corp

    972,068  
  34,168     (b)  

FTI Consulting Inc

    5,681,455  
  28,369     (b)  

Generac Holdings Inc

    3,244,846  
  66,169     (b)  

Great Lakes Dredge & Dock Corp

    601,476  
  36,831      

Greenbrier Cos Inc/The

    1,562,371  
  28,626      

Herc Holdings Inc

    3,132,829  
  52,737      

Hexcel Corp

    2,556,162  
  12,366      

Hillenbrand Inc

    250,164  
  55,726      

HNI Corp

    2,357,210  
  20,653     (b)  

Huron Consulting Group Inc

    2,783,818  
  67,082      

Interface Inc

    1,261,142  
  22,104      

JBT Marel Corp

    2,326,667  
  145,256      

KBR Inc

    7,670,969  
  96,761     (b)  

Kratos Defense & Security Solutions Inc

    3,269,070  
  92,197      

Leonardo DRS Inc

    3,407,601  
  6,496      

Lindsay Corp

    838,374  
  33,662      

Matthews International Corp, Class A

    688,388  
  11,504      

McGrath RentCorp

    1,227,132  
  59,088     (b)  

Mercury Systems Inc

    2,954,400  
  28,990      

Moog Inc, Class A

    4,848,578  
  98,081     (b)  

MRC Global Inc

    1,142,644  
  18,544      

MSA Safety Inc

    2,919,197  
  17,649     (b)  

MYR Group Inc

    2,158,826  
  60,771      

nVent Electric PLC

    3,336,936  
  191,722      

Pitney Bowes Inc

    1,664,147  
  43,779      

Primoris Services Corp

    2,625,427  
  24,153     (b)  

Pursuit Attractions and Hospitality Inc

    707,441  
  10,356     (b)  

Resideo Technologies Inc

    173,774  
  20,121      

Robert Half Inc

    891,360  
  8,996      

Rush Enterprises Inc

    520,329  
  26,994      

Rush Enterprises Inc, Class A

    1,376,424  
  45,164      

Ryder System Inc

    6,217,728  
  7,732     (b)  

Saia Inc

    1,886,608  
  200,033     (b)  

Shoals Technologies Group Inc, Class A

    722,119  
  27,841     (b)  

SiteOne Landscape Supply Inc

    3,196,425  
  25,820     (b)  

SPX Technologies Inc

    3,463,753  
  263,225     (b),(c)  

Sunrun Inc

    1,813,620  
  27,655      

TriNet Group Inc

    2,166,216  
  19,940      

Trinity Industries Inc

    500,494  
  68,037     (b)  

Triumph Group Inc

    1,728,140  
  148,575     (b)  

Upwork Inc

    1,953,761  
  17,001     (b)  

V2X Inc

    845,970  
  20,432      

Valmont Industries Inc

    5,991,071  
  49,702      

Wabash National Corp

    343,441  
  12,152      

WESCO International Inc

    1,980,290  
  104,198      

WillScot Holdings Corp

    2,617,454  
  26,422     (b)  

XPO Inc

    2,803,903  
   

TOTAL INDUSTRIALS

    179,933,981  

 

See Notes to Financial Statements   33


Portfolio of Investments April 30, 2025 (continued)

NUSC

 

 

     SHARES          DESCRIPTION   VALUE  
   

INFORMATION TECHNOLOGY - 12.8%

 
  92,315     (b)  

ACI Worldwide Inc

  $ 4,925,928  
  128,131      

Adeia Inc

    1,577,293  
  82,183     (b)  

Asana Inc

    1,326,434  
  34,184      

Badger Meter Inc

    7,548,511  
  27,223      

Belden Inc

    2,806,964  
  30,023      

Benchmark Electronics Inc

           976,648  
  39,642     (b)  

Blackbaud Inc

    2,399,927  
  19,860     (b)  

Box Inc, Class A

    620,029  
  69,600     (b)  

Calix Inc

    2,847,336  
  29,907     (b)  

Ciena Corp

    2,008,554  
  58,108     (b)  

Cirrus Logic Inc

    5,580,692  
  254,413     (b)  

CommScope Holding Co Inc

    951,505  
  50,945     (b)  

Commvault Systems Inc

    8,514,438  
  75,228     (b)  

Confluent Inc, Class A

    1,791,179  
  4,940      

CTS Corp

    188,115  
  18,479     (b),(c)  

Digimarc Corp

    241,890  
  70,270      

Dolby Laboratories Inc, Class A

    5,396,033  
  109,884     (b)  

DoubleVerify Holdings Inc

    1,457,062  
  12,107     (b)  

Dropbox Inc, Class A

    345,655  
  202,659     (b)  

DXC Technology Co

    3,145,268  
  172,027     (b)  

E2open Parent Holdings Inc

    338,893  
  16,517     (b)  

Elastic NV

    1,423,765  
  36,615     (b)  

Enphase Energy Inc

    1,632,663  
  182,250     (b)  

Flex Ltd

    6,258,465  
  34,524     (b)  

Gitlab Inc, Class A

    1,611,235  
  21,009     (b)  

Guidewire Software Inc

    4,302,013  
  134,284     (b)  

Harmonic Inc

    1,205,870  
  23,229     (b)  

Insight Enterprises Inc

    3,212,106  
  47,400     (b)  

Intapp Inc

    2,571,924  
  29,479      

InterDigital Inc

    5,925,279  
  45,736     (b)  

Itron Inc

    5,089,959  
  17,328     (b)  

Kimball Electronics Inc

    248,484  
  36,526      

Kulicke & Soffa Industries Inc

    1,177,233  
  133,709     (b)  

Lattice Semiconductor Corp

    6,542,381  
  6,956     (b)  

LiveRamp Holdings Inc

    181,969  
  6,236     (b)  

Lumentum Holdings Inc

    368,173  
  31,701     (b)  

Meridianlink Inc

    536,064  
  235,721     (b)  

Mirion Technologies Inc

    3,719,677  
  35,941     (b)  

N-able Inc/US

    253,743  
  159,557     (b)  

NCR Voyix Corp

    1,367,403  
  31,347     (b)  

NETGEAR Inc

    756,090  
  28,401     (b)  

Novanta Inc

    3,375,743  
  30,014     (b)  

Onto Innovation Inc

    3,660,808  
  42,286     (b)  

PAR Technology Corp

    2,469,502  
  36,256     (b)  

PDF Solutions Inc

    665,298  
  43,926     (b)  

Penguin Solutions Inc

    749,817  
  121,225     (b)  

Procore Technologies Inc

    7,769,310  
  36,545      

Progress Software Corp

    2,191,238  
  17,054     (b)  

Q2 Holdings Inc

    1,351,530  
  115,623     (b)  

Ribbon Communications Inc

    371,150  
  34,105     (b)  

Silicon Laboratories Inc

    3,470,525  
  68,843     (b),(c)  

SolarEdge Technologies Inc

    842,294  
  27,390     (b)  

SPS Commerce Inc

    3,930,739  
  7,673     (b)  

Teradata Corp

    164,970  
  13,935     (b)  

UiPath Inc, Class A

    166,384  
  146,955     (b),(c)  

Wolfspeed Inc

    521,690  
  135,964        

Xerox Holdings Corp

    599,601  
   

TOTAL INFORMATION TECHNOLOGY

    135,673,449  
   

MATERIALS - 5.6%

 
  808,759      

Amcor PLC

    7,440,585  
  4,414      

AptarGroup Inc

    661,879  
  138,303     (b)  

ATI Inc

    7,520,917  

 

34   See Notes to Financial Statements


 

 

     SHARES          DESCRIPTION   VALUE  
   

MATERIALS (continued)

 
  106,233      

Avient Corp

  $ 3,538,621  
  233,235     (b)  

Axalta Coating Systems Ltd

    7,580,138  
  13,457     (b)  

Clearwater Paper Corp

           361,455  
  129,189      

Commercial Metals Co

    5,754,078  
  42,801      

Compass Minerals International Inc

    575,245  
  139,367      

FMC Corp

    5,842,265  
  48,735      

Graphic Packaging Holding Co

    1,233,483  
  57,367      

HB Fuller Co

    3,100,113  
  3,495     (b)  

Knife River Corp

    326,363  
  23,319      

Koppers Holdings Inc

    584,374  
  55,991      

Louisiana-Pacific Corp

    4,832,583  
  33,019     (b)  

Magnera Corp

    484,386  
  4,214      

Minerals Technologies Inc

    217,400  
  49,579     (b)  

Ranpak Holdings Corp

    203,770  
  18,082      

Royal Gold Inc

    3,303,762  
  31,107      

Ryerson Holding Corp

    727,282  
  41,885      

Sensient Technologies Corp

    3,935,096  
  25,875        

Stepan Co

    1,308,240  
   

TOTAL MATERIALS

    59,532,035  
   

REAL ESTATE - 6.2%

 
  63,384      

Armada Hoffler Properties Inc

    429,110  
  198,629      

Brandywine Realty Trust

    786,571  
  184,630      

CareTrust REIT Inc

    5,404,120  
  14,705      

CBL & Associates Properties Inc

    345,126  
  33,056      

Community Healthcare Trust Inc

    564,597  
  230,558     (b)  

Compass Inc, Class A

    1,779,908  
  83,199      

CubeSmart

    3,383,703  
  238,788      

DiamondRock Hospitality Co

    1,752,704  
  29,879      

EastGroup Properties Inc

    4,882,826  
  162,022      

Empire State Realty Trust Inc, Class A

    1,153,597  
  107,572      

Essential Properties Realty Trust Inc

    3,460,591  
  88,333     (c)  

eXp World Holdings Inc

    809,130  
  154,672      

Hudson Pacific Properties Inc

    317,078  
  15,513     (b)  

Jones Lang LaSalle Inc

    3,527,811  
  55,591      

Kennedy-Wilson Holdings Inc

    355,783  
  44,932      

Kilroy Realty Corp

    1,415,807  
  91,130      

NETSTREIT Corp

    1,482,685  
  16,979      

Outfront Media Inc

    256,892  
  240,732      

Park Hotels & Resorts Inc

    2,392,876  
  137,702      

Pebblebrook Hotel Trust

    1,246,203  
  15,774      

Piedmont Office Realty Trust Inc, Class A

    93,224  
  258,594      

Rexford Industrial Realty Inc

    8,559,461  
  66,197      

Ryman Hospitality Properties Inc

    5,822,026  
  69,353      

Sabra Health Care REIT Inc

    1,237,951  
  54,162      

SITE Centers Corp

    641,275  
  13,000      

SL Green Realty Corp

    683,930  
  47,736      

St Joe Co/The

    2,020,188  
  223,290      

Sunstone Hotel Investors Inc

    1,862,239  
  115,907      

Terreno Realty Corp

    6,529,041  
  287,632      

Uniti Group Inc

    1,415,150  
  117,105        

Xenia Hotels & Resorts Inc

    1,250,682  
   

TOTAL REAL ESTATE

    65,862,285  
   

UTILITIES - 3.6%

 
  26,484      

Chesapeake Utilities Corp

    3,487,148  
  224,910      

MDU Resources Group Inc

    3,854,957  
  116,111      

New Jersey Resources Corp

    5,682,472  
  66,058      

ONE Gas Inc

    5,186,214  
  54,505      

Ormat Technologies Inc

    3,957,063  
  40,742      

Southwest Gas Holdings Inc

    2,941,980  
  66,782      

Spire Inc

    5,111,494  

 

See Notes to Financial Statements   35


Portfolio of Investments April 30, 2025 (continued)

NUSC

 

 

     SHARES          DESCRIPTION          VALUE  
   

UTILITIES (continued)

   
  250,107        

UGI Corp

          $ 8,201,009  
   

TOTAL UTILITIES

            38,422,337  
    TOTAL COMMON STOCKS
(Cost $1,146,098,487)
            1,052,152,206  
    TOTAL LONG-TERM INVESTMENTS
(Cost $1,146,098,487)
            1,052,248,119  
SHARES          DESCRIPTION   RATE     VALUE  
   

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.9%

   
  9,308,655     (d)  

State Street Navigator Securities Lending Government Money Market Portfolio

    4.360%(e)     $ 9,308,655  
    TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $9,308,655)
            9,308,655  
    TOTAL INVESTMENTS - 100.2%
(Cost $1,155,407,142)
            1,061,556,774  
    OTHER ASSETS & LIABILITIES, NET - (0.2)%             (2,638,620
    NET ASSETS - 100%           $   1,058,918,154  

 

REIT

Real Estate Investment Trust

 

(a)

For fair value measurement disclosure purposes, investment classified as Level 3.

(b)

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(c)

Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $8,690,798.

(d)

The Fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The collateral maintained by the Fund shall have a value, at the inception of each loan, equal to not less than 100% of the value of the loaned securities. The cash collateral received by the Fund is invested in this money market fund.

(e)

The rate shown is the one-day yield as of the end of the reporting period.

 

36   See Notes to Financial Statements


Portfolio of Investments April 30, 2025

NDVG

(Unaudited)

 

     SHARES          DESCRIPTION   VALUE  
   

LONG-TERM INVESTMENTS - 98.8%

 
   

COMMON STOCKS - 98.8%

 
   

COMMUNICATION SERVICES - 1.6%

 
  5,569        

Comcast Corp, Class A

  $ 190,460  
   

TOTAL COMMUNICATION SERVICES

    190,460  
   

CONSUMER DISCRETIONARY - 7.9%

 
  966      

Lowe’s Cos Inc

    215,959  
  994      

McDonald’s Corp

    317,732  
  1,378      

Starbucks Corp

    110,309  
  2,115        

TJX Cos Inc/The

    272,158  
   

TOTAL CONSUMER DISCRETIONARY

    916,158  
   

CONSUMER STAPLES - 8.3%

 
  2,525      

Mondelez International Inc, Class A

    172,028  
  1,000      

PepsiCo Inc

    135,580  
  1,897      

Philip Morris International Inc

    325,070  
  3,531        

Walmart Inc

    343,390  
   

TOTAL CONSUMER STAPLES

    976,068  
   

ENERGY - 3.7%

 
  1,487      

Chevron Corp

    202,321  
  2,198        

Exxon Mobil Corp

    232,175  
   

TOTAL ENERGY

    434,496  
   

FINANCIALS - 15.4%

 
  1,232      

American Express Co

    328,217  
  997      

Ares Management Corp, Class A

    152,073  
  1,812      

JPMorgan Chase & Co

    443,251  
  1,182      

Marsh & McLennan Cos Inc

    266,506  
  670      

Mastercard Inc

    367,200  
  487        

S&P Global Inc

    243,524  
   

TOTAL FINANCIALS

    1,800,771  
   

HEALTH CARE - 11.7%

 
  2,264      

Abbott Laboratories

    296,018  
  1,509      

AbbVie Inc

    294,406  
  442      

Elevance Health Inc

    185,896  
  1,688      

Novo Nordisk A/S, Sponsored ADR

    112,167  
  654      

UnitedHealth Group Inc

    269,082  
  1,379        

Zoetis Inc

    215,676  
   

TOTAL HEALTH CARE

    1,373,245  
   

INDUSTRIALS - 8.4%

 
  796      

Eaton Corp PLC

    234,319  
  933      

Honeywell International Inc

    196,396  
  318      

Northrop Grumman Corp

    154,707  
  624      

Trane Technologies PLC

    239,185  
  701        

Union Pacific Corp

    151,178  
   

TOTAL INDUSTRIALS

    975,785  
   

INFORMATION TECHNOLOGY - 29.4%

 
  938      

Accenture PLC, Class A

    280,603  
  3,420      

Amphenol Corp, Class A

    263,169  
  3,848      

Apple Inc

    817,700  
  2,810      

Broadcom Inc

    540,841  
  2,148      

Microsoft Corp

    849,018  
  790      

Motorola Solutions Inc

    347,908  
  1,518      

Taiwan Semiconductor Manufacturing Co Ltd, Sponsored ADR

    253,035  
  553        

Texas Instruments Inc

    88,508  
   

TOTAL INFORMATION TECHNOLOGY

    3,440,782  
   

MATERIALS - 3.8%

 
  559     (a)  

