Nushares ETF Trust

One-Year Period

Three-Year Period

Five-Year Period

Performance Peer Group Quartile

Third Quartile

First Quartile

Performance Benchmark

Underperformed

Outperformed

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, 2026

Item 1.

Reports to Stockholders.


		Semi-Annual Shareholder Report April 30, 2026

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, 2025 to April 30, 2026. 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, 2026)



Fund net assets			$45,275,787

Total number of portfolio holdings			86

Portfolio turnover (%)			27%

What did the Fund invest in? (as of April 30, 2026)


		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_0426 5444462


		2


		Semi-Annual Shareholder Report April 30, 2026

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, 2025 to April 30, 2026. 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	$19	0.35%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$371,409,210

Total number of portfolio holdings			175

Portfolio turnover (%)			35%


		1		continued>>

What did the Fund invest in? (as of April 30, 2026)

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_0426 5444488


		2


		Semi-Annual Shareholder Report April 30, 2026

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, 2025 to April 30, 2026. 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	$14	0.27%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$666,871,244

Total number of portfolio holdings			152

Portfolio turnover (%)			27%


		1		continued>>

What did the Fund invest in? (as of April 30, 2026)

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_0426 5444552


		2


		Semi-Annual Shareholder Report April 30, 2026

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, 2025 to April 30, 2026. 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, 2026)



Fund net assets			$59,497,141

Total number of portfolio holdings			137

Portfolio turnover (%)			22%

What did the Fund invest in? (as of April 30, 2026)


		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_0426 5444579


		2


		Semi-Annual Shareholder Report April 30, 2026

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, 2025 to April 30, 2026. 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, 2026)



Fund net assets			$2,606,222,891

Total number of portfolio holdings			65

Portfolio turnover (%)			32%


		1		continued>>

What did the Fund invest in? (as of April 30, 2026)

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_0426 5444591


		2


		Semi-Annual Shareholder Report April 30, 2026

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, 2025 to April 30, 2026. 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, 2026)



Fund net assets			$2,077,006,627

Total number of portfolio holdings			110

Portfolio turnover (%)			21%

What did the Fund invest in? (as of April 30, 2026)


		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_0426 5444618


		2


		Semi-Annual Shareholder Report April 30, 2026

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, 2025 to April 30, 2026. 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	$14	0.30%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$353,595,337

Total number of portfolio holdings			42

Portfolio turnover (%)			40%

What did the Fund invest in? (as of April 30, 2026)


		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_0426 5444629


		2


		Semi-Annual Shareholder Report April 30, 2026

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, 2025 to April 30, 2026. 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	$16	0.30%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$431,141,522

Total number of portfolio holdings			94

Portfolio turnover (%)			25%

What did the Fund invest in? (as of April 30, 2026)


		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_0426 5444642


		2


		Semi-Annual Shareholder Report April 30, 2026

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, 2025 to April 30, 2026. 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	$16	0.30%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$1,286,460,384

Total number of portfolio holdings			439

Portfolio turnover (%)			25%

What did the Fund invest in? (as of April 30, 2026)


		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_0426 5444652


		2


		Semi-Annual Shareholder Report April 30, 2026

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, 2025 to April 30, 2026. 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, 2026)



Fund net assets			$2,849,284,534

Total number of portfolio holdings			47

Portfolio turnover (%)			23%

What did the Fund invest in? (as of April 30, 2026)


		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_0426 5444671


		2

Item 2.

Code of Ethics.

Not applicable to this filing.

Item 3.

Audit Committee Financial Expert.

Not applicable to this filing.

Item 4.

Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5.

Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6.

Investments.

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

(b)	Not applicable.

Item 7.

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

Portfolio of Investments April 30, 2026

NUDV

See Notes to Financial Statements

(Unaudited)

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.7%

COMMON STOCKS - 99.7%

COMMUNICATION SERVICES - 3.9%

12,792

AT&T, Inc

334,255

17,078

Comcast Corp, Class A

461,789

20,065

Verizon Communications, Inc

963,722

TOTAL COMMUNICATION SERVICES

1,759,766

CONSUMER DISCRETIONARY - 6.4%

2,191

Darden Restaurants, Inc

439,427

6,086

eBay, Inc

629,779

2,375

Home Depot, Inc

780,900

1,499

Lowe's Cos, Inc

357,946

384

Tapestry, Inc

55,695

4,073

Yum! Brands, Inc

650,255

TOTAL CONSUMER DISCRETIONARY

2,914,002

CONSUMER STAPLES - 10.5%

9,207

Archer-Daniels-Midland Co

686,290

1,280

Bunge Global S.A.

162,650

15,348

Coca-Cola Co

1,208,808

1,568

General Mills, Inc

55,366

2,873

Hershey Co

533,631

15,188

Kraft Heinz Co

344,160

8,247

Procter & Gamble Co

1,213,051

7,281

Sysco Corp

543,964

TOTAL CONSUMER STAPLES

4,747,920

ENERGY - 5.0%

11,447

Baker Hughes Co

797,513

16,984

Halliburton Co

718,423

7,867

ONEOK, Inc

727,383

TOTAL ENERGY

2,243,319

FINANCIALS - 23.9%

5,005

Aflac, Inc

568,918

1,424

Allstate Corp

309,378

839

Apollo Global Management, Inc

107,996

6,141

Bank of New York Mellon Corp

825,166

182

BlackRock, Inc

193,939

1,416

Capital One Financial Corp

270,881

2,112

Cboe Global Markets, Inc

633,790

2,636

Citizens Financial Group, Inc

171,472

2,594

CME Group, Inc

746,605

8,202

Fidelity National Information Services, Inc

381,639

4,661

Fifth Third Bancorp

236,592

1,221

Goldman Sachs Group, Inc

1,127,923

3,072

Huntington Bancshares, Inc

51,487

2,929

Intercontinental Exchange, Inc

463,046

2,646

Marsh & McLennan Cos, Inc

443,761

5,692

Morgan Stanley

1,084,838

5,001

NASDAQ, Inc

459,642

3,229

PNC Financial Services Group, Inc

720,067

6,174

Prudential Financial, Inc

605,731

State Street Corp

12,686

2,290

Travelers Cos, Inc

698,771

12,843

US Bancorp

727,684

TOTAL FINANCIALS

10,842,012

HEALTH CARE - 11.2%

4,006

AbbVie, Inc

846,548

11,473

Bristol-Myers Squibb Co

695,149

2,485

Cigna Group

722,091

1,312

Elevance Health, Inc

493,863

4,385

Gilead Sciences, Inc

573,733

8,531

Merck & Co, Inc

931,415

Portfolio of Investments April 30, 2026

(continued)

NUDV

See Notes to Financial Statements

DESCRIPTION

VALUE

HEALTH CARE

(continued)

5,899

Royalty Pharma plc

295,481

1,976

STERIS plc

428,555

777

Zoetis, Inc

89,332

TOTAL HEALTH CARE

5,076,167

INDUSTRIALS - 13.4%

4,440

3M Co

650,549

2,471

Automatic Data Processing, Inc

523,704

907

Broadridge Financial Solutions, Inc

139,660

CH Robinson Worldwide, Inc

10,545

5,629

CSX Corp

255,725

1,062

Cummins, Inc

712,613

1,458

Deere & Co

860,030

2,010

Eaton Corp plc

870,350

2,090

Ferguson Enterprises, Inc

559,514

3,344

Johnson Controls International plc

488,324

250

Rockwell Automation, Inc

102,228

3,350

Union Pacific Corp

902,758

TOTAL INDUSTRIALS

6,076,000

INFORMATION TECHNOLOGY - 10.9%

3,815

Accenture plc, Class A

681,779

2,660

Analog Devices, Inc

1,070,012

9,969

Hewlett Packard Enterprise Co

286,808

4,070

International Business Machines Corp

940,088

975

Intuit, Inc

378,787

1,570

Motorola Solutions, Inc

689,277

2,371

NXP Semiconductors NV

696,102

608

Texas Instruments, Inc

170,897

TOTAL INFORMATION TECHNOLOGY

4,913,750

MATERIALS - 2.9%

5,155

International Flavors & Fragrances, Inc

361,881

3,390

International Paper Co

103,124

1,803

PPG Industries, Inc

195,625

2,794

Steel Dynamics, Inc

638,876

TOTAL MATERIALS

1,299,506

REAL ESTATE - 5.8%

2,188

American Tower Corp

399,770

998

Digital Realty Trust, Inc

200,538

634

Equinix, Inc

686,514

1,059

Iron Mountain, Inc

133,423

2,447

ProLogis, Inc

347,523

4,011

Welltower, Inc

871,751

TOTAL REAL ESTATE

2,639,519

UTILITIES - 5.8%

2,734

American Water Works Co, Inc

351,100

2,384

Atmos Energy Corp

452,912

7,554

Eversource Energy

534,068

13,432

Exelon Corp

617,738

7,001

Sempra

665,935

TOTAL UTILITIES

2,621,753

TOTAL COMMON STOCKS

(Cost $40,424,548)

45,133,714

TOTAL LONG-TERM INVESTMENTS

(Cost $40,424,548)

45,133,714

OTHER ASSETS & LIABILITIES, NET - 0.3%

142,073

NET ASSETS - 100%

45,275,787

Portfolio of Investments April 30, 2026

NUEM

See Notes to Financial Statements

(Unaudited)

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.9%

COMMON STOCKS - 99.9%

COMMUNICATION SERVICES - 7.9%

1,883,009

America Movil SAB de C.V.

2,495,697

79,157

(a)

Bilibili, Inc

1,699,596

15,981

CD Projekt S.A.

1,213,524

111,777

Info Edge India Ltd

1,145,696

201,846

NetEase, Inc

4,612,151

26,327

NVR Corp

3,745,278

190,277

Saudi Telecom Co

2,208,948

295,100

Telekom Malaysia Bhd

555,797

185,206

Tencent Holdings Ltd

11,059,756

86,100

TIM S.A.

444,981

15,936

Vodacom Group Ltd

134,845

TOTAL COMMUNICATION SERVICES

29,316,269

CONSUMER DISCRETIONARY - 11.5%

46,166

(a),(b)

Allegro.eu S.A.

378,357

20,185

Bajaj Auto Ltd

2,125,392

618,458

(c)

Chow Tai Fook Jewellery Group Ltd

839,216

502

Dixon Technologies India Ltd

59,060

43,117

Eicher Motors Ltd

3,229,445

122,195

Empresas Copec S.A.

852,905

118,416

Falabella S.A.

714,672

460

(a),(d)

FF Group

358,684

(a)

FSN E-Commerce Ventures Ltd

1,000,542

589,454

Geely Automobile Holdings Ltd

1,723,121

30,029

Hero MotoCorp Ltd

1,613,232

3,096

Hyundai Mobis Co Ltd

887,136

6,165

Hyundai Motor Co

2,207,130

218,951

JD.com, Inc, Class A

3,250,551

38,660

Jollibee Foods Corp

99,991

1,033

Laopu Gold Co Ltd

72,790

351

LPP S.A.

2,116,019

128,165

Mahindra & Mahindra Ltd

4,182,651

184,436

(a),(b)

Meituan, Class B

1,960,019

59,745

Naspers Ltd

3,211,777

53,000

Petronas Dagangan Bhd

269,304

86,662

(b),(c)

Pop Mart International Group Ltd

1,739,048

1,331,450

Samvardhana Motherson International Ltd

1,700,334

1,182

Trent Ltd

51,614

21,288

(a)

Trip.com Group Ltd

1,135,360

33,691

Tube Investments of India Ltd

1,046,399

63,433

TVS Motor Co Ltd

2,334,384

227,321

Ultrapar Participacoes S.A.

1,366,006

339,693

Vibra Energia S.A.

2,270,346

105,600

Zhejiang China Commodities City Group Co Ltd, Class A

204,790

TOTAL CONSUMER DISCRETIONARY

42,641,596

CONSUMER STAPLES - 2.1%

1,067,125

(a),(c)

Alibaba Health Information Technology Ltd

595,288

99,270

Hindustan Unilever Ltd

2,354,209

183,716

(a),(b)

JD Health International, Inc

1,063,776

353,796

(b)

Nongfu Spring Co Ltd

2,113,631

508,852

Wal-Mart de Mexico SAB de C.V.

1,600,187

TOTAL CONSUMER STAPLES

7,727,091

ENERGY - 2.8%

523,978

ADNOC Drilling Co PJSC

807,459

1,924,534

Adnoc Gas plc

1,765,820

151,600

China Merchants Energy Shipping Co Ltd, Class A

390,519

395,886

China Oilfield Services Ltd

476,554

13,675

HD Hyundai Co Ltd

2,862,788

234,701

Petronet LNG Ltd

684,367

Portfolio of Investments April 30, 2026

(continued)

NUEM

See Notes to Financial Statements

DESCRIPTION

VALUE

ENERGY

(continued)

187,014

Qatar Fuel QSC

736,037

12,039

S-Oil Corp

1,091,724

303,894

Turkiye Petrol Rafinerileri AS.

1,822,634

TOTAL ENERGY

10,637,902

FINANCIALS - 18.2%

5,960,007

Agricultural Bank of China Ltd

4,625,734

173,463

Agricultural Bank of China Ltd, Class A

175,688

100,641

Al Rajhi Bank

1,839,472

1,386,860

B3 S.A.-Brasil Bolsa Balcao

5,018,683

148,100

Banco Bradesco S.A.

574,280

1,831,233

Bank Mandiri Persero Tbk PT

464,420

9,389

Capitec Bank Holdings Ltd

2,431,678

580,370

Cathay Financial Holding Co Ltd

1,414,085

6,933,263

China Construction Bank Corp

7,770,742

58,958

China Construction Bank Corp, Class A

85,861

738,601

China Merchants Bank Co Ltd

4,440,799

41,367

China Merchants Bank Co Ltd, Class A

231,709

10,600

China Pacific Insurance Group Co Ltd

46,033

128,600

China Pacific Insurance Group Co Ltd, Class A

700,751

188,962

CITIC Securities Co Ltd

667,201

61,565

CITIC Securities Co Ltd, Class A

245,274

434,966

Commercial International Bank-Egypt (CIB)

1,095,122

474,909

CTBC Financial Holding Co Ltd

783,908

442

Erste Bank Polska S.A.

75,018

325,872

Eurobank S.A.

1,406,730

697,724

Fubon Financial Holding Co Ltd

1,981,888

60,784

Grupo Cibest S.A.

1,045,884

13,497

Hana Financial Group, Inc

1,163,880

605,779

HDFC Bank Ltd

4,925,310

6,993,043

Industrial & Commercial Bank of China Ltd

6,275,550

39,000

Kasikornbank PCL

235,095

34,271

KB Financial Group, Inc

3,708,532

13,164

Korea Investment Holdings Co Ltd

2,130,097

705,153

Ping An Insurance Group Co of China Ltd

5,670,929

20,600

Ping An Insurance Group Co of China Ltd, Class A

179,005

95,302

Piraeus Bank S.A.

888,761

78,515

(b)

Postal Savings Bank of China Co Ltd

50,314

518,537

Postal Savings Bank of China Co Ltd, Class A

384,784

273,184

Qatar National Bank QPSC

1,301,769

24,912

Shinhan Financial Group Co Ltd

1,677,932

88,532

Woori Financial Group, Inc

1,990,657

TOTAL FINANCIALS

67,703,575

HEALTH CARE - 2.5%

47,482

(b)

3SBio, Inc

140,256

21,508

(a)

BeOne Medicines Ltd

476,629

29,193

Celltrion, Inc

3,946,314

119,996

Jiangsu Hengrui Pharmaceuticals Co Ltd, Class A

946,290

22,825

Shenzhen Mindray Bio-Medical Electronics Co Ltd, Class A

562,578

43,736

(b)

WuXi AppTec Co Ltd

759,291

559,505

(a),(b)

Wuxi Biologics Cayman, Inc

2,359,795

TOTAL HEALTH CARE

9,191,153

INDUSTRIALS - 12.2%

10,209

ABB India Ltd

777,665

1,377,648

Airports of Thailand PCL

2,165,947

85,357

Bidvest Group Ltd

1,192,494

23,763

(c)

Contemporary Amperex Technology Co Ltd

1,844,315

57,135

Contemporary Amperex Technology Co Ltd, Class A

3,646,016

929

Cummins India Ltd

51,547

1,784

Doosan Co Ltd

1,919,676

58,169

(a)

Doosan Enerbility Co Ltd

4,984,682

82,588

Embraer S.A.

1,277,011

See Notes to Financial Statements

DESCRIPTION

VALUE

INDUSTRIALS

(continued)

827,201

(a)

GMR Airports Ltd

840,416

35,899

Grupo Aeroportuario del Pacifico SAB de C.V., Class B

898,315

2,421

HD Hyundai Electric Co Ltd

2,043,616

2,873

HD Hyundai Heavy Industries Co Ltd

1,326,864

7,702

Hyundai Engineering & Construction Co Ltd

840,199

11,231

Hyundai Glovis Co Ltd

1,718,876

5,645

(b)

InterGlobe Aviation Ltd

255,463

71,594

Kanzhun Ltd (ADR), ADR

967,951

44,143,514

Latam Airlines Group S.A.

1,046,119

29,004

LG Corp

1,937,902

23,626

LS Electric Co Ltd

4,428,282

90,287

SF Holding Co Ltd, Class A

490,263

14,487

(a)

SK Square Co Ltd

8,214,379

68,945

SM Investments Corp

679,637

2,525

(a)

Sociedad Quimica y Minera de Chile S.A., Class B

231,396

39,500

Sungrow Power Supply Co Ltd, Class A

794,411

4,710

Supreme Industries Ltd

179,768

36,551

Turk Hava Yollari AO

249,351

35,800

Zhejiang Sanhua Intelligent Controls Co Ltd, Class A

245,850

TOTAL INDUSTRIALS

45,248,411

INFORMATION TECHNOLOGY - 31.7%

108,000

Advantech Co Ltd

1,225,394

98,000

Asia Vital Components Co Ltd

8,768,641

173,390

Delta Electronics, Inc

11,847,728

271,000

E Ink Holdings, Inc

1,176,048

250,300

Foxconn Industrial Internet Co Ltd, Class A

2,303,580

295,889

HCL Technologies Ltd

3,738,136

28,400

IEIT Systems Co Ltd, Class A

289,930

179,888

Infosys Ltd

2,239,840

17,783

King Slide Works Co Ltd

2,194,497

2,542,614

Lenovo Group Ltd

3,790,998

94,035

(a)

LG Display Co Ltd

777,285

621,000

Lite-On Technology Corp

3,253,515

14,008

Persistent Systems Ltd

708,416

19,020

Samsung SDI Co Ltd

8,912,419

224,500

Sunny Optical Technology Group Co Ltd

1,825,518

849,564

Taiwan Semiconductor Manufacturing Co Ltd

57,246,260

170,685

TOTVS S.A.

1,091,447

2,601,194

United Microelectronics Corp

6,346,078

TOTAL INFORMATION TECHNOLOGY

117,735,730

MATERIALS - 8.4%

2,848,676

(a)

Amman Mineral Internasional PT

839,298

23,865

AngloGold Ashanti PLC

2,217,059

18,342

APL Apollo Tubes Ltd

368,140

83,564

Asian Paints Ltd

2,152,188

1,648,700

Cemex SAB de C.V.

2,019,450

40,700

China Jushi Co Ltd, Class A

205,515

46,300

Cia de Minas Buenaventura SAA (ADR), ADR

1,508,917

143,533

(b)

Ganfeng Lithium Group Co Ltd

1,526,255

352,381

Gerdau S.A.

1,599,096

42,668

Gold Fields Ltd

1,819,139

38,200

Guangzhou Tinci Materials Technology Co Ltd, Class A

338,314

21,988

Jindal Stainless Ltd

177,778

8,847

KGHM Polska Miedz S.A.

738,103

5,186

LG Chem Ltd

1,388,108

96,443

Pidilite Industries Ltd

1,397,865

1,167,710

Press Metal Aluminium Holdings Bhd

2,537,413

278,280

(a)

Saudi Arabian Mining Co

4,867,396

151,600

Saudi Basic Industries Corp

2,475,803

160,088

UPL Ltd

1,082,588

17,917

Valterra Platinum Ltd

1,432,287

29,500

Xiamen Tungsten Co Ltd, Class A

249,476

Portfolio of Investments April 30, 2026

(continued)

NUEM

See Notes to Financial Statements

DESCRIPTION

VALUE

MATERIALS

(continued)

29,551

Zangge Mining Co Ltd, Class A

386,064

TOTAL MATERIALS

31,326,252

REAL ESTATE - 0.7%

771,425

Emaar Properties PJSC

2,478,373

TOTAL REAL ESTATE

2,478,373

UTILITIES - 1.9%

462,882

China Yangtze Power Co Ltd, Class A

1,850,891

263,100

Cia Energetica de Minas Gerais

662,186

72,100

CPFL Energia S.A.

