# EDGAR Filing Document

**Accession Number:** 0001635073
**File Stem:** 0001193125-25-135987
**Filing Date:** 2025-6
**Character Count:** 182020
**Document Hash:** d88e7010eea20a438adcd407863a7661
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-135987.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001193125-25-135987

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nushares ETF Trust
- **CENTRAL INDEX KEY:** 0001635073

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23161
- **FILM NUMBER:** 251028178

**BUSINESS ADDRESS:**
- **STREET 1:** 333 W. WACKER DR.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-917-8146

**MAIL ADDRESS:**
- **STREET 1:** 333 W. WACKER DR.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NuShares ETF Trust
- **DATE OF NAME CHANGE:** 20160614

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Nuveen ETF Trust
- **DATE OF NAME CHANGE:** 20150226

## Series and Classes Contracts Data

### Nuveen High Yield Municipal Income ETF (Series ID: S000089611)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000256223 | Nuveen High Yield Municipal Income ETF | NHYM            |

### Nuveen Municipal Income ETF (Series ID: S000089612)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000256224 | Nuveen Municipal Income ETF | NUMI            |

?xml version='1.0' encoding='ASCII'? Nushares ETF Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number <u> 811-23161 </u>

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: (<u>312) 917-7700</u>

Date of fiscal year end: <u>March</u> <u>31</u>

Date of reporting period: <u>March 31, 2025</u>

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**Item 1.** **Reports to Stockholders.**<br>

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g907825g1g19w55.jpg) | <br>Annual Shareholder Report <br>March 31, 2025  |

---

Nuveen High Yield Municipal Income ETF

NHYM/NYSE Arca, Inc.

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen High Yield Municipal Income ETF for the period of January 22, 2025 (inception) to March 31, 2025. You can find additional information at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period since inception? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen High Yield Municipal Income ETF | $35 | 0.35% |

---

\* Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform since inception? What affected the Fund's performance?

**Performance Highlights**<br>• The Nuveen High Yield Municipal Income ETF returned -0.01% for Common Shares at net asset value (NAV) for the abbreviated reporting period from the Fund's launch on January 22, 2025, through March 31, 2025. The Fund performed in line with the S&P Municipal Yield Index, which returned 0.01%.<br>• Top contributors to relative performance<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An underweight to tobacco settlement bonds.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An overweight to incremental tax bonds.<br>• Top detractors from relative performance<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An underweight to durations of two to four years and an overweight to durations of 12 years and longer.<br>• Given the abbreviated reporting period from January 22, 2025, through March 31, 2025, the discussion above has limited utility for analyzing the Fund's relative performance.<br>

1 continued>>

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How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 22, 2025 through March 31, 2025) **Initial Investment of $10,000**

![LOGO](g907825g1g00a02.jpg)

#### Average Annual Total Returns

---

| | |
|:---|:---|
|  | **Since Inception<br>(1/22/25)** |
| &nbsp;&nbsp;&nbsp; NAV | (0.01)% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | (0.22)% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Yield Index | 0.01% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or call (800) 257-8787.

2 continued>>

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Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $69206638 |
|  Total number of portfolio holdings | 176 |
|  Portfolio turnover (%) | 52% |
|  Total management fees paid for the year | $26018 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of March 31, 2025)

![LOGO](g907825g1g01b02.jpg)

![LOGO](g907825g1g02c02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by July 31, 2025 at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or upon request at (800) 257-8787.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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.

---

| | |
|:---|:---|
| 67092P722_AR_0325<br> 4395205 | ![LOGO](g907825g1g01w01.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g907825g1g19w55.jpg) | <br>Annual Shareholder Report <br>March 31, 2025  |

---

Nuveen Municipal Income ETF

NUMI/NYSE Arca, Inc.

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Municipal Income ETF for the period of January 22, 2025 (inception) to March 31, 2025. You can find additional information at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the period since inception? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen Municipal Income ETF | $29 | 0.29% |

---

\* Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform since inception? What affected the Fund's performance?

**Performance Highlights**<br>• The Nuveen Municipal Income ETF returned -0.70% for Common Shares at net asset value (NAV) for the abbreviated reporting period from the Fund's launch on January 22, 2025, through March 31, 2025. The Fund underperformed the S&P Municipal Bond Index, which returned -0.22%.<br>• Top contributors to relative performance<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overweight to A-rated bonds.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Underweight to local general obligation bonds.<br>• Top detractors from relative performance<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security selection and duration positioning.<br>• Given the abbreviated reporting period from January 22, 2025, through March 31, 2025, the discussion above has limited utility for analyzing the Fund's relative performance.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 22, 2025 through March 31, 2025) **Initial Investment of $10,000**

![LOGO](g907825g1g00a05.jpg)

#### Average Annual Total Returns

---

| | |
|:---|:---|
|  | **Since Inception<br>(1/22/25)** |
| &nbsp;&nbsp;&nbsp; NAV | (0.70)% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | (0.22)% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $53259040 |
|  Total number of portfolio holdings | 186 |
|  Portfolio turnover (%) | 69% |
|  Total management fees paid for the year | $19504 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of March 31, 2025)

![LOGO](g907825g1g00c05.jpg)

![LOGO](g907825g1g00b05.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by July 31, 2025 at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or upon request at (800) 257-8787.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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.

---

| | |
|:---|:---|
| 67092P714_AR_0325<br> 4395218 | ![LOGO](g907825g1g01w01.jpg) |

---

3.0 ------

**Item 2.** **Code of Ethics.** <br>

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. Upon request, a copy of the registrant's code of ethics is available without charge by calling 800-257-8787.

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**Item 3.** **Audit Committee Financial Expert.** <br>

As of the end of the period covered by this report, the registrant's Board of Directors or Trustees ("Board") had determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The members of the registrant's audit committee that have been designated as audit committee financial experts are Joseph A. Boateng, John K. Nelson, Loren M. Starr and Robert L. Young, who are "independent" for purposes of Item 3 of Form N-CSR.

Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees' Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023).

Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank's Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank's representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and Chair of the Audit Committee for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. ("J.P. Morgan Investment") and its affiliates (collectively, "J.P. Morgan"). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan's domestic retail mutual fund and institutional commingled and separate account businesses and co-led these activities for J.P. Morgan's global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm's midwestern mutual fund practice.

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**Item 4.** **Principal Accountant Fees and Services.** <br>

Nushares ETF Trust

The following tables show the amount of fees that PricewaterhouseCoopers LLP ("PwC"), the auditor, billed to the Registrant during the Registrant's last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PwC provided to the Registrant, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the "pre-approval exception"). The pre-approval exception for services provided directly to the Registrant waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant during the fiscal year in which the services are provided; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in the Chair's absence, any other member of the Audit Committee).

SERVICES THAT THE REGISTRANT'S AUDITOR BILLED TO THE REGISTRANT

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Audit Fees<br>Billed to Registrant<sup>1</sup>** | **Audit-Related Fees<br>Billed to Registrant<sup>2</sup>** | **Tax Fees<br>Billed to Registrant<sup>3</sup>** | **All Other Fees<br>Billed to Registrant<sup>4</sup>** |
|  March 31, 2025 | $54800 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |
| March 31, 2024<sup>5</sup> | $0 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |

---

1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Registrant's annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

2 "Audit-Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under "Audit Fees". These fees include offerings related to the Registrant's common shares and leverage.

---

| | |
|:---|:---|
| 3 | "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the independent registered public accounting firm.  |

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4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". These fees represent all "Agreed-Upon Procedures" engagements pertaining to the Registrant's use of leverage.

5 Funds commenced operations on 1/22/2025.

SERVICES THAT THE REGISTRANT'S AUDITOR BILLED TO THE

ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS

The following tables show the amount of fees billed by PwC to Nuveen Fund Advisors, LLC (the "Adviser"), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant ("Affiliated Fund Service Provider"), for engagements directly related to the Registrant's operations and financial reporting, during the Registrant's last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant, the Adviser and Affiliated

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Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Registrant's audit is completed.

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| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Audit-Related Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** | **Tax Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** | **All Other Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** |
|  March 31, 2025 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |
|  March 31, 2024 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |

---

NON-AUDIT SERVICES

The following table shows the amount of fees that PwC billed during the Registrant's last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that the Registrant's independent registered public accounting firm provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Registrant's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from PwC about any non-audit services rendered during the Registrant's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PwC's independence.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Total Non-Audit Fees<br>Billed to Registrant** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (engagements<br>related directly to the<br>operations and financial<br>reporting of the<br>Registrant)** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (all other<br>engagements)** | **Total** |
|  March 31, 2025 | $0 | $0 | $0 | $0 |
|  March 31, 2024<sup>1</sup> | $0 | $0 | $0 | $0 |

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1 Funds commenced operations on 1/22/2025.

"Non-Audit Fees billed to Registrant" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to the Registrant in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the independent registered public accounting firm's engagement to audit the Registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the independent registered public accounting firm's full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Registrant by the Registrant's independent registered public accounting firm and (ii) all audit and non-audit services to be performed by the Registrant's independent registered public accounting firm for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Registrant. Regarding tax and research projects conducted by the independent registered public accounting firm for the Registrant and Affiliated Fund Service Providers (with respect to operations and financial reports of the Registrant) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chair for verbal approval prior to engagement

------

if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

Item 4(i) and Item 4(j) are not applicable to the Registrant.

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**Item 5.** **Audit Committee of Listed Registrants.** <br>

The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934 (the "Exchange Act"). The registrant's Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Joseph A. Boateng, Amy B. R. Lancellotta, John K. Nelson, Chair, Loren M. Starr, Matthew Thornton III, Margaret L. Wolff and Robert L. Young.

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**Item 6.** **Investments.** <br>

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

(b) Not applicable.

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**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

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## Report of Independent Registered

## Public Accounting Firm
To the Board of Trustees of Nushares ETF Trust and Shareholders of Nuveen High Yield Municipal Income ETF and Nuveen Municipal Income ETF

*Opinions on the Financial Statements* 

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen High Yield Municipal Income ETF and Nuveen Municipal Income ETF (two of the funds constituting Nushares ETF Trust, hereafter collectively referred to as the "Funds") as of March 31, 2025, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period January 22, 2025 (commencement of operations) through March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, and the results of each of their operations, changes in each of their net assets, and each of the financial highlights for the period January 22, 2025 (commencement of operations) through March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

May 28, 2025

We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.

#### 4

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Portfolio of Investments March 31, 2025

NHYM

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | **LONG-TERM INVESTMENTS - 99.6%** |  |  |  |
|  | **MUNICIPAL BONDS - 99.6%** |  |  |  |
|  | **ALABAMA - 2.1%** |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | Mobile County Industrial Development Authority, Alabama, Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC Project, Series 2024B, (AMT) | 4.750% | 12/01/54 | $946421 |
| 500000 | Southeast Energy Authority, Alabama, Revenue Bonds, Cooperative District Energy Supply Series 2025B, (Mandatory Put 1/01/33) | 5.250 | 03/01/55 | 525102 |
|  | TOTAL ALABAMA |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471523 |
|  | **ARKANSAS - 0.8%** |  |  |  |
| 500000 | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2023, (AMT) | 5.700 | 05/01/53 | 519633 |
|  | TOTAL ARKANSAS |  |  | 519633 |
|  | **CALIFORNIA - 8.8%** |  |  |  |
| 500000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023C, (Mandatory Put 10/01/31) | 5.250 | 01/01/54 | 522716 |
| 750000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2025A, (Mandatory Put 5/01/35) | 5.000 | 01/01/56 | 788478 |
| 500000 (a) | California Community Housing Agency, California, Essential Housing Revenue Bonds, Glendale Properties, Senior Series 2021A-1 | 4.000 | 02/01/56 | 423509 |
| 250000 (a) | California Community Housing Agency, California, Essential Housing Revenue Bonds, Serenity at Larkspur Apartments, Series 2020A | 5.000 | 02/01/50 | 183513 |
| 300000 (a) | California Community Housing Agency, California, Essential Housing Revenue Bonds, Summit at Sausalito Apartments, Series 2021A-1 | 3.000 | 02/01/57 | 205441 |
| 500000 (a) | California Infrastructure and Economic Development Bank, Revenue Bonds, Brightline West Passenger Rail Project, Green Bond Series 2025A, (AMT), (Mandatory Put 1/01/35) | 9.500 | 01/01/65 | 500005 |
| 160000 | California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2017A | 4.000 | 07/01/47 | 140819 |
| 780000 | California Municipal Finance Authority, Special Tax Revenue Bonds, Community Facilities District 2023-11 Hesperia- Silverwood Improvement Area 1, Series 2025 | 5.125 | 09/01/50 | 780773 |
| 1000000 (a) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A | 5.250 | 12/01/56 | 1001211 |
| 125000 (a) | CMFA Special Finance Agency I, California, Essential Housing Revenue Bonds, The Mix at Center City, Series 2021A-2 | 4.000 | 04/01/56 | 94320 |
| 500000 (a) | CMFA Special Finance Agency, California, Essential Housing Revenue Bonds, Latitude 33, Senior Series 2021A-1 | 3.000 | 12/01/56 | 338539 |
| 105000 (a) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Moda at Monrovia Station, Social Series 2021A-2 | 4.000 | 10/01/56 | 80710 |
| 205000 (a) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Renaissance at City Center, Series 2020A | 5.000 | 07/01/51 | 193385 |
| 200000 (a) | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Waterscape Apartments, Senior Lien Series 2021A | 3.000 | 09/01/56 | 137308 |
| 2000000 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Series 2021B-2 | 0.000 | 06/01/66 | 215385 |
| 500000 | Mountain House Community Facilities District, California Special Tax Bonds, Improvement Area 1 Series 2024-1 | 5.000 | 09/01/40 | 511346 |
|  | TOTAL CALIFORNIA |  |  | 6117458 |