Linde PLC

    253,356  
  4,615        

Smurfit WestRock PLC

    193,922  
   

TOTAL MATERIALS

    447,278  

 

See Notes to Financial Statements   37


Portfolio of Investments April 30, 2025 (continued)

NDVG

 

 

     SHARES          DESCRIPTION   VALUE  
   

REAL ESTATE - 4.3%

 
  1,219      

American Tower Corp

  $ 274,775  
  2,215        

Prologis Inc

    226,373  
   

TOTAL REAL ESTATE

    501,148  
   

UTILITIES - 4.3%

 
  3,783      

NextEra Energy Inc

    253,007  
  2,277        

WEC Energy Group Inc

    249,377  
   

TOTAL UTILITIES

    502,384  
    TOTAL COMMON STOCKS
(Cost $11,714,881)
    11,558,575  
    TOTAL LONG-TERM INVESTMENTS
(Cost $11,714,881)
    11,558,575  
    OTHER ASSETS & LIABILITIES, NET - 1.2%     140,470  
    NET ASSETS - 100%   $ 11,699,045  

 

ADR

American Depositary Receipt

S&P

Standard & Poor’s

 

(a)

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

 

38   See Notes to Financial Statements


Portfolio of Investments April 30, 2025

NUGO

(Unaudited)

 

     SHARES          DESCRIPTION   VALUE  
   

LONG-TERM INVESTMENTS - 97.0%

 
   

COMMON STOCKS - 97.0%

 
   

COMMUNICATION SERVICES - 13.3%

 
  675,858      

Alphabet Inc, Class A

  $ 107,326,250  
  264,873      

Meta Platforms Inc

    145,415,277  
  76,826     (a)  

Netflix Inc

    86,945,521  
   

TOTAL COMMUNICATION SERVICES

    339,687,048  
   

CONSUMER DISCRETIONARY - 14.1%

 
  1,116,365     (a)  

Amazon.com Inc

    205,880,033  
  7,421     (a)  

AutoZone Inc

    27,922,255  
  8,426      

Booking Holdings Inc

    42,966,533  
  464,962     (a)  

Chipotle Mexican Grill Inc

    23,489,880  
  65,024      

NIKE Inc, Class B

    3,667,354  
  23,362     (a)  

O’Reilly Automotive Inc

    33,061,903  
  44,260      

Starbucks Corp

    3,543,013  
  66,602     (a)  

Tesla Inc

    18,792,420  
   

TOTAL CONSUMER DISCRETIONARY

    359,323,391  
   

CONSUMER STAPLES - 3.0%

 
  76,290        

Costco Wholesale Corp

    75,870,405  
   

TOTAL CONSUMER STAPLES

    75,870,405  
   

FINANCIALS - 6.3%

 
  207,597     (a)  

Fiserv Inc

    38,316,178  
  37,355      

KKR & Co Inc

    4,268,556  
  218,300        

Mastercard Inc

    119,641,498  
   

TOTAL FINANCIALS

    162,226,232  
   

HEALTH CARE - 9.0%

 
  201,200      

Alcon AG

    19,639,132  
  236,689     (a)  

Dexcom Inc

    16,894,861  
  118,262      

Eli Lilly & Co

    106,311,625  
  92,015     (a)  

Intuitive Surgical Inc

    47,461,337  
  285,858      

Novo Nordisk A/S, Sponsored ADR

    18,995,264  
  47,162        

UnitedHealth Group Inc

    19,404,333  
   

TOTAL HEALTH CARE

    228,706,552  
   

INDUSTRIALS - 4.6%

 
  325,766      

Carrier Global Corp

    20,373,406  
  69,589      

Eaton Corp PLC

    20,484,914  
  61,497      

Emerson Electric Co

    6,463,950  
  81,095      

General Electric Co

    16,343,886  
  65,104      

HEICO Corp

    16,325,479  
  139,649      

Howmet Aerospace Inc

    19,352,558  
  230,282     (a)  

Uber Technologies Inc

    18,655,145  
   

TOTAL INDUSTRIALS

    117,999,338  
   

INFORMATION TECHNOLOGY - 44.9%

 
  1,061,870      

Apple Inc

    225,647,375  
  81,213      

Applied Materials Inc

    12,239,611  
  496,189     (a)  

Arista Networks Inc

    40,821,469  
  750,843      

Broadcom Inc

    144,514,752  
  52,905     (a)  

Crowdstrike Holdings Inc, Class A

    22,689,368  
  450,641      

Marvell Technology Inc

    26,303,915  
  734,253      

Microsoft Corp

    290,220,841  
  2,282,963      

NVIDIA Corp

    248,660,330  
  141,006     (a)  

Palo Alto Networks Inc

    26,358,252  
  74,425     (a)  

PTC Inc

    11,533,642  
  60,821     (a)  

ServiceNow Inc

    58,084,663  
  232,791     (a)  

Shopify Inc, Class A

    22,115,145  
  120,391     (a)  

Trade Desk Inc/The, Class A

    6,456,569  
  44,918     (a)  

Zscaler Inc

    10,159,104  
   

TOTAL INFORMATION TECHNOLOGY

    1,145,805,036  

 

See Notes to Financial Statements   39


Portfolio of Investments April 30, 2025 (continued)

NUGO

 

 

     SHARES          DESCRIPTION   VALUE  
   

MATERIALS - 1.8%

 
  485,491      

Corteva Inc

  $ 30,095,587  
  32,734     (a)  

Linde PLC

    14,836,031  
   

TOTAL MATERIALS

    44,931,618  
    TOTAL COMMON STOCKS
(Cost $1,771,170,825)
    2,474,549,620  
   

TOTAL LONG-TERM INVESTMENTS

(Cost $1,771,170,825)

    2,474,549,620  
    OTHER ASSETS & LIABILITIES, NET - 3.0%     76,630,292  
    NET ASSETS - 100%   $ 2,551,179,912  

 

ADR

American Depositary Receipt

 

(a)

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

 

40   See Notes to Financial Statements


Portfolio of Investments April 30, 2025

NSCS

(Unaudited)

 

     SHARES          DESCRIPTION   VALUE  
   

LONG-TERM INVESTMENTS - 97.9%

 
   

COMMON STOCKS - 97.9%

 
   

COMMUNICATION SERVICES - 2.1%

 
  7,116     (a)  

Magnite Inc

  $ 84,609  
  2,363     (a)  

Ziff Davis Inc

    69,780  
   

TOTAL COMMUNICATION SERVICES

    154,389  
   

CONSUMER DISCRETIONARY - 8.2%

 
  1,002     (a)  

Boot Barn Holdings Inc

    104,549  
  1,674      

Boyd Gaming Corp

    115,740  
  1,381      

Patrick Industries Inc

    106,309  
  1,258      

Signet Jewelers Ltd

    74,599  
  2,968     (a)  

Tri Pointe Homes Inc

    91,266  
  356        

Wingstop Inc

    93,945  
   

TOTAL CONSUMER DISCRETIONARY

    586,408  
   

CONSUMER STAPLES - 3.9%

 
  1,100     (a)  

BellRing Brands Inc

    84,854  
  2,984     (a)  

Guardian Pharmacy Services Inc, Class A

    74,719  
  3,747        

Primo Brands Corp

    122,415  
   

TOTAL CONSUMER STAPLES

    281,988  
   

ENERGY - 3.2%

 
  2,831      

Matador Resources Co

    111,938  
  4,863        

Northern Oil & Gas Inc

    118,171  
   

TOTAL ENERGY

    230,109  
   

FINANCIALS - 18.4%

 
  924      

Ameris Bancorp

    54,147  
  2,235      

Banner Corp

    136,648  
  464      

Evercore Inc

    95,254  
  2,719      

First Interstate BancSystem Inc, Class A

    71,224  
  1,340      

FirstCash Holdings Inc

    179,506  
  3,971      

Home BancShares Inc/AR

    110,195  
  6,922      

Ladder Capital Corp

    72,266  
  556      

Piper Sandler Cos

    134,063  
  1,171      

Preferred Bank/Los Angeles CA

    93,516  
  265      

Primerica Inc

    69,449  
  912      

SouthState Corp

    79,144  
  3,083      

Veritex Holdings Inc

    71,772  
  1,424        

Wintrust Financial Corp

    158,306  
   

TOTAL FINANCIALS

    1,325,490  
   

HEALTH CARE - 17.4%

 
  2,425     (a)  

Acadia Healthcare Co Inc

    56,745  
  7,153     (a)  

Alphatec Holdings Inc

    78,540  
  1,047     (a)  

ANI Pharmaceuticals Inc

    74,149  
  557     (a)  

Axsome Therapeutics Inc

    62,545  
  975     (a)  

Biohaven Ltd

    21,567  
  292     (a)  

Blueprint Medicines Corp

    26,134  
  2,290     (a)  

Castle Biosciences Inc

    45,915  
  1,097     (a)  

Crinetics Pharmaceuticals Inc

    36,629  
  1,062      

Encompass Health Corp

    124,243  
  1,364     (a),(b)  

Establishment Labs Holdings Inc

    41,397  
  636     (a)  

Glaukos Corp

    59,943  
  1,106     (a)  

Halozyme Therapeutics Inc

    67,930  
  1,606     (a)  

HealthEquity Inc

    137,666  
  797     (a)  

Insmed Inc

    57,384  
  320     (a)  

Krystal Biotech Inc

    54,362  
  1,448     (a)  

Merit Medical Systems Inc

    136,764  
  1,430     (a)  

RadNet Inc

    74,903  
  5,315     (a)  

SI-BONE Inc

    72,550  
  583     (a)  

Ultragenyx Pharmaceutical Inc

    22,725  
   

TOTAL HEALTH CARE

    1,252,091  

 

See Notes to Financial Statements   41


Portfolio of Investments April 30, 2025 (continued)

NSCS

 

 

     SHARES          DESCRIPTION          VALUE  
   

INDUSTRIALS - 21.1%

   
  668     (a)  

AeroVironment Inc

    $ 101,215  
  503      

Applied Industrial Technologies Inc

      122,370  
  1,101      

ArcBest Corp

      64,431  
  1,212      

Arcosa Inc

      97,045  
  3,307      

Atmus Filtration Technologies Inc

      114,654  
  1,114     (a)  

Casella Waste Systems Inc, Class A

      130,839  
  664      

Enpro Inc

      99,202  
  891      

ESCO Technologies Inc

      139,397  
  1,017     (a)  

Kirby Corp

      98,008  
  4,002     (a)  

Kratos Defense & Security Solutions Inc

      135,207  
  1,042      

Maximus Inc

      69,772  
  847     (a)  

SPX Technologies Inc

      113,625  
  561      

Watts Water Technologies Inc, Class A

      116,548  
  2,092     (a)  

WNS Holdings Ltd

            126,608  
   

TOTAL INDUSTRIALS

            1,528,921  
   

INFORMATION TECHNOLOGY - 12.7%

   
  616     (a)  

Commvault Systems Inc

      102,952  
  5,480     (a)  

Grid Dynamics Holdings Inc

      77,597  
  3,556     (a)  

Ichor Holdings Ltd

      70,338  
  1,171     (a)  

Itron Inc

      130,320  
  1,301     (a)  

Lumentum Holdings Inc

      76,811  
  1,494     (a)  

PAR Technology Corp

      87,250  
  1,368     (a)  

Q2 Holdings Inc

      108,414  
  2,589     (a)  

Semtech Corp

      80,906  
  4,297     (a)  

SentinelOne Inc, Class A

      79,495  
  1,309     (a)  

Workiva Inc

            98,528  
   

TOTAL INFORMATION TECHNOLOGY

            912,611  
   

MATERIALS - 3.5%

   
  2,401      

Avient Corp

      79,977  
  2,157      

Commercial Metals Co

      96,073  
  864     (a)  

Knife River Corp

            80,680  
   

TOTAL MATERIALS

            256,730  
   

REAL ESTATE - 4.1%

   
  3,164      

CareTrust REIT Inc

      92,610  
  630      

EastGroup Properties Inc

      102,955  
  2,984        

STAG Industrial Inc

            98,561  
   

TOTAL REAL ESTATE

            294,126  
   

UTILITIES - 3.3%

   
  1,843      

Black Hills Corp

      112,239  
  1,620        

Spire Inc

            123,995  
   

TOTAL UTILITIES

            236,234  
   

TOTAL COMMON STOCKS

(Cost $6,527,137)

            7,059,097  
   

TOTAL LONG-TERM INVESTMENTS

(Cost $6,527,137)

            7,059,097  
SHARES          DESCRIPTION   RATE     VALUE  
   

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.4%

   
  31,841     (c)  

State Street Navigator Securities Lending Government Money Market Portfolio

    4.360% (d)    $ 31,841  
   

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $31,841)

            31,841  
   

TOTAL INVESTMENTS - 98.3%

(Cost $6,558,978)

            7,090,938  
    OTHER ASSETS & LIABILITIES, NET - 1.7%             123,333  
    NET ASSETS - 100%           $ 7,214,271  

 

REIT

Real Estate Investment Trust

 

42   See Notes to Financial Statements


 

 

(a)   

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b)   

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 $31,048.

(c)   

The Fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The collateral maintained by the Fund shall have a value, at the inception of each loan, equal to not less than 100% of the value of the loaned securities. The cash collateral received by the Fund is invested in this money market fund.

(d)   

The rate shown is the one-day yield as of the end of the reporting period.

 

See Notes to Financial Statements   43


Portfolio of Investments April 30, 2025

NWLG

(Unaudited)

 

     SHARES          DESCRIPTION        VALUE  
    LONG-TERM INVESTMENTS - 99.5%    
    COMMON STOCKS - 99.5%    
    COMMUNICATION SERVICES - 9.6%    
  794       Alphabet Inc, Class A     $ 126,087  
  496       Alphabet Inc, Class C       79,801  
  486       Meta Platforms Inc       266,814  
  144    

(a)

  Netflix Inc       162,968  
  356    

(a)

  Spotify Technology SA         218,577  
    TOTAL COMMUNICATION SERVICES         854,247  
   

CONSUMER DISCRETIONARY - 14.6%

   
  3,273    

(a)

  Amazon.com Inc       603,607  
  30       Booking Holdings Inc       152,978  
  960    

(a)

  Cava Group Inc       88,733  
  2,412    

(a)

  Chipotle Mexican Grill Inc            121,854  
  585    

(a)

  DoorDash Inc, Class A       112,841  
  405       Hilton Worldwide Holdings Inc       91,319  
  460    

(a)

  Tesla Inc         129,794  
    TOTAL CONSUMER DISCRETIONARY         1,301,126  
   

FINANCIALS - 10.6%

   
  289       Arthur J Gallagher & Co       92,679  
  473    

(a)

  Fiserv Inc       87,302  
  527       LPL Financial Holdings Inc       168,529  
  522       Mastercard Inc       286,087  
  915         Visa Inc, Class A         316,133  
    TOTAL FINANCIALS         950,730  
   

HEALTH CARE - 10.3%

   
  367    

(a)

  Alnylam Pharmaceuticals Inc       96,609  
  430       Danaher Corp       85,712  
  391       Eli Lilly & Co       351,489  
  461    

(a)

  Intuitive Surgical Inc       237,784  
  394         Stryker Corp         147,325  
    TOTAL HEALTH CARE         918,919  
   

INDUSTRIALS - 9.8%

   
  410       Automatic Data Processing Inc       123,246  
  192    

(a)

  Axon Enterprise Inc       117,754  
  670       Cintas Corp       141,826  
  702       General Electric Co       141,481  
  1,009       Howmet Aerospace Inc       139,827  
  287       Trane Technologies PLC       110,010  
  1,180         Vertiv Holdings Co, Class A         100,748  
    TOTAL INDUSTRIALS         874,892  
   

INFORMATION TECHNOLOGY - 43.2%

   
  2,904       Apple Inc       617,100  
  1,512       Broadcom Inc       291,015  
  101    

(a)

  Fair Isaac Corp       200,958  
  235       Intuit Inc       147,455  
  2,994       Lam Research Corp       214,580  
  2,202       Microsoft Corp       870,362  
  5,904       NVIDIA Corp       643,064  
  530       Oracle Corp       74,581  
  7,010    