708,063

46,984

Engie Brasil Energia S.A.

332,972

49,013

ENN Energy Holdings Ltd

382,281

758,927

Power Grid Corp of India Ltd

2,545,515

165,876

Tenaga Nasional Bhd

607,286

TOTAL UTILITIES

7,089,194

TOTAL COMMON STOCKS

(Cost $255,650,470)

371,095,546

TOTAL LONG-TERM INVESTMENTS

(Cost $255,650,470)

371,095,546

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 1.1%

3,990,756

(e)

State Street Navigator Securities Lending Government Money

Market Portfolio

3.670%(f)

3,990,756

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $3,990,756)

3,990,756

TOTAL INVESTMENTS - 101.0%

(Cost $259,641,226)

375,086,302

OTHER ASSETS & LIABILITIES, NET - (1.0)%

(

3,677,092

)

NET ASSETS - 100%

371,409,210

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 $12,346,205 or 3.3% 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 $3,722,663.

(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.

Portfolio of Investments April 30, 2026

NUDM

See Notes to Financial Statements

(Unaudited)

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.3%

COMMON STOCKS - 99.3%

COMMUNICATION SERVICES - 4.0%

287,028

(a)

Airtel Africa plc

1,383,032

399,432

Informa plc

4,301,959

372,020

SoftBank Group Corp

12,389,984

133,093

Telenor ASA

2,181,829

8,725

Universal Music Group NV

182,334

3,970,649

Vodafone Group plc

6,326,212

TOTAL COMMUNICATION SERVICES

26,765,350

CONSUMER DISCRETIONARY - 9.9%

84,554

Amadeus IT Group S.A.

4,860,109

8,200

Asics Corp

231,916

27,107

Avolta AG.

1,490,443

3,900

Bandai Namco Holdings, Inc

90,168

1,995

Bayerische Motoren Werke AG.

181,719

246,828

Bridgestone Corp

5,142,742

200,600

Cie Generale des Etablissements Michelin S.C.A

7,257,066

34,384

Compass Group plc

971,348

6,653

D'ieteren Group

1,370,433

81,097

Industria de Diseno Textil S.A.

4,811,710

127,000

Isuzu Motors Ltd

1,739,204

42,162

Moncler S.p.A

2,534,231

256,812

Oriental Land Co Ltd

3,586,568

629,047

Panasonic Holdings Corp

12,857,519

73,087

Prosus NV

3,521,118

250,100

(b)

Rakuten Group, Inc

1,211,677

29,700

Sekisui House Ltd

646,291

451,422

Sony Group Corp

8,967,657

181,900

Subaru Corp

2,727,252

284,500

Yamaha Motor Co Ltd

2,007,958

TOTAL CONSUMER DISCRETIONARY

66,207,129

CONSUMER STAPLES - 6.8%

248,188

Ajinomoto Co, Inc

8,061,497

95,737

Danone S.A.

7,495,176

31,916

Henkel AG. & Co KGaA

2,199,541

1,540

Kerry Group plc, Class A

130,429

90,910

Mowi ASA

2,007,279

54,003

Nestle S.A.

5,458,650

88,947

Orkla ASA

1,091,926

8,470

Reckitt Benckiser Group plc

538,415

1,029,047

Tesco plc

6,740,571

168,247

Unilever plc

9,823,845

596,824

Wilmar International Ltd

1,691,755

TOTAL CONSUMER STAPLES

45,239,084

ENERGY - 0.7%

131,943

Neste Oyj

4,545,756

TOTAL ENERGY

4,545,756

FINANCIALS - 25.9%

178,454

3i Group plc

6,212,620

222,011

AIB Group plc

2,551,689

29,094

Allianz SE

13,276,049

202,125

AXA S.A.

9,706,970

1,562,752

Banco de Sabadell S.A.

6,045,838

194,332

Bank Hapoalim BM

5,201,013

72,533

BNP Paribas S.A.

7,592,107

1,147,400

BOC Hong Kong Holdings Ltd

6,550,085

43,115

CaixaBank S.A.

548,243

20,778

Commonwealth Bank of Australia

2,594,188

155,800

Daiichi Life Group, Inc

1,431,684

209,490

Deutsche Bank AG.

6,512,159

Portfolio of Investments April 30, 2026

(continued)

NUDM

See Notes to Financial Statements

DESCRIPTION

VALUE

FINANCIALS

(continued)

275,970

DNB Bank ASA

8,324,251

7,860

Erste Group Bank AG.

868,539

228,938

Generali

10,231,956

86,887

Hong Kong Exchanges & Clearing Ltd

4,574,080

240,405

ING Groep NV

6,981,074

6,189

KBC Group NV

822,194

82,977

Legal & General Group plc

283,799

67,966

London Stock Exchange Group plc

8,819,917

264,363

Mizuho Financial Group, Inc

11,340,085

100,509

Nordea Bank Abp

1,885,251

19,100

Oversea-Chinese Banking Corp Ltd

328,444

57,651

Societe Generale S.A.

4,628,419

122,250

Sompo Holdings, Inc

4,522,403

2,800

Sony Financial Group, Inc

2,500

342,700

Sumitomo Mitsui Financial Group, Inc

12,054,257

453,700

Svenska Handelsbanken AB

6,401,986

38,243

Tokio Marine Holdings, Inc

1,757,609

46,292

UBS Group AG.

2,042,163

402,708

Westpac Banking Corp

11,146,765

175,000

Yokohama Financial Group, Inc

1,658,371

8,638

Zurich Insurance Group AG.

6,006,450

TOTAL FINANCIALS

172,903,158

HEALTH CARE - 10.6%

114

(b)

Argenx SE

89,330

292,723

Astellas Pharma, Inc

4,169,348

122,293

Bayer AG.

5,458,484

125,000

Chugai Pharmaceutical Co Ltd

6,473,948

82,321

CSL Ltd

7,360,785

30,664

EssilorLuxottica S.A.

6,519,625

303,862

GSK plc

7,962,793

1,434,271

Haleon plc

6,626,429

11,600

Hoya Corp

2,154,111

486

Lonza Group AG.

297,796

1,027

Merck KGaA

132,580

3,701

(b),(c)

NMC Health plc

–

110,561

Novartis AG.

16,385,167

1,115,688

Sigma Healthcare Ltd

2,237,921

17,617

(b)

UCB S.A.

4,777,884

TOTAL HEALTH CARE

70,646,201

INDUSTRIALS - 22.3%

128,277

ABB Ltd

12,866,246

37,502

ACS Actividades de Construccion y Servicios S.A.

5,393,376

9,161

Alstom S.A.

183,547

252,609

Atlas Copco AB

4,756,265

103,015

(a),(b)

Ayvens S.A.

1,387,261

59,122

Bouygues S.A.

3,487,066

421,252

Brambles Ltd

6,853,689

100,690

Bunzl plc

3,313,827

160,893

Computershare Ltd

3,491,035

200

Dai Nippon Printing Co Ltd

3,788

9,763

DSV A.S.

2,388,602

111,400

Ebara Corp

3,786,910

21,233

Eiffage S.A.

3,412,304

741,476

(b)

Grab Holdings Ltd

2,832,438

451,751

Keppel Ltd

3,855,784

201,911

Komatsu Ltd

8,448,553

12,744

Kuehne & Nagel International AG.

2,977,212

298,624

Mitsubishi Electric Corp

11,874,070

481,557

(d)

MTR Corp Ltd

2,050,709

16,729

MTU Aero Engines AG.

5,716,448

29,768

Prysmian S.p.A

4,467,924

56,800

Recruit Holdings Co Ltd

2,647,078

See Notes to Financial Statements

DESCRIPTION

VALUE

INDUSTRIALS

(continued)

111,730

RELX plc

4,071,908

26,140

Schneider Electric SE

8,236,210

41,407

SGS S.A.

4,481,412

16,500

Shimizu Corp

319,881

50,769

Siemens AG.

15,040,483

98,508

Smiths Group plc

3,405,321

1,927

Sunbelt Rentals Holdings, Inc

144,646

108,289

Swire Pacific Ltd

1,172,224

177,988

Transurban Group

1,791,499

8,409

(a)

VAT Group AG.

6,268,713

249,398

Vestas Wind Systems A.S.

7,640,386

TOTAL INDUSTRIALS

148,766,815

INFORMATION TECHNOLOGY - 7.9%

18,101

ASML Holding NV

25,955,638

47,547

Logitech International S.A.

4,665,631

201,200

NEC Corp

5,265,443

304,995

Nokia Oyj

3,794,191

60,311

SAP SE

10,293,791

70,800

Yokogawa Electric Corp

2,468,207

TOTAL INFORMATION TECHNOLOGY

52,442,901

MATERIALS - 5.3%

117,713

Antofagasta plc

5,677,550

78,663

Boliden AB

4,081,984

31,718

Endeavour Mining plc

1,902,425

276,925

Fortescue Ltd

3,912,214

1,507

Givaudan S.A.

5,366,658

240,482

ICL Group Ltd

1,290,326

79,900

Nitto Denko Corp

1,528,351

12,698

Northern Star Resources Ltd

191,713

138,100

Shin-Etsu Chemical Co Ltd

6,385,709

56,071

Sumitomo Metal Mining Co Ltd

3,371,667

22,792

Syensqo S.A.

1,506,580

TOTAL MATERIALS

35,215,177

REAL ESTATE - 2.2%

802,950

CapitaLand Ascendas REIT

1,569,899

95,100

Daiwa House Industry Co Ltd

2,905,707

50,195

Keppel REIT

35,275

37,500

Mitsubishi Estate Co Ltd

1,061,070

1,615,405

Scentre Group

4,308,769

1,140,224

Sino Land Co Ltd

1,817,954

21,575

Unibail-Rodamco-Westfield

2,609,308

27,440

Vonovia SE

737,437

TOTAL REAL ESTATE

15,045,419

UTILITIES - 3.7%

336,915

EDP S.A.

1,834,995

253,587

Iberdrola S.A.

5,934,521

171,091

Italgas S.p.A

2,065,182

349,317

Meridian Energy Ltd

1,168,154

489,710

National Grid plc

8,731,893

164,459

Orsted AS.

4,397,983

6,133

Verbund AG.

461,514

TOTAL UTILITIES

24,594,242

TOTAL COMMON STOCKS

(Cost $518,513,176)

662,371,232

TOTAL LONG-TERM INVESTMENTS

(Cost $518,513,176)

662,371,232

Portfolio of Investments April 30, 2026

(continued)

NUDM

See Notes to Financial Statements

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.3%

1,647,095

(e)

State Street Navigator Securities Lending Government Money

Market Portfolio

3.670%(f)

1,647,095

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $1,647,095)

1,647,095

TOTAL INVESTMENTS - 99.6%

(Cost $520,160,271)

664,018,327

OTHER ASSETS & LIABILITIES, NET - 0.4%

2,852,917

NET ASSETS - 100%

666,871,244

REIT

Real Estate Investment Trust

(a)

Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid

and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

As of the end of the reporting period, the aggregate value of these securities is $9,039,006 or 1.4% of Total Investments.

(b)

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

(c)

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

(d)

Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end

of the reporting period was $1,520,544.

(e)

The Fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on

loan) to broker dealers, banks, and other institutions. The collateral maintained by the Fund shall have a value, at the inception of

each loan, equal to not less than 100% of the value of the loaned securities. The cash collateral received by the Fund is invested in

this money market fund.

(f)

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

Portfolio of Investments April 30, 2026

NULC

See Notes to Financial Statements

(Unaudited)

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.8%

COMMON STOCKS - 99.8%

COMMUNICATION SERVICES - 10.9%

5,454

Alphabet, Inc, Class A

2,098,699

6,858

Alphabet, Inc, Class C

2,619,345

11,333

AT&T, Inc

296,131

12,030

Comcast Corp, Class A

325,291

969

Electronic Arts, Inc

196,097

1,983

(a)

Liberty Media Corp-Liberty Formula One, Class C

170,439

1,525

(a)

Live Nation Entertainment, Inc

240,858

3,497

News Corp, Class A

92,041

319

(a)

Take-Two Interactive Software, Inc

68,189

8,251

Verizon Communications, Inc

396,296

TOTAL COMMUNICATION SERVICES

6,503,386

CONSUMER DISCRETIONARY - 8.5%

2,018

(a)

Aptiv plc

121,605

(a)

AutoZone, Inc

22,224

2,684

Booking Holdings, Inc

451,878

1,889

(a)

DoorDash, Inc, Class A

318,580

3,004

eBay, Inc

310,854

6,033

Ford Motor Co

72,879

1,519

(a)

Garmin Ltd

381,482

8,727

General Motors Co

671,019

1,589

Home Depot, Inc

522,463

611

Lowe's Cos, Inc

145,901

2,490

McDonald's Corp

731,039

198

(a)

MercadoLibre, Inc

354,941

7,261

(a)

Rivian Automotive, Inc, Class A

119,080

5,138

TJX Cos, Inc

805,381

672

(a)

Versigent plc

23,500

TOTAL CONSUMER DISCRETIONARY

5,052,826

CONSUMER STAPLES - 5.9%

1,367

Archer-Daniels-Midland Co

101,896

12,577

Coca-Cola Co

990,565

467

Colgate-Palmolive Co

39,863

1,104

Costco Wholesale Corp

1,120,041

1,722

Mondelez International, Inc, Class A

105,800

6,444

Procter & Gamble Co

947,848

332

Sysco Corp

24,804

1,586

Target Corp

205,783

TOTAL CONSUMER STAPLES

3,536,600

ENERGY - 2.4%

9,253

Baker Hughes Co

644,657

5,875

Halliburton Co

248,512

5,891

ONEOK, Inc

544,682

TOTAL ENERGY

1,437,851

FINANCIALS - 13.4%

4,069

Aflac, Inc

462,523

1,036

Bank of New York Mellon Corp

139,207

884

Cboe Global Markets, Inc

265,280

605

Goldman Sachs Group, Inc

558,881

2,543

Intercontinental Exchange, Inc

402,023

3,202

Marsh & McLennan Cos, Inc

537,007

2,001

Mastercard, Inc, Class A

1,006,343

914

Moody's Corp

422,131

5,127

Morgan Stanley

977,155

2,378

PNC Financial Services Group, Inc

530,294

361

Progressive Corp

72,662

115

Prudential Financial, Inc

11,283

1,454

S&P Global, Inc

627,008

936

Travelers Cos, Inc

285,611

Portfolio of Investments April 30, 2026

(continued)

NULC

See Notes to Financial Statements

DESCRIPTION

VALUE

FINANCIALS

(continued)

9,844

US Bancorp

557,761

3,312

Visa, Inc, Class A

1,092,430

Willis Towers Watson plc

8,455

TOTAL FINANCIALS

7,956,054

HEALTH CARE - 8.7%

2,815

AbbVie, Inc

594,866

2,567

Agilent Technologies, Inc

296,617

370

Amgen, Inc

128,112

134

Cigna Group

38,938

3,702

Danaher Corp

662,473

5,321

(a)

Edwards Lifesciences Corp

444,303

1,155

Elevance Health, Inc

434,765

1,218

Gilead Sciences, Inc

159,363

604

(a)

IDEXX Laboratories, Inc

338,723

119

McKesson Corp

97,009

6,628

Merck & Co, Inc

723,645

188

(a)

Mettler-Toledo International, Inc

240,003

593

Stryker Corp

186,872

1,466

(a)

Veeva Systems, Inc, Class A

228,652

483

(a)

Vertex Pharmaceuticals, Inc

206,425

175

West Pharmaceutical Services, Inc

52,078

2,859

Zoetis, Inc

328,699

TOTAL HEALTH CARE

5,161,543

INDUSTRIALS - 9.9%

1,933

3M Co

283,223

951

Automatic Data Processing, Inc

201,555

704

(a)

Axon Enterprise, Inc

282,839

999

Carrier Global Corp

67,103

420

Caterpillar, Inc

373,846

4,822

(a)

Copart, Inc

159,656

Deere & Co

35,982

2,142

Eaton Corp plc

927,508

910

Ferguson Enterprises, Inc

243,616

1,058

GE Vernova, Inc

1,146,301

813

Johnson Controls International plc

118,722

806

Parker-Hannifin Corp

732,993

171

Trane Technologies plc

84,224

9,296

(a)

Uber Technologies, Inc

693,575

1,102

Union Pacific Corp

296,967

United Rentals, Inc

72,948

1,189

Xylem, Inc

140,492

TOTAL INDUSTRIALS

5,861,550

INFORMATION TECHNOLOGY - 34.0%

1,910

Accenture plc, Class A

341,336

1,535

(a)

Adobe, Inc

377,764

2,148

(a)

Advanced Micro Devices, Inc

761,445

552

Analog Devices, Inc

222,048

1,088

Applied Materials, Inc

429,205

4,249

(a)

Arista Networks, Inc

733,845

140

(a)

Atlassian Corp, Class A

9,603

175

(a)

Autodesk, Inc

41,475

6,174

Broadcom, Inc

2,577,213

1,280

(a)

Cadence Design Systems, Inc

421,875

(a)

Fair Isaac Corp

13,325

1,262

(a)

GoDaddy, Inc, Class A

109,529

12,519

Hewlett Packard Enterprise Co

360,172

8,639

HP, Inc

180,210

4,761

(a)

Intel Corp

449,819

3,078

International Business Machines Corp

710,956

751

Intuit, Inc

291,763

1,609

(a)

Keysight Technologies, Inc

563,005

See Notes to Financial Statements

DESCRIPTION

VALUE

INFORMATION TECHNOLOGY

(continued)

2,147

Lam Research Corp

553,625

515

Marvell Technology, Inc

85,052

746

(a)

MongoDB, Inc

187,119

1,849

NetApp, Inc

204,814

26,533

NVIDIA Corp

5,295,191

1,538

(a)

Okta, Inc

113,274

2,757

(a)

Palo Alto Networks, Inc

494,385

184

(a)

PTC, Inc

25,079

3,472

Salesforce, Inc

612,912

1,878

Seagate Technology Holdings plc

1,265,096

3,800

(a)

ServiceNow, Inc

335,578

1,227

(a)

Synopsys, Inc

592,150

520

Texas Instruments, Inc

146,162

2,172

(a)

Trimble, Inc

146,219

1,425

(a)

Twilio, Inc, Class A

210,985

650

VeriSign, Inc

174,629

2,766

Western Digital Corp

1,201,882

TOTAL INFORMATION TECHNOLOGY

20,238,740

MATERIALS - 1.8%

2,386

Ecolab, Inc

621,792

2,608

International Paper Co

79,335

217

PPG Industries, Inc

23,544

1,048

Steel Dynamics, Inc

239,636

397

Vulcan Materials Co

119,791

TOTAL MATERIALS

1,084,098

REAL ESTATE - 2.3%

268

(a)

CBRE Group, Inc, Class A

38,251

131

Equinix, Inc

141,851

2,651

ProLogis, Inc

376,495

3,776

Welltower, Inc

820,676

TOTAL REAL ESTATE

1,377,273

UTILITIES - 2.0%

393

American Water Works Co, Inc

50,469

3,382

Consolidated Edison, Inc

377,059

570

Eversource Energy

40,299

930

Exelon Corp

42,771

990

(a)

Oklo, Inc

71,775

6,120

Sempra

582,134

TOTAL UTILITIES

1,164,507

TOTAL COMMON STOCKS

(Cost $47,765,716)

59,374,428

TOTAL LONG-TERM INVESTMENTS

(Cost $47,765,716)

59,374,428

OTHER ASSETS & LIABILITIES, NET - 0.2%

122,713

NET ASSETS - 100%

59,497,141

S&P

Standard & Poor's

(a)

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

Portfolio of Investments April 30, 2026

NULG

See Notes to Financial Statements

(Unaudited)

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.9%

COMMON STOCKS - 99.9%

COMMUNICATION SERVICES - 6.4%

405,764

Alphabet, Inc, Class C

154,977,502

11,956

(a)

Liberty Media Corp-Liberty Formula One, Class C

1,027,618

76,690

(a)

Live Nation Entertainment, Inc

12,112,419

TOTAL COMMUNICATION SERVICES

168,117,539

CONSUMER DISCRETIONARY - 9.8%

1,690

(a)

AutoZone, Inc

6,259,811

248,227

Booking Holdings, Inc

41,791,498

49,943

(a)

DoorDash, Inc, Class A

8,422,887

99,342

Expedia Group, Inc

24,673,572

113,567

Hilton Worldwide Holdings, Inc

36,803,658

71,324

(a)

Lululemon Athletica, Inc

9,821,315

18,950

(a)