---

*See Notes to Financial Statements*<sub>5</sub>

------

Portfolio of Investments March 31, 2025 (continued)

NHYM

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | **COLORADO - 9.5%** |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 (a) | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2024 | 5.750% | 12/01/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516145 |
| 500000 | Aurora Crossroads Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Series 2020A | 5.000 | 12/01/50 | 490665 |
| 250000 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Science Technology Engineering and Math School Project, Refunding Series 2014 | 5.125 | 11/01/49 | 241753 |
| 400000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living Communities & Services, Series 2025A | 5.125 | 12/01/55 | 406053 |
| 500000 | Haymeadow Metropolitan District 1, Eagle County, Colorado, General Obligation Bonds, Subordinate Limited Tax Series 2025A | 6.125 | 12/01/54 | 501615 |
| 250000 | Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Special Revenue Bonds, Series 2020-A2 | 4.125 | 12/01/40 | 229880 |
| 500000 | Lakota Pointe Metropolitan District 1, Winter Park, Colorado, Limited Tax General Obligation Bonds, Series 2025A | 6.000 | 12/01/55 | 502668 |
| 500000 | Larkridge Metropolitan District No. 2, In the City of Thornton, Adams County, Colorado, General Obligation, Limited Tax Convertible to Unlimited Tax, Improvement Bonds, Refunding Series 2019 | 5.250 | 12/01/48 | 491880 |
| 489000 | Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2016 | 5.000 | 12/01/46 | 483975 |
| 500000 | Pinery Commercial Metropolitan District 2, Douglas County, Colorado, Special Revenue Bonds, Series 2025 | 5.750 | 12/01/54 | 501169 |
| 750000 (a) | Reagan Ranch Metropolitan District 1, Colorado Springs, Colorado, General Obligation Bonds, Limited Tax & Special Revenue, Series 2025 | 6.125 | 12/01/54 | 726341 |
| 500000 | Red Barn Metropolitan District, Mead, Colorado, Weld County, Colorado, General Obligation Bond, Limited Tax Convertible to Unlimited Tax, Refunding and Improvement, Series 2025A | 5.500 | 12/01/55 | 488011 |
| 900000 | Redtail Ridge Metropolitan District, City of Louisville, Boulder County, Colorado, General Obligation Limited Tax Capital Appreciation Turbo Bonds, Series 2025 | 0.000 | 12/01/32 | 529481 |
| 500000 | Reserve Metropolitan District 2, Mount Crested Butte, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2016A | 5.000 | 12/01/45 | 485532 |
|  | TOTAL COLORADO |  |  | 6595168 |
|  | **CONNECTICUT - 0.7%** |  |  |  |
| 500000 | Stamford Housing Authority, Connecticut, Revenue Bonds, Mozaic Concierge Living Project, Series 2025A | 6.500 | 10/01/55 | 512619 |
|  | TOTAL CONNECTICUT |  |  | 512619 |
|  | **FLORIDA - 17.8%** |  |  |  |
| 180000 | Astonia Community Development District, Polk County, Florida, Special Assessment Revenue Bonds, Area 3 Project, Series 2023 | 5.125 | 06/15/43 | 181178 |
| 1000000 | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, 2022 Project Series 2022 | 5.000 | 05/01/53 | 971486 |
| 125000 | Bridgewater Community Development District, Florida, Special Assessment Bonds, Assessment Area 2 Project, Refunding Series 2015 | 4.650 | 05/01/35 | 123003 |
| 370000 (a) | Cedar Crossing Community Development District, Polk County, Florida, Special Assessment Bond, 2025 Project, Series 2025 | 5.300 | 05/01/45 | 360030 |
| 500000 (a) | Charlotte County Industrial Development Authority, Florida, Utility System Revenue Bonds, Town & Country Utilities Project, Series 2021A, (AMT) | 4.000 | 10/01/51 | 410453 |
| 530000 | Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 2 Project, Series 2016A-3 | 5.250 | 11/01/30 | 533584 |
| 140000 (a) | Davenport Road South Community Development District, Florida, Special Assessment Bonds, Series 2018 | 5.000 | 11/01/38 | 141459 |
| 410000 (a) | Del Webb Sunchase Community Development District, Manatee County, Florida, Special Assessment Bonds, Series 2025 | 5.450 | 05/01/45 | 412720 |
| 250000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.000 | 07/01/41 | 243281 |

---

---

| | |
|:---|:---|
| **6** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | **FLORIDA** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024, (AMT) | 5.500% | 07/01/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252616 |
| 250000 (a) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Series 2024A, (AMT), (Mandatory Put 7/15/28) | 10.000 | 07/15/59 | 257521 |
| 500000 (a) | Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Series 2025A, (AMT), (Mandatory Put 8/13/25) | 8.250 | 07/01/57 | 519246 |
| 500000 (a) | Grand Bay at Doral Community Development District, Miami- Dade County, Florida, Special Assessment Bonds, Assessment Area Two Phase 1 Project, Series 2025A-1 | 5.000 | 05/01/45 | 493535 |
| 250000 (a) | Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Lorraine Lakes Project, Series 2020 | 3.875 | 05/01/51 | 205998 |
| 385000 (a) | Lowery Hills Community Development District, Lake Alfred, Florida, Special Assessments Revenue Bonds, Assessment Area 1, Series 2025 | 5.625 | 05/01/45 | 379591 |
| 250000 (a) | Magnolia Island Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Assessment Area 1, series 2025 | 5.750 | 05/01/55 | 248036 |
| 295000 | Mangrove Point and Mangrove Manor, Community Development District, Hillsborough County, Florida, Capital Improvement Revenue Bonds, Series 2022 | 4.375 | 05/01/52 | 255578 |
| 500000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2017B, (AMT) | 5.000 | 10/01/40 | 506339 |
| 505000 (a) | Miromar Lakes Community Development District, Lee County, Florida, Capital Improvement Revenue Bonds, Refunding Series 2025 | 5.000 | 05/01/35 | 529752 |
| 750000 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health Inc. Series 2025A | 4.500 | 10/01/56 | 720100 |
| 400000 | Palermo Community Development District, Lee County, Florida, Special Assessment Bonds, Area 2, Series 2025 | 5.500 | 06/15/55 | 386536 |
| 205000 | Palm Gate Community Development District, Florida, Special Assessment Bond, 2025 Project, Series 2025 | 5.300 | 06/15/45 | 199553 |
| 250000 (a) | Palm Gate Community Development District, Florida, Special Assessment Bond, 2025 Project, Series 2025 | 5.550 | 06/15/55 | 243020 |
| 645000 (a) | Ranches at Lake McLeod Community Development District, Polk County, Florida, Special Assessment Revenue Bonds, Assessment Area 2 Series 2025 | 5.450 | 06/15/45 | 641111 |
| 750000 (a) | Sawyers Landing Community Development District, Florida, Special Assessment Revenue Bonds, Series 2021 | 4.125 | 05/01/41 | 669993 |
| 500000 (a) | Southeast Overtown/Park West Community Redevelopment Agency, Florida, Tax Increment Revenue Bonds, Series 2014A-1 | 5.000 | 03/01/30 | 500587 |
| 180000 (a) | Twisted Oaks Pointe Community Development District, Florida, Special Assessment Revenue Bonds Assessment Area One Project Series 2023 | 5.625 | 05/01/53 | 181516 |
| 500000 | Two Lakes Community Development District, Hialeah, Florida, Special Assessment Bonds, Series 2024 | 5.000 | 05/01/55 | 500517 |
| 100000 (a) | Two Rivers West Community Development District, Pasco County, Florida, Special Assessment Bonds, 2022 Project, Series 2022 | 6.250 | 05/01/53 | 104083 |
| 190000 (a) | Two Rivers West Community Development District, Pasco County, Florida, Special Assessment Bonds, 2024 Project, Series 2024 | 5.875 | 05/01/54 | 193042 |
| 250000 (a) | V-Dana Community Development District, Lee County, Florida, Special Assessment Bonds, Area 2 - 2025 Project, Series 2025 | 5.550 | 05/01/55 | 246920 |
| 200000 | Verandah West Community Development District, Florida, Capital Improvement Revenue Bonds, Refunding Series 2013 | 5.000 | 05/01/33 | 200075 |
| 275000 | Verano 3 Community Development District, Florida, Special Assessment Bonds, Phase 1 Assessment Area, Series 2021 | 3.375 | 05/01/41 | 216772 |
| 300000 (a) | Woodcreek Community Development District, Pasco County, Florida, Capital Improvement Revenue Bonds, Assessment Area<br> 2, Series 2025 | 5.500 | 05/01/55 | 287446 |
|  | TOTAL FLORIDA |  |  | 12316677 |

---

*See Notes to Financial Statements*<sub>7</sub>

------

Portfolio of Investments March 31, 2025 (continued)

NHYM

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | **GEORGIA - 0.7%** |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2025A | 4.500% | 12/01/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489856 |
|  | TOTAL GEORGIA |  |  | 489856 |
|  | **HAWAII - 0.8%** |  |  |  |
| 500000 | Hawaii State, Airport System Revenue Bonds, Series 2025A, (AMT) | 5.250 | 07/01/51 | 518368 |
|  | TOTAL HAWAII |  |  | 518368 |
|  | **ILLINOIS - 0.7%** |  |  |  |
| 250000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2012A | 5.000 | 12/01/42 | 239183 |
| 250000 (a) | Lincolnwood, Cook County, Illinois, Tax Increment Revenue Bonds, District 1860 Development Project, Series 2025B | 5.750 | 12/01/43 | 252034 |
|  | TOTAL ILLINOIS |  |  | 491217 |
|  | **INDIANA - 0.2%** |  |  |  |
| 100000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Revenue Bonds, Convention Center Hotel Senior Series 2023E | 6.000 | 03/01/53 | 105520 |
|  | TOTAL INDIANA |  |  | 105520 |
|  | **IOWA - 0.4%** |  |  |  |
| 250000 | Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Social Series 2025A | 4.550 | 07/01/45 | 246777 |
|  | TOTAL IOWA |  |  | 246777 |
|  | **KENTUCKY - 2.6%** |  |  |  |
| 500000 | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A | 5.000 | 01/01/45 | 500302 |
| 750000 | Louisville and Jefferson County Metropolitan Government, Kentucky, Hospital Revenue Bonds, UofL Health Project, Series 2022A | 5.000 | 05/15/52 | 733474 |
| 500000 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2025A, (Mandatory Put 12/01/29) | 5.250 | 06/01/55 | 528518 |
|  | TOTAL KENTUCKY |  |  | 1762294 |
|  | **LOUISIANA - 3.5%** |  |  |  |
| 235000 (a) | Juban Trails Community Development District, Livingston Parish, Louisiana, Special Assessment Revenue Bonds, Series 2022 | 4.250 | 06/01/51 | 195217 |
| 400000 | Louisiana Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2025A | 4.600 | 12/01/50 | 390291 |
| 200000 (a) | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Terrebonne Parish GOMESA Project, Series 2018 | 5.500 | 11/01/39 | 206656 |
| 100000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Refunding Series 2017 | 3.500 | 11/01/32 | 95594 |
| 250000 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2015 | 5.000 | 05/15/47 | 250088 |
| 500000 | Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, I-10 Calcasieu River Bridge Public-Private Partnership Project, Senior Lien Series 2024, (AMT) | 5.500 | 09/01/59 | 517238 |
| 750000 | Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds, I-10 Calcasieu River Bridge Public-Private Partnership Project, Senior Lien Series 2024, (AMT) | 5.000 | 09/01/66 | 735171 |
|  | TOTAL LOUISIANA |  |  | 2390255 |
|  | **MAINE - 0.3%** |  |  |  |
| 200000 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A | 5.000 | 07/01/46 | 184124 |
|  | TOTAL MAINE |  |  | 184124 |