(a)

  SailPoint Inc       120,292  
  244    

(a)

  ServiceNow Inc       233,022  
  1,461    

(a)

  Shopify Inc, Class A       138,795  
  585    

(a)

  Snowflake Inc, Class A       93,302  
  501       Texas Instruments Inc       80,185  
  555    

(a)

  Workday Inc, Class A         135,975  
    TOTAL INFORMATION TECHNOLOGY         3,860,686  

 

44   See Notes to Financial Statements


 

 

       SHARES          DESCRIPTION        VALUE  
    MATERIALS - 1.4%    
  507         Ecolab Inc       $ 127,475  
    TOTAL MATERIALS         127,475  
   

TOTAL COMMON STOCKS

(Cost $7,228,236)

             8,888,075  
   

TOTAL LONG-TERM INVESTMENTS

(Cost $7,228,236)

        8,888,075  
    OTHER ASSETS & LIABILITIES, NET - 0.5%         46,231  
    NET ASSETS - 100%       $ 8,934,306  

 

(a)

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

 

See Notes to Financial Statements   45


Statement of Assets and Liabilities

 

 

April 30, 2025 (Unaudited)    NUDV     NUEM      NUDM      NULC      NULG  

ASSETS

             

Long-term investments, at value

   $ 26,861,605     $  301,400,690      $  522,923,103      $ 41,778,667      $  1,362,302,045  
Investments purchased with collateral from securities lending, at value (cost approximates value)            3,438,472                       

Cash

     51,603       691,987        905,603        69,297        52,588,670  

Receivables:

             

Dividends

     38,455       432,710        2,201,959        31,030        99,828  

Investments sold

           70,658        67,305                

Reclaims

           22,509        1,165,522                

Securities lending income

           1,556               4         

Shares sold

                  414,971                

Variation margin on futures contracts

                                43,560  

Other

     149       3,413        10,866        417        18,968  

Total assets

     26,951,812       306,061,995        527,689,329        41,879,415        1,415,053,071  

LIABILITIES

             

Payables:

             

Management fees

     4,542       84,021        121,700        6,281        275,331  

Capital gains tax

           1,244,045                       

Collateral from securities lending

           3,438,472                       

Investments purchased - regular settlement

           423,669        257,502                

Accrued expenses:

             

Trustees fees

     109       2,272        3,546        291        12,308  

Other

     141       3,439        5,235        394        18,186  

Total liabilities

     4,792       5,195,918        387,983        6,966        305,825  

Net assets

   $ 26,947,020     $ 300,866,077      $ 527,301,346      $ 41,872,449      $ 1,414,747,246  

Shares outstanding

     1,000,000       10,200,000        15,900,000        950,000        17,500,000  

Net asset value (“NAV”) per share

   $ 26.95     $ 29.50      $ 33.16      $ 44.08      $ 80.84  

NET ASSETS CONSIST OF:

             

Paid-in capital

     27,237,445       300,730,905        453,509,238        34,059,528        1,294,589,721  

Total distributable earnings (loss)

     (290,425     135,172        73,792,108        7,812,921        120,157,525  

Net assets

   $  26,947,020     $  300,866,077      $  527,301,346      $  41,872,449      $  1,414,747,246  

Authorized shares

     Unlimited       Unlimited        Unlimited        Unlimited        Unlimited  

Par value per share

   $ 0.01     $ 0.01      $ 0.01      $ 0.01      $ 0.01  

Long-term investments, cost

   $  27,068,990     $   265,191,951      $   439,016,883      $  36,010,829      $   1,200,728,940  

‡ Includes securities loaned of

   $     $ 3,319,675      $      $      $  

 

46   See Notes to Financial Statements


Statement of Assets and Liabilities (continued)

 

 

April 30, 2025 (Unaudited)    NULV     NUMG     NUMV     NUSC     NDVG  

ASSETS

          

Long-term investments, at value

   $ 1,593,426,035     $ 384,080,991     $ 351,367,596     $ 1,052,248,119     $ 11,558,575  

Investments purchased with collateral from securities lending,

at value (cost approximates value)

     365,248             195,215       9,308,655        

Cash

     2,655,470       383,570       626,468       6,720,988       136,217  

Receivables:

          

Dividends

     2,492,390       102,422       85,140       202,527       10,392  

Reclaims

     46,783             8,992              

Securities lending income

     144             158       7,226        

Other

     27,075       6,501       5,249       21,089       137  

Total assets

     1,599,013,145       384,573,484       352,288,818       1,068,508,604       11,705,321  

LIABILITIES

          

Payables:

          

Management fees

     323,303       90,292       84,998       253,707       6,054  

Collateral from securities lending

     365,248             195,215       9,308,655        

Shares redeemed

     5,646       1,638                    

Accrued expenses:

          

Trustees fees

     12,947       3,445       2,826       9,783       91  

Other

     26,119       6,251       5,043       18,305       131  

Total liabilities

     733,263       101,626       288,082       9,590,450       6,276  

Net assets

   $ 1,598,279,882     $ 384,471,858     $ 352,000,736     $ 1,058,918,154     $ 11,699,045  

Shares outstanding

     40,750,000       8,900,000       10,500,000       28,300,000       370,000  

Net asset value (“NAV”) per share

   $ 39.22     $ 43.20     $ 33.52     $ 37.42     $ 31.62  

NET ASSETS CONSIST OF:

          

Paid-in capital

     1,672,499,449       456,248,562       388,401,398       1,321,853,466       10,852,556  

Total distributable earnings (loss)

     (74,219,567     (71,776,704     (36,400,662     (262,935,312     846,489  

Net assets

   $ 1,598,279,882     $ 384,471,858     $ 352,000,736     $ 1,058,918,154     $ 11,699,045  

Authorized shares

     Unlimited       Unlimited       Unlimited       Unlimited       Unlimited  

Par value per share

   $ 0.01     $ 0.01     $ 0.01     $ 0.01     $ 0.01  

Long-term investments, cost

   $  1,573,657,405     $  406,844,657     $  357,795,845     $  1,146,098,487     $  11,714,881  

‡ Includes securities loaned of

   $ 359,941     $     $ 191,595     $ 8,690,798     $  

 

See Notes to Financial Statements   47


Statement of Assets and Liabilities (continued)

 

 

April 30, 2025 (Unaudited)    NUGO      NSCS     NWLG  

ASSETS

       

Long-term investments, at value

   $ 2,474,549,620      $ 7,059,097     $ 8,888,075  

Investments purchased with collateral from securities lending, at value (cost approximates value)

            31,841        

Cash

     60,090,712        194,019       49,674  

Receivables:

       

Dividends

     192,778        1,846       1,078  

Investments sold

     17,376,040        18,277        

Reclaims

     83,536               

Securities lending income

            10        

Other

     40,982        95       96  

Total assets

     2,552,333,668        7,305,185       8,938,923  

LIABILITIES

       

Payables:

       

Management fees

     1,091,536        4,888       4,452  

Collateral from securities lending

            31,841        

Investments purchased - regular settlement

            54,033        

Accrued expenses:

       

Trustees fees

     22,687        62       76  

Other

     39,533        90       89  

Total liabilities

     1,153,756        90,914       4,617  

Net assets

   $ 2,551,179,912      $ 7,214,271     $ 8,934,306  

Shares outstanding

     82,530,000        290,000       290,000  

Net asset value (“NAV”) per share

   $ 30.91      $ 24.88     $ 30.81  

NET ASSETS CONSIST OF:

                         

Paid-in capital

     2,448,137,255        7,534,949       7,593,537  

Total distributable earnings (loss)

     103,042,657        (320,678     1,340,769  

Net assets

   $ 2,551,179,912      $ 7,214,271     $ 8,934,306  

Authorized shares

     Unlimited        Unlimited       Unlimited  

Par value per share

   $ 0.01      $ 0.01     $ 0.01  

Long-term investments, cost

   $ 1,771,170,825      $ 6,527,137     $ 7,228,236  

‡ Includes securities loaned of

   $      $ 31,048     $  

 

48   See Notes to Financial Statements


Statement of Operations

 

 

Six Months Ended April 30, 2025 (Unaudited)    NUDV      NUEM      NUDM      NULC      NULG  

INVESTMENT INCOME

              

Dividends

   $ 240,459      $ 3,479,094      $ 7,887,637      $ 244,110      $ 2,910,597  

Interest

                   16,947        26         

Securities lending income, net

            1,796               30         

Tax withheld on income

     (326      (380,806      (967,643      (118       

Total investment income

     240,133        3,100,084        6,936,941        244,048        2,910,597  

EXPENSES

              

Management fees

     21,502        512,301        716,383        36,863        1,849,059  

Professional fees

     85        1,685        2,688        207        8,721  

Trustees fees

     213        4,188        6,470        539        22,681  

Total expenses

     21,800        518,174        725,541        37,609        1,880,461  

Net investment income (loss)

     218,333        2,581,910        6,211,400        206,439        1,030,136  

REALIZED AND UNREALIZED GAIN (LOSS)

              

Realized gain (loss):

              

Investments*

     (116,544      2,067,325        1,715,061        1,368,224        55,191,909  

In-kind redemptions

            165,896        1,584,116        661,283        15,132,776  

Futures contracts

                                 (1,251,766

Foreign currency transactions

            (369,084      (419,517              

Net realized gain (loss)

     (116,544      1,864,137        2,879,660        2,029,507        69,072,919  

Change in unrealized appreciation (depreciation) on:

              

Investments**

     (907,490      (7,235,310      27,103,393        (2,452,103      (92,414,895

Futures contracts

                                 (447,506

Foreign currency translations

            9,337        184,951                

Net change in unrealized appreciation (depreciation)

     (907,490      (7,225,973      27,288,344        (2,452,103      (92,862,401

Net realized and unrealized gain (loss)

     (1,024,034      (5,361,836      30,168,004        (422,596      (23,789,482

Net increase (decrease) in net assets from operations

   $ (805,701    $ (2,779,926    $ 36,379,404      $ (216,157    $ (22,759,346

* Net of foreign capital gains tax

   $      $ (658,483    $      $      $  

** Net of change in foreign capital gains tax

   $      $ 1,067,654      $      $      $  

 

See Notes to Financial Statements   49


Statement of Operations (continued)

 

 

Six Months Ended April 30, 2025 (Unaudited)    NULV     NUMG     NUMV     NUSC     NDVG  

INVESTMENT INCOME

          

Dividends

   $ 18,074,692     $ 676,208     $ 3,579,226     $ 7,062,750     $ 109,667  

Interest

                       229        

Securities lending income, net

     750             760       61,837        

Tax withheld on income

     (35,283           (13,634     (13,744      

Total investment income

     18,040,159       676,208       3,566,352       7,111,072       109,667  

EXPENSES

          

Management fees

     2,073,835       623,969       540,340       1,800,554       39,173  

Professional fees

     9,532       2,297       2,090       6,965       66  

Trustees fees

     23,581       6,393       5,173       17,993       168  

Total expenses

     2,106,948       632,659       547,603       1,825,512       39,407  

Net investment income (loss)

     15,933,211       43,549       3,018,749       5,285,560       70,260  

REALIZED AND UNREALIZED GAIN (LOSS)

          

Realized gain (loss):

          

Investments

     (22,525,597     (772,355     (2,774,817     (23,095,058     53,032  

In-kind redemptions

     125,053,469       52,807,749       33,321,453       93,834,343       1,280,802  

Net realized gain (loss)

     102,527,872       52,035,394       30,546,636       70,739,285       1,333,834  

Change in unrealized appreciation (depreciation) on:

          

Investments

     (141,376,659     (61,866,289     (48,782,358     (195,847,865     (1,537,681

Net change in unrealized appreciation (depreciation)

     (141,376,659     (61,866,289     (48,782,358     (195,847,865     (1,537,681

Net realized and unrealized gain (loss)

     (38,848,787     (9,830,895     (18,235,722     (125,108,580     (203,847

Net increase (decrease) in net assets from operations

   $ (22,915,576   $ (9,787,346   $ (15,216,973   $ (119,823,020   $ (133,587

 

50   See Notes to Financial Statements


Statement of Operations (continued)

 

 

Six Months Ended April 30, 2025 (Unaudited)    NUGO     NSCS     NWLG  

INVESTMENT INCOME

      

Affiliated income

   $     $     $ 441  

Dividends

     5,725,807       50,432       23,339  

Interest

           6        

Securities lending income, net

           169        

Tax withheld on income

           (1,069      

Total investment income

     5,725,807       49,538       23,780  

EXPENSES

      

Management fees

     7,382,715       33,141       30,008  

Professional fees

     15,768       45       55  

Trustees fees

     41,685       114       140  

Total expenses

     7,440,168       33,300       30,203  

Net investment income (loss)

     (1,714,361     16,238       (6,423

REALIZED AND UNREALIZED GAIN (LOSS)

      

Realized gain (loss):

      

Investments

     23,341,573       (130,989     59,708  

In-kind redemptions

     89,028,750             529,985  

Net realized gain (loss)

     112,370,323       (130,989     589,693  

Change in unrealized appreciation (depreciation) on:

      

Investments

     (228,823,906     (702,675     (900,834

Net change in unrealized appreciation (depreciation)

     (228,823,906     (702,675     (900,834

Net realized and unrealized gain (loss)

     (116,453,583     (833,664     (311,141

Net increase (decrease) in net assets from operations

   $ (118,167,944   $ (817,426   $ (317,564

 

See Notes to Financial Statements   51


Statement of Changes in Net Assets

 

 

     NUDV     NUEM  
     

Unaudited

Six Months

Ended

4/30/25

   

Year Ended

10/31/24

   

Unaudited

Six Months

Ended

4/30/25

   

Year Ended

10/31/24

 

OPERATIONS

        

Net investment income (loss)

   $ 218,333     $ 267,585     $ 2,581,910     $ 5,409,829  

Net realized gain (loss)

     (116,544     1,022,155       1,864,137       (4,036,287

Net change in unrealized appreciation (depreciation)

     (907,490     1,786,753       (7,225,973     51,264,572  

Net increase (decrease) in net assets from operations

     (805,701     3,076,493       (2,779,926     52,638,114  

DISTRIBUTIONS TO SHAREHOLDERS

        

Dividends

     (673,310     (272,150     (5,496,020     (5,500,560

Total distributions

     (673,310     (272,150     (5,496,020     (5,500,560

FUND SHARE TRANSACTIONS

        

Subscriptions

     16,724,103       2,985,679       26,517,802       28,573,072  

Redemptions

           (5,303,640     (8,000,314      

Net increase (decrease) from Fund share transactions

     16,724,103       (2,317,961     18,517,488       28,573,072  

Net increase (decrease) in net assets

     15,245,092       486,382       10,241,542       75,710,626  

Net assets at the beginning of period

     11,701,928       11,215,546       290,624,535       214,913,909  

Net assets at the end of period

   $ 26,947,020     $ 11,701,928     $ 300,866,077     $ 290,624,535  

 

52   See Notes to Financial Statements


Statement of Changes in Net Assets (continued)

 

     NUDM      NULC  
     

Unaudited

Six Months

Ended

4/30/25

    

Year Ended

10/31/24

    

Unaudited

Six Months

Ended

4/30/25

    

Year Ended

10/31/24

 

OPERATIONS

           

Net investment income (loss)

   $ 6,211,400      $ 10,693,089      $ 206,439      $ 354,747   

Net realized gain (loss)

     2,879,660        15,073,500        2,029,507        660,894  

Net change in unrealized appreciation (depreciation)

     27,288,344        65,074,951        (2,452,103      6,989,499  

Net increase (decrease) in net assets from operations

     36,379,404        90,841,540        (216,157      8,005,140  

DISTRIBUTIONS TO SHAREHOLDERS

           

Dividends

     (14,705,880      (12,192,840      (677,040      (334,750

Total distributions

     (14,705,880      (12,192,840      (677,040      (334,750

FUND SHARE TRANSACTIONS

           