MercadoLibre, Inc

33,970,338

393,954

(a)

O'Reilly Automotive, Inc

39,159,027

340,567

(a)

Rivian Automotive, Inc, Class A

5,585,299

124,349

Ross Stores, Inc

28,325,459

37,666

(a)

Ulta Beauty, Inc

20,244,722

TOTAL CONSUMER DISCRETIONARY

255,057,586

CONSUMER STAPLES - 2.1%

53,964

Costco Wholesale Corp

54,748,097

TOTAL CONSUMER STAPLES

54,748,097

FINANCIALS - 7.1%

137,181

Equitable Holdings, Inc

5,789,038

129,019

Mastercard, Inc, Class A

64,886,236

79,333

Moody's Corp

36,639,946

236,463

Visa, Inc, Class A

77,994,956

TOTAL FINANCIALS

185,310,176

HEALTH CARE - 5.5%

77,375

Eli Lilly & Co

72,314,675

167,729

Gilead Sciences, Inc

21,945,662

4,810

(a)

IDEXX Laboratories, Inc

2,697,448

8,692

(a)

Mettler-Toledo International, Inc

11,096,294

95,263

Stryker Corp

30,020,229

38,516

(a)

Veeva Systems, Inc, Class A

6,007,341

TOTAL HEALTH CARE

144,081,649

INDUSTRIALS - 11.1%

50,695

(a)

Axon Enterprise, Inc

20,367,223

52,904

Caterpillar, Inc

47,090,379

59,448

GE Vernova, Inc

64,409,530

42,776

Quanta Services, Inc

31,131,090

82,287

Trane Technologies plc

40,529,639

590,477

(a)

Uber Technologies, Inc

44,055,489

73,515

Veralto Corp

6,484,023

30,189

WW Grainger, Inc

35,059,995

TOTAL INDUSTRIALS

289,127,368

INFORMATION TECHNOLOGY - 54.8%

285,093

(a)

Advanced Micro Devices, Inc

101,062,618

300,091

(a)

Arista Networks, Inc

51,828,717

150,372

(a)

Autodesk, Inc

35,638,164

472,092

Broadcom, Inc

197,065,364

128,384

(a)

Cadence Design Systems, Inc

42,314,083

91,161

(a)

Ciena Corp

48,094,720

62,346

(a)

Datadog, Inc, Class A

8,241,518

266,498

(a)

Everpure, Inc

19,041,282

20,163

(a)

Fair Isaac Corp

20,667,075

56,393

(a)

First Solar, Inc

11,385,183

419,072

(a)

Fortinet, Inc

35,331,960

21,350

(a)

Gartner, Inc

3,170,261

See Notes to Financial Statements

Investments in Derivatives

DESCRIPTION

VALUE

INFORMATION TECHNOLOGY

(continued)

114,332

(a)

GoDaddy, Inc, Class A

9,922,874

233,239

Lam Research Corp

60,143,008

193,774

Marvell Technology, Inc

32,001,776

69,064

(a)

MongoDB, Inc

17,323,323

29,453

Monolithic Power Systems, Inc

47,549,218

74,400

Motorola Solutions, Inc

32,663,832

2,224,273

(b)

NVIDIA Corp

443,898,163

340,068

Oracle Corp

54,883,574

251,027

(a)

Palo Alto Networks, Inc

45,014,162

65,396

(a)

PTC, Inc

8,913,475

369,687

(a)

ServiceNow, Inc

32,647,059

86,977

(a)

Synopsys, Inc

41,975,100

23,869

(a)

Tyler Technologies, Inc

8,142,671

24,720

VeriSign, Inc

6,641,275

8,320

(a)

Workday, Inc, Class A

1,018,368

88,161

(a)

Zscaler, Inc

11,520,879

TOTAL INFORMATION TECHNOLOGY

1,428,099,702

MATERIALS - 1.9%

75,727

Ecolab, Inc

19,734,456

91,059

Sherwin-Williams Co

29,285,485

TOTAL MATERIALS

49,019,941

REAL ESTATE - 1.2%

138,706

Welltower, Inc

30,146,362

TOTAL REAL ESTATE

30,146,362

TOTAL COMMON STOCKS

(Cost $2,238,955,686)

2,603,708,420

TOTAL LONG-TERM INVESTMENTS

(Cost $2,238,955,686)

2,603,708,420

OTHER ASSETS & LIABILITIES, NET - 0.1%

2,514,471

NET ASSETS - 100%

2,606,222,891

(a)

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

(b)

Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

Futures Contracts - Long

Description

Number of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

E-mini Nasdaq-100

6/26

1,476,548

1,655,760

179,212

Total

$1,476,548

$1,655,760

$179,212

Portfolio of Investments April 30, 2026

NULV

See Notes to Financial Statements

(Unaudited)

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.7%

COMMON STOCKS - 99.7%

COMMUNICATION SERVICES - 13.6%

450,632

Alphabet, Inc, Class A

173,403,194

790,627

AT&T, Inc

20,659,084

783,829

Comcast Corp, Class A

21,194,736

74,751

Electronic Arts, Inc

15,127,360

236,101

News Corp, Class A

6,214,178

43,188

(a)

Take-Two Interactive Software, Inc

9,231,867

770,414

Verizon Communications, Inc

37,002,984

TOTAL COMMUNICATION SERVICES

282,833,403

CONSUMER DISCRETIONARY - 3.8%

285,958

eBay, Inc

29,590,934

55,172

Home Depot, Inc

18,140,553

43,975

Lowe's Cos, Inc

10,500,790

59,010

PulteGroup, Inc

7,220,464

191,085

(a)

Rivian Automotive, Inc, Class A

3,133,794

58,280

Williams-Sonoma, Inc

10,560,919

TOTAL CONSUMER DISCRETIONARY

79,147,454

CONSUMER STAPLES - 9.1%

301,830

Archer-Daniels-Midland Co

22,498,408

85,893

Bunge Global S.A.

10,914,423

569,855

Coca-Cola Co

44,881,780

73,063

Dollar General Corp

8,466,540

120,327

Hormel Foods Corp

2,583,421

714,636

Kenvue, Inc

12,527,569

362,910

Keurig Dr Pepper, Inc

10,669,554

163,554

Kraft Heinz Co

3,706,134

289,267

Procter & Gamble Co

42,548,283

240,160

Target Corp

31,160,760

TOTAL CONSUMER STAPLES

189,956,872

ENERGY - 4.0%

476,595

Baker Hughes Co

33,204,374

481,342

Halliburton Co

20,360,767

329,451

ONEOK, Inc

30,461,039

TOTAL ENERGY

84,026,180

FINANCIALS - 19.9%

71,169

Aflac, Inc

8,089,780

97,059

American Express Co

31,354,910

249,435

Bank of New York Mellon Corp

33,516,581

65,742

Cboe Global Markets, Inc

19,728,517

330,979

Citigroup, Inc

42,358,693

102,687

CME Group, Inc

29,555,372

302,114

Fidelity National Information Services, Inc

14,057,364

93,427

(a)

Fiserv, Inc

5,853,202

25,507

Goldman Sachs Group, Inc

23,562,601

56,091

Intercontinental Exchange, Inc

8,867,426

31,085

Jack Henry & Associates, Inc

4,779,319

111,016

Loews Corp

12,501,512

8,991

M&T Bank Corp

1,965,702

114,785

Marsh & McLennan Cos, Inc

19,250,592

211,454

Morgan Stanley

40,301,018

131,688

PNC Financial Services Group, Inc

29,366,424

99,450

Progressive Corp

20,017,296

10,340

Regions Financial Corp

295,207

66,564

S&P Global, Inc

28,704,394

93,847

Travelers Cos, Inc

28,636,474

171,838

US Bancorp

9,736,341

4,351

Willis Towers Watson plc

1,114,726

TOTAL FINANCIALS

413,613,451

See Notes to Financial Statements

DESCRIPTION

VALUE

HEALTH CARE - 11.6%

164,634

AbbVie, Inc

34,790,457

34,471

Agilent Technologies, Inc

3,983,124

539,514

Bristol-Myers Squibb Co

32,689,153

110,401

Cardinal Health, Inc

21,294,145

73,945

Cencora, Inc

22,775,800

56,180

Cigna Group

16,324,784

146,061

Danaher Corp

26,137,616

197,378

(a)

Edwards Lifesciences Corp

16,481,063

123,562

Gilead Sciences, Inc

16,166,852

6,694

Humana, Inc

1,582,729

43,740

Merck & Co, Inc

4,775,533

5,467

Regeneron Pharmaceuticals, Inc

3,865,497

37,765

STERIS plc

8,190,473

67,682

Stryker Corp

21,328,629

1,075

(a)

United Therapeutics Corp

614,201

29,486

West Pharmaceutical Services, Inc

8,774,739

5,647

Zoetis, Inc

649,236

TOTAL HEALTH CARE

240,424,031

INDUSTRIALS - 11.2%

168,550

3M Co

24,695,946

78,960

Automatic Data Processing, Inc

16,734,782

39,374

Broadridge Financial Solutions, Inc

6,062,809

34,554

Caterpillar, Inc

30,756,861

56,177

CH Robinson Worldwide, Inc

10,213,540

27,873

(a)

Copart, Inc

922,875

57,526

Deere & Co

33,932,862

8,662

Expeditors International of Washington, Inc

1,281,023

91,558

Ferguson Enterprises, Inc

24,510,992

72,230

Jacobs Solutions, Inc

9,347,284

104,729

Johnson Controls International plc

15,293,576

32,482

Parker-Hannifin Corp

29,539,780

100,298

Union Pacific Corp

27,028,305

3,271

United Rentals, Inc

3,139,637

TOTAL INDUSTRIALS

233,460,272

INFORMATION TECHNOLOGY - 17.7%

132,781

Accenture plc, Class A

23,729,293

104,454

Analog Devices, Inc

42,017,666

76,920

Applied Materials, Inc

30,344,171

27,585

(a)

F5, Inc

8,934,781

552,592

Hewlett Packard Enterprise Co

15,898,072

817,853

(a)

Intel Corp

77,270,751

132,047

International Business Machines Corp

30,500,216

566

Intuit, Inc

219,891

36,659

Motorola Solutions, Inc

16,094,401

116,903

NXP Semiconductors NV

34,321,552

107,603

(a)

Okta, Inc

7,924,961

153,723

Salesforce, Inc

27,136,721

96,199

(a)

Twilio, Inc, Class A

14,243,224

34,431

VeriSign, Inc

9,250,232

69,277

Western Digital Corp

30,102,242

TOTAL INFORMATION TECHNOLOGY

367,988,174

MATERIALS - 2.5%

27,336

Ball Corp

1,669,683

89,768

Ecolab, Inc

23,393,541

97,465

International Flavors & Fragrances, Inc

6,842,043

64,075

Smurfit Westrock plc

2,459,839

73,692

Steel Dynamics, Inc

16,850,413

TOTAL MATERIALS

51,215,519

Portfolio of Investments April 30, 2026

(continued)

NULV

See Notes to Financial Statements

DESCRIPTION

VALUE

REAL ESTATE - 2.7%

34,587

American Tower Corp

6,319,391

40,966

(a)

CBRE Group, Inc, Class A

5,847,077

14,658

Digital Realty Trust, Inc

2,945,378

11,895

Equinix, Inc

12,880,263

4,333

Iron Mountain, Inc

545,915

186,290

ProLogis, Inc

26,456,906

TOTAL REAL ESTATE

54,994,930

UTILITIES - 3.6%

67,228

American Water Works Co, Inc

8,633,420

100,870

Atmos Energy Corp

19,163,283

26,782

Consolidated Edison, Inc

2,985,925

334,266

Exelon Corp

15,372,893

291,514

Sempra

27,728,812

TOTAL UTILITIES

73,884,333

TOTAL COMMON STOCKS

(Cost $1,785,451,680)

2,071,544,619

TOTAL LONG-TERM INVESTMENTS

(Cost $1,785,451,680)

2,071,544,619

OTHER ASSETS & LIABILITIES, NET - 0.3%

5,462,008

NET ASSETS - 100%

2,077,006,627

S&P

Standard & Poor's

(a)

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

Portfolio of Investments April 30, 2026

NUMG

See Notes to Financial Statements

(Unaudited)

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.9%

COMMON STOCKS - 99.9%

COMMUNICATION SERVICES - 5.2%

12,576

(a)

Liberty Media Corp-Liberty Formula One, Class C

1,080,907

56,942

(a)

Live Nation Entertainment, Inc

8,993,420

39,113

(a)

Take-Two Interactive Software, Inc

8,360,795

TOTAL COMMUNICATION SERVICES

18,435,122

CONSUMER DISCRETIONARY - 11.8%

25,257

(a)

Burlington Stores, Inc

8,082,492

36,690

(a)

Carvana Co

14,521,902

43,711

(a)

Lululemon Athletica, Inc

6,019,005

336,063

(a)

Rivian Automotive, Inc, Class A

5,511,433

14,160

(a)

Ulta Beauty, Inc

7,610,717

TOTAL CONSUMER DISCRETIONARY

41,745,549

CONSUMER STAPLES - 0.0%

105

Casey's General Stores, Inc

86,326

TOTAL CONSUMER STAPLES

86,326

FINANCIALS - 8.4%

52,851

Ares Management Corp, Class A

6,204,707

129,841

Equitable Holdings, Inc

5,479,290

139,705

Interactive Brokers Group, Inc, Class A

11,106,548

240,967

(a)

Toast, Inc, Class A

6,872,379

TOTAL FINANCIALS

29,662,924

HEALTH CARE - 13.9%

36,910

(a)

Alnylam Pharmaceuticals, Inc

11,423,276

21,354

(a)

IDEXX Laboratories, Inc

11,975,323

53,580

(a)

Incyte Corp

5,104,567

5,057

(a)

Mettler-Toledo International, Inc

6,455,817

52,776

(a)

Veeva Systems, Inc, Class A

8,231,473

19,754

(a)

Waters Corp

6,108,529

TOTAL HEALTH CARE

49,298,985

INDUSTRIALS - 26.4%

23,598

(a)

Axon Enterprise, Inc

9,480,733

9,615

Comfort Systems USA, Inc

17,694,004

13,529

EMCOR Group, Inc

12,063,403

35,181

Quanta Services, Inc

25,603,676

62,785

Veralto Corp

5,537,637

49,680

Verisk Analytics, Inc

9,165,463

11,990

WW Grainger, Inc

13,924,587

TOTAL INDUSTRIALS

93,469,503

INFORMATION TECHNOLOGY - 26.8%

83,300

(a)

Atlassian Corp, Class A

5,713,547

39,797

(a)

Ciena Corp

20,996,101

91,272

(a)

Datadog, Inc, Class A

12,065,246

7,495

(a)

Fair Isaac Corp

7,682,375

31,212

(a)

First Solar, Inc

6,301,391

32,407

(a)

Gartner, Inc

4,812,115

72,107

(a)

GoDaddy, Inc, Class A

6,258,166

26,575

(a)

HubSpot, Inc

5,893,272

26,959

(a)

MongoDB, Inc

6,762,126

42,377

(a)

PTC, Inc

5,775,985

228,822

(a)

Samsara, Inc, Class A

6,576,344

43,920

(a)

Zscaler, Inc

5,739,466

TOTAL INFORMATION TECHNOLOGY

94,576,134

MATERIALS - 2.3%

26,318

Vulcan Materials Co

7,941,193

TOTAL MATERIALS

7,941,193

Portfolio of Investments April 30, 2026

(continued)

NUMG

See Notes to Financial Statements

DESCRIPTION

VALUE

REAL ESTATE - 3.7%

49,598

(a)

CBRE Group, Inc, Class A

7,079,123

171,587

(a)

CoStar Group, Inc

5,938,626

TOTAL REAL ESTATE

13,017,749

UTILITIES - 1.4%

69,949

(a)

Oklo, Inc

5,071,302

TOTAL UTILITIES

5,071,302

TOTAL COMMON STOCKS

(Cost $375,011,955)

353,304,787

TOTAL LONG-TERM INVESTMENTS

(Cost $375,011,955)

353,304,787

OTHER ASSETS & LIABILITIES, NET - 0.1%

290,550

NET ASSETS - 100%

353,595,337

(a)

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

Portfolio of Investments April 30, 2026

NUMV

See Notes to Financial Statements

(Unaudited)

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.8%

COMMON STOCKS - 99.8%

COMMUNICATION SERVICES - 5.5%

57,369

(a)

EchoStar Corp, Class A

7,064,419

150,568

News Corp, Class A

3,962,950

83,842

Omnicom Group, Inc

6,432,358

28,713

(a)

Take-Two Interactive Software, Inc

6,137,691

TOTAL COMMUNICATION SERVICES

23,597,418

CONSUMER DISCRETIONARY - 5.7%

2,472

Best Buy Co, Inc

149,531

55,813

(a)

Deckers Outdoor Corp

5,704,089

56,454

eBay, Inc

5,841,860

46,748

Genuine Parts Co

5,012,788

11,879

PulteGroup, Inc

1,453,514

131,340

(a)

Rivian Automotive, Inc, Class A

2,153,976

7,612

Tapestry, Inc

1,104,045

88,568

Tractor Supply Co

3,108,737

TOTAL CONSUMER DISCRETIONARY

24,528,540

CONSUMER STAPLES - 8.3%

112,773

Archer-Daniels-Midland Co

8,406,099

53,541

Bunge Global S.A.

6,803,455

45,962

Church & Dwight Co, Inc

4,461,072

110,604

General Mills, Inc

3,905,427

429,075

Kenvue, Inc

7,521,685

49,596

Kraft Heinz Co

1,123,845

68,599

McCormick & Co, Inc

3,487,573

TOTAL CONSUMER STAPLES

35,709,156

ENERGY - 2.6%

161,038

Baker Hughes Co

11,219,517

TOTAL ENERGY

11,219,517

FINANCIALS - 17.8%

14,884

(a)

Arch Capital Group Ltd

1,405,943

26,345

Cboe Global Markets, Inc

7,905,871

73,278

Equitable Holdings, Inc

3,092,331

18,264

Everest Group Ltd

6,515,865

112,455

Fifth Third Bancorp

5,708,216

24,985

(a)

Fiserv, Inc

1,565,310

18,675

Hartford Insurance Group, Inc

2,554,927

990

LPL Financial Holdings, Inc

330,789

43,113

NASDAQ, Inc

3,962,516

43,460

Principal Financial Group, Inc

4,385,548

74,071

Prudential Financial, Inc

7,267,106

18,702

Raymond James Financial, Inc

2,960,900

242,769

Regions Financial Corp

6,931,055

26,509

State Street Corp

4,051,635

74,191

Synchrony Financial

5,653,354

64,478

T Rowe Price Group, Inc

6,633,497

22,844

Willis Towers Watson plc

5,852,633

TOTAL FINANCIALS

76,777,496

HEALTH CARE - 8.2%

10,213

Agilent Technologies, Inc

1,180,112

23,096

(a)

Biogen, Inc

4,371,611

40,961

Cardinal Health, Inc

7,900,558

69,990

(a)

Cooper Cos, Inc

4,402,371

17,434

Humana, Inc

4,122,095

1,706

(a)

Incyte Corp

162,530

22,672

(a)

IQVIA Holdings, Inc

3,590,565

5,884

Labcorp Holdings, Inc

1,511,011

1,875

(a)

Mettler-Toledo International, Inc

2,393,644

26,177

STERIS plc

5,677,268

TOTAL HEALTH CARE

35,311,765

Portfolio of Investments April 30, 2026

(continued)

NUMV

See Notes to Financial Statements

DESCRIPTION

VALUE

INDUSTRIALS - 17.4%

25,829

Allegion plc

3,550,971

19,276

Broadridge Financial Solutions, Inc

2,968,118

38,603

CH Robinson Worldwide, Inc

7,018,411

299,381

CNH Industrial NV

3,206,370

30,238

Expeditors International of Washington, Inc

4,471,898

34,494

Ferguson Enterprises, Inc

9,234,389

118,194

Fortive Corp

7,066,819

412

IDEX Corp

89,754

37,566

Ingersoll Rand, Inc

3,000,021

15,514

Jacobs Solutions, Inc

2,007,667

6,106

Lennox International, Inc

3,266,038

30,991

Pentair plc

2,501,284

67,676

TransUnion

4,804,996

10,818

United Rentals, Inc

10,383,549

48,743

Veralto Corp

4,299,133

59,230

Xylem, Inc

6,998,617

TOTAL INDUSTRIALS

74,868,035

INFORMATION TECHNOLOGY - 12.0%

10,881

(a)

F5, Inc

3,524,356

26,103

(a)

First Solar, Inc

5,269,935

313,050

Hewlett Packard Enterprise Co

9,006,448

138,238

HP, Inc

2,883,645

35,254

(a)