---

---

| | |
|:---|:---|
| **8** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | **MARYLAND - 0.5%** |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017 | 5.000% | 09/01/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243271 |
| 120000 | Maryland Economic Development Corporation, Special Obligation Bonds, Metro Centre Owings Mills Project, Series 2017 | 4.375 | 07/01/36 | 114630 |
|  | TOTAL MARYLAND |  |  | 357901 |
|  | **MASSACHUSETTS - 1.6%** |  |  |  |
| 500000 | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Series 2023G | 5.250 | 07/01/52 | 512755 |
| 500000 | Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2016A | 5.000 | 01/01/47 | 499966 |
| 100000 | Massachusetts Development Finance Agency, Revenue Bonds, Merrimack College, Series 2017 | 5.000 | 07/01/47 | 97251 |
|  | TOTAL MASSACHUSETTS |  |  | 1109972 |
|  | **MICHIGAN - 0.5%** |  |  |  |
| 100000 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2006 Sold Tobacco Receipts Senior Current Interest Series 2020A-2 | 5.000 | 06/01/40 | 102269 |
| 250000 | Michigan Strategic Fund, Limited Obligation Revenue Bonds, I-75 Improvement Project, Series 2018, (AMT) | 5.000 | 12/31/32 | 255984 |
|  | TOTAL MICHIGAN |  |  | 358253 |
|  | **MINNESOTA - 0.7%** |  |  |  |
| 500000 | Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2024A | 5.250 | 01/01/54 | 515436 |
|  | TOTAL MINNESOTA |  |  | 515436 |
|  | **MISSOURI - 1.1%** |  |  |  |
| 500000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2025A | 4.250 | 04/01/55 | 465137 |
| 300000 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village Saint Louis Obligated Group, Series 2018A | 5.000 | 09/01/38 | 303559 |
|  | TOTAL MISSOURI |  |  | 768696 |
|  | **MONTANA - 0.7%** |  |  |  |
| 500000 | Montana Facility Finance Authority, Montana, Health Facilities Revenue Bonds, Bozeman Deaconess Health Services Obligated Group, Series 2018 | 5.000 | 06/01/48 | 497920 |
|  | TOTAL MONTANA |  |  | 497920 |
|  | **NEVADA - 1.0%** |  |  |  |
| 235000 | Henderson, Nevada, Local Improvement Bonds, Local Improvement District T-21 Black Mountain Ranch, Series 2022 | 3.500 | 09/01/45 | 185891 |
| 500000 (a) | Reno, Nevada, Special Assessment Bonds, 2024 Quilici Ranch Local Improvement District 1, Series 2025 | 5.250 | 06/01/54 | 484214 |
|  | TOTAL NEVADA |  |  | 670105 |
|  | **NEW HAMPSHIRE - 0.7%** |  |  |  |
| 500000 | National Finance Authority, New Hampshire, Municipal Certificates Series 2025-1 Class A-2 | 4.168 | 01/20/41 | 471091 |
|  | TOTAL NEW HAMPSHIRE |  |  | 471091 |
|  | **NEW JERSEY - 0.5%** |  |  |  |
| 375000 | Passaic County Improvement Authority, New Jersey, Charter School Revenue Bonds, Paterson Charter School for Science and Technology, Inc. Project, Series 2025 | 5.000 | 07/01/44 | 375134 |
|  | TOTAL NEW JERSEY |  |  | 375134 |
|  | **NEW YORK - 8.0%** |  |  |  |
| 500000 | Dormitory Authority of the State of New York, General Revenue Bonds, Yeshiva University, Series 2022A | 5.000 | 07/15/50 | 492850 |
| 500000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Refunding Series 2025A | 5.250 | 11/15/45 | 525652 |
| 100000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2015A-1 | 5.000 | 11/15/45 | 100245 |
| 500000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025H-1 | 5.250 | 11/01/48 | 536883 |

---

*See Notes to Financial Statements*<sub>9</sub>

------

Portfolio of Investments March 31, 2025 (continued)

NHYM

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | **NEW YORK** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 (a) | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014 | 5.000% | 11/15/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202638 |
| 225000 | New York Transportation Development Corporation, New York, Facility Revenue Bonds, Thruway Service Areas Project, Series 2021, (AMT) | 2.500 | 10/31/31 | 190508 |
| 750000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.000 | 07/01/41 | 750100 |
| 1000000 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, (AMT) | 5.000 | 07/01/46 | 994052 |
| 250000 | New York Transportation Development Corporation, New York, Special Facilities Revenue Bonds, Terminal 6 John F Kennedy International Airport Redevelopment Project, Senior Green Series 2024A, (AMT) | 5.500 | 12/31/60 | 260019 |
| 500000 | Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester Medical Center Obligated Group Project, Refunding Series 2016 | 5.000 | 11/01/46 | 462943 |
|  | TOTAL NEW YORK |  |  | 5515890 |
|  | **NORTH CAROLINA - 1.4%** |  |  |  |
| 1000000 | North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes Project, Series 2015, (AMT) | 5.000 | 06/30/54 | 994500 |
|  | TOTAL NORTH CAROLINA |  |  | 994500 |
|  | **OHIO - 5.9%** |  |  |  |
| 500000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2 | 5.000 | 06/01/55 | 441351 |
| 530000 | Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2016 | 4.000 | 11/15/40 | 465703 |
| 250000 | Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated Group Project, Refunding & Improvement Series 2017 | 5.000 | 12/01/47 | 250052 |
| 500000 | Cuyahoga County, Ohio, Hospital Revenue Bonds, MetroHealth System, Series 2017 | 5.250 | 02/15/47 | 492331 |
| 325000 | Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2025A | 5.500 | 08/01/51 | 336340 |
| 400000 | Miami County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network Obligated Group Project, Refunding Improvement Series 2019 | 5.000 | 08/01/49 | 402507 |
| 275000 | Norwood, Ohio, Special Obligation Revenue Bonds, Rookwood Exchange Project, Refunding Series 2025 | 5.000 | 12/01/41 | 274393 |
| 500000 (a) | Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG Vanadium Project, Series 2019, (AMT) | 5.000 | 07/01/49 | 454654 |
| 500000 (a) | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Pratt Paper Ohio, LLC Project, Series 2017, (AMT) | 4.500 | 01/15/48 | 464612 |
| 500000 | Port of Greater Cincinnati Development Authority, Ohio, Duke Energy Convention Center Project, TOT First Subordinate Development Revenue Bonds, Refunding Series 2024B | 5.000 | 12/01/63 | 506753 |
|  | TOTAL OHIO |  |  | 4088696 |
|  | **OKLAHOMA - 0.7%** |  |  |  |
| 240000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B | 5.250 | 08/15/48 | 242282 |
| 250000 | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2025A | 5.500 | 01/01/54 | 272513 |
|  | TOTAL OKLAHOMA |  |  | 514795 |

---

---

| | |
|:---|:---|
| **10** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | **PENNSYLVANIA - 3.3%** |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 (a) | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Project, Series 2024 | 5.000% | 05/01/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251058 |
| 250000 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Tower Health Project, Series 2024A-3 | 5.000 | 06/30/39 | 242302 |
| 250000 | Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2019A | 5.000 | 07/01/44 | 251786 |
| 500000 | Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS Retirement-Life Communities, Inc. Obligated Group, Series 2025A | 5.000 | 11/15/49 | 502924 |
| 550000 (a) | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Core Natural Resources Inc., Project, Series 2025, (AMT), (Mandatory Put 3/27/35) | 5.450 | 01/01/51 | 562934 |
| 500000 | Philadelphia Authority for Industrial Development Senior Living Facilities, Philadelphia, Pennsylvania, Revenue Bonds, Wesley Enhanced Living Obligated Group, Series 2017A | 5.000 | 07/01/49 | 462690 |
|  | TOTAL PENNSYLVANIA |  |  | 2273694 |
|  | **PUERTO RICO - 2.7%** |  |  |  |
| 449000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 0.000 | 07/01/46 | 147310 |
| 750000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 5.000 | 07/01/58 | 739751 |
| 750000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 4.784 | 07/01/58 | 715050 |
| 386000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 | 0.000 | 07/01/33 | 264962 |
|  | TOTAL PUERTO RICO |  |  | 1867073 |
|  | **SOUTH CAROLINA - 0.8%** |  |  |  |
| 250000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Improvement Series 2025A | 5.000 | 12/01/55 | 255684 |
| 305000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2015E | 5.250 | 12/01/55 | 306376 |
|  | TOTAL SOUTH CAROLINA |  |  | 562060 |
|  | **TENNESSEE - 0.4%** |  |  |  |
| 300000 | Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Subordinate Series 2019B, (AMT) | 5.000 | 07/01/49 | 301933 |
|  | TOTAL TENNESSEE |  |  | 301933 |
|  | **TEXAS - 11.1%** |  |  |  |
| 500000 (a) | Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Duck Point Public Improvement District, Series 2025 | 5.625 | 12/31/55 | 482250 |
| 105000 (a) | Austin, Travis, Williamson and Hays Counties, Texas, Special Assessment Revenue Bonds, Whisper Valley Public Improvement District Improvement Area 2, Series 2022 | 5.500 | 11/01/51 | 105888 |
| 250000 (a) | Celina, Texas, Special Assessment Revenue Bonds, The Parks at Wilson Creek Public Improvement District Initial Major Improvement Project, Series 2021 | 4.250 | 09/01/41 | 219546 |
| 250000 (a) | City of Midlothian, Texas, Westside Preserve Public Improvement District Improvement Area #1 Project Special Assessment Revenue Bonds Series 2022 | 5.375 | 09/15/52 | 242984 |
| 200000 | Crandall, Kaufman County, Texas, Special Assessment Revenue Bonds, River Ridge Public Improvement District Improvement Area 2 Project, Series 2025 | 5.250 | 09/15/45 | 195325 |
| 500000 (a) | Denton County, Texas, Special Assessment Revenue Bonds, Green Meadows Public Improvement District, Improvement Area 1 Project, Series 2025 | 5.375 | 12/31/45 | 490218 |
| 100000 | Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012A. RMKT | 4.750 | 05/01/38 | 99406 |
| 1000000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT) | 5.250 | 07/15/34 | 1042638 |
| 250000 (a) | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Cottonwood Creek Public Improvement Area 2 Project Series 2025 | 5.125 | 09/01/45 | 242188 |

---

*See Notes to Financial Statements*<sub>11</sub>

------

Portfolio of Investments March 31, 2025 (continued)

NHYM

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | **TEXAS** (continued) |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 (a) | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Prairie Winds, Public Improvement Area 1, Series 2025 | 5.125% | 09/01/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388465 |
| 250000 (a) | Kyle, Texas, Special Assessment Revenue Bonds, 6 Creeks Public Improvement District Improvement Area 3B Project, Series 2025 | 5.125 | 09/01/46 | 242259 |
| 250000 (a) | Kyle, Texas, Special Assessment Revenue Bonds, 6 Creeks Public Improvement District Improvement Area 5 Project, Series 2025 | 5.375 | 09/01/50 | 241965 |
| 250000 | Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2025 | 5.000 | 05/15/55 | 257837 |
| 250000 (a) | New Hope Cultural Education Facilities Finance Corporation, Texas, Education Revenue Bonds, Beta Academy, Series 2019A | 5.000 | 08/15/49 | 235022 |
| 500000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Bella Vida Forefront Living Project, Series 2025A | 6.250 | 10/01/45 | 501049 |
| 500000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Westminster Project, Series 2025 | 5.000 | 11/01/55 | 498027 |
| 250000 | North East Regional Mobility Authority, Texas, Revenue Bonds, Senior Lien Series 2016A | 5.000 | 01/01/46 | 248533 |
| 275000 (a) | Port Beaumont Industrial Development Authority, Texas, Facility Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2021B | 4.100 | 01/01/28 | 249613 |
| 250000 (a) | Princeton, Texas, Special Assessment Revenue Bonds, Eastridge Public Improvement District Improvement Area 4 Project, Series 2025 | 5.375 | 09/01/45 | 248037 |
| 300000 (a) | Princeton, Texas, Special Assessment Revenue Bonds, Westridge Public Improvement District Improvement Area 1 Project, Series 2025 | 5.375 | 09/01/45 | 297645 |
| 275000 (a) | Providence Village, Denton County, Texas, Special Assessment Revenue Bonds, Foree Ranch Public Improvement District Improvement Area 2 Project Series 2025 | 5.350 | 09/01/45 | 271003 |
| 135000 (a) | Sachse, Texas, Special Assessment Bonds, Sachse Public Improvement District 1 Improvement Areas 2-3 Project, Series 2022 | 7.000 | 09/15/52 | 147110 |
| 500000 | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Segments 3C Project, Series 2019, (AMT) | 5.000 | 06/30/58 | 496342 |
| 300000 (a) | Venus, Johnson County, Texas, Special Assessment Revenue Bonds, Patriot Estates Public Improvement District, Series 2021 | 4.000 | 09/15/51 | 247826 |
|  | TOTAL TEXAS |  |  | 7691176 |
|  | **UTAH - 2.9%** |  |  |  |
| 500000 (a) | Black Desert Public Infrastructure District, Washington County, Utah, Special Assessment Bonds, Black Desert Assessment Area 1, Series 2024 | 5.625 | 12/01/53 | 501524 |
| 500000 (a) | Downtown East Streetcar Sewer Public Infrastructure District, South Salt Lake, Salt Lake County, Utah, Limited Tax General Obligation Bonds, Series 2022A | 6.000 | 03/01/53 | 497819 |
| 500000 (a) | MIDA Mountain Village Public Infrastructure District, Utah, Subordinate Tax Allocation Revenue Bonds, Series 2024-1 | 5.125 | 06/15/54 | 475808 |
| 500000 (a) | Wakara Ridge Public Infrastructure District, Utah, Special Assessment Bonds, Wakara Ridge Assessment Area, Series 2025 | 5.625 | 12/01/54 | 502654 |
|  | TOTAL UTAH |  |  | 1977805 |
|  | **VIRGINIA - 0.9%** |  |  |  |
| 100000 | Norfolk Redevelopment and Housing Authority, Virginia, Revenue Bonds, Fort Norfolk Retirement Community, Inc. - Harbor's Edge Project, Refunding Series 2014 | 5.375 | 01/01/46 | 96372 |
| 500000 | Virginia Housing Development Authority, Rental Housing Bonds, Series 2025A | 4.600 | 09/01/50 | 495897 |
|  | TOTAL VIRGINIA |  |  | 592269 |
|  | **WASHINGTON - 0.7%** |  |  |  |
| 500000 | Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Series 2018 | 5.000 | 07/01/48 | 503187 |
|  | TOTAL WASHINGTON |  |  | 503187 |