Subscriptions

     47,282,623        44,047,979        10,648,089        4,170,767  

Redemptions

     (6,385,163      (11,489,566      (2,227,249       

Net increase (decrease) from Fund share transactions

     40,897,460        32,558,413        8,420,840        4,170,767  

Net increase (decrease) in net assets

     62,570,984        111,207,113        7,527,643        11,841,157  

Net assets at the beginning of period

      464,730,362         353,523,249         34,344,806         22,503,649  

Net assets at the end of period

   $ 527,301,346      $ 464,730,362      $ 41,872,449      $ 34,344,806  

 

See Notes to Financial Statements

 

53


Statement of Changes in Net Assets (continued)

 

     NULG      NULV  
     

Unaudited

Six Months

Ended

4/30/25

    

Year Ended

10/31/24

    

Unaudited

Six Months

Ended

4/30/25

    

Year Ended

10/31/24

 

OPERATIONS

           

Net investment income (loss)

   $ 1,030,136      $ 3,589,542      $ 15,933,211      $ 33,335,886   

Net realized gain (loss)

     69,072,919        195,915,115        102,527,872        71,031,344  

Net change in unrealized appreciation (depreciation)

     (92,862,401      232,916,309        (141,376,659      277,350,070  

Net increase (decrease) in net assets from operations

     (22,759,346      432,420,966        (22,915,576      381,717,300  

DISTRIBUTIONS TO SHAREHOLDERS

           

Dividends

     (2,412,225      (5,151,450      (33,944,625      (37,705,745

Total distributions

     (2,412,225      (5,151,450      (33,944,625      (37,705,745

FUND SHARE TRANSACTIONS

           

Subscriptions

     52,533,233        802,955,683        417,797,266        657,608,987  

Redemptions

     (111,623,354      (768,715,035      (457,152,688      (690,761,184

Net increase (decrease) from Fund share transactions

     (59,090,121      34,240,648        (39,355,422      (33,152,197

Net increase (decrease) in net assets

     (84,261,692      461,510,164        (96,215,623      310,859,358  

Net assets at the beginning of period

      1,499,008,938         1,037,498,774         1,694,495,505         1,383,636,147  

Net assets at the end of period

   $ 1,414,747,246      $ 1,499,008,938      $ 1,598,279,882      $ 1,694,495,505  

 

See Notes to Financial Statements

 

54


Statement of Changes in Net Assets (continued)

 

     NUMG     NUMV  
     

Unaudited

Six Months

Ended

4/30/25

   

Year Ended

10/31/24

   

Unaudited

Six Months

Ended

4/30/25

   

Year Ended

10/31/24

 

OPERATIONS

        

Net investment income (loss)

   $ 43,549     $ 377,581     $ 3,018,749     $ 6,482,431   

Net realized gain (loss)

     52,035,394       29,034,912       30,546,636       24,094,313  

Net change in unrealized appreciation (depreciation)

     (61,866,289     68,340,429       (48,782,358     73,454,661  

Net increase (decrease) in net assets from operations

     (9,787,346     97,752,922       (15,216,973     104,031,405  

DISTRIBUTIONS TO SHAREHOLDERS

        

Dividends

     (243,440     (696,525     (6,410,700     (7,463,725

Total distributions

     (243,440     (696,525     (6,410,700     (7,463,725

FUND SHARE TRANSACTIONS

        

Subscriptions

     188,195,303       225,747,538       112,483,245       140,045,348  

Redemptions

     (194,300,878     (246,257,929     (103,935,369     (168,349,723

Net increase (decrease) from Fund share transactions

     (6,105,575     (20,510,391     8,547,876       (28,304,375

Net increase (decrease) in net assets

     (16,136,361     76,546,006       (13,079,797     68,263,305  

Net assets at the beginning of period

      400,608,219        324,062,213        365,080,533        296,817,228  

Net assets at the end of period

   $ 384,471,858     $ 400,608,219     $ 352,000,736     $ 365,080,533  

 

See Notes to Financial Statements

 

55


Statement of Changes in Net Assets (continued)

 

     NUSC      NDVG  
     

Unaudited

Six Months

Ended

4/30/25

    

Year Ended

10/31/24

    

Unaudited
Six Months

Ended

4/30/25

     Year Ended
10/31/24
 

OPERATIONS

           

Net investment income (loss)

   $ 5,285,560      $ 11,233,576      $ 70,260      $ 137,169   

Net realized gain (loss)

     70,739,285        34,434,848        1,333,834        1,511,153  

Net change in unrealized appreciation (depreciation)

     (195,847,865      239,944,443        (1,537,681      1,314,288  

Net increase (decrease) in net assets from operations

     (119,823,020      285,612,867        (133,587      2,962,610  

DISTRIBUTIONS TO SHAREHOLDERS

           

Dividends

     (13,976,730      (11,720,700      (70,328      (138,827

Total distributions

     (13,976,730      (11,720,700      (70,328      (138,827

FUND SHARE TRANSACTIONS

           

Subscriptions

     275,438,426        495,291,080        6,826,395        8,141,413  

Redemptions

     (291,854,858      (449,650,302      (6,265,144      (7,837,567

Net increase (decrease) from Fund share transactions

     (16,416,432      45,640,778        561,251        303,846  

Net increase (decrease) in net assets

     (150,216,182      319,532,945        357,336        3,127,629  

Net assets at the beginning of period

      1,209,134,336         889,601,391        11,341,709         8,214,080  

Net assets at the end of period

   $ 1,058,918,154      $ 1,209,134,336      $ 11,699,045      $ 11,341,709  

 

See Notes to Financial Statements

 

56


Statement of Changes in Net Assets (continued)

 

     NUGO      NSCS  
     

Unaudited

Six Months

Ended

4/30/25

    

Year Ended

10/31/24

    

Unaudited
Six Months

Ended

4/30/25

     Year Ended
10/31/24
 

OPERATIONS

           

Net investment income (loss)

   $ (1,714,361    $ (712,597    $ 16,238      $ 19,117   

Net realized gain (loss)

     112,370,323        337,446,430        (130,989      405,830  

Net change in unrealized appreciation (depreciation)

     (228,823,906      760,424,659        (702,675      1,373,117  

Net increase (decrease) in net assets from operations

     (118,167,944      1,097,158,492        (817,426      1,798,064  

DISTRIBUTIONS TO SHAREHOLDERS

           

Dividends

            (5,148,114      (22,491      (7,904

Total distributions

            (5,148,114      (22,491      (7,904

FUND SHARE TRANSACTIONS

           

Subscriptions

     120,517,015        71,062,856        593,743        534,060  

Redemptions

     (201,995,952      (889,242,154             (256,889

Net increase (decrease) from Fund share transactions

     (81,478,937      (818,179,298      593,743        277,171  

Net increase (decrease) in net assets

     (199,646,881      273,831,080        (246,174      2,067,331  

Net assets at the beginning of period

     2,750,826,793        2,476,995,713        7,460,445        5,393,114  

Net assets at the end of period

   $  2,551,179,912      $  2,750,826,793      $ 7,214,271      $ 7,460,445  

 

See Notes to Financial Statements

 

57


Statement of Changes in Net Assets (continued)

 

     NWLG  
     

Unaudited
Six Months

Ended

4/30/25

     Year Ended
10/31/24
 

OPERATIONS

     

Net investment income (loss)

   $ (6,423    $ (10,694

Net realized gain (loss)

     589,693        575,418  

Net change in unrealized appreciation (depreciation)

     (900,834      2,009,562   

Net increase (decrease) in net assets from operations

     (317,564      2,574,286  

DISTRIBUTIONS TO SHAREHOLDERS

     

Dividends

     (252      (1,000

Total distributions

     (252      (1,000

FUND SHARE TRANSACTIONS

     

Subscriptions

     1,386,684        1,522,085  

Redemptions

     (1,376,477      (297,956

Net increase (decrease) from Fund share transactions

     10,207        1,224,129  

Net increase (decrease) in net assets

     (307,609      3,797,415  

Net assets at the beginning of period

      9,241,915         5,444,500  

Net assets at the end of period

   $ 8,934,306      $ 9,241,915  

 

See Notes to Financial Statements

 

58


Financial Highlights

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

            Investment Operations           Less Distributions               
     

Net Asset

Value,
Beginning

of Period

    

Net
Investment

Income

(Loss)(a)

    

Net Realized

/Unrealized

Gain (Loss)

    Total    

From

Net
Investment

Income

   

From
Net Realized

Gains

   

Return

of

Capital

     Total    

Net Asset

Value,
End of

Period

     Market
Price,
End of
Period
 

NUDV

                                                                                    

4/30/25(d)

     $29.25        $0.35        $(1.39     $(1.04     $(0.24     $(1.02     $–        $(1.26     $26.95        $26.98  

10/31/24

     22.43        0.71        6.87       7.58       (0.76                  (0.76     29.25        29.27  

10/31/23

     23.52        0.65        (0.99     (0.34     (0.61     (0.14            (0.75     22.43        22.41  

10/31/22

     25.69        0.62        (2.21     (1.59     (0.58                  (0.58     23.52        23.52  

10/31/21(f)

     25.00        0.05        0.64       0.69                                25.69        25.71  

NUEM

                                                                                    

4/30/25(d)

     30.27        0.26        (0.46     (0.20     (0.57                  (0.57     29.50        29.35  

10/31/24

     24.99        0.59        5.33       5.92       (0.64                  (0.64     30.27        30.44  

10/31/23

     22.77        0.60        2.10       2.70       (0.48                  (0.48     24.99        24.95  

10/31/22

     34.14        0.69        (11.27     (10.58     (0.38     (0.41            (0.79     22.77        22.71  

10/31/21

     29.18        0.52        4.86       5.38       (0.42                  (0.42     34.14        34.15  

10/31/20

     25.57        0.40        3.75       4.15       (0.54                  (0.54     29.18        29.37  

NUDM

                                                                                    

4/30/25(d)

     31.83        0.41        1.92       2.33       (1.00                  (1.00     33.16        33.01  

10/31/24

     25.99        0.78        5.98       6.76       (0.92                  (0.92     31.83        31.85  

10/31/23

     23.49        0.81        2.20       3.01       (0.51                  (0.51     25.99        26.15  

10/31/22

     32.30        0.78        (8.26     (7.48     (0.88     (0.45            (1.33     23.49        23.51  

10/31/21

     24.33        0.98        7.42       8.40       (0.43                  (0.43     32.30        32.53  

10/31/20

     26.74        0.54        (2.03     (1.49     (0.92                  (0.92     24.33        24.50  

NULC

                                                                                    

4/30/25(d)

     45.79        0.25        (1.12     (0.87     (0.47     (0.37            (0.84     44.08        44.12  

10/31/24

     34.62        0.51        11.18       11.69       (0.52                  (0.52     45.79        45.89  

10/31/23

     32.79        0.51        2.08       2.59       (0.44     (0.32            (0.76     34.62        34.62  

10/31/22

     43.34        0.51        (8.52     (8.01     (0.43     (2.11            (2.54     32.79        32.82  

10/31/21

     31.05        0.46        13.25       13.71       (0.48     (0.94            (1.42     43.34        43.39  

10/31/20

     28.01        0.53        2.74       3.27       (0.21     (0.02            (0.23     31.05        30.95  

NULG

                                                                                    

4/30/25(d)

     82.59        0.06        (1.67     (1.61     (0.14                  (0.14     80.84        80.64  

10/31/24

     58.62        0.20        24.07       24.27       (0.30                  (0.30     82.59        82.53  

10/31/23

     49.30        0.24        9.28       9.52       (0.20                  (0.20     58.62        58.58  

10/31/22

     71.98        0.25        (19.45     (19.20     (0.14     (3.34            (3.48     49.30        49.30  

10/31/21

     49.60        0.07        23.82       23.89       (0.11     (1.40            (1.51     71.98        72.01  

10/31/20

     38.97        0.18        10.91       11.09       (0.20     (0.26            (0.46     49.60        49.54  

 

(a)

Based on average shares outstanding.

 
(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 closing market price per share over the period, including the assumed reinvestment of distributions, if any, at the closing market price per share on each ex-dividend payment date during the period. Since shares of the Fund did not trade in the secondary market until after the Fund’s commencement of operations, for the period from the commencement of operations to the first day of market trading, the NAV is used as a proxy for the market price to calculate market price returns. Total returns are not annualized.

 
(c)

Does not include in-kind transactions.

 
(d)

Unaudited

 
(e)

Annualized.

 
(f)

For the period September 27, 2021 (commencement of operations) through October 31, 2021.

 

 

59


                  Ratios and Supplemental Data  
    Total Return             Ratios to Average Net Assets        
   

Based

on

Net Asset

Value(b)

    

Based

on

Market

Price(b)

    

Net Assets,

End of Period

(000)

     Expenses    

Net Investment

Income (Loss)

   

Portfolio

Turnover

Rate(c)

 
                                                    
    (3.62)%        (3.55)%        $26,947        0.25 %(e)      2.54 %(e)      35%  
    34.14        34.35        11,702        0.26       2.68       68  
    (1.59)        (1.69)        11,216        0.26       2.74       57  
    (6.22)        (6.31)        8,232        0.26       2.52       76  
      2.74        2.85        5,137        0.25 (e)      2.04 (e)      0  
                                                    
    (0.70)        (1.70)        300,866        0.35 (e)      1.76 (e)      35  
    24.12        24.98        290,625        0.36       2.13       58  
    11.80        12.00        214,914        0.36       2.28       71  
    (31.62)        (31.88)        177,614        0.36       2.45       63  
    18.45        17.77        122,896        0.44       1.49       61  
      16.41        16.47        46,695        0.45       1.56       81  
                                                    
    7.57        7.07        527,301        0.30 (e)      2.60 (e)      31  
    26.37        25.71        464,730        0.31       2.55       58  
    12.84        13.40        353,523        0.31       2.94       66  
    (24.17)        (24.57)        267,756        0.31       2.93       62  
    34.83        34.73        161,503        0.39       3.16       64  
      (5.91)        (5.67)        53,520        0.40       2.17       66  
                                                    
    (1.95)        (2.07)        41,872        0.20 (e)      1.12 (e)      31  
    34.04        34.32        34,345        0.21       1.20       50  
    8.06        7.96        22,504        0.21       1.48       71  
    (19.57)        (19.59)        24,589        0.21       1.39       57  
    45.28        45.91        30,335        0.20       1.20       49  
      11.71        11.43        17,079        0.20       1.81       61  
                                                    
    (1.96)        (2.14)        1,414,747        0.25 (e)      0.14 (e)      27  
    41.51        41.50        1,499,009        0.26       0.27       60  
    19.36        19.29        1,037,499        0.26       0.42       78  
    (27.90)        (27.94)        793,754        0.26       0.44       80  
    49.04        49.29        942,876        0.34       0.11       66  
      28.66        28.42        344,703        0.35       0.39       86  

 

See Notes to Financial Statements

 

60


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

            Investment Operations             Less Distributions               
     

Net Asset

Value,
Beginning

of Period

    

Net
Investment

Income

(Loss)(a)

    

Net Realized

/Unrealized

Gain (Loss)

     Total     

From

Net
Investment

Income

    

From
Net Realized

Gains

    

Return

of

Capital

     Total    

Net Asset

Value,
End of

Period

     Market
Price,
End of
Period
 

NULV

                                                                                        

4/30/25(d)

     $40.73        $0.39        $(1.08)        $(0.69)        $(0.82)        $–        $–        $(0.82     $39.22        $39.21  

10/31/24

     32.63        0.80        8.22        9.02        (0.92)                      (0.92     40.73        40.74  

10/31/23

     34.26        0.87        (1.77)        (0.90)        (0.73)                      (0.73     32.63        32.59  

10/31/22

     39.42        0.77        (4.17)        (3.40)        (0.63)        (1.13)               (1.76     34.26        34.30  

10/31/21

     28.62        0.77        10.50        11.27        (0.47)                      (0.47     39.42        39.44  

10/31/20

     31.52        0.77        (3.19)        (2.42)        (0.48)                      (0.48     28.62        28.65  

NUMG

                                                                                        

4/30/25(d)

     44.76        (f)        (1.53)        (1.53)        (0.03)                      (0.03     43.20        43.12  

10/31/24

     34.47        0.04        10.33        10.37        (0.08)                      (0.08     44.76        44.84  

10/31/23

     34.39        0.08        0.06        0.14        (0.06)                      (0.06     34.47        34.45  

10/31/22

     57.68        0.05        (17.07)        (17.02)        (0.01)        (6.26)               (6.27     34.39        34.42  

10/31/21

     42.94        (0.03)        16.66        16.63        (0.02)        (1.87)               (1.89     57.68        57.71  

10/31/20

     33.26        0.03        9.75        9.78        (0.10)                      (0.10     42.94        42.83  

NUMV

                                                                                        

4/30/25(d)

     35.79        0.29        (1.93)        (1.64)        (0.63)                      (0.63     33.52        33.47  

10/31/24

     26.86        0.63        8.99        9.62        (0.69)                      (0.69     35.79        35.82  

10/31/23

     31.07        0.68        (3.17)        (2.49)        (0.64)        (1.08)               (1.72     26.86        26.84  

10/31/22

     38.44        0.68        (5.61)        (4.93)        (0.48)        (1.96)               (2.44     31.07        31.10  

10/31/21

     25.64        0.54        12.68        13.22        (0.42)                      (0.42     38.44        38.50  

10/31/20

     29.50        0.57        (3.71)        (3.14)        (0.72)                      (0.72     25.64        25.67  

NUSC

                                                                                        

4/30/25(d)

     42.20        0.18        (4.48)        (4.30)        (0.48)                      (0.48     37.42        37.38  

10/31/24

     32.41        0.40        9.82        10.22        (0.43)                      (0.43     42.20        42.22  

10/31/23

     35.54        0.43        (3.16)        (2.73)        (0.40)                      (0.40     32.41        32.40  

10/31/22

     45.25        0.37        (7.12)        (6.75)        (0.32)        (2.64)               (2.96     35.54        35.58  

10/31/21

     30.68        0.36        14.41        14.77        (0.20)                      (0.20     45.25        45.27  

10/31/20

     29.65        0.28        1.03        1.31        (0.28)                      (0.28     30.68        30.74  

 

(a)

Based on average shares outstanding.