Keysight Technologies, Inc

12,335,727

1,744

NetApp, Inc

193,183

2,586

(a)

Okta, Inc

190,459

23,033

(a)

PTC, Inc

3,139,398

17,898

Seagate Technology Holdings plc

12,056,809

17,090

(a)

Twilio, Inc, Class A

2,530,345

2,537

(a)

Tyler Technologies, Inc

865,472

TOTAL INFORMATION TECHNOLOGY

51,995,777

MATERIALS - 6.9%

39,300

Amcor plc

1,494,980

360

Avery Dennison Corp

59,015

98,512

Ball Corp

6,017,113

85,635

International Paper Co

2,605,017

7,691

Martin Marietta Materials, Inc

4,761,267

57,573

PPG Industries, Inc

6,246,670

37,842

Steel Dynamics, Inc

8,652,952

TOTAL MATERIALS

29,837,014

REAL ESTATE - 8.6%

28,568

AvalonBay Communities, Inc

5,227,944

27,823

(a)

CBRE Group, Inc, Class A

3,971,177

35,152

Crown Castle, Inc

3,120,795

338,194

Healthpeak Properties, Inc

5,468,597

70,428

Iron Mountain, Inc

8,873,224

271,793

Kimco Realty Corp

6,425,186

722

Regency Centers Corp

56,208

10,697

SBA Communications Corp

2,366,176

22,335

WP Carey, Inc

1,628,891

TOTAL REAL ESTATE

37,138,198

UTILITIES - 6.8%

54,076

American Water Works Co, Inc

6,944,440

41,369

Atmos Energy Corp

7,859,283

172,329

CenterPoint Energy, Inc

7,522,161

See Notes to Financial Statements

DESCRIPTION

VALUE

UTILITIES

(continued)

100,209

Eversource Energy

7,084,776

TOTAL UTILITIES

29,410,660

TOTAL COMMON STOCKS

(Cost $396,045,692)

430,393,576

TOTAL LONG-TERM INVESTMENTS

(Cost $396,045,692)

430,393,576

OTHER ASSETS & LIABILITIES, NET - 0.2%

747,946

NET ASSETS - 100%

431,141,522

(a)

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

Portfolio of Investments April 30, 2026

NUSC

See Notes to Financial Statements

(Unaudited)

DESCRIPTION

EXPIRATION

DATE

VALUE

LONG-TERM INVESTMENTS - 99.9%

COMMON STOCK RIGHTS - 0.0%

FINANCIALS - 0.0%

109,166

(a)

Sycamore Partners LLC

12/31/28

57,858

TOTAL FINANCIALS

57,858

HEALTH CARE - 0.0%

26,689

(a)

Bristol-Myers Squibb Co

12/29/26

18,682

44,361

(a)

Zimmer Biomet Holdings Inc

01/04/27

3,993

TOTAL HEALTH CARE

22,675

TOTAL COMMON STOCK RIGHTS

(Cost $0)

80,533

DESCRIPTION

VALUE

COMMON STOCKS - 99.9%

COMMUNICATION SERVICES - 3.1%

552,436

(b)

AMC Entertainment Holdings, Inc, Class A

839,703

6,894

(b),(c)

Atlanta Braves Holdings, Inc, Class A

364,830

47,461

(b)

Atlanta Braves Holdings, Inc, Class C

2,345,048

5,066

(b)

Cargurus, Inc

184,706

57,508

(b)

Cars.com, Inc

632,013

45,630

Cinemark Holdings, Inc

1,346,998

250,836

(b)

Clear Channel Outdoor Holdings, Inc

602,006

51,859

Cogent Communications Holdings, Inc

1,174,606

143,221

(b)

DoubleVerify Holdings, Inc

1,578,295

30,413

(b),(c)

fuboTV, Inc, Class A

374,686

52,883

(b)

Globalstar, Inc

4,352,271

82,196

(b)

Gogo, Inc

343,579

16,203

(b),(c)

Ibotta, Inc, Class A

570,346

47,187

(b)

IMAX Corp

1,794,050

38,723

Iridium Communications, Inc

1,512,908

23,549

(b)

Liberty Latin America Ltd, Class C

195,692

75,642

(b)

Lionsgate Studios Corp

940,986

467,802

(b)

Lumen Technologies, Inc

4,135,370

148,177

(b)

Magnite, Inc

1,898,888

83,688

New York Times Co, Class A

6,613,863

164,703

Paramount Skydance Corp

1,686,562

54,574

(b)

QuinStreet, Inc

696,364

21,124

Scholastic Corp

852,565

27,269

Shutterstock, Inc

440,940

9,231

Sirius XM Holdings, Inc

248,683

123,851

(b)

Stagwell, Inc

776,546

146,863

(b)

USA TODAY Co, Inc

1,061,820

40,913

(b)

Ziff Davis, Inc

1,872,179

TOTAL COMMUNICATION SERVICES

39,436,503

CONSUMER DISCRETIONARY - 11.1%

44,296

(b)

Abercrombie & Fitch Co, Class A

3,780,664

379,868

ADT, Inc

2,860,406

48,320

(c)

Advance Auto Parts, Inc

2,875,523

182,797

Aramark

8,351,995

48,501

(b)

Bright Horizons Family Solutions, Inc

3,933,916

19,407

(b)

Brinker International, Inc

2,954,522

144,952

(b)

Callaway Golf Co

2,217,766

55,437

(b)

Capri Holdings Ltd

1,081,576

30,112

(b)

CarMax, Inc

1,183,703

22,713

Carter's, Inc

820,394

26,748

Columbia Sportswear Co

1,629,488

148,824

(b)

Coursera, Inc

885,503

20,486

(c)

Cracker Barrel Old Country Store, Inc

641,622

45,432

(b)

Crocs, Inc

4,633,155

29,580

(b)

Dave & Buster's Entertainment, Inc

333,367

See Notes to Financial Statements

DESCRIPTION

VALUE

CONSUMER DISCRETIONARY

(continued)

16,417

(b)

Etsy, Inc

1,056,270

22,649

(b)

Five Below, Inc

5,337,463

73,249

(b)

Frontdoor, Inc

5,027,079

107,237

(b),(c)

Global Business Travel Group I

628,409

270,850

(b)

Goodyear Tire & Rubber Co

1,917,618

90,014

Harley-Davidson, Inc

2,150,434

51,394

Hasbro, Inc

4,925,601

62,086

(b)

Hilton Grand Vacations, Inc

2,916,179

113,473

Kohl's Corp

1,607,912

20,757

Kontoor Brands, Inc

1,522,734

25,149

LCI Industries

2,998,264

97,745

Levi Strauss & Co, Class A

2,177,759

1,865

Lithia Motors, Inc

541,074

33,213

LKQ Corp

1,048,867

144,196

(b),(c)

Lucid Group, Inc

918,529

71,443

Macy's, Inc

1,396,711

19,152

(b)

MarineMax, Inc

550,428

4,977

Meritage Homes Corp

335,151

169,315

(b)

Mobileye Global, Inc, Class A

1,471,347

10,392

Murphy USA, Inc

6,110,496

77,847

(b)

National Vision Holdings, Inc

1,807,607

433,956

Newell Brands, Inc

1,770,540

231,952

(b)

Norwegian Cruise Line Holdings Ltd

4,216,887

11,707

(b)

Ollie's Bargain Outlet Holdings, Inc

1,012,773

14,344

Oxford Industries, Inc

614,497

106,944

(b)

Petco Health & Wellness Co, Inc

303,721

48,347

(b)

Planet Fitness, Inc

3,223,294

21,528

(b)

Pursuit Attractions and Hospitality, Inc

905,898

14,426

PVH Corp

1,319,113

99,366

(b)

RealReal, Inc

1,181,462

43,896

(b)

Savers Value Village, Inc

370,921

137,085

Service Corp International

11,107,998

19,234

Signet Jewelers Ltd

1,712,403

112,218

(b)

Sonos, Inc

1,664,193

16,896

Standard Motor Products, Inc

631,403

75,343

Steven Madden Ltd

2,829,883

46,039

(b)

Stride, Inc

4,473,149

31,904

(b)

Taylor Morrison Home Corp

1,937,849

104,717

(b)

ThredUp, Inc, Class A

449,236

12,378

(b)

TopBuild Corp

5,479,741

13,733

(b)

Tri Pointe Homes, Inc

643,940

3,828

(b)

Urban Outfitters, Inc

269,262

214,154

VF Corp

4,053,935

56,100

(b)

Victoria's Secret & Co

2,907,663

95,336

(b)

Warby Parker, Inc, Class A

2,108,832

17,891

(c)

Whirlpool Corp

1,002,969

27,554

Winnebago Industries, Inc

898,536

26,119

(b)

XPEL, Inc

1,243,787

TOTAL CONSUMER DISCRETIONARY

142,963,417

CONSUMER STAPLES - 2.9%

35,431

Andersons, Inc

2,782,751

27,723

(c)

Campbell's Company

576,361

314,231

ConAgra Brands, Inc

4,509,215

191,082

Flowers Foods, Inc

1,731,203

50,777

(b)

Freshpet, Inc

3,421,354

47,616

Ingredion, Inc

5,320,612

5,871

J M Smucker Co

575,534

138,136

Lamb Weston Holdings, Inc

6,015,823

3,028

(b)

Performance Food Group Co

274,216

30,326

(b)

Sprouts Farmers Market, Inc

2,482,183

63,535

(b)

United Natural Foods, Inc

3,178,021

68,764

(b)

US Foods Holding Corp

6,428,746

Portfolio of Investments April 30, 2026

(continued)

NUSC

See Notes to Financial Statements

DESCRIPTION

VALUE

CONSUMER STAPLES

(continued)

39,007

(b),(c)

Vital Farms, Inc

532,445

TOTAL CONSUMER STAPLES

37,828,464

ENERGY - 3.5%

49,163

Core Laboratories, Inc

720,238

62,847

Delek US Holdings, Inc

2,928,042

106,217

(b)

Expro Group Holdings NV

1,934,212

40,041

(b)

Innovex International, Inc

1,111,938

381,418

NOV Inc

7,803,812

42,993

SunocoCorp LLC

2,866,773

242,336

TechnipFMC plc

18,313,331

75,011

Weatherford International plc

8,277,464

58,141

World Kinect Corp

1,568,063

TOTAL ENERGY

45,523,873

FINANCIALS - 16.2%

14,723

Affiliated Managers Group, Inc

4,338,426

1,081,057

AGNC Investment Corp

11,913,248

14,603

Ally Financial, Inc

648,227

18,183

Amalgamated Financial Corp

743,321

74,483

(b)

Baldwin Insurance Group, Inc

1,692,254

132,595

Banc of California, Inc

2,483,504

43,774

(b)

Bancorp, Inc

2,618,998

6,961

BankUnited, Inc

323,547

2,225

Banner Corp

148,875

87,320

Beacon Financial Corp

2,491,240

205,039

Burford Capital Ltd

1,008,792

7,839

Central Pacific Financial Corp

260,882

26,241

(b)

Donnelley Financial Solutions, Inc

1,319,922

109,608

East West Bancorp, Inc

13,862,124

31,925

FactSet Research Systems, Inc

7,265,491

9,251

Federal Agricultural Mortgage Corp, Class C

1,607,824

106,531

First American Financial Corp

7,471,019

156,686

First BanCorp

3,804,336

9,068

First Horizon Corp

226,337

91,042

First Interstate BancSystem, Inc, Class A

3,231,081

112,854

(b)

Flywire Corp

1,524,658

167,584

Franklin Resources, Inc

5,022,492

122,078

Glacier Bancorp, Inc

5,987,926

26,517

Globe Life, Inc

4,091,573

131,966

HA Sustainable Infrastructure Capital, Inc

5,535,974

30,219

Hanmi Financial Corp

903,850

7,687

Independent Bank Corp

255,285

169,919

Invesco Ltd

4,453,577

70,837

Jackson Financial, Inc, Class A

8,200,799

69,092

Janus Henderson Group plc

3,565,838

55,065

Kemper Corp

1,855,140

22,764

Kinsale Capital Group, Inc

7,366,658

60,414

KKR Real Estate Finance Trust, Inc

370,338

112,349

Lincoln National Corp

4,247,916

38,834

MarketAxess Holdings, Inc

6,104,316

17,954

Morningstar, Inc

3,029,019

234,512

Old National Bancorp

5,621,253

27,563

(b)

Palomar Holdings, Inc

3,318,034

22,921

Pathward Financial, Inc

1,990,460

37,119

Peoples Bancorp, Inc

1,276,894

69,469

Popular, Inc

10,443,275

39,852

(b)

PRA Group, Inc

868,375

10,947

Primerica, Inc

3,079,063

23,945

Provident Financial Services, Inc

543,073

20,074

RenaissanceRe Holdings Ltd

6,162,116

4,691

Renasant Corp

187,124

9,616

Selective Insurance Group, Inc

807,263

53,588

SOUTHSTATE BANK CORP

5,233,940

See Notes to Financial Statements

DESCRIPTION

VALUE

FINANCIALS

(continued)

28,606

Stewart Information Services Corp

2,002,134

2,060

(b)

Texas Capital Bancshares, Inc

207,442

42,374

Unum Group

3,406,022

443,092

Valley National Bancorp

6,012,758

6,758

Victory Capital Holdings, Inc, Class A

530,571

81,557

Voya Financial, Inc

6,684,412

32,425

Walker & Dunlop, Inc

1,632,599

109,237

Western Alliance Bancorp

8,907,185

27,128

(b)

WEX, Inc

4,078,152

110,583

WisdomTree, Inc

1,879,911

56,383

Zions Bancorp NA

3,575,810

TOTAL FINANCIALS

208,422,673

HEALTH CARE - 12.4%

117,949

(a),(b)

89bio, Inc

40,103

10,579

(b)

Acadia Healthcare Co, Inc

273,943

95,308

(b)

AdaptHealth Corp

1,249,488

163,275

(b)

Alkermes plc

5,504,000

70,056

(b)

Alphatec Holdings, Inc

683,747

39,289

(b)

AMN Healthcare Services, Inc

804,246

69,649

(b)

Amylyx Pharmaceuticals, Inc

1,114,384

31,898

(b)

Ardent Health, Inc

311,324

178,479

(b)

AtaiBeckley, Inc

742,473

191,963

(b)

Avantor, Inc

1,554,900

41,646

(b)

Azenta, Inc

1,023,242

137,120

(b)

Biohaven Ltd

1,314,981

40,694

(b)

BioLife Solutions, Inc

857,830

5,484

(b)

BrightSpring Health Services, Inc

263,067

201,822

(b)

Brookdale Senior Living, Inc

2,898,164

53,421

(b)

CareDx, Inc

1,111,691

30,863

(b)

Castle Biosciences, Inc

755,835

121,319

(b)

Catalyst Pharmaceuticals, Inc

3,412,703

62,064

(b)

Celldex Therapeutics, Inc

2,040,664

127,400

(b)

Certara, Inc

780,962

6,079

Chemed Corp

2,583,453

93,045

(b)

Crinetics Pharmaceuticals, Inc

3,608,285

94,565

(b)

Cytokinetics, Inc

6,049,323

83,684

(b)

Definium Therapeutics, Inc

1,831,006

268,911

(b)

Elanco Animal Health, Inc

6,015,539

34,350

(b)

Enliven Therapeutics, Inc

1,416,250

6,963

Ensign Group, Inc

1,299,922

18,223

(b)

Establishment Labs Holdings, Inc

1,250,644

78,250

(b)

EyePoint, Inc

1,032,900

6,306

(b)

Fulgent Genetics, Inc

95,788

59,899

(b)

Glaukos Corp

8,605,689

29,690

(b)

Guardant Health, Inc

2,585,405

23,551

(b)

Haemonetics Corp

1,415,180

86,197

(b)

Halozyme Therapeutics, Inc

5,487,301

63,011

(b)

HealthEquity, Inc

5,168,792

21,075

(b)

Henry Schein, Inc

1,571,984

207,093

(b),(c)

Hims & Hers Health, Inc

5,626,717

17,751

(b)

Hinge Health, Inc, Class A

791,695

29,227

(b)

Inspire Medical Systems, Inc

1,640,804

36,410

(b)

Integer Holdings Corp

3,222,649

150,398

(b)

Ionis Pharmaceuticals, Inc

11,243,754

14,796

(b)

Jazz Pharmaceuticals plc

3,003,884

29,876

(b)

KalVista Pharmaceuticals, Inc

796,494

17,108

(b)

Medpace Holdings, Inc

7,162,435

293,839

(b)

Moderna, Inc

13,498,964

33,673

(b)

MoonLake Immunotherapeutics

551,564

100,214

(b)

Myriad Genetics, Inc

476,017

135,666

(b)

NeoGenomics, Inc

1,256,267

110,544

(b)

Novocure Ltd

1,681,374

Portfolio of Investments April 30, 2026

(continued)

NUSC

See Notes to Financial Statements

DESCRIPTION

VALUE

HEALTH CARE

(continued)

42,382

(b)

Omnicell, Inc

1,755,462

16,945

(b)

Penumbra, Inc

5,532,204

143,432

Perrigo Co plc

1,698,235

21,324

Phibro Animal Health Corp, Class A

1,134,010

58,186

(b)

Procept Biorobotics Corp

1,398,791

13,827

(b)

Progyny, Inc

256,906

17,309

(b)

QuidelOrtho Corp

212,901

40,609

(b)

RadNet, Inc

2,296,439

70,061

(b)

Savara, Inc

367,120

123,557

(b)

Sotera Health Co

1,922,547

33,735

(b)

STAAR Surgical Co

889,255

155,542

(b)

Teladoc Health, Inc

942,585

61,967

(b)

Tempus AI, Inc, Class A

3,437,929

38,325

(b)

Theravance Biopharma, Inc

641,561

7,609

(b)

UFP Technologies, Inc

1,458,113

82,599

(b)

Veracyte, Inc

2,719,159

142,548

Viatris, Inc

2,129,667

60,188

(b)

Xenon Pharmaceuticals, Inc

3,372,936

TOTAL HEALTH CARE

159,873,646

INDUSTRIALS - 20.3%

53,023

AAON, Inc

4,947,576

7,747

Acuity, Inc

2,244,848

42,016

Aebi Schmidt Holding AG.

