Nushares ETF Trust

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.


		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)


		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


		2


		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)

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


		2


		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)

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


		2


		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)


		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


		2


		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)


		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


		2


		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)


		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


		2


		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)


		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


		2


		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)


		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


		2


		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)


		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


		2


		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)


		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


		2


		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)


		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


		2


		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)


		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


		2


		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)


		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


		2

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)

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

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

			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

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

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

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

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

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

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

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 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

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.

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)

^(c)

Does not include in-kind transactions.

^(d)

Unaudited

^(e)

Annualized.

^(f)

Value rounded to zero.

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)

^(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.

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


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

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.

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

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.

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

•

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:

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.

•

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.

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.


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


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


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


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


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


	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


	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


				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


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