 
(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 closing market price per share over the period, including the assumed reinvestment of distributions, if any, at the closing market price per share on each ex-dividend payment date during the period. Since shares of the Fund did not trade in the secondary market until after the Fund’s commencement of operations, for the period from the commencement of operations to the first day of market trading, the NAV is used as a proxy for the market price to calculate market price returns. Total returns are not annualized.

 
(c) 

Does not include in-kind transactions.

 
(d) 

Unaudited

 
(e) 

Annualized.

 
(f) 

Value rounded to zero.

 

 

61


                  Ratios and Supplemental Data  
    Total Return             Ratios to Average Net Assets        
   

Based

on

Net Asset

Value(b)

    

Based

on

Market

Price(b)

    

Net Assets,

End of Period

(000)

     Expenses    

Net Investment

Income (Loss)

   

Portfolio

Turnover

Rate(c)

 
                                                    
    (1.69)%        (1.73)%        $1,598,280        0.25 %(e)      1.92 %(e)      30%  
    28.04        28.23        1,694,496        0.26       2.10       47  
    (2.73)        (2.98)        1,383,636        0.26       2.52       61  
    (9.09)        (9.03)        1,531,314        0.26       2.15       68  
    39.68        39.63        1,176,613        0.34       2.13       59  
      (7.87)        (7.78)        535,228        0.35       2.63       38  
                                                    
    (3.43)        (3.78)        384,472        0.30 (e)      0.02 (e)      49  
    30.07        30.39        400,608        0.31       0.10       78  
    0.43        0.27        324,062        0.31       0.21       100  
    (32.50)        (32.48)        312,943        0.31       0.13       84  
    39.51        39.92        400,877        0.39       (0.06     83  
      29.43        28.90        193,216        0.40       0.08       94  
                                                    
    (4.64)        (4.87)        352,001        0.30 (e)      1.68 (e)      35  
    36.20        36.41        365,081        0.31       1.90       51  
    (8.58)        (8.76)        296,817        0.31       2.30       77  
    (13.71)        (13.76)        310,664        0.31       2.02       77  
    51.97        52.06        276,751        0.39       1.57       67  
      (10.98)        (11.11)        119,241        0.40       2.25       72  
                                                    
    (10.32)        (10.45)        1,058,918        0.30 (e)      0.88 (e)      26  
    31.69        31.77        1,209,134        0.31       1.01       45  
    (7.77)        (7.89)        889,601        0.31       1.19       62  
    (15.68)        (15.63)        909,828        0.31       0.99       71  
    48.28        48.03        1,106,366        0.39       0.85       60  
      4.40        4.44        369,634        0.40       0.98       54  

 

See Notes to Financial Statements

 

62


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

            Investment Operations             Less Distributions                
     

Net Asset

Value,
Beginning

of Period

    

Net
Investment

Income

(Loss)(a)

   

Net Realized

/Unrealized

Gain (Loss)

     Total     

From

Net
Investment

Income

    

From
Net Realized

Gains

    

Return

of

Capital

     Total     

Net Asset

Value,
End of

Period

     Market
Price,
End of
Period
 

NDVG

                                                                                        

4/30/25(d)

     $32.40        $0.19       $(0.78)        $(0.59)        $(0.19)        $–        $–        $(0.19)        $31.62        $31.65  

10/31/24

     24.89        0.35       7.53        7.88        (0.37)                      (0.37)        32.40        32.45  

10/31/23

     24.26        0.37       0.62        0.99        (0.36)                      (0.36)        24.89        24.90  

10/31/22

     26.13        0.34       (1.87)        (1.53)        (0.33)        (0.01)               (0.34)        24.26        24.27  

10/31/21(f)

     25.00        0.09       1.10        1.19        (0.06)                      (0.06)        26.13        26.14  

NUGO

                                                                                        

4/30/25(d)

     32.52        (0.02)       (1.59)        (1.61)                                    30.91        31.04  

10/31/24

     22.10        (0.01)       10.48        10.47        (0.05)                      (0.05)        32.52        32.51  

10/31/23

     17.97        0.05       4.13        4.18        (0.05)                      (0.05)        22.10        22.08  

10/31/22

     26.04        0.02       (8.09)        (8.07)                                    17.97        17.93  

10/31/21(g)

     25.00        0.01       1.03        1.04                                    26.04        26.05  

NSCS

                                                                                        

4/30/25(d)

     27.63        0.06       (2.73)        (2.67)        (0.08)                      (0.08)        24.88        24.90  

10/31/24

     20.74        0.07       6.85        6.92        (0.03)                      (0.03)        27.63        27.68  

10/31/23

     21.57        0.04       (0.79)        (0.75)        (0.07)               (0.01)        (0.08)        20.74        20.74  

10/31/22

     26.21        0.06       (4.67)        (4.61)        (0.03)                      (0.03)        21.57        21.57  

10/31/21(f)

     25.00        0.01       1.20        1.21                                    26.21        26.22  

NWLG

                                                                                        

4/30/25(d)

     31.87        (0.02)       (1.04)        (1.06)        (h)                             30.81        30.82  

10/31/24

     21.78        (0.04)       10.13        10.09        (h)                             31.87        31.84  

10/31/23

     18.00              3.78        3.78                                    21.78        21.78  

10/31/22

     26.39        (0.02)       (8.37)        (8.39)                                    18.00        18.00  

10/31/21(f)

     25.00        (0.02     1.41        1.39                                    26.39        26.37  

 

(a) 

Based on average shares outstanding.

 
(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 closing market price per share over the period, including the assumed reinvestment of distributions, if any, at the closing market price per share on each ex-dividend payment date during the period. Since shares of the Fund did not trade in the secondary market until after the Fund’s commencement of operations, for the period from the commencement of operations to the first day of market trading, the NAV is used as a proxy for the market price to calculate market price returns. Total returns are not annualized.

 
(c) 

Does not include in-kind transactions.

 
(d) 

Unaudited

 
(e) 

Annualized.

 
(f) 

For the period August 4, 2021 (commencement of operations) through October 31, 2021.

 
(g) 

For the period September 27, 2021 (commencement of operations) through October 31, 2021.

 
(h) 

Value rounded to zero.

 

 

63


                  Ratios and Supplemental Data  
    Total Return             Ratios to Average Net Assets        
   

Based

on

Net Asset

Value(b)

    

Based

on

Market

Price(b)

    

Net Assets,

End of Period

(000)

     Expenses    

Net Investment

Income (Loss)

   

Portfolio

Turnover

Rate(c)

 
                                                    
    (1.84)%        (1.88)%        $11,699        0.64 %(e)      1.15 %(e)      5%  
    31.80        31.95        11,342        0.65       1.19       10  
    4.08        4.08        8,214        0.65       1.45       18  
    (5.89)        (5.91)        7,763        0.64       1.34       12  
      4.76        4.82        6,009        0.64 (e)      1.52  (e)      7  
                                                    
    (4.94)        (4.52)        2,551,180        0.55 (e)      (0.13 )  (e)      19  
    47.47        47.51        2,750,827        0.56       (0.03     22  
    23.30        23.46        2,476,996        0.56       0.24       31  
    (31.01)        (31.16)        2,332,827        0.55       0.09       39  
      4.18        4.18        1,687,423        0.55 (e)      0.39 (e)      2  
                                                    
    (9.71)        (9.78)        7,214        0.85 (e)      0.42 (e)      28  
    33.38        33.63        7,460        0.86       0.28       49  
    (3.49)        (3.51)        5,393        0.86       0.19       44  
    (17.61)        (17.62)        5,608        0.85       0.27       64  
      4.84        4.87        6,290        0.85 (e)      0.23 (e)      11  
                                                    
    (3.33)        (3.20)        8,934        0.64 (e)      (0.14 )  (e)      60  
    46.37        46.19        9,242        0.65       (0.14     57  
    20.95        21.00        5,445        0.65       0.01       71  
    (31.77)        (31.74)        4,501        0.64       (0.08     58  
      5.56        5.50        6,069        0.64 (e)      (0.24 )  (e)      15  

 

See Notes to Financial Statements.

 

64


Notes to Financial Statements

(Unaudited)

 

1.  General Information

Trust and Fund Information: 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 ESG Dividend ETF (NUDV), Nuveen ESG Emerging Markets Equity ETF (NUEM), Nuveen ESG International Developed Markets Equity ETF (NUDM), Nuveen ESG Large-Cap ETF (NULC), Nuveen ESG Large- Cap Growth ETF (NULG), Nuveen ESG Large-Cap Value ETF (NULV), Nuveen ESG Mid-Cap Growth ETF (NUMG), Nuveen ESG Mid-Cap Value ETF (NUMV), Nuveen ESG Small-Cap ETF (NUSC), 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”). The Trust was organized as a Massachusetts business trust on February 20, 2015. Shares of NUDV, NUEM, NUDM, NULC, NULG, NULV, NUMG, NUMV AND NUSC are listed and traded on the Cboe BZX Exchange, Inc., while shares of NDVG, NUGO, NSCS and NWLG are listed and traded on the NYSE Arca. The Cboe BZX Exchange, Inc. and NYSE Arca are each an “Exchange”.

Current Fiscal Period: The end of the reporting period for the Funds is April 30, 2025, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2025 (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 Nuveen Asset Management (“NAM”) and Teachers Advisors, LLC (“TAL”), each an affiliate of the Adviser, and Winslow Capital Management, LLC (“Winslow Capital”), (each a “Sub-Adviser” and collectively, the “Sub-Advisers”). NAM is responsible for managing the investment portfolio of NDVG, NUGO and NSCS. TAL is responsible for managing the investment portfolio of NUDV, NUEM, NUDM, NULC, NULG, NULV, NUMG, NUMV AND NUSC. Winslow Capital is responsible for managing the investment portfolio of NWLG.

NSCS Fund Liquidation: On April 29, 2025, the Board of Trustees approved the liquidation of NSCS, on or about July 1, 2025

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”) Accounting 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 shareholder transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing security and shareholder 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 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.

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.

Foreign Currency Transactions and Translation: The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received are recognized as a component of “Net realized gain (loss) from foreign currency transactions” on the Statement of Operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of “Change in unrealized appreciation (depreciation) on foreign currency translations” on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivative’s related “Change in unrealized appreciation (depreciation)” on the Statement of Operations, when applicable.

As of the end of the reporting period, the following Fund’s investments in non-U.S. securities were as follows:

 

  65


Notes to Financial Statements (continued)

 

 

NUEM    Value     % of
Net Assets
 

Country:

    

China

   $ 89,254,823       29.7%  

India

     57,756,788       19.2  

Taiwan

     55,816,622       18.6  

South Korea

     25,876,007         8.6  

Saudi Arabia

     13,273,112       4.4  

Brazil

     11,705,471       3.9  

South Africa

     10,051,144       3.3  

Mexico

     6,103,937       2.0  

Malaysia

     4,892,966       1.6  

United Arab Emirates

     3,763,435       1.3  

Other

     22,906,385       7.6  

Total non-U.S. Securities

   $ 301,400,690       100.2%  
NUDM    Value     % of
Net Assets
 

Country:

    

Japan

   $ 117,891,197       22.4%  

United Kingdom

     76,859,744       14.6  

France

     53,744,303       10.2  

Germany

     45,879,834       8.7  

Switzerland

     36,183,151       6.9  

Australia

     32,241,098       6.1  

Spain

     19,700,724       3.7  

Netherlands

     19,438,744       3.7  

Italy

     18,531,594       3.5  

Sweden

     15,987,594       3.0  

Other

     58,407,474       11.1  

Total non-U.S. Securities

   $ 494,865,457       93.9%  

Foreign Taxes: The Funds may be subject to foreign taxes on income, gains on investments or foreign currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.

Indemnifications: Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s 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 declaration. 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.

Segment Reporting: In November 2023, the FASB issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires a public entity that has a single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Funds adopted ASU 2023-07 during the current reporting period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds’ financial positions or the results of their operations.

The officers of the Funds act as the chief operating decision maker (“CODM”). Each Fund represents a single operating segment. The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund’s long-term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as “total assets” and significant segment revenues and expenses are listed on the Statement of Operations.

 

66  


 

 

New Accounting Pronouncement: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures (“ASU 2023-09”). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the 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 Adviser, subject to oversight of 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 principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability.

Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

 

Level 1     Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2     Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3     Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

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 last reported sales price or official closing price 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 reported sales price or official closing price on the principal exchange where traded, and converted to U.S. dollars at the prevailing rates of exchange on the valuation date. To the extent these securities are actively traded and no valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price or official closing price, these securities are generally classified as Level 2.

Investments in investment companies are valued at their respective NAVs or share price on the valuation date and are generally classified as Level 1.

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, official closing price, or an evaluated price provided by the pricing services and are generally classified as Level 1 or 2.

Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price and are generally classified as Level 1.

Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and oversight of the Board. Pricing services establish a security’s fair value using methods that 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 obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered 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 obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2; 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:

 

NUDV   Level 1     Level 2     Level 3     Total  

Long-Term Investments:

       

Common Stocks

  $  26,861,605     $   –     $   –     $  26,861,605  

Total

  $ 26,861,605     $     $     $ 26,861,605  

 

  67


Notes to Financial Statements (continued)

 

 

NUEM   Level 1     Level 2     Level 3     Total  

Long-Term Investments:

       

Common Stocks

  $ 298,796,024     $  2,604,661     $ 5     $ 301,400,690  

Investments Purchased with Collateral from Securities Lending

       3,438,472           –            –         3,438,472  

Total

  $ 302,234,496     $ 2,604,661     $ 5     $ 304,839,162  
NUDM   Level 1     Level 2     Level 3     Total  

Long-Term Investments:

       

Common Stocks

  $ 522,923,103     $     $   $ 522,923,103  

Total

  $ 522,923,103     $     $     $ 522,923,103  
NULC   Level 1     Level 2     Level 3     Total  

Long-Term Investments:

       

Common Stocks

  $ 41,778,667     $     $     $ 41,778,667  

Total

  $ 41,778,667     $     $     $ 41,778,667  
NULG   Level 1     Level 2     Level 3     Total  

Long-Term Investments:

       

Common Stocks

    $ 1,362,302,045     $     $       $ 1,362,302,045  

Investments in Derivatives:

       

Futures Contracts**

    (447,506)                   (447,506)  

Total

    $ 1,361,854,539     $     $       $ 1,361,854,539  
NULV   Level 1     Level 2     Level 3     Total  

Long-Term Investments:

       

Common Stocks

    $ 1,593,426,035     $     $       $ 1,593,426,035  

Investments Purchased with Collateral from Securities Lending

    365,248                   365,248  

Total

    $ 1,593,791,283     $     $       $ 1,593,791,283  
NUMG   Level 1     Level 2     Level 3     Total  

Long-Term Investments:

       

Common Stocks

  $ 384,080,991     $     $     $ 384,080,991  

Total

  $ 384,080,991     $     $     $ 384,080,991  
NUMV   Level 1     Level 2     Level 3     Total  

Long-Term Investments:

       

Common Stocks

  $ 351,367,596     $     $     $ 351,367,596  

Investments Purchased with Collateral from Securities Lending

    195,215                   195,215  

Total

  $ 351,562,811     $     $     $ 351,562,811  
NUSC   Level 1     Level 2     Level 3     Total  

Long-Term Investments:

       

Common Stock Rights

  $     $     $ 95,913     $ 95,913  

Common Stocks

    1,052,152,206                   1,052,152,206  

Investments Purchased with Collateral from Securities Lending

    9,308,655                   9,308,655  

Total

  $  1,061,460,861     $     $ 95,913     $  1,061,556,774  

 

68  


 

 

NDVG    Level 1      Level 2      Level 3      Total  

Long-Term Investments:

           

Common Stocks

   $ 11,558,575      $      –      $      –      $ 11,558,575  

Total

   $ 11,558,575      $      $      $ 11,558,575  
NUGO    Level 1      Level 2      Level 3      Total  

Long-Term Investments:

           

Common Stocks

   $ 2,474,549,620      $      $      $ 2,474,549,620  

Total

   $     2,474,549,620      $      $      $      2,474,549,620  
NSCS    Level 1      Level 2      Level 3      Total  

Long-Term Investments:

           

Common Stocks

   $ 7,059,097      $      $      $ 7,059,097  

Investments Purchased with Collateral from Securities Lending

     31,841                      31,841  

Total

   $ 7,090,938      $      $      $ 7,090,938  
NWLG    Level 1      Level 2      Level 3      Total  

Long-Term Investments:

           

Common Stocks

   $ 8,888,075      $      $      $ 8,888,075  

Total

   $ 8,888,075      $      $      $ 8,888,075  

 

*

Value equals zero as of the end of the reporting period.

**

Represents net unrealized appreciation (depreciation).

4.  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, a Fund retains the benefits of owning the securities, including the economic equivalent of dividends 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.

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 Statement of Operations.

As of the end of the current fiscal period, the total value of the loaned securities and the total value of collateral received were as follows:

 

      Aggregate Value of 
Securities on Loan
               
Fund   

Equity

Securities

    

Cash Collateral

Received*

    

Total Collateral

Received

 

NUEM

     $3,319,675        $3,438,472        $3,438,472  

NULV

     359,941        365,248        365,248  

NUMV

     191,595        195,215        195,215  

NUSC

     8,690,798        9,308,655        9,308,655  

NSCS

     31,048        31,841        31,841  
*May include cash and investment of cash collateral.

 

     

 

  69


Notes to Financial Statements (continued)

 

 

Purchases and Sales: Long-term purchases and sales (excluding in-kind transactions) during the current fiscal period were as follows:

 

     Purchases      Sales  
Fund   

Non-U.S.

Government

Purchases

    

Non-U.S.

Government

Sales

 

NUDV

   $ 6,252,277      $ 6,715,128  

NUEM

     114,859,858        103,679,265  

NUDM

     148,604,873        156,703,188  

NULC

     11,446,364        11,930,624  

NULG

     390,261,626        463,689,466  

NULV

     505,702,700        516,622,603  

NUMG

     203,700,744        206,996,421  

NUMV

     127,345,603        126,907,259  

NUSC

     318,976,035        305,698,578  

NDVG

     566,141        580,070  

NUGO

     496,601,633        530,292,176  

NSCS

     2,346,748        2,194,827  

NWLG

     5,649,413        5,648,564  

In-kind transactions during the current fiscal period were as follows:

 

Fund   

In-Kind

Purchases

    

In-Kind

Sales

 

NUDV

   $ 16,678,545      $  

NUEM

     2,941,618        883,078  

NUDM

     45,001,119        6,121,774  

NULC

     10,622,753        2,221,891  

NULG

     34,381,517        72,808,418  

NULV

     410,968,240        452,690,815  

NUMG

     187,940,142        190,890,445  

NUMV

     112,213,002        102,270,713  

NUSC

     273,652,718        286,588,159  

NDVG

     6,815,947        6,259,825  

NUGO

     118,573,583        200,871,230  

NSCS

     592,774         

NWLG

     1,365,128        1,355,262  

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. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.

 

70  


 

 

5.  Derivative Investments

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of Operations, respectively.

Futures Contracts: During the current fiscal period NULG used equity index futures to equitize cash in the portfolio.

A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Upon execution of a futures contract, the Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified in the Portfolio of Investments and cash deposited for initial margin, if any, is reflected on the Statement of Assets and Liabilities.

During the period the futures contract is open, changes in the market value of the contract are recognized as an unrealized gain or loss by “marking- to-market” on a daily basis. The Fund and the clearing broker are obligated to settle monies on a daily basis representing the changes in the value of the contracts. These daily cash settlements are known as “variation margin” and is recognized on the Statement of Assets and Liabilities as a receivable or payable for variation margin on futures contracts. When the contract is closed or expired, the Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into. The net realized gain or loss and the change in unrealized appreciation (depreciation) on futures contracts held during the period is included on the Statement of Operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.

The average notional amount of futures contracts outstanding during the current fiscal period was as follows:

 

Fund   

Average Notional
Amount of Futures

Contracts
Outstanding*

 

NULG

   $  19,470,142  
*    The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.

As of the end of the reporting period, the following Funds have invested in derivative contracts which are reflected in the Statement of Assets and Liabilities as follows:

 

            Asset Derivatives                Liability Derivatives       
Derivative Instrument    Risk Exposure    Location    Value       Location    Value  

NULG

                 

Futures Contracts

   Equity    -    $–       Unrealized depreciation on futures contracts*    $ (447,506

 

*    The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected in the accompanying Statements of Assets and Liabilities is only the receivable or payable for variation margin on open futures contracts.

During the current fiscal period, the effect of derivative contracts on the Funds’ Statement of Operations was as follows:

 

Derivative Instrument    Risk Exposure   

Net Realized Gain

(Loss)

      

Change in

Unrealized

Appreciation

(Depreciation)

 

NULG

          

Futures contracts

   Equity    $ (1,251,766      $ (447,506

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 Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

 

  71


Notes to Financial Statements (continued)

 

 

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources 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.

6.  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 (“Creation 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 Fund’s 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.

Transactions in Fund shares during the current and prior period were as follows:

 

 

 

   NUDV      NUEM  
     Six Months Ended
4/30/25
     Year Ended
10/31/24
     Six Months Ended
4/30/25
     Year Ended
10/31/24
 
  

 

   Shares      Amount      Shares      Amount      Shares      Amount      Shares      Amount  

Subscriptions

     600,000        $16,724,103        100,000        $2,985,679        900,000        $26,517,802        1,000,000        $28,573,072  

Redemptions

                   (200,000)        (5,303,640)        (300,000)        (8,000,314)                

Net increase (decrease)

     600,000        $16,724,103        (100,000)        $(2,317,961)        600,000        $18,517,488        1,000,000        $28,573,072  
 

 

   NUDM      NULC  
     Six Months Ended
4/30/25
     Year Ended
10/31/24
     Six Months Ended
4/30/25
     Year Ended
10/31/24
 
  

 

   Shares      Amount      Shares      Amount      Shares      Amount      Shares      Amount  

Subscriptions

     1,500,000        $47,282,623        1,400,000        $44,047,979        250,000        $10,648,089        100,000        $4,170,767  

Redemptions

     (200,000)        (6,385,163)        (400,000)        (11,489,566)        (50,000)        (2,227,249)                

Net increase (decrease)

     1,300,000        $40,897,460        1,000,000        $32,558,413        200,000        $8,420,840        100,000        $4,170,767  
 

 

   NULG      NULV  
     Six Months Ended
4/30/25
     Year Ended
10/31/24
     Six Months Ended
4/30/25
     Year Ended
10/31/24
 
  

 

   Shares      Amount      Shares      Amount      Shares      Amount      Shares      Amount  

Subscriptions

     650,000        $52,533,233        11,300,000        $802,955,683        10,000,000        $417,797,266        17,750,000        $657,608,987  

Redemptions

     (1,300,000)        (111,623,354)        (10,850,000)        (768,715,035)        (10,850,000)        (457,152,688)        (18,550,000)        (690,761,184)  

Net increase (decrease)

     (650,000)        $(59,090,121)        450,000        $34,240,648        (850,000)        $(39,355,422)        (800,000)        $(33,152,197)  
 

 

   NUMG      NUMV  
     Six Months Ended
4/30/25
     Year Ended
10/31/24
     Six Months Ended
4/30/25
     Year Ended
10/31/24
 
  

 

   Shares      Amount      Shares      Amount      Shares      Amount      Shares      Amount  

Subscriptions

     3,900,000        $188,195,303        5,450,000        $225,747,538        3,100,000        $112,483,245        4,350,000        $140,045,348  

Redemptions

     (3,950,000)        (194,300,878)        (5,900,000)        (246,257,929)        (2,800,000)        (103,935,369)        (5,200,000)        (168,349,723)  

Net increase (decrease)

     (50,000)        $(6,105,575)        (450,000)        $(20,510,391)        300,000        $8,547,876        (850,000)        $(28,304,375)  
 

 

   NUSC      NDVG  
     Six Months Ended
4/30/25
     Year Ended
10/31/24
     Six Months Ended
4/30/25
     Year Ended
10/31/24
 
  

 

   Shares      Amount      Shares      Amount      Shares      Amount      Shares      Amount  

Subscriptions

     6,250,000        $275,438,426        12,700,000        $495,291,080        210,000        $6,826,395        290,000        $8,141,413  

Redemptions

     (6,600,000)        (291,854,858)        (11,500,000)        (449,650,302)        (190,000)        (6,265,144)        (270,000)        (7,837,567)  

Net increase (decrease)

     (350,000)        $(16,416,432)        1,200,000        $45,640,778        20,000        $561,251        20,000        $303,846  

 

72  


 

 

 

 

   NUGO      NSCS  
     Six Months Ended
4/30/25
     Year Ended
10/31/24
     Six Months Ended
4/30/25
     Year Ended
10/31/24
 
  

 

   Shares      Amount      Shares      Amount      Shares      Amount      Shares      Amount  

Subscriptions

     3,830,000        $120,517,015        2,320,000        $71,062,856        20,000        $593,743        20,000        $534,060  

Redemptions

     (5,880,000)        (201,995,952)        (29,840,000)        (889,242,154)                      (10,000)        (256,889)  

Net increase (decrease)

     (2,050,000)        $(81,478,937)        (27,520,000)        $(818,179,298)        20,000        $593,743        10,000        $277,171  
 

 

    

 

     NWLG  
                   Six Months Ended
4/30/25
     Year Ended
10/31/24
 
  

 

     

 

       

 

       

 

       

 

     Shares      Amount      Shares      Amount  

Subscriptions

                 40,000        $1,386,684        50,000        $1,522,085  

Redemptions

                                         (40,000)        (1,376,477)        (10,000)        (297,956)  

Net increase (decrease)

                                                $10,207        40,000        $1,224,129  

7.  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 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.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.

As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as follows:

 

Fund    Tax Cost       Gross Unrealized
Appreciation
      Gross Unrealized
(Depreciation)
   

Net

Unrealized

Appreciation

(Depreciation)

 

NUDV

   $ 27,108,106      $ 1,046,013      $ (1,292,514   $ (246,501

NUEM

     273,058,794        49,995,336        (18,214,968     31,780,368  

NUDM

     444,976,128        101,961,271        (24,014,296     77,946,975  

NULC

     36,120,455        7,450,935        (1,792,723     5,658,212  

NULG

      1,207,462,397        228,984,482        (74,592,340     154,392,142  

NULV

     1,585,553,182        125,065,462        (116,827,361     8,238,101  

NUMG

     408,919,771        16,173,156        (41,011,936     (24,838,780

NUMV

     360,052,090        17,100,552        (25,589,831     (8,489,279

NUSC

     1,183,622,409        72,262,574        (194,328,209     (122,065,635

NDVG

     11,722,485        648,371        (812,281     (163,910

NUGO

     1,773,289,907        761,413,972        (60,154,259     701,259,713  

NSCS

     6,569,946        1,176,358        (655,366     520,992  

NWLG

     7,286,680        1,895,964        (294,569     1,601,395  

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:

 

  73


Notes to Financial Statements (continued)

 

 

Fund   

Undistributed

Ordinary
Income

     Undistributed
Long-Term
Capital Gains
     Unrealized
Appreciation
(Depreciation)
     Capital Loss
Carryforwards
   

Late-Year Loss

Deferrals

   

Other

Book-to-Tax
Differences

     Total  

NUDV

   $ 526,699      $      –      $ 661,887      $     $     $      –      $ 1,188,586  

NUEM

     4,820,362               40,082,657        (35,416,103                  9,486,916  

NUDM

     13,357,337               50,805,925        (12,044,678                  52,118,584  

NULC

     595,731               8,110,387                           8,706,118  

NULG

     1,725,326               246,807,037        (103,203,267                  145,329,096  

NULV

     27,577,082               149,705,507        (194,641,955                  (17,359,366

NUMG

     165,990               37,027,509        (98,939,417                  (61,745,918

NUMV

     4,681,758               40,332,929        (59,787,676                  (14,772,989

NUSC

     10,317,401               73,280,860        (212,733,823                  (129,135,562

NDVG

     6,993               1,373,771        (330,360                  1,050,404  

NUGO

                   930,083,619        (706,118,088     (2,754,930            221,210,601  

NSCS

     11,795               1,223,815        (716,371                  519,239  

NWLG

                   2,502,229        (832,339     (11,305            1,658,585  

As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:

 

Fund    Short-Term      Long-Term      Total  

NUDV

   $      $      $  

NUEM1

     20,419,229        14,996,874        35,416,103  

NUDM

     8,887,623        3,157,055        12,044,678  

NULC

                    

NULG

     57,608,196        45,595,071        103,203,267  

NULV

     103,890,778        90,751,177        194,641,955  

NUMG

     65,050,770        33,888,647        98,939,417  

NUMV

     33,682,969        26,104,707        59,787,676  

NUSC

     85,360,028        127,373,795        212,733,823  

NDVG

     75,108        255,252        330,360  

NUGO

     552,540,672        153,577,416        706,118,088  

NSCS

     657,025        59,346        716,371  

NWLG

     711,675        120,664        832,339  

 

1 

A portion of NUEM’s capital loss carryforwards is subject to limitation under the Internal Revenue Code and related regulations.

 

74  


 

 

8.  Management Fees and Other Transactions with Affiliates

Management Fees: Each Fund’s management fee compensates the Adviser for its investment advisory services to the Funds. The Sub-Adviser is compensated for its services 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 portfolio 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

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

NDVG

   0.64

NUGO

   0.55

NSCS

   0.85

NWLG

   0.64

Other Transactions with Affiliates: The Funds receive voluntary compensation from the Adviser in amounts that approximate the cost of research services obtained from broker-dealers and research providers if the Adviser had purchased the research services directly. This income received by the Funds is recognized in “Affiliated income” on the Statement of Operations and any amounts due to the Funds at the end of the reporting period is recognized in “Reimbursement from Adviser” on the Statement of Assets and Liabilities. During the current fiscal period, the values of voluntary compensation were as follows:

 

Fund    Amount  

NWLG

     $441  

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 current market price (as provided by an independent pricing service) without incurring broker commissions.

During the current fiscal period, the Funds did not engage in cross-trades pursuant to these procedures.