488,226

1,635

Allison Transmission Holdings, Inc

219,662

1,021

Applied Industrial Technologies, Inc

312,171

18,900

ArcBest Corp

2,411,073

5,197

Arcosa, Inc

657,265

88,785

(b)

ATI, Inc

13,802,516

12,997

AZZ, Inc

1,859,091

13,878

(b)

CACI International, Inc, Class A

7,210,176

35,748

Carpenter Technology Corp

15,307,294

315,992

(b)

Clarivate plc

906,897

162,202

(b)

Core & Main, Inc, Class A

8,170,115

24,973

CSG Systems International, Inc

2,008,079

195,112

(b)

DNOW, Inc

2,632,061

23,093

Douglas Dynamics, Inc

1,065,280

48,717

(b)

Energy Recovery, Inc

539,297

1,004

EnPro, Inc

292,716

2,291

ESCO Technologies, Inc

742,169

35,073

(b)

Everus Construction Group, Inc

5,170,812

127,989

(b)

ExlService Holdings, Inc

4,080,289

81,691

(b)

First Advantage Corp

1,042,377

124,925

Flowserve Corp

9,199,477

20,110

(b)

Forward Air Corp

423,517

18,166

(b)

FTI Consulting, Inc

3,257,164

58,875

(b)

Gates Industrial Corp plc

1,507,789

26,174

GATX Corp

5,128,010

28,473

(b)

Generac Holdings, Inc

7,381,056

51,452

Genpact Ltd

1,787,957

4,836

(b)

Gibraltar Industries, Inc

188,749

32,084

Greenbrier Cos, Inc

1,575,966

70,402

(b)

GXO Logistics, Inc

4,022,066

30,452

Herc Holdings, Inc

3,864,968

35,069

Hexcel Corp

3,291,927

70,840

HNI Corp

2,588,500

3,655

ICF International, Inc

261,917

60,652

Interface, Inc

1,690,978

22,163

JBT Marel Corp

2,617,450

47,829

KBR, Inc

1,793,109

82,875

(b)

Kratos Defense & Security Solutions, Inc

5,225,269

5,750

Lindsay Corp

643,828

25,702

McGrath RentCorp

2,841,356

See Notes to Financial Statements

DESCRIPTION

VALUE

INDUSTRIALS

(continued)

22,895

(b)

Mercury Systems, Inc

1,806,644

64,074

MillerKnoll, Inc

1,030,310

51,561

(b)

Modine Manufacturing Co

13,128,977

27,482

Mueller Water Products, Inc, Class A

766,473

3,789

(b)

MYR Group, Inc

1,533,825

88,298

(b)

NPK International, Inc

1,443,672

117,237

nVent Electric plc

16,753,167

110,460

(b)

OPENLANE, Inc

3,472,862

8,927

Oshkosh Corp

1,395,290

9,153

Paycom Software, Inc

1,160,234

141,834

Pitney Bowes, Inc

2,192,754

48,998

Primoris Services Corp

8,875,988

140,749

(b)

Resideo Technologies, Inc

5,822,786

87,719

Robert Half, Inc

2,334,203

7,475

Rush Enterprises, Inc

544,629

62,981

Rush Enterprises, Inc, Class A

4,662,483

111,119

(b)

RXO, Inc

2,219,046

18,726

Ryder System, Inc

4,752,097

23,440

Schneider National, Inc, Class B

728,750

176,205

(b)

Shoals Technologies Group, Inc, Class A

1,399,068

7,742

(b)

SiteOne Landscape Supply, Inc

975,879

36,683

(b)

SPX Technologies, Inc

8,030,276

28,126

Stanley Black & Decker, Inc

2,198,328

17,724

(b)

Sterling Infrastructure, Inc

9,138,849

243,659

(b)

Sunrun, Inc

3,101,779

176,000

(b)

T1 Energy, Inc

844,800

83,856

Trinity Industries, Inc

2,734,544

129,336

(b)

Upwork, Inc

1,338,628

24,207

(b)

V2X, Inc

1,641,477

451

Valmont Industries, Inc

229,126

11,817

WESCO International, Inc

4,125,551

15,447

(b)

Willdan Group, Inc

1,173,972

14,652

WillScot Holdings Corp

331,721

14,588

Worthington Enterprises, Inc

791,691

24,853

(b)

XPO, Inc

5,470,891

134,978

Zurn Elkay Water Solutions Corp

7,013,457

TOTAL INDUSTRIALS

260,565,270

INFORMATION TECHNOLOGY - 14.8%

57,749

(b)

ACI Worldwide, Inc

2,495,912

114,326

Adeia, Inc

3,641,283

18,405

Advanced Energy Industries, Inc

7,065,864

27,639

(b)

Agilysys, Inc

1,770,554

22,180

(b)

Akamai Technologies, Inc

2,284,096

17,769

(b)

Appfolio, Inc, Class A

2,969,022

109,489

(b)

Arlo Technologies, Inc

1,538,320

19,296

(b)

Arrow Electronics, Inc

3,624,368

8,701

Avnet, Inc

717,920

30,646

Badger Meter, Inc

3,705,408

10,888

Belden, Inc

1,224,682

36,634

Benchmark Electronics, Inc

3,005,820

61,544

(b)

Calix, Inc

2,680,857

101,155

(b)

CCC Intelligent Solutions Holdings, Inc

530,052

5,530

(b)

Cirrus Logic, Inc

901,832

46,063

(b)

Commvault Systems, Inc

4,554,709

15,367

(b)

Diebold Nixdorf, Inc

1,180,339

30,851

Dolby Laboratories, Inc, Class A

1,978,783

277,536

(b),(c)

D-Wave Quantum, Inc

5,628,430

136,784

(b)

Enphase Energy, Inc

4,508,401

2,165

(b)

EPAM Systems, Inc

246,334

27,718

ePlus, Inc

2,347,437

14,462

(b)

Fabrinet

9,884,343

28,227

(b)

Gitlab, Inc, Class A

624,946

Portfolio of Investments April 30, 2026

(continued)

NUSC

See Notes to Financial Statements

DESCRIPTION

VALUE

INFORMATION TECHNOLOGY

(continued)

37,377

(b)

Guidewire Software, Inc

5,172,603

32,715

(b)

Harmonic, Inc

373,932

29,186

(b)

Ichor Holdings Ltd

1,925,400

30,549

(b)

Insight Enterprises, Inc

2,227,022

59,210

(b)

Intapp, Inc

1,329,265

26,858

InterDigital, Inc

7,965,009

47,973

(b)

Itron, Inc

4,020,137

66,619

(b)

JFrog Ltd

3,093,786

73,918

(b)

Lattice Semiconductor Corp

9,038,693

8,007

Littelfuse, Inc

3,236,189

1,048

(b)

Manhattan Associates, Inc

144,509

244,893

(b)

Mirion Technologies, Inc

4,836,637

71,426

(b)

N-able, Inc

369,987

111,405

(b)

NCR Voyix Corp

767,581

77,593

(b)

NextNav, Inc

1,437,798

36,892

(b)

Novanta, Inc

4,778,621

20,825

(b)

Onto Innovation, Inc

6,144,625

41,247

(b)

PAR Technology Corp

554,360

33,111

(b)

PDF Solutions, Inc

1,418,806

27,256

(b)

Plexus Corp

6,829,809

113,243

(b)

Procore Technologies, Inc

6,407,289

12,660

(b)

Q2 Holdings, Inc

642,495

61,850

Ralliant Corp

2,810,464

84,403

(b)

Rambus, Inc

9,715,629

15,783

(b)

Rogers Corp

2,142,542

30,142

(b)

Silicon Laboratories, Inc

6,561,913

62,642

(b)

SolarEdge Technologies, Inc

2,684,836

38,924

(b)

SPS Commerce, Inc

2,184,415

54,175

TD SYNNEX Corp

12,361,652

13,192

(b)

UiPath, Inc, Class A

135,878

324,569

(b)

Unity Software, Inc

8,575,113

77,223

Vistance Networks, Inc

988,068

2,296

(b)

Workiva, Inc

122,790

TOTAL INFORMATION TECHNOLOGY

190,107,565

MATERIALS - 5.6%

8,501

AptarGroup, Inc

1,051,404

95,268

Avient Corp

3,532,537

221,920

(b)

Axalta Coating Systems Ltd

6,311,405

33,896

Balchem Corp

5,478,272

112,285

Commercial Metals Co

7,743,174

37,803

(b)

Compass Minerals International, Inc

1,009,718

129,283

(b)

Constellium SE

4,043,972

1,768

Crown Holdings, Inc

173,812

129,956

FMC Corp

1,998,723

49,496

Graphic Packaging Holding Co

471,697

4,542

(c)

Greif, Inc, Class B

364,450

56,294

H.B. Fuller Co

3,406,913

20,844

Hawkins, Inc

3,490,328

450,318

Hecla Mining Co

8,114,730

16,853

Kaiser Aluminum Corp

2,872,257

27,833

(b)

Knife River Corp

2,575,944

20,886

Koppers Holdings, Inc

852,775

32,132

Louisiana-Pacific Corp

2,319,609

21,626

Materion Corp

3,975,075

32,601

Minerals Technologies, Inc

2,345,316

18,380

Royal Gold, Inc

4,289,524

15,218

Ryerson Holding Corp

421,691

37,826

Sensient Technologies Corp

4,298,547

21,877

Stepan Co

1,094,506

TOTAL MATERIALS

72,236,379

See Notes to Financial Statements

DESCRIPTION

VALUE

REAL ESTATE - 6.9%

8,051

Acadia Realty Trust

174,063

70,248

AH Realty Trust, Inc

427,810

233,218

CareTrust REIT, Inc

9,200,450

16,102

CBL & Associates Properties, Inc

724,912

340,181

(b)

Compass, Inc, Class A

2,575,170

210,991

DiamondRock Hospitality Co

2,152,108

29,685

EastGroup Properties, Inc

5,972,622

143,256

Empire State Realty Trust, Inc, Class A

797,936

92,975

Essential Properties Realty Trust, Inc

2,922,204

77,888

eXp World Holdings, Inc

484,463

627,298

Host Hotels & Resorts, Inc

13,254,807

7,265

(b)

Howard Hughes Holdings, Inc

452,392

60,016

(b)

Hudson Pacific Properties, Inc

552,747

110,118

Kennedy-Wilson Holdings, Inc

1,200,286

16,865

Kilroy Realty Corp

560,930

142,654

Macerich Co

3,099,871

10,488

NETSTREIT Corp

215,738

47,824

Omega Healthcare Investors, Inc

2,246,293

145,456

Outfront Media, Inc

4,487,318

207,643

Park Hotels & Resorts, Inc

2,381,665

117,885

Pebblebrook Hotel Trust

1,656,284

201,441

Rayonier, Inc

4,272,564

227,474

Rexford Industrial Realty, Inc

8,164,042

62,620

Ryman Hospitality Properties, Inc

6,580,736

129,106

Sabra Health Care REIT, Inc

2,667,330

14,172

SL Green Realty Corp

601,035

39,044

St. Joe Co

2,521,071

187,289

Sunstone Hotel Investors, Inc

1,839,178

117,007

Tanger, Inc

4,338,620

98,844

Xenia Hotels & Resorts, Inc

1,608,192

TOTAL REAL ESTATE

88,132,837

UTILITIES - 3.1%

24,534

Chesapeake Utilities Corp

3,094,228

202,593

Essential Utilities, Inc

7,739,053

93,902

New Jersey Resources Corp

5,287,622

62,425

ONE Gas, Inc

5,569,558

50,352

Southwest Gas Holdings, Inc

4,735,606

61,124

Spire, Inc

5,573,286

224,491

UGI Corp

8,101,880

TOTAL UTILITIES

40,101,233

TOTAL COMMON STOCKS

(Cost $1,156,679,781)

1,285,191,860

TOTAL LONG-TERM INVESTMENTS

(Cost $1,156,679,781)

1,285,272,393

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.4%

4,993,370

(d)

State Street Navigator Securities Lending Government Money

Market Portfolio

3.670%(e)

4,993,370

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $4,993,370)

4,993,370

TOTAL INVESTMENTS - 100.3%

(Cost $1,161,673,151)

1,290,265,763

OTHER ASSETS & LIABILITIES, NET - (0.3)%

(3,805,379)

NET ASSETS - 100%

1,286,460,384

REIT

Real Estate Investment Trust

Portfolio of Investments April 30, 2026

(continued)

NUSC

See Notes to Financial Statements

(a)

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

(b)

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

(c)

Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end

of the reporting period was $4,636,391.

(d)

The Fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on

loan) to broker dealers, banks, and other institutions. The collateral maintained by the Fund shall have a value, at the inception of

each loan, equal to not less than 100% of the value of the loaned securities. The cash collateral received by the Fund is invested in

this money market fund.

(e)

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

Portfolio of Investments April 30, 2026

NUGO

See Notes to Financial Statements

(Unaudited)

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 95.8%

COMMON STOCKS - 95.6%

COMMUNICATION SERVICES - 13.2%

750,943

Alphabet, Inc, Class A

288,962,866

82,646

Meta Platforms, Inc

50,571,914

223,029

(a)

Netflix, Inc

20,877,745

83,256

T-Mobile US, Inc

16,276,548

TOTAL COMMUNICATION SERVICES

376,689,073

CONSUMER DISCRETIONARY - 9.5%

515,474

(a)

Amazon.com, Inc

136,631,538

6,060

(a)

AutoZone, Inc

22,446,422

186,214

Booking Holdings, Inc

31,350,989

238,007

Carnival Corp

6,309,566

53,379

(a)

DoorDash, Inc, Class A

9,002,368

292,928

(a)

O'Reilly Automotive, Inc

29,117,043

93,141

(a)

Tesla, Inc

35,545,400

TOTAL CONSUMER DISCRETIONARY

270,403,326

CONSUMER STAPLES - 0.9%

25,073

Costco Wholesale Corp

25,437,311

TOTAL CONSUMER STAPLES

25,437,311

FINANCIALS - 3.2%

KKR & Co, Inc

6,782

183,989

Mastercard, Inc, Class A

92,531,748

TOTAL FINANCIALS

92,538,530

HEALTH CARE - 6.5%

99,334

Eli Lilly & Co

92,837,556

69,249

(a)

Intuitive Surgical, Inc

31,689,035

54,469

Johnson & Johnson

12,519,700

51,012

Regeneron Pharmaceuticals, Inc

36,068,545

25,963

Thermo Fisher Scientific, Inc

12,435,238

TOTAL HEALTH CARE

185,550,074

INDUSTRIALS - 9.0%

73,095

Eaton Corp plc

31,650,866

50,462

GE Vernova, Inc

54,673,559

161,152

General Electric Co

46,722,799

54,216

HEICO Corp

14,633,983

162,595

Howmet Aerospace, Inc

39,517,089

15,915

Parker-Hannifin Corp

14,473,419

15,249

Quanta Services, Inc

11,097,765

128,462

Vertiv Holdings Co, Class A

42,198,482

TOTAL INDUSTRIALS

254,967,962

INFORMATION TECHNOLOGY - 53.1%

78,879

(a)

Advanced Micro Devices, Inc

27,961,817

207,172

Amphenol Corp, Class A

30,510,220

946,066

Apple, Inc

256,715,009

160,747

Applied Materials, Inc

63,413,084

408,789

(a)

Arista Networks, Inc

70,601,948

521,359

Broadcom, Inc

217,630,887

24,064

(a)

Crowdstrike Holdings, Inc, Class A

10,726,528

23,524

(a)

Lumentum Holdings, Inc

21,226,176

319,993

Microchip Technology, Inc

29,730,550

529,294

Microsoft Corp

215,835,507

1,993,630

NVIDIA Corp

397,868,739

204,168

(a)

Palantir Technologies, Inc, Class A

28,401,810

157,150

(a)

Palo Alto Networks, Inc

28,180,138

9,066

(a)

SanDisk Corp

9,940,960

(a)

ServiceNow, Inc

3,974

256,884

(a)

Shopify, Inc, Class A

31,116,359

179,450

(a)

Snowflake, Inc

24,489,542

Portfolio of Investments April 30, 2026

(continued)

NUGO

See Notes to Financial Statements

DESCRIPTION

VALUE

INFORMATION TECHNOLOGY

(continued)

113,753

Western Digital Corp

49,427,954

TOTAL INFORMATION TECHNOLOGY

1,513,781,202

UTILITIES - 0.2%

33,928

Vistra Corp

5,355,195

TOTAL UTILITIES

5,355,195

TOTAL COMMON STOCKS

(Cost $1,593,879,027)

2,724,722,673

DESCRIPTION

VALUE

INVESTMENT COMPANIES - 0.2%

4,803,081

State Street Institutional US Government Money Market Fund

4,803,081

TOTAL INVESTMENT COMPANIES

(Cost $4,803,081)

4,803,081

TOTAL LONG-TERM INVESTMENTS

(Cost $1,598,682,108)

2,729,525,754

OTHER ASSETS & LIABILITIES, NET - 4.2%

119,758,780

NET ASSETS - 100%

2,849,284,534

(a)

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

Statement of Assets and Liabilities

See Notes to Financial Statements

April 30, 2026 (Unaudited)

NUDV

NUEM

NUDM

NULC

NULG

ASSETS

Long-term investments, at value

†‡

45,133,714‌

371,095,546‌

662,371,232‌

59,374,428‌

2,603,708,420‌

Investments purchased with collateral from securities lending, at value

(cost approximates value)

—‌

3,990,756‌

1,647,095‌

—‌

Cash

75,496‌

402,708‌

1,547,170‌

86,758‌

2,822,681‌

Cash denominated in foreign currencies

—‌

123,092‌

536,933‌

—‌

Receivables:

Dividends

74,203‌

394,245‌

1,945,392‌

38,664‌

195,120‌

Investments sold

—‌

60,727‌

587,422‌

—‌

Reclaims

426‌

24,930‌

1,573,252‌

—‌

Securities lending income

—‌

15,786‌

439‌

3‌

32‌

Shares sold

—‌

6,646‌

—‌

Variation margin on futures contracts

—‌

16,245‌

Other

1,764‌

4,701‌

14,985‌

608‌

43,109‌

Total assets

45,285,603‌

376,112,491‌

670,223,920‌

59,507,107‌

2,606,785,607‌

LIABILITIES

Payables:

Management fees

9,099‌

102,055‌

146,126‌

8,679‌

511,522‌

Capital gains tax

—‌

540,280‌

—‌

Collateral from securities lending

—‌

3,990,756‌

1,647,095‌

—‌

Investments purchased - regular settlement

—‌

60,897‌

1,543,442‌

—‌

Accrued expenses:

Professional fees

39‌

345‌

650‌

54‌

2,127‌

Trustees fees

415‌

4,248‌

7,740‌

625‌

23,125‌

Other

263‌

4,700‌

7,623‌

608‌

25,942‌

Total liabilities

9,816‌

4,703,281‌

3,352,676‌

9,966‌

562,716‌

Net assets

45,275,787‌

371,409,210‌

666,871,244‌

59,497,141‌

2,606,222,891‌

Shares outstanding

1,400,000‌

9,200,000‌

17,500,000‌

1,150,000‌

24,950,000‌

Net asset value ("NAV") per share

.34‌

.37‌

.11‌

.74‌

104

.46‌

NET ASSETS CONSIST OF:

Paid-in capital

39,179,570‌

272,246,612‌

514,234,791‌

44,646,164‌

2,209,692,366‌

Total distributable earnings (loss)

6,096,217‌

99,162,598‌

152,636,453‌

14,850,977‌

396,530,525‌

Net assets

45,275,787‌

371,409,210‌

666,871,244‌

59,497,141‌

2,606,222,891‌

Authorized shares

Unlimited

Par value per share

.01‌

†

Long-term investments, cost

40,424,548‌

255,650,470‌

518,513,176‌

47,765,716‌

2,238,955,686‌

‡ Includes securities loaned of

—‌

3,722,663‌

1,520,544‌

—‌

^ Cash denominated in foreign currencies, cost

—‌

123,718‌

534,863‌

—‌

Statement of Assets and Liabilities

(continued)

See Notes to Financial Statements

April 30, 2026 (Unaudited)

NULV

NUMG

NUMV

NUSC

NUGO

ASSETS

Long-term investments, at value

†‡

2,071,544,619‌

353,304,787‌

430,393,576‌

1,285,272,393‌

2,729,525,754‌

Investments purchased with collateral from securities lending, at value

(cost approximates value)

—‌

4,993,370‌

—‌

Cash

2,876,707‌

380,302‌

752,641‌

1,026,999‌

10,000‌

Receivables:

Dividends

2,964,199‌

—‌

75,836‌

472,895‌

160,541‌

Interest

—‌

14,975‌

Investments sold

—‌

120,720,162‌

Reclaims

53,117‌

—‌

28,569‌

400‌

83,536‌

Securities lending income

—‌

39‌

—‌

4,791‌

—‌

Shares sold

—‌

27,909‌

Other

34,594‌

8,108‌

6,933‌

31,691‌

52,891‌

Total assets

2,077,473,236‌

353,693,236‌

431,257,555‌

1,291,802,539‌

2,850,595,768‌

LIABILITIES

Payables:

Management fees

405,793‌

83,951‌

103,397‌

307,541‌

1,218,781‌

Collateral from securities lending

—‌

4,993,370‌

—‌

Accrued expenses:

Professional fees

2,009‌

405‌

442‌

1,293‌

2,856‌

Trustees fees

24,213‌

5,435‌

5,261‌

16,158‌

36,705‌

Other

34,594‌

8,108‌

6,933‌

23,793‌

52,892‌

Total liabilities

466,609‌

97,899‌

116,033‌

5,342,155‌

1,311,234‌

Net assets

2,077,006,627‌

353,595,337‌

431,141,522‌

1,286,460,384‌

2,849,284,534‌

Shares outstanding

41,700,000‌

8,000,000‌

10,400,000‌

26,300,000‌

68,920,000‌

Net asset value ("NAV") per share

.81‌

.20‌

.46‌

.91‌

.34‌

NET ASSETS CONSIST OF:

Paid-in capital

1,897,440,776‌

493,132,301‌

433,117,041‌

1,384,520,349‌

2,243,935,037‌

Total distributable earnings (loss)

179,565,851‌

(

139,536,964‌

)

(

1,975,519‌

)

(

98,059,965‌

)

605,349,497‌

Net assets

2,077,006,627‌

353,595,337‌

431,141,522‌

1,286,460,384‌

2,849,284,534‌

Authorized shares

Unlimited

Par value per share

.01‌

†

Long-term investments, cost

1,785,451,680‌

375,011,955‌

396,045,692‌

1,156,679,781‌

1,598,682,108‌

‡ Includes securities loaned of

—‌

4,636,391‌

—‌

Statement of Operations

See Notes to Financial Statements

Six Months Ended April 30, 2026 (Unaudited)

NUDV

NUEM

NUDM

NULC

NULG

INVESTMENT INCOME

Dividends

517,900‌

3,577,263‌

9,119,132‌

309,445‌

4,296,570‌

Interest

36‌

—‌

12‌

—‌

Securities lending income, net

—‌

33,665‌

947‌

4‌

262‌

Tax withheld on income

(

360‌

)