---

---

| | |
|:---|:---|
| **12** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | **WEST VIRGINIA - 1.2%** |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595000 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Cabell Huntington Hospital, Inc. Project, Refunding & Improvement Series 2018A | 5.000% | 01/01/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594072 |
| 250000 | West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System Obligated Group, Improvement Series 2017A | 5.000 | 06/01/47 | 250189 |
|  | TOTAL WEST VIRGINIA |  |  | 844261 |
|  | **WISCONSIN - 3.4%** |  |  |  |
| 100000 (a) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science Academy Project, Series 2016A | 5.250 | 05/01/46 | 93719 |
| 250000 (a) | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Hapeville Charter Project, Series 2025A | 5.750 | 02/01/52 | 257128 |
| 500000 | Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio Hotel Acquisition Project, Senior Lien Series 2022A | 5.000 | 02/01/62 | 488033 |
| 250000 (a) | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 | 6.500 | 12/01/37 | 252706 |
| 250000 (a) | Public Finance Authority of Wisconsin, Retirement Facility Revenue Bonds, Penick Village, Series 2019 | 5.000 | 09/01/54 | 226163 |
| 500000 (a) | Public Finance Authority of Wisconsin, Revenue Anticipation Bonds, Texas Infrastructure Authority Program, Astro Texas Land Projects, Refunding & Improvement Series 2025 | 5.000 | 12/15/36 | 501188 |
| 500000 | Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, KSU Bixby Real Estate Foundation, LLC Project, Senior Series 2025A | 5.250 | 06/15/55 | 508453 |
|  | TOTAL WISCONSIN |  |  | 2327390 |
|  | **TOTAL MUNICIPAL BONDS**<br> **(cost $69,614,698)** |  |  | **68900726** |
|  | **TOTAL LONG-TERM INVESTMENTS**<br> **(cost $69,614,698)** |  |  | **68900726** |
|  | **OTHER ASSETS & LIABILITIES, NET - 0.4%** |  |  | **305912** |
|  | **NET ASSETS - 100%** |  |  | $**69206638** |

---

---

| | |
|:---|:---|
| AMT | Alternative Minimum Tax |
| (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 $23,161,231 or 33.6% of Total Investments. |

---

*See Notes to Financial Statements*<sub>13</sub>

------

Portfolio of Investments March 31, 2025

NUMI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | **LONG-TERM INVESTMENTS - 96.1%** |  |  |  |
|  | **MUNICIPAL BONDS - 96.1%** |  |  |  |
|  | **ALABAMA - 1.2%** |  |  |  |
| $250000 | Black Belt Energy Gas District, Alabama, Gas Project Revenue Bonds, Series 2024B, (Mandatory Put 9/01/32) | 5.000% | 10/01/55 | $261891 |
| 110000 | Jefferson County, Alabama, Sewer Revenue Warrants, Series 2024 | 5.250 | 10/01/42 | 116480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Southeast Energy Authority, Alabama, Revenue Bonds, Cooperative District Energy Supply Series 2025B, (Mandatory Put 1/01/33) | 5.250 | 03/01/55 | 262551 |
|  | TOTAL ALABAMA |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640922 |
|  | **ARIZONA - 0.2%** |  |  |  |
| 110000 | Mesa, Arizona, Utility System Revenue Bonds, Series 2018 | 5.000 | 07/01/42 | 113109 |
|  | TOTAL ARIZONA |  |  | 113109 |
|  | **CALIFORNIA - 13.0%** |  |  |  |
| 330000 | California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024A, (Mandatory Put 4/01/32) | 5.000 | 05/01/54 | 351149 |
| 200000 | California Educational Facilities Authority, Revenue Bonds, Chapman University, Refunding Series 2025A | 5.000 | 04/01/42 | 216351 |
| 150000 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2018A | 4.000 | 11/15/42 | 145073 |
| 100000 | California Health Facilities Financing Authority, Revenue Bonds, Providence Saint Joseph Health, Refunding Series 2016A | 4.000 | 10/01/47 | 91789 |
| 100000 | California Infrastructure and Economic Development Bank, Revenue Bonds, Academy of Motion Picture Arts and Sciences Obligated Group, Series 2015A | 4.000 | 11/01/45 | 95409 |
| 250000 (a) | California Infrastructure and Economic Development Bank, Revenue Bonds, Brightline West Passenger Rail Project, Green Bond Series 2025A, (AMT), (Mandatory Put 1/01/35) | 9.500 | 01/01/65 | 250003 |
| 150000 | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A, (AMT) | 5.000 | 12/31/34 | 153165 |
| 125000 | California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A | 5.250 | 11/01/41 | 125037 |
| 200000 | California State, General Obligation Bonds, Refunding Various Purpose Series 2017 | 5.000 | 10/01/39 | 202686 |
| 665000 | California State, General Obligation Bonds, Various Purpose Series 2024 | 5.250 | 08/01/44 | 733348 |
| 500000 (a) | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A | 5.250 | 12/01/56 | 500605 |
| 500000 | Foothill-De Anza Community College District, Santa Clara County, California, General Obligation Bonds, Refunding Series 2016 | 4.000 | 08/01/40 | 494053 |
| 250000 | Peralta Community College District, Alameda County, California, General Obligation, Refunding Series 2025 | 5.000 | 08/01/38 | 281350 |
| 150000 | Sacramento County, California, Airport System Revenue Bonds, Refunding Senior Series 2018C, (AMT) | 5.000 | 07/01/34 | 154643 |
| 250000 | San Diego Public Facilities Financing Authority, California, Lease Revenue Bonds, Capital Improvement Projects, Series 2015A | 5.000 | 10/15/44 | 251052 |
| 570000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Governmental Purpose Series 2016C | 5.000 | 05/01/46 | 575571 |
| 520000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2019E, (AMT) | 5.000 | 05/01/37 | 535459 |
| 200000 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B | 5.250 | 01/15/49 | 200054 |
| 800000 | University of California, General Revenue Bonds, Limited Project Series 2016K | 4.000 | 05/15/46 | 771690 |
| 750000 | University of California, General Revenue Bonds, Series 2025CC | 5.000 | 05/15/42 | 819090 |
|  | TOTAL CALIFORNIA |  |  | 6947577 |

---

---

| | |
|:---|:---|
| **14** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | **COLORADO - 3.6%** |  |  |  |
| $1000000 | Adams County School District 14, Colorado, General Obligation Bonds, Series 2025 | 5.500% | 12/01/44 | $1105407 |
| 100000 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018B | 5.000 | 12/01/48 | 101773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Denver School District 1, Colorado, General Obligation Bonds, Series 2025C | 5.500 | 12/01/46 | 553886 |
| 155000 | Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A | 4.000 | 07/15/35 | 152202 |
|  | TOTAL COLORADO |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1913268 |
|  | **DELAWARE - 0.4%** |  |  |  |
| 200000 | Delaware Transportation Authority, Revenue Bonds, US 301 Project, Series 2015 | 5.000 | 06/01/45 | 200117 |
|  | TOTAL DELAWARE |  |  | 200117 |
|  | **DISTRICT OF COLUMBIA - 2.3%** |  |  |  |
| 300000 | District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Subordinate Lien Green Series 2022B | 5.000 | 10/01/47 | 314443 |
| 175000 | District of Columbia, General Obligation Bonds, Series 2016A | 5.000 | 06/01/41 | 176715 |
| 250000 | District of Columbia, General Obligation Bonds, Series 2024A | 5.000 | 08/01/37 | 277266 |
| 110000 | District of Columbia, Income Tax Secured Revenue Bonds, Series 2022A | 5.500 | 07/01/47 | 118322 |
| 295000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B | 6.500 | 10/01/44 | 318730 |
|  | TOTAL DISTRICT OF COLUMBIA |  |  | 1205476 |
|  | **FLORIDA - 5.7%** |  |  |  |
| 245000 | City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015 | 4.000 | 09/01/45 | 231555 |
| 500000 (a) | Grand Bay at Doral Community Development District, Miami- Dade County, Florida, Special Assessment Bonds, Assessment Area Two Phase 1 Project, Series 2025A-1 | 5.000 | 05/01/45 | 493535 |
| 250000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2017B, (AMT) | 5.000 | 10/01/40 | 253169 |
| 250000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Series 2025A, (AMT) | 5.500 | 10/01/55 | 263321 |
| 150000 | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2018 | 5.000 | 07/01/43 | 153827 |
| 505000 (a) | Miromar Lakes Community Development District, Lee County, Florida, Capital Improvement Revenue Bonds, Refunding Series 2025 | 5.000 | 05/01/35 | 529752 |
| 500000 | Orlando Utilities Commission, Florida, Utility System Revenue Bonds, Series 2025A | 5.000 | 10/01/45 | 532709 |
| 440000 | Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & Improvement Series 2019A-1 | 5.000 | 10/01/35 | 457161 |
| 100000 | Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole Electric Cooperative, Inc. Project, Refunding Series 2018B | 5.000 | 03/15/42 | 101723 |
|  | TOTAL FLORIDA |  |  | 3016752 |
|  | **GEORGIA - 1.4%** |  |  |  |
| 100000 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017D | 4.125 | 11/01/45 | 90667 |
| 155000 | Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, Tanner Medical Center, Inc. Project, Series 2015 | 4.000 | 07/01/45 | 146819 |
| 300000 | Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health System, Inc Project, Series 2017A | 5.000 | 04/01/47 | 300229 |
| 100000 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A | 5.500 | 07/01/60 | 100125 |
| 100000 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2019A - BAM Insured | 5.000 | 01/01/49 | 101405 |
|  | TOTAL GEORGIA |  |  | 739245 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **15** |

---

------

Portfolio of Investments March 31, 2025 (continued)

NUMI

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | **GUAM - 0.5%** |  |  |  |
| $265000 | Guam Power Authority, Revenue Bonds, Refunding Series 2022A | 5.000% | 10/01/42 | $272482 |
|  | TOTAL GUAM |  |  | 272482 |
|  | **IDAHO - 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | Idaho Housing & Finance Association, Idaho, Sales Tax Revenue Bonds, Transportation Expansion & Congestion Mitigation Fund, Series 2025A | 4.000 | 08/15/50 | 440335 |
|  | TOTAL IDAHO |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440335 |
|  | **ILLINOIS - 4.5%** |  |  |  |
| 100000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016 | 6.000 | 04/01/46 | 102271 |
| 185000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2023 | 5.000 | 04/01/38 | 193761 |
| 145000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A | 7.000 | 12/01/44 | 146826 |
| 100000 | Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Refunding Senior Lien Series 2017B | 5.000 | 01/01/39 | 101736 |
| 105000 | Chicago, Illinois, Water Revenue Bonds, Second Lien Refunding Series 2024A | 5.000 | 11/01/35 | 116303 |
| 250000 | Illinois State, General Obligation Bonds, May Series 2018A | 5.000 | 05/01/43 | 252655 |
| 750000 | Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding Junior Obligation March Series 2025B | 5.000 | 06/15/40 | 804537 |
| 150000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2020A | 5.000 | 01/01/45 | 155265 |
| 105000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2021A | 5.000 | 01/01/46 | 108752 |
| 330000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017A | 5.000 | 06/15/57 | 331258 |
| 100000 | Schaumburg, Illinois, General Obligation Bonds, Refunding Series 2013A | 4.000 | 12/01/41 | 94585 |
|  | TOTAL ILLINOIS |  |  | 2407949 |
|  | **INDIANA - 0.2%** |  |  |  |
| 100000 | Indiana Finance Authority, Hospital Revenue Bonds, Parkview Health, Series 2018A | 5.000 | 11/01/43 | 101918 |
|  | TOTAL INDIANA |  |  | 101918 |
|  | **KENTUCKY - 1.7%** |  |  |  |
| 150000 | Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2017A - AGM Insured | 4.000 | 12/01/41 | 140063 |
| 250000 | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A | 5.000 | 01/01/45 | 250151 |
| 500000 | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 132, Series 2025A | 5.000 | 04/01/41 | 536314 |
|  | TOTAL KENTUCKY |  |  | 926528 |
|  | **LOUISIANA - 0.7%** |  |  |  |
| 170000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Refunding Series 2017 | 3.500 | 11/01/32 | 162510 |
| 100000 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2015 | 4.250 | 05/15/40 | 96136 |
| 100000 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2015 | 5.000 | 05/15/47 | 100036 |
|  | TOTAL LOUISIANA |  |  | 358682 |
|  | **MARYLAND - 0.7%** |  |  |  |
| 250000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical Systems, Series 2025A | 5.250 | 07/01/52 | 261210 |
| 115000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2017B | 4.000 | 07/01/39 | 114918 |
|  | TOTAL MARYLAND |  |  | 376128 |