As of the end of the reporting period, the percentage of Fund shares owned by affiliates was as follows:

 

  75


Notes to Financial Statements (continued)

 

 

Underlying Fund    TIAA     

Nuveen Equity

Funds

    

Nuveen
Lifecycle

Funds

     Nuveen
Lifestyle
Funds
    

Nuveen
Managed
Allocation

Fund

     Total  

NUDV

     –%        –%        –%        –%        –%        –%  

NUEM

                                         

NUDM

                                         

NULC

            21                             21  

NULG

                                         

NULV

                                         

NUMG

                                         

NUMV

                                         

NUSC

                                         

NDVG

     59                                    59  

NUGO

                   93        4        2        99  

NSCS

     76                                    76  

NWLG

     76                                    76  

9.  Emerging Markets Risks

The Emerging Markets Equity Fund holds a large portion of its assets in emerging market securities. Emerging market securities are often subject to greater price volatility, less liquidity and higher rates of inflation and deflation than U.S. securities. In addition, emerging markets may be subject to greater political, economic and social uncertainty, and differing regulatory environments that may potentially impact the Fund’s ability to buy or sell certain securities or repatriate proceeds to U.S. dollars.

10.  Subsequent Events

NSCS Fund Liquidation: As previously noted in these Notes to Financial Statements, NSCS is scheduled to liquidate on or about July 1, 2025.

NUDM Management Fee: Effective May 1, 2025, the annual management fee for NUDM has been reduced from 0.30% to 0.27%.

 

76  


Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.


Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

 


Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The aggregate remuneration paid to the trustees (all of whom are independent) by each Fund is reported as “Trustees fees” on the Statement of Operations under Item 7 of this Form N-CSR.

The Funds do not pay any remuneration to their officers. The aggregate remuneration paid to Nuveen Fund Advisors, LLC, the Funds’ investment adviser and an affiliate of the Funds’ officers, is reported as “Management fees” on the Statement of Operations under Item 7 of this Form N-CSR.

 


Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Nuveen ESG Dividend ETF

Nuveen ESG Emerging Markets Equity ETF

Nuveen ESG International Developed Markets Equity ETF

Nuveen ESG Large-Cap ETF

Nuveen ESG Large-Cap Growth ETF

Nuveen ESG Large-Cap Value ETF

Nuveen ESG Mid-Cap Growth ETF

Nuveen ESG Mid-Cap Value ETF

Nuveen ESG Small-Cap ETF

Nuveen Dividend Growth ETF

Nuveen Growth Opportunities ETF

Nuveen Small Cap Select ETF

Nuveen Winslow Large-Cap Growth ESG ETF

The Approval Process

At meetings held on April 28 and 29, 2025 (the “Meeting”), the Board of Trustees (the “Board” and each Trustee, a “Board Member”) of Nushares ETF Trust (the “Trust”) approved, for each applicable series of the Trust, the renewal of the investment management agreement (each an “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (“NFAL” or the “Adviser”), pursuant to which NFAL serves as investment adviser to such funds. Similarly, the Board approved the renewal of the sub-advisory agreement (each a “Sub-Advisory Agreement”) with (a) in the case of Nuveen ESG Dividend ETF (the “ESG Dividend Fund”), Nuveen ESG Emerging Markets Equity ETF (the “ESG Emerging Markets Equity Fund”), Nuveen ESG International Developed Markets Equity ETF (the “ESG International Developed Markets Equity Fund”), Nuveen ESG Large-Cap ETF (the “ESG Large-Cap Fund”), Nuveen ESG Large-Cap Growth ETF (the “ESG Large-Cap Growth Fund”), Nuveen ESG Large-Cap Value ETF (the “ESG Large-Cap Value Fund”), Nuveen ESG Mid-Cap Growth ETF (the “ESG Mid-Cap Growth Fund”), Nuveen ESG Mid-Cap Value ETF (the “ESG Mid-Cap Value Fund”) and Nuveen ESG Small-Cap ETF (the “ESG Small-Cap Fund”), Teachers Advisors, LLC (“TAL”), pursuant to which TAL serves as the sub-adviser to such Fund; (b) in the case of Nuveen Dividend Growth ETF (the “Dividend Growth Fund”), Nuveen Growth Opportunities ETF (the “Growth Opportunities Fund”) and Nuveen Small Cap Select ETF (the “Small Cap Select Fund”), Nuveen Asset Management, LLC (“NAM”), pursuant to which NAM serves as the sub-adviser to such Fund; and (c) in the case of Nuveen Winslow Large-Cap Growth ESG ETF (the “Winslow Large-Cap Growth ESG Fund”), Winslow Capital Management, LLC (“Winslow,” and Winslow, TAL and NAM are each a “Sub-Adviser”), pursuant to which Winslow serves as the sub-adviser to such Fund. TAL and NFAL are affiliates as NFAL is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”), and TAL is an indirect wholly owned subsidiary of TIAA. Winslow and NAM are also affiliates of TAL and NFAL. The Board Members are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) and, therefore, the Board is deemed to be comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary of the annual review process the Board undertook related to its most recent renewal of each Investment Management Agreement and Sub-Advisory Agreement with respect to each series covered by this report (the “Funds”).

In accordance with applicable law, following up to an initial two-year period, the Board considers the renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements,” and the Adviser and Sub-Advisers are collectively, the “Fund Advisers” and each a “Fund Adviser.”

To reach their determination, the Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the respective boards of the funds in the Nuveen complex and their committees in overseeing the applicable funds and working with the respective investment advisers and sub-advisers in their review of the advisory agreements for the fund complex. The fund complex consists of the group of funds advised by NFAL, including the Funds, and the group of funds advised by TAL as investment adviser (collectively, the “Nuveen funds” or the “funds”). The Board and its committees meet regularly throughout the year and at these meetings, the Board Members received materials and discussed information covering a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements. Such topics include, but are not limited to, the investment performance of the funds over various periods; investment oversight matters; economic, market and regulatory developments; any significant organizational or other developments impacting a Fund Adviser and its strategic plans for its business; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices, including soft dollar arrangements and reimbursements to the funds; the liquidity and derivatives risk management programs; management of distributions; valuation of securities; payments to financial intermediaries, including 12b-1 expenses (as applicable); and securities lending (as applicable). The Board also seeks to meet at its regular quarterly meetings with members of senior management to discuss various topics, including market conditions, industry developments and any significant developments or strategic plans for a Fund Adviser, if any.

 

1


Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)

To help with the review of performance, the Board and/or its committees periodically received and discussed presentations from member(s) of investment teams throughout the year, culminating in an annual performance review of the Nuveen funds at the Board’s meeting held on February 25-26, 2025 (the “February Meeting”). The presentations, discussions and meetings during the year provide a means for the Board Members to evaluate and consider the level, breadth and quality of services provided by the Fund Advisers and any changes to such services over time in light of new or modified regulatory requirements, changes to market conditions or other factors.

In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. During the year, management worked with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual review of the Advisory Agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of each Sub-Adviser and/or applicable investment team; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; a list of management fee and sub-advisory fee schedules; an analysis of advisory fees compared to fees assessed to other types of clients; a review of temporary and/ or permanent expense caps and fee waivers (as applicable); a description of portfolio manager compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, comparing fee and expense levels of each respective Fund to those of a peer universe and to a group of peers selected by Broadridge.

The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Board’s review of the Advisory Agreements is based on all the information provided to the Board and its committees over time. The performance, fee and expense data and other information provided by a Fund Adviser, Broadridge or other service providers were not independently verified by the Board Members.

As part of their review, the Board Members and independent legal counsel met in executive session on April 9, 2025 to review and discuss materials provided in connection with their annual review of the Advisory Agreements. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these follow-up questions and requests. The Board Members and independent legal counsel met again in executive session on April 17, 2025 (together with the April 9, 2025 executive session, the “Executive Sessions”) to discuss the responses to the initial supplemental information request and following their review of the data provided, requested management present certain additional information at the Meeting. In addition to the Executive Sessions, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the responses, invited representatives of management to provide additional information and determined that the information provided (whether oral or written) was responsive to their requests.

The Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives of management were present. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.

After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory Agreements on behalf of the applicable Funds for an additional one-year period. The Board did not identify any single factor as all-important or controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board’s annual review of the Funds’ advisory arrangements and oversight of the Funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.

A. Nature, Extent and Quality of Services

In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to each respective Fund. With this approach, they considered the roles of the Adviser and the respective Sub-Advisers in providing services to the applicable Fund(s).

The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the Funds. The Board considered the Adviser’s and its affiliates’ dedication of resources, time, people and capital as well as consistent program of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an increasingly complex regulatory environment. Among the information provided in connection with the review of services at the Meeting and/ or prior meetings, the Board considered a description of the organizational changes at the Adviser during the year, the management teams that comprise the various support and investment functions for the funds and the background of certain personnel who support the funds. The Board considered the significant resources, both financial and personnel, the Adviser and its affiliates had committed over the past several years in working to bring the asset management businesses of Nuveen and TIAA under one centralized umbrella and to consolidate their respective fund families (the “Consolidation”) to the benefit of the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. To help ensure the continuation of services, the Board considered, among other things, management’s emphasis on succession planning and key person risk evaluation pursuant to which certain management team(s) meet annually to conduct a comprehensive review of successors to key positions, to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to operate in the event of business disruptions, and to review staffing and compensation levels to help remain

 

2


competitive with peers in the industry. The Board considered a description of the application of business continuity plans and the periodic testing and review of such plans. As noted below, the Board also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to provide a high level of quality services to the Funds.

In its review, the Board considered that the Funds operated in a highly regulated industry and the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the Funds have expanded over the years due to regulatory, market and other developments. Such services included maintaining and monitoring the Nuveen funds’ compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs and cybersecurity programs. The Board and/or its Compliance, Risk Management and Regulatory Oversight Committee received reports regarding the funds’ compliance policies and procedures and matters undertaken thereunder as well as other compliance initiatives on a regular basis.

In considering the breadth and quality of services the Adviser and its various teams provide, the Board considered that the Adviser provides investment advisory services. With respect to the Funds, such Funds utilize the Sub-Advisers to manage the portfolios of the Funds subject to the supervision of the Adviser. Accordingly, the Board considered that the Adviser and its affiliates, among other things, oversee and review the performance of the respective Sub-Adviser and its investment team(s); evaluate Fund performance and market conditions; evaluate investment strategies and recommend changes thereto; oversee trade execution and, as applicable, securities lending; evaluate investment risks; and manage valuation matters. As each Fund is an exchange-traded fund (each an “ETF”), such services also include, but are not limited to, performance monitoring and assessment, evaluating tax efficiencies consistent with portfolio management, reviewing tracking error and analyzing secondary market dynamics. As noted below, the Board also considered the Nuveen funds’ performance over various time periods throughout the year.

In addition to the portfolio management services provided to the Funds (including indirectly by overseeing the Sub-Advisers), the Board considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds, including but not limited to: distribution management services pursuant to which management seeks to implement distribution policies and set distribution levels consistent with each fund’s product design and positioning; compliance services including establishing and maintaining broad-based compliance policies across the Nuveen fund complex, evaluating the compliance programs of various fund services providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and providing a comprehensive compliance training program; providing regulatory advocacy services, including submitting comments on regulatory proposals and monitoring regulatory developments that may impact the fund(s); providing support to the Board and its committees throughout the year, including providing reports on a wide range of topics relating to the operations and management of the funds, helping to refine the materials provided to the Board and/or its committees and providing educational sessions on various topics; establishing and reviewing the services provided by other fund service providers (such as a fund’s custodian, accountant, and transfer agent); providing legal support services; and evaluating trade allocation and execution.

Aside from the services provided, the Board considered the financial resources of the Adviser and/or its affiliates and their willingness to make investments to support the funds. The Board considered the funds’ access to a seed capital budget provided by the Adviser and/or its affiliates to support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in a Fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, and expertise. The Board considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser’s continuing commitment to provide high quality services.

In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with their services to the Nuveen funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the Funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.

The Board considered the division of responsibilities between the Adviser and the Sub-Advisers and considered that each Sub-Adviser and its investment personnel, as noted, generally are responsible for the management of the respective Fund’s portfolio or a portion thereof under the oversight of the Adviser and the Board. The Board considered an analysis of each Sub-Adviser provided by the Adviser which included, among other things, a summary of changes (if any) in the leadership teams and/or portfolio manager teams; the performance of the Nuveen funds sub- advised by the Sub-Adviser over various periods of time that met certain performance screening measurements; and data reflecting product changes (if any) taken with respect to certain Nuveen funds. The Board considered that the Adviser recommended the renewal of the Sub-Advisory Agreements.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.

B. The Investment Performance of the Funds and Fund Advisers

In evaluating the quality of the services provided by the Fund Advisers, the Board also considered a variety of investment performance data of the Funds. In leading up to the annual review, the Board and/or its Investment Committee considered, among other things, net performance (based on net asset value) of the Funds over the quarter, one-, three- and five-year periods ending December 31, 2024 (or for such shorter periods to the extent a Fund was not in existence during such periods) on an absolute basis and as compared to the performance of comparable peers (the “Performance Peer Group”) and to a benchmark for the prescribed periods, subject to certain exceptions for the Index ETFs (as defined below). Prior to the Meeting, the Board also received updated Fund performance over the quarter, one-, three- and five-year periods ended March 31, 2025 (or for such shorter periods to the extent a Fund was not in existence during such periods) on an absolute basis and in comparison to the Performance Peer Group and a benchmark for the prescribed periods, subject to certain exceptions for the Index ETFs (as defined below). In its review of relative performance for Funds with a Performance Peer Group described below, the Board considered such Fund’s performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1st quartile representing the top performing funds within the Performance Peer Group and the 4th quartile representing the lowest performing funds.

 

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)

The Board took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior meetings over time in evaluating fund performance, including particular focus on management’s analysis of the performance of funds that met certain screening measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management’s investment analysts. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance before and after such changes.

In evaluating performance, the Board considered some of the limitations of the performance data. The Board considered, among other things, that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. Further, the Board considered that regardless of the performance period reviewed by the Board, shareholders may evaluate performance based on their own respective holding periods which may differ from the performance periods reviewed by the Board and lead to differing results. With respect to comparative performance, the Board considered that differing investment objectives, investment strategies, dates of inception, type and cost of leverage (if any), asset size and other factors between the Performance Peer Group and the respective Fund necessarily lead to differences in performance results. Similarly, differences in the investment objective(s) and strategies of a Fund and its benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a fund would contribute to differences in performance results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of the Performance Peer Groups to the applicable funds as low, medium or high.

With respect to the Funds, the Board considered that certain of the Funds (the “Index ETFs”) are designed to track the performance of a specified index (the “Underlying Index”) and others are actively managed. In this regard, the Board considered that the ESG Dividend Fund, ESG Emerging Markets Equity Fund, ESG International Developed Markets Equity Fund, ESG Large-Cap Fund, ESG Large-Cap Growth Fund, ESG Large-Cap Value Fund, ESG Mid-Cap Growth Fund, ESG Mid-Cap Value Fund and ESG Small-Cap Fund were Index ETFs, and the other Funds, including the Dividend Growth Fund, Growth Opportunities Fund, Small Cap Select Fund and Winslow Large-Cap Growth ESG Fund, were actively managed (“Active ETFs”).

With respect to the relative benchmark performance for Index ETFs, the Board also considered, among other things, the Index ETF’s performance in comparison to the performance of its Underlying Index, the performance of the Underlying Index compared to the base index from which it is derived over the one-, three- and five-year periods ended December 31, 2024 (or such shorter periods for Funds that did not exist during those time frames), and each Index ETF’s tracking error over various periods. However, given the Index ETFs’ investment objective of seeking investment results that correspond generally to the performance of their respective Underlying Index, the Board considered that the extent to which an Index ETF tracked its benchmark was of greater relevance in assessing the performance of these Funds and therefore placed more emphasis on the tracking error and correlation data.

The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer- specific information, asset class information, leverage and fund cash flows. The Board considered that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect performance. Further, the Board considered that market and economic conditions may significantly impact a Fund’s performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that longer periods of performance may reflect full market cycles.