(

408,984‌

)

(

1,096,133‌

)

—‌

(

44‌

)

Total investment income

517,576‌

3,201,944‌

8,023,946‌

309,461‌

4,296,788‌

EXPENSES

Management fees

48,898‌

582,231‌

844,351‌

51,172‌

2,666,548‌

Professional fees

102‌

896‌

1,687‌

140‌

5,559‌

Trustees fees

940‌

9,572‌

17,401‌

1,401‌

54,959‌

Total expenses

49,940‌

592,699‌

863,439‌

52,713‌

2,727,066‌

Net investment income (loss)

467,636‌

2,609,245‌

7,160,507‌

256,748‌

1,569,722‌

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

753,928‌

16,902,442‌

27,152,240‌

481,429‌

(

124,224,684‌

)

In-kind redemptions

704,921‌

115,528‌

—‌

2,705,930‌

191,462,368‌

Futures contracts

—‌

29,618‌

Foreign currency transactions

—‌

(

416,926‌

)

(

534,905‌

)

—‌

Net realized gain (loss)

1,458,849‌

16,601,044‌

26,617,335‌

3,187,359‌

67,267,302‌

Change in unrealized appreciation (depreciation) on:

Investments**

2,868,168‌

23,500,281‌

11,890,017‌

444,829‌

30,448,493‌

Futures contracts

—‌

(

216,503‌

)

Foreign currency translations

—‌

9,199‌

89,372‌

—‌

Net change in unrealized appreciation (depreciation)

2,868,168‌

23,509,480‌

11,979,389‌

444,829‌

30,231,990‌

Net realized and unrealized gain (loss)

4,327,017‌

40,110,524‌

38,596,724‌

3,632,188‌

97,499,292‌

Net increase (decrease) in net assets from

operations

4,794,653‌

42,719,769‌

45,757,231‌

3,888,936‌

99,069,014‌

Net of change in foreign capital gains tax

—‌

736,964‌

—‌

Statement of Operations

(continued)

See Notes to Financial Statements

Six Months Ended April 30, 2026 (Unaudited)

NULV

NUMG

NUMV

NUSC

NUGO

INVESTMENT INCOME

Dividends

20,492,699‌

217,599‌

3,758,778‌

7,695,248‌

5,011,973‌

Interest

—‌

19‌

—‌

300,494‌

Securities lending income, net

—‌

41‌

—‌

15,521‌

—‌

Tax withheld on income

(

10,385‌

)

—‌

(

26,861‌

)

—‌

Total investment income

20,482,314‌

217,640‌

3,758,797‌

7,683,908‌

5,312,467‌

EXPENSES

Management fees

2,380,142‌

550,116‌

623,211‌

1,819,452‌

7,255,252‌

Professional fees

5,159‌

1,031‌

1,140‌

3,320‌

7,319‌

Trustees fees

56,494‌

12,597‌

12,288‌

38,355‌

84,576‌

Total expenses

2,441,795‌

563,744‌

636,639‌

1,861,127‌

7,347,147‌

Net investment income (loss)

18,040,519‌

(

346,104‌

)

3,122,158‌

5,822,781‌

(

2,034,680‌

)

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

(

20,281,928‌

)

(

30,497,448‌

)

(

7,388,199‌

)

(

36,557,102‌

)

44,144,388‌

In-kind redemptions

163,495,821‌

28,428,947‌

41,446,513‌

137,755,700‌

67,549,666‌

Net realized gain (loss)

143,213,893‌

(

2,068,501‌

)

34,058,314‌

101,198,598‌

111,694,054‌

Change in unrealized appreciation (depreciation) on:

Investments

107,504,990‌

(

32,469,059‌

)

1,582,150‌

38,409,324‌

(

100,889,664‌

)

Net change in unrealized appreciation (depreciation)

107,504,990‌

(

32,469,059‌

)

1,582,150‌

38,409,324‌

(

100,889,664‌

)

Net realized and unrealized gain (loss)

250,718,883‌

(

34,537,560‌

)

35,640,464‌

139,607,922‌

10,804,390‌

Net increase (decrease) in net assets from

operations

268,759,402‌

(

34,883,664‌

)

38,762,622‌

145,430,703‌

8,769,710‌

Statement of Changes in Net Assets

See Notes to Financial Statements

NUDV

NUEM

Unaudited

Six Months

Ended

4/30/26

Year Ended

10/31/25

Unaudited

Six Months

Ended

4/30/26

Year Ended

10/31/25

OPERATIONS

Net investment income (loss)

467,636‌

608,226‌

2,609,245‌

5,901,564‌

Net realized gain (loss)

1,458,849‌

(

73,644‌

)

16,601,044‌

11,660,645‌

Net change in unrealized appreciation (depreciation)

2,868,168‌

1,140,893‌

23,509,480‌

49,214,905‌

Net increase (decrease) in net assets from operations

4,794,653‌

1,675,475‌

42,719,769‌

66,777,114‌

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

(

526,400‌

)

(

1,036,310‌

)

(

11,335,040‌

)

(

5,496,020‌

)

Total distributions

(

526,400‌

)

(

1,036,310‌

)

(

11,335,040‌

)

(

5,496,020‌

)

FUND SHARE TRANSACTIONS

Subscriptions

9,288,170‌

22,401,701‌

14,756,512‌

26,664,010‌

Redemptions

(

3,023,430‌

)

–‌

(

3,659,592‌

)

(

49,642,078‌

)

Net increase (decrease) from Fund share transactions

6,264,740‌

22,401,701‌

11,096,920‌

(

22,978,068‌

)

Net increase (decrease) in net assets

10,532,993‌

23,040,866‌

42,481,649‌

38,303,026‌

Net assets at the beginning of period

34,742,794‌

11,701,928‌

328,927,561‌

290,624,535‌

Net assets at the end of period

45,275,787‌

34,742,794‌

371,409,210‌

328,927,561‌

Statement of Changes in Net Assets

(continued)

See Notes to Financial Statements

NUDM

NULC

Unaudited

Six Months

Ended

4/30/26

Year Ended

10/31/25

Unaudited

Six Months

Ended

4/30/26

Year Ended

10/31/25

OPERATIONS

Net investment income (loss)

7,160,507‌

13,716,947‌

256,748‌

479,610‌

Net realized gain (loss)

26,617,335‌

26,693,167‌

3,187,359‌

5,013,302‌

Net change in unrealized appreciation (depreciation)

11,979,389‌

75,250,743‌

444,829‌

2,943,942‌

Net increase (decrease) in net assets from operations

45,757,231‌

115,660,857‌

3,888,936‌

8,436,854‌

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

(

44,589,600‌

)

(

14,705,880‌

)

(

4,865,600‌

)

(

677,040‌

)

Total distributions

(

44,589,600‌

)

(

14,705,880‌

)

(

4,865,600‌

)

(

677,040‌

)

FUND SHARE TRANSACTIONS

Subscriptions

44,450,967‌

61,952,471‌

14,789,837‌

13,041,412‌

Redemptions

–‌

(

6,385,164‌

)

(

7,234,815‌

)

(

2,227,249‌

)

Net increase (decrease) from Fund share transactions

44,450,967‌

55,567,307‌

7,555,022‌

10,814,163‌

Net increase (decrease) in net assets

45,618,598‌

156,522,284‌

6,578,358‌

18,573,977‌

Net assets at the beginning of period

621,252,646‌

464,730,362‌

52,918,783‌

34,344,806‌

Net assets at the end of period

666,871,244‌

621,252,646‌

59,497,141‌

52,918,783‌

Statement of Changes in Net Assets

(continued)

See Notes to Financial Statements

NULG

NULV

Unaudited

Six Months

Ended

4/30/26

Year Ended

10/31/25

Unaudited

Six Months

Ended

4/30/26

Year Ended

10/31/25

OPERATIONS

Net investment income (loss)

1,569,722‌

2,007,667‌

18,040,519‌

31,993,790‌

Net realized gain (loss)

67,267,302‌

269,568,551‌

143,213,893‌

137,695,029‌

Net change in unrealized appreciation (depreciation)

30,231,990‌

80,711,956‌

107,504,990‌

17,442,660‌

Net increase (decrease) in net assets from operations

99,069,014‌

352,288,174‌

268,759,402‌

187,131,479‌

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

(

2,184,730‌

)

(

2,412,225‌

)

(

31,224,655‌

)

(

33,944,625‌

)

Total distributions

(

2,184,730‌

)

(

2,412,225‌

)

(

31,224,655‌

)

(

33,944,625‌

)

FUND SHARE TRANSACTIONS

Subscriptions

1,092,123,278‌

838,858,964‌

474,059,906‌

797,125,028‌

Redemptions

(

568,788,262‌

)

(

701,740,260‌

)

(

490,375,489‌

)

(

789,019,924‌

)

Net increase (decrease) from Fund share transactions

523,335,016‌

137,118,704‌

(

16,315,583‌

)

8,105,104‌

Net increase (decrease) in net assets

620,219,300‌

486,994,653‌

221,219,164‌

161,291,958‌

Net assets at the beginning of period

1,986,003,591‌

1,499,008,938‌

1,855,787,463‌

1,694,495,505‌

Net assets at the end of period

2,606,222,891‌

1,986,003,591‌

2,077,006,627‌

1,855,787,463‌

Statement of Changes in Net Assets

(continued)

See Notes to Financial Statements

NUMG

NUMV

Unaudited

Six Months

Ended

4/30/26

Year Ended

10/31/25

Unaudited

Six Months

Ended

4/30/26

Year Ended

10/31/25

OPERATIONS

Net investment income (loss)

(

346,104‌

)

94,302‌

3,122,158‌

6,414,279‌

Net realized gain (loss)

(

2,068,501‌

)

65,833,444‌

34,058,314‌

40,568,807‌

Net change in unrealized appreciation (depreciation)

(

32,469,059‌

)

(

28,340,732‌

)

1,582,150‌

(

9,588,375‌

)

Net increase (decrease) in net assets from operations

(

34,883,664‌

)

37,587,014‌

38,762,622‌

37,394,711‌

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

(

46,480‌

)

(

243,440‌

)

(

6,297,900‌

)

(

6,410,700‌

)

Total distributions

(

46,480‌

)

(

243,440‌

)

(

6,297,900‌

)

(

6,410,700‌

)

FUND SHARE TRANSACTIONS

Subscriptions

101,023,568‌

292,556,007‌

118,900,102‌

195,445,488‌

Redemptions

(

120,269,915‌

)

(

322,735,972‌

)

(

125,139,792‌

)

(

186,593,542‌

)

Net increase (decrease) from Fund share transactions

(

19,246,347‌

)

(

30,179,965‌

)

(

6,239,690‌

)

8,851,946‌

Net increase (decrease) in net assets

(

54,176,491‌

)

7,163,609‌

26,225,032‌

39,835,957‌

Net assets at the beginning of period

407,771,828‌

400,608,219‌

404,916,490‌

365,080,533‌

Net assets at the end of period

353,595,337‌

407,771,828‌

431,141,522‌

404,916,490‌

Statement of Changes in Net Assets

(continued)

See Notes to Financial Statements

NUSC

NUGO

Unaudited

Six Months

Ended

4/30/26

Year Ended

10/31/25

Unaudited

Six Months

Ended

4/30/26

Year Ended

10/31/25

OPERATIONS

Net investment income (loss)

5,822,781‌

11,929,419‌

(

2,034,680‌

)

(

4,201,915‌

)

Net realized gain (loss)

101,198,598‌

72,770,100‌

111,694,054‌

380,741,819‌

Net change in unrealized appreciation (depreciation)

38,409,324‌

(

11,814,209‌

)

(

100,889,664‌

)

299,530,609‌

Net increase (decrease) in net assets from operations

145,430,703‌

72,885,310‌

8,769,710‌

676,070,513‌

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

(

13,157,310‌

)

(

13,976,730‌

)

–‌

Total distributions

(

13,157,310‌

)

(

13,976,730‌

)

–‌

FUND SHARE TRANSACTIONS

Subscriptions

330,626,323‌

524,606,562‌

55,598,726‌

151,619,255‌

Redemptions

(

411,892,015‌

)

(

557,196,795‌

)

(

134,845,679‌

)

(

658,754,784‌

)

Net increase (decrease) from Fund share transactions

(

81,265,692‌

)

(

32,590,233‌

)

(

79,246,953‌

)

(

507,135,529‌

)

Net increase (decrease) in net assets

51,007,701‌

26,318,347‌

(

70,477,243‌

)

168,934,984‌

Net assets at the beginning of period

1,235,452,683‌

1,209,134,336‌

2,919,761,777‌

2,750,826,793‌

Net assets at the end of period

1,286,460,384‌

1,235,452,683‌

2,849,284,534‌

2,919,761,777‌

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

Capital

Total

Net Asset

Value,

End of

Period

Market

Price,

End of

Period

NUDV

4/30/26

(d)

28.95

0.36

3.44

3.80

(0.36)

(0.05)

—

(0.41)

32.34

32.33

10/31/25

29.25

0.71

0.58

1.29

(0.57)

(1.02)

—

(1.59)

28.95

28.97

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

10/31/21

(f)

25.00

0.05

0.64

0.69

—

25.69

25.71

NUEM

4/30/26

(d)

36.96

0.29

4.39

4.68

(1.27)

—

(1.27)

40.37

41.23

10/31/25

30.27

0.61

6.65

7.26

(0.57)

—

(0.57)

36.96

36.86

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

NUDM

4/30/26

(d)

38.11

0.42

2.28

2.70

(2.00)

(0.70)

—

(2.70)

38.11

38.12

10/31/25

31.83

0.88

6.40

7.28

(1.00)

—

(1.00)

38.11

38.13

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

NULC

4/30/26

(d)

52.92

0.24

3.44

3.68

(0.49)

(4.37)

—

(4.86)

51.74

51.80

10/31/25

45.79

0.53

7.44

7.97

(0.47)

(0.37)

—

(0.84)

52.92

52.94

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

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

NULG

4/30/26

(d)

101.85

0.07

2.65

2.72

(0.11)

—

(0.11)

104.46

104.48

10/31/25

82.59

0.11

19.29

19.40

(0.14)

—

(0.14)

101.85

101.90

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

10/31/21

49.60

0.07

23.82

23.89

(0.11)

(1.40)

—

(1.51)

71.98

72.01

(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.

See Notes to Financial Statements

Ratios and Supplemental Data

Total Return

Ratios to Average Net Assets

Based

Net Asset

Value

(b)

Based

Market

Price

(b)

Net Assets,

End of Period

(000)

Expenses

Net Investment

Income (Loss)

Portfolio

Turnover

Rate

(c)

13.23

13.14

45,276

0.25‌

(e)

2.37‌

(e)

4.75

4.76

34,743

0.26‌

2.51‌

34.14

34.35

11,702

0.26‌

2.68‌

(1.59)

(1.69)

11,216

0.26‌

2.74‌

(6.22)

(6.31)

8,232

0.26‌

2.52‌

2.74

2.85

5,137

0.25‌

(e)

2.04‌

(e)

13.25

15.94

371,409

0.35‌

(e)

1.55‌

(e)

24.42

23.46

328,928

0.36‌

1.94‌

24.12

24.98

290,625

0.36‌

2.13‌

11.80

12.00

214,914

0.36‌

2.28‌

(31.62)

(31.88)

177,614

0.36‌

2.45‌

18.45

17.77

122,896

0.44‌

1.49‌

7.51

7.49

666,871

0.27‌

(e)

2.26‌

(e)

23.63

23.67

621,253

0.29‌

2.59‌

26.37

25.71

464,730

0.31‌

2.55‌

12.84

13.40

353,523

0.31‌

2.94‌

(24.17)

(24.57)

267,756

0.31‌

2.93‌

34.83

34.73

161,503

0.39‌

3.16‌

7.85

7.94

59,497

0.20‌

(e)

0.99‌

(e)

17.72

17.51

52,919

0.21‌

1.11‌

34.04

34.32

34,345

0.21‌

1.20‌

8.06

7.96

22,504

0.21‌

1.48‌

(19.57)

(19.59)

24,589

0.21‌

1.39‌

45.28

45.91

30,335

0.20‌

1.20‌

2.68

2.65

2,606,223

0.25‌

(e)

0.15‌

(e)

23.51

23.66

1,986,004

0.26‌

0.13‌

41.51

41.50

1,499,009

0.26‌

0.27‌

19.36

19.29

1,037,499

0.26‌

0.42‌

(27.90)

(27.94)

793,754

0.26‌

0.44‌

49.04

49.29

942,876

0.34‌

0.11‌

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

Capital

Total

Net Asset

Value,

End of

Period

Market

Price,

End of

Period

NULV

4/30/26

(d)

44.29

0.43

5.83

6.26

(

0.74

)

—

(

0.74

)

49.81

49.79

10/31/25

40.73

0.77

3.61

4.38

(

0.82

)

—

(

0.82

)

44.29

44.27

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

NUMG

4/30/26

(d)

48.54

(

0.04

)

(

4.29

)

(

4.33

)

(

0.01

)

—

(

0.01

)

44.20

44.18

10/31/25

44.76

0.01

3.80

3.81

(

0.03

)

—

(

0.03

)

48.54

48.61

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

NUMV

4/30/26

(d)

38.56

0.29

3.21

3.50

(

0.60

)

—

(

0.60

)

41.46

41.43

10/31/25

35.79

0.62

2.78

3.40

(

0.63

)

—

(

0.63

)

38.56

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

NUSC

4/30/26

(d)

44.36

0.22

4.80

5.02

(

0.47

)

—

(

0.47

)

48.91

48.93

10/31/25

42.20

0.42

2.22

2.64

(

0.48

)

—

(

0.48

)

44.36

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

NUGO

4/30/26

(d)

41.22

(

0.03

)

0.15

0.12

—

41.34

41.17

10/31/25

32.52

(

0.05

)

8.75

8.70

—

41.22

41.18

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

(f)

25.00

0.01

1.03

1.04

—

26.04

26.05

(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.

See Notes to Financial Statements

Ratios and Supplemental Data

Total Return

Ratios to Average Net Assets

Based

Net Asset

Value

(b)

Based

Market

Price

(b)

Net Assets,

End of Period

(000)

Expenses

Net Investment

Income (Loss)

Portfolio

Turnover

Rate

(c)

.31

.32

2,077,007

.25‌

(e)

.87‌

(e)

.02

.95

1,855,787

.26‌

.87‌

.04

.23

1,694,496

.26‌

.10‌

(

.73

)

(

.98

)

1,383,636

.26‌

.52‌

(

.09

)

(

.03

)

1,531,314

.26‌

.15‌

.68

.63

1,176,613

.34‌

.13‌

(

.94

)

(

.10

)

353,595

.30‌

(e)

(

.19‌

)

(e)

.51

.47

407,772

.31‌

.02‌

.07

.39

400,608

.31‌

.10‌

.43

.27

324,062

.31‌

.21‌

100

(

.50

)

(

.48

)

312,943

.31‌

.13‌

.51

.92

400,877

.39‌

(

.06‌

)

.15

.09

431,142

.30‌

(e)

.49‌

(e)

.70

.60

404,916

.31‌

.71‌

.20

.41

365,081

.31‌

.90‌

(

.58

)

(

.76

)

296,817

.31‌

.30‌

(

.71

)

(

.76

)

310,664

.31‌

.02‌

.97

.06

276,751

.39‌

.57‌

.41

.43

1,286,460

.30‌

(e)

.95‌

(e)

.32

.27

1,235,453

.31‌

.00‌

.69

.77

1,209,134

.31‌

.01‌

(

.77

)

(

.89

)

889,601

.31‌

.19‌

(

.68

)

(

.63

)

909,828

.31‌

.99‌

.28

.03

1,106,366

.39‌

.85‌

.31

(

.02

)

2,849,285

.55‌

(e)

(

.15‌

)

(e)

.72

.67

2,919,762

.56‌

(

.15‌

)

.47

.51

2,750,827

.56‌

(

.03‌

)

.30

.46

2,476,996

.56‌

.24‌

(

.01

)

(

.16

)

2,332,827

.55‌

.09‌

.18

1,687,423

.55‌

(e)

.39‌

(e)

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) and Nuveen Growth Opportunities ETF (NUGO) (each a “Fund” and collectively, the “Funds”), among

others. 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 NUGO is 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, 2026, and the period covered by these Notes to Financial

Statements is the six months ended April 30, 2026 (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, (each a “Sub-Adviser” and collectively, the “Sub-

Advisers”). NAM is responsible for managing the investment portfolio of NUGO. TAL is responsible for managing the investment portfolio of NUDV,

NUEM, NUDM, NULC, NULG, NULV, NUMG, NUMV and NUSC.