---

---

| | |
|:---|:---|
| **16** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | **MASSACHUSETTS - 3.5%** |  |  |  |
| $155000 | Massachusetts Development Finance Agency, Revenue Bonds, Berklee College of Music, Series 2016 | 5.000% | 10/01/46 | $156543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Massachusetts Development Finance Agency, Revenue Bonds, Smith College, Series 2025 | 4.000 | 07/01/45 | 237690 |
| 405000 | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Issue Series 2025N-1 | 5.250 | 07/01/50 | 422229 |
| 500000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2016E | 4.000 | 04/01/46 | 464635 |
| 300000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2016J | 4.000 | 12/01/39 | 295445 |
| 125000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2024A | 5.000 | 01/01/54 | 129970 |
| 160000 | Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Series 2015A | 5.000 | 06/01/45 | 160148 |
|  | TOTAL MASSACHUSETTS |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866660 |
|  | **MICHIGAN - 2.7%** |  |  |  |
| 200000 | Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2016 | 5.000 | 11/15/41 | 202125 |
| 250000 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2006 Sold Tobacco Receipts Senior Current Interest Series 2020A-2 | 5.000 | 06/01/40 | 255674 |
| 320000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2016-I | 5.000 | 04/15/41 | 324055 |
| 450000 | Michigan Strategic Fund, Limited Obligation Revenue Bonds, I-75 Improvement Project, Series 2018, (AMT) | 5.000 | 12/31/43 | 451755 |
| 200000 | Oakland University, Michigan, General Revenue Bonds, Series 2016 | 5.000 | 03/01/47 | 201398 |
|  | TOTAL MICHIGAN |  |  | 1435007 |
|  | **MISSOURI - 1.5%** |  |  |  |
| 100000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2014F | 5.000 | 11/15/45 | 99970 |
| 780000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Saint Anthony's Medical Center, Series 2015B | 4.000 | 02/01/40 | 728219 |
|  | TOTAL MISSOURI |  |  | 828189 |
|  | **NEVADA - 0.2%** |  |  |  |
| 100000 | Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Refunding Series 2016 | 5.000 | 06/15/40 | 100284 |
|  | TOTAL NEVADA |  |  | 100284 |
|  | **NEW JERSEY - 2.7%** |  |  |  |
| 150000 | New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Refunding Subordinate Series 2017A | 4.000 | 07/01/34 | 143679 |
| 250000 | New Jersey Economic Development Authority, Special Facility Revenue Bonds, Port Newark Container Terminal LLC Project, Refunding Series 2017, (AMT) | 5.000 | 10/01/37 | 253616 |
| 375000 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Inspira Health Obligated Group Issue, Refunding Series 2016A | 4.000 | 07/01/41 | 362434 |
| 150000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA | 5.250 | 06/15/41 | 150141 |
| 500000 | New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2016A | 5.000 | 01/01/34 | 505211 |
|  | TOTAL NEW JERSEY |  |  | 1415081 |
|  | **NEW YORK - 16.2%** |  |  |  |
| 150000 | Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, Series 2018A | 5.000 | 08/01/32 | 153598 |
| 410000 | Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, Series 2018A | 5.000 | 08/01/33 | 418885 |
| 150000 | Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2015A | 5.000 | 07/01/45 | 150469 |
| 250000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Series 2018A | 5.000 | 03/15/35 | 255561 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **17** |

---

------

Portfolio of Investments March 31, 2025 (continued)

NUMI

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | **NEW YORK** (continued) |  |  |  |
| $365000 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Second Indenture Fiscal 2017 Series A | 5.000% | 02/15/42 | $372233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2017 | 5.000 | 09/01/47 | 204754 |
| 750000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2019A-2 | 5.000 | 11/15/45 | 760132 |
| 100000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2015A-1 | 5.000 | 11/15/45 | 100245 |
| 485000 | New York City Industrial Development Agency, New York, PILOT Payment in Lieu of Taxes Revenue Bonds, Queens Baseball Stadium Project, Refunding Series 2021A — AGM Insured | 3.000 | 01/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453221 |
| 125000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2013 Series BB | 4.000 | 06/15/47 | 113270 |
| 225000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2019 Series DD-1 | 5.000 | 06/15/49 | 230517 |
| 250000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2025 Series AA-2 | 5.000 | 06/15/49 | 262983 |
| 2400000 (b) | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2019 Subseries C-4, (Mandatory Put 4/01/25) | 3.000 | 11/01/44 | 2400000 |
| 250000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025F-1 | 5.000 | 11/01/37 | 277458 |
| 500000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025H-1 | 5.000 | 11/01/42 | 533022 |
| 130000 | New York City, New York, General Obligation Bonds, Fiscal 2017 Series A-1 | 4.000 | 08/01/39 | 126006 |
| 500000 (a) | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014 | 5.000 | 11/15/44 | 501099 |
| 100000 | New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2016A | 5.000 | 01/01/46 | 100423 |
| 200000 | New York Transportation Development Corporation, New York, Facility Revenue Bonds, Thruway Service Areas Project, Series 2021, (AMT) | 2.500 | 10/31/31 | 169340 |
| 250000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, New Terminal 1 John F Kennedy International Airport Project, Green Series 2023 - AGM Insured, (AMT) | 5.500 | 06/30/43 | 264403 |
| 130000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, Terminal 4 John F Kennedy International Airport Project, Series 2020C | 5.000 | 12/01/38 | 136098 |
| 250000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. — LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020, (AMT) | 4.000 | 10/01/30 | 248043 |
| 225000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Eighty-Ninth Series 2015 | 5.000 | 05/01/40 | 225202 |
| 100000 | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior Lien Green Bonds, Series 2022D-2 | 5.500 | 05/15/52 | 107253 |
| 70000 | Triborough Bridge and Tunnel Authority, New York, Real Estate Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA<br> Capital Lockbox Fund, Series 2025A | 5.250 | 12/01/54 | 73937 |
|  | TOTAL NEW YORK |  |  | 8638152 |
|  | **OHIO - 3.3%** |  |  |  |
| 100000 | American Municipal Power Inc., Ohio, Combined Hydroelectric Projects Revenue Bonds, Green Series 2016A | 5.000 | 02/15/46 | 100733 |
| 200000 | American Municipal Power, Inc., Ohio, Greenup Hydroelectric Project Revenue Bonds, Refunding Series 2016A | 5.000 | 02/15/41 | 202013 |
| 250000 | Columbus Regional Airport Authority, Ohio, Revenue Bonds, John Glenn Columbus International Airport, Series 2025A, (AMT) | 5.000 | 01/01/40 | 261197 |
| 250000 | Columbus Regional Airport Authority, Ohio, Revenue Bonds, John Glenn Columbus International Airport, Series 2025A, (AMT) | 5.500 | 01/01/55 | 262582 |

---

---

| | |
|:---|:---|
| **18** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | **OHIO** (continued) |  |  |  |
| $250000 | Norwood, Ohio, Special Obligation Revenue Bonds, Rookwood Exchange Project, Refunding Series 2025 | 5.000% | 12/01/35 | $256343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Refunding Series 2014A | 4.000 | 01/15/44 | 139413 |
| 500000 | Toledo Lucas County Public Library, Ohio, General Obligation Bonds, Library Improvement Series 2025A | 5.000 | 12/01/47 | 522700 |
|  | TOTAL OHIO |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744981 |
|  | **OKLAHOMA - 2.0%** |  |  |  |
| 500000 | Oklahoma County, Oklahoma, Finance Authority, Educational Facilities Lease Revenue Bonds, Choctaw-Nicoma Park Public Schools Project, Series 2023 | 5.000 | 09/01/41 | 523160 |
| 250000 | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2025A | 5.000 | 01/01/42 | 269382 |
| 500000 | Tulsa, Oklahoma, General Obligation Bonds, Series 2024C | 0.050 | 10/01/37 | 300979 |
|  | TOTAL OKLAHOMA |  |  | 1093521 |
|  | **PENNSYLVANIA - 5.6%** |  |  |  |
| 150000 | Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2015 | 4.000 | 08/01/40 | 147100 |
| 250000 | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Thomas Jefferson University, Series 2018A | 5.000 | 09/01/43 | 254127 |
| 500000 | Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS Retirement-Life Communities, Inc. Obligated Group, Series 2025A | 5.000 | 11/15/42 | 518958 |
| 150000 | Northampton County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Saint Luke's University Health Network Project, Series 2016A | 5.000 | 08/15/46 | 150475 |
| 125000 | Pennsylvania Economic Development Financing Authority, Pennsylvania, Private Activity Revenue Bonds, The PennDOT Major Bridges Package One Project, Series 2022, (AMT) | 5.500 | 06/30/37 | 134323 |
| 280000 | Pennsylvania Economic Development Financing Authority, Pennsylvania, Private Activity Revenue Bonds, The PennDOT Major Bridges Package One Project, Series 2022, (AMT) | 5.500 | 06/30/38 | 300347 |
| 200000 (a) | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Core Natural Resources Inc., Project, Series 2025, (AMT), (Mandatory Put 3/27/35) | 5.450 | 01/01/51 | 204703 |
| 310000 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania Health System, Series 2015 | 4.000 | 08/15/45 | 291858 |
| 115000 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania Health System, Series 2017A | 5.000 | 08/15/47 | 115589 |
| 285000 | Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Series 2018A | 5.250 | 12/01/44 | 294850 |
| 100000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1 | 5.000 | 12/01/45 | 100352 |
| 300000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2016A-1 | 5.000 | 12/01/46 | 302149 |
| 175000 | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 1998 General Ordinance, Seventeenth Series 2024A | 5.000 | 08/01/44 | 181973 |
|  | TOTAL PENNSYLVANIA |  |  | 2996804 |
|  | **PUERTO RICO - 0.5%** |  |  |  |
| 250000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 | 5.000 | 07/01/58 | 246584 |
|  | TOTAL PUERTO RICO |  |  | 246584 |
|  | **RHODE ISLAND - 0.5%** |  |  |  |
| 250000 | Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group Issue Series 2024 | 5.000 | 05/15/34 | 269080 |
|  | TOTAL RHODE ISLAND |  |  | 269080 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **19** |

---

------

Portfolio of Investments March 31, 2025 (continued)

NUMI

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | **SOUTH CAROLINA - 1.0%** |  |  |  |
| $125000 | Charleston County Airport District, South Carolina, Airport Revenue Bonds, Series 2024B | 5.250% | 07/01/54 | $132841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A | 5.000 | 12/01/50 | 175079 |
| 105000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2016A | 5.000 | 12/01/38 | 105889 |
| 100000 | South Carolina State Ports Authority, Revenue Bonds, Series 2018, (AMT) | 5.000 | 07/01/37 | 101899 |
|  | TOTAL SOUTH CAROLINA |  |  | 515708 |
|  | **TENNESSEE - 0.4%** |  |  |  |
| 250000 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, CommonSpirit Health, Series 2019A-1 | 4.000 | 08/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229743 |
|  | TOTAL TENNESSEE |  |  | 229743 |
|  | **TEXAS - 10.7%** |  |  |  |
| 105000 | Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Forward Delivery Series 2023 | 5.000 | 11/15/43 | 110779 |
| 210000 | Cypress-Fairbanks Independent School District, Harris County, Texas, General Obligation Bonds, Refunding School Building Series 2016 | 4.000 | 02/15/39 | 206896 |
| 250000 | Dallas Independent School District, Dallas County, Texas, General Obligation Bonds, Refunding & School Building Series 2025B | 5.000 | 02/15/43 | 266482 |
| 250000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal Improvements Project, Series 2024B, (AMT) | 5.500 | 07/15/35 | 264655 |
| 135000 | Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2023A - AGM Insured | 5.250 | 05/15/53 | 142451 |
| 230000 | Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2024 — AGM Insured | 5.000 | 05/15/41 | 245361 |
| 250000 | Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2025 | 5.000 | 05/15/43 | 263605 |
| 500000 (b) | Mission Economic Development Corporation, Texas, Solid Waste Disposal Revenue Bonds, Republic Services Inc. Project, Adjustable Rate Series 2020A, (AMT), (Mandatory Put 6/02/25) | 3.750 | 05/01/46 | 499899 |
| 200000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Westminster Project, Series 2025 | 5.000 | 11/01/40 | 210297 |
| 500000 | North East Regional Mobility Authority, Texas, Revenue Bonds, Senior Lien Series 2016A | 5.000 | 01/01/46 | 497065 |
| 350000 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2016A | 4.000 | 01/01/39 | 340583 |
| 300000 | Round Rock Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, School Building Series 2025B | 5.000 | 08/01/41 | 326842 |
| 135000 | Spring Branch Independent School District, Harris County, Texas, General Obligation Bonds, Schoolhouse Series 2022 | 5.000 | 02/01/42 | 142214 |
| 500000 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A | 4.000 | 11/15/36 | 496301 |
| 35000 | Texas A&M University, Financing System Revenue Bonds, Series 2022 | 5.000 | 05/15/28 | 37306 |
| 145000 | Texas Private Activity Bond Surface Transpiration Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Refunding Series 2023, (AMT) | 5.500 | 06/30/43 | 151344 |
| 150000 | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Refunding Series 2020A | 4.000 | 12/31/34 | 148383 |
| 195000 | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Refunding Series 2020A | 4.000 | 12/31/36 | 188957 |