In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. In evaluating performance, the Board focused particular attention on funds with less favorable performance records. However, depending on the facts and circumstances, including any differences between the respective fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund’s performance notwithstanding that its performance may be below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified performance issues, the Board seeks to monitor such funds more closely until performance improves, discuss with the Adviser the reasons for such results, consider whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review the results of any steps undertaken.

The performance determinations with respect to each Fund are summarized below:

Index ETFs

 

   

For each Index ETF (i.e., ESG Dividend Fund, ESG Emerging Markets Equity Fund, ESG International Developed Markets Equity Fund, ESG Large-Cap Fund, ESG Large-Cap Growth Fund, ESG Large-Cap Value Fund, ESG Mid-Cap Growth Fund, ESG Mid-Cap Value Fund and ESG Small-Cap Fund), the Board considered, among other things, the performance of each Index Fund for the one-, three- and five-year periods ended December 31, 2024 (or for such shorter periods for Funds that did not exist during the period) on an absolute basis and relative return basis compared to its Underlying Index as well as its tracking error compared to its respective Underlying Index as of December 31, 2024 and as of each month end for the 2024 calendar year. Given each Index ETF’s investment objective, however, the Board placed more emphasis on its review of the tracking error and correlation data and after review of such data and other metrics, the Board considered that each Index ETF had performed in line with expectations in 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements.

Active ETFs

 

4


   

For Dividend Growth Fund, the Board considered that although the Fund’s performance was below the performance of its benchmark for the one- and three-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for such periods. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements.

 

   

For Growth Opportunities Fund, the Board considered that the Fund outperformed its benchmark and ranked in the first quartile of its Performance Peer Group for the one-year period ended December 31, 2024 and although the Fund’s performance was below the performance of its benchmark for the three-year period ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for such period. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements.

 

   

For Small Cap Select Fund, the Board considered that the Fund outperformed its benchmark for the one- and three-year periods ended December 31, 2024 and ranked in the first quartile of its Performance Peer Group for the one-year period ended December 31, 2024 and third quartile for the three-year period ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements.

 

   

For Winslow Large-Cap Growth ESG Fund, the Board considered that although the Fund’s performance was below the performance of its benchmark for the one- and three-year periods ended December 31, 2024, the Fund ranked in the third quartile of its Performance Peer Group for such periods. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements.

C. Fees, Expenses and Profitability

 

  1.

Fees and Expenses

As part of the annual review, the Board Members considered, among other things, the management fee schedules and the expense reimbursements and/or fee waivers agreed to by the Adviser for the respective Fund (if any). In addition to the management fee arrangements, the Board Members considered a Fund’s operating expense ratio as it more directly reflected a shareholder’s total costs in investing in the respective Fund.

The Board also considered comparative fee and expense information prepared by an independent third-party provider of fund data. More specifically, the Board Members generally reviewed, among other things, each Fund’s management fee rates and net total expense ratio in relation to similar data for a comparable universe of peers (the “Expense Universe”) and a more focused group of comparable peers (the “Expense Group”) established by Broadridge. In its review of such comparative fee and expense data, the Board considered, among other things, a fund’s quartile rankings of its contractual management fee rate, actual management fee rate and net total expense ratio within its Expense Universe and Expense Group with the first quartile representing the range of funds with the lowest management fee rate or net total expense ratio, respectively, and the fourth quartile representing the range of funds with the highest management fee rate or net total expense ratio, respectively. In their review, the Board Members considered, in particular, each fund with a net total expense ratio meeting certain expense screening criteria adopted by the Board when compared to its Expense Universe and Expense Group (if any) and management’s commentary as to the factors contributing to each such fund’s relative net total expense ratio. The Board also considered, in relevant part, a fund’s management fee in light of its performance history with particular focus on any fund identified as having a higher management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged performance.

In their review, the Board Members considered the methodology Broadridge employed to establish its Expense Universe and Expense Group (as applicable). The Board further considered that differences between the applicable Fund and its respective Expense Universe and/ or Expense Group, as well as changes to the composition of the Expense Universe and/or Expense Group from year to year, may limit some of the value of the comparative data. The Board Members also considered that it can be difficult to compare management fees among funds with peers as there are variations in the services that are included for the fees paid. The Board Members took these limitations and differences into account when reviewing comparative peer data.

In their evaluation of the fee arrangements for the Funds, the Board considered that the Funds pay the Adviser a single, all-inclusive (or unified) management fee for providing or paying for all services necessary for the management and operation of the Fund, subject to certain exceptions. Given the Adviser pays the respective Fund’s expenses (subject to certain exceptions) under the unified management fee arrangement, the Board considered the expense ratios to be the more relevant comparative data point. The Board further considered the expenses of each Fund paid by the Adviser for the 2024 calendar year.

With respect to the Sub-Advisers, the Board also considered, among other things, the sub-advisory fee schedule paid to the respective Sub-Adviser in light of the sub-advisory services provided to the respective Fund. In its review, the Board considered that the compensation paid to a Sub-Adviser is the responsibility of the Adviser, not the applicable Fund(s).

The Board’s considerations regarding the comparative fee data for each of the Funds are set forth below:

 

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)

 

   

For the ESG Dividend Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the second quartile of its Expense Universe. Further, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

 

   

For the ESG Emerging Markets Equity Fund, although the Fund’s contractual management fee rate ranked in the fourth quartile of its Expense Group, the Fund’s actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the second quartile of its Expense Universe. Further, the Fund’s contractual management fee rate, actual management fee and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median. The Fund’s contractual management fee rate, actual management fee rate and net total expense ratio also were each below the Expense Universe median.

 

   

For the ESG International Developed Markets Equity Fund, although the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the fourth quartile of its Expense Group, each ranked in the third quartile of its Expense Universe. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each above the medians of the Expense Group and Expense Universe, respectively. In its review, the Board considered management’s proposed reduction in the contractual management fee.

 

   

For the ESG Large-Cap Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group. In addition, although the Fund’s net total expense ratio ranked in the fourth quartile of its Expense Universe, the Fund’s contractual management fee rate and actual management fee rate each ranked in the third quartile of its Expense Universe. Further, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median. In addition, although the Fund’s actual management fee rate and net total expense ratio were above the Expense Universe median, the Fund’s contractual management fee rate was slightly above (approximately 5 basis points) the Expense Universe median.

 

   

For the ESG Large-Cap Growth Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group and Expense Universe, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each above the Expense Group median. Further, although the Fund’s actual management fee rate and net expense ratio were each above the median of the Expense Universe, the Fund’s contractual management fee rate was slightly above (approximately 5 basis points) the Expense Universe median.

 

   

For the ESG Large-Cap Value Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group and Expense Universe, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each above the Expense Group median. Further, although the Fund’s actual management fee rate and net expense ratio were each above the Expense Universe median, the Fund’s contractual management fee rate was slightly above (approximately 5 basis points) the Expense Universe median.

 

   

For the ESG Mid-Cap Growth Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group and Expense Universe, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were above the Expense Group median. Further, although the Fund’s actual management fee rate and net total expense ratio were each above the Expense Universe median, the Fund’s contractual management fee rate was slightly above (within 5 basis points) the Expense Universe median.

 

   

For the ESG Mid-Cap Value Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group and Expense Universe, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each above the Expense Group median. Further, although the Fund’s actual management fee rate and net total expense ratio were each above the Expense Universe median, the Fund’s contractual management fee rate was slightly above (within 5 basis points) the Expense Universe median.

 

   

For the ESG Small-Cap Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the fourth quartile of its Expense Group. In addition, although the Fund’s actual management fee rate and net total expense ratio each ranked in the fourth quartile of its Expense Universe, the Fund’s contractual management fee rate ranked in the third quartile of its Expense Universe. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each above the Expense Group median and Expense Universe median, respectively. In its review, the Board considered, among other things, the differences in the investment strategy of the Fund compared to certain peers which contributed to the rationale for a higher relative net expense ratio.

 

   

For the Dividend Growth Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group and Expense Universe, respectively. In addition, although the Fund’s actual management fee rate and net total expense ratio were each above the Expense Group median, the Fund’s contractual management fee rate was slightly above (within 5 basis points) the Expense Group median. Similarly, although the Fund’s actual management fee rate and net total expense ratio were each above the Expense Universe median, the Fund’s contractual management fee rate was slightly above (approximately 5 basis points) the Expense Universe median.

 

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For the Growth Opportunities Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, second quartile and first quartile of its Expense Group, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the second quartile of its Expense Universe. Further, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

 

   

For the Small Cap Select Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the fourth quartile of its Expense Group and Expense Universe, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each above the Expense Group median and Expense Universe median, respectively. In its review, the Board considered, among other things, that the Fund’s net expense ratio generally remained flat from the prior year, and the Fund’s fee was consistent with a Nuveen open-end fund (Class R6) applying essentially the same investment strategy.

 

   

For the Winslow Large-Cap Growth ESG Fund, although the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the fourth quartile of its Expense Group, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Universe. In addition, the Fund’s contractual management fee, actual management fee rate and net total expense ratio were each above the Expense Group median and Expense Universe median, respectively. In its review, the Board considered, among other things, that the Fund’s net expense ratio had remained consistent with the prior year.

Based on its review of the information provided, the Board determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

 

  2.

Comparisons with the Fees of Other Clients

In evaluating the appropriateness of fees, the Board also considered that the Adviser, Sub-Advisers and/or their affiliate(s) provide investment management services to other types of clients which may include, among others: separately managed accounts (“SMAs”), retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the funds compared to the management fee of the applicable fund. The Board considered a description of various factors which contribute to the differences in the management fee rates of the funds compared to those charged to these other types of clients which limited the comparability of the data. In this regard, the Board considered that the differences in, among other things, the breadth of services provided by the Adviser and its affiliates to the funds compared to those provided to other clients; the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the support services provided to shareholders; the extensive regulatory, disclosure and governance requirements applicable to funds; the establishment and maintenance of servicing relationships with various service providers for the funds; the manner of managing such assets; investment policies; investor profiles; and account sizes all may contribute to the variations in relative fee rates. Differences in the level of advisory services required for passively managed funds, including the Index ETFs, also contribute to differences in the management fee levels of such funds compared to actively managed funds. In addition, differences in the client base; governing bodies, regulatory and legal requirements; distribution; jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. Further, differences in the level of advisory and non-advisory services required and risk incurred when serving as a sub-adviser to other investment companies compared to serving as an Adviser to a Nuveen fund contribute to differences in the fees assessed. In this regard, the Board further considered the significant entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the Funds. As a general matter, 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 further considered that a Sub-Adviser’s fee is essentially for portfolio management services and therefore more comparable to the fees received for retail wrap accounts and other external sub-advisory mandates. The Board concluded that the varying levels of fees were reasonable given the foregoing.

 

  3.

Profitability of Fund Advisers

In considering the costs of services to be provided and profits to be realized by the Adviser (which encompassed its affiliated Sub-Advisers) from its relationship with the Funds, the Board Members considered a variety of estimated profitability data from various perspectives including, among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Adviser’s services to the applicable funds; (b) certain profitability data on behalf of the Adviser attributable to servicing all applicable funds for 2024 and 2023; (c) certain profitability data of both the Adviser and TAL (as an adviser for other Nuveen funds) on a combined basis derived from types of funds in the aggregate (i.e., from closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2024 and 2023; and (d) certain profitability data of the Adviser and TAL (as an adviser for other Nuveen funds) on a combined basis by asset grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered profitability data at the per fund level for the respective adviser.

In reviewing the profitability data, the Board Members considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. The Board reviewed, among other things, a description of the cost allocation methodology employed to develop the profitability data. However, the Board Members considered that given there is no single universally recognized expense allocation methodology, other reasonable and valid allocation methodologies could be employed and could lead to significantly different profit and loss results and therefore developing profitability data is difficult, particularly on a per fund level.

 

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)

Further, in considering the comparative margin data with peers, the Board Members considered 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. Given that the peer profitability data may reflect the different business mix of the respective peer firm, the Board also considered the pre- and post-distribution margins of Nuveen, LLC for each of the calendar years from 2020 through 2024.

Aside from the foregoing profitability data, the Board also considered, among other things, the audited statutory-basis financial statements of TIAA as of December 31, 2024 and 2023 and the related statutory-basis statements of operations, of changes in capital and contingency reserves and of cash flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also considered the investments the Adviser, its parent and/or other affiliates made into their business.

In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser or Sub-Adviser received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that the Adviser’s (together with its affiliated Sub-Advisers) level of profitability from its relationship with the applicable Fund was not unreasonable in light of the nature, extent and quality of services provided.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

The Board considered whether there have been economies of scale with respect to the management of the funds, whether these economies of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale. Although the Board considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board considered that there are a variety of methods that may be employed to help share the benefits of economies of scale, including, among other things, through the use of breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of funds at scale at inception and investments in the Adviser’s business which can enhance the services provided to the funds for the fees paid. The Board considered such factors applicable to the particular Fund’s advisory fee structure.

As noted above, the Board considered that the Funds pay a unified fee and as a result, any reduction in fixed costs associated with the management of these Funds would benefit the Adviser. However, the Board Members considered that the unified fee schedule provides shareholders with a level of certainty of the expenses of the Funds. The Board Members further considered that the unified fees generally provide inherent economies of scale because the applicable fund would maintain a relatively fixed fee over the annual contract period even if the particular fund’s assets declined and/or operating costs rose. The Board Members also considered that the management fees for the Adviser of other Nuveen funds generally consist of a fund-level component and complex-level component, each with its own breakpoint schedule, however, the Funds do not participate in the complex-level fee program.

The Board Members also considered the continued reinvestment in Nuveen’s business to enhance its capabilities and services to the benefit of its various clients. The Board considered that many of these investments were not specific to individual Nuveen funds, but rather initiatives from which the family of funds as a whole may benefit. The Board further considered that the scope of the services of the Adviser and its affiliates have expanded over time without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders. The Board considered the Adviser’s and/or its affiliates’ ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies for participating funds.

Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management’s business appropriately shared any economies of scale with shareholders.

E. Indirect Benefits

The Board Members received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the funds. These benefits included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. Certain funds may also be used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and affiliates of the Adviser may serve as sub-adviser to various funds in which case all advisory and sub-advisory fees generated by such funds stay within Nuveen.

Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-end funds for which it may be compensated. In addition, the Board Members considered that the Adviser and Sub-Adviser may utilize soft dollar brokerage arrangements attributable to the respective fund(s) to obtain research and other services for any or all of their clients, although the Board Members also considered the reimbursements of such costs by the Adviser and/or applicable Sub-Adviser.

The Adviser and its affiliates may also benefit from the advisory relationships with the funds in the fund complex to the extent this relationship results in potential investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.

Based on its review, the Board concluded that any indirect benefits received by the Fund Adviser as a result of its relationship with the applicable Fund(s) were reasonable in light of the services provided.

 

8


F. Other Considerations

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each applicable Fund and that the Advisory Agreements be renewed for an additional one-year period.

 

 

9


Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.


Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.


Item 14.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.


Item 15.

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 registrant’s Board implemented after the registrant last provided disclosure in response to this Item.


Item 16.

Controls and Procedures.

 

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s 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 registrant’s 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 registrant’s internal control over financial reporting.


Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

(a)

Not applicable to open-end investment companies.

 

(b)

Not applicable to open-end investment companies.


Item 18.

Recovery of Erroneously Awarded Compensation.

 

(a)

Not applicable.

 

(b)

Not applicable.


Item 19.

Exhibits.

 

(a)(1)

Not applicable to this filing.

 

(a)(2)

Not applicable to this filing.

 

(a)(3)

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

(a)(4)

Not applicable.

 

(a)(5)

Not applicable.

 

(b)

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

 


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.

Nushares ETF Trust

 

Date: July 7, 2025   By:   /s/ Briton Ryan          
    Briton Ryan
    Chief Administrative Officer

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.

 

Date: July 7, 2025   By:   /s/ Briton Ryan          
    Briton Ryan
    Chief Administrative Officer
    (principal executive officer)
Date: July 7, 2025   By:   /s/ Marc Cardella         
    Marc Cardella
    Vice President and Controller
    (principal financial officer)

 


ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

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