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. The Funds are investment companies and follow 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 common share transactions. The NAV for financial reporting purposes includes security and

common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common

share 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.

Some markets in which the Funds invest impose capital controls, repatriation limits and/or transaction fees, for example, on the amount of foreign

currency that may be converted to U.S. dollars. These restrictions, in some markets where foreign exchange restrictions are imposed, may be

reflected in non-deliverable forward rates (NDF), or prevailing “offshore” rates that apply to non-local investors. Accordingly, the Fund may apply

NDF rates, or another alternative exchange rate believed by the Adviser to be more reflective of the rates at which the Funds may transact, where

applicable, to convert the value of non-U.S. dollar denominated securities to U.S. dollars. The U.S. dollar market value of such securities held in

markets where NDF rates exist may be lower than the U.S. dollar market value of securities using prevailing local or “onshore” foreign currency

exchange rates.

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:

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:

Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision maker

(“CODM”), as defined in U.S. GAAP. 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.

New Accounting Pronouncement (ASU No. 2023-09)

: In December 2023, the FASB issued Accounting Standard Update ("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.

NUEM

Value

% of

Net Assets

Country:

Taiwan

96,238,042

25.9

China

90,392,378

24.3

South Korea

63,903,758

17.2

India

42,967,959

11.6

Brazil

15,345,070

4.1

Saudi Arabia

11,391,620

3.1

South Africa

10,222,219

2.8

Mexico

7,013,650

1.9

United Arab Emirates

5,051,651

1.4

Poland

4,521,021

1.2

Other

23,571,549

6.3

Total non-U.S. Securities

$370,618,917

99.8%

NUDM

Value

% of

Net Assets

Country:

Japan

155,291,184

23.3

United Kingdom

71,504,428

10.7

Germany

59,548,690

8.9

France

54,278,848

8.1

Switzerland

51,921,375

7.8

Australia

43,888,577

6.6

Netherlands

33,208,376

5.0

Spain

27,593,798

4.1

Italy

19,299,292

2.9

Sweden

15,240,235

2.3

Other

99,203,978

14.9

Total non-U.S. Securities

$630,978,781

94.6%

Notes to Financial Statements

(continued)

New Accounting Pronouncement (ASU No. 2025-11)

: In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270)

Narrow Scope Improvements (“ASU 2025-11”). The amendments in ASU 2025-11 provide a comprehensive list of interim disclosures that are

required by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that requires entities to disclose events since the end of the last annual

reporting period that have a material impact on the entity. The amendments in ASU 2025-11 are effective for interim reporting periods within

annual reporting periods beginning after December 15, 2027. Early adoption is permitted for all entities. 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

45,133,714

–

45,133,714

Total

45,133,714

–

45,133,714

NUEM

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

368,694,499

2,401,042

371,095,546

Investments Purchased with Collateral from Securities

Lending

3,990,756

–

3,990,756

Total

372,685,255

2,401,042

375,086,302

NUDM

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

662,371,232

–

–*

662,371,232

Investments Purchased with Collateral from Securities

Lending

1,647,095

–

1,647,095

Total

664,018,327

–

664,018,327

NULC

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

59,374,428

–

59,374,428

Total

59,374,428

–

59,374,428

NULG

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

2,603,708,420

–

2,603,708,420

Investments in Derivatives:

Futures Contracts**

179,212

–

179,212

Total

2,603,887,632

–

2,603,887,632

NULV

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

2,071,544,619

–

2,071,544,619

Total

2,071,544,619

–

2,071,544,619

NUMG

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

353,304,787

–

353,304,787

Total

353,304,787

–

353,304,787

NUMV

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

430,393,576

–

430,393,576

Total

430,393,576

–

430,393,576

NUSC

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stock Rights

–

80,533

Common Stocks

1,285,151,757

–

40,103

1,285,191,860

Investments Purchased with Collateral from Securities

Lending

4,993,370

–

4,993,370

Total

1,290,145,127

–

120,636

1,290,265,763

Notes to Financial Statements

(continued)

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. The market value of securities loaned is determined at the close of business of

the Funds and any additional required collateral is delivered to the Funds on the next business day. 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:

Purchases and Sales:

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

NUGO

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

2,724,722,673

–

2,724,722,673

Investment Companies

4,803,081

–

4,803,081

Total

2,729,525,754

–

2,729,525,754

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

Represents net unrealized appreciation (depreciation).

Aggregate Value of

Securities on Loan

Fund

Equity

Securities

Cash Collateral

Received*

Total Collateral

Received

NUEM

3,722,663

3,990,756

NUDM

1,520,544

1,647,095

NUSC

4,636,391

4,993,370

*May include cash and investment of cash collateral.

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

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 current fiscal period, such

amounts are recognized on the Statement of Assets and Liabilities.

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.

Purchases

Sales

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

NUDV

12,333,967

12,388,642

NUEM

134,004,952

133,347,867

NUDM

196,214,364

233,721,352

NULC

12,857,236

17,456,466

NULG

812,412,235

806,073,036

NULV

470,576,746

476,854,177

NUMG

156,640,243

155,947,971

NUMV

120,181,981

122,765,228

NUSC

383,714,038

354,301,699

NUGO

647,423,233

717,079,625

Fund

In-Kind

Purchases

In-Kind

Sales

NUDV

9,238,418

3,016,385

NUEM

1,639,845

381,243

NUDM

42,616,574

—

NULC

14,753,882

7,220,243

NULG

1,087,910,527

567,536,647

NULV

468,674,049

492,073,708

NUMG

100,946,119

121,195,650

NUMV

118,702,066

125,312,579

NUSC

329,838,836

412,382,571

NUGO

55,387,743

132,596,949

Notes to Financial Statements

(continued)

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:

As of the end of the current fiscal period, the following Funds have invested in derivative contracts which are reflected in the Statement of Assets

and Liabilities as follows:

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

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.

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 and/or a specified amount of cash, as determined by

each Fund's investment approach. Creation Units may be delivered in advance of receipt by a Fund of all or a portion of the designated portfolio

securities. In these instances the Authorized Participants must deposit cash collateral in an amount equal to the sum of the (i) cash component, (ii)

all applicable fees and (iii) an amount of cash equal to a percentage of the market value of the undelivered securities, as defined in the participation

agreement. Authorized Participants are charged fixed transaction fees in connection with purchasing and redeeming Creation Units.

Fund

Average Notional

Amount of Futures

Contracts

Outstanding*

NULG

4,138,173

The average notional amount is calculated based on the outstanding notional amount of contracts at the beginning of the current fiscal period and at the end of

each fiscal quarter within the current fiscal period.

Asset Derivatives

Liability Derivatives

Derivative Instrument

Risk Exposure

Location

Value

Location

Value

NULG

Futures Contracts

Equity

Unrealized appreciation on

futures contracts

179,212

–

The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected in the accompanying Statement of Assets and

Liabilities is only the receivable or payable for variation margin on open futures contracts.

Derivative Instrument

Risk Exposure

Net Realized Gain

(Loss)

Change in

Unrealized

Appreciation

(Depreciation)

NULG

Futures contracts

Equity

29,618

(216,503

)

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:

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.

NUDV

NUEM

Six Months Ended

4/30/26

Year Ended

10/31/25

Six Months Ended

4/30/26

Year Ended

10/31/25

Value

Subscriptions

300,000

$9,288,170

800,000

$22,401,701

400,000

$14,756,512

900,000

$26,664,010

Redemptions

(100,000)

(3,023,430)

–

(100,000)

(3,659,592)

(1,600,000)

(49,642,078)

Net increase (decrease)

200,000

$6,264,740

800,000

$22,401,701

300,000

$11,096,920

(700,000)

$(22,978,068)

NUDM

NULC

Six Months Ended

4/30/26

Year Ended

10/31/25

Six Months Ended

4/30/26

Year Ended

10/31/25

Value

Subscriptions

1,200,000

$44,450,967

1,900,000

$61,952,471

300,000

$14,789,837

300,000

$13,041,412

Redemptions

–

(200,000)

(6,385,164)

(150,000)

(7,234,815)

(50,000)

(2,227,249)

Net increase (decrease)

1,200,000

$44,450,967

1,700,000

$55,567,307

150,000

$7,555,022

250,000

$10,814,163

NULG

NULV

Six Months Ended

4/30/26

Year Ended

10/31/25

Six Months Ended

4/30/26

Year Ended

10/31/25

Value

Subscriptions

11,350,000

$1,092,123,278

9,000,000

$838,858,964

10,600,000

$474,059,906

19,200,000

$797,125,028

Redemptions

(5,900,000)

(568,788,262)

(7,650,000)

(701,740,260)

(10,800,000)

(490,375,489)

(18,900,000)

(789,019,924)

Net increase (decrease)

5,450,000

$523,335,016

1,350,000

$137,118,704

(200,000)

$(16,315,583)

300,000

$8,105,104

NUMG

NUMV

Six Months Ended

4/30/26

Year Ended

10/31/25

Six Months Ended

4/30/26

Year Ended

10/31/25

Value

Subscriptions

2,250,000

$101,023,568

6,100,000

$292,556,007

3,050,000

$118,900,102

5,400,000

$195,445,488

Redemptions

(2,650,000)

(120,269,915)

(6,650,000)

(322,735,972)

(3,150,000)

(125,139,792)

(5,100,000)

(186,593,542)

Net increase (decrease)

(400,000)

$(19,246,347)

(550,000)

$(30,179,965)

(100,000)

$(6,239,690)

300,000

$8,851,946

NUSC

NUGO

Six Months Ended

4/30/26

Year Ended

10/31/25

Six Months Ended

4/30/26

Year Ended

10/31/25

Value

Subscriptions

7,450,000

$330,626,323

12,300,000

$524,606,562

1,440,000

$55,598,726

4,760,000

$151,619,255

Redemptions

(9,000,000)

(411,892,015)

(13,100,000)

(557,196,795)

(3,360,000)

(134,845,679)

(18,500,000)

(658,754,784)

Net increase (decrease)

(1,550,000)

$(81,265,692)

(800,000)

$(32,590,233)

(1,920,000)

$(79,246,953)

(13,740,000)

$(507,135,529)

Notes to Financial Statements

(continued)

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:

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:

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

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NUDV

40,622,871

6,448,700

(1,937,857)

4,510,843

NUEM

269,664,022

128,821,149

(23,398,869)

105,422,280

NUDM

543,998,419

163,132,560

(43,112,652)

120,019,908

NULC

47,876,174

14,093,285

(2,595,031)

11,498,254

NULG

2,255,463,484

454,368,151

(105,944,003)

348,424,148

NULV

1,812,297,316

370,063,584

(110,816,281)

259,247,303

NUMG

381,938,621

44,733,314

(73,367,148)

(28,633,834)

NUMV

400,576,771

55,250,677

(25,433,872)

29,816,805

NUSC

1,199,591,645

220,144,457

(129,470,339)

90,674,118

NUGO

1,606,059,374

1,159,169,919

(35,703,539)

1,123,466,380

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

121,107

62,241

1,644,616

—

1,827,964

NUEM

10,268,474

—

81,383,294

(23,873,899)

—

67,777,869

NUDM

32,453,529

10,837,528

108,177,765

—

151,468,822

NULC

1,977,975

2,794,328

11,055,338

—

15,827,641

NULG

1,320,768

—

317,975,655

(19,650,182)

—

299,646,241

NULV

25,649,670

—

151,821,041

(235,439,607)

—

(57,968,896)

NUMG

—

3,835,225

(108,438,700)

(3,345)

—

(104,606,820)

NUMV

4,585,679

—

28,337,752

(67,363,672)

—

(34,440,241)

NUSC

9,601,262

—

52,510,067

(292,444,687)

—

(230,333,358)

NUGO

—

1,224,356,044

(623,649,872)

(4,126,385)

—

596,579,787

Fund

Short-Term

Long-Term

Total

NUDV

—

NUEM

16,326,852

7,547,047

23,873,899

NUDM

—

NULC

—

NULG

—

19,650,182

NULV

134,689,648

100,749,959

235,439,607

NUMG

73,999,206

34,439,494

108,438,700

NUMV

37,278,530

30,085,142

67,363,672

NUSC

124,864,829

167,579,858

292,444,687

NUGO

601,802,428

21,847,444

623,649,872

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

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:

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, if any, is recognized in "Affiliated income" on the Statement of Operations and any amounts due to the Funds at the end of the current fiscal

period is recognized in "Reimbursement from Adviser" on the Statement of Assets and Liabilities.

Each Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the Sub-Adviser or by an affiliate of

the Adviser (each an, “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:

9. Emerging Markets Risks

The Emerging Markets Equity Fund holds a large portion of its assets in emerging market securities. Emerging market securities are often subject to

greater price volatility, less liquidity and higher rates of inflation and deflation than U.S. securities. In addition, emerging markets may be subject to

greater political, economic and social uncertainty, and differing regulatory environments that may potentially impact the Fund’s ability to buy or sell

certain securities or repatriate proceeds to U.S. dollars.

10. Subsequent Events

NUGO Management Fee:

Effective May 1, 2026, the annual management fee for NUGO has been reduced from 0.55% to 0.49%.

Fund

Management Fee

NUDV

0.25%

NUEM

0.35

NUDM

0.27

NULC

0.20

NULG

0.25

NULV

0.25

NUMG

0.30

NUMV

0.30

NUSC

0.30

NUGO

0.55

Underlying Fund

Nuveen Equity

Funds

Nuveen

Lifecycle

Funds

Nuveen

Lifestyle

Funds

Nuveen

Managed

Allocation

Fund

Total

NUDV

–

NUEM

–

NUDM

–

NULC

–

NULG

–

NULV

–

NUMG

–

NUMV

–

NUSC

–

NUGO

–

Item 8.

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

Not applicable.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10.

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

The Funds do not pay any remuneration to their officers, but the Funds do reimburse Nuveen Fund Advisors, LLC, the Funds’ investment adviser and an affiliate of the Funds’ officers, for an allocable portion of Nuveen Fund Advisors, LLC’s cost of the compensation for the Funds’ Chief Compliance Officer. The aggregate remuneration paid to the trustees (all of whom are independent) and to Nuveen Fund Advisors, LLC, the Funds’ investment adviser and an affiliate of the Funds’ officers, by each Fund is reported as “Trustees fees” and “Management fees” on the Statement of Operations under Item 7 of this Form N-CSR.

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

Nuveen ESG Dividend ETF

Nuveen ESG Emerging Markets Equity ETF

Nuveen ESG International Developed Markets Equity ETF

Nuveen ESG Large-Cap ETF

Nuveen ESG Large-Cap Growth ETF

Nuveen ESG Large-Cap Value ETF

Nuveen ESG Mid-Cap Growth ETF

Nuveen ESG Mid-Cap Value ETF

Nuveen ESG Small-Cap ETF

Nuveen Growth Opportunities ETF

(collectively, the “Funds”)

I. The Approval Process

At an in-person meeting held on April 28 and 29, 2026 (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”). 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 (collectively, the “TAL Sub-advised Funds”); and (b) in the case of Nuveen Growth Opportunities ETF (the “Growth Opportunities Fund”), Nuveen Asset Management, LLC (“NAM”; NAM and TAL are each, a “Sub-Adviser”), pursuant to which NAM serves as the sub-adviser to such Fund. The Nuveen fund complex consists of the group of funds advised by NFAL (the “NFAL Funds”), including the Funds, and the group of funds advised by TAL (such funds, the “TC Funds”; the NFAL Funds and the TC Funds are collectively referred to as the “Nuveen funds” or the “funds”). 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. NAM is also an affiliate 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 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 the Investment Management Agreement and Sub-Advisory Agreement with respect to each Fund covered by this report.

In accordance with applicable law, following up to an initial two-year period, the Board considers the approval of the continuance 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 the Sub-Advisers are collectively, the “Fund Advisers” and each, a “Fund Adviser.”

In considering the continuance of each Advisory Agreement, the Board considered information received by it throughout the year as well as materials prepared specifically at the Board’s request for the Board’s evaluation of the Advisory Agreements at the Meeting. The Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board and its committees meet regularly throughout the year, including in executive sessions, providing the Board Members with the opportunity to assess the quality and scope of the various services provided by a Fund Adviser during the year through the written materials, oral presentations and discussions with senior management. The information provided to the Board and/or its committees at these meetings covered a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements, including, but not limited to: (a) the investment performance of the Nuveen funds over various periods and the reasons for any outperformance or underperformance relative to peers and/or benchmarks or other performance metrics (as applicable); (b) strategic priorities for the business of the Adviser, including significant developments impacting a Fund Adviser; (c) product initiatives for various funds; (d) compliance, regulatory and risk management reports, including any initiatives in seeking to strengthen compliance capabilities and controls and to meet regulatory requirements, compliance policies and procedures; (e) other payments to intermediaries, including Rule 12b-1 fees (as applicable); (f) reports on the valuation of securities; (g) periodic investment team presentations; (h) evaluations on fund expenses; (i) trading practices and execution quality of portfolio transactions; and (j) management of distributions.

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. The materials provided in conjunction with the Meeting included, among other things, (a) a description of the nature, extent and quality of services provided by the Fund Advisers; (b) a review of each Sub-Adviser and/or investment team (as applicable); (c) fund performance over various periods with a focus on funds considered to have met certain challenged performance measurements; (d) the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; (e) a list of management fees and sub-advisory fee schedules and unitary ETF fees; (f) an analysis of advisory fees compared to fees assessed to other types of clients; (g) a review of temporary and/or permanent expense caps and fee waivers (as applicable); (h) a description of portfolio manager compensation; (i) certain profitability and/or financial data; (j) a summary of the investments made in 2025

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

by the Adviser and/or its affiliates in technology enhancements; and (k) 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 Fund to those of a peer universe and also to a peer group of funds, as well as a description of Broadridge’s methodology in compiling the expense universe and expense group, as applicable.

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 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. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the Board and its committees in overseeing the applicable Nuveen funds and working with the respective Fund Advisers in their review of the Advisory Agreements.

As part of their review, the Board Members and independent legal counsel met in executive session on April 17, 2026 (the “April Executive Session”) 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 received the responses to these follow-up questions and requests. In addition to the April Executive Session, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the materials, 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 had the benefit of independent legal counsel during the annual review process as well as throughout the year and met with independent legal counsel at various executive sessions without the presence of any Fund Adviser management. 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 Funds for an additional one-year period until May 1, 2027. 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.

In addition, as noted above, after an initial period of up to two years, the 1940 Act requires the Board to review advisory agreements on an annual basis. In connection with the annual review, management and the Board proposed to reset the annual review schedule for the Advisory Agreements to permit the agreements to continue for a one-year period until August 1st following the renewal as opposed to the current May 1st deadline. To implement the new review schedule, at its in-person meeting held on May 27-28, 2026 (the “May Meeting”), the Board approved the continuance of the Investment Management Agreements and the Sub-Advisory Agreement between NFAL and NAM (the “NAM Sub-Advisory Agreement”) on behalf of the applicable Fund(s) through July 31, 2027. A discussion of the Board’s approval at the May Meeting of the continuance of such Advisory Agreements is set forth in Section II below.

At the May Meeting, in addition to revising the renewal schedule, management also proposed an internal restructuring (the “Restructuring”) pursuant to which TAL would be merged into NAM, anticipated to be effective on or about August 1, 2026. In connection with the Restructuring, it was proposed, in relevant part, for the Funds currently sub-advised by TAL (i.e, the TAL Sub-advised Funds), that NAM would serve as the sub-adviser to such Funds pursuant to a new sub-advisory agreement with NAM on behalf of the applicable Funds (the “New Sub-Advisory Agreements”). At the May Meeting, the Board approved the New Sub-Advisory Agreements to continue through July 31, 2027. A discussion of the Board’s approval at the May Meeting of the New Sub-Advisory Agreements is set forth in Section II below.

A. Nature, Extent and Quality of Services

In evaluating the renewal of the Advisory Agreements at the Meeting, 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 each Sub-Adviser in providing services to the applicable Fund(s).

The Board considered that the Adviser provides a wide array of management, oversight and other services necessary 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. In its review of the services provided by the Adviser and its affiliates, the Board considered a description of the staffing levels of the investment and non-investment personnel; the experience and qualifications of key personnel; succession planning and staffing in seeking to help ensure the continuation of services and avoid business disruptions as a result of retirements or departures; business continuity functions which seek 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; ongoing investments in the infrastructure and technology in enhancing the services provided to the applicable Nuveen funds; certain financial data of the Adviser and/or TIAA in assessing the financial stability and condition of the Adviser to continue to provide a high level of quality services to the applicable Nuveen funds; and portfolio manager compensation structure in seeking to attract and retain high quality talent.