---

---

| | |
|:---|:---|
| **20** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | **TEXAS (continued)** |  |  |  |
| $295000 | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Refunding Series 2020A | 4.000% | 12/31/39 | $278106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Texas State University System, Financing Revenue Bonds, Refunding Series 2024 | 5.000 | 03/15/43 | 264552 |
| 400000 | Texas State, General Obligation Bonds, Refunding Water Financial Assistance Bonds, Series 2021B | 4.000 | 08/01/31 | 400547 |
| 115000 | Texas State, General Obligation Bonds, Refunding Water Financial Assistance Bonds, Series 2022B | 5.000 | 08/01/39 | 115335 |
| 100000 | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding First Tier Put Series 2024B, (Mandatory Put 8/15/30) | 5.000 | 08/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105630 |
|  | TOTAL TEXAS |  |  | 5703590 |
|  | **UTAH - 0.5%** |  |  |  |
| 100000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017A, (AMT) | 5.000 | 07/01/42 | 100648 |
| 160000 | Utah Transit Authority, Sales Tax Revenue Bonds, Refunding Subordinate Series 2024 | 5.000 | 06/15/39 | 175212 |
|  | TOTAL UTAH |  |  | 275860 |
|  | **VERMONT - 1.0%** |  |  |  |
| 500000 | Vermont Municipal Bond Bank, Local Investment Bonds, Series 2025-1 | 5.000 | 12/01/50 | 523207 |
|  | TOTAL VERMONT |  |  | 523207 |
|  | **VIRGINIA - 2.4%** |  |  |  |
| 250000 | Hampton Roads Sanitation District, Virginia, Wastewater Revenue Bonds, Series 2024B | 5.000 | 07/01/45 | 265393 |
| 170000 | Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2023E-5 | 4.625 | 07/01/50 | 167166 |
| 165000 | Virginia Small Business Financing Authority, Revenue Bonds, 95 Express Lanes LLC Project, Refunding Senior Lien Series 2022, (AMT) | 5.000 | 07/01/37 | 172336 |
| 105000 | Virginia Small Business Financing Authority, Revenue Bonds, 95 Express Lanes LLC Project, Refunding Senior Lien Series 2022, (AMT) | 4.000 | 07/01/40 | 97941 |
| 500000 | Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Refunding Series 2024 | 5.000 | 05/15/38 | 557151 |
|  | TOTAL VIRGINIA |  |  | 1259987 |
|  | **WASHINGTON - 3.1%** |  |  |  |
| 275000 | Grant County Public Hospital District 1, Washington, General Obligation Bonds, Samaritan Healthcare, Series 2023 | 5.500 | 12/01/37 | 294470 |
| 100000 | Washington Health Care Facilities Authority, Revenue Bonds, MultiCare Health System, Series 2015B | 4.000 | 08/15/39 | 93551 |
| 250000 | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Cancer Center Alliance, Series 2020 | 5.000 | 09/01/45 | 254993 |
| 125000 | Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2017 | 5.000 | 08/15/37 | 126536 |
| 100000 | Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Series 2018 | 5.000 | 07/01/35 | 102900 |
| 250000 | Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Series 2018 | 5.000 | 07/01/48 | 251593 |
| 500000 | Washington State, General Obligation Bonds, Various Purpose, Group 3 Series 2025C | 5.000 | 02/01/44 | 533439 |
|  | TOTAL WASHINGTON |  |  | 1657482 |
|  | **WEST VIRGINIA - 0.4%** |  |  |  |
| 215000 | West Virginia Water Development Authority, Infrastructure Refunding Revenue Bonds, West Virginia Infrastructure and Jobs Development Council Program, Series 2016A | 4.000 | 10/01/41 | 200829 |
|  | TOTAL WEST VIRGINIA |  |  | 200829 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **21** |

---

------

Portfolio of Investments March 31, 2025 (continued)

NUMI

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | **WISCONSIN - 1.0%** |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio Hotel Acquisition Project, Senior Lien Series 2022A | 5.000% | 02/01/62 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292820 |
| 250000 | Public Finance Authority of Wisconsin, Revenue Bonds, Triad Educational Services, Inc. Math & Science Academy, Series 2025 | 5.500 | 06/15/55 | 251860 |
|  | TOTAL WISCONSIN |  |  | 544680 |
|  | **TOTAL MUNICIPAL BONDS**<br> **(cost $51,848,031)** |  |  | **51205917** |
|  | **TOTAL LONG-TERM INVESTMENTS**<br> **(cost $51,848,031)** |  |  | **51205917** |
|  | **OTHER ASSETS & LIABILITIES, NET - 3.9%** |  |  | **2053123** |
|  | **NET ASSETS - 100%** |  |  | $**53259040** |

---

---

| | |
|:---|:---|
| AMT | Alternative Minimum Tax |
| (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 $2,479,697 or 4.8% of Total Investments. |
| (b) | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |

---

---

| | |
|:---|:---|
| **22** | *See Notes to Financial Statements* |

---

------

## Statement of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **March 31, 2025** | **NHYM** | **NUMI** |
|  **ASSETS** |  |  |
|  Long-term investments, at value<sup>†</sup> | $68900726 | $51205917 |
|  Cash | 4814856 | 2158864 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 681658 | 531308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 468666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | 1238582 |
|  **Total assets** | **74397240** | **55603337** |
|  **LIABILITIES** |  |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 15723 | 11075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased - regular settlement | 5174660 | 2333003 |
|  Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 54 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 165 | 165 |
|  **Total liabilities** | 5190602 | 2344297 |
|  **Net assets** | $**69206638** | $**53259040** |
|  Shares outstanding | 2775000 | 2150000 |
|  Net asset value ("NAV") per share | $24.94 | $24.77 |
|  **NET ASSETS CONSIST OF:** |  |  |
|  Paid-in capital | 69710945 | 53901657 |
|  Total distributable earnings (loss) | (504307) | (642617) |
|  **Net assets** | $**69206638** | $**53259040** |
|  Authorized shares | Unlimited | Unlimited |
|  Par value per share | $**0.01** | $**0.01** |
|  <sup>†</sup> Long-term investments, cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69614698 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51848031 |

---

*See Notes to Financial Statements* 

#### 23

------

## Statement of Operations

---

| | | |
|:---|:---|:---|
| For the period January 22, 2025 (commencement of operations) through March 31, 2025 | **NHYM** | **NUMI** |
|  **INVESTMENT INCOME** |  |  |
|  Interest | 332173 | 252497 |
|  **Total investment income** | 332173 | 252497 |
|  **EXPENSES** |  |  |
|  Management fees | 26018 | 19504 |
|  Professional fees | 54 | 54 |
|  Trustees fees | 165 | 165 |
|  Total expenses | 26237 | 19723 |
|  **Net investment income (loss)** | 305936 | 232774 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
|  Realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 2069 | (142497) |
|  Net realized gain (loss) | 2069 | (142497) |
|  Change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (713972) | (642114) |
|  Net change in unrealized appreciation (depreciation) | (713972) | (642114) |
|  Net realized and unrealized gain (loss) | (711903) | (784611) |
|  **Net increase (decrease) in net assets from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(405967) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(551837) |

---

*See Notes to Financial Statements* 

#### 24

------

## Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **NHYM** | **NUMI** |
|  | **For the period**<br> **1/22/25**<br> **(commencement<br>of operations)**<br> **through 3/31/25** | **For the period**<br> **1/22/25**<br> **(commencement<br>of operations)**<br> **through 3/31/25** |
|  **OPERATIONS** |  |  |
|  Net investment income (loss) | $305936 | $232774 |
|  Net realized gain (loss) | 2069 | (142497) |
|  Net change in unrealized appreciation (depreciation) | (713972) | (642114) |
|  Net increase (decrease) in net assets from operations | (405967) | (551837) |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
|  Dividends | (98340) | (90780) |
|  Total distributions | (98340) | (90780) |
|  **FUND SHARE TRANSACTIONS** |  |  |
|  Subscriptions | 69710945 | 53901657 |
|  Net increase (decrease) from Fund share transactions | 69710945 | 53901657 |
|  Net increase (decrease) in net assets | 69206638 | 53259040 |
|  Net assets at the beginning of period |  |  |
|  **Net assets at the end of period** | $**69206638** | $**53259040** |

---

*See Notes to Financial Statements* 

#### 25

------

## Financial Highlights

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | |  |
|  | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup>** | **Net Realized<br>/Unrealized<br>Gain (Loss)** | **Total** | **From**<br> **Net**<br> **Investment<br>Income** | **From<br>Net Realized<br>Gains** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return**<br> **of**<br> **Capital** | **Total** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset**<br> **Value,**<br> **End of**<br> **Period** | **Market<br>Price,<br>End of<br>Period** |
|  **NHYM** |  |  |  |  |  |  |  |  |  |  |
|  3/31/25<sup>(d)</sup> | $25.00 | $0.18 | $(0.18) | $— | $(0.06) | $— | $— | $(0.06) | $24.94 | $25.08 |
|  **NUMI** |  |  |  |  |  |  |  |  |  |  |
|  3/31/25<sup>(d)</sup> | 25.00 | 0.16 | (0.34) | (0.18) | (0.05) |  |  | (0.05) | 24.77 | 24.82 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Does not include in-kind transactions.

<sup>(d)</sup> For the period January 22, 2025 (commencement of operations) through March 31, 2025.

<sup>(e)</sup> Annualized.

#### 26

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| **Total Return** | **Total Return** |  |  |
| **Based**<br> **on**<br> **Net Asset**<br> **Value(b)** | **Based**<br> **on**<br> **Market**<br> **Price(b)** | **Net Assets,**<br> **End of Period**<br> (000) | **Portfolio**<br> **Turnover**<br> **Rate<sup>(c)</sup>** |
| (0.01)% | 0.56% | $69207 0.35%<sup>(e)</sup> 4.14%<sup>(e)</sup> | 52% |
| (0.70) | (0.51) | 53259 0.29 <sup>(e)</sup> 3.48 <sup>(e)</sup> | 69 |

---

*See Notes to Financial Statements* 

#### 27

------

## Notes to Financial Statements
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 High Yield Municipal Income ETF (NHYM) and Nuveen Municipal Income ETF (NUMI) (each a "Fund" and collectively, the "Funds"), among others. The Trust was organized as a Massachusetts business trust on February 20, 2015. Shares of NHYM and NUMI are listed and traded on the NYSE Arca, Inc. (the "Exchange").

Current Fiscal Period: The end of the reporting period for the Fund is March 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal period January 22, 2025 (commencement of operations) through March 31, 2025 (the "current fiscal period").

Investment Adviser and Sub-Adviser: The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a subsidiary of Nuveen, LLC ("Nuveen"). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA"). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds' portfolios, manages the Funds' business affairs and provides certain clerical, bookkeeping and other administrative services. For NHYM and NUMI, the Adviser has entered into a sub-advisory agreement with Nuveen Asset Management, LLC ("NAM"), an affiliate of the Adviser, under which NAM manages the investment portfolio of the Fund.

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows accounting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification 946, Financial Services — Investment Companies. The Net Asset Value ("NAV") for financial reporting purposes may differ from the NAV for processing security and creation unit transactions. The NAV for financial reporting purposes includes security and creation unit transactions through the date of the report. Total return is computed based on the NAV used for processing security and creation unit transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation: The Trust pays no compensation directly to those of its 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.

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 trade date for financial reporting purposes. Realized gains and losses on securities transactions are based upon the specific identification method. Dividend income is recorded on the ex-dividend date. 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, which is recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Interest income also reflects payment-in-kind ("PIK") interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash.

Netting Agreements: In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted to the Funds is held in a segregated account by the Funds' custodian and/or with respect to those amounts which can be sold or repledged, are presented in the Funds' Portfolio of Investments or Statement of Assets and Liabilities.

The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described later in these Notes to Financial Statements.

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

#### 28

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

New Accounting Pronouncement: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the financial statements.

3. Investment Valuation and Fair Value Measurements

The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Funds' major classifications of assets and liabilities measured at fair value follows:

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.

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.

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:

**29**<br>

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NHYM** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $– | $68900726 | $– | $68900726 |
|  Total | $– | $68900726 | $– | $68900726 |
| **NUMI** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $– | $51205917 | $– | $51205917 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51205917 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51205917 |

---

4. Portfolio Securities

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases | Sales |
| **Fund** | **Non-U.S.**<br> **Government<br>Purchases** | **Non-U.S.**<br> **Government**<br> **Sales** |
|  **NHYM** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93548154 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23939650 |
|  **NUMI** | 79823433 | 27803944 |

---

The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.

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.

Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the current fiscal period.

Market and Counterparty Credit Risk: In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each 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.

#### 30

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Creation Units are purchased and redeemed in-kind for a designated portfolio of securities included in each Fund's respective Index and/or a specified amount of cash. Authorized Participants are charged fixed transaction fees in connection with purchasing and redeeming Creation Units. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant Fund for certain transaction costs (i.e., taxes on currency or other financial transactions, and brokerage costs) and market impact expenses it incurs in purchasing or selling portfolio securities. Such variable charges, if any, are included in "Proceeds from shares sold" on the Statements of Changes in Net Assets.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NHYM** | **NHYM** | **NUMI** | **NUMI** |
|  | **For the period**<br>**1/22/25**<br>**(commencement of**<br>**operations)**<br>**through 3/31/25** | **For the period**<br>**1/22/25**<br>**(commencement of**<br>**operations)**<br>**through 3/31/25** | **For the period**<br>**1/22/25**<br>**(commencement of**<br>**operations)**<br>**through 3/31/25** | **For the period**<br>**1/22/25**<br>**(commencement of**<br>**operations)**<br>**through 3/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775000 | $69710945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150000 | $53901657 |
|  Redemptions |  |  |  |  |
|  Net increase (decrease) | 2775000 | $69710945 | 2150000 | $53901657 |

---

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 intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.

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.

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in reclassifications among the components of net assets relate primarily to taxable market discount. Temporary and permanent differences have no impact on a Fund's net assets.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Gross Unrealized<br>Appreciation** | **Gross Unrealized<br>(Depreciation)** | **Net**<br> **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **NHYM** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69610145 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118322 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(827741) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(709419) |
|  **NUMI** | 51847189 | 29066 | (670338) | (641272) |

---

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 year end, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | $**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | $**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | $**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | $**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |
| Fund | **Undistributed<br>Tax-Exempt**<br> **Income** | **Undistributed**<br> **Ordinary<br>Income** | Undistributed<br>Long-Term<br>Capital Gains | **Late-Year Loss**<br> **Deferrals** | Other<br>Book-to-Tax<br>Differences |
|  **NHYM** | $201228 | $3884 | $– | $– | $– |
|  **NUMI** | 141112 | – | –) | – | –) |

---

The tax character of distributions paid was as follows:

#### 31

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Period**<br>**1/22/25**<br>**(commencement of operations)**<br>**through**<br>**3/31/25** | **For the Period**<br>**1/22/25**<br>**(commencement of operations)**<br>**through**<br>**3/31/25** | **For the Period**<br>**1/22/25**<br>**(commencement of operations)**<br>**through**<br>**3/31/25** |
| **Fund** | **Tax-Exempt<br>Income<sup>1</sup>** | **Ordinary<br>Income** | **Long-Term<br>Capital Gains** |
|  NHYM | $98340 | $- | $- |
|  NUMI | 90780 |  |  |

---

<sup>1</sup> Each Fund designates these amounts paid during the period as Exempt Interest Dividends. 

As of year end, the Funds had capital loss carryforwards, which will not expire:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Total** |
|  **NHYM** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
|  **NUMI** | 142457 | – | 142457 |

---

8. Management Fees and Other Transactions with Affiliates

Management Fees: Each Fund's management fee compensates the Adviser for its investment advisory services to the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser. The Adviser is responsible for substantially all other expenses of the Funds, except any future distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities, fees and expenses of the independent trustees (including any trustees' counsel fees), certain compensation expenses of the Funds' chief compliance officer, litigation expenses and extraordinary expenses.

The annual management fee, payable monthly, for each Fund is based on a percentage of average daily net assets according to the following rates:

---

| | |
|:---|:---|
| **Fund** | **Management Fee** |
|  **NHYM** | 0.35% |
|  **NUMI** | 0.29 |

---

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

---

| | | |
|:---|:---|:---|
| **Underlying Fund** | **Nuveen Municipal**<br> **Funds** | **Total** |
|  **NHYM** | 56% | 56% |
|  **NUMI** | 42 | 42 |

---

**32**<br>

------

## Important Tax Information
(Unaudited)

As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which will be sent to shareholders shortly after calendar year end.

#### Long-Term Capital Gains
As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

---

| | | |
|:---|:---|:---|
| **Fund** | **Net Long-Term<br>Capital Gains** | **Net Long-Term<br>Capital Gains** |
|  **NHYM** |  | $– |
|  **NUMI** |  |  |

---

#### 33

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**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

Not applicable.

------

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable.

------

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

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

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

------

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

#### Nuveen High Yield Municipal Income ETF (NHYM)

#### Nuveen Municipal Income ETF (NUMI)

#### The Approval Process
At the meeting held on November 19-20, 2024 (the "Meeting"), the Board of Trustees (the "Board" and each Trustee, a "Board Member") of Nushares ETF Trust (the "Trust"), which is comprised entirely of Board Members who are not "interested persons" (as defined under the Investment Company Act of 1940 (the "1940 Act")), considered and approved for each of Nuveen High Yield Municipal Income ETF (the "High Yield Municipal Income Fund") and Nuveen Municipal Income ETF (the "Municipal Income Fund" and, together with the High Yield Municipal Income Fund, the "Funds" and each, a "Fund"), each a series of the Trust, the investment management agreement (each, an "Investment Management Agreement") pursuant to which Nuveen Fund Advisors, LLC (the "Adviser") would serve as investment adviser to such Fund and the investment sub-advisory agreement (each, a "Sub-Advisory Agreement") pursuant to which Nuveen Asset Management, LLC (the "Sub-Adviser") would serve as investment sub-adviser to such Fund. The Adviser and the Sub-Adviser are each hereafter a "Fund Adviser." The Investment Management Agreements and the Sub-Advisory Agreements are each hereafter an "Advisory Agreement" and collectively, the "Advisory Agreements." The references to the Board and the Board Members are interchangeable. The Board Members oversee both a group of funds advised by the Adviser (the "Nuveen funds") and a group of funds advised by Teachers Advisors, LLC ("TAL" and such funds, the "TC funds"), an affiliate of the Adviser, as the result of a consolidation of the boards of the Nuveen funds and the TC funds that became effective in January 2024.

To assist the Board in its evaluation of an Advisory Agreement with a Fund Adviser at the Meeting, the Board Members had received, in adequate time in advance of the Meeting and/or at prior meetings, materials which outlined, among other things:

• the nature, extent and quality of the services expected to be provided by the Fund Adviser;

• the organization of the Fund Adviser, including the responsibilities of various departments and key personnel;

• the expertise and background of the Fund Adviser;

• certain performance-related information (as described below);

• certain profitability-related information (as described below);

• the proposed unified fee structure for the Funds, including comparisons of each Fund's proposed unified fee with the net expense ratios of comparable funds; and

• the soft dollar practices of the Fund Adviser, if any.

At the Meeting and/or at prior meetings, the Adviser made presentations to and responded to questions from the Board. During the Meeting and/or at prior meetings, the Board Members also met privately with their legal counsel to, among other things, review the Board's duties under the 1940 Act, the general principles of state law in reviewing and approving advisory contracts, the standards used by courts in determining whether investment company boards of directors have fulfilled their duties, factors to be considered in voting on advisory contracts and an adviser's fiduciary duty with respect to advisory agreements and compensation. It is with this background that the Board Members considered the Advisory Agreements. As outlined in more detail below, the Board Members considered various factors they believed relevant with respect to the Funds. Each Board Member may have accorded different weight to the various factors and information discussed below in reaching his or her conclusions with respect to a Fund's Advisory Agreements. As applicable, the Board Members also considered information they had received in their capacity as trustees or directors of other registered investment companies advised by the Fund Advisers.

A. Nature, Extent and Quality of Services

The Board Members considered the nature, extent and quality of the respective Fund Adviser's services, including portfolio management services and administrative services. Given that the Adviser and the Sub-Adviser already serve as adviser and sub-adviser, respectively, to other Nuveen funds overseen by the Board Members, the Board has a good understanding of each such Fund Adviser's organization, operations, personnel and services. As the Board meets regularly throughout the year to oversee the funds in the fund complex, including funds currently advised by the Fund Advisers, Board Members may have, in part, relied upon their knowledge from their meetings and any other interactions throughout the year with the respective Fund Adviser in evaluating the Advisory Agreements.

The Board Members considered information about the structure, investment objective, investment strategy and other characteristics of each Fund and considered that in contrast to certain other exchange-traded funds ("ETFs") advised by the Adviser, which seek to track the investment results of a specified underlying index (referred to as "Index ETFs"), each Fund would be actively managed.

At the Meeting and/or at prior meetings, the Board Members reviewed materials outlining, among other things, the respective Fund Adviser's organization and business; the types of services that such Fund Adviser or its affiliates provide to the applicable funds and are expected to provide to the Funds; and the experience of the respective Fund Adviser. Further, at the Meeting and/or at prior meetings, with respect to each Fund, the Board Members evaluated the background and experience of the relevant investment personnel.

The Board has considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the applicable funds. The Board has considered the Adviser's and its affiliates' dedication of resources, time, people and capital as well as continual program of improvement and innovation aimed at enhancing the funds and fund complex for investors and meeting the needs of an increasingly complex regulatory environment. In particular, over the past several years, the Board has considered the significant resources, both financial and

#### 1

------

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

personnel, the Adviser and its affiliates have committed in working to consolidate the Nuveen fund family and TC fund family under one centralized umbrella. The Board has considered that the organizational changes in bringing together Nuveen, its affiliates and TIAA's (as defined below) asset management businesses, consolidating the Nuveen and TC fund families and other initiatives were anticipated to provide various benefits for the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. As part of these efforts, as noted above, the boards of the TC funds and Nuveen funds were consolidated effective in January 2024.

In considering the breadth and quality of services the Adviser and its various teams provide, the Board has considered that the Adviser provides investment advisory services. With respect to the Nuveen funds, such funds utilize sub-advisers to manage the portfolios of the funds subject to the supervision of the Adviser. In addition to investment advisory services, the Board has considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds. Given the highly regulated industry in which the funds operate, the Board has considered the breadth of the Adviser's compliance program and related policies and procedures. The Board has reviewed various initiatives the Adviser's compliance team undertook or continued in 2023, in part, to address new regulatory requirements, support international business growth and product development, enhance international trading capabilities, enhance monitoring capabilities in light of the new regulatory requirements and guidance and maintain a comprehensive training program. The Board has further considered, among other things, that other non-advisory services provided have included, among other things, board support and reporting; establishing and reviewing the services provided by other fund service providers (such as a fund's custodian, accountant, and transfer agent); risk management, including reviews of the liquidity risk management and derivatives risk management programs; legal support services; regulatory advocacy; and cybersecurity, business continuity and disaster recovery planning and testing.

The Board Members considered that the Adviser would oversee the Sub-Adviser, which was generally expected to provide portfolio advisory services to the Funds. In addition, the Board Members considered the experience and expertise of the applicable investment team expected to manage each Fund.

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 expected to be provided to the respective Fund under each applicable Advisory Agreement.

B. Investment Performance

Each Fund was new and, therefore, did not have its own performance history. The Board Members, however, were familiar with the performance records of other Nuveen municipal funds advised by the Adviser and sub-advised by the Sub-Adviser. In addition, the Board Members were aware that, with respect to each Fund, the portfolio management team expected to manage the Fund included members from the portfolio management team managing a Nuveen municipal mutual fund that, based on information provided by the Adviser, utilized an investment process that was generally comparable in certain respects to that anticipated for the Fund (each, a "Comparable Mutual Fund"). With respect to each Fund, the Board Members reviewed certain historical performance-related data pertaining to the applicable Comparable Mutual Fund. Further, with respect to each Fund, the Board Members reviewed certain historical performance-related data pertaining to various unaffiliated actively managed ETFs that, based on information provided by the Adviser, were generally comparable in certain respects to the Fund (the "Comparable ETFs").

C. Fees, Expenses and Profitability

**1.** **Fees and Expenses** 

In evaluating the management fees and expenses that each Fund was expected to bear, the Board Members considered that each Fund would pay the Adviser a single, all-inclusive (or unified) management fee for providing or paying for all services necessary for the management and operation of the Fund, subject to certain exceptions. Unlike the typical fee arrangements of other funds in which the funds pay a variety of fees and expenses such as investment advisory fees, transfer agency fees, audit fees, custodian fees, administration fees, compliance expenses, recordkeeping expenses, marketing and shareholder service fees, distribution charges and other expenses, the Nuveen ETFs pay the Adviser a unified fee, and the Adviser is responsible for providing such services or arranging and supervising third parties to provide such services (subject to the certain exceptions). In this regard, the Board Members were provided with estimates of each Fund's anticipated operating expenses as well as a description of the expenses excluded from the unified fee. In considering the proposed unified fee structure, the Board Members considered that the Adviser would generally bear the risks of a Fund's operating costs rising (and would benefit if such costs decrease) and would therefore have an incentive to be administratively efficient.

In their review, with respect to each Fund, the Board Members considered, among other things, the Fund's proposed unified fee compared to expense and management fee data relating to the Comparable ETFs. Because each Fund will pay a unified fee, the Board Members considered, among other things, the net expense ratios of the ETFs comprising the Comparable ETFs and certain related data provided by the Adviser. With respect to each Fund, based on information provided by the Adviser, the Board Members also considered the net expense ratio of the applicable Comparable Mutual Fund and differences between the investment strategies of such Comparable Mutual Fund and those anticipated for the Fund. Further, the Board Members considered the proposed sub-advisory fee for each Fund, which will be paid by the Adviser out of its unified fee.

Based on their review of the fee and expense information provided, the Board Members determined that each Fund's proposed management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services expected to be provided to the Fund.

#### 2

------

**2.** **Comparisons with the Fees of Other Clients** 

At the Meeting and/or at prior meetings, the Board has considered that the Adviser, affiliated sub-advisers and/or their affiliate(s) provide investment management services to, in addition to the Nuveen funds and the TC funds, various other types of clients which may include: separately managed accounts, retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board has previously reviewed the equal weighted average fee or other fee data for the other types of clients managed in a similar manner to certain of the Nuveen funds and TC funds. The Board has considered the Adviser's rationale for the differences in the management fee rates of the funds compared to the management fee rates charged to these other types of clients. In this regard, the Board has considered that differences, including but not limited to, the amount, type and level of services provided by the Adviser to the funds compared to that provided to other clients as well as differences in investment policies; regulatory, disclosure and governance requirements; servicing relationships with vendors; the manner of managing such assets; product structure; investor profiles; and account sizes all may contribute to variations in relative fee rates. Further, differences in the client base, governing bodies, distribution, jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. In addition, differences in the level of advisory services required for passively managed funds, including the Index ETFs, also contribute to differences in the management fee levels of such funds compared to actively managed funds. As a general matter, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board has considered the wide range of services in addition to investment management that the Adviser has provided to the funds compared to other types of clients as well as the increased entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the funds. In addition, the Board has considered that under the unified fee structure of a Nuveen ETF, the Adviser pays certain expenses of the ETF, which may not be similar to the management fee arrangements for other Nuveen funds and clients. The Board has further considered that a sub-adviser's fee is essentially for portfolio management services and therefore more comparable to the fees it receives for retail wrap accounts and other external sub-advisory mandates. The Board has considered that the varying levels of fees are reasonable given, among other things, the more extensive services, regulatory requirements and legal liabilities, and the entrepreneurial, legal and regulatory risks incurred in sponsoring and advising a registered investment company compared to that required in advising other types of clients.

**3.** **Profitability of Fund Advisers** 

In conjunction with their review of fees, at the Meeting and/or at prior meetings, the Board Members have considered various profitability data relating to the Fund Advisers' services to the Nuveen funds. In this regard, the Board Members have reviewed the estimated profitability information of Nuveen as a result of its advisory services to the Nuveen funds overall as well as profitability data of certain other asset management firms. Such profitability information has included, among other things, gross and net revenue margins (excluding distribution) of Nuveen Investments, Inc. ("Nuveen Investments") for services to the Nuveen funds on a pre-tax and after-tax basis for the 2023 and 2022 calendar years as well as the revenues earned (less any expense reimbursements/fee waivers) and expenses incurred by Nuveen Investments for its advisory activities to the Nuveen funds (excluding distribution) for the 2023 and 2022 calendar years. The Board Members have also considered the rationale for the change in Nuveen's profitability from 2022 to 2023. In addition, the Board has reviewed the revenues, expenses and operating margin (pre- and after-tax) that the Adviser derived from its ETF product line for the 2023 and 2022 calendar years.

In developing the profitability data, the Board Members have considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. Given there is no single universally recognized expense allocation methodology and that other reasonable and valid allocation methodologies could be employed and could lead to significantly different results, the Board has reviewed, among other things, a description of the cost allocation methodologies employed to develop the financial information, a summary of the refinements Nuveen had made to the methodology that had occurred over the years from 2010 through 2021 to provide Nuveen's profitability analysis, and a historical expense analysis of Nuveen Investments' revenues, expenses and pre-tax net revenue margins derived from its advisory services to the Nuveen funds (excluding distribution) for the calendar years from 2017 through 2023. The Board of the Nuveen funds had also appointed two Board Members to serve as the Board's liaisons to meet with representatives of the Adviser and review the development of the profitability data and to report to the full Board.

In addition, the Board has considered certain comparative operating margin data. In this regard, the Board has reviewed the operating margins of Nuveen Investments compared to the adjusted operating margins of a peer group of asset management firms with publicly available data and the most comparable assets under management (based on asset size and asset composition) to Nuveen. The Board has considered that the operating margins of the peers were adjusted generally to address that certain services provided by the peers were not provided by Nuveen. The Board has also reviewed, among other things, the net revenue margins (pre-tax) of Nuveen Investments on a company-wide basis and the net revenue margins (pre-tax) of Nuveen Investments derived from its services to the Nuveen funds only (including and excluding distribution) compared to the adjusted operating margins of the peer group for each calendar year from 2014 to 2023. In their review of the comparative data, the Board Members have considered the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results.

#### 3

------

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

Aside from the profitability data, the Board has considered that the Adviser and TAL are affiliates of Teachers Insurance and Annuity Association of America ("TIAA"). The Adviser is a subsidiary of Nuveen, LLC, the investment management arm of TIAA, and TAL is an indirect wholly owned subsidiary of TIAA. Accordingly, the Board has also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2023 and 2022 calendar years to consider the financial strength of TIAA. The Board has considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board has also considered the reinvestments the Adviser, its parent and/or other affiliates made into their business through, among other things, the investment of seed capital in certain funds, initiatives in international expansion, investments in infrastructure and continued investments in enhancements to technological capabilities.

The Board Members have considered the profitability of the Sub-Adviser from its relationships with the respective Nuveen funds. In this regard, the Board Members have reviewed, among other things, the Sub-Adviser's revenues, expenses and net revenue margins (pre- and after-tax) for its advisory activities to the respective Nuveen funds for the calendar years ended December 31, 2023 and December 31, 2022. The Board Members have also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and after-tax) grouped by similar types of funds (such as municipal, taxable fixed income, equity, real assets and index/asset allocation) for the Sub-Adviser for the calendar years ending December 31, 2023 and December 31, 2022.

In evaluating the reasonableness of compensation, the Board Members have also considered the indirect benefits the respective Fund Adviser may receive as a result of its relationship with the funds in the fund complex, as discussed in further detail below.

The Board considered certain information regarding the expected profitability of each Fund for its first year of operations. In considering the information provided, the Board considered that the Funds were new and that, based on projected average assets under management for their first year of operations, the Funds were not anticipated to be profitable for such time period.

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

The Board considered whether the Funds could be expected to benefit from any economies of scale. Although the Board has considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board has also considered that there are various methods that may be employed to help share the benefits of economies of scale, including, among other things, through the use of breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of funds at scale at inception and investments in the Adviser's business which can enhance the services provided to the applicable funds for the fees paid. In this regard, the Board has considered that, with respect to the Nuveen funds generally, although the management fee of the Adviser typically is comprised of a fund-level component and a complex-level component, each with its own breakpoint schedule, the Nuveen ETFs do not have breakpoint schedules and do not participate in the complex-level fee program. The Board Members considered that the Funds will not have breakpoint schedules, participate in the complex-level fee program or have fee waivers or expense limitation agreements. As described above, the Adviser will generally pay the operating expenses of each Fund (subject to certain exceptions) under the unified fee structure. The Board has considered that the Nuveen ETFs pay a unified fee and as a result, any reduction in fixed costs associated with the management of these funds would benefit the Adviser. However, the Board Members have considered that the unified fee schedule provides shareholders with a level of certainty of the expenses of the Nuveen ETFs. The Board Members have considered that the unified fees generally provide inherent economies of scale because the Nuveen ETF would maintain a relatively fixed fee over a given time period even if the particular fund's assets declined and/or operating costs rose. The Board Members also considered that each Fund was being priced using an at-scale approach.

In addition, the Board Members have considered the continued reinvestment in Nuveen/TIAA's business to enhance its capabilities and services to the benefit of its various clients. The Board has understood that many of these investments were not specific to individual funds, but rather incurred across a variety of products and services pursuant to which the family of funds as a whole may benefit. The Board has further considered that the Adviser and its affiliates have provided certain additional services, including, but not limited to, services required by new regulations and regulatory interpretations, without raising advisory fees to the funds, and this has also been a means of sharing economies of scale with the funds and their shareholders.

Based on its review, with respect to each Fund, the Board was satisfied that the proposed fee arrangements were expected to appropriately share any economies of scale with the Fund's shareholders.

E. Indirect Benefits

At the Meeting and/or prior meetings, the Board Members have received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the funds in the fund complex. These benefits have included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. In addition, the Board Members have considered that the Adviser and Sub-Adviser may utilize soft dollar brokerage arrangements attributable to the respective funds to obtain research and other services for any or all of their clients. However, the Board Members have also considered that any benefits for the Adviser and/or Sub-Adviser attributable to soft dollar arrangements may be more limited with respect to transactions in fixed income securities as such securities generally trade on a principal basis and, therefore, do not generate brokerage commissions.

Based on its review, the Board concluded that any indirect benefits expected to be received by a Fund Adviser as a result of its relationship with the Funds were reasonable in light of the services expected to be provided.

#### 4

------

F. Approval

The Board Members did not identify any single factor discussed previously as all-important or controlling. With respect to each Fund, the Board Members concluded that the terms of the applicable Investment Management Agreement and Sub-Advisory Agreement were reasonable, that the Fund Advisers' fees were reasonable in light of the services expected to be provided to the Fund, and that the applicable Investment Management Agreement and Sub-Advisory Agreement should be and were approved on behalf of the Fund.

#### 5

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**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

------

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

------

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to open-end investment companies.

------

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

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.** <br>

(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.** <br>

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

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

------

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

------

**Item 19.** **Exhibits.** <br>

(a)(1) Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report.

(a)(2) Not applicable.

---

| | |
|:---|:---|
| (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.](d907825dex99cert.htm)  |

---

(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.](d907825dex99906cert.htm)

------

#### 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.

---

| | | |
|:---|:---|:---|
| <u>Nushares ETF Trust</u> |  |  |
| Date: June 5, 2025 | By: | <u>/s/ Briton Ryan</u> |
|  |  | 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: June 5, 2025 | By: | <u>/s/ Briton Ryan</u> |
|  |  | Briton Ryan |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

---

---

| | | |
|:---|:---|:---|
| Date: June 5, 2025 | By: | <u>/s/ Marc Cardella</u> |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATION</u>**

I, Briton Ryan, certify that:

1. I have reviewed this report on Form N-CSR of Nushares ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | | |
|:---|:---|:---|
| Date: June 5, 2025 | By: | <u>/s/ Briton Ryan</u> |
|  |  | Briton Ryan |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

---

------

**<u>CERTIFICATION</u>**

I, Marc Cardella, certify that:

1. I have reviewed this report on Form N-CSR of Nushares ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | | |
|:---|:---|:---|
| Date: June 5, 2025 | By: | <u>/s/ Marc Cardella</u> |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## Exhibit 99.906

**Exhibit 19(b)** 

**<u>CERTIFICATION</u>**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)** 

In connection with the annual report of Nushares ETF Trust (the "Registrant") on Form N-CSR for the period ended March 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Registrant certify that, to the best of each such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: June 5, 2025 | By: | <u>/s/ Briton Ryan</u> |
|  |  | Briton Ryan |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

---

---

| | | |
|:---|:---|:---|
| Date: June 5, 2025 | By: | <u>/s/ Marc Cardella</u> |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---