In its evaluation, the Board considered that the Adviser is responsible for providing investment advisory services and does so indirectly through a sub-adviser. In this regard, the Funds utilize the respective Sub-Adviser and its investment teams to manage the portfolios of the Funds subject to the supervision of the Adviser. In evaluating the investment advisory services, the Board and/or its investment committee considered the Adviser’s role, among other things, in monitoring and reporting to the Board on fund performance, market conditions and investment team matters; setting and evaluating investment strategies, including changes to mandates, policies and benchmarks; monitoring and overseeing the performance and investment capabilities of the applicable Sub-Adviser and/or investment teams and recommending changes thereto as appropriate; monitoring compliance with portfolio guidelines; monitoring and analyzing the trade execution of the funds’ portfolios; and managing 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.

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 under the oversight of the Adviser and the Board. The Board considered an analysis of the applicable Sub-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 respective 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 funds. The Board considered that the Adviser recommended the renewal of the Sub-Advisory Agreements.

In addition to the portfolio management services provided to the Funds, the Board considered the comprehensive package of non-management services the Adviser and its various teams and affiliates provide to manage and operate the applicable Nuveen funds, including compliance, regulatory, administrative and other services which have expanded over the years as a result of market, regulatory and other developments. Such services include, but are 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; regulatory and regulatory advocacy services, including monitoring regulatory developments that may impact the fund(s), responding to regulatory inquiries and examinations and fulfilling regulatory filing requirements; Board and committee support services, including organizing meetings and coordinating site visits and presentations with affiliated and/or external investment teams and providing reports on a wide range of topics relating to the operations and management of the funds, including strategic initiatives and priorities, fund performance, trade execution, securities lending (as applicable), compliance matters, valuation matters, liquidity and derivatives risk management; oversight services, including establishing and coordinating the services provided by other fund service providers (such as a fund’s custodian, accountant, and transfer agent); and legal support services.

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.

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

The Board, directly or through its Investment Committee, which is comprised of all Board Members, provides oversight of the investment performance process. In evaluating the quality of the services provided by the Fund Advisers, the Board and/or its Investment Committee monitors Fund performance on an ongoing basis, which includes quarterly performance reporting at each of its quarterly meetings with an annual performance review at its February 10-12, 2026 meeting (the “February Meeting”). At the February Meeting, the Board and/or its Investment Committee considered, among other things, Fund performance over the quarter, one-, three- and five-year periods ended December 31, 2025 (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 funds (the “Performance Peer Group”) and to a benchmark for the prescribed periods, subject to certain exceptions for the Index ETFs as defined below. The Index ETFs do not have Performance Peer Groups given their objectives. Prior to the Meeting, the Board also received updated Fund performance over various periods ended March 31, 2026. In its review of relative performance for the Fund with a Performance Peer Group described below (i.e., the Growth Opportunities Fund), 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 being the most desirable quartile ranking and the 4th quartile being the least desirable. The Board considered, in particular, 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.

In evaluating performance, the Board considered some of the limitations of the performance data including, in particular, that differences between a Nuveen fund and its Performance Peer Group (if any) and its benchmark (such as with respect to the investment objectives and strategies) may lead to significantly different results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of a Performance Peer Group to the respective fund as low, medium or high. In addition, 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. The Board also considered that shareholders may evaluate performance based on their own respective holding periods which may differ from the performance of the periods reviewed by the Board.

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

With respect to the ETFs, the Board considered that certain ETFs (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 are Index ETFs, and the Growth Opportunities Fund is actively managed (the “Active ETF”).

With respect to relative benchmark performance for the Index ETFs, the Board 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 its base index from which it was derived over the one-, three- and five-year periods ended December 31, 2025 (or such shorter periods for Funds that did not exist during those time frames) and each Index ETF’s tracking error and correlation data over various periods. However, given that the Index ETFs seek to track an Underlying Index, the Board considered the extent to which such an Index ETF tracked its Underlying Index and correlation data to be of greater relevance in assessing fund performance 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. From year to year, the Board may place different emphasis on particular performance information given changing circumstances in market and economic conditions. 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 evaluating performance, the Board focused particular attention on funds with less favorable performance records over various time periods in its discussions with management. 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 as experiencing performance issues, the Board seeks to discuss with the Adviser the reasons for the underperformance and any recommendations to improve performance and to monitor such funds more closely until performance improves.

Additional Fund-specific performance factors for periods ending December 31, 2025 that the Board considered in addition to those described above are set forth below in Section I.F.

With respect to each Fund, 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 Broadridge, an independent third-party provider of fund data. More specifically, the Board Members generally considered, 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”). With respect to the Funds, the Funds pay a unitary fee and therefore, the Board reviewed, among other things, the unitary fee compared to the contractual and actual management fees of the respective Expense Group and Expense Universe. In addition, the Board reviewed each Fund’s net total expense ratio compared to the net total expense ratio of the respective Expense Group and Expense Universe. 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 (as applicable) with the first quartile representing the most desirable quartile ranking and the fourth quartile representing the least desirable ranking. The Board considered, in particular, each fund with a net total expense ratio that met 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.

In evaluating the fees and expenses of the Nuveen funds and comparative rankings, the Board considered some of the limitations which may reduce some of the value of the comparative data. In particular, the Board considered the methodology employed by Broadridge to establish its Expense Universe and Expense Group. In addition, the Board considered that the fee and expense information in the Broadridge report for each fund reflected information for a specific period and that historic asset levels and expenses may differ from current levels, particularly in a period of market volatility.

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 differences into account in considering the comparative peer data.

The Board further 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.

With respect to the Sub-Advisers, the Board also considered, among other things, the sub-advisory fee schedule paid to the 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 each Sub-Adviser is the responsibility of the Adviser, not the Funds.

With respect to the Funds, the Board, as noted, considered that the Funds pay the Adviser a single, all-inclusive (or unitary) 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 unitary management fee arrangement, the Board considered the expense ratios were the more relevant comparative data point. The Board further considered the expenses of each Fund paid by the Adviser for the 2025 calendar year. The Board considered that the unitary fee structure is beneficial to Fund shareholders because it discloses to shareholders the costs of owning Fund shares, shifts the risk to the Adviser of increased costs of operating such Funds and provides a direct incentive to minimize administrative inefficiencies.

Additional Fund-specific comparative fee and expense data that the Board considered in addition to that described above is set forth in Section I.F below. 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 requested and received information concerning the advisory fees and services provided to other clients of the Adviser, affiliated sub-advisers and/or advisory affiliates which may include, among others: separately managed accounts (“SMAs”), foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts (as applicable). The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the open-end funds compared to the management fee of the applicable fund. The Board considered, among other things, that differences in the breadth of services provided to the funds compared to other types of clients (including the differences in the level of advisory services required of passively managed funds compared to actively managed funds); the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the differences in regulatory, disclosure and governance requirements applicable to funds and the infrastructure and activities necessary to support such requirements; the establishment and maintenance of servicing relationships with various service providers for the funds; the differences in investment policies and strategies, investor profiles and account sizes; and other factors all may contribute to the variations in relative fee rates. The Board, however, considered that there were no comparable clients for the Nuveen ETFs. Further, the Board considered the differences in risks the Adviser incurs, including entrepreneurial, legal and regulatory risks when sponsoring and managing funds compared to serving as adviser to other types of clients or sub-adviser to other funds.

With respect to the Sub-Advisers, the Board further considered that each 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 the 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 (as well as the Adviser and TAL on a combined basis) attributable to servicing all applicable funds for 2025 and 2024; (c) certain profitability data of both the Adviser and TAL on a combined basis derived from the type of fund in the aggregate (i.e., from the closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2025 and 2024; and (d) certain profitability data of both the Adviser and TAL on a combined basis provided 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 estimated profitability data at the per fund level for the Adviser.

In reviewing the profitability data, the Board Members recognized the subjective nature and difficulty in calculating profitability, particularly on a per fund level. The Board considered that the information is not audited and is based on cost allocation methodologies seeking to allocate various expenses throughout the complex and among the various advisory products. The Board Members considered the allocation methodology used to prepare the profitability data but considered that other valid and reasonable methodologies also could be used and could lead to significantly different profit and loss results.

Further, the Board considered Nuveen’s estimated profitability (pre- and post-distribution margins and pre-tax) from its services to the funds compared to the profitability margins of certain peers. The Board Members, however, considered the inherent limitations of the comparative data given that profitability data is only available from peers which publish publicly available information and may be affected by numerous factors including, among other things, the types of funds a peer manages, its business mix, cost of capital, the assumptions and allocation methodology used in developing its profitability data, and fee waivers and expense reimbursements by the peer(s).

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

Aside from the foregoing profitability data, the Board also considered the financial condition of TIAA. The Board Members considered certain financial data of TIAA as of December 31, 2025 and 2024. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility.

In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser or a 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 as a fund and/or the complex grows larger. The Board considered the difficulty in measuring economies of scale with any precision but considered the various means the Fund Advisers employ to help share the benefits of economies of scale with the respective funds and their shareholders.

The Board considered the Funds’ advisory fee schedule. With respect to Funds, the Board as noted above considered that the Funds pay a unitary 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 unitary fee schedule provides shareholders with a level of certainty of the expenses of the Nuveen ETFs. The Board Members considered that the unitary fees generally provide inherent economies of scale because the Nuveen ETF would maintain a relatively fixed fee over the annual contract period even if the particular Fund’s assets declined and/or operating costs rose.

In addition, the Board considered the Adviser’s and/or affiliates’ ongoing investments in their business, including investments in various technology initiatives from which the fund complex may benefit as well as 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.

The Board further considered that the scope of 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.

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 Nuveen funds. These benefits include, among other things, fees paid to affiliates of the Adviser for services as noted below, the sharing of personnel and investment-related infrastructure with other clients of the Adviser, the use of affiliated sub-advisers in which case all the advisory revenue generated from such funds remains within Nuveen, and the use of certain funds as investment options for other products offered by the Adviser and/or its affiliates (such as life insurance separate account products, fund of funds or 529 education savings plans).

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 the Sub-Advisers may utilize soft dollar brokerage arrangements attributable to the respective funds to obtain research and other services for any or all of their clients but such costs are reimbursed to the funds.

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 non-profit 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 a Fund Adviser as a result of its relationship with the Funds were reasonable in light of the services provided.

F. Additional Fund-Specific Factors

For each Fund, set forth below are (i) additional Fund-specific performance factors for periods ending December 31, 2025 that the Board considered in addition to those described above; and (ii) additional Fund-specific comparative fee and expense data that the Board considered in addition to that described above.

Nuveen ESG Dividend ETF

Relative Net Performance

•• The Board considered, among other things, the performance of the Fund for the one- and three-year periods ended December 31, 2025 on an absolute basis and relative return basis compared to its Underlying Index as well as its tracking error compared to its Underlying Index as of December 31, 2025 and as of each month end for the 2025 calendar year. Given the Fund’s investment objective as an Index ETF, 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 management’s assessment that the Fund had performed in line with expectations during the quarter and trailing one-year period ended December 31, 2025.

Comparative Fees and Expenses


	Expense Group	Expense Universe

Actual Management Fee Rate	First Quartile	Second Quartile

Net Total Expense Ratio	First Quartile	Second Quartile

Nuveen ESG Emerging Markets Equity ETF

Relative Net Performance

•• The Board considered, among other things, the performance of the Fund for the one-, three- and five-year periods ended December 31, 2025 on an absolute basis and relative return basis compared to its Underlying Index as well as its tracking error compared to its Underlying Index as of December 31, 2025 and as of each month end for the 2025 calendar year. Given the Fund’s investment objective as an Index ETF, 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 management’s assessment that the Fund had performed in line with expectations during the quarter and trailing one-year period ended December 31, 2025.

Comparative Fees and Expenses


	Expense Group	Expense Universe

Actual Management Fee Rate	Fourth Quartile	Second Quartile

Net Total Expense Ratio	Fourth Quartile	Second Quartile

•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered the small size of the set of peers in the Expense Group as well as a discussion of the differences in investment strategies of the peers limiting some of the value of the quartile rankings.

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

Nuveen ESG International Developed Markets Equity ETF

Relative Net Performance

Comparative Fees and Expenses


	Expense Group	Expense Universe

Actual Management Fee Rate	Fourth Quartile	Third Quartile

Net Total Expense Ratio	Fourth Quartile	Third Quartile

Nuveen ESG Large-Cap ETF

Relative Net Performance

Comparative Fees and Expenses


	Expense Group	Expense Universe

Actual Management Fee Rate	Third Quartile	Third Quartile

Net Total Expense Ratio	Third Quartile	Third Quartile

Nuveen ESG Large-Cap Growth ETF

Relative Net Performance

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 management’s assessment that the Fund had performed in line with expectations during the quarter and trailing one-year period ended December 31, 2025.

Comparative Fees and Expenses


	Expense Group	Expense Universe

Actual Management Fee Rate	Third Quartile	Third Quartile

Net Total Expense Ratio	Third Quartile	Third Quartile

Nuveen ESG Large-Cap Value ETF

Relative Net Performance

Comparative Fees and Expenses


	Expense Group	Expense Universe

Actual Management Fee Rate	Third Quartile	Third Quartile

Net Total Expense Ratio	Third Quartile	Third Quartile

Nuveen ESG Mid-Cap Growth ETF

Relative Net Performance

Comparative Fees and Expenses


	Expense Group	Expense Universe

Actual Management Fee Rate	Fourth Quartile	Third Quartile

Net Total Expense Ratio	Fourth Quartile	Third Quartile

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

Nuveen ESG Mid-Cap Value ETF

Relative Net Performance

Comparative Fees and Expenses


	Expense Group	Expense Universe

Actual Management Fee Rate	Fourth Quartile	Third Quartile

Net Total Expense Ratio	Fourth Quartile	Third Quartile

Nuveen ESG Small-Cap ETF

Relative Net Performance

Comparative Fees and Expenses


	Expense Group	Expense Universe

Actual Management Fee Rate	Fourth Quartile	Third Quartile

Net Total Expense Ratio	Fourth Quartile	Third Quartile

Nuveen Growth Opportunities ETF

Relative Net Performance

Comparative Fees and Expenses


	Expense Group	Expense Universe

Actual Management Fee Rate	Second Quartile	Third Quartile

Net Total Expense Ratio	Second Quartile	Second Quartile

•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered, among other things, that management agreed to reduce the Fund’s unitary fee by 6 basis points.

G. Other Considerations

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

II. Subsequent Approvals of Advisory Agreements

As noted above, the 1940 Act provides, in general terms, that an advisory and sub-advisory agreement may continue in effect for a period of more than two years only so long as the board, including a majority of the disinterested trustees, approves its continuance. During the annual review, management and the Board proposed to reset the annual review schedule for the advisory and sub-advisory agreements of the Nuveen funds to permit the agreements to continue for a one-year period until August 1st the following year as opposed to the existing May 1st annual deadline. In addition to the new review schedule, management also proposed the internal Restructuring pursuant to which TAL would be merged into NAM. In conjunction with the Restructuring, it was proposed that NFAL would become investment adviser to the TC Funds and NAM would become sub-adviser to the TC Funds as well as other existing funds currently sub-advised by TAL, including the TAL Sub-advised Funds.

At its May Meeting, with respect to the Funds, the Board approved the Investment Management Agreements with such changes as appropriate to reflect the Restructuring and the Sub-Advisory Agreement with NAM on behalf of the Growth Opportunities Fund to continue through July 31, 2027. In addition, the Board approved the New Sub-Advisory Agreements with the TAL Sub-advised Funds to continue through July 31, 2027. As part of its review of the foregoing arrangements, the Board, through independent legal counsel, requested and received information regarding, among other things, the proposed renewal of the Investment Management Agreements and NAM Sub-Advisory Agreement and the Restructuring, and the impact of the Restructuring on the provision of services and the related New Sub-Advisory Agreements.

In their review, the Board Members considered that they had recently completed their annual review of the Advisory Agreements at the Meeting and many of the factors considered at the annual review were applicable to their evaluation of the continuance of the Investment Management Agreements and the NAM Sub-Advisory Agreement and approval of the New Sub-Advisory Agreements. Accordingly, in evaluating the respective advisory and sub-advisory agreements, the Board Members relied upon their knowledge and experience with the Adviser, TAL and NAM and considered the information received and their evaluations and conclusions drawn at the annual review. The Board considered management’s representation that the information and materials provided in connection with the annual review of the Advisory Agreements at the Meeting remained unchanged in all material respects. Further, with respect to the continuance of the Investment Management Agreements and the NAM Sub-Advisory Agreement, the Board considered the terms of such agreements with such changes as appropriate to reflect the Restructuring.

The Board Members also received materials which, among other things, outlined the Restructuring, any anticipated changes in the services provided to the Nuveen funds, any anticipated changes to the fees charged to the Funds under the current Advisory Agreements, any benefits to the Nuveen funds and Adviser as a result of the Restructuring, any material conflicts of interest that may arise for the Adviser as a result of the Restructuring, the terms of the New Sub-Advisory Agreements and any costs associated with the Restructuring.

In evaluating the services to be provided following the Restructuring, the Board considered that the Restructuring was not anticipated to result in (a) any changes to the services provided to the Funds; (b) any changes to the personnel who provide portfolio management services to the Funds; (c) any changes to the investment philosophy, strategies, process or guidelines of the Funds; (d) any changes to the investment, analyst, trading,

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

operational, administrative, legal or compliance resources currently being used with respect to the Funds; (e) any adverse changes to the nature, level or quality of actual investment advisory and other services provided to the Funds under the current agreements; or (f) any changes to the fees charged to the Funds under the current agreements, including with respect to the complex-wide fee structure and applicable fee waivers. The Board further considered that there were no anticipated changes to the senior leadership responsible for the overseeing and providing of advisory and/ or sub-advisory services to the Funds previously sub-advised by TAL. The Board considered that there is no anticipated change to the personnel providing services to the Funds as the compliance, operational and portfolio management teams of Nuveen were already consolidated in all material respects with respect to the management of the funds whether a fund was advised by TAL or NFAL. After consideration of the foregoing, the Board Members considered that there would be no diminution of the nature, quality or extent of services provided to the Funds. The Board also considered the terms of the New Sub-Advisory Agreements and the fees paid thereunder to NAM. The Board considered that the fee rates would not change under the New Sub-Advisory Agreements and that NFAL would be responsible to pay NAM as the sub-adviser to the Funds under the respective New Sub-Advisory Agreement.

In addition, the Board considered the various benefits that the funds may derive from the Restructuring, including from enhanced operational efficiencies and streamlined processes, and a simplified and more transparent advisory relationship pursuant to which the funds would work with a single advisory entity helping to make oversight and governance more efficient. The Board considered that the Adviser and its affiliates may also benefit through more operational efficiencies and reduced redundancies and the consolidation of certain services and systems which may lead to cost savings. Other than the benefits noted, the Board considered that management does not believe there are any material conflicts of interest that may arise for Nuveen with respect to the funds as a result of the Restructuring. The Board considered that the costs of the Restructuring would be borne by Nuveen.

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Investment Management Agreement and the NAM Sub-Advisory Agreement were reasonable, that the fees of each of the Adviser and Sub-Adviser were reasonable in light of the services provided to each Fund and that each of the foregoing be renewed for an additional one-year period through July 31, 2027. Similarly, the Board Members concluded that the terms of each New Sub-Advisory Agreement were reasonable, that the fees of the Sub-Adviser (i.e., NAM) were reasonable in light of the services provided to the applicable Fund and that the New Sub-Advisory Agreements be approved for a one-year period through July 31, 2027.

Item 12.

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

Not applicable to open-end investment companies.

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14.

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

Not applicable to open-end investment companies.

Item 15.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees implemented after the registrant last provided disclosure in response to this Item.

Item 16.

Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17.

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

(a)	Not applicable to open-end investment companies.

(b)	Not applicable to open-end investment companies.

Item 18.

Recovery of Erroneously Awarded Compensation.

(a)	Not applicable.

(b)	Not applicable.

Item 19.

Exhibits.

(a)(1)

Not applicable to this filing.

(a)(2)

Not applicable to this filing.

(a)(3)

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

(a)(4)

Not applicable.

(a)(5)

Not applicable.

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Nushares ETF Trust


Date: July 2, 2026	By:	/s/ Briton Ryan
		Briton Ryan
		Chief Administrative Officer

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Date: July 2, 2026	By:	/s/ Briton Ryan
		Briton Ryan
		Chief Administrative Officer
		(principal executive officer)

Date: July 2, 2026	By:	/s/ Marc Cardella
		Marc Cardella
		Vice President and Controller
		(principal financial officer)

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

XBRL TAXONOMY EXTENSION SCHEMA

IDEA: R1.htm

IDEA: R2.htm

IDEA: R3.htm

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: d105207dncsrs_htm